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BDGRO

Active
Private limited company (pre-2019)founded 2018active for 7 yearsGravestraat 12A, 8750 Wingene, BelgiumKBO/BCE: BE 0716.693.012

Financials · financial year 2025, abbreviated format

2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00382912.

Annual accounts 2025 filed on 05-08-2026 at the NBB all 7 filings

Turnover
≈ €1.7m
Estimated: probably between €1.4m and €2.4m
Total assets
€952,776▲ 48.8%
2024 · €640,138
Net result
€107,453▲ 476%
2024 · €18,664
Working capital
€81,934
2024 · -€2,419
Trend over the years

2021 to 2025, 5 financial years 2019 to 2025, 7 financial years

The operating result for 2025 is 74% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.

Operating result€185,668 2025 Net result€107,453 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Operating result€90,850-€27,792▼ 69.4%€50,697▲ 82.4%€60,367▲ 19.1%€114,479▲ 89.6%€106,593▼ 6.9%€185,668▲ 74.2%
Net result€65,475-€16,042within the sector's middle half▼ 75.5%€15,274within the sector's middle half▼ 4.8%€44,985within the sector's middle half▲ 195%€69,512within the sector's middle half▲ 54.5%€18,664within the sector's middle half▼ 73.2%€107,453above the sector's middle half▲ 476%
Equity€84,075-€100,117within the sector's middle half▲ 19.1%€115,391within the sector's middle half▲ 15.3%€160,376within the sector's middle half▲ 39.0%€229,887within the sector's middle half▲ 43.3%€248,271within the sector's middle half▲ 8.0%€355,130within the sector's middle half▲ 43.0%
Total assets€370,294-€466,431within the sector's middle half▲ 26.0%€420,739within the sector's middle half▼ 9.8%€422,595below the sector's middle half▲ 0.4%€699,276within the sector's middle half▲ 65.5%€640,138within the sector's middle half▼ 8.5%€952,776within the sector's middle half▲ 48.8%
Debt€286,219-€366,314▲ 28.0%€305,348▼ 16.6%€262,220▼ 14.1%€469,389▲ 79.0%€391,867▼ 16.5%€597,647▲ 52.5%
Working capital€44,861-€44,861within the sector's middle half=€54,905within the sector's middle half▲ 22.4%€49,890within the sector's middle half▼ 9.1%€13,578below the sector's middle half▼ 72.8%-€2,419below the sector's middle half€81,934within the sector's middle half
Solvency22.7%-21.5%within the sector's middle half▼ 1.2pp27.4%within the sector's middle half▲ 6.0pp38.0%within the sector's middle half▲ 10.5pp32.9%within the sector's middle half▼ 5.1pp38.8%within the sector's middle half▲ 5.9pp37.3%within the sector's middle half▼ 1.5pp
Current ratio1.42-1.26within the sector's middle half▼ 0.171.32within the sector's middle half▲ 0.061.38within the sector's middle half▲ 0.061.07below the sector's middle half▼ 0.310.99below the sector's middle half▼ 0.081.21within the sector's middle half▲ 0.22
Return on assets (ROA)17.7%-3.4%within the sector's middle half▼ 14.2pp3.6%within the sector's middle half▲ 0.2pp10.6%within the sector's middle half▲ 7.0pp9.9%within the sector's middle half▼ 0.7pp2.9%within the sector's middle half▼ 7.0pp11.3%within the sector's middle half▲ 8.4pp
Staff (FTE)1.3below the sector's middle half3.2within the sector's middle half▲ 146%3.8within the sector's middle half▲ 18.8%
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.
Turnover and EBIT margin are not published. The abbreviated or 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 €952,776
Fixed assets €487,462 ▲ 19.4%
Current assets €465,314 ▲ 101%
Equity and liabilities €952,776
Equity €355,130 ▲ 43.0%
Debt €597,647 ▲ 52.5%
Debt's share of the balance-sheet total rises from 61.2% to 62.7%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€331,040▲
2024 · €258,224
Cash flow
€252,825▲
2024 · €170,294
Debt to equity
1.68▲
2024 · 1.58
ROE
30.3%▲
2024 · 7.5%
Interest coverage
10.16▲
2024 · 3.35
Debt ≤ 1 year
€383,381▲
2024 · €234,273
Debt > 1 year
€214,266▲
2024 · €157,594
Income taxes
€46,279▲
2024 · €11,243
Staff costs
€259,128▲
2024 · €196,874
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Comparable companies

These companies have the same main activity as BDGRO: site preparation (NACE 43120). They are comparable in size and age: total assets between €1m and €1.6m, founded between 2017 and 2020.

