BCL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 7 filings
Turnover
≈ €290,000
Estimated: probably between €210,000 and €370,000
Total assets
€127,339▲ 12.4%
2024 · €113,328
Net result
€65,668▲ 128%
2024 · €28,839
Working capital
€42,774
2024 · -€6,240
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€86,524
▲ 114%
2025
20192025
Net result
€65,668
▲ 128%
2025
highest quarter of the sector
20192025
Equity
€84,268
▲ 77.6%
2025
middle half of the sector
20192025
Total assets
€127,339
▲ 12.4%
2025
middle half of the sector
20192025
Debt
€43,071
▼ 34.6%
2025
20192025
Working capital
€42,774
2025
middle half of the sector
20192025
Solvency
66.2%
▲ 24.3pp
2025
middle half of the sector
20192025
Current ratio
2.05
▲ 1.16
2025
middle half of the sector
20192025
Return on assets (ROA)
51.6%
▲ 26.1pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€49,224-€36,786▼ 25.3%€39,585▲ 7.6%€34,557▼ 12.7%€59,637▲ 72.6%€40,421▼ 32.2%€86,524▲ 114%
Net result€37,981-€27,803above the sector's middle half▼ 26.8%€32,149above the sector's middle half▲ 15.6%€23,410within the sector's middle half▼ 27.2%€45,805above the sector's middle half▲ 95.7%€28,839above the sector's middle half▼ 37.0%€65,668above the sector's middle half▲ 128%
Equity€44,181-€71,984within the sector's middle half▲ 62.9%€104,133within the sector's middle half▲ 44.7%€42,010within the sector's middle half▼ 59.7%€64,405within the sector's middle half▲ 53.3%€47,439within the sector's middle half▼ 26.3%€84,268within the sector's middle half▲ 77.6%
Total assets€60,009-€96,506within the sector's middle half▲ 60.8%€136,918within the sector's middle half▲ 41.9%€80,123within the sector's middle half▼ 41.5%€125,050within the sector's middle half▲ 56.1%€113,328within the sector's middle half▼ 9.4%€127,339within the sector's middle half▲ 12.4%
Debt€15,828-€24,522▲ 54.9%€32,785▲ 33.7%€38,113▲ 16.2%€60,645▲ 59.1%€65,888▲ 8.6%€43,071▼ 34.6%
Working capital€38,473-€60,374within the sector's middle half▲ 56.9%€88,098above the sector's middle half▲ 45.9%€43,694within the sector's middle half▼ 50.4%€72,370within the sector's middle half▲ 65.6%-€6,240below the sector's middle half€42,774within the sector's middle half
Solvency73.6%-74.6%above the sector's middle half▲ 1.0pp76.1%above the sector's middle half▲ 1.5pp52.4%within the sector's middle half▼ 23.6pp51.5%within the sector's middle half▼ 0.9pp41.9%within the sector's middle half▼ 9.6pp66.2%within the sector's middle half▲ 24.3pp
Current ratio3.43-3.46above the sector's middle half▲ 0.033.73above the sector's middle half▲ 0.273.09above the sector's middle half▼ 0.642.86within the sector's middle half▼ 0.220.90below the sector's middle half▼ 1.962.05within the sector's middle half▲ 1.16
Return on assets (ROA)63.3%-28.8%above the sector's middle half▼ 34.5pp23.5%above the sector's middle half▼ 5.3pp29.2%above the sector's middle half▲ 5.7pp36.6%above the sector's middle half▲ 7.4pp25.4%above the sector's middle half▼ 11.2pp51.6%above the sector's middle half▲ 26.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 114% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €127,339
Fixed assets
€44,005 ▼ 23.5%
Current assets
€83,334 ▲ 49.3%
Equity and liabilities €127,339
Equity
€84,268 ▲ 77.6%
Debt
€43,071 ▼ 34.6%
Debt's share of the balance-sheet total falls from 58.1% to 33.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€101,144▲
2024 · €55,472
Cash flow
€80,288▲
2024 · €43,890
Quick ratio
1.96▲
2024 · 0.83
Debt to equity
0.51▼
2024 · 1.39
ROE
77.9%▲
2024 · 60.8%
Interest coverage
38.96▲
2024 · 14.17
Debt ≤ 1 year
€40,560▼
2024 · €62,057
Income taxes
€18,260▲
2024 · €8,116
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 | €14,147 | €3,453 | €3,400 | €61,515 | €1,114 |
| Depreciation and write-downs of the year | €3,378 | €4,512 | €5,067 | €15,051 | €14,620 |
Source: notes to the 2021 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 | €2,781 | €2,699 | €3,378 | €4,512 | €5,067 | €15,051 | €14,620 | ▼ 2.9% |
| Other operating charges640/8 | - | - | €2,168 | €1,058 | €583 | €811 | €813 | ▲ 0.2% |
| Non-recurring operating charges66A | - | - | €3,097 | - | - | €2,779 | €0 | ▼ 100% |
| Gross operating margin9900 | €53,381 | €40,118 | €48,228 | €40,128 | €65,287 | €59,062 | €101,957 | ▲ 72.6% |
| Operating profit (loss)9901 | €49,224 | €36,786 | €39,585 | €34,557 | €59,637 | €40,421 | €86,524 | ▲ 114% |
| Financial income75/76B | - | - | €1,404 | €24 | €1 | €450 | €0 | ▼ 100% |
| Recurring financial income75 | €150 | €864 | €1,404 | €24 | €1 | €450 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €657 | €481 | €983 | €3,916 | €2,596 | ▼ 33.7% |
| Recurring financial charges65 | €688 | €876 | €657 | €481 | €983 | €3,916 | €2,596 | ▼ 33.7% |
