BA BTS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 17 filings
Turnover
€37.7m▲ 13.4%
2023 · €33.2m
EBIT margin
0.9%▲ 0.4pp
2023 · 0.4%
Net result
€223,631▲ 27.0%
2024 · €176,119
Working capital
€1.5m▲ 4.0%
2024 · €1.4m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€281,275
▼ 12.2%
2025
20182025
Net result
€223,631
▲ 27.0%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.5m
▲ 5.2%
2025
highest quarter of the sector
20182025
Total assets
€3.8m
▼ 18.2%
2025
middle half of the sector
20182025
Debt
€2.3m
▼ 28.6%
2025
20182025
Working capital
€1.5m
▲ 4.0%
2025
highest quarter of the sector
20182025
Solvency
39.6%
▲ 8.8pp
2025
middle half of the sector
20182025
Current ratio
1.66
▲ 0.20
2025
middle half of the sector
20182025
Return on assets (ROA)
5.9%
▲ 2.1pp
2025
middle half of the sector
20182025
Staff (FTE)
7.2
▼ 5.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€8.6m€20.5m▲ 140%€33.2m▲ 61.8%€37.7m▲ 13.4%
Operating result€0.2m-€0.3m▲ 61.6%-€0.06m€0.1m€0.6m▲ 353%€0.1m▼ 73.9%€0.3m▲ 117%€0.3m▼ 12.2%
Net result€0.004m-€0.2m▲ 64×-€0.07mwithin the sector's middle half€0.1mabove the sector's middle half€0.4mabove the sector's middle half▲ 266%€0.06mwithin the sector's middle half▼ 85.5%€0.2mabove the sector's middle half▲ 216%€0.2mabove the sector's middle half▲ 27.0%
EBIT margin1.5%2.8%▲ 1.3pp0.4%▼ 2.3pp0.9%▲ 0.4pp
Equity€0.5m-€0.8m▲ 45.0%€0.7mabove the sector's middle half▼ 9.1%€0.8mabove the sector's middle half▲ 15.0%€1.2mabove the sector's middle half▲ 47.8%€1.2mabove the sector's middle half▲ 4.7%€1.4mabove the sector's middle half▲ 14.2%€1.5mabove the sector's middle half▲ 5.2%
Total assets€1.6m-€2.3m▲ 43.6%€2.8mabove the sector's middle half▲ 21.9%€2.9mabove the sector's middle half▲ 2.8%€2.3mwithin the sector's middle half▼ 19.0%€3.1mabove the sector's middle half▲ 33.0%€4.6mabove the sector's middle half▲ 49.2%€3.8mwithin the sector's middle half▼ 18.2%
Debt€1.0m-€1.3m▲ 32.8%€1.9m▲ 42.6%€1.9m▼ 1.5%€1.1m▼ 39.9%€1.8m▲ 62.6%€3.2m▲ 72.9%€2.3m▼ 28.6%
Working capital€0.6m-€0.9m▲ 62.4%€0.9mabove the sector's middle half▼ 7.1%€1.0mabove the sector's middle half▲ 13.9%€1.2mabove the sector's middle half▲ 22.0%€1.3mabove the sector's middle half▲ 4.3%€1.4mabove the sector's middle half▲ 13.7%€1.5mabove the sector's middle half▲ 4.0%
Solvency33.3%-33.6%▲ 0.3pp25.0%within the sector's middle half▼ 8.6pp28.0%within the sector's middle half▲ 3.0pp51.2%within the sector's middle half▲ 23.1pp40.3%within the sector's middle half▼ 10.9pp30.8%within the sector's middle half▼ 9.5pp39.6%within the sector's middle half▲ 8.8pp
Current ratio1.57-1.70▲ 0.131.46within the sector's middle half▼ 0.241.53within the sector's middle half▲ 0.082.09within the sector's middle half▲ 0.561.69within the sector's middle half▼ 0.401.45within the sector's middle half▼ 0.241.66within the sector's middle half▲ 0.20
Return on assets (ROA)0.2%-10.4%▲ 10.2pp-2.5%within the sector's middle half▼ 12.9pp3.7%within the sector's middle half▲ 6.2pp16.5%above the sector's middle half▲ 12.9pp1.8%within the sector's middle half▼ 14.7pp3.8%within the sector's middle half▲ 2.0pp5.9%within the sector's middle half▲ 2.1pp
Staff (FTE)1.9-2.1▲ 10.5%2.6within the sector's middle half▲ 23.8%1.3below the sector's middle half▼ 50.0%1.6below the sector's middle half▲ 23.1%4.5within the sector's middle half▲ 181%7.6within the sector's middle half▲ 68.9%7.2within the sector's middle half▼ 5.3%
above
within
below
The sector band is the middle half of the companies in Travel agency, tour operator and other reservation service and related activities (NACE 79). 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 12% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €3.8m
Equity
€1.5m ▲ 5.2%
Debt
€2.3m ▼ 28.6%
