BCON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 16 filings
Turnover
≈ €210,000
Estimated: probably between €190,000 and €260,000
Total assets
€331,630▲ 25.0%
2024 · €265,289
Net result
€70,680▲ 33.1%
2024 · €53,084
Working capital
€213,579▲ 51.5%
2024 · €140,990
In the rankings
#7 company by equity in Herselt, Telecoms and IT sector#8 company by total assets in Herselt, Telecoms and IT sector#10 oldest company in Herselt, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€114,974
▲ 44.2%
2025
20182025
Net result
€70,680
▲ 33.1%
2025
highest quarter of the sector
20182025
Equity
€231,812
▲ 43.9%
2025
highest quarter of the sector
20182025
Total assets
€331,630
▲ 25.0%
2025
highest quarter of the sector
20182025
Debt
€99,819
▼ 4.2%
2025
20182025
Working capital
€213,579
▲ 51.5%
2025
highest quarter of the sector
20182025
Solvency
69.9%
▲ 9.2pp
2025
middle half of the sector
20182025
Current ratio
4.94
▲ 0.51
2025
middle half of the sector
20182025
Return on assets (ROA)
21.3%
▲ 1.3pp
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€67,172-€63,464▼ 5.5%€97,722▲ 54.0%€91,496▼ 6.4%€568▼ 99.4%-€17,420€79,723€114,974▲ 44.2%
Net result€46,100-€38,440▼ 16.6%€63,751above the sector's middle half▲ 65.8%€64,137above the sector's middle half▲ 0.6%-€4,384below the sector's middle half-€23,566below the sector's middle half▼ 438%€53,084within the sector's middle half€70,680above the sector's middle half▲ 33.1%
Equity€167,038-€205,477▲ 23.0%€182,825above the sector's middle half▼ 11.0%€246,962above the sector's middle half▲ 35.1%€242,578above the sector's middle half▼ 1.8%€219,012above the sector's middle half▼ 9.7%€161,132within the sector's middle half▼ 26.4%€231,812above the sector's middle half▲ 43.9%
Total assets€215,472-€261,637▲ 21.4%€266,346within the sector's middle half▲ 1.8%€445,330above the sector's middle half▲ 67.2%€389,831above the sector's middle half▼ 12.5%€331,930above the sector's middle half▼ 14.9%€265,289within the sector's middle half▼ 20.1%€331,630above the sector's middle half▲ 25.0%
Debt€48,434-€56,159▲ 15.9%€83,521▲ 48.7%€198,368▲ 138%€147,253▼ 25.8%€112,918▼ 23.3%€104,157▼ 7.8%€99,819▼ 4.2%
Working capital€186,401-€215,172▲ 15.4%€171,840above the sector's middle half▼ 20.1%€224,176above the sector's middle half▲ 30.5%€234,169above the sector's middle half▲ 4.5%€197,424above the sector's middle half▼ 15.7%€140,990above the sector's middle half▼ 28.6%€213,579above the sector's middle half▲ 51.5%
Solvency77.5%-78.5%▲ 1.0pp68.6%within the sector's middle half▼ 9.9pp55.5%within the sector's middle half▼ 13.2pp62.2%within the sector's middle half▲ 6.8pp66.0%within the sector's middle half▲ 3.8pp60.7%within the sector's middle half▼ 5.2pp69.9%within the sector's middle half▲ 9.2pp
Current ratio7.41-5.63▼ 1.784.51within the sector's middle half▼ 1.133.88within the sector's middle half▼ 0.638.91above the sector's middle half▲ 5.037.60above the sector's middle half▼ 1.314.43within the sector's middle half▼ 3.174.94within the sector's middle half▲ 0.51
Return on assets (ROA)21.4%-14.7%▼ 6.7pp23.9%within the sector's middle half▲ 9.2pp14.4%within the sector's middle half▼ 9.5pp-1.1%below the sector's middle half▼ 15.5pp-7.1%below the sector's middle half▼ 6.0pp20.0%within the sector's middle half▲ 27.1pp21.3%within the sector's middle half▲ 1.3pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 44% 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 €331,630
Fixed assets
€63,850 ▼ 23.2%