| Profit (loss) for the period before taxes9903 | €48,686 | €36,775 | €40,333 | €34,100 | €58,655 | €36,955 | €83,928 | ▲ 127% |
| Income taxes67/77 | €10,705 | €8,971 | €8,184 | €10,690 | €12,850 | €8,116 | €18,260 | ▲ 125% |
| Profit (loss) for the period9904 | €37,981 | €27,803 | €32,149 | €23,410 | €45,805 | €28,839 | €65,668 | ▲ 128% |
| Profit (loss) for the period to be appropriated9905 | €37,981 | €27,803 | €32,149 | €23,410 | €45,805 | €28,839 | €65,668 | ▲ 128% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €60,009 | €96,506 | €136,918 | €80,123 | €125,050 | €113,328 | €127,339 | ▲ 12.4% |
| Fixed assets21/28 | €5,707 | €11,610 | €16,552 | €15,493 | €13,826 | €57,511 | €44,005 | ▼ 23.5% |
| Tangible fixed assets22/27 | €5,707 | €11,610 | €16,552 | €15,493 | €13,826 | €57,511 | €44,005 | ▼ 23.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,133 | €1,921 | ▲ 69.5% |
| Furniture and vehicles24 | - | - | €5,559 | €5,680 | €5,193 | €48,925 | €35,812 | ▼ 26.8% |
| Other tangible fixed assets26 | - | - | €10,993 | €9,813 | €8,633 | €7,453 | €6,273 | ▼ 15.8% |
| Current assets29/58 | €54,301 | €84,895 | €120,366 | €64,630 | €111,224 | €55,817 | €83,334 | ▲ 49.3% |
| Amounts receivable after more than one year29 | - | - | - | - | €5,000 | €5,000 | €5,000 | = |
| Other amounts receivable291 | - | - | - | - | €5,000 | €5,000 | €5,000 | = |
| Stocks and contracts in progress3 | - | - | - | - | €9,689 | €4,193 | €3,693 | ▼ 11.9% |
| Stocks30/36 | - | - | - | - | €9,689 | €4,193 | €3,693 | ▼ 11.9% |
| Amounts receivable within one year40/41 | €33,907 | €50,570 | €26,290 | €15,628 | €15,628 | €12,532 | €38,309 | ▲ 206% |
| Trade receivables40 | - | - | €15,246 | €14,375 | €14,375 | €10,648 | €36,426 | ▲ 242% |
| Other amounts receivable41 | - | - | €11,044 | €1,253 | €1,253 | €1,884 | €1,884 | = |
| Current investments50/53 | - | - | - | €18,600 | €18,600 | €18,600 | €19,070 | ▲ 2.5% |
| Cash at bank and in hand54/58 | €19,592 | €33,505 | €91,993 | €29,531 | €61,567 | €12,821 | €15,866 | ▲ 23.8% |
| Deferred charges and accrued income490/1 | - | - | €2,084 | €872 | €740 | €2,671 | €1,395 | ▼ 47.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €60,009 | €96,506 | €136,918 | €80,123 | €125,050 | €113,328 | €127,339 | ▲ 12.4% |
| Equity10/15 | €44,181 | €71,984 | €104,133 | €42,010 | €64,405 | €47,439 | €84,268 | ▲ 77.6% |
| Contributions10/11 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €37,981 | €65,784 | €97,933 | €23,410 | €45,805 | €28,839 | €65,668 | ▲ 128% |
| Distributable reserves133 | - | - | €97,933 | €23,410 | €45,805 | €28,839 | €65,668 | ▲ 128% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €15,828 | €24,522 | €32,785 | €38,113 | €60,645 | €65,888 | €43,071 | ▼ 34.6% |
| Amounts payable within one year42/48 | €15,828 | €24,522 | €32,268 | €20,936 | €38,854 | €62,057 | €40,560 | ▼ 34.6% |
| Trade debts44 | €1,485 | €59 | €2,179 | €1,425 | €1,337 | €2,375 | €888 | ▼ 62.6% |
| Suppliers440/4 | - | - | €2,179 | €1,425 | €1,337 | €2,375 | €888 | ▼ 62.6% |
| Taxes, remuneration and social security45 | - | - | €30,089 | €14,449 | €14,259 | €4,671 | €9,967 | ▲ 113% |
| Taxes450/3 | - | - | €30,089 | €14,449 | €14,259 | €4,671 | €9,967 | ▲ 113% |
| Other amounts payable47/48 | - | - | - | €5,061 | €23,258 | €55,011 | €29,705 | ▼ 46.0% |
| Accrued charges and deferred income492/3 | - | - | €517 | €17,177 | €21,791 | €3,832 | €2,511 | ▼ 34.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,981 | €27,803 | €32,149 | €23,410 | €45,805 | €28,839 | €65,668 | ▲ 128% |
| + Depreciation and write-downs630 | €2,781 | €2,699 | €3,378 | €4,512 | €5,067 | €15,051 | €14,620 | ▼ 2.9% |
| Operating cash flow (approximation) | €40,762 | €30,503 | €35,527 | €27,923 | €50,871 | €43,890 | €80,288 | ▲ 82.9% |
| Investment in fixed assets (approximation) | - | -€8,603 | -€8,320 | -€3,453 | -€3,400 | -€58,736 | -€1,114 | ▲ 98.1% |
| Change in cash | - | €13,913 | €58,488 | -€62,462 | €32,036 | -€48,746 | €3,045 | - |
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, 26,972 companies had the same profile as BCL has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BCL itself: 0.5% 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 26,972 companies, not a prediction for BCL. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00261043 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00243618 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00256083 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00222767 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20132127 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30600186 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33900586 |