B.V.S. DEVELOPMENT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 21 filings
Turnover
≈ €12,000
Estimated: probably between €5,300 and €28,000
EBIT margin
Not included in this filing
Net result
-€5,937
2024 · €13,089
Working capital
-€14,047▼ 133%
2024 · -€6,033
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,714
2025
20182025
Net result
-€5,937
2025
middle half of the sector
20182025
Equity
€42,394
▼ 12.3%
2025
middle half of the sector
20182025
Total assets
€59,915
▼ 5.3%
2025
lowest quarter of the sector
20182025
Debt
€17,522
▲ 17.2%
2025
20182025
Working capital
-€14,047
▼ 133%
2025
middle half of the sector
20182025
Solvency
70.8%
▼ 5.6pp
2025
highest quarter of the sector
20182025
Current ratio
0.20
▼ 0.40
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-9.9%
▼ 30.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€34--€2,898▼ 8,521%€5,700€13,407▲ 135%€18,482▲ 37.9%€15,644▼ 15.4%€20,895▲ 33.6%-€5,714
Net result-€177--€3,249▼ 1,735%€5,310within the sector's middle half€13,224within the sector's middle half▲ 149%€18,216within the sector's middle half▲ 37.7%€15,414within the sector's middle half▼ 15.4%€13,089within the sector's middle half▼ 15.1%-€5,937within the sector's middle half
Equity-€13,673--€16,922▼ 23.8%-€11,612below the sector's middle half▲ 31.4%€1,612below the sector's middle half€19,827within the sector's middle half▲ 12×€35,241within the sector's middle half▲ 77.7%€48,330within the sector's middle half▲ 37.1%€42,394within the sector's middle half▼ 12.3%
Total assets€9,463-€7,542▼ 20.3%€11,805below the sector's middle half▲ 56.5%€11,241below the sector's middle half▼ 4.8%€32,580below the sector's middle half▲ 190%€53,939below the sector's middle half▲ 65.6%€63,283below the sector's middle half▲ 17.3%€59,915below the sector's middle half▼ 5.3%
Debt€23,136-€24,464▲ 5.7%€23,418▼ 4.3%€9,629▼ 58.9%€12,753▲ 32.4%€18,698▲ 46.6%€14,953▼ 20.0%€17,522▲ 17.2%
Working capital-€16,011--€17,921▼ 11.9%-€11,811within the sector's middle half▲ 34.1%€1,612within the sector's middle half€9,681within the sector's middle half▲ 501%€961within the sector's middle half▼ 90.1%-€6,033within the sector's middle half-€14,047within the sector's middle half▼ 133%
Solvency-144.5%--224.4%▼ 79.9pp-98.4%below the sector's middle half▲ 126.0pp14.3%within the sector's middle half▲ 112.7pp60.9%above the sector's middle half▲ 46.5pp65.3%above the sector's middle half▲ 4.5pp76.4%above the sector's middle half▲ 11.0pp70.8%above the sector's middle half▼ 5.6pp
Current ratio0.31-0.27▼ 0.040.50below the sector's middle half▲ 0.231.17within the sector's middle half▲ 0.671.76within the sector's middle half▲ 0.591.05within the sector's middle half▼ 0.710.60within the sector's middle half▼ 0.450.20below the sector's middle half▼ 0.40
Return on assets (ROA)-1.9%--43.1%▼ 41.2pp45.0%above the sector's middle half▲ 88.1pp117.6%above the sector's middle half▲ 72.7pp55.9%above the sector's middle half▼ 61.7pp28.6%above the sector's middle half▼ 27.3pp20.7%above the sector's middle half▼ 7.9pp-9.9%below the sector's middle half▼ 30.6pp
