BALMAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 35 filings
Equity
€1.1m▼ 3.1%
2024 · €1.2m
Total assets
€1.1m▼ 3.3%
2024 · €1.2m
Net result
-€35,563▼ 28.1%
2024 · -€27,757
Working capital
€557,586▼ 8.0%
2024 · €605,753
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€27,072
▲ 17.0%
2025
20182025
Net result
-€35,563
▼ 28.1%
2025
lowest quarter of the sector
20182025
Equity
€1.1m
▼ 3.1%
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▼ 3.3%
2025
highest quarter of the sector
20182025
Debt
€9,349
▼ 23.4%
2025
20182025
Working capital
€557,586
▼ 8.0%
2025
highest quarter of the sector
20182025
Solvency
99.2%
▲ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
64.01
▲ 11.24
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-3.2%
▼ 0.8pp
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-€0.04m--€0.03m▲ 20.0%-€0.03m▲ 12.4%-€0.04m▼ 44.6%-€0.03m▲ 41.2%-€0.03m▼ 22.9%-€0.03m▼ 2.3%-€0.03m▲ 17.0%
Net result-€0.04m--€0.03m▲ 16.2%-€0.04mbelow the sector's middle half▼ 28.1%-€0.04mbelow the sector's middle half▲ 3.3%-€0.02mbelow the sector's middle half▲ 44.1%-€0.03mbelow the sector's middle half▼ 35.1%-€0.03mbelow the sector's middle half▲ 11.4%-€0.04mbelow the sector's middle half▼ 28.1%
Equity€1.4m-€1.3m▼ 2.5%€1.3mabove the sector's middle half▼ 3.2%€1.2mabove the sector's middle half▼ 3.2%€1.2mabove the sector's middle half▼ 1.9%€1.2mabove the sector's middle half▼ 2.6%€1.2mabove the sector's middle half▼ 2.3%€1.1mabove the sector's middle half▼ 3.1%
Total assets€1.4m-€1.3m▼ 3.5%€1.3mabove the sector's middle half▼ 3.6%€1.2mabove the sector's middle half▼ 4.2%€1.2mabove the sector's middle half▼ 2.0%€1.2mabove the sector's middle half▼ 2.1%€1.2mabove the sector's middle half▼ 2.3%€1.1mabove the sector's middle half▼ 3.3%
Debt€0.04m-€0.03m▼ 38.6%€0.02m▼ 20.8%€0.008m▼ 62.4%€0.006m▼ 20.3%€0.01m▲ 99.4%€0.01m▲ 2.1%€0.009m▼ 23.4%
Working capital€0.8m-€0.8m▼ 3.4%€0.7mabove the sector's middle half▼ 5.4%€0.7mabove the sector's middle half▼ 4.7%€0.7mabove the sector's middle half▼ 3.3%€0.6mabove the sector's middle half▼ 3.7%€0.6mabove the sector's middle half▼ 5.4%€0.6mabove the sector's middle half▼ 8.0%
Solvency97.1%-98.1%▲ 1.1pp98.5%above the sector's middle half▲ 0.3pp99.4%above the sector's middle half▲ 0.9pp99.5%above the sector's middle half▲ 0.1pp99.0%above the sector's middle half▼ 0.5pp99.0%above the sector's middle half=99.2%above the sector's middle half▲ 0.2pp
Current ratio45.40-62.77▲ 17.3741.73above the sector's middle half▼ 21.0498.99above the sector's middle half▲ 57.2756.90above the sector's middle half52.77above the sector's middle half▼ 4.1364.01above the sector's middle half▲ 11.24
Return on assets (ROA)-2.9%--2.5%▲ 0.4pp-3.3%below the sector's middle half▼ 0.8pp-3.3%below the sector's middle half=-1.9%below the sector's middle half▲ 1.4pp-2.6%below the sector's middle half▼ 0.7pp-2.4%below the sector's middle half▲ 0.2pp-3.2%below the sector's middle half▼ 0.8pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €27,072, smaller than the loss of €32,631 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 €1.1m
Fixed assets
€561,440 ▲ 2.3%
Current assets
€566,435 ▼ 8.3%
Equity and liabilities €1.1m
Equity
€1.1m ▼ 3.1%
Debt
€9,349 ▼ 23.4%
Debt's share of the balance-sheet total falls from 1.0% to 0.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€18,592▲
2024 · -€25,557
Cash flow
-€27,082▼
2024 · -€20,683
Debt to equity
0.01▼
2024 · 0.01
ROE
-3.2%▼
2024 · -2.4%
Interest coverage
-4.79▲
2024 · -7.54
Debt ≤ 1 year
€8,849▼
2024 · €11,701
Income taxes
-€98▲
2024 · -€200
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 | €8,032 | €6,686 | €734 | €13,929 | €21,084 |
| Depreciation and write-downs of the year | €17,113 | €6,879 | €7,419 | €7,074 | €8,480 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €12,500 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1,007 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,763 | €16,961 | €16,471 | €17,113 | €6,879 | €7,419 | €7,074 | €8,480 | ▲ 19.9% |
| Other operating charges640/8 | - | - | - | €6,943 | €7,723 | €8,489 | €6,516 | €6,379 | ▼ 2.1% |
| Gross operating margin9900 | -€16,690 | -€13,001 | -€7,360 | -€19,082 | -€11,343 | -€15,985 | -€19,041 | -€12,213 | ▲ 35.9% |
| Operating profit (loss)9901 | -€43,522 | -€34,837 | -€30,530 | -€44,144 | -€25,945 | -€31,893 | -€32,631 | -€27,072 | ▲ 17.0% |
| Financial income75/76B | - | - | - | €3,793 | €3,404 | €1,939 | €9,033 | €8,619 | ▼ 4.6% |
