BAS10
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-04-2026 PDF all 7 filings
Turnover
≈ €90,000
Estimated: probably between €43,000 and €180,000
Total assets
€557,496▼ 4.8%
2024 · €585,867
Net result
-€23,110▼ 1.5%
2024 · -€22,769
Working capital
-€553,101▼ 0.5%
2024 · -€550,535
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€18,545
▼ 2.9%
2025
20192025
Net result
-€23,110
▼ 1.5%
2025
lowest quarter of the sector
20192025
Equity
-€196,869
▼ 13.3%
2025
lowest quarter of the sector
20192025
Total assets
€557,496
▼ 4.8%
2025
highest quarter of the sector
20192025
Debt
€754,365
▼ 0.7%
2025
20192025
Working capital
-€553,101
▼ 0.5%
2025
lowest quarter of the sector
20192025
Solvency
-35.3%
▼ 5.7pp
2025
lowest quarter of the sector
20192025
Current ratio
0.02
▲ 0.01
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.1%
▼ 0.3pp
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-€37,786--€56,909▼ 50.6%-€35,268▲ 38.0%-€21,646▲ 38.6%-€26,180▼ 20.9%-€18,026▲ 31.1%-€18,545▼ 2.9%
Net result-€48,782--€62,749below the sector's middle half▼ 28.6%-€40,513below the sector's middle half▲ 35.4%-€25,766below the sector's middle half▲ 36.4%€8,220within the sector's middle half-€22,769below the sector's middle half-€23,110below the sector's middle half▼ 1.5%
Equity-€30,182--€92,930below the sector's middle half▼ 208%-€133,444below the sector's middle half▼ 43.6%-€159,210below the sector's middle half▼ 19.3%-€150,990below the sector's middle half▲ 5.2%-€173,759below the sector's middle half▼ 15.1%-€196,869below the sector's middle half▼ 13.3%
Total assets€406,071-€686,123within the sector's middle half▲ 69.0%€687,902within the sector's middle half▲ 0.3%€662,768above the sector's middle half▼ 3.7%€618,808above the sector's middle half▼ 6.6%€585,867above the sector's middle half▼ 5.3%€557,496above the sector's middle half▼ 4.8%
Debt€436,252-€779,054▲ 78.6%€821,346▲ 5.4%€821,978▲ 0.1%€769,798▼ 6.3%€759,626▼ 1.3%€754,365▼ 0.7%
Working capital-€166,575--€513,601below the sector's middle half▼ 208%-€578,014below the sector's middle half▼ 12.5%-€572,088below the sector's middle half▲ 1.0%-€552,193below the sector's middle half▲ 3.5%-€550,535below the sector's middle half▲ 0.3%-€553,101below the sector's middle half▼ 0.5%
Solvency-7.4%--13.5%below the sector's middle half▼ 6.1pp-19.4%below the sector's middle half▼ 5.9pp-24.0%below the sector's middle half▼ 4.6pp-24.4%below the sector's middle half▼ 0.4pp-29.7%below the sector's middle half▼ 5.3pp-35.3%below the sector's middle half▼ 5.7pp
Current ratio0.02-0.02below the sector's middle half=0.00below the sector's middle half▼ 0.020.02below the sector's middle half▲ 0.020.00below the sector's middle half▼ 0.020.01below the sector's middle half=0.02below the sector's middle half▲ 0.01
Return on assets (ROA)-12.0%--9.1%below the sector's middle half▲ 2.9pp-5.9%below the sector's middle half▲ 3.3pp-3.9%below the sector's middle half▲ 2.0pp1.3%below the sector's middle half▲ 5.2pp-3.9%below the sector's middle half▼ 5.2pp-4.1%below the sector's middle half▼ 0.3pp
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 a loss of €18,545, larger than the loss of €18,026 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €557,496
Fixed assets
€547,015 ▼ 6.0%
Current assets
€10,481 ▲ 154%
Equity and liabilities
Equity-€196,869
Debt€754,365
Equity is negative. Debt (€754,365) exceeds the balance-sheet total (€557,496).
