BCVO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-05-2026 PDF all 24 filings
Turnover
€1,500▼ 91.7%
2022 · €18,046
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€38,019▲ 145%
2024 · €15,537
Working capital
-€490,357▲ 59.8%
2024 · -€1.2m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€68,295
▼ 14.3%
2025
20182025
Net result
€38,019
▲ 145%
2025
middle half of the sector
20182025
Equity
€1.2m
▼ 49.4%
2025
middle half of the sector
20182025
Total assets
€3.5m
▼ 39.8%
2025
middle half of the sector
20182025
Debt
€2.3m
▼ 33.3%
2025
20182025
Working capital
-€490,357
▲ 59.8%
2025
lowest quarter of the sector
20182025
Solvency
34.0%
▼ 6.4pp
2025
middle half of the sector
20182025
Current ratio
0.61
▲ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
1.1%
▲ 0.8pp
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
Turnover€0.1m€0.02m▼ 86.2%€0.002m▼ 91.7%
Operating result€0.07m-€0.02m▼ 78.3%€326▼ 97.9%-€0.02m€0.06m€0.09m▲ 54.0%€0.08m▼ 11.1%€0.07m▼ 14.3%
Net result€0.3m-€0.7m▲ 146%-€0.02mbelow the sector's middle half€0.02mwithin the sector's middle half€0.05mwithin the sector's middle half▲ 137%€0.03mwithin the sector's middle half▼ 44.1%€0.02mwithin the sector's middle half▼ 46.9%€0.04mwithin the sector's middle half▲ 145%
Equity€1.5m-€2.3m▲ 49.0%€2.2mabove the sector's middle half▼ 0.8%€2.3mwithin the sector's middle half▲ 1.0%€2.3mwithin the sector's middle half▲ 2.3%€2.3mwithin the sector's middle half▲ 1.3%€2.4mwithin the sector's middle half▲ 0.7%€1.2mwithin the sector's middle half▼ 49.4%
Total assets€3.9m-€4.5m▲ 16.8%€4.3mabove the sector's middle half▼ 5.2%€4.5mwithin the sector's middle half▲ 4.7%€5.2mwithin the sector's middle half▲ 15.4%€5.9mwithin the sector's middle half▲ 13.4%€5.8mwithin the sector's middle half▼ 1.1%€3.5mwithin the sector's middle half▼ 39.8%
Debt€2.4m-€2.3m▼ 3.6%€2.1m▼ 9.6%€2.2m▲ 8.8%€2.9m▲ 28.4%€3.5m▲ 23.1%€3.5m▼ 2.2%€2.3m▼ 33.3%
Working capital-€1.1m--€0.3m▲ 75.2%-€0.4mbelow the sector's middle half▼ 35.3%€0.1mwithin the sector's middle half-€0.1mbelow the sector's middle half-€1.0mbelow the sector's middle half▼ 662%-€1.2mbelow the sector's middle half▼ 17.1%-€0.5mbelow the sector's middle half▲ 59.8%
Solvency38.9%-49.6%▲ 10.7pp52.0%within the sector's middle half▲ 2.3pp50.1%within the sector's middle half▼ 1.8pp44.5%within the sector's middle half▼ 5.7pp39.7%within the sector's middle half▼ 4.8pp40.4%within the sector's middle half▲ 0.7pp34.0%within the sector's middle half▼ 6.4pp
Current ratio0.49-0.87▲ 0.380.80within the sector's middle half▼ 0.071.08within the sector's middle half▲ 0.280.91within the sector's middle half▼ 0.170.54below the sector's middle half▼ 0.370.48below the sector's middle half▼ 0.060.61within the sector's middle half▲ 0.13
Return on assets (ROA)7.8%-16.3%▲ 8.6pp-0.4%below the sector's middle half▼ 16.7pp0.5%within the sector's middle half▲ 0.9pp1.0%within the sector's middle half▲ 0.5pp0.5%within the sector's middle half▼ 0.5pp0.3%within the sector's middle half▼ 0.2pp1.1%within the sector's middle half▲ 0.8pp
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 14% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€2.7m ▼ 41.9%
Current assets
€774,155 ▼ 31.1%
Equity and liabilities €3.5m
Equity
€1.2m ▼ 49.4%
Debt
€2.3m ▼ 33.3%
Debt's share of the balance-sheet total rises from 59.6% to 66.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€137,109▼
2024 · €151,177
Cash flow
€106,833▲
2024 · €87,032
Debt to equity
1.94▲
2024 · 1.47
ROE
3.2%▲
2024 · 0.7%
Interest coverage
3.63▼
2024 · 3.73
Debt ≤ 1 year
€1.3m▼
2024 · €2.3m
Debt > 1 year
€1.0m▼
2024 · €1.1m
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €291,992 | €706,927 | €1.3m | €1.2m | €1.1m |
| Mortgages, amount registered | €137,500 | €165,000 | €165,000 | €165,000 | €165,000 |
| Mortgage mandates | €77,000 | €599,500 | €1.4m | €1.4m | €1.4m |
