BDDB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 9 filings
Turnover
≈ €150,000
Estimated: probably between €110,000 and €190,000
Total assets
€126,137▼ 3.6%
2024 · €130,862
Net result
€42,440▼ 39.1%
2024 · €69,699
Working capital
-€13,027
2024 · €22,429
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€55,291
▼ 38.7%
2025
20182025
Net result
€42,440
▼ 39.1%
2025
middle half of the sector
20182025
Equity
€18,550
▼ 63.0%
2025
lowest quarter of the sector
20182025
Total assets
€126,137
▼ 3.6%
2025
middle half of the sector
20182025
Debt
€107,587
▲ 33.3%
2025
20182025
Working capital
-€13,027
2025
lowest quarter of the sector
20182025
Solvency
14.7%
▼ 23.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.87
▼ 0.49
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
33.6%
▼ 19.6pp
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€107,015-€61,118▼ 42.9%€123,966▲ 103%€64,970▼ 47.6%-€9,028€23,680€90,189▲ 281%€55,291▼ 38.7%
Net result€81,492-€46,389▼ 43.1%€95,272above the sector's middle half▲ 105%€49,954within the sector's middle half▼ 47.6%-€9,565below the sector's middle half€16,827within the sector's middle half€69,699above the sector's middle half▲ 314%€42,440within the sector's middle half▼ 39.1%
Equity€115,694-€162,082▲ 40.1%€257,354above the sector's middle half▲ 58.8%€189,660within the sector's middle half▼ 26.3%€121,272within the sector's middle half▼ 36.1%€20,452below the sector's middle half▼ 83.1%€50,151within the sector's middle half▲ 145%€18,550below the sector's middle half▼ 63.0%
Total assets€166,110-€203,430▲ 22.5%€277,402within the sector's middle half▲ 36.4%€198,921within the sector's middle half▼ 28.3%€193,722within the sector's middle half▼ 2.6%€190,534within the sector's middle half▼ 1.6%€130,862within the sector's middle half▼ 31.3%€126,137within the sector's middle half▼ 3.6%
Debt€50,416-€41,347▼ 18.0%€20,049▼ 51.5%€9,261▼ 53.8%€72,450▲ 682%€170,082▲ 135%€80,711▼ 52.5%€107,587▲ 33.3%
Working capital€87,359-€125,211▲ 43.3%€220,771above the sector's middle half▲ 76.3%€161,383above the sector's middle half▼ 26.9%€102,972within the sector's middle half▼ 36.2%-€9,166below the sector's middle half€22,429within the sector's middle half-€13,027below the sector's middle half
Solvency69.6%-79.7%▲ 10.0pp92.8%above the sector's middle half▲ 13.1pp95.3%above the sector's middle half▲ 2.6pp62.6%within the sector's middle half▼ 32.7pp10.7%below the sector's middle half▼ 51.9pp38.3%within the sector's middle half▲ 27.6pp14.7%below the sector's middle half▼ 23.6pp
Current ratio3.38-4.04▲ 0.6612.01above the sector's middle half▲ 7.9718.43above the sector's middle half▲ 6.412.42within the sector's middle half▼ 16.000.93below the sector's middle half▼ 1.491.37within the sector's middle half▲ 0.430.87below the sector's middle half▼ 0.49
Return on assets (ROA)49.1%-22.8%▼ 26.3pp34.3%above the sector's middle half▲ 11.5pp25.1%within the sector's middle half▼ 9.2pp-4.9%below the sector's middle half▼ 30.0pp8.8%within the sector's middle half▲ 13.8pp53.3%above the sector's middle half▲ 44.4pp33.6%within the sector's middle half▼ 19.6pp
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 39% lower than 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 €126,137
Fixed assets
€37,958 ▼ 19.5%
Current assets
€88,179 ▲ 5.4%
Equity and liabilities €126,137
Equity
€18,550 ▼ 63.0%
Debt
€107,587 ▲ 33.3%
Debt's share of the balance-sheet total rises from 61.7% to 85.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€68,203▼
2024 · €103,913
Cash flow
€55,351▼
2024 · €83,422
Debt to equity
5.80▲
2024 · 1.61
ROE
228.8%▲
2024 · 139.0%
Interest coverage
73.63▼
2024 · 80.53
Debt ≤ 1 year
€101,206▲
2024 · €61,271
Debt > 1 year
€6,380▼
2024 · €19,026
Income taxes
€11,926▼
2024 · €19,203
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 | €6,148 | €1,726 | €54,225 | - | €12,574 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €14,453 | €11,704 | €11,638 | €13,724 | €12,911 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,009 | €14,819 | €14,113 | €14,453 | €11,704 | €11,638 | €13,724 | €12,911 | ▼ 5.9% |
| Other operating charges640/8 | - | - | - | €1,214 | €1,878 | €1,936 | €1,682 | €1,584 | ▼ 5.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €3,867 | - |
| Gross operating margin9900 | €122,052 | €78,300 | €140,251 | €80,637 | €4,554 | €37,255 | €105,594 | €73,654 | ▼ 30.2% |
| Operating profit (loss)9901 | €107,015 | €61,118 | €123,966 | €64,970 | -€9,028 | €23,680 | €90,189 | €55,291 | ▼ 38.7% |
| Financial income75/76B | - | - | - | €9 | €13 | €13 | €3 | €0 | ▼ 93.2% |
| Recurring financial income75 | €0 | €0 | €17 | €9 | €13 | €13 | €3 | €0 | ▼ 93.2% |
| Financial charges65/66B | - | - | - | €308 | €220 | €928 | €1,290 | €926 | ▼ 28.2% |
| Recurring financial charges65 | €764 | €839 | €722 | €308 | €220 | €928 | €1,290 | €926 | ▼ 28.2% |
