BCD HORECA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 4 filings
Turnover
≈ €590,000
Estimated: probably between €540,000 and €820,000
Total assets
€86,407▲ 51.4%
2024 · €57,087
Net result
€14,331
2024 · -€45,407
Working capital
-€85,655▲ 11.8%
2024 · -€97,069
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€21,336
2025
20222025
Net result
€14,331
2025
middle half of the sector
20222025
Equity
-€97,865
▲ 12.8%
2025
lowest quarter of the sector
20222025
Total assets
€86,407
▲ 51.4%
2025
lowest quarter of the sector
20222025
Debt
€184,272
▲ 8.9%
2025
20222025
Working capital
-€85,655
▲ 11.8%
2025
lowest quarter of the sector
20222025
Solvency
-113.3%
▲ 83.3pp
2025
lowest quarter of the sector
20222025
Current ratio
0.49
▲ 0.16
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
16.6%
▲ 96.1pp
2025
highest quarter of the sector
20222025
Staff (FTE)
3
▼ 85.3%
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€15,575--€63,735▼ 309%-€41,138▲ 35.5%€21,336
Net result-€16,701below the sector's middle half--€65,089below the sector's middle half▼ 290%-€45,407below the sector's middle half▲ 30.2%€14,331within the sector's middle half
Equity-€1,701within the sector's middle half--€66,790below the sector's middle half▼ 3,827%-€112,196below the sector's middle half▼ 68.0%-€97,865below the sector's middle half▲ 12.8%
Total assets€78,989within the sector's middle half-€98,393within the sector's middle half▲ 24.6%€57,087within the sector's middle half▼ 42.0%€86,407below the sector's middle half▲ 51.4%
Debt€80,690-€165,182▲ 105%€169,283▲ 2.5%€184,272▲ 8.9%
Working capital-€37,858below the sector's middle half--€35,079below the sector's middle half▲ 7.3%-€97,069below the sector's middle half▼ 177%-€85,655below the sector's middle half▲ 11.8%
Solvency-2.2%within the sector's middle half--67.9%below the sector's middle half▼ 65.7pp-196.5%below the sector's middle half▼ 128.7pp-113.3%below the sector's middle half▲ 83.3pp
Current ratio0.52within the sector's middle half-0.67within the sector's middle half▲ 0.150.33below the sector's middle half▼ 0.340.49below the sector's middle half▲ 0.16
Return on assets (ROA)-21.1%below the sector's middle half--66.2%below the sector's middle half▼ 45.0pp-79.5%below the sector's middle half▼ 13.4pp16.6%above the sector's middle half▲ 96.1pp
Staff (FTE)0.3-25▲ 83×20.4▼ 18.4%3below the sector's middle half▼ 85.3%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 a profit of €21,336, after a loss of €41,138 in 2024. It is the highest result since 2022.
Large changes and their cause
- 2025 Staff (FTE) -85% on 2024. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or 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 €86,407
Fixed assets
€2,950 ▼ 66.0%
Current assets
€83,457 ▲ 73.0%
Equity and liabilities
Equity-€97,865
Debt€184,272
Equity is negative. Debt (€184,272) exceeds the balance-sheet total (€86,407).