CompanyFoundedTotal assetsEquityGross marginNet resultFTEFinancial year
BDGRO Wingene2018€1.0m€0.4m€0.6m€0.1m3.82025
HAXHE Sprimont2019€1.0m€0.7m€0.6m€0.09m52025
Mathibo Meerhout2017€1.0m€0.1m€0.5m€0.007m4.62025
MARICHAL TERRASSEMENT Waimes2018€1.0m€0.4m€0.5m€0.1m2.62025
PHENIX INFRA Tubize2018€1.3m€0.2m€0.5m€0.2m3.32025
Caubergs Grond- & Afbraakwerken Houthalen-Helchteren2020€1.2m€0.5m€0.5m€0.1m32025
AGRABO Geraardsbergen2019€1.6m€0.5m€0.6m€0.1m3.42025

They were chosen from the 3,177 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 26,972 companies had the same profile as BDGRO has now. Two years later, 1.6% had gone bankrupt and 94.9% were still going.

  • Micro
  • 5 to 10 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
1.6% went bankrupt
3.4% stopped otherwise
94.9% was still going

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of BDGRO itself: 0.8% within 12 months.

Test of the method

The method was tested on the 497,445 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 BDGRO. 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.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines

Source: Annual accounts 2025 at the NBB, filed on 05-08-2026.

Balance sheet Code20242025
Assets
Total assets20/58€640,138€952,776▲
Fixed assets21/28€408,285€487,462▲
Tangible fixed assets22/27€408,150€487,327▲
Plant, machinery and equipment23€118,089€182,619▲
Furniture and vehicles24€290,060€304,708▲
Leasing and similar rights25€0-
Financial fixed assets28€135€135=
Current assets29/58€231,854€465,314▲
Amounts receivable within one year40/41€141,338€303,189▲
Trade receivables40€108,751€294,037▲
Other amounts receivable41€32,587€9,152▼
Cash at bank and in hand54/58€90,516€162,125▲
Equity and liabilities
Total equity and liabilities10/49€640,138€952,776▲
Equity10/15€248,271€355,130▲
Contributions10/11€18,600€18,600=
Reserves13€229,671€336,530▲
Non-distributable reserves130/1€1,860€1,860=
Reserves not available under the articles1311€0-
Other1319€1,860€1,860=
Distributable reserves133€227,811€334,670▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€391,867€597,647▲
Amounts payable after more than one year17€157,594€214,266▲
Financial debts170/4€157,594€214,266▲
Amounts payable within one year42/48€234,273€383,381▲
Current portion of amounts payable after more than one year42€105,600€115,033▲
Trade debts44€65,555€173,904▲
Suppliers440/4€65,555€173,904▲
Advances received on contracts in progress46-€23,984
Taxes, remuneration and social security45€50,291€57,364▲
Taxes450/3€39,490€38,554▼
Remuneration and social security454/9€10,800€18,810▲
Other amounts payable47/48€12,826€13,096▲
Income statement Code20242025
Non-recurring operating income76A-€83,258
Remuneration, social security and pensions62€196,874€259,128▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€151,631€145,372▼
Other operating charges640/8€4,973€4,302▼
Non-recurring operating charges66A-€33,877
Gross operating margin9900€460,071€628,347▲
Operating profit (loss)9901€106,593€185,668▲
Financial income75/76B€470€655▲
Recurring financial income75€470€655▲
Financial charges65/66B€77,157€32,591▼
Recurring financial charges65€77,157€32,591▼
Profit (loss) for the period before taxes9903€29,907€153,732▲
Income taxes67/77€11,243€46,279▲
Profit (loss) for the period9904€18,664€107,453▲
Profit (loss) for the period to be appropriated9905€18,664€107,453▲
Appropriation of the result
Profit (loss) to be appropriated9906€18,664€106,858▲
Profit (loss) brought forward from the previous period14P--€595
Transfer to equity691/2€18,384€106,858▲
To the legal reserve6920€0-
To other reserves6921€18,384€106,858▲
Profit to be distributed694/7€279€0▼
Other beneficiaries697€279€0▼
Social balance sheet
Average headcount (FTE)90873.23.8▲

