BAVECON
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 08-10-2026 at the NBB all 23 filings
Turnover
≈ €230,000
Estimated: probably between €75,000 and €450,000
Total assets
€1.4m▲ 2.5%
2025 · €1.4m
Net result
€47,899▲ 130%
2025 · €20,824
Working capital
€1.4m▲ 2.8%
2025 · €1.4m
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€12,687
▼ 20.6%
2026
20192026
Net result
€47,899
▲ 130%
2026
20192026
Equity
€1.4m
▲ 2.7%
2026
20192026
Total assets
€1.4m
▲ 2.5%
2026
20192026
Debt
€25,107
▼ 8.1%
2026
20192026
Working capital
€1.4m
▲ 2.8%
2026
20192026
Solvency
98.2%
▲ 0.2pp
2026
20192026
Current ratio
56.62
▲ 5.91
2026
20192026
Return on assets (ROA)
3.4%
▲ 1.9pp
2026
20192026
Staff (FTE)
0.5
▼ 50.0%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.02m-€0.02m▲ 38.7%€0.02m▲ 11.8%€0.03m▲ 28.1%€0.02m▼ 33.7%€0.007m▼ 64.5%€0.02m▲ 124%€0.01m▼ 20.6%
Net result€0.007m-€0.01m▲ 57.3%€0.01mwithin the sector's middle half▲ 27.8%€0.05mabove the sector's middle half▲ 231%€1.2mabove the sector's middle half▲ 25×€0.02mabove the sector's middle half▼ 98.0%€0.02mwithin the sector's middle half▼ 10.9%€0.05m▲ 130%
Equity€0.2m-€0.2m▲ 5.7%€0.2mabove the sector's middle half▲ 6.9%€0.3mabove the sector's middle half▲ 20.7%€1.4mabove the sector's middle half▲ 444%€1.3mabove the sector's middle half▼ 6.0%€1.4mabove the sector's middle half▲ 1.0%€1.4m▲ 2.7%
Total assets€0.3m-€0.3m▼ 1.9%€0.3mwithin the sector's middle half▼ 0.4%€0.3mabove the sector's middle half▲ 13.0%€1.6mabove the sector's middle half▲ 379%€1.4mabove the sector's middle half▼ 12.4%€1.4mabove the sector's middle half▲ 1.5%€1.4m▲ 2.5%
Debt€0.1m-€0.09m▼ 16.4%€0.07m▼ 17.9%€0.06m▼ 11.1%€0.1m▲ 107%€0.02m▼ 83.9%€0.03m▲ 31.2%€0.03m▼ 8.1%
Working capital€0.02m-€0.02m▲ 0.1%€0.02mwithin the sector's middle half▼ 2.0%€0.05mwithin the sector's middle half▲ 133%€1.4mabove the sector's middle half▲ 27×€1.3mabove the sector's middle half▼ 5.9%€1.4mabove the sector's middle half▲ 1.3%€1.4m▲ 2.8%
Solvency65.3%-70.4%▲ 5.1pp75.6%above the sector's middle half▲ 5.2pp80.8%above the sector's middle half▲ 5.2pp91.7%above the sector's middle half▲ 10.9pp98.5%above the sector's middle half▲ 6.8pp98.0%above the sector's middle half▼ 0.4pp98.2%▲ 0.2pp
Current ratio1.58-1.56▼ 0.021.52within the sector's middle half▼ 0.042.00within the sector's middle half▲ 0.4812.00above the sector's middle half▲ 10.0065.37above the sector's middle half▲ 53.3750.71above the sector's middle half▼ 14.6656.62▲ 5.91
Return on assets (ROA)2.4%-3.8%▲ 1.4pp4.9%within the sector's middle half▲ 1.1pp14.4%above the sector's middle half▲ 9.5pp75.0%above the sector's middle half▲ 60.7pp1.7%within the sector's middle half▼ 73.3pp1.5%within the sector's middle half▼ 0.2pp3.4%▲ 1.9pp
Staff (FTE)0.5-0.5=0.5=1▲ 100%1=1=1=0.5▼ 50.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 21% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €1.4m
Fixed assets
€147 ▼ 92.0%
Current assets
€1.4m ▲ 2.6%
Equity and liabilities €1.4m
Equity
€1.4m ▲ 2.7%
Debt
€25,107 ▼ 8.1%
Debt's share of the balance-sheet total falls from 2.0% to 1.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€12,687▼
2025 · €17,296
Cash flow
€47,899▲
2025 · €22,140
Debt to equity
0.02▼
2025 · 0.02
ROE
3.4%▲
2025 · 1.5%
Interest coverage
78.22▼
2025 · over 100
Debt ≤ 1 year
€25,107▼
2025 · €27,316
Income taxes
€24,600▼
2025 · €41,388
Staff costs
€4,337▼
2025 · €9,376
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | - |
| full-time | 0 | 0 | 0 | 0 | - |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 0.5 | 0.1 | 0.1 | 0.1 | - |
| Average over the year, in full-time equivalents | 0.5 | 0.4 | 0.1 | 0.1 | 0.1 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,576 | - | €4,346 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,750 | €3,367 | €5,486 | €1,315 | €0 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.003m | €0.005m | ▲ 71.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.02m | €0.02m | €0.009m | €0.009m | €0.004m | ▼ 53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.007m | €0.007m | €0.008m | €0.009m | €0.003m | €0.005m | €0.001m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.002m | €0.001m | €0.008m | €0.001m | ▼ 84.7% |
| Non-recurring operating charges66A | - | - | - | - | €0.005m | €0 | - | €0.001m | - |
| Gross operating margin9900 | €0.04m | €0.05m | €0.05m | €0.06m | €0.05m | €0.02m | €0.04m | €0.02m | ▼ 45.0% |
| Operating profit (loss)9901 | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.007m | €0.02m | €0.01m | ▼ 20.6% |
| Financial income75/76B | - | - | - | €0.03m | €1.3m | €0.03m | €0.05m | €0.06m | ▲ 29.3% |
| Recurring financial income75 | €10 | €6 | €10 | €0.03m | €0.009m | €0.03m | €0.05m | €0.06m | ▲ 29.3% |
