BBSA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-06-2026 PDF all 6 filings
Turnover
≈ €410,000
Estimated: probably between €340,000 and €480,000
Total assets
€701,227▲ 19.6%
2024 · €586,447
Net result
€152,098▲ 27.2%
2024 · €119,534
Working capital
€153,519▼ 20.2%
2024 · €192,419
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€212,957
▲ 21.4%
2025
20202025
Net result
€152,098
▲ 27.2%
2025
highest quarter of the sector
20202025
Equity
€391,019
▲ 63.7%
2025
highest quarter of the sector
20202025
Total assets
€701,227
▲ 19.6%
2025
highest quarter of the sector
20202025
Debt
€310,208
▼ 10.7%
2025
20202025
Working capital
€153,519
▼ 20.2%
2025
highest quarter of the sector
20202025
Solvency
55.8%
▲ 15.0pp
2025
middle half of the sector
20202025
Current ratio
8.65
▲ 3.31
2025
highest quarter of the sector
20202025
Return on assets (ROA)
21.7%
▲ 1.3pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€74,924-€107,927▲ 44.0%€202,680▲ 87.8%€15,656▼ 92.3%€175,460▲ 11×€212,957▲ 21.4%
Net result€58,870above the sector's middle half-€84,489above the sector's middle half▲ 43.5%€156,503above the sector's middle half▲ 85.2%€8,276within the sector's middle half▼ 94.7%€119,534above the sector's middle half▲ 14×€152,098above the sector's middle half▲ 27.2%
Equity€60,120within the sector's middle half-€144,609within the sector's middle half▲ 141%€301,112above the sector's middle half▲ 108%€309,388above the sector's middle half▲ 2.7%€238,922within the sector's middle half▼ 22.8%€391,019above the sector's middle half▲ 63.7%
Total assets€84,369within the sector's middle half-€180,571within the sector's middle half▲ 114%€358,801within the sector's middle half▲ 98.7%€640,446above the sector's middle half▲ 78.5%€586,447above the sector's middle half▼ 8.4%€701,227above the sector's middle half▲ 19.6%
Debt€24,249-€35,962▲ 48.3%€57,690▲ 60.4%€331,058▲ 474%€347,525▲ 5.0%€310,208▼ 10.7%
Working capital€59,655within the sector's middle half-€144,226above the sector's middle half▲ 142%€298,716above the sector's middle half▲ 107%€270,439above the sector's middle half▼ 9.5%€192,419above the sector's middle half▼ 28.8%€153,519above the sector's middle half▼ 20.2%
Solvency71.3%within the sector's middle half-80.1%above the sector's middle half▲ 8.8pp83.9%above the sector's middle half▲ 3.8pp48.3%within the sector's middle half▼ 35.6pp40.7%within the sector's middle half▼ 7.6pp55.8%within the sector's middle half▲ 15.0pp
Current ratio3.46within the sector's middle half-5.01above the sector's middle half▲ 1.556.18above the sector's middle half▲ 1.1717.42above the sector's middle half▲ 11.255.34above the sector's middle half▼ 12.088.65above the sector's middle half▲ 3.31
Return on assets (ROA)69.8%above the sector's middle half-46.8%above the sector's middle half▼ 23.0pp43.6%above the sector's middle half▼ 3.2pp1.3%below the sector's middle half▼ 42.3pp20.4%within the sector's middle half▲ 19.1pp21.7%within the sector's middle half▲ 1.3pp
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 21% higher than in 2024 and the highest since 2021. 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 €701,227
Fixed assets
€527,640 ▲ 50.9%
Current assets
€173,587 ▼ 26.7%
Equity and liabilities €701,227
Equity
€391,019 ▲ 63.7%
Debt
€310,208 ▼ 10.7%
Debt's share of the balance-sheet total falls from 59.3% to 44.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€237,243▲
2024 · €188,799
Cash flow
€176,383▲
2024 · €132,872
Debt to equity
0.79▼
2024 · 1.45
ROE
38.9%▼
2024 · 50.0%
Interest coverage
23.64▲
2024 · 9.17
Debt ≤ 1 year
€20,069▼
2024 · €44,327
Debt > 1 year
€288,849▼
2024 · €301,923
Income taxes
€51,525▲
2024 · €36,283
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €165,000 | €165,000 | €165,000 |
| Mortgage mandates | - | - | €165,000 | €165,000 | €165,000 |
| Carrying value of the mortgaged assets | - | - | €351,514 | €342,806 | €337,773 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,587 | €433,157 | €9,498 | €205,260 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €81 | €575 | €9,643 | €13,339 | €24,285 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46 | €81 | €575 | €9,643 | €13,339 | €24,285 | ▲ 82.1% |
| Other operating charges640/8 | - | €253 | €479 | €1,973 | €692 | €2,741 | ▲ 296% |
| Non-recurring operating charges66A | - | - | - | €72,367 | €0 | - | - |
| Gross operating margin9900 | €76,466 | €108,261 | €203,734 | €99,639 | €189,491 | €239,984 | ▲ 26.6% |
| Operating profit (loss)9901 | €74,924 | €107,927 | €202,680 | €15,656 | €175,460 | €212,957 | ▲ 21.4% |
| Financial income75/76B | - | €1 | €2,334 | €3,327 | €948 | €699 | ▼ 26.2% |
| Recurring financial income75 | - | €1 | €2,334 | €3,327 | €948 | €699 | ▼ 26.2% |
