BACOVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 13 filings
Turnover
€57,379▲ 5.6%
2024 · €54,352
EBIT margin
58.0%▲ 3.4pp
2024 · 54.6%
Net result
€20,696▲ 14.1%
2024 · €18,133
Working capital
€45,466▲ 41.6%
2024 · €32,111
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€57,379
▲ 5.6%
2025
20182025
Operating result
€33,275
▲ 12.1%
2025
20182025
Net result
€20,696
▲ 14.1%
2025
20182025
EBIT margin
58.0%
▲ 3.4pp
2025
20182025
Equity
€158,384
▲ 15.0%
2025
20182025
Total assets
€224,554
▲ 1.5%
2025
20182025
Debt
€66,170
▼ 20.8%
2025
20182025
Working capital
€45,466
▲ 41.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€41,658-€43,388▲ 4.2%€45,143▲ 4.0%€45,691▲ 1.2%€52,974▲ 15.9%€61,196▲ 15.5%€54,352▼ 11.2%€57,379▲ 5.6%
Operating result€20,308-€22,296▲ 9.8%€23,805▲ 6.8%€24,279▲ 2.0%€30,137▲ 24.1%€26,994▼ 10.4%€29,672▲ 9.9%€33,275▲ 12.1%
Net result€9,519-€11,300▲ 18.7%€13,569▲ 20.1%€13,420▼ 1.1%€16,950▲ 26.3%€15,476▼ 8.7%€18,133▲ 17.2%€20,696▲ 14.1%
EBIT margin48.7%-51.4%▲ 2.6pp52.7%▲ 1.3pp53.1%▲ 0.4pp56.9%▲ 3.8pp44.1%▼ 12.8pp54.6%▲ 10.5pp58.0%▲ 3.4pp
Equity€42,241-€53,541▲ 26.8%€67,109▲ 25.3%€80,529▲ 20.0%€104,079▲ 29.2%€119,555▲ 14.9%€137,688▲ 15.2%€158,384▲ 15.0%
Total assets€234,687-€221,954▼ 5.4%€218,272▼ 1.7%€243,624▲ 11.6%€235,247▼ 3.4%€231,740▼ 1.5%€221,254▼ 4.5%€224,554▲ 1.5%
Debt€192,446-€168,413▼ 12.5%€151,162▼ 10.2%€163,095▲ 7.9%€131,167▼ 19.6%€112,185▼ 14.5%€83,567▼ 25.5%€66,170▼ 20.8%
Working capital-€10,248--€4,927▲ 51.9%€3,771€4,936▲ 30.9%€20,787▲ 321%€20,809▲ 0.1%€32,111▲ 54.3%€45,466▲ 41.6%
The operating result for 2025 is 12% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €224,554
Fixed assets
€142,885 ▼ 11.0%
Current assets
€81,669 ▲ 34.5%
Equity and liabilities €224,554
Equity
€158,384 ▲ 15.0%
Debt
€66,170 ▼ 20.8%
Debt's share of the balance-sheet total falls from 37.8% to 29.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,939▲
2024 · €47,990
Cash flow
€38,361▲
2024 · €36,451
Current ratio
2.26▲
2024 · 2.12
Debt to equity
0.42▼
2024 · 0.61
ROE
13.1%▼
2024 · 13.2%
ROA
9.2%▲
2024 · 8.2%
Interest coverage
21.99▲
2024 · 15.51
Debt ≤ 1 year
€36,203▲
2024 · €28,594
Debt > 1 year
€29,032▼
2024 · €54,973
Income taxes
€10,262▲
2024 · €8,444
Customer credit
23 days▼
2024 · 24 days
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 | €32,284 | €10,906 | €8,799 | - | - |
| Depreciation and write-downs of the year | €15,912 | €17,218 | €17,844 | €18,319 | €17,664 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €41,658 | €43,388 | €45,143 | €45,691 | €52,974 | €61,196 | €54,352 | €57,379 | ▲ 5.6% |
| Non-recurring operating income76A | - | - | - | - | €1,091 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €3,927 | €5,107 | €13,841 | €4,446 | €4,464 | ▲ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,086 | €16,086 | €16,086 | €15,912 | €17,218 | €17,844 | €18,319 | €17,664 | ▼ 3.6% |
| Other operating charges640/8 | - | - | - | €1,573 | €1,603 | €2,517 | €1,916 | €1,976 | ▲ 3.1% |
| Gross operating margin9900 | €37,991 | €39,929 | €41,609 | €41,765 | €48,958 | €47,354 | €49,906 | €52,915 | ▲ 6.0% |
| Operating profit (loss)9901 | €20,308 | €22,296 | €23,805 | €24,279 | €30,137 | €26,994 | €29,672 | €33,275 | ▲ 12.1% |
| Financial charges65/66B | - | - | - | €4,829 | €5,291 | €3,839 | €3,095 | €2,316 | ▼ 25.2% |
| Recurring financial charges65 | €6,790 | €6,045 | €5,312 | €4,829 | €5,291 | €3,839 | €3,095 | €2,316 | ▼ 25.2% |
| Profit (loss) for the period before taxes9903 | €13,517 | €16,251 | €18,493 | €19,450 | €24,847 | €23,155 | €26,577 | €30,959 | ▲ 16.5% |
| Income taxes67/77 | €3,998 | €4,952 | €4,924 | €6,030 | €7,897 | €7,680 | €8,444 | €10,262 | ▲ 21.5% |
| Profit (loss) for the period9904 | €9,519 | €11,300 | €13,569 | €13,420 | €16,950 | €15,476 | €18,133 | €20,696 | ▲ 14.1% |
| Profit (loss) for the period to be appropriated9905 | €9,519 | €11,300 | €13,569 | €13,420 | €16,950 | €15,476 | €18,133 | €20,696 | ▲ 14.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €234,687 | €221,954 | €218,272 | €243,624 | €235,247 | €231,740 | €221,254 | €224,554 | ▲ 1.5% |