| Recurring financial income75 | €4,817 | €3,363 | €1,412 | €3,793 | €2,956 | €1,939 | €4,623 | €2,204 | ▼ 52.3% |
| Non-recurring financial income76B | - | - | - | - | €448 | - | €4,410 | €6,415 | ▲ 45.5% |
| Financial charges65/66B | - | - | - | €1,364 | €1,243 | €1,642 | €4,359 | €17,209 | ▲ 295% |
| Recurring financial charges65 | €4,284 | €2,572 | €2,176 | €1,364 | €1,243 | €1,642 | €3,391 | €3,883 | ▲ 14.5% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €968 | €13,326 | ▲ 14× |
| Profit (loss) for the period before taxes9903 | -€43,046 | -€34,140 | -€42,992 | -€41,716 | -€23,784 | -€31,595 | -€27,957 | -€35,661 | ▼ 27.6% |
| Income taxes67/77 | -€3,145 | -€696 | -€146 | -€265 | -€600 | -€279 | -€200 | -€98 | ▲ 50.8% |
| Profit (loss) for the period9904 | -€39,901 | -€33,444 | -€42,847 | -€41,451 | -€23,184 | -€31,316 | -€27,757 | -€35,563 | ▼ 28.1% |
| Profit (loss) for the period to be appropriated9905 | -€39,901 | -€33,444 | -€42,847 | -€41,451 | -€23,184 | -€31,316 | -€27,757 | -€35,563 | ▼ 28.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.3% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 2.3% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 2.3% |
| Land and buildings22 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | ▲ 9.8% |
| Plant, machinery and equipment23 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 20.0% |
| Current assets29/58 | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 8.3% |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 6.7% |
| Trade receivables40 | - | - | - | €0.08m | €0.05m | €0.04m | €0.05m | €0.03m | ▼ 49.7% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 1.4% |
| Current investments50/53 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 9.9% |
| Cash at bank and in hand54/58 | €0.03m | €0.006m | €0.04m | €0.004m | €0.007m | €0.001m | €0.005m | €0.004m | ▼ 15.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 9.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.3% |
| Equity10/15 | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.1% |
| Contributions10/11 | €1.3m | €1.3m | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.01m | -€0.04m | -€0.09m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | ▼ 16.9% |
| Amounts payable17/49 | €0.04m | €0.03m | €0.02m | €0.008m | €0.006m | €0.01m | €0.01m | €0.009m | ▼ 23.4% |
| Amounts payable after more than one year17 | €0.02m | €0.01m | €0.002m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.01m | €0.02m | €0.007m | €0.005m | €0.01m | €0.01m | €0.009m | ▼ 24.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.002m | - | - | - | - | - |
| Trade debts44 | €0.002m | €0.002m | €0.003m | €0.003m | €0.002m | €0.009m | €0.009m | €0.006m | ▼ 34.9% |
| Suppliers440/4 | - | - | - | €0.003m | €0.002m | €0.009m | €0.009m | €0.006m | ▼ 34.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | ▲ 5.7% |
| Taxes450/3 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | ▲ 9.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €214 | €113 | ▼ 47.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€39,901 | -€33,444 | -€42,847 | -€41,451 | -€23,184 | -€31,316 | -€27,757 | -€35,563 | ▼ 28.1% |
| + Depreciation and write-downs630 | €19,763 | €16,961 | €16,471 | €17,113 | €6,879 | €7,419 | €7,074 | €8,480 | ▲ 19.9% |
| Operating cash flow (approximation) | -€20,138 | -€16,483 | -€26,376 | -€24,338 | -€16,304 | -€23,897 | -€20,683 | -€27,082 | ▼ 30.9% |
| Investment in fixed assets (approximation) | - | €0 | -€4,389 | -€8,032 | -€6,686 | -€734 | -€13,929 | -€21,084 | ▼ 51.4% |
| Change in cash | - | -€19,013 | €33,923 | -€36,041 | €3,060 | -€5,832 | €3,377 | -€727 | - |
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, 8,617 companies had the same profile as BALMAR has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BALMAR 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 8,617 companies, not a prediction for BALMAR. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00297960 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00268879 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00259043 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00177618 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20094990 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-37400035 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-58000451 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35800080 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36600123 | |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-32400264 |