BATHIM & C°
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00428009.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 30 filings
Turnover
≈ €410,000
Estimated: probably between €340,000 and €630,000
EBIT margin
Not included in this filing
Net result
€27,382▲ 185×
2024 · €148
Working capital
-€657,238▼ 21.3%
2024 · -€541,856
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€80,986
▲ 37.8%
2025
20182025
Net result
€27,382
▲ 185×
2025
middle half of the sector
20182025
Equity
€182,583
▲ 17.6%
2025
middle half of the sector
20182025
Total assets
€2.3m
▲ 15.1%
2025
middle half of the sector
20182025
Debt
€2.1m
▲ 14.8%
2025
20182025
Working capital
-€657,238
▼ 21.3%
2025
lowest quarter of the sector
20182025
Solvency
7.9%
▲ 0.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.45
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
1.2%
▲ 1.2pp
2025
middle half of the sector
20182025
Staff (FTE)
1.9
▲ 111%
2025
middle half 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-€0.07m▲ 71.2%€0.01m▼ 79.7%€0.02m▲ 31.8%€0.06m▲ 208%€0.03m▼ 41.6%€0.06m▲ 69.7%€0.08m▲ 37.8%
Net result€0.02m-€0.04m▲ 134%€0.004mwithin the sector's middle half▼ 91.4%€0.005mwithin the sector's middle half▲ 31.0%€0.03mwithin the sector's middle half▲ 512%€0.008mwithin the sector's middle half▼ 72.6%€148within the sector's middle half▼ 98.2%€0.03mwithin the sector's middle half▲ 185×
Equity€0.08m-€0.1m▲ 58.5%€0.1mwithin the sector's middle half▲ 3.2%€0.1mwithin the sector's middle half▲ 4.0%€0.2mwithin the sector's middle half▲ 23.6%€0.2mwithin the sector's middle half▼ 2.5%€0.2mwithin the sector's middle half▲ 0.1%€0.2mwithin the sector's middle half▲ 17.6%
Total assets€0.6m-€0.7m▲ 12.8%€0.6mbelow the sector's middle half▼ 5.3%€0.8mwithin the sector's middle half▲ 28.1%€0.9mwithin the sector's middle half▲ 11.3%€2.1mwithin the sector's middle half▲ 135%€2.0mwithin the sector's middle half▼ 2.8%€2.3mwithin the sector's middle half▲ 15.1%
Debt€0.5m-€0.5m▲ 6.0%€0.5m▼ 7.2%€0.7m▲ 34.1%€0.7m▲ 8.9%€1.9m▲ 165%€1.9m▼ 3.0%€2.1m▲ 14.8%
Working capital-€0.006m--€0.03m▼ 377%-€0.03mwithin the sector's middle half▼ 1.8%-€0.009mwithin the sector's middle half▲ 66.3%-€0.01mwithin the sector's middle half▼ 46.7%-€0.5mbelow the sector's middle half▼ 3,640%-€0.5mbelow the sector's middle half▼ 7.4%-€0.7mbelow the sector's middle half▼ 21.3%
Solvency13.0%-18.3%▲ 5.3pp19.9%within the sector's middle half▲ 1.6pp16.2%within the sector's middle half▼ 3.8pp18.0%within the sector's middle half▲ 1.8pp7.5%below the sector's middle half▼ 10.5pp7.7%below the sector's middle half▲ 0.2pp7.9%below the sector's middle half▲ 0.2pp
Current ratio0.96-0.89▼ 0.080.89within the sector's middle half=0.98within the sector's middle half▲ 0.090.98within the sector's middle half=0.49within the sector's middle half▼ 0.490.44below the sector's middle half▼ 0.050.45within the sector's middle half▲ 0.01
Return on assets (ROA)3.3%-6.8%▲ 3.5pp0.6%within the sector's middle half▼ 6.1pp0.6%within the sector's middle half=3.4%within the sector's middle half▲ 2.8pp0.4%within the sector's middle half▼ 3.0pp0.0%within the sector's middle half▼ 0.4pp1.2%within the sector's middle half▲ 1.2pp
Staff (FTE)0.7-0.9▲ 28.6%0.6below the sector's middle half▼ 33.3%0.6below the sector's middle half=0.5within the sector's middle half▼ 16.7%0.9within the sector's middle half▲ 80.0%0.9within the sector's middle half=1.9within the sector's middle half▲ 111%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 38% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€1.8m ▲ 12.0%
Current assets
€535,627 ▲ 26.7%
Equity and liabilities €2.3m
Equity
€182,583 ▲ 17.6%
Debt
€2.1m ▲ 14.8%
Debt's share of the balance-sheet total falls from 92.3% to 92.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€161,559▲
2024 · €116,907
Cash flow
€107,955▲
2024 · €58,273
Debt to equity
11.71▼
2024 · 12.00
ROE
15.0%▲
2024 · 0.1%
Interest coverage
3.63▲
2024 · 2.30
Debt ≤ 1 year
€1.2m▲
2024 · €964,570
Debt > 1 year
€941,661▲
2024 · €897,136
Income taxes
€9,759▲
2024 · €7,823
Staff costs
€57,839▲
2024 · €49,218
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 2 |
| full-time | - | - | - | - | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.6 | 0.5 | 0.9 | 0.9 | 1.9 |
| Average over the year, in full-time equivalents | 0.6 | 0.5 | 0.9 | 0.9 | 1.4 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | 1 | - | 1 |
| Left | - | - | 1 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,291 | €45,853 | €27,338 | €34,103 | €256,861 |
| Intangible fixed assets | - | - | - | €21,360 | €14,401 |
| Financial fixed assets | - | - | €1.3m | - | - |
| Depreciation and write-downs of the year | €61,046 | €62,591 | €58,338 | €58,125 | €80,573 |
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 | - | - | - | - | - | €18,117 | €4,132 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €18,260 | €22,849 | €43,617 | €49,218 | €57,839 | ▲ 17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,512 | €63,138 | €58,945 | €61,046 | €62,591 | €58,338 | €58,125 | €80,573 | ▲ 38.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €7,231 | €7,231 | - | - |
| Other operating charges640/8 | - | - | - | €17,058 | €10,095 | €11,957 | €9,286 | €12,273 | ▲ 32.2% |
