BB4 - BE BEFORE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 8 May 2026, deadline 1 May 2026 (7 months after the close on 1 October 2025, Companies Code art. 3:10). Source: NBB, 2026-00112114.
Annual accounts 2025 filed on 08-05-2026 PDF all 23 filings
Turnover
≈ €120,000
Estimated: probably between €73,000 and €220,000
Total assets
€89,048▼ 39.3%
2024 · €146,649
Net result
€10,152▲ 27.7%
2024 · €7,951
Working capital
-€3,488
2024 · €79,237
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€16,514
▲ 45.4%
2025
20192025
Net result
€10,152
▲ 27.7%
2025
middle half of the sector
20192025
Equity
€50,302
▼ 57.5%
2025
middle half of the sector
20192025
Total assets
€89,048
▼ 39.3%
2025
middle half of the sector
20192025
Debt
€38,746
▲ 37.1%
2025
20192025
Working capital
-€3,488
2025
middle half of the sector
20192025
Solvency
56.5%
▼ 24.2pp
2025
middle half of the sector
20192025
Current ratio
0.91
▼ 2.89
2025
middle half of the sector
20192025
Return on assets (ROA)
11.4%
▲ 6.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€122,210--€3,377€25,097€12,278▼ 51.1%€9,058▼ 26.2%€11,356▲ 25.4%€16,514▲ 45.4%
Net result€78,240--€9,526below the sector's middle half€12,966within the sector's middle half€5,780within the sector's middle half▼ 55.4%€2,519within the sector's middle half▼ 56.4%€7,951within the sector's middle half▲ 216%€10,152within the sector's middle half▲ 27.7%
Equity€110,500-€100,974within the sector's middle half▼ 8.6%€113,940above the sector's middle half▲ 12.8%€119,720above the sector's middle half▲ 5.1%€122,239above the sector's middle half▲ 2.1%€118,390above the sector's middle half▼ 3.1%€50,302within the sector's middle half▼ 57.5%
Total assets€589,311-€493,767above the sector's middle half▼ 16.2%€429,170above the sector's middle half▼ 13.1%€154,943within the sector's middle half▼ 63.9%€152,593within the sector's middle half▼ 1.5%€146,649within the sector's middle half▼ 3.9%€89,048within the sector's middle half▼ 39.3%
Debt€478,811-€392,793▼ 18.0%€315,230▼ 19.7%€35,223▼ 88.8%€30,354▼ 13.8%€28,259▼ 6.9%€38,746▲ 37.1%
Working capital€211,648-€195,637above the sector's middle half▼ 7.6%€169,872above the sector's middle half▼ 13.2%€101,555above the sector's middle half▼ 40.2%€117,255above the sector's middle half▲ 15.5%€79,237above the sector's middle half▼ 32.4%-€3,488within the sector's middle half
Solvency18.8%-20.4%within the sector's middle half▲ 1.7pp26.5%within the sector's middle half▲ 6.1pp77.3%above the sector's middle half▲ 50.7pp80.1%above the sector's middle half▲ 2.8pp80.7%above the sector's middle half▲ 0.6pp56.5%within the sector's middle half▼ 24.2pp
Current ratio3.50-4.72above the sector's middle half▲ 1.221.75within the sector's middle half▼ 2.973.88above the sector's middle half▲ 2.134.86above the sector's middle half▲ 0.983.80within the sector's middle half▼ 1.060.91within the sector's middle half▼ 2.89
Return on assets (ROA)13.3%--1.9%within the sector's middle half▼ 15.2pp3.0%within the sector's middle half▲ 5.0pp3.7%within the sector's middle half▲ 0.7pp1.7%within the sector's middle half▼ 2.1pp5.4%within the sector's middle half▲ 3.8pp11.4%within the sector's middle half▲ 6.0pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 45% higher than in 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €89,048
