BCMA
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 30-09-2025 PDF all 13 filings
Turnover
≈ €180,000
Estimated: probably between €150,000 and €220,000
Total assets
€920,143▲ 125%
2023 · €409,622
Net result
€38,743▼ 55.4%
2023 · €86,846
Working capital
€98,580▼ 69.9%
2023 · €327,307
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€71,929
▼ 44.0%
2024
20182024
Net result
€38,743
▼ 55.4%
2024
middle half of the sector
20182024
Equity
€405,934
▲ 10.6%
2024
highest quarter of the sector
20182024
Total assets
€920,143
▲ 125%
2024
highest quarter of the sector
20182024
Debt
€514,209
▲ 12×
2024
20182024
Working capital
€98,580
▼ 69.9%
2024
middle half of the sector
20182024
Solvency
44.1%
▼ 45.5pp
2024
middle half of the sector
20182024
Current ratio
2.35
▼ 6.36
2024
middle half of the sector
20182024
Return on assets (ROA)
4.2%
▼ 17.0pp
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€12,205-€27,658▲ 127%€57,042▲ 106%€98,669▲ 73.0%€141,014▲ 42.9%€128,531▼ 8.9%€71,929▼ 44.0%
Net result€6,403-€17,166▲ 168%€38,531within the sector's middle half▲ 124%€68,349above the sector's middle half▲ 77.4%€98,339above the sector's middle half▲ 43.9%€86,846above the sector's middle half▼ 11.7%€38,743within the sector's middle half▼ 55.4%
Equity€57,961-€75,127▲ 29.6%€113,658within the sector's middle half▲ 51.3%€182,007within the sector's middle half▲ 60.1%€280,346above the sector's middle half▲ 54.0%€367,191above the sector's middle half▲ 31.0%€405,934above the sector's middle half▲ 10.6%
Total assets€77,082-€125,530▲ 62.9%€173,401within the sector's middle half▲ 38.1%€239,387within the sector's middle half▲ 38.1%€329,110within the sector's middle half▲ 37.5%€409,622within the sector's middle half▲ 24.5%€920,143above the sector's middle half▲ 125%
Debt€19,121-€50,403▲ 164%€59,743▲ 18.5%€57,380▼ 4.0%€48,765▼ 15.0%€42,431▼ 13.0%€514,209▲ 12×
Working capital€57,961-€75,127▲ 29.6%€84,070within the sector's middle half▲ 11.9%€148,242above the sector's middle half▲ 76.3%€245,606above the sector's middle half▲ 65.7%€327,307above the sector's middle half▲ 33.3%€98,580within the sector's middle half▼ 69.9%
Solvency75.2%-59.8%▼ 15.3pp65.5%within the sector's middle half▲ 5.7pp76.0%within the sector's middle half▲ 10.5pp85.2%above the sector's middle half▲ 9.2pp89.6%above the sector's middle half▲ 4.5pp44.1%within the sector's middle half▼ 45.5pp
Current ratio4.03-2.49▼ 1.542.41within the sector's middle half▼ 0.083.58within the sector's middle half▲ 1.186.04above the sector's middle half▲ 2.458.71above the sector's middle half▲ 2.682.35within the sector's middle half▼ 6.36
Return on assets (ROA)8.3%-13.7%▲ 5.4pp22.2%within the sector's middle half▲ 8.5pp28.6%above the sector's middle half▲ 6.3pp29.9%above the sector's middle half▲ 1.3pp21.2%within the sector's middle half▼ 8.7pp4.2%within the sector's middle half▼ 17.0pp
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 2024 is 44% lower than in 2023 and the lowest since 2020. It is the second fall in a row.