Debt's share of the balance-sheet total falls from 69.2% to 60.4%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
1.52▼
2024 · 2.25
ROE
15.0%▲
2024 · 12.4%
Debt ≤ 1 year
€2.3m▼
2024 · €3.2m
Income taxes
€64,892▼
2024 · €80,270
Staff costs
€501,649▲
2024 · €443,712
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 7 | 9 | 8 |
| full-time | 1 | 1 | 5 | 7 | 7 |
| part-time | - | 0 | 2 | 2 | 1 |
| in full-time equivalents | 1 | 1 | 6.3 | 8.5 | 7.8 |
| Average over the year, in full-time equivalents | 1.3 | 1.6 | 4.5 | 7.6 | 7.2 |
| On a permanent contract | 1 | 1 | 7 | 9 | 8 |
| Joined | 0 | 0 | 7 | 3 | 2 |
| Left | 1 | 1 | 3 | 1 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €440,000 | €440,000 | €440,000 | €440,000 | - |
| Carrying value of the mortgaged assets | - | - | €0 | €0 | - |
| Pledge on the business | €420,000 | €420,000 | €420,000 | €420,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,505 | €2,435 | €500 | €0 | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €8.6m | €20.5m | €33.3m | €37.9m | - | - |
| Turnover70 | - | - | - | €8.6m | €20.5m | €33.2m | €37.7m | - | - |
| Other operating income74 | - | - | - | €0.05m | €0.004m | €0.01m | €0.2m | - | - |
| Operating charges60/66A | - | - | - | €8.5m | €20.0m | €33.1m | €37.6m | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €8.3m | €19.2m | €32.2m | €36.5m | - | - |
| Purchases600/8 | - | - | - | €8.3m | €19.2m | €32.2m | €36.5m | - | - |
| Services and other goods61 | - | - | - | €0.2m | €0.7m | €0.7m | €0.7m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.02m | €0.07m | €0.3m | €0.4m | €0.5m | ▲ 13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.003m | €0.003m | €0.003m | €0.002m | €500 | €0 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.02m | €0 | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€0.2m | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.2m | €0.005m | €0.004m | €0.01m | ▲ 231% |
| Gross operating margin9900 | €0.2m | €0.5m | €0.02m | - | - | - | - | €0.8m | - |
| Operating profit (loss)9901 | €0.2m | €0.3m | -€0.06m | €0.1m | €0.6m | €0.1m | €0.3m | €0.3m | ▼ 12.2% |
| Financial income75/76B | - | - | - | €0.001m | €402 | €0.01m | €0.01m | €0.09m | ▲ 694% |
| Recurring financial income75 | €0.002m | €0.003m | €44 | €0.001m | €402 | €0.01m | €0.01m | €0.09m | ▲ 694% |
| Income from financial fixed assets750 | - | - | - | - | - | €0 | €0 | - | - |
| Income from current assets751 | - | - | - | - | - | €0.008m | €0.007m | - | - |
| Other financial income752/9 | - | - | - | €0.001m | €402 | €0.003m | €0.005m | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.05m | €0.08m | €0.08m | €0.09m | ▲ 13.1% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.01m | €0.02m | €0.05m | €0.08m | €0.08m | €0.09m | ▲ 13.1% |
| Debt charges650 | - | - | - | €112 | €331 | €0.002m | €0.006m | - | - |
| Other financial charges652/9 | - | - | - | €0.02m | €0.05m | €0.08m | €0.07m | - | - |
| Profit (loss) for the period before taxes9903 | €0.004m | €0.2m | -€0.07m | €0.1m | €0.5m | €0.08m | €0.3m | €0.3m | ▲ 12.5% |
| Income taxes67/77 | €75 | €0.002m | - | €0.002m | €0.1m | €0.03m | €0.08m | €0.06m | ▼ 19.2% |
| Taxes670/3 | - | - | - | €0.003m | €0.1m | €0.03m | €0.08m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.001m | €0.001m | €0 | - | - | - |
| Profit (loss) for the period9904 | €0.004m | €0.2m | -€0.07m | €0.1m | €0.4m | €0.06m | €0.2m | €0.2m | ▲ 27.0% |
| Profit (loss) for the period to be appropriated9905 | €0.004m | €0.2m | -€0.07m | €0.1m | €0.4m | €0.06m | €0.2m | €0.2m | ▲ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €2.3m | €2.8m | €2.9m | €2.3m | €3.1m | €4.6m | €3.8m | ▼ 18.2% |
| Fixed assets21/28 | €0.009m | €0.008m | €0.005m | €0.003m | €500 | €0 | - | €0 | - |
