Bart Dobbels
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 8 filings
Turnover
≈ €410,000
Estimated: probably between €350,000 and €480,000
Total assets
€364,104▲ 99.1%
2024 · €182,876
Net result
€167,567▲ 37.9%
2024 · €121,470
Working capital
€102,858▲ 154%
2024 · €40,563
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€223,641
▲ 38.8%
2025
20182025
Net result
€167,567
▲ 37.9%
2025
highest quarter of the sector
20182025
Equity
€188,027
▲ 32.5%
2025
middle half of the sector
20182025
Total assets
€364,104
▲ 99.1%
2025
middle half of the sector
20182025
Debt
€176,077
▲ 330%
2025
20182025
Working capital
€102,858
▲ 154%
2025
middle half of the sector
20182025
Solvency
51.6%
▼ 26.0pp
2025
middle half of the sector
20182025
Current ratio
1.59
▼ 0.44
2025
middle half of the sector
20182025
Return on assets (ROA)
46.0%
▼ 20.4pp
2025
highest 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€20,691-€143,787▲ 595%€169,599▲ 18.0%€130,325▼ 23.2%€188,532▲ 44.7%€129,445▼ 31.3%€161,096▲ 24.5%€223,641▲ 38.8%
Net result€10,985-€106,818▲ 872%€128,816above the sector's middle half▲ 20.6%€98,534above the sector's middle half▼ 23.5%€143,016above the sector's middle half▲ 45.1%€98,054above the sector's middle half▼ 31.4%€121,470above the sector's middle half▲ 23.9%€167,567above the sector's middle half▲ 37.9%
Equity€29,585-€136,403▲ 361%€265,220above the sector's middle half▲ 94.4%€113,754within the sector's middle half▼ 57.1%€256,770above the sector's middle half▲ 126%€84,824within the sector's middle half▼ 67.0%€141,930within the sector's middle half▲ 67.3%€188,027within the sector's middle half▲ 32.5%
Total assets€52,584-€147,539▲ 181%€342,871within the sector's middle half▲ 132%€436,492within the sector's middle half▲ 27.3%€281,172within the sector's middle half▼ 35.6%€204,021within the sector's middle half▼ 27.4%€182,876within the sector's middle half▼ 10.4%€364,104within the sector's middle half▲ 99.1%
Debt€22,999-€11,136▼ 51.6%€77,651▲ 597%€322,738▲ 316%€24,402▼ 92.4%€119,197▲ 388%€40,946▼ 65.6%€176,077▲ 330%
Working capital€16,704-€126,933▲ 660%€203,120above the sector's middle half▲ 60.0%€31,469within the sector's middle half▼ 84.5%€133,825within the sector's middle half▲ 325%-€34,191below the sector's middle half€40,563within the sector's middle half€102,858within the sector's middle half▲ 154%
Solvency56.3%-92.5%▲ 36.2pp77.4%above the sector's middle half▼ 15.1pp26.1%within the sector's middle half▼ 51.3pp91.3%above the sector's middle half▲ 65.3pp41.6%within the sector's middle half▼ 49.7pp77.6%within the sector's middle half▲ 36.0pp51.6%within the sector's middle half▼ 26.0pp
Current ratio1.73-12.40▲ 10.673.62within the sector's middle half▼ 8.781.10within the sector's middle half▼ 2.526.55above the sector's middle half▲ 5.450.71below the sector's middle half▼ 5.832.03within the sector's middle half▲ 1.311.59within the sector's middle half▼ 0.44
Return on assets (ROA)20.9%-72.4%▲ 51.5pp37.6%above the sector's middle half▼ 34.8pp22.6%within the sector's middle half▼ 15.0pp50.9%above the sector's middle half▲ 28.3pp48.1%above the sector's middle half▼ 2.8pp66.4%above the sector's middle half▲ 18.4pp46.0%above the sector's middle half▼ 20.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 39% higher than in 2024 and the highest since 2021. 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €364,104