Key figures and ratios
EBITDA
€30,973▲
2024 · -€24,021
Cash flow
€23,967▲
2024 · -€28,290
Quick ratio
0.41▲
2024 · 0.24
Interest coverage
4.10▲
2024 · -5.14
Debt ≤ 1 year
€169,112▲
2024 · €145,297
Debt > 1 year
€14,225▼
2024 · €23,986
Income taxes
€0
Supplier credit
24 days
Staff costs
€214,577▲
2024 · €211,836
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 32 | 22 |
| full-time | 1 | 5 | 4 |
| part-time | - | 27 | 18 |
| in full-time equivalents | 1 | 7.8 | 5.9 |
| Average over the year, in full-time equivalents | 0.3 | 6 | 6.6 |
| On a permanent contract | 1 | 4 | 3 |
| Joined | 1 | 38 | 20 |
| Left | 0 | 35 | 30 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €41,953 | €5,748 | - | €3,727 |
| Intangible fixed assets | €2,500 | - | - | - |
| Depreciation and write-downs of the year | €8,258 | €17,117 | €17,117 | €9,636 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €378,642 | - |
| Remuneration, social security and pensions62 | €40,377 | €160,092 | €211,836 | €214,577 | ▲ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,258 | €17,117 | €17,117 | €9,636 | ▼ 43.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0 | - |
| Other operating charges640/8 | €3,063 | €2,804 | €5,951 | €4,674 | ▼ 21.4% |
| Operating charges capitalised as restructuring costs649 | - | - | - | €0 | - |
| Non-recurring operating charges66A | - | - | - | €0 | - |
| Gross operating margin9900 | €36,124 | €116,277 | €193,765 | €250,224 | ▲ 29.1% |
| Operating profit (loss)9901 | -€15,575 | -€63,735 | -€41,138 | €21,336 | - |
| Financial income75/76B | €13 | €3,031 | €402 | €553 | ▲ 37.7% |
| Recurring financial income75 | €13 | €3,031 | €402 | €553 | ▲ 37.7% |
| Non-recurring financial income76B | - | - | - | €0 | - |
| Financial charges65/66B | €1,139 | €4,384 | €4,670 | €7,559 | ▲ 61.8% |
| Recurring financial charges65 | €1,139 | €4,384 | €4,670 | €7,559 | ▲ 61.8% |
| Non-recurring financial charges66B | - | - | - | €0 | - |
| Profit (loss) for the period before taxes9903 | -€16,701 | -€65,089 | -€45,407 | €14,331 | - |
| Transfer from deferred taxes780 | - | - | - | €0 | - |
| Transfer to deferred taxes680 | - | - | - | €0 | - |
| Income taxes67/77 | - | - | - | €0 | - |
| Profit (loss) for the period9904 | -€16,701 | -€65,089 | -€45,407 | €14,331 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - |
| Profit (loss) for the period to be appropriated9905 | -€16,701 | -€65,089 | -€45,407 | €14,331 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €78,989 | €98,393 | €57,087 | €86,407 | ▲ 51.4% |
| Formation expenses20 | €956 | €572 | €189 | €0 | ▼ 100% |
| Fixed assets21/28 | €36,390 | €25,404 | €8,670 | €2,950 | ▼ 66.0% |
| Intangible fixed assets21 | €2,011 | €1,178 | €345 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €34,378 | €24,226 | €8,326 | €2,950 | ▼ 64.6% |
| Land and buildings22 | €1,831 | €4,154 | €1,932 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €30,299 | €18,696 | €5,890 | €2,950 | ▼ 49.9% |
| Furniture and vehicles24 | €2,248 | €1,376 | €504 | €0 | ▼ 100% |
| Leasing and similar rights25 | - | - | - | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0 | - |
| Assets under construction and advance payments27 | - | - | - | €0 | - |
| Financial fixed assets28 | - | - | - | €0 | - |
| Current assets29/58 | €41,644 | €72,416 | €48,228 | €83,457 | ▲ 73.0% |
| Amounts receivable after more than one year29 | - | - | - | €0 | - |
| Trade receivables290 | - | - | - | €0 | - |
| Other amounts receivable291 | - | - | - | €0 | - |
| Stocks and contracts in progress3 | €15,260 | €15,394 | €13,803 | €14,112 | ▲ 2.2% |
| Stocks30/36 | €15,260 | €15,394 | €13,803 | €14,112 | ▲ 2.2% |
| Contracts in progress37 | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €10,543 | €13,335 | €11,652 | €10,635 | ▼ 8.7% |
| Trade receivables40 | - | €3,532 | €1,871 | €1,234 | ▼ 34.0% |