Fixed assets
€53,790 ▲ 37.4%
Current assets
€35,258 ▼ 67.2%
Equity and liabilities €89,048
Equity
€50,302 ▼ 57.5%
Debt
€38,746 ▲ 37.1%
Debt's share of the balance-sheet total rises from 19.3% to 43.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€28,665▲
2024 · €16,078
Cash flow
€22,303▲
2024 · €12,673
Debt to equity
0.77▲
2024 · 0.24
ROE
20.2%▲
2024 · 6.7%
Interest coverage
over 100▲
2024 · 30.34
Debt ≤ 1 year
€38,746▲
2024 · €28,259
Income taxes
€6,221▲
2024 · €3,154
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 01-10-2022 | 01-10-2023 | 01-10-2024 | 01-10-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,510 | €3,717 | €38,891 | €26,788 |
| Depreciation and write-downs of the year | €18,087 | €16,898 | €4,722 | €12,151 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,010 | €49,826 | €20,551 | €18,087 | €16,898 | €4,722 | €12,151 | ▲ 157% |
| Other operating charges640/8 | - | - | - | €1,899 | €1,452 | €1,144 | €1,427 | ▲ 24.7% |
| Gross operating margin9900 | €178,359 | €50,718 | €46,905 | €32,263 | €27,408 | €17,222 | €30,092 | ▲ 74.7% |
| Operating profit (loss)9901 | €122,210 | -€3,377 | €25,097 | €12,278 | €9,058 | €11,356 | €16,514 | ▲ 45.4% |
| Financial income75/76B | - | - | - | €70 | €114 | €279 | €69 | ▼ 75.3% |
| Recurring financial income75 | €2,682 | €3,168 | €2,109 | €70 | €114 | €279 | €69 | ▼ 75.3% |
| Financial charges65/66B | - | - | - | €3,417 | €272 | €530 | €210 | ▼ 60.4% |
| Recurring financial charges65 | €10,365 | €9,240 | €9,322 | €3,417 | €272 | €530 | €210 | ▼ 60.4% |
| Profit (loss) for the period before taxes9903 | €114,527 | -€9,450 | €17,884 | €8,930 | €8,900 | €11,105 | €16,373 | ▲ 47.4% |
| Income taxes67/77 | €36,288 | €76 | €4,918 | €3,150 | €6,381 | €3,154 | €6,221 | ▲ 97.2% |
| Profit (loss) for the period9904 | €78,240 | -€9,526 | €12,966 | €5,780 | €2,519 | €7,951 | €10,152 | ▲ 27.7% |
| Profit (loss) for the period to be appropriated9905 | €78,240 | -€9,526 | €12,966 | €5,780 | €2,519 | €7,951 | €10,152 | ▲ 27.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €589,311 | €493,767 | €429,170 | €154,943 | €152,593 | €146,649 | €89,048 | ▼ 39.3% |
| Fixed assets21/28 | €293,107 | €245,585 | €32,742 | €18,165 | €4,984 | €39,153 | €53,790 | ▲ 37.4% |
| Tangible fixed assets22/27 | €292,857 | €245,335 | €32,492 | €17,915 | €4,734 | €38,903 | €53,540 | ▲ 37.6% |
| Plant, machinery and equipment23 | - | - | - | €3,484 | €4,734 | €2,325 | €170 | ▼ 92.7% |
| Furniture and vehicles24 | - | - | - | €14,430 | - | €36,578 | €42,799 | ▲ 17.0% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €10,571 | - |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €296,204 | €248,182 | €396,429 | €136,779 | €147,609 | €107,496 | €35,258 | ▼ 67.2% |
| Amounts receivable within one year40/41 | €11,458 | €11,250 | €247,507 | €8,509 | €22,113 | €2,194 | €10,549 | ▲ 381% |
| Trade receivables40 | - | - | - | €2,498 | €21,330 | €1,114 | €6,441 | ▲ 478% |
| Other amounts receivable41 | - | - | - | €6,011 | €783 | €1,080 | €4,108 | ▲ 280% |