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €5,714, after a profit of €20,895 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €59,915
Fixed assets
€56,441 ▲ 3.8%
Current assets
€3,474 ▼ 61.0%
Equity and liabilities €59,915
Equity
€42,394 ▼ 12.3%
Debt
€17,522 ▲ 17.2%
Debt's share of the balance-sheet total rises from 23.6% to 29.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1,682▼
2024 · €26,740
Cash flow
€1,459▼
2024 · €18,934
Quick ratio
0.17▼
2024 · 0.55
Debt to equity
0.41▲
2024 · 0.31
ROE
-14.0%▼
2024 · 27.1%
Interest coverage
6.71▼
2024 · over 100
Debt ≤ 1 year
€17,522▲
2024 · €14,953
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €10,500 | €26,513 | €25,928 | €9,473 |
| Depreciation and write-downs of the year | €199 | €354 | €2,379 | €5,845 | €7,396 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,878 | €1,340 | €800 | €199 | €354 | €2,379 | €5,845 | €7,396 | ▲ 26.5% |
| Other operating charges640/8 | - | - | - | €270 | €479 | €1,620 | €829 | €348 | ▼ 58.0% |
| Gross operating margin9900 | €2,304 | -€659 | €6,782 | €13,875 | €19,315 | €19,644 | €27,569 | €2,030 | ▼ 92.6% |
| Operating profit (loss)9901 | -€34 | -€2,898 | €5,700 | €13,407 | €18,482 | €15,644 | €20,895 | -€5,714 | - |
| Financial income75/76B | - | - | - | €31 | €2 | - | - | €28 | - |
| Recurring financial income75 | €1 | €0 | €4 | €31 | €2 | - | - | €28 | - |
| Financial charges65/66B | - | - | - | €214 | €268 | €231 | €144 | €251 | ▲ 73.6% |
| Recurring financial charges65 | €144 | €352 | €395 | €214 | €268 | €231 | €144 | €251 | ▲ 73.6% |
| Profit (loss) for the period before taxes9903 | -€177 | -€3,249 | €5,310 | €13,224 | €18,216 | €15,414 | €20,751 | -€5,937 | - |
| Income taxes67/77 | - | - | - | - | - | - | €7,662 | - | - |
| Profit (loss) for the period9904 | -€177 | -€3,249 | €5,310 | €13,224 | €18,216 | €15,414 | €13,089 | -€5,937 | - |
| Profit (loss) for the period to be appropriated9905 | -€177 | -€3,249 | €5,310 | €13,224 | €18,216 | €15,414 | €13,089 | -€5,937 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9,463 | €7,542 | €11,805 | €11,241 | €32,580 | €53,939 | €63,283 | €59,915 | ▼ 5.3% |
| Fixed assets21/28 | €2,338 | €999 | €199 | - | €10,146 | €34,280 | €54,364 | €56,441 | ▲ 3.8% |
| Tangible fixed assets22/27 | €2,338 | €999 | €199 | - | €10,146 | €34,280 | €54,364 | €56,441 | ▲ 3.8% |
| Plant, machinery and equipment23 | - | - | - | - | €10,146 | €34,280 | €53,035 | €55,567 | ▲ 4.8% |
| Furniture and vehicles24 | - | - | - | - | - | - | €1,328 | €874 | ▼ 34.2% |
| Current assets29/58 | €7,125 | €6,543 | €11,606 | €11,241 | €22,434 | €19,659 | €8,919 | €3,474 | ▼ 61.0% |
| Stocks and contracts in progress3 | €3,246 | €1,936 | €4,951 | €1,029 | €1,523 | €1,256 | €675 | €475 | ▼ 29.7% |
| Stocks30/36 | - | - | - | €1,029 | €1,523 | €1,256 | €675 | €475 | ▼ 29.7% |
| Amounts receivable within one year40/41 | €1,112 | €3,166 | €579 | €893 | - | €2,120 | €1,870 | €131 | ▼ 93.0% |
| Trade receivables40 | - | - | - | €527 | - | €2,120 | €1,712 | - | - |
| Other amounts receivable41 | - | - | - | €366 | - | - | €158 | €131 | ▼ 16.6% |
| Cash at bank and in hand54/58 | €2,767 | €1,153 | €6,076 | €9,176 | €20,911 | €16,282 | €6,186 | €2,868 | ▼ 53.6% |