| Financial charges65/66B | - | €316 | €252 | €6,983 | €20,591 | €10,035 | ▼ 51.3% |
| Recurring financial charges65 | €381 | €316 | €252 | €6,983 | €20,591 | €10,035 | ▼ 51.3% |
| Profit (loss) for the period before taxes9903 | €74,543 | €107,612 | €204,762 | €12,000 | €155,817 | €203,622 | ▲ 30.7% |
| Income taxes67/77 | €15,674 | €23,123 | €48,260 | €3,724 | €36,283 | €51,525 | ▲ 42.0% |
| Profit (loss) for the period9904 | €58,870 | €84,489 | €156,503 | €8,276 | €119,534 | €152,098 | ▲ 27.2% |
| Profit (loss) for the period to be appropriated9905 | €58,870 | €84,489 | €156,503 | €8,276 | €119,534 | €152,098 | ▲ 27.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €84,369 | €180,571 | €358,801 | €640,446 | €586,447 | €701,227 | ▲ 19.6% |
| Fixed assets21/28 | €464 | €383 | €2,395 | €353,542 | €349,701 | €527,640 | ▲ 50.9% |
| Tangible fixed assets22/27 | €359 | €278 | €2,290 | €353,437 | €349,596 | €527,535 | ▲ 50.9% |
| Land and buildings22 | - | - | - | €347,581 | €338,873 | €522,760 | ▲ 54.3% |
| Furniture and vehicles24 | - | €278 | €2,290 | €5,856 | €7,723 | €4,775 | ▼ 38.2% |
| Assets under construction and advance payments27 | - | - | - | - | €3,000 | €0 | ▼ 100% |
| Financial fixed assets28 | €105 | €105 | €105 | €105 | €105 | €105 | = |
| Current assets29/58 | €83,904 | €180,187 | €356,406 | €286,904 | €236,746 | €173,587 | ▼ 26.7% |
| Amounts receivable after more than one year29 | - | - | €140,000 | €142,333 | €0 | - | - |
| Other amounts receivable291 | - | - | €140,000 | €142,333 | €0 | - | - |
| Amounts receivable within one year40/41 | €10,926 | €58,503 | €2,128 | €34,505 | €18,415 | €39,367 | ▲ 114% |
| Trade receivables40 | - | €58,503 | €1,717 | €17,920 | €16,606 | €33,510 | ▲ 102% |
| Other amounts receivable41 | - | - | €411 | €16,585 | €1,810 | €5,858 | ▲ 224% |
| Current investments50/53 | - | - | - | €40,363 | €66,363 | €11,919 | ▼ 82.0% |
| Cash at bank and in hand54/58 | €71,780 | €120,597 | €207,076 | €63,805 | €149,360 | €119,389 | ▼ 20.1% |
| Deferred charges and accrued income490/1 | - | €1,088 | €7,202 | €5,898 | €2,608 | €2,912 | ▲ 11.6% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €84,369 | €180,571 | €358,801 | €640,446 | €586,447 | €701,227 | ▲ 19.6% |
| Equity10/15 | €60,120 | €144,609 | €301,112 | €309,388 | €238,922 | €391,019 | ▲ 63.7% |
| Contributions10/11 | - | €1,250 | €1,250 | €1,250 | €1,250 | €1,250 | = |
| Profit (loss) carried forward14 | €58,870 | €143,359 | €299,862 | €308,138 | €237,672 | €389,769 | ▲ 64.0% |
| Amounts payable17/49 | €24,249 | €35,962 | €57,690 | €331,058 | €347,525 | €310,208 | ▼ 10.7% |
| Amounts payable after more than one year17 | - | - | - | €314,593 | €301,923 | €288,849 | ▼ 4.3% |
| Financial debts170/4 | - | - | - | €314,593 | €301,923 | €288,849 | ▼ 4.3% |
| Amounts payable within one year42/48 | €24,249 | €35,962 | €57,690 | €16,465 | €44,327 | €20,069 | ▼ 54.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,983 | €12,670 | €13,074 | ▲ 3.2% |
| Trade debts44 | €3,347 | €3,544 | €3,847 | €3,282 | €1,876 | €976 | ▼ 48.0% |
| Suppliers440/4 | - | €3,544 | €3,847 | €3,282 | €1,876 | €976 | ▼ 48.0% |
| Taxes, remuneration and social security45 | - | €27,764 | €50,961 | €1,013 | €29,781 | €3,759 | ▼ 87.4% |
| Taxes450/3 | - | €27,764 | €50,961 | €1,013 | €29,781 | €1,447 | ▼ 95.1% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,312 | - |
| Other amounts payable47/48 | - | €4,653 | €2,882 | €1,187 | €0 | €2,260 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,275 | €1,290 | ▲ 1.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58,870 | €84,489 | €156,503 | €8,276 | €119,534 | €152,098 | ▲ 27.2% |
| + Depreciation and write-downs630 | €46 | €81 | €575 | €9,643 | €13,339 | €24,285 | ▲ 82.1% |
| Operating cash flow (approximation) | €58,916 | €84,570 | €157,078 | €17,920 | €132,872 | €176,383 | ▲ 32.7% |
| Investment in fixed assets (approximation) | - | €0 | -€2,587 | -€360,790 | -€9,498 | -€202,225 | ▼ 2,029% |
| Change in cash | - | €48,817 | €86,479 | -€143,272 | €85,555 | -€29,971 | - |
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, 6,782 companies had the same profile as BBSA has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of BBSA 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 6,782 companies, not a prediction for BBSA. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-06-2026 | 2026-00136879 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00184592 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00260727 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00293428 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20154023 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42500465 |