| Cash at bank and in hand54/58 | €138,070 | €117,667 | €71,610 | €126,653 | €123,760 | €100,571 | €21,184 | ▼ 78.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,616 | €1,736 | €4,731 | €3,525 | ▼ 25.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €589,311 | €493,767 | €429,170 | €154,943 | €152,593 | €146,649 | €89,048 | ▼ 39.3% |
| Equity10/15 | €110,500 | €100,974 | €113,940 | €119,720 | €122,239 | €118,390 | €50,302 | ▼ 57.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €91,900 | €91,900 | €95,340 | €101,120 | €103,639 | €99,790 | €31,702 | ▼ 68.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €99,260 | €101,779 | €97,930 | €29,842 | ▼ 69.5% |
| Profit (loss) carried forward14 | - | -€9,526 | - | - | - | - | - | - |
| Amounts payable17/49 | €478,811 | €392,793 | €315,230 | €35,223 | €30,354 | €28,259 | €38,746 | ▲ 37.1% |
| Amounts payable after more than one year17 | €389,210 | €334,615 | €85,429 | - | - | - | - | - |
| Amounts payable within one year42/48 | €84,556 | €52,544 | €226,556 | €35,223 | €30,354 | €28,259 | €38,746 | ▲ 37.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,429 | - | - | - | - |
| Trade debts44 | €7,950 | €4,880 | €5,254 | €5,194 | €9,297 | €16,482 | €19,193 | ▲ 16.4% |
| Suppliers440/4 | - | - | - | €5,194 | €9,297 | €16,482 | €19,193 | ▲ 16.4% |
| Taxes, remuneration and social security45 | - | - | - | €12,255 | €16,195 | €8,373 | €19,553 | ▲ 134% |
| Taxes450/3 | - | - | - | €12,255 | €13,652 | €8,373 | €19,553 | ▲ 134% |
| Remuneration and social security454/9 | - | - | - | - | €2,543 | - | - | - |
| Other amounts payable47/48 | - | - | - | €5,345 | €4,862 | €3,404 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €78,240 | -€9,526 | €12,966 | €5,780 | €2,519 | €7,951 | €10,152 | ▲ 27.7% |
| + Depreciation and write-downs630 | €51,010 | €49,826 | €20,551 | €18,087 | €16,898 | €4,722 | €12,151 | ▲ 157% |
| Operating cash flow (approximation) | €129,249 | €40,300 | €33,517 | €23,866 | €19,417 | €12,673 | €22,303 | ▲ 76.0% |
| Investment in fixed assets (approximation) | - | -€2,304 | €192,293 | -€3,510 | -€3,717 | -€38,891 | -€26,788 | ▲ 31.1% |
| Change in cash | - | -€20,403 | -€46,057 | €55,043 | -€2,893 | -€23,189 | -€79,387 | ▼ 242% |
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, 31,368 companies had the same profile as BB4 - BE BEFORE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BB4 - BE BEFORE itself: < 0.1% 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 31,368 companies, not a prediction for BB4 - BE BEFORE. 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 |
|---|---|---|---|---|
| 01-10-2025 | micro format | 08-05-2026 | 2026-00112114 | |
| 01-10-2024 | micro format | 30-04-2025 | 2025-00082078 | |
| 01-10-2023 | micro format | 11-04-2024 | 2024-00061175 | |
| 01-10-2022 | micro format | 01-09-2023 | 2023-00405636 | |
| 01-10-2021 | micro format | 11-03-2022 | 2022-07400404 | |
| 01-10-2020 | micro format | 12-03-2021 | 2021-07400073 | |
| 01-10-2019 | micro format | 13-03-2020 | 2020-06500509 | |
| 01-10-2018 | micro format | 29-03-2019 | 2019-08300501 | |
| 01-10-2017 | micro format | 30-03-2018 | 2018-08600439 | |
| 01-10-2016 | full format | 30-03-2017 | 2017-07600352 |