| Profit (loss) for the period before taxes9903 | €106,251 | €60,279 | €123,262 | €64,670 | -€9,235 | €22,765 | €88,902 | €54,365 | ▼ 38.8% |
| Income taxes67/77 | €24,759 | €13,891 | €27,990 | €14,717 | €330 | €5,938 | €19,203 | €11,926 | ▼ 37.9% |
| Profit (loss) for the period9904 | €81,492 | €46,389 | €95,272 | €49,954 | -€9,565 | €16,827 | €69,699 | €42,440 | ▼ 39.1% |
| Profit (loss) for the period to be appropriated9905 | €81,492 | €46,389 | €95,272 | €49,954 | -€9,565 | €16,827 | €69,699 | €42,440 | ▼ 39.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €166,110 | €203,430 | €277,402 | €198,921 | €193,722 | €190,534 | €130,862 | €126,137 | ▼ 3.6% |
| Fixed assets21/28 | €41,997 | €37,035 | €36,582 | €28,277 | €18,300 | €60,886 | €47,163 | €37,958 | ▼ 19.5% |
| Intangible fixed assets21 | €538 | €330 | €121 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €41,460 | €36,706 | €36,461 | €28,277 | €18,300 | €60,886 | €47,163 | €37,958 | ▼ 19.5% |
| Furniture and vehicles24 | - | - | - | €14,390 | €6,085 | €50,346 | €38,295 | €28,485 | ▼ 25.6% |
| Other tangible fixed assets26 | - | - | - | €13,887 | €12,214 | €10,541 | €8,867 | €9,473 | ▲ 6.8% |
| Current assets29/58 | €124,112 | €166,394 | €240,820 | €170,644 | €175,422 | €129,648 | €83,700 | €88,179 | ▲ 5.4% |
| Amounts receivable within one year40/41 | €11,289 | €70,342 | €60,289 | €26,493 | €34,143 | €29,455 | €12,643 | €44,395 | ▲ 251% |
| Trade receivables40 | - | - | - | €24,445 | €18,606 | €29,455 | €12,196 | €38,373 | ▲ 215% |
| Other amounts receivable41 | - | - | - | €2,048 | €15,537 | €0 | €447 | €6,021 | ▲ 13× |
| Cash at bank and in hand54/58 | €111,549 | €94,874 | €179,408 | €142,439 | €139,378 | €98,934 | €69,005 | €43,785 | ▼ 36.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,713 | €1,901 | €1,258 | €2,052 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €166,110 | €203,430 | €277,402 | €198,921 | €193,722 | €190,534 | €130,862 | €126,137 | ▼ 3.6% |
| Equity10/15 | €115,694 | €162,082 | €257,354 | €189,660 | €121,272 | €20,452 | €50,151 | €18,550 | ▼ 63.0% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €97,144 | €143,532 | €238,804 | €171,110 | €102,722 | €1,902 | €31,601 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €169,255 | €102,722 | €1,902 | €31,601 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €50,416 | €41,347 | €20,049 | €9,261 | €72,450 | €170,082 | €80,711 | €107,587 | ▲ 33.3% |
| Amounts payable after more than one year17 | €13,500 | €0 | - | - | - | €31,268 | €19,026 | €6,380 | ▼ 66.5% |
| Financial debts170/4 | - | - | - | - | - | €31,268 | €19,026 | €6,380 | ▼ 66.5% |
| Amounts payable within one year42/48 | €36,754 | €41,184 | €20,049 | €9,261 | €72,450 | €138,814 | €61,271 | €101,206 | ▲ 65.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €11,851 | €12,242 | €12,646 | ▲ 3.3% |
| Trade debts44 | €4,674 | €3,288 | €4,146 | €1,105 | €8,215 | €3,146 | €1,726 | €862 | ▼ 50.0% |
| Suppliers440/4 | - | - | - | €1,105 | €8,215 | €3,146 | €1,726 | €862 | ▼ 50.0% |
| Taxes, remuneration and social security45 | - | - | - | €6,590 | €21 | €1,229 | €5,558 | €12,146 | ▲ 119% |
| Taxes450/3 | - | - | - | €6,590 | €21 | €1,229 | €5,558 | €12,146 | ▲ 119% |
| Other amounts payable47/48 | - | - | - | €1,567 | €64,214 | €122,587 | €41,745 | €75,552 | ▲ 81.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €414 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €81,492 | €46,389 | €95,272 | €49,954 | -€9,565 | €16,827 | €69,699 | €42,440 | ▼ 39.1% |
| + Depreciation and write-downs630 | €14,009 | €14,819 | €14,113 | €14,453 | €11,704 | €11,638 | €13,724 | €12,911 | ▼ 5.9% |
| Operating cash flow (approximation) | €95,501 | €61,208 | €109,385 | €64,407 | €2,139 | €28,465 | €83,422 | €55,351 | ▼ 33.7% |
| Investment in fixed assets (approximation) | - | -€9,857 | -€13,660 | -€6,148 | -€1,726 | -€54,225 | €0 | -€3,706 | - |
| Change in cash | - | -€16,674 | €84,534 | -€36,969 | -€3,061 | -€40,444 | -€29,929 | -€25,221 | ▲ 15.7% |
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, 5,053 companies had the same profile as BDDB has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BDDB itself: 0.3% 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 5,053 companies, not a prediction for BDDB. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00192324 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00515080 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00162717 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00179236 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20105948 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24600514 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-28600598 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34800324 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-22600129 |