BBEF
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00546939.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 11 filings
Turnover
≈ €260,000
Estimated: probably between €160,000 and €490,000
EBIT margin
Not included in this filing
Net result
€6,858▼ 59.9%
2024 · €17,091
Working capital
€134,124▲ 39.5%
2024 · €96,116
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,714
▲ 14.7%
2025
20182025
Net result
€6,858
▼ 59.9%
2025
middle half of the sector
20182025
Equity
€134,124
▲ 31.2%
2025
lowest quarter of the sector
20182025
Total assets
€161,081
▼ 11.5%
2025
lowest quarter of the sector
20182025
Debt
€26,956
▼ 66.2%
2025
20182025
Working capital
€134,124
▲ 39.5%
2025
middle half of the sector
20182025
Solvency
83.3%
▲ 27.1pp
2025
highest quarter of the sector
20182025
Current ratio
5.98
▲ 3.77
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.3%
▼ 5.1pp
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-€14,318--€8,400▲ 41.3%€24,511€21,737▼ 11.3%€28,785▲ 32.4%€45,395▲ 57.7%€17,194▼ 62.1%€19,714▲ 14.7%
Net result-€16,722--€8,557▲ 48.8%€24,379within the sector's middle half€21,567within the sector's middle half▼ 11.5%€21,183above the sector's middle half▼ 1.8%€38,194above the sector's middle half▲ 80.3%€17,091within the sector's middle half▼ 55.3%€6,858within the sector's middle half▼ 59.9%
Equity€19,592-€11,035▼ 43.7%€47,789within the sector's middle half▲ 333%€69,356within the sector's middle half▲ 45.1%€90,539within the sector's middle half▲ 30.5%€128,733within the sector's middle half▲ 42.2%€102,266within the sector's middle half▼ 20.6%€134,124below the sector's middle half▲ 31.2%
Total assets€84,053-€167,335▲ 99.1%€132,615within the sector's middle half▼ 20.7%€184,291within the sector's middle half▲ 39.0%€237,820within the sector's middle half▲ 29.0%€147,931within the sector's middle half▼ 37.8%€181,953within the sector's middle half▲ 23.0%€161,081below the sector's middle half▼ 11.5%
Debt€64,461-€156,300▲ 142%€84,826▼ 45.7%€114,935▲ 35.5%€147,281▲ 28.1%€19,198▼ 87.0%€79,687▲ 315%€26,956▼ 66.2%
Working capital-€20,299--€14,139▲ 30.3%€32,309within the sector's middle half€33,796within the sector's middle half▲ 4.6%€65,649within the sector's middle half▲ 94.3%€114,513within the sector's middle half▲ 74.4%€96,116within the sector's middle half▼ 16.1%€134,124within the sector's middle half▲ 39.5%
Solvency23.3%-6.6%▼ 16.7pp36.0%within the sector's middle half▲ 29.4pp37.6%within the sector's middle half▲ 1.6pp38.1%within the sector's middle half▲ 0.4pp87.0%above the sector's middle half▲ 49.0pp56.2%within the sector's middle half▼ 30.8pp83.3%above the sector's middle half▲ 27.1pp
Current ratio0.63-0.90▲ 0.271.38within the sector's middle half▲ 0.481.29within the sector's middle half▼ 0.091.45within the sector's middle half▲ 0.156.96above the sector's middle half▲ 5.522.21within the sector's middle half▼ 4.765.98above the sector's middle half▲ 3.77
Return on assets (ROA)-19.9%--5.1%▲ 14.8pp18.4%within the sector's middle half▲ 23.5pp11.7%within the sector's middle half▼ 6.7pp8.9%within the sector's middle half▼ 2.8pp25.8%above the sector's middle half▲ 16.9pp9.4%within the sector's middle half▼ 16.4pp4.3%within the sector's middle half▼ 5.1pp
above
within
below
The sector band is the middle half of the companies in Social work activities without accommodation (NACE 88). 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 15% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €161,081
Equity
€134,124 ▲ 31.2%
Debt
€26,956 ▼ 66.2%
Debt's share of the balance-sheet total falls from 43.8% to 16.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,864▲
2024 · €25,264
Cash flow
€13,008▼
2024 · €25,161
Debt to equity
0.20▼
2024 · 0.78
ROE
5.1%▼
2024 · 16.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€26,956▼
2024 · €79,687
Income taxes
€12,757
Staff costs
€75,725▲
2024 · €73,815
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 | €30,750 | - | - | - | - |
| Depreciation and write-downs of the year | €10,670 | €10,670 | €10,670 | €8,070 | €6,150 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €8,834 | €34,044 | €66,515 | €73,815 | €75,725 | ▲ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,760 | €14,717 | €19,237 | €10,670 | €10,670 | €10,670 | €8,070 | €6,150 | ▼ 23.8% |
| Other operating charges640/8 | - | - | - | - | €5,431 | €692 | €705 | €713 | ▲ 1.2% |
| Gross operating margin9900 | €2,374 | €7,747 | €44,152 | €41,240 | €78,929 | €123,272 | €99,784 | €102,302 | ▲ 2.5% |
| Operating profit (loss)9901 | -€14,318 | -€8,400 | €24,511 | €21,737 | €28,785 | €45,395 | €17,194 | €19,714 | ▲ 14.7% |
