BANDEMAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-06-2026 PDF all 10 filings
Turnover
≈ €340,000
Estimated: probably between €270,000 and €450,000
Total assets
€394,196▼ 15.1%
2024 · €464,190
Net result
€30,364▼ 56.6%
2024 · €69,902
Working capital
€39,289▼ 27.4%
2024 · €54,129
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€39,097
▼ 41.2%
2025
20182025
Net result
€30,364
▼ 56.6%
2025
middle half of the sector
20182025
Equity
€288,569
▼ 19.4%
2025
middle half of the sector
20182025
Total assets
€394,196
▼ 15.1%
2025
middle half of the sector
20182025
Debt
€105,627
▼ 0.3%
2025
20182025
Working capital
€39,289
▼ 27.4%
2025
middle half of the sector
20182025
Solvency
73.2%
▼ 4.0pp
2025
highest quarter of the sector
20182025
Current ratio
1.38
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
7.7%
▼ 7.4pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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-€0.05m--€428▲ 99.1%-€0.01m▼ 3,404%€0.2m€0.001m▼ 99.4%€0.01m▲ 753%€0.07m▲ 448%€0.04m▼ 41.2%
Net result-€0.06m--€0.002m▲ 96.2%-€0.01mbelow the sector's middle half▼ 560%€0.2mabove the sector's middle half€0.002mbelow the sector's middle half▼ 99.0%€0.01mwithin the sector's middle half▲ 507%€0.07mwithin the sector's middle half▲ 405%€0.03mwithin the sector's middle half▼ 56.6%
Equity€0.9m-€0.9m▼ 0.2%€0.8mabove the sector's middle half▼ 12.6%€0.6mwithin the sector's middle half▼ 21.7%€0.6mwithin the sector's middle half▲ 0.4%€0.4mwithin the sector's middle half▼ 37.8%€0.4mwithin the sector's middle half▼ 7.8%€0.3mwithin the sector's middle half▼ 19.4%
Total assets€1.2m-€1.0m▼ 15.3%€1.0mwithin the sector's middle half▼ 4.1%€1.1mwithin the sector's middle half▲ 15.0%€0.7mwithin the sector's middle half▼ 34.5%€0.7mwithin the sector's middle half▼ 5.7%€0.5mbelow the sector's middle half▼ 32.2%€0.4mwithin the sector's middle half▼ 15.1%
Debt€0.3m-€0.09m▼ 65.5%€0.2m▲ 79.0%€0.5m▲ 189%€0.1m▼ 79.0%€0.3m▲ 190%€0.1m▼ 64.3%€0.1m▼ 0.3%
Working capital€0.2m-€0.2m▲ 13.9%€0.1mwithin the sector's middle half▼ 38.0%€0.2mwithin the sector's middle half▲ 63.7%€0.2mwithin the sector's middle half▼ 6.6%€0.01mbelow the sector's middle half▼ 94.2%€0.05mwithin the sector's middle half▲ 417%€0.04mwithin the sector's middle half▼ 27.4%
Solvency76.7%-90.3%▲ 13.6pp82.3%above the sector's middle half▼ 8.0pp56.1%within the sector's middle half▼ 26.3pp85.9%above the sector's middle half▲ 29.9pp56.7%within the sector's middle half▼ 29.2pp77.2%above the sector's middle half▲ 20.5pp73.2%above the sector's middle half▼ 4.0pp
Current ratio1.63-3.01▲ 1.381.72within the sector's middle half▼ 1.291.39within the sector's middle half▼ 0.332.75above the sector's middle half▲ 1.361.04below the sector's middle half▼ 1.721.53within the sector's middle half▲ 0.491.38within the sector's middle half▼ 0.14
Return on assets (ROA)-4.8%--0.2%▲ 4.6pp-1.5%below the sector's middle half▼ 1.3pp20.5%above the sector's middle half▲ 22.0pp0.3%below the sector's middle half▼ 20.2pp2.0%within the sector's middle half▲ 1.7pp15.1%above the sector's middle half▲ 13.0pp7.7%within the sector's middle half▼ 7.4pp
Staff (FTE)3.5-3.5=2.7within the sector's middle half▼ 22.9%2.7within the sector's middle half=2.5within the sector's middle half▼ 7.4%2.6within the sector's middle half▲ 4.0%0below the sector's middle half▼ 100%0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 41% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €394,196
Fixed assets
€252,280 ▼ 17.8%
Current assets
€141,916 ▼ 9.7%
Equity and liabilities €394,196