Fixed assets
€86,213 ▼ 16.1%
Current assets
€277,891 ▲ 247%
Equity and liabilities €364,104
Equity
€188,027 ▲ 32.5%
Debt
€176,077 ▲ 330%
Debt's share of the balance-sheet total rises from 22.4% to 48.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€241,300▲
2024 · €179,234
Cash flow
€185,226▲
2024 · €139,608
Debt to equity
0.94▲
2024 · 0.29
ROE
89.1%▲
2024 · 85.6%
Interest coverage
over 100▲
2024 · 84.89
Debt ≤ 1 year
€175,033▲
2024 · €39,545
Income taxes
€55,321▲
2024 · €37,551
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 | €33,210 | €54,307 | €15,272 | €1,189 | €2,215 |
| Depreciation and write-downs of the year | €12,941 | €13,459 | €18,772 | €18,138 | €17,659 |
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 | - | - | - | - | - | - | €2,850 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,926 | €4,530 | €6,428 | €12,941 | €13,459 | €18,772 | €18,138 | €17,659 | ▼ 2.6% |
| Other operating charges640/8 | - | - | - | €951 | €1,534 | €965 | €782 | €1,191 | ▲ 52.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,111 | - |
| Gross operating margin9900 | €32,468 | €149,481 | €177,113 | €144,217 | €203,526 | €149,182 | €180,016 | €243,602 | ▲ 35.3% |
| Operating profit (loss)9901 | €20,691 | €143,787 | €169,599 | €130,325 | €188,532 | €129,445 | €161,096 | €223,641 | ▲ 38.8% |
| Financial income75/76B | - | - | - | €1 | €14 | €73 | €36 | €1,644 | ▲ 46× |
| Recurring financial income75 | €146 | €40 | €1 | €1 | €14 | €73 | €36 | €1,644 | ▲ 46× |
| Financial charges65/66B | - | - | - | €280 | €524 | €1,062 | €2,111 | €2,398 | ▲ 13.6% |
| Recurring financial charges65 | €243 | €275 | €198 | €280 | €524 | €1,062 | €2,111 | €2,398 | ▲ 13.6% |
| Profit (loss) for the period before taxes9903 | €20,594 | €143,552 | €169,403 | €130,046 | €188,023 | €128,455 | €159,021 | €222,888 | ▲ 40.2% |
| Income taxes67/77 | €9,609 | €36,734 | €40,586 | €31,512 | €45,007 | €30,401 | €37,551 | €55,321 | ▲ 47.3% |
| Profit (loss) for the period9904 | €10,985 | €106,818 | €128,816 | €98,534 | €143,016 | €98,054 | €121,470 | €167,567 | ▲ 37.9% |
| Profit (loss) for the period to be appropriated9905 | €10,985 | €106,818 | €128,816 | €98,534 | €143,016 | €98,054 | €121,470 | €167,567 | ▲ 37.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €52,584 | €147,539 | €342,871 | €436,492 | €281,172 | €204,021 | €182,876 | €364,104 | ▲ 99.1% |
| Fixed assets21/28 | €12,880 | €9,470 | €62,100 | €82,369 | €123,217 | €119,717 | €102,768 | €86,213 | ▼ 16.1% |
| Tangible fixed assets22/27 | €12,880 | €9,470 | €62,100 | €82,369 | €123,217 | €119,717 | €102,768 | €86,213 | ▼ 16.1% |
| Land and buildings22 | - | - | - | €70,656 | €66,862 | €74,800 | €70,425 | €66,050 | ▼ 6.2% |
| Plant, machinery and equipment23 | - | - | - | €2,220 | €4,232 | €3,323 | €3,781 | €4,283 | ▲ 13.3% |
| Furniture and vehicles24 | - | - | - | €9,493 | €52,123 | €41,595 | €28,562 | €15,880 | ▼ 44.4% |
| Current assets29/58 | €39,704 | €138,069 | €280,771 | €354,123 | €157,956 | €84,304 | €80,108 | €277,891 | ▲ 247% |
| Amounts receivable within one year40/41 | €33,434 | €27,353 | €27,794 | €13,488 | €48,050 | €51,652 | €39,445 | €36,369 | ▼ 7.8% |
| Trade receivables40 | - | - | - | €0 | €30,802 | €33,053 | €36,996 | €36,369 | ▼ 1.7% |