| Carrying value of the mortgaged assets | €221,125 | €888,797 | €1.7m | €1.7m | €1.7m |
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 | €5,371 | €701,884 | €811,528 | €93,110 | €18,918 |
| Financial fixed assets | €273,500 | - | €375,000 | - | €3,067 |
| Depreciation and write-downs of the year | €45,247 | €44,655 | €47,659 | €71,495 | €68,814 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €181,448 | €165,954 | €200,661 | €233,558 | €236,205 | ▲ 1.1% |
| Turnover70 | - | - | - | €131,028 | €18,046 | €1,500 | - | - | - |
| Other operating income74 | - | - | - | €50,420 | €106,381 | €156,069 | €233,558 | €236,205 | ▲ 1.1% |
| Non-recurring operating income76A | - | - | - | - | €41,526 | €43,092 | - | - | - |
| Operating charges60/66A | - | - | - | €198,079 | €107,740 | €111,014 | €153,876 | €167,910 | ▲ 9.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €51,567 | €45 | - | - | - | - |
| Purchases600/8 | - | - | - | €51,567 | €45 | - | - | - | - |
| Services and other goods61 | - | - | - | €93,513 | €54,435 | €54,554 | €73,109 | €88,992 | ▲ 21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,116 | €36,207 | €47,557 | €45,247 | €44,655 | €47,659 | €71,495 | €68,814 | ▼ 3.8% |
| Other operating charges640/8 | - | - | - | €7,753 | €8,606 | €8,801 | €9,271 | €10,104 | ▲ 9.0% |
| Gross operating margin9900 | €106,995 | €76,376 | €52,363 | - | - | - | - | - | - |
| Operating profit (loss)9901 | €72,825 | €15,832 | €326 | -€16,631 | €58,214 | €89,648 | €79,682 | €68,295 | ▼ 14.3% |
| Financial income75/76B | - | - | - | €109,638 | €79,151 | €69,732 | €52,373 | €41,719 | ▼ 20.3% |
| Recurring financial income75 | €348,748 | €856,390 | €52,184 | €109,638 | €79,151 | €69,732 | €52,373 | €41,719 | ▼ 20.3% |
| Income from financial fixed assets750 | - | - | - | €59,200 | - | - | - | - | - |
| Income from current assets751 | - | - | - | €50,438 | €79,150 | €69,732 | €52,373 | €41,719 | ▼ 20.3% |
| Other financial income752/9 | - | - | - | - | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €70,872 | €80,663 | €130,098 | €116,518 | €71,996 | ▼ 38.2% |
| Recurring financial charges65 | €117,107 | €132,083 | €69,961 | €70,872 | €80,663 | €130,098 | €116,518 | €71,996 | ▼ 38.2% |
| Debt charges650 | - | - | - | - | €7,736 | €15,279 | €40,514 | €37,780 | ▼ 6.7% |
| Other financial charges652/9 | - | - | - | €70,872 | €72,927 | €114,819 | €76,004 | €34,215 | ▼ 55.0% |
| Profit (loss) for the period before taxes9903 | €304,466 | €740,140 | -€17,451 | €22,134 | €56,702 | €29,281 | €15,537 | €38,019 | ▲ 145% |
| Income taxes67/77 | €3,579 | - | - | - | €4,289 | - | - | - | - |
| Taxes670/3 | - | - | - | - | €4,289 | - | - | - | - |
| Profit (loss) for the period9904 | €300,887 | €740,140 | -€17,451 | €22,134 | €52,413 | €29,281 | €15,537 | €38,019 | ▲ 145% |
| Profit (loss) for the period to be appropriated9905 | €300,887 | €740,140 | -€17,451 | €22,134 | €52,413 | €29,281 | €15,537 | €38,019 | ▲ 145% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.9m | €4.5m | €4.3m | €4.5m | €5.2m | €5.9m | €5.8m | €3.5m | ▼ 39.8% |
| Fixed assets21/28 | €2.9m | €2.8m | €2.9m | €3.1m | €3.8m | €4.7m | €4.7m | €2.7m | ▼ 41.9% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.7m | €0.7m | €1.4m | €2.1m | €2.2m | €2.1m | ▼ 2.3% |
| Land and buildings22 | - | - | - | €0.6m | €1.3m | €2.0m | €2.1m | €2.0m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.004m | €0.003m | €0.002m | €337 | ▼ 78.5% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Financial fixed assets28 | €2.2m | €2.2m | €2.2m | €2.4m | €2.4m | €2.5m | €2.5m | €0.6m | ▼ 75.5% |
| Affiliated companies280/1 | - | - | - | €2.4m | €2.4m | €2.5m | €2.5m | €0.6m | ▼ 75.5% |
| Participating interests280 | - | - | - | €2.4m | €2.4m | €2.5m | €2.5m | €0.6m | ▼ 75.5% |
| Current assets29/58 | €1.0m | €1.7m | €1.4m | €1.4m | €1.4m | €1.2m | €1.1m | €0.8m | ▼ 31.1% |