Current assets
€267,780 ▲ 47.0%
Equity and liabilities €331,630
Equity
€231,812 ▲ 43.9%
Debt
€99,819 ▼ 4.2%
Debt's share of the balance-sheet total falls from 39.3% to 30.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€133,566▲
2024 · €101,170
Cash flow
€89,272▲
2024 · €74,531
Debt to equity
0.43▼
2024 · 0.65
ROE
30.5%▼
2024 · 32.9%
Interest coverage
21.92▲
2024 · 16.82
Debt ≤ 1 year
€54,201▲
2024 · €41,149
Debt > 1 year
€45,618▼
2024 · €58,786
Income taxes
€38,207▲
2024 · €20,730
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 | €151,720 | €3,600 | - | - | €1,750 |
| Depreciation and write-downs of the year | €15,102 | €20,877 | €21,447 | €21,447 | €18,593 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,214 | - | €42 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,236 | - | €1,862 | €15,102 | €20,877 | €21,447 | €21,447 | €18,593 | ▼ 13.3% |
| Other operating charges640/8 | - | - | - | €3,487 | €3,164 | €1,124 | €706 | €1,458 | ▲ 106% |
| Non-recurring operating charges66A | - | - | - | €8,782 | - | - | - | - | - |
| Gross operating margin9900 | €70,840 | €68,619 | €101,028 | €118,867 | €24,609 | €5,152 | €101,877 | €135,024 | ▲ 32.5% |
| Operating profit (loss)9901 | €67,172 | €63,464 | €97,722 | €91,496 | €568 | -€17,420 | €79,723 | €114,974 | ▲ 44.2% |
| Financial income75/76B | - | - | - | €0 | €1 | €84 | €107 | €6 | ▼ 94.6% |
| Recurring financial income75 | €21 | - | €1 | €0 | €1 | €84 | €107 | €6 | ▼ 94.6% |
| Financial charges65/66B | - | - | - | €3,671 | €2,420 | €5,951 | €6,015 | €6,093 | ▲ 1.3% |
| Recurring financial charges65 | €675 | €1,799 | €3,292 | €3,671 | €2,420 | €5,951 | €6,015 | €6,093 | ▲ 1.3% |
| Profit (loss) for the period before taxes9903 | €66,518 | €61,665 | €94,431 | €87,825 | -€1,850 | -€23,286 | €73,814 | €108,886 | ▲ 47.5% |
| Income taxes67/77 | €20,418 | €23,225 | €30,680 | €23,688 | €2,533 | €280 | €20,730 | €38,207 | ▲ 84.3% |
| Profit (loss) for the period9904 | €46,100 | €38,440 | €63,751 | €64,137 | -€4,384 | -€23,566 | €53,084 | €70,680 | ▲ 33.1% |
| Profit (loss) for the period to be appropriated9905 | €46,100 | €38,440 | €63,751 | €64,137 | -€4,384 | -€23,566 | €53,084 | €70,680 | ▲ 33.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €215,472 | €261,637 | €266,346 | €445,330 | €389,831 | €331,930 | €265,289 | €331,630 | ▲ 25.0% |
| Fixed assets21/28 | - | - | €45,486 | €143,322 | €126,045 | €104,598 | €83,150 | €63,850 | ▼ 23.2% |
| Tangible fixed assets22/27 | - | - | €45,486 | €143,322 | €126,045 | €104,598 | €83,150 | €63,850 | ▼ 23.2% |
| Land and buildings22 | - | - | - | €104,118 | €93,324 | €82,529 | €71,734 | €60,940 | ▼ 15.0% |
| Furniture and vehicles24 | - | - | - | €7,372 | €9,289 | €7,036 | €4,783 | €2,910 | ▼ 39.2% |
| Leasing and similar rights25 | - | - | - | €31,831 | €23,432 | €15,032 | €6,633 | - | - |
| Current assets29/58 | €215,472 | €261,637 | €220,859 | €302,008 | €263,786 | €227,332 | €182,139 | €267,780 | ▲ 47.0% |
| Amounts receivable within one year40/41 | €116,227 | €205,331 | €150,437 | €173,323 | €231,749 | €216,488 | €132,962 | €235,488 | ▲ 77.1% |
| Trade receivables40 | - | - | - | €33,869 | - | - | €9,360 | €5,090 | ▼ 45.6% |
| Other amounts receivable41 | - | - | - | €139,454 | €231,749 | €216,488 | €123,603 | €230,398 | ▲ 86.4% |
| Cash at bank and in hand54/58 | €41,439 | €30,040 | €46,450 | €74,393 | €32,036 | €7,618 | €45,697 | €27,913 | ▼ 38.9% |