Key figures and ratios
EBITDA
€16,178▼
2024 · €16,697
Cash flow
€11,613▼
2024 · €11,954
Interest coverage
3.54▲
2024 · 3.44
Debt ≤ 1 year
€563,583▲
2024 · €554,664
Debt > 1 year
€188,633▼
2024 · €203,012
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.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €252,601 | - | - | - | - |
| Mortgages, amount registered | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 |
| Carrying value of the mortgaged assets | €375,625 | €331,610 | €315,098 | €298,586 | €282,074 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €43,004 | - | - | - | - |
| Depreciation and write-downs of the year | €34,414 | €34,723 | €34,723 | €34,723 | €34,723 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4,225 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,686 | €53,944 | €34,414 | €34,723 | €34,723 | €34,723 | €34,723 | = |
| Other operating charges640/8 | - | - | €4,698 | €525 | €3,002 | €5,339 | €3,083 | ▼ 42.3% |
| Gross operating margin9900 | €2,949 | -€2,059 | €3,844 | €13,602 | €11,545 | €22,036 | €19,261 | ▼ 12.6% |
| Operating profit (loss)9901 | -€37,786 | -€56,909 | -€35,268 | -€21,646 | -€26,180 | -€18,026 | -€18,545 | ▼ 2.9% |
| Financial income75/76B | - | - | - | €1,514 | €63,849 | €107 | - | - |
| Recurring financial income75 | - | - | - | €1,514 | €63,849 | €107 | - | - |
| Non-recurring financial income76B | - | - | - | €1,514 | €63,849 | €107 | - | - |
| Financial charges65/66B | - | - | €5,245 | €5,634 | €5,061 | €4,850 | €4,565 | ▼ 5.9% |
| Recurring financial charges65 | €10,995 | €5,840 | €5,245 | €5,634 | €5,061 | €4,850 | €4,565 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | -€48,782 | -€62,749 | -€40,513 | -€25,766 | €32,608 | -€22,769 | -€23,110 | ▼ 1.5% |
| Income taxes67/77 | - | - | - | - | €24,388 | - | - | - |
| Profit (loss) for the period9904 | -€48,782 | -€62,749 | -€40,513 | -€25,766 | €8,220 | -€22,769 | -€23,110 | ▼ 1.5% |
| Profit (loss) for the period to be appropriated9905 | -€48,782 | -€62,749 | -€40,513 | -€25,766 | €8,220 | -€22,769 | -€23,110 | ▼ 1.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €406,071 | €686,123 | €687,902 | €662,768 | €618,808 | €585,867 | €557,496 | ▼ 4.8% |
| Fixed assets21/28 | €401,989 | €673,272 | €685,907 | €651,184 | €616,461 | €581,738 | €547,015 | ▼ 6.0% |
| Tangible fixed assets22/27 | €401,989 | €673,272 | €685,907 | €651,184 | €616,461 | €581,738 | €547,015 | ▼ 6.0% |
| Land and buildings22 | - | - | €685,907 | €651,184 | €616,461 | €581,738 | €547,015 | ▼ 6.0% |
| Current assets29/58 | €4,082 | €12,852 | €1,995 | €11,585 | €2,347 | €4,129 | €10,481 | ▲ 154% |
| Cash at bank and in hand54/58 | €4,082 | €12,852 | €1,995 | €11,585 | €2,347 | €4,129 | €10,481 | ▲ 154% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €406,071 | €686,123 | €687,902 | €662,768 | €618,808 | €585,867 | €557,496 | ▼ 4.8% |
| Equity10/15 | -€30,182 | -€92,930 | -€133,444 | -€159,210 | -€150,990 | -€173,759 | -€196,869 | ▼ 13.3% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€48,782 | -€111,530 | -€152,044 | -€177,810 | -€169,590 | -€192,359 | -€215,469 | ▼ 12.0% |
| Amounts payable17/49 | €436,252 | €779,054 | €821,346 | €821,978 | €769,798 | €759,626 | €754,365 | ▼ 0.7% |
| Amounts payable after more than one year17 | €265,595 | €252,601 | €239,342 | €225,811 | €212,003 | €203,012 | €188,633 | ▼ 7.1% |
| Financial debts170/4 | - | - | €239,342 | €225,811 | €212,003 | €197,912 | €183,533 | ▼ 7.3% |
| Other amounts payable178/9 | - | - | - | - | - | €5,100 | €5,100 | = |
| Amounts payable within one year42/48 | €170,657 | €526,452 | €580,009 | €583,673 | €554,541 | €554,664 | €563,583 | ▲ 1.6% |
| Current portion of amounts payable after more than one year42 | - | - | €13,260 | €13,531 | €13,808 | €14,091 | €14,379 | ▲ 2.0% |
| Trade debts44 | - | €29 | - | - | €52 | - | €8,630 | - |
| Suppliers440/4 | - | - | - | - | €52 | - | €8,630 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €24,388 | - | - | - |
| Taxes450/3 | - | - | - | - | €24,388 | - | - | - |
| Other amounts payable47/48 | - | - | €566,749 | €570,142 | €516,293 | €540,574 | €540,574 | = |
| Accrued charges and deferred income492/3 | - | - | €1,995 | €12,495 | €3,255 | €1,950 | €2,150 | ▲ 10.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€48,782 | -€62,749 | -€40,513 | -€25,766 | €8,220 | -€22,769 | -€23,110 | ▼ 1.5% |
| + Depreciation and write-downs630 | €37,686 | €53,944 | €34,414 | €34,723 | €34,723 | €34,723 | €34,723 | = |
| Operating cash flow (approximation) | -€11,096 | -€8,805 | -€6,100 | €8,957 | €42,943 | €11,954 | €11,613 | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | -€325,227 | -€47,049 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €8,770 | -€10,857 | €9,590 | -€9,237 | €1,782 | €6,352 | ▲ 257% |
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, 1,167 companies had the same profile as BAS10 has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BAS10 itself is lower: 0.3% within 12 months. It rests on far more data about BAS10 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 1,167 companies, not a prediction for BAS10. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 08-04-2026 | 2026-00078589 | |
| 30-09-2024 | micro format | 17-04-2025 | 2025-00071839 | |
| 30-09-2023 | micro format | 18-03-2024 | 2024-00045894 | |
| 30-09-2022 | micro format | 24-04-2023 | 2023-00064002 | |
| 30-09-2021 | abbreviated format | 28-04-2022 | 2022-20011674 | |
| 30-09-2020 | abbreviated format | 30-03-2021 | 2021-09400534 | |
| 30-09-2019 | micro format | 09-03-2020 | 2020-06500027 |