| Recurring financial income75 | - | €0 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €170 | €99 | €268 | €103 | €98 | ▼ 4.7% |
| Recurring financial charges65 | €2,404 | €157 | €132 | €170 | €99 | €268 | €103 | €98 | ▼ 4.7% |
| Profit (loss) for the period before taxes9903 | -€16,722 | -€8,557 | €24,379 | €21,567 | €28,685 | €45,127 | €17,091 | €19,615 | ▲ 14.8% |
| Income taxes67/77 | - | - | - | - | €7,502 | €6,933 | - | €12,757 | - |
| Profit (loss) for the period9904 | -€16,722 | -€8,557 | €24,379 | €21,567 | €21,183 | €38,194 | €17,091 | €6,858 | ▼ 59.9% |
| Profit (loss) for the period to be appropriated9905 | -€16,722 | -€8,557 | €24,379 | €21,567 | €21,183 | €38,194 | €17,091 | €6,858 | ▼ 59.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €84,053 | €167,335 | €132,615 | €184,291 | €237,820 | €147,931 | €181,953 | €161,081 | ▼ 11.5% |
| Fixed assets21/28 | €49,434 | €34,717 | €15,480 | €35,560 | €24,890 | €14,220 | €6,150 | - | - |
| Intangible fixed assets21 | €29,040 | €24,520 | €15,480 | €10,960 | €6,440 | €1,920 | - | - | - |
| Tangible fixed assets22/27 | €20,394 | €10,197 | - | €24,600 | €18,450 | €12,300 | €6,150 | - | - |
| Plant, machinery and equipment23 | - | - | - | €24,600 | €18,450 | €12,300 | €6,150 | - | - |
| Current assets29/58 | €34,619 | €132,618 | €117,135 | €148,731 | €212,930 | €133,711 | €175,803 | €161,081 | ▼ 8.4% |
| Amounts receivable within one year40/41 | €26,543 | €18,617 | €41,307 | €37,282 | €121,170 | €82,124 | €103,266 | €34,518 | ▼ 66.6% |
| Trade receivables40 | - | - | - | €36,092 | €120,394 | €41,447 | €103,266 | €23,481 | ▼ 77.3% |
| Other amounts receivable41 | - | - | - | €1,190 | €776 | €40,678 | - | €11,038 | - |
| Cash at bank and in hand54/58 | €5,800 | €111,750 | €75,828 | €111,449 | €91,760 | €51,587 | €72,537 | €126,562 | ▲ 74.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €84,053 | €167,335 | €132,615 | €184,291 | €237,820 | €147,931 | €181,953 | €161,081 | ▼ 11.5% |
| Equity10/15 | €19,592 | €11,035 | €47,789 | €69,356 | €90,539 | €128,733 | €102,266 | €134,124 | ▲ 31.2% |
| Contributions10/11 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | - | - | - |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Reserves13 | €1,506 | €1,506 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €11,886 | €3,329 | €27,329 | €48,896 | €70,079 | €108,273 | €100,406 | €132,264 | ▲ 31.7% |
| Amounts payable17/49 | €64,461 | €156,300 | €84,826 | €114,935 | €147,281 | €19,198 | €79,687 | €26,956 | ▼ 66.2% |
| Amounts payable after more than one year17 | €9,543 | €9,543 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €54,919 | €146,757 | €84,826 | €114,935 | €147,281 | €19,198 | €79,687 | €26,956 | ▼ 66.2% |
| Trade debts44 | €32,644 | €91,406 | €67,514 | €103,533 | €115,530 | €15,868 | - | €11,261 | - |
| Suppliers440/4 | - | - | - | €103,533 | €115,530 | €15,868 | - | €11,261 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,201 | €7,502 | €3,330 | €31,536 | €15,695 | ▼ 50.2% |
| Taxes450/3 | - | - | - | €1,246 | €5,566 | €1,311 | €3,497 | €628 | ▼ 82.0% |
| Remuneration and social security454/9 | - | - | - | €2,955 | €1,935 | €2,019 | €28,039 | €15,067 | ▼ 46.3% |
| Other amounts payable47/48 | - | - | - | €7,201 | €24,249 | - | €48,151 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,722 | -€8,557 | €24,379 | €21,567 | €21,183 | €38,194 | €17,091 | €6,858 | ▼ 59.9% |
| + Depreciation and write-downs630 | €14,760 | €14,717 | €19,237 | €10,670 | €10,670 | €10,670 | €8,070 | €6,150 | ▼ 23.8% |
| Operating cash flow (approximation) | -€1,962 | €6,160 | €43,616 | €32,237 | €31,853 | €48,864 | €25,161 | €13,008 | ▼ 48.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€30,750 | €0 | €0 | -€0 | - | - |
| Change in cash | - | €105,950 | -€35,922 | €35,621 | -€19,689 | -€40,173 | €20,951 | €54,025 | ▲ 158% |
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, 10,904 companies had the same profile as BBEF has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BBEF 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 10,904 companies, not a prediction for BBEF. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00546939 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00479143 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00439027 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00297523 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20266357 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-45000077 | |
| 31-12-2019 | micro format | 27-10-2020 | 2020-64900272 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-58400365 | |
| 31-12-2017 | full format | 28-09-2018 | 2018-67700248 | |
| 31-12-2016 | full format | 30-09-2017 | 2017-64400314 |