BAERT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 34 filings
Equity
-€44,624▼ 45.6%
2024 · -€30,659
Total assets
€43,262▲ 6.4%
2024 · €40,647
Net result
-€13,965▼ 24.6%
2024 · -€11,211
Working capital
-€44,907▼ 44.5%
2024 · -€31,072
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€13,834
▼ 24.4%
2025
20192025
Net result
-€13,965
▼ 24.6%
2025
lowest quarter of the sector
20192025
Equity
-€44,624
▼ 45.6%
2025
lowest quarter of the sector
20192025
Total assets
€43,262
▲ 6.4%
2025
lowest quarter of the sector
20192025
Debt
€87,887
▲ 23.3%
2025
20192025
Working capital
-€44,907
▼ 44.5%
2025
lowest quarter of the sector
20192025
Solvency
-103.1%
▼ 27.7pp
2025
lowest quarter of the sector
20192025
Current ratio
0.49
▼ 0.08
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-32.3%
▼ 4.7pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,701--€11,160-€14,159▼ 26.9%-€106▲ 99.2%-€9,321▼ 8,658%-€11,121▼ 19.3%-€13,834▼ 24.4%
Net result€7,753--€11,194below the sector's middle half-€14,134below the sector's middle half▼ 26.3%-€150below the sector's middle half▲ 98.9%-€9,279below the sector's middle half▼ 6,074%-€11,211below the sector's middle half▼ 20.8%-€13,965below the sector's middle half▼ 24.6%
Equity€15,310-€4,116below the sector's middle half▼ 73.1%-€10,018below the sector's middle half-€10,169below the sector's middle half▼ 1.5%-€19,448below the sector's middle half▼ 91.3%-€30,659below the sector's middle half▼ 57.6%-€44,624below the sector's middle half▼ 45.6%
Total assets€65,105-€52,302below the sector's middle half▼ 19.7%€52,612below the sector's middle half▲ 0.6%€68,308below the sector's middle half▲ 29.8%€47,077below the sector's middle half▼ 31.1%€40,647below the sector's middle half▼ 13.7%€43,262below the sector's middle half▲ 6.4%
Debt€49,795-€48,186▼ 3.2%€62,630▲ 30.0%€78,476▲ 25.3%€66,525▼ 15.2%€71,306▲ 7.2%€87,887▲ 23.3%
Working capital€19,959-€9,905within the sector's middle half▼ 50.4%-€10,823below the sector's middle half-€10,843below the sector's middle half▼ 0.2%-€19,992below the sector's middle half▼ 84.4%-€31,072below the sector's middle half▼ 55.4%-€44,907below the sector's middle half▼ 44.5%
Solvency23.5%-7.9%below the sector's middle half▼ 15.6pp-19.0%below the sector's middle half▼ 26.9pp-14.9%below the sector's middle half▲ 4.2pp-41.3%below the sector's middle half▼ 26.4pp-75.4%below the sector's middle half▼ 34.1pp-103.1%below the sector's middle half▼ 27.7pp
Current ratio1.45-1.23within the sector's middle half▼ 0.210.83below the sector's middle half▼ 0.410.86below the sector's middle half▲ 0.030.70below the sector's middle half▼ 0.160.56below the sector's middle half▼ 0.140.49below the sector's middle half▼ 0.08
Return on assets (ROA)11.9%--21.4%below the sector's middle half▼ 33.3pp-26.9%below the sector's middle half▼ 5.5pp-0.2%below the sector's middle half▲ 26.6pp-19.7%below the sector's middle half▼ 19.5pp-27.6%below the sector's middle half▼ 7.9pp-32.3%below the sector's middle half▼ 4.7pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €13,834, larger than the loss of €11,121 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €43,262
Fixed assets
€283 ▼ 31.5%
Current assets
€42,979 ▲ 6.8%
Equity and liabilities
Equity-€44,624
Debt€87,887
Equity is negative. Debt (€87,887) exceeds the balance-sheet total (€43,262).