| Other amounts receivable41 | €10,543 | €9,804 | €9,782 | €9,400 | ▼ 3.9% |
| Current investments50/53 | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €7,921 | €41,527 | €20,908 | €58,710 | ▲ 181% |
| Deferred charges and accrued income490/1 | €7,920 | €2,159 | €1,863 | €0 | ▼ 100% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €78,989 | €98,393 | €57,087 | €86,407 | ▲ 51.4% |
| Equity10/15 | -€1,701 | -€66,790 | -€112,196 | -€97,865 | ▲ 12.8% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Revaluation surpluses12 | - | - | - | €0 | - |
| Reserves13 | - | - | - | €0 | - |
| Non-distributable reserves130/1 | - | - | - | €0 | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - |
| Own shares acquired1312 | - | - | - | €0 | - |
| Financial assistance1313 | - | - | - | €0 | - |
| Other1319 | - | - | - | €0 | - |
| Tax-exempt reserves132 | - | - | - | €0 | - |
| Distributable reserves133 | - | - | - | €0 | - |
| Profit (loss) carried forward14 | -€16,701 | -€81,790 | -€127,196 | -€112,865 | ▲ 11.3% |
| Investment grants15 | - | - | - | €0 | - |
| Advance to shareholders on the distribution of net assets19 | - | - | - | €0 | - |
| Provisions and deferred taxes16 | - | - | - | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0 | - |
| Pensions and similar obligations160 | - | - | - | €0 | - |
| Taxes161 | - | - | - | €0 | - |
| Major repairs and maintenance162 | - | - | - | €0 | - |
| Environmental obligations163 | - | - | - | €0 | - |
| Other liabilities and charges164/5 | - | - | - | €0 | - |
| Deferred taxes168 | - | - | - | €0 | - |
| Amounts payable17/49 | €80,690 | €165,182 | €169,283 | €184,272 | ▲ 8.9% |
| Amounts payable after more than one year17 | - | €34,464 | €23,986 | €14,225 | ▼ 40.7% |
| Financial debts170/4 | - | €34,464 | €23,986 | €14,225 | ▼ 40.7% |
| Trade debts175 | - | - | - | €0 | - |
| Advances received on contracts in progress176 | - | - | - | €0 | - |
| Other amounts payable178/9 | - | - | - | €0 | - |
| Amounts payable within one year42/48 | €79,502 | €107,495 | €145,297 | €169,112 | ▲ 16.4% |
| Current portion of amounts payable after more than one year42 | - | €8,608 | €9,613 | €9,761 | ▲ 1.5% |
| Financial debts43 | - | - | - | €0 | - |
| Credit institutions430/8 | - | - | - | €0 | - |
| Other loans439 | - | - | - | €0 | - |
| Trade debts44 | €17,418 | €10,359 | €31,438 | €24,447 | ▼ 22.2% |
| Suppliers440/4 | €17,418 | €9,959 | €31,438 | €24,047 | ▼ 23.5% |
| Bills of exchange payable441 | - | €400 | - | €400 | - |
| Advances received on contracts in progress46 | - | - | - | €0 | - |
| Taxes, remuneration and social security45 | €13,885 | €41,742 | €58,063 | €89,283 | ▲ 53.8% |
| Taxes450/3 | €7,868 | €12,133 | €15,461 | €27,937 | ▲ 80.7% |
| Remuneration and social security454/9 | €6,017 | €29,609 | €42,602 | €61,346 | ▲ 44.0% |
| Other amounts payable47/48 | €48,199 | €46,786 | €46,183 | €45,620 | ▼ 1.2% |
| Accrued charges and deferred income492/3 | €1,188 | €23,223 | - | €935 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,701 | -€65,089 | -€45,407 | €14,331 | - |
| + Depreciation and write-downs630 | €8,258 | €17,117 | €17,117 | €9,636 | ▼ 43.7% |
| Operating cash flow (approximation) | -€8,443 | -€47,972 | -€28,290 | €23,967 | - |
| Investment in fixed assets (approximation) | - | -€6,131 | -€383 | -€3,916 | ▼ 922% |
| Change in cash | - | €33,606 | -€20,619 | €37,802 | - |
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, 1,017 companies had the same profile as BCD HORECA has now. Two years later, 89.2% were still going and 6.5% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a profit of 5% of the balance sheet or more
89.2%
was still going
4.0%
stopped otherwise
6.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BCD HORECA itself: 2.5% 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 1,017 companies, not a prediction for BCD HORECA. 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.