| Non-recurring financial income76B | - | - | - | - | €1.3m | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | €156 | €166 | €162 | ▼ 2.0% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.001m | €0.001m | €0.001m | €156 | €166 | €162 | ▼ 2.0% |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.02m | €0.02m | €0.06m | €1.3m | €0.04m | €0.06m | €0.07m | ▲ 16.5% |
| Income taxes67/77 | €0.006m | €0.009m | €0.008m | €0.01m | €0.1m | €0.01m | €0.04m | €0.02m | ▼ 40.6% |
| Profit (loss) for the period9904 | €0.007m | €0.01m | €0.01m | €0.05m | €1.2m | €0.02m | €0.02m | €0.05m | ▲ 130% |
| Profit (loss) for the period to be appropriated9905 | €0.007m | €0.01m | €0.01m | €0.05m | €1.2m | €0.02m | €0.02m | €0.05m | ▲ 130% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.3m | €0.3m | €0.3m | €1.6m | €1.4m | €1.4m | €1.4m | ▲ 2.5% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.007m | €0.006m | €0.002m | €147 | ▼ 92.0% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.01m | €0.01m | €0.007m | €0.005m | €0.002m | €0 | ▼ 100% |
| Land and buildings22 | - | - | - | €0.002m | €0.001m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.006m | €0.005m | €0.002m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €147 | €147 | €147 | €147 | = |
| Current assets29/58 | €0.06m | €0.07m | €0.07m | €0.1m | €1.6m | €1.4m | €1.4m | €1.4m | ▲ 2.6% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.02m | €0.02m | €0.9m | €0.9m | €1.3m | €1.3m | ▼ 0.7% |
| Trade receivables40 | - | - | - | €0.02m | €0.07m | €0.04m | €0.01m | €0.006m | ▼ 56.6% |
| Other amounts receivable41 | - | - | - | - | €0.8m | €0.9m | €1.2m | €1.2m | = |
| Cash at bank and in hand54/58 | €0.05m | €0.05m | €0.05m | €0.09m | €0.7m | €0.4m | €0.05m | €0.04m | ▼ 25.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.008m | €0.02m | €0.07m | €0.1m | ▲ 87.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €0.3m | €0.3m | €1.6m | €1.4m | €1.4m | €1.4m | ▲ 2.5% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €1.4m | €1.3m | €1.4m | €1.4m | ▲ 2.7% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.08m | €0.09m | €0.1m | €0.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 2.8% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.004m | €0.004m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 2.8% |
| Profit (loss) carried forward14 | €408 | €408 | €408 | €408 | €408 | €175 | €175 | €175 | = |
| Amounts payable17/49 | €0.1m | €0.09m | €0.07m | €0.06m | €0.1m | €0.02m | €0.03m | €0.03m | ▼ 8.1% |
| Amounts payable after more than one year17 | €0.06m | €0.04m | €0.03m | €0.009m | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.009m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €0.04m | €0.04m | €0.04m | €0.05m | €0.1m | €0.02m | €0.03m | €0.03m | ▼ 8.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €90 | €90 | €90 | = |
| Credit institutions430/8 | - | - | - | - | - | €90 | €90 | €90 | = |
| Trade debts44 | €0.008m | €0.007m | €0.007m | €0.008m | €0.005m | €0.008m | €0.01m | €0.002m | ▼ 78.9% |
| Suppliers440/4 | - | - | - | €0.008m | €0.005m | €0.008m | €0.01m | €0.002m | ▼ 78.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.1m | €0.01m | €0.01m | €0.02m | ▲ 45.6% |
| Taxes450/3 | - | - | - | €0.01m | €0.1m | €0.01m | €0.01m | €0.02m | ▲ 63.5% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.009m | €0.002m | €0.001m | €0.004m | €0.004m | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.007m | €0.01m | €0.01m | €0.05m | €1.2m | €0.02m | €0.02m | €0.05m | ▲ 130% |
| + Depreciation and write-downs630 | €0.007m | €0.007m | €0.008m | €0.009m | €0.003m | €0.005m | €0.001m | €0 | ▼ 100% |
| Operating cash flow (approximation) | €0.01m | €0.02m | €0.02m | €0.06m | €1.2m | €0.03m | €0.02m | €0.05m | ▲ 116% |
| Investment in fixed assets (approximation) | - | €0 | -€0.005m | -€0.007m | €0.2m | -€0.004m | €0.002m | €0.002m | ▼ 31.1% |
| Change in cash | - | -€446 | €0.003m | €0.04m | €0.6m | -€0.3m | -€0.3m | -€0.01m | ▲ 95.9% |
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, 17,041 companies had the same profile as BAVECON has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BAVECON 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 17,041 companies, not a prediction for BAVECON. 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.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 08-10-2026 | 2026-00551216 | |
| 30-06-2025 | micro format | 02-02-2026 | 2026-00033097 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00022920 | |
| 30-06-2023 | micro format | 22-12-2023 | 2023-00535124 | |
| 30-06-2022 | micro format | 20-12-2022 | 2022-20540912 | |
| 30-06-2021 | micro format | 13-12-2021 | 2021-80100158 | |
| 30-06-2020 | micro format | 14-12-2020 | 2020-75700061 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-77400498 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-74900534 | |
| 30-06-2017 | micro format | 12-12-2017 | 2017-71500471 |