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
2024 in colour, 2023 as the grey bar beneath
Assets €920,143
Fixed assets
€748,785 ▲ 19×
Current assets
€171,358 ▼ 53.7%
Equity and liabilities €920,143
Equity
€405,934 ▲ 10.6%
Debt
€514,209 ▲ 12×
Debt's share of the balance-sheet total rises from 10.4% to 55.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€105,470▼
2023 · €137,937
Cash flow
€72,284▼
2023 · €96,252
Debt to equity
1.27▲
2023 · 0.12
ROE
9.5%▼
2023 · 23.7%
Interest coverage
6.43▼
2023 · 64.03
Debt ≤ 1 year
€72,777▲
2023 · €42,431
Debt > 1 year
€441,431
Income taxes
€19,542▼
2023 · €43,009
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 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €50,000 |
| Mortgage mandates | - | - | - | €470,000 |
| Carrying value of the mortgaged assets | - | - | - | €695,421 |
Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €11,976 | €13,756 | €14,551 | €742,442 |
| Depreciation and write-downs of the year | €7,799 | €8,310 | €9,406 | €33,541 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €3,288 | €7,799 | €8,310 | €9,406 | €33,541 | ▲ 257% |
| Other operating charges640/8 | - | - | - | €1,603 | €3,211 | €1,451 | €1,924 | ▲ 32.6% |
| Non-recurring operating charges66A | - | - | - | - | €338 | - | - | - |
| Gross operating margin9900 | €13,862 | €29,161 | €63,600 | €108,072 | €152,873 | €139,388 | €107,394 | ▼ 23.0% |
| Operating profit (loss)9901 | €12,205 | €27,658 | €57,042 | €98,669 | €141,014 | €128,531 | €71,929 | ▼ 44.0% |
| Financial income75/76B | - | - | - | - | €4,692 | €3,478 | €2,763 | ▼ 20.6% |
| Recurring financial income75 | €0 | €500 | €857 | - | €4,692 | €3,478 | €2,763 | ▼ 20.6% |
| Financial charges65/66B | - | - | - | €165 | €697 | €2,154 | €16,406 | ▲ 662% |
| Recurring financial charges65 | €475 | €469 | €995 | €165 | €697 | €2,154 | €16,406 | ▲ 662% |
| Profit (loss) for the period before taxes9903 | €11,730 | €27,689 | €56,904 | €98,505 | €145,009 | €129,855 | €58,285 | ▼ 55.1% |
| Income taxes67/77 | €5,327 | €10,523 | €18,373 | €30,156 | €46,671 | €43,009 | €19,542 | ▼ 54.6% |
| Profit (loss) for the period9904 | €6,403 | €17,166 | €38,531 | €68,349 | €98,339 | €86,846 | €38,743 | ▼ 55.4% |
| Profit (loss) for the period to be appropriated9905 | €6,403 | €17,166 | €38,531 | €68,349 | €98,339 | €86,846 | €38,743 | ▼ 55.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €77,082 | €125,530 | €173,401 | €239,387 | €329,110 | €409,622 | €920,143 | ▲ 125% |
| Fixed assets21/28 | - | - | €29,588 | €33,765 | €34,740 | €39,884 | €748,785 | ▲ 19× |
| Tangible fixed assets22/27 | - | - | €29,588 | €33,765 | €34,740 | €39,884 | €748,785 | ▲ 19× |
| Land and buildings22 | - | - | - | - | - | - | €695,421 | - |
| Plant, machinery and equipment23 | - | - | - | €6,281 | €16,368 | €22,817 | €43,879 | ▲ 92.3% |
| Furniture and vehicles24 | - | - | - | €27,485 | €18,373 | €11,217 | €9,484 | ▼ 15.4% |
| Assets under construction and advance payments27 | - | - | - | - | - | €5,851 | - | - |
| Current assets29/58 | €77,082 | €125,530 | €143,813 | €205,622 | €294,370 | €369,738 | €171,358 | ▼ 53.7% |
| Amounts receivable after more than one year29 | - | - | - | €130,000 | €130,000 | €130,000 | €100,000 | ▼ 23.1% |
| Other amounts receivable291 | - | - | - | €130,000 | €130,000 | €130,000 | €100,000 | ▼ 23.1% |
| Amounts receivable within one year40/41 | €20,027 | €22,462 | €19,330 | €26,799 | €37,287 | €50,259 | €50,285 | ▲ 0.1% |