Equity
€288,569 ▼ 19.4%
Debt
€105,627 ▼ 0.3%
Debt's share of the balance-sheet total rises from 22.8% to 26.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€93,892▼
2024 · €123,168
Cash flow
€85,159▼
2024 · €126,550
Debt to equity
0.37▲
2024 · 0.30
ROE
10.5%▼
2024 · 19.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€102,627▼
2024 · €102,985
Income taxes
€10,121▲
2024 · €1,221
Staff costs
€0▼
2024 · €7,334
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 2 |
| full-time | 1 | 1 | 1 |
| part-time | 2 | 2 | 1 |
| in full-time equivalents | 2.5 | 2.6 | 1.9 |
| Average over the year, in full-time equivalents | 2.7 | 2.5 | 2.6 |
| On a permanent contract | 3 | 3 | 2 |
| Joined | 1 | - | 1 |
| Left | 3 | - | 2 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,250 | €83,672 | - | - | - |
| Depreciation and write-downs of the year | €60,059 | €69,847 | €67,245 | €56,648 | €54,795 |
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 | - | - | - | €285,738 | €0 | €185 | €126,603 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €125,651 | €131,004 | €150,674 | €7,334 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €65,975 | €68,198 | €67,530 | €60,059 | €69,847 | €67,245 | €56,648 | €54,795 | ▼ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€4,307 | -€119 | €1,875 | -€6,844 | €0 | - |
| Other operating charges640/8 | - | - | - | €32,896 | €16,035 | €16,735 | €56,443 | €17,524 | ▼ 69.0% |
| Non-recurring operating charges66A | - | - | - | €17,152 | €0 | - | €838 | €0 | ▼ 100% |
| Gross operating margin9900 | €188,233 | €230,878 | €199,186 | €457,933 | €218,188 | €248,661 | €180,939 | €111,415 | ▼ 38.4% |
| Operating profit (loss)9901 | -€49,855 | -€428 | -€14,984 | €226,481 | €1,422 | €12,131 | €66,520 | €39,097 | ▼ 41.2% |
| Financial income75/76B | - | - | - | €804 | €412 | €2,595 | €5,026 | €1,755 | ▼ 65.1% |
| Recurring financial income75 | €446 | €250 | €391 | €804 | €412 | €2,595 | €5,026 | €1,755 | ▼ 65.1% |
| Financial charges65/66B | - | - | - | €993 | €672 | €890 | €423 | €366 | ▼ 13.4% |
| Recurring financial charges65 | €8,993 | €3,098 | €778 | €993 | €672 | €890 | €423 | €366 | ▼ 13.4% |
| Profit (loss) for the period before taxes9903 | -€58,402 | -€3,275 | -€15,371 | €226,292 | €1,162 | €13,836 | €71,123 | €40,486 | ▼ 43.1% |
| Transfer from deferred taxes780 | - | - | - | €1,116 | €1,116 | €0 | - | - | - |
| Income taxes67/77 | -€81 | - | - | - | - | - | €1,221 | €10,121 | ▲ 729% |
| Profit (loss) for the period9904 | -€57,205 | -€2,160 | -€14,256 | €227,408 | €2,278 | €13,836 | €69,902 | €30,364 | ▼ 56.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€55,039 | €7 | -€12,089 | €227,408 | €2,278 | €13,836 | €69,902 | €30,364 | ▼ 56.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.0m | €1.0m | €1.1m | €0.7m | €0.7m | €0.5m | €0.4m | ▼ 15.1% |
| Fixed assets21/28 | €0.8m | €0.7m | €0.7m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 17.8% |
| Tangible fixed assets22/27 | €0.8m | €0.7m | €0.7m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 17.8% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 17.8% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.01m | €108 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.001m | €0 | - | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0 | - | - |
| Current assets29/58 | €0.4m | €0.3m | €0.3m | €0.7m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 9.7% |
| Stocks and contracts in progress3 | €0.07m | €0.07m | €0.05m | €0.05m | €0.05m | €0.06m | €0 | - | - |