| Amounts receivable within one year40/41 | €1.0m | €1.7m | €1.4m | €1.4m | €1.4m | €1.2m | €1.1m | €0.8m | ▼ 32.0% |
| Trade receivables40 | - | - | - | €0.05m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 0.7% |
| Other amounts receivable41 | - | - | - | €1.3m | €1.3m | €1.2m | €1.1m | €0.7m | ▼ 32.6% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.03m | €0.03m | €0.02m | €0.007m | €0.005m | €0.02m | ▲ 245% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.001m | €0.009m | €0.006m | €0.002m | ▼ 75.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.9m | €4.5m | €4.3m | €4.5m | €5.2m | €5.9m | €5.8m | €3.5m | ▼ 39.8% |
| Equity10/15 | €1.5m | €2.3m | €2.2m | €2.3m | €2.3m | €2.3m | €2.4m | €1.2m | ▼ 49.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.4m | €2.2m | €2.2m | €2.2m | €2.2m | €2.3m | €2.3m | €1.1m | ▼ 50.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.005m | ▼ 18.8% |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.005m | ▼ 18.8% |
| Distributable reserves133 | - | - | - | €2.2m | €2.2m | €2.3m | €2.3m | €1.1m | ▼ 50.9% |
| Profit (loss) carried forward14 | €0.003m | €0.003m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €2.4m | €2.3m | €2.1m | €2.2m | €2.9m | €3.5m | €3.5m | €2.3m | ▼ 33.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.9m | €1.3m | €1.2m | €1.1m | €1.0m | ▼ 9.1% |
| Financial debts170/4 | - | - | - | €0.2m | €0.6m | €1.2m | €1.1m | €1.0m | ▼ 9.1% |
| Credit institutions173 | - | - | - | €0.2m | €0.6m | €1.2m | €1.1m | €1.0m | ▼ 9.1% |
| Other amounts payable178/9 | - | - | - | €0.7m | €0.7m | - | - | - | - |
| Amounts payable within one year42/48 | €2.1m | €2.0m | €1.8m | €1.3m | €1.5m | €2.2m | €2.3m | €1.3m | ▼ 46.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 2.8% |
| Financial debts43 | - | - | - | €0.06m | €0.1m | €0.9m | €0.9m | €0.9m | ▼ 6.0% |
| Other loans439 | - | - | - | €0.06m | €0.1m | €0.9m | €0.9m | €0.9m | ▼ 6.0% |
| Trade debts44 | €0.1m | €0.05m | €0.06m | €0.02m | €0.02m | €0.006m | €0.02m | €0.004m | ▼ 83.0% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.006m | €0.02m | €0.004m | ▼ 83.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.04m | €0.03m | €0.01m | ▼ 49.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.04m | €0.03m | €0.01m | ▼ 49.3% |
| Other amounts payable47/48 | - | - | - | €1.1m | €1.3m | €1.2m | €1.3m | €0.3m | ▼ 79.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.04m | €0.07m | €119 | €0.02m | ▲ 203× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.7m | -€0.02m | €0.02m | €0.05m | €0.03m | €0.02m | €0.04m | ▲ 145% |
| + Depreciation and write-downs630 | €0.03m | €0.04m | €0.05m | €0.05m | €0.04m | €0.05m | €0.07m | €0.07m | ▼ 3.8% |
| Operating cash flow (approximation) | €0.3m | €0.8m | €0.03m | €0.07m | €0.1m | €0.08m | €0.09m | €0.1m | ▲ 22.8% |
| Investment in fixed assets (approximation) | - | €0.02m | -€0.1m | -€0.3m | -€0.7m | -€0.9m | -€0.09m | €1.9m | - |
| Change in cash | - | €0.007m | -€0.007m | -€0.005m | -€0.006m | -€0.01m | -€0.003m | €0.01m | - |
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, 14,766 companies had the same profile as BCVO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BCVO 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 14,766 companies, not a prediction for BCVO. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-05-2026 | 2026-00118217 | |
| 31-12-2024 | full format | 21-05-2025 | 2025-00100886 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00394779 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00172927 | |
| 31-12-2021 | full format | 30-05-2022 | 2022-20037383 | |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-40500282 | |
| 31-12-2019 | abbreviated format | 21-08-2020 | 2020-42800402 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-37900410 | |
| 31-12-2017 | full format | 18-06-2018 | 2018-20000260 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-32500442 |