| Trade receivables40 | - | - | - | €24,771 | €34,008 | €45,644 | €49,013 | ▲ 7.4% |
| Other amounts receivable41 | - | - | - | €2,027 | €3,278 | €4,615 | €1,272 | ▼ 72.4% |
| Cash at bank and in hand54/58 | €44,087 | €62,479 | €82,617 | €38,178 | €116,987 | €182,812 | €13,086 | ▼ 92.8% |
| Deferred charges and accrued income490/1 | - | - | - | €10,645 | €10,096 | €6,667 | €7,986 | ▲ 19.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €77,082 | €125,530 | €173,401 | €239,387 | €329,110 | €409,622 | €920,143 | ▲ 125% |
| Equity10/15 | €57,961 | €75,127 | €113,658 | €182,007 | €280,346 | €367,191 | €405,934 | ▲ 10.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €23,334 | €40,500 | €79,031 | €147,380 | €245,719 | €332,564 | €371,307 | ▲ 11.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €145,520 | €243,859 | €332,564 | €371,307 | ▲ 11.6% |
| Profit (loss) carried forward14 | €28,427 | €28,427 | €28,427 | €28,427 | €28,427 | €28,427 | €28,427 | = |
| Amounts payable17/49 | €19,121 | €50,403 | €59,743 | €57,380 | €48,765 | €42,431 | €514,209 | ▲ 12× |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €441,431 | - |
| Financial debts170/4 | - | - | - | - | - | - | €441,431 | - |
| Amounts payable within one year42/48 | €19,121 | €50,403 | €59,743 | €57,380 | €48,765 | €42,431 | €72,777 | ▲ 71.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €45,509 | - |
| Trade debts44 | €6,238 | €5,631 | €14,141 | €6,076 | €5,161 | €4,848 | €8,413 | ▲ 73.6% |
| Suppliers440/4 | - | - | - | €6,076 | €5,161 | €4,848 | €8,413 | ▲ 73.6% |
| Taxes, remuneration and social security45 | - | - | - | €41,787 | €42,579 | €37,473 | €14,918 | ▼ 60.2% |
| Taxes450/3 | - | - | - | €41,787 | €42,579 | €37,473 | €14,918 | ▼ 60.2% |
| Other amounts payable47/48 | - | - | - | €9,517 | €1,025 | €110 | €3,937 | ▲ 36× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,403 | €17,166 | €38,531 | €68,349 | €98,339 | €86,846 | €38,743 | ▼ 55.4% |
| + Depreciation and write-downs630 | - | - | €3,288 | €7,799 | €8,310 | €9,406 | €33,541 | ▲ 257% |
| Operating cash flow (approximation) | €6,403 | €17,166 | €41,818 | €76,149 | €106,648 | €96,252 | €72,284 | ▼ 24.9% |
| Investment in fixed assets (approximation) | - | - | - | -€11,976 | -€9,285 | -€14,551 | -€742,442 | ▼ 5,002% |
| Change in cash | - | €18,391 | €20,138 | -€44,438 | €78,809 | €65,825 | -€169,726 | - |
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, 6,049 companies had the same profile as BCMA has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
The bankruptcy probability of BCMA itself is higher: 1.0% within 12 months. It rests on far more data about BCMA than the profile alone.
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 6,049 companies, not a prediction for BCMA. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 30-09-2025 | 2025-00516537 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00408007 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00460377 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20443319 | |
| 31-12-2020 | micro format | 29-09-2021 | 2021-69100322 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-66900317 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-60700063 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59700213 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-54000261 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-52400234 |