BAPSY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is over 3.7 times that of 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €415 | - | - | €1,418 |
| Intangible fixed assets | €1,099 | - | - | - |
| Financial fixed assets | - | €13,181 | - | - |
| Depreciation and write-downs of the year | €1,127 | €138 | €138 | €307 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,127 | €138 | €138 | €307 | ▲ 122% |
| Other operating charges640/8 | €172 | €585 | €301 | €308 | ▲ 2.0% |
| Gross operating margin9900 | €70,043 | €5,714 | €15,819 | €57,913 | ▲ 266% |
| Operating profit (loss)9901 | €68,745 | €4,991 | €15,379 | €57,298 | ▲ 273% |
| Financial income75/76B | €667 | €1,619 | €2,064 | €1,370 | ▼ 33.6% |
| Recurring financial income75 | €667 | €1,619 | €2,064 | €1,370 | ▼ 33.6% |
| Financial charges65/66B | €75 | €69 | €74 | €75 | ▲ 2.0% |
| Recurring financial charges65 | €75 | €69 | €74 | €75 | ▲ 2.0% |
| Profit (loss) for the period before taxes9903 | €69,338 | €6,541 | €17,370 | €58,593 | ▲ 237% |
| Income taxes67/77 | €14,058 | €2,305 | €4,634 | €14,408 | ▲ 211% |
| Profit (loss) for the period9904 | €55,280 | €4,237 | €12,736 | €44,184 | ▲ 247% |
| Profit (loss) for the period to be appropriated9905 | €55,280 | €4,237 | €12,736 | €44,184 | ▲ 247% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €79,088 | €66,227 | €80,886 | €65,747 | ▼ 18.7% |
| Fixed assets21/28 | €387 | €13,430 | €111 | €1,221 | ▲ 11× |
| Tangible fixed assets22/27 | €387 | €249 | €111 | €1,221 | ▲ 11× |
| Furniture and vehicles24 | €387 | €249 | €111 | €1,221 | ▲ 11× |
| Financial fixed assets28 | - | €13,181 | - | - | - |
| Current assets29/58 | €78,701 | €52,796 | €80,776 | €64,526 | ▼ 20.1% |
| Amounts receivable within one year40/41 | €20,486 | €27,390 | €27,293 | €23,469 | ▼ 14.0% |
| Trade receivables40 | €1,127 | €1,326 | €199 | - | - |
| Other amounts receivable41 | €19,359 | €26,064 | €27,094 | €23,469 | ▼ 13.4% |
| Cash at bank and in hand54/58 | €48,423 | €19,751 | €53,482 | €35,196 | ▼ 34.2% |
| Deferred charges and accrued income490/1 | €9,792 | €5,655 | - | €5,862 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €79,088 | €66,227 | €80,886 | €65,747 | ▼ 18.7% |
| Equity10/15 | €59,280 | €63,516 | €76,252 | €50,437 | ▼ 33.9% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Reserves13 | €55,000 | €59,000 | €71,000 | €46,000 | ▼ 35.2% |
| Distributable reserves133 | €55,000 | €59,000 | €71,000 | €46,000 | ▼ 35.2% |
| Profit (loss) carried forward14 | €280 | €516 | €1,252 | €437 | ▼ 65.1% |
| Amounts payable17/49 | €19,808 | €2,710 | €4,634 | €15,311 | ▲ 230% |
| Amounts payable within one year42/48 | €19,808 | €2,305 | €4,634 | €15,311 | ▲ 230% |
| Financial debts43 | - | - | - | €902 | - |
| Credit institutions430/8 | - | - | - | €902 | - |
| Taxes, remuneration and social security45 | €19,808 | €2,305 | €4,634 | €14,408 | ▲ 211% |
| Taxes450/3 | €19,648 | €2,305 | €4,634 | €14,408 | ▲ 211% |
| Remuneration and social security454/9 | €160 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €405 | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,280 | €4,237 | €12,736 | €44,184 | ▲ 247% |
| + Depreciation and write-downs630 | €1,127 | €138 | €138 | €307 | ▲ 122% |
| Operating cash flow (approximation) | €56,407 | €4,375 | €12,874 | €44,492 | ▲ 246% |
| Investment in fixed assets (approximation) | - | -€13,181 | €13,181 | -€1,418 | - |
| Change in cash | - | -€28,672 | €33,731 | -€18,287 | - |
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, 39,278 companies had the same profile as BAPSY has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of BAPSY itself: 0.5% 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 39,278 companies, not a prediction for BAPSY. 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.