| Tangible fixed assets22/27 | €0.009m | €0.008m | €0.005m | €0.003m | €500 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.003m | €500 | €0 | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | - | €0 | - |
| Current assets29/58 | €1.6m | €2.3m | €2.8m | €2.9m | €2.3m | €3.1m | €4.6m | €3.8m | ▼ 18.2% |
| Stocks and contracts in progress3 | - | - | - | - | €0 | €0 | €0 | - | - |
| Amounts receivable within one year40/41 | €1.1m | €1.5m | €1.6m | €1.7m | €1.0m | €1.1m | €2.7m | €1.6m | ▼ 38.0% |
| Trade receivables40 | - | - | - | €0.9m | €0.6m | €0.7m | €2.2m | €1.2m | ▼ 43.7% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 12.3% |
| Current investments50/53 | - | - | €1.2m | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.5m | €0.8m | - | €1.2m | €1.3m | €2.0m | €2.0m | €2.1m | ▲ 7.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0 | - | - | €0.01m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €2.3m | €2.8m | €2.9m | €2.3m | €3.1m | €4.6m | €3.8m | ▼ 18.2% |
| Equity10/15 | €0.5m | €0.8m | €0.7m | €0.8m | €1.2m | €1.2m | €1.4m | €1.5m | ▲ 5.2% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.5m | -€0.2m | -€0.3m | -€0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 22.4% |
| Provisions and deferred taxes16 | €0.05m | €0.2m | €0.2m | €0.2m | €0 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0 | - | - | - | - |
| Amounts payable17/49 | €1.0m | €1.3m | €1.9m | €1.9m | €1.1m | €1.8m | €3.2m | €2.3m | ▼ 28.6% |
| Amounts payable within one year42/48 | €1.0m | €1.3m | €1.9m | €1.9m | €1.1m | €1.8m | €3.2m | €2.3m | ▼ 28.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.03m | €0.03m | = |
| Financial debts43 | - | - | - | - | - | - | €0.008m | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.008m | - | - |
| Trade debts44 | €1.0m | €1.3m | €1.9m | €1.9m | €1.0m | €1.7m | €3.1m | €2.1m | ▼ 31.2% |
| Suppliers440/4 | - | - | - | €1.9m | €1.0m | €1.7m | €3.1m | €2.1m | ▼ 31.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.09m | €0.1m | €0.05m | €0.05m | ▲ 0.2% |
| Taxes450/3 | - | - | - | - | €0.09m | €0.09m | €0.003m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.007m | €0.02m | €0.05m | €0.05m | ▲ 5.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.07m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.003m | ▼ 86.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,721 | €238,630 | -€70,349 | €105,088 | €384,370 | €55,695 | €176,119 | €223,631 | ▲ 27.0% |
| + Depreciation and write-downs630 | €14,224 | €3,363 | €2,505 | €2,505 | €2,435 | €500 | €0 | - | - |
| Operating cash flow (approximation) | €17,946 | €241,992 | -€67,844 | €107,594 | €386,805 | €56,195 | €176,119 | €223,631 | ▲ 27.0% |
| Investment in fixed assets (approximation) | - | -€2,499 | €0 | €0 | €0 | €0 | - | - | - |
| Change in cash | - | €285,357 | - | - | €155,375 | €662,588 | -€17,124 | €154,694 | - |
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, 34,693 companies had the same profile as BA BTS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BA BTS itself: < 0.1% 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 34,693 companies, not a prediction for BA BTS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00286583 | |
| 31-12-2024 | full format | 15-07-2025 | 2025-00269953 | |
| 31-12-2023 | full format | 03-07-2024 | 2024-00200772 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00172111 | |
| 31-12-2021 | full format | 17-06-2022 | 2022-20069512 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-32300376 | |
| 31-12-2019 | abbreviated format | 29-06-2020 | 2020-21400283 | |
| 31-12-2018 | abbreviated format | 02-07-2019 | 2019-26300109 | |
| 31-12-2017 | abbreviated format | 04-07-2018 | 2018-27500292 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-35300537 |