Key figures and ratios
EBITDA
-€13,704▼
2024 · -€10,991
Cash flow
-€13,835▼
2024 · -€11,081
Quick ratio
0.10▲
2024 · 0.09
Interest coverage
-90.89▼
2024 · -83.78
Debt ≤ 1 year
€87,887▲
2024 · €71,306
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €330 | €140 | €58 | €130 | €130 | €130 | €130 | = |
| Other operating charges640/8 | - | - | - | €578 | €703 | €597 | €577 | ▼ 3.3% |
| Gross operating margin9900 | €9,095 | -€10,966 | -€13,589 | €601 | -€8,488 | -€10,394 | -€13,127 | ▼ 26.3% |
| Operating profit (loss)9901 | €7,701 | -€11,160 | -€14,159 | -€106 | -€9,321 | -€11,121 | -€13,834 | ▼ 24.4% |
| Financial income75/76B | - | - | - | €76 | €175 | €41 | €19 | ▼ 52.7% |
| Recurring financial income75 | €149 | €65 | €144 | €76 | €175 | €41 | €19 | ▼ 52.7% |
| Financial charges65/66B | - | - | - | €120 | €133 | €131 | €151 | ▲ 14.9% |
| Recurring financial charges65 | €97 | €99 | €120 | €120 | €133 | €131 | €151 | ▲ 14.9% |
| Profit (loss) for the period before taxes9903 | €7,753 | -€11,194 | -€14,134 | -€150 | -€9,279 | -€11,211 | -€13,965 | ▼ 24.6% |
| Profit (loss) for the period9904 | €7,753 | -€11,194 | -€14,134 | -€150 | -€9,279 | -€11,211 | -€13,965 | ▼ 24.6% |
| Profit (loss) for the period to be appropriated9905 | €7,753 | -€11,194 | -€14,134 | -€150 | -€9,279 | -€11,211 | -€13,965 | ▼ 24.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €65,105 | €52,302 | €52,612 | €68,308 | €47,077 | €40,647 | €43,262 | ▲ 6.4% |
| Fixed assets21/28 | €351 | €211 | €804 | €674 | €544 | €413 | €283 | ▼ 31.5% |
| Tangible fixed assets22/27 | €140 | - | €593 | €463 | €333 | €203 | €72 | ▼ 64.3% |
| Furniture and vehicles24 | - | - | - | €463 | €333 | €203 | €72 | ▼ 64.3% |
| Financial fixed assets28 | €211 | €211 | €211 | €211 | €211 | €211 | €211 | = |
| Current assets29/58 | €64,755 | €52,091 | €51,807 | €67,634 | €46,534 | €40,234 | €42,979 | ▲ 6.8% |
| Stocks and contracts in progress3 | €29,958 | €27,405 | €27,800 | €33,368 | €32,955 | €33,527 | €33,844 | ▲ 0.9% |
| Stocks30/36 | - | - | - | €33,368 | €32,955 | €33,527 | €33,844 | ▲ 0.9% |
| Amounts receivable within one year40/41 | €34,600 | €21,408 | €19,495 | €30,224 | €9,102 | €3,981 | €7,109 | ▲ 78.6% |
| Trade receivables40 | - | - | - | €29,616 | €7,847 | €3,722 | €5,864 | ▲ 57.5% |
| Other amounts receivable41 | - | - | - | €608 | €1,256 | €259 | €1,246 | ▲ 381% |
| Cash at bank and in hand54/58 | €196 | €415 | €1,529 | €1,004 | €1,419 | €754 | €87 | ▼ 88.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,038 | €3,058 | €1,971 | €1,939 | ▼ 1.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €65,105 | €52,302 | €52,612 | €68,308 | €47,077 | €40,647 | €43,262 | ▲ 6.4% |
| Equity10/15 | €15,310 | €4,116 | -€10,018 | -€10,169 | -€19,448 | -€30,659 | -€44,624 | ▼ 45.6% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €2,190 | €2,190 | €2,190 | €2,190 | €2,190 | €2,190 | €2,190 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €331 | €331 | €331 | €331 | = |
| Profit (loss) carried forward14 | -€5,472 | -€16,666 | -€30,800 | -€30,951 | -€40,230 | -€51,441 | -€65,406 | ▼ 27.1% |
| Amounts payable17/49 | €49,795 | €48,186 | €62,630 | €78,476 | €66,525 | €71,306 | €87,887 | ▲ 23.3% |
| Amounts payable within one year42/48 | €44,795 | €42,186 | €62,630 | €78,476 | €66,525 | €71,306 | €87,887 | ▲ 23.3% |
| Trade debts44 | €5,243 | €4,237 | €5,140 | €4,122 | €1,802 | €335 | €5,904 | ▲ 18× |
| Suppliers440/4 | - | - | - | €4,122 | €1,802 | €335 | €5,904 | ▲ 18× |
| Taxes, remuneration and social security45 | - | - | - | €30,288 | €288 | €288 | €288 | = |
| Taxes450/3 | - | - | - | €288 | €288 | €288 | €288 | = |
| Remuneration and social security454/9 | - | - | - | €30,000 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €44,067 | €64,436 | €70,683 | €81,695 | ▲ 15.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,753 | -€11,194 | -€14,134 | -€150 | -€9,279 | -€11,211 | -€13,965 | ▼ 24.6% |
| + Depreciation and write-downs630 | €330 | €140 | €58 | €130 | €130 | €130 | €130 | = |
| Operating cash flow (approximation) | €8,083 | -€11,055 | -€14,076 | -€20 | -€9,149 | -€11,081 | -€13,835 | ▼ 24.9% |
| Investment in fixed assets (approximation) | - | €0 | -€652 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €219 | €1,113 | -€525 | €414 | -€664 | -€668 | ▼ 0.5% |
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, 6,619 companies had the same profile as BAERT has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BAERT itself: 2.6% 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 6,619 companies, not a prediction for BAERT. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00025906 | |
| 30-06-2024 | micro format | 17-12-2024 | 2024-00619508 | |
| 30-06-2023 | micro format | 18-12-2023 | 2023-00533671 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00021502 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-03600070 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-03300057 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-76900413 | |
| 30-06-2018 | micro format | 29-11-2018 | 2018-73000276 | |
| 30-06-2017 | micro format | 12-12-2017 | 2017-71400580 | |
| 30-06-2016 | abbreviated format | 27-01-2017 | 2017-02400217 |