| Stocks30/36 | - | - | - | €0.05m | €0.05m | €0.06m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.08m | €0.08m | €0.05m | €0.07m | €0.08m | €0.1m | €0.005m | €0.003m | ▼ 35.9% |
| Trade receivables40 | - | - | - | €0.07m | €0.08m | €0.1m | €0 | €0.003m | - |
| Other amounts receivable41 | - | - | - | - | €90 | €0.001m | €0.005m | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | - | - | €0.1m | €0.06m | ▼ 40.0% |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.2m | €0.6m | €0.1m | €0.1m | €0.05m | €0.07m | ▲ 43.2% |
| Deferred charges and accrued income490/1 | - | - | - | €452 | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 866% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.0m | €1.0m | €1.1m | €0.7m | €0.7m | €0.5m | €0.4m | ▼ 15.1% |
| Equity10/15 | €0.9m | €0.9m | €0.8m | €0.6m | €0.6m | €0.4m | €0.4m | €0.3m | ▼ 19.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.8m | €0.8m | €0.7m | €0.6m | €0.6m | €0.3m | €0.3m | €0.2m | ▼ 23.5% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Other1319 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 32.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0.004m | €0.003m | €0.002m | €0.001m | €0 | - | - | - | - |
| Deferred taxes168 | - | - | - | €0.001m | €0 | - | - | - | - |
| Amounts payable17/49 | €0.3m | €0.09m | €0.2m | €0.5m | €0.1m | €0.3m | €0.1m | €0.1m | ▼ 0.3% |
| Amounts payable within one year42/48 | €0.3m | €0.09m | €0.2m | €0.5m | €0.1m | €0.3m | €0.1m | €0.1m | ▼ 0.3% |
| Trade debts44 | €0.06m | €0.05m | €0.04m | €0.05m | €0.07m | €0.05m | €0.002m | €455 | ▼ 78.7% |
| Suppliers440/4 | - | - | - | €0.05m | €0.07m | €0.05m | €0.002m | €455 | ▼ 78.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.05m | €0.001m | €0.002m | ▲ 156% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.03m | €0.001m | €0.002m | ▲ 156% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.01m | €0.02m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0 | €0.2m | €0.1m | €0.1m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | €0.003m | €0.003m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€57,205 | -€2,160 | -€14,256 | €227,408 | €2,278 | €13,836 | €69,902 | €30,364 | ▼ 56.6% |
| + Depreciation and write-downs630 | €65,975 | €68,198 | €67,530 | €60,059 | €69,847 | €67,245 | €56,648 | €54,795 | ▼ 3.3% |
| Operating cash flow (approximation) | €8,770 | €66,039 | €53,274 | €287,467 | €72,125 | €81,081 | €126,550 | €85,159 | ▼ 32.7% |
| Investment in fixed assets (approximation) | - | -€33,381 | -€29,804 | €194,170 | -€83,672 | €0 | €14,101 | €0 | ▼ 100% |
| Change in cash | - | -€144,593 | €52,338 | €382,425 | -€412,487 | -€9,593 | -€85,207 | €22,167 | - |
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 BANDEMAN 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 BANDEMAN itself: 0.2% 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 BANDEMAN. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00144148 | |
| 31-12-2024 | abbreviated format | 25-03-2025 | 2025-00054180 | |
| 31-12-2023 | abbreviated format | 03-06-2024 | 2024-00106241 | |
| 31-12-2022 | abbreviated format | 31-05-2023 | 2023-00106488 | |
| 31-12-2021 | abbreviated format | 30-05-2022 | 2022-20042919 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-33200139 | |
| 31-12-2019 | abbreviated format | 03-06-2020 | 2020-14300433 | |
| 31-12-2018 | abbreviated format | 05-06-2019 | 2019-16300186 | |
| 31-12-2017 | abbreviated format | 12-06-2018 | 2018-18100522 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-17700296 |