The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line2019202020212022202320242025Change
Non-recurring operating income76A------€83,258-
Remuneration, social security and pensions62--€1,205€1,009€50,700€196,874€259,128▲ 31.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€51,238€70,271€81,255€76,153€127,577€151,631€145,372▼ 4.1%
Other operating charges640/8--€3,012€5,058€5,206€4,973€4,302▼ 13.5%
Non-recurring operating charges66A------€33,877-
Gross operating margin9900€144,555€103,067€136,170€142,588€297,962€460,071€628,347▲ 36.6%
Operating profit (loss)9901€90,850€27,792€50,697€60,367€114,479€106,593€185,668▲ 74.2%
Financial income75/76B--€728€2,202€17,159€470€655▲ 39.3%
Recurring financial income75€3,062€1,796€728€2,202€17,159€470€655▲ 39.3%
Financial charges65/66B--€8,845€18,356€34,608€77,157€32,591▼ 57.8%
Recurring financial charges65€16,291€10,435€8,845€18,356€34,608€77,157€32,591▼ 57.8%
Profit (loss) for the period before taxes9903€77,622€19,153€42,580€44,212€97,030€29,907€153,732▲ 414%
Income taxes67/77€12,147€3,111€27,306-€772€27,518€11,243€46,279▲ 312%
Profit (loss) for the period9904€65,475€16,042€15,274€44,985€69,512€18,664€107,453▲ 476%
Profit (loss) for the period to be appropriated9905€65,475€16,042€15,274€44,985€69,512€18,664€107,453▲ 476%
Line2019202020212022202320242025Change
Assets
Total assets20/58€370,294€466,431€420,739€422,595€699,276€640,138€952,776▲ 48.8%
Fixed assets21/28€219,466€246,945€193,690€242,662€496,415€408,285€487,462▲ 19.4%
Tangible fixed assets22/27€219,331€246,810€193,555€242,527€496,280€408,150€487,327▲ 19.4%
Plant, machinery and equipment23--€49,369€27,867€30,165€118,089€182,619▲ 54.6%
Furniture and vehicles24--€33,166€32,239€336,855€290,060€304,708▲ 5.0%
Leasing and similar rights25--€111,020€182,421€129,261€0--
Financial fixed assets28€135€135€135€135€135€135€135=
Current assets29/58€150,828€219,486€227,049€179,933€202,861€231,854€465,314▲ 101%
Amounts receivable within one year40/41€78,211€147,458€193,434€105,427€149,743€141,338€303,189▲ 115%
Trade receivables40--€175,514€74,742€124,769€108,751€294,037▲ 170%
Other amounts receivable41--€17,919€30,684€24,973€32,587€9,152▼ 71.9%
Cash at bank and in hand54/58€72,617€72,028€33,615€74,506€53,118€90,516€162,125▲ 79.1%
Equity and liabilities
Total equity and liabilities10/49€370,294€466,431€420,739€422,595€699,276€640,138€952,776▲ 48.8%
Equity10/15€84,075€100,117€115,391€160,376€229,887€248,271€355,130▲ 43.0%
Contributions10/11€18,600-€18,600€18,600€18,600€18,600€18,600=
Reserves13€65,475€81,517€96,791€141,776€211,287€229,671€336,530▲ 46.5%
Non-distributable reserves130/1--€1,860€1,860€1,860€1,860€1,860=
Reserves not available under the articles1311--€1,860€1,860€1,860€0--
Other1319-----€1,860€1,860=
Distributable reserves133--€94,931€139,916€209,427€227,811€334,670▲ 46.9%
Profit (loss) carried forward14-----€0€0-
Amounts payable17/49€286,219€366,314€305,348€262,220€469,389€391,867€597,647▲ 52.5%
Amounts payable after more than one year17€180,251€191,689€133,204€132,176€280,106€157,594€214,266▲ 36.0%
Financial debts170/4--€133,204€132,176€280,106€157,594€214,266▲ 36.0%
Amounts payable within one year42/48€105,967€174,625€172,144€130,043€189,283€234,273€383,381▲ 63.6%
Current portion of amounts payable after more than one year42--€54,957€56,027€97,715€105,600€115,033▲ 8.9%
Trade debts44€46,455€78,042€73,570€35,697€45,306€65,555€173,904▲ 165%
Suppliers440/4--€73,570€35,697€45,306€65,555€173,904▲ 165%
Advances received on contracts in progress46------€23,984-
Taxes, remuneration and social security45--€41,431€24,195€39,682€50,291€57,364▲ 14.1%
Taxes450/3--€34,738€24,195€38,833€39,490€38,554▼ 2.4%
Remuneration and social security454/9--€6,692€0€850€10,800€18,810▲ 74.2%
Other amounts payable47/48--€2,187€14,124€6,580€12,826€13,096▲ 2.1%
Line2019202020212022202320242025Change
Profit (loss) for the period9904€65,475€16,042€15,274€44,985€69,512€18,664€107,453▲ 476%
+ Depreciation and write-downs630€51,238€70,271€81,255€76,153€127,577€151,631€145,372▼ 4.1%
Operating cash flow (approximation)€116,713€86,313€96,529€121,138€197,089€170,294€252,825▲ 48.5%
Investment in fixed assets (approximation)--€97,750-€28,000-€125,126-€381,330-€63,500-€224,549▼ 254%
Change in cash--€590-€38,413€40,892-€21,388€37,397€71,610▲ 91.5%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (7)
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 05-08-2026 2026-00382912 NBB
31-12-2024 abbreviated format 23-09-2025 2025-00498860 PDF
31-12-2023 abbreviated format 10-09-2024 2024-00457853 PDF
31-12-2022 abbreviated format 21-09-2023 2023-00455660 PDF
31-12-2021 abbreviated format 30-08-2022 2022-20420249 PDF
31-12-2020 abbreviated format 31-08-2021 2021-60900121 PDF
31-12-2019 micro format 26-02-2021 2021-06200084 PDF

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