| Deferred charges and accrued income490/1 | - | - | - | €54,292 | - | €3,226 | €3,479 | €4,380 | ▲ 25.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €215,472 | €261,637 | €266,346 | €445,330 | €389,831 | €331,930 | €265,289 | €331,630 | ▲ 25.0% |
| Equity10/15 | €167,038 | €205,477 | €182,825 | €246,962 | €242,578 | €219,012 | €161,132 | €231,812 | ▲ 43.9% |
| Contributions10/11 | €6,250 | €6,250 | - | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Reserves13 | €160,788 | €199,227 | €176,575 | €240,712 | €240,712 | €240,712 | €154,882 | €225,562 | ▲ 45.6% |
| Distributable reserves133 | - | - | - | €240,712 | €240,712 | €240,712 | €154,882 | €225,562 | ▲ 45.6% |
| Profit (loss) carried forward14 | - | - | - | - | -€4,384 | -€27,950 | - | - | - |
| Amounts payable17/49 | €48,434 | €56,159 | €83,521 | €198,368 | €147,253 | €112,918 | €104,157 | €99,819 | ▼ 4.2% |
| Amounts payable after more than one year17 | €19,363 | €9,425 | €33,716 | €109,859 | €117,636 | €81,112 | €58,786 | €45,618 | ▼ 22.4% |
| Financial debts170/4 | - | - | - | €109,859 | €117,636 | €81,112 | €58,786 | €45,618 | ▼ 22.4% |
| Amounts payable within one year42/48 | €29,071 | €46,465 | €49,019 | €77,832 | €29,617 | €29,908 | €41,149 | €54,201 | ▲ 31.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,039 | - | €20,889 | €18,969 | €16,893 | ▼ 10.9% |
| Financial debts43 | - | - | - | - | €13 | €162 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €13 | €162 | - | - | - |
| Trade debts44 | €1,437 | €20,558 | €348 | €39,469 | €26,049 | €6,765 | €4,029 | €3,023 | ▼ 25.0% |
| Suppliers440/4 | - | - | - | €39,469 | €26,049 | €6,765 | €4,029 | €3,023 | ▼ 25.0% |
| Taxes, remuneration and social security45 | - | - | - | €26,324 | €3,555 | €2,092 | €15,349 | €34,285 | ▲ 123% |
| Taxes450/3 | - | - | - | €26,324 | €3,555 | €2,092 | €15,349 | €29,847 | ▲ 94.5% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €4,438 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €2,802 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €10,677 | - | €1,898 | €4,222 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,100 | €38,440 | €63,751 | €64,137 | -€4,384 | -€23,566 | €53,084 | €70,680 | ▲ 33.1% |
| + Depreciation and write-downs630 | €2,236 | - | €1,862 | €15,102 | €20,877 | €21,447 | €21,447 | €18,593 | ▼ 13.3% |
| Operating cash flow (approximation) | €48,336 | €38,440 | €65,613 | €79,239 | €16,493 | -€2,119 | €74,531 | €89,272 | ▲ 19.8% |
| Investment in fixed assets (approximation) | - | - | - | -€112,937 | -€3,600 | €0 | €0 | €708 | - |
| Change in cash | - | -€11,399 | €16,410 | €27,943 | -€42,357 | -€24,418 | €38,078 | -€17,784 | - |
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, 34,693 companies had the same profile as BCON has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BCON 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 34,693 companies, not a prediction for BCON. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00360621 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00320594 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00303518 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00410456 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20311727 | |
| 31-12-2020 | micro format | 02-08-2021 | 2021-45300148 | |
| 31-12-2019 | micro format | 18-08-2020 | 2020-42200404 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61500004 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60800336 | |
| 31-12-2016 | micro format | 17-08-2017 | 2017-44300245 |