| Deferred charges and accrued income490/1 | - | - | - | €143 | - | - | €189 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9,463 | €7,542 | €11,805 | €11,241 | €32,580 | €53,939 | €63,283 | €59,915 | ▼ 5.3% |
| Equity10/15 | -€13,673 | -€16,922 | -€11,612 | €1,612 | €19,827 | €35,241 | €48,330 | €42,394 | ▼ 12.3% |
| Contributions10/11 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Contributions outside capital11 | - | - | - | €12,000 | €12,000 | €12,000 | - | - | - |
| Other1109/19 | - | - | - | €12,000 | €12,000 | €12,000 | - | - | - |
| Reserves13 | €523 | €523 | €523 | €523 | €523 | €523 | €13,612 | €13,612 | = |
| Non-distributable reserves130/1 | - | - | - | €523 | €523 | €523 | €523 | €523 | = |
| Reserves not available under the articles1311 | - | - | - | €523 | €523 | €523 | €523 | €523 | = |
| Distributable reserves133 | - | - | - | - | - | - | €13,089 | €13,089 | = |
| Profit (loss) carried forward14 | -€26,196 | -€29,445 | -€24,136 | -€10,912 | €7,304 | €22,718 | €22,718 | €16,781 | ▼ 26.1% |
| Amounts payable17/49 | €23,136 | €24,464 | €23,418 | €9,629 | €12,753 | €18,698 | €14,953 | €17,522 | ▲ 17.2% |
| Amounts payable within one year42/48 | €23,136 | €24,464 | €23,418 | €9,629 | €12,753 | €18,698 | €14,953 | €17,522 | ▲ 17.2% |
| Trade debts44 | €1,895 | €173 | €1,102 | €525 | €1,059 | - | €1,316 | €87 | ▼ 93.4% |
| Suppliers440/4 | - | - | - | €525 | €1,059 | - | €1,316 | €87 | ▼ 93.4% |
| Taxes, remuneration and social security45 | - | - | - | €630 | €410 | €389 | €7,662 | €7,779 | ▲ 1.5% |
| Taxes450/3 | - | - | - | €630 | €410 | €389 | €7,662 | €7,779 | ▲ 1.5% |
| Other amounts payable47/48 | - | - | - | €8,474 | €11,284 | €18,309 | €5,975 | €9,655 | ▲ 61.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€177 | -€3,249 | €5,310 | €13,224 | €18,216 | €15,414 | €13,089 | -€5,937 | - |
| + Depreciation and write-downs630 | €1,878 | €1,340 | €800 | €199 | €354 | €2,379 | €5,845 | €7,396 | ▲ 26.5% |
| Operating cash flow (approximation) | €1,701 | -€1,910 | €6,110 | €13,423 | €18,570 | €17,793 | €18,934 | €1,459 | ▼ 92.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | -€26,513 | -€25,928 | -€9,473 | ▲ 63.5% |
| Change in cash | - | -€1,614 | €4,923 | €3,101 | €11,734 | -€4,628 | -€10,097 | -€3,317 | ▲ 67.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as B.V.S. DEVELOPMENT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B.V.S. DEVELOPMENT itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for B.V.S. DEVELOPMENT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00340739 | |
| 31-12-2024 | full format | 22-07-2025 | 2025-00293094 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00302259 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00277079 | |
| 31-12-2021 | full format | 26-08-2022 | 2022-20321116 | |
| 31-12-2020 | full format | 26-08-2021 | 2021-53900313 | |
| 31-12-2019 | full format | 05-08-2020 | 2020-39100593 | |
| 31-12-2018 | full format | 29-07-2019 | 2019-40100450 | |
| 31-12-2017 | full format | 20-07-2018 | 2018-35900539 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-21300491 |