| Gross operating margin9900 | €131,727 | €177,296 | €99,874 | €115,634 | €154,834 | €155,785 | €182,642 | €231,672 | ▲ 26.8% |
| Operating profit (loss)9901 | €42,007 | €71,907 | €14,621 | €19,270 | €59,299 | €34,642 | €58,782 | €80,986 | ▲ 37.8% |
| Financial income75/76B | - | - | - | €20 | €601 | €0 | €4 | €636 | ▲ 150× |
| Recurring financial income75 | - | €2 | €22 | €20 | €601 | €0 | €4 | €636 | ▲ 150× |
| Financial charges65/66B | - | - | - | €6,772 | €12,135 | €17,937 | €50,815 | €44,482 | ▼ 12.5% |
| Recurring financial charges65 | €9,524 | €8,721 | €8,190 | €6,772 | €12,135 | €17,937 | €50,815 | €44,482 | ▼ 12.5% |
| Profit (loss) for the period before taxes9903 | €32,483 | €63,187 | €6,452 | €12,518 | €47,765 | €16,705 | €7,971 | €37,141 | ▲ 366% |
| Income taxes67/77 | €13,598 | €18,950 | €2,664 | €7,557 | €17,413 | €8,393 | €7,823 | €9,759 | ▲ 24.7% |
| Profit (loss) for the period9904 | €18,885 | €44,238 | €3,788 | €4,961 | €30,352 | €8,312 | €148 | €27,382 | ▲ 185× |
| Profit (loss) for the period to be appropriated9905 | €18,885 | €44,238 | €3,788 | €4,961 | €30,352 | €8,312 | €148 | €27,382 | ▲ 185× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.7m | €0.6m | €0.8m | €0.9m | €2.1m | €2.0m | €2.3m | ▲ 15.1% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €1.6m | €1.6m | €1.8m | ▲ 12.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.02m | €0.03m | ▲ 57.0% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 63.1% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 9.5% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 36.5% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.05m | €0.04m | €0.04m | €0.2m | ▲ 475% |
| Financial fixed assets28 | €185 | €185 | €185 | €185 | - | €1.3m | €1.3m | €1.3m | = |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €0.5m | €0.4m | €0.5m | ▲ 26.7% |
| Amounts receivable within one year40/41 | €0.1m | €0.08m | €0.2m | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 27.2% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 27.2% |
| Other amounts receivable41 | - | - | - | €0.008m | €0.03m | €0.001m | - | - | - |
| Current investments50/53 | €0.001m | €0.001m | €0.001m | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.04m | €0.1m | €0.02m | €0.09m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 31.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.04m | €0.04m | €0.04m | ▲ 0.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €0.6m | €0.8m | €0.9m | €2.1m | €2.0m | €2.3m | ▲ 15.1% |
| Equity10/15 | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 17.6% |
| 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 | €0.02m | €0.02m | €0.02m | €0.02m | €0.05m | €0.05m | €0.05m | €0.07m | ▲ 58.9% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.04m | €0.04m | €0.04m | €0.07m | ▲ 67.9% |
| Profit (loss) carried forward14 | -€0.002m | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | €1.9m | €1.9m | €2.1m | ▲ 14.8% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.9m | €0.9m | €0.9m | ▲ 5.0% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.9m | €0.9m | €0.9m | ▲ 5.0% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €1.0m | €1.0m | €1.2m | ▲ 23.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.07m | ▲ 68.4% |
| Trade debts44 | €0.03m | €0.06m | €0.09m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 7.0% |
| Suppliers440/4 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 7.0% |
| Advances received on contracts in progress46 | - | - | - | €0.004m | €0.003m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.04m | €0.03m | €0.04m | ▲ 71.7% |
| Taxes450/3 | - | - | - | €0.008m | €0.02m | €0.04m | €0.02m | €0.04m | ▲ 90.2% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.003m | - | €0.007m | €0.008m | ▲ 19.4% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.6m | €0.6m | €0.7m | ▲ 28.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €41 | - | - | €0.003m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.04m | €0.004m | €0.005m | €0.03m | €0.008m | €148 | €0.03m | ▲ 185× |
| + Depreciation and write-downs630 | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.08m | ▲ 38.6% |
| Operating cash flow (approximation) | €0.07m | €0.1m | €0.06m | €0.07m | €0.09m | €0.07m | €0.06m | €0.1m | ▲ 85.3% |
| Investment in fixed assets (approximation) | - | -€0.08m | -€0.02m | -€0.02m | -€0.05m | -€1.3m | -€0.06m | -€0.3m | ▼ 389% |
| Change in cash | - | €0.08m | -€0.1m | €0.07m | €0.03m | -€0.03m | €0.09m | €0.06m | ▼ 37.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-08-2026 | 2026-00428009 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00199270 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00301943 | |
| 31-12-2022 | abbreviated format | 14-09-2023 | 2023-00446027 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20259328 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-43000118 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-37900460 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41900587 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41300513 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38800538 |