| Fixed assets21/28 | €219,840 | €203,755 | €187,669 | €204,040 | €187,913 | €178,868 | €160,549 | €142,885 | ▼ 11.0% |
| Tangible fixed assets22/27 | €219,840 | €203,755 | €187,669 | €204,040 | €187,913 | €178,868 | €160,549 | €142,885 | ▼ 11.0% |
| Land and buildings22 | - | - | - | €204,040 | €187,913 | €178,868 | €160,549 | €142,885 | ▼ 11.0% |
| Current assets29/58 | €14,847 | €18,199 | €30,603 | €39,584 | €47,334 | €52,871 | €60,705 | €81,669 | ▲ 34.5% |
| Amounts receivable within one year40/41 | €1,602 | €1,402 | €38 | €138 | €5,527 | €10,148 | €4,402 | €4,872 | ▲ 10.7% |
| Trade receivables40 | - | - | - | - | - | €4,355 | €3,500 | €3,649 | ▲ 4.3% |
| Other amounts receivable41 | - | - | - | €138 | €5,527 | €5,793 | €902 | €1,223 | ▲ 35.5% |
| Cash at bank and in hand54/58 | €12,485 | €16,027 | €29,746 | €38,635 | €40,653 | €41,320 | €54,877 | €75,360 | ▲ 37.3% |
| Deferred charges and accrued income490/1 | - | - | - | €812 | €1,154 | €1,403 | €1,425 | €1,437 | ▲ 0.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €234,687 | €221,954 | €218,272 | €243,624 | €235,247 | €231,740 | €221,254 | €224,554 | ▲ 1.5% |
| Equity10/15 | €42,241 | €53,541 | €67,109 | €80,529 | €104,079 | €119,555 | €137,688 | €158,384 | ▲ 15.0% |
| Contributions10/11 | €12,000 | €12,000 | - | €12,000 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €26,860 | €36,860 | €51,860 | €63,860 | €78,860 | €93,860 | €111,860 | €131,860 | ▲ 17.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €62,000 | €77,000 | €92,000 | €110,000 | €130,000 | ▲ 18.2% |
| Profit (loss) carried forward14 | €3,381 | €4,681 | €3,249 | €4,669 | €6,619 | €7,095 | €7,228 | €7,924 | ▲ 9.6% |
| Amounts payable17/49 | €192,446 | €168,413 | €151,162 | €163,095 | €131,167 | €112,185 | €83,567 | €66,170 | ▼ 20.8% |
| Amounts payable after more than one year17 | €167,351 | €145,177 | €124,220 | €128,146 | €104,505 | €80,123 | €54,973 | €29,032 | ▼ 47.2% |
| Financial debts170/4 | - | - | - | €128,146 | €104,505 | €80,123 | €54,973 | €29,032 | ▼ 47.2% |
| Amounts payable within one year42/48 | €25,095 | €23,126 | €26,832 | €34,648 | €26,547 | €32,062 | €28,594 | €36,203 | ▲ 26.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €25,797 | €23,641 | €24,383 | €25,149 | €25,941 | ▲ 3.1% |
| Trade debts44 | - | - | - | €7,634 | - | - | - | - | - |
| Suppliers440/4 | - | - | - | €7,634 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,200 | €2,906 | €7,680 | €3,444 | €10,262 | ▲ 198% |
| Taxes450/3 | - | - | - | €1,200 | €2,906 | €7,680 | €3,444 | €10,262 | ▲ 198% |
| Other amounts payable47/48 | - | - | - | €17 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €301 | €115 | - | - | €935 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,519 | €11,300 | €13,569 | €13,420 | €16,950 | €15,476 | €18,133 | €20,696 | ▲ 14.1% |
| + Depreciation and write-downs630 | €16,086 | €16,086 | €16,086 | €15,912 | €17,218 | €17,844 | €18,319 | €17,664 | ▼ 3.6% |
| Operating cash flow (approximation) | €25,605 | €27,385 | €29,654 | €29,332 | €34,168 | €33,319 | €36,451 | €38,361 | ▲ 5.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€32,284 | -€1,091 | -€8,799 | €0 | €0 | - |
| Change in cash | - | €3,542 | €13,720 | €8,888 | €2,019 | €667 | €13,557 | €20,482 | ▲ 51.1% |
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, 34,693 companies had the same profile as BACOVAN 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 BACOVAN 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 BACOVAN. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00144112 | |
| 31-12-2024 | micro format | 07-06-2025 | 2025-00129707 | |
| 31-12-2023 | micro format | 09-06-2024 | 2024-00121695 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00123183 | |
| 31-12-2021 | micro format | 04-06-2022 | 2022-20052057 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-31500081 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-37600177 | |
| 31-12-2018 | micro format | 07-06-2019 | 2019-16800026 | |
| 31-12-2017 | micro format | 10-06-2018 | 2018-18100162 | |
| 31-12-2016 | full format | 09-06-2017 | 2017-16000095 |