| Other amounts receivable41 | - | - | - | €13,488 | €17,247 | €18,599 | €2,449 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | €150,000 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €6,270 | €109,711 | €252,695 | €189,533 | €108,527 | €31,555 | €39,132 | €239,250 | ▲ 511% |
| Deferred charges and accrued income490/1 | - | - | - | €1,102 | €1,379 | €1,096 | €1,530 | €2,272 | ▲ 48.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €52,584 | €147,539 | €342,871 | €436,492 | €281,172 | €204,021 | €182,876 | €364,104 | ▲ 99.1% |
| Equity10/15 | €29,585 | €136,403 | €265,220 | €113,754 | €256,770 | €84,824 | €141,930 | €188,027 | ▲ 32.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €10,985 | €117,803 | €246,620 | €95,154 | €238,170 | €66,224 | €123,330 | €169,427 | ▲ 37.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €93,294 | €236,310 | €64,364 | €121,470 | €169,427 | ▲ 39.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €22,999 | €11,136 | €77,651 | €322,738 | €24,402 | €119,197 | €40,946 | €176,077 | ▲ 330% |
| Amounts payable within one year42/48 | €22,999 | €11,136 | €77,651 | €322,654 | €24,130 | €118,495 | €39,545 | €175,033 | ▲ 343% |
| Financial debts43 | - | - | - | €4,185 | €646 | €948 | €953 | €325 | ▼ 65.9% |
| Credit institutions430/8 | - | - | - | €4,185 | €646 | €948 | €953 | €325 | ▼ 65.9% |
| Trade debts44 | €520 | €2,071 | €65,344 | €59,823 | €1,179 | €8,795 | €1,438 | €9,992 | ▲ 595% |
| Suppliers440/4 | - | - | - | €59,823 | €1,179 | €8,795 | €1,438 | €9,992 | ▲ 595% |
| Taxes, remuneration and social security45 | - | - | - | €4,918 | €12,679 | €13,762 | €17,214 | €54,646 | ▲ 217% |
| Taxes450/3 | - | - | - | €4,918 | €12,679 | €13,762 | €17,214 | €54,646 | ▲ 217% |
| Other amounts payable47/48 | - | - | - | €253,728 | €9,626 | €94,990 | €19,940 | €110,071 | ▲ 452% |
| Accrued charges and deferred income492/3 | - | - | - | €84 | €272 | €702 | €1,401 | €1,044 | ▼ 25.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,985 | €106,818 | €128,816 | €98,534 | €143,016 | €98,054 | €121,470 | €167,567 | ▲ 37.9% |
| + Depreciation and write-downs630 | €9,926 | €4,530 | €6,428 | €12,941 | €13,459 | €18,772 | €18,138 | €17,659 | ▼ 2.6% |
| Operating cash flow (approximation) | €20,910 | €111,349 | €135,245 | €111,476 | €156,475 | €116,826 | €139,608 | €185,226 | ▲ 32.7% |
| Investment in fixed assets (approximation) | - | -€1,120 | -€59,058 | -€33,210 | -€54,307 | -€15,272 | -€1,189 | -€1,104 | ▲ 7.2% |
| Change in cash | - | €103,441 | €142,985 | -€63,162 | -€81,007 | -€76,971 | €7,577 | €200,118 | ▲ 26× |
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, 26,972 companies had the same profile as Bart Dobbels has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Bart Dobbels itself is lower: < 0.1% within 12 months. It rests on far more data about Bart Dobbels than the profile alone.
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 26,972 companies, not a prediction for Bart Dobbels. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00312146 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00353248 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00248884 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00314759 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20409676 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-55100566 | |
| 31-12-2019 | micro format | 22-10-2020 | 2020-62500067 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-62600195 |