BdN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-06-2026 PDF all 6 filings
Turnover
≈ €180,000
Estimated: probably between €120,000 and €320,000
Total assets
€689,168▲ 124%
2024 · €307,882
Net result
€253,539▲ 841%
2024 · €26,953
Working capital
-€174,768▼ 358%
2024 · -€38,134
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€33,752
▼ 32.3%
2025
20202025
Net result
€253,539
▲ 841%
2025
20202025
Equity
€195,509
▲ 228%
2025
20202025
Total assets
€689,168
▲ 124%
2025
20202025
Debt
€493,659
▲ 98.8%
2025
20202025
Working capital
-€174,768
▼ 358%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€13,715-€24,807▲ 80.9%€13,709▼ 44.7%€25,893▲ 88.9%€49,855▲ 92.5%€33,752▼ 32.3%
Net result€9,547-€10,887▲ 14.0%€3,840▼ 64.7%€9,723▲ 153%€26,953▲ 177%€253,539▲ 841%
Equity€11,547-€22,434▲ 94.3%€26,273▲ 17.1%€32,664▲ 24.3%€59,617▲ 82.5%€195,509▲ 228%
Total assets€53,623-€256,950▲ 379%€338,393▲ 31.7%€309,814▼ 8.4%€307,882▼ 0.6%€689,168▲ 124%
Debt€42,076-€234,516▲ 457%€312,120▲ 33.1%€277,150▼ 11.2%€248,265▼ 10.4%€493,659▲ 98.8%
Working capital€14,914--€17,099-€37,799▼ 121%-€61,294▼ 62.2%-€38,134▲ 37.8%-€174,768▼ 358%
The operating result for 2025 is 32% lower than in 2024.
Large changes and their cause
- 2025 Net result +841% on 2024. The accounts now follow the micro format, last year the abbreviated format.
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 €689,168
Fixed assets
€644,488 ▲ 128%
Current assets
€44,680 ▲ 74.3%
Equity and liabilities €689,168
Equity
€195,509 ▲ 228%
Debt
€493,659 ▲ 98.8%
Debt's share of the balance-sheet total falls from 80.6% to 71.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€59,591▼
2024 · €64,781
Cash flow
€279,377▲
2024 · €41,879
Current ratio
0.20▼
2024 · 0.40
Debt to equity
2.52▼
2024 · 4.16
ROE
129.7%▲
2024 · 45.2%
ROA
36.8%▲
2024 · 8.8%
Interest coverage
6.96▼
2024 · 7.56
Debt ≤ 1 year
€219,448▲
2024 · €63,775
Debt > 1 year
€274,211▲
2024 · €183,707
Income taxes
€14,227▼
2024 · €14,340
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 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | - | - | €294,900 |
| Carrying value of the other pledged assets | - | - | - | - | €640,832 |
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 | €1,345 | €240 | €98,803 | €1,692 | €2,982 |
| Intangible fixed assets | - | - | - | - | €617,034 |
| Financial fixed assets | €205,000 | €93,373 | - | - | - |
| Depreciation and write-downs of the year | €465 | €724 | €8,243 | €14,926 | €25,838 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €10,388 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €83 | €465 | €724 | €8,243 | €14,926 | €25,838 | ▲ 73.1% |
| Other operating charges640/8 | - | €899 | €675 | €846 | €1,137 | €1,308 | ▲ 15.1% |
| Non-recurring operating charges66A | - | - | €4,367 | €1,809 | €343 | - | - |
| Gross operating margin9900 | €13,934 | €26,172 | €19,475 | €36,790 | €66,260 | €60,899 | ▼ 8.1% |
| Operating profit (loss)9901 | €13,715 | €24,807 | €13,709 | €25,893 | €49,855 | €33,752 | ▼ 32.3% |
| Financial income75/76B | - | €135 | €366 | €9 | €8 | €242,578 | ▲ 31,960× |
| Recurring financial income75 | - | €135 | €366 | €9 | €8 | €1,780 | ▲ 235× |
| Non-recurring financial income76B | - | - | - | - | - | €240,798 | - |
| Financial charges65/66B | - | €7,254 | €4,364 | €6,352 | €8,570 | €8,565 | ▼ 0.1% |
| Recurring financial charges65 | €1,128 | €7,254 | €4,364 | €6,352 | €8,570 | €8,565 | ▼ 0.1% |
| Profit (loss) for the period before taxes9903 | €12,587 | €17,689 | €9,711 | €19,549 | €41,293 | €267,766 | ▲ 548% |
| Income taxes67/77 | €3,040 | €6,802 | €5,871 | €9,826 | €14,340 | €14,227 | ▼ 0.8% |
| Profit (loss) for the period9904 | €9,547 | €10,887 | €3,840 | €9,723 | €26,953 | €253,539 | ▲ 841% |
| Profit (loss) for the period to be appropriated9905 | €9,547 | €10,887 | €3,840 | €9,723 | €26,953 | €253,539 | ▲ 841% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €53,623 | €256,950 | €338,393 | €309,814 | €307,882 | €689,168 | ▲ 124% |
| Fixed assets21/28 | €27,864 | €233,743 | €233,260 | €295,817 | €282,241 | €644,488 | ▲ 128% |
| Intangible fixed assets21 | - | - | - | - | - | €606,553 | - |
| Tangible fixed assets22/27 | €934 | €1,813 | €1,330 | €63,887 | €50,311 | €37,935 | ▼ 24.6% |
| Plant, machinery and equipment23 | - | €1,551 | €998 | €526 | €311 | €96 | ▼ 69.2% |
| Furniture and vehicles24 | - | €262 | €332 | €63,361 | €50,000 | €37,839 | ▼ 24.3% |
| Financial fixed assets28 | €26,930 | €231,930 | €231,930 | €231,930 | €231,930 | - | - |
| Current assets29/58 | €25,759 | €23,206 | €105,133 | €13,997 | €25,641 | €44,680 | ▲ 74.3% |
| Amounts receivable within one year40/41 | €24,426 | €19,811 | €104,922 | €12,644 | €24,246 | €41,881 | ▲ 72.7% |
| Trade receivables40 | - | €12,655 | €12,200 | €12,644 | €13,021 | €85 | ▼ 99.3% |
| Other amounts receivable41 | - | €7,155 | €92,722 | - | €11,225 | €41,796 | ▲ 272% |
| Cash at bank and in hand54/58 | €1,334 | €3,081 | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | €314 | €212 | €1,353 | €1,395 | €2,799 | ▲ 101% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €53,623 | €256,950 | €338,393 | €309,814 | €307,882 | €689,168 | ▲ 124% |
| Equity10/15 | €11,547 | €22,434 | €26,273 | €32,664 | €59,617 | €195,509 | ▲ 228% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €9,000 | €19,887 | €24,273 | €30,664 | €57,617 | €193,509 | ▲ 236% |
| Distributable reserves133 | - | €19,887 | €24,273 | €30,664 | €57,617 | €193,509 | ▲ 236% |
| Profit (loss) carried forward14 | €547 | €547 | - | - | - | - | - |
| Amounts payable17/49 | €42,076 | €234,516 | €312,120 | €277,150 | €248,265 | €493,659 | ▲ 98.8% |
| Amounts payable after more than one year17 | €31,231 | €194,211 | €169,131 | €201,122 | €183,707 | €274,211 | ▲ 49.3% |
| Financial debts170/4 | - | €194,211 | €169,131 | €201,122 | €183,707 | €274,211 | ▲ 49.3% |
| Amounts payable within one year42/48 | €10,846 | €40,305 | €142,932 | €75,291 | €63,775 | €219,448 | ▲ 244% |
| Current portion of amounts payable after more than one year42 | - | €24,936 | €106,222 | €39,005 | €38,189 | €64,678 | ▲ 69.4% |
| Financial debts43 | - | - | €5,010 | €2,439 | €5,003 | - | - |
| Credit institutions430/8 | - | - | €5,010 | €2,439 | €5,003 | - | - |
| Trade debts44 | €3,508 | €5,337 | €4,414 | €6,098 | €7,522 | €11,556 | ▲ 53.6% |
| Suppliers440/4 | - | €5,337 | €4,414 | €6,098 | €7,522 | €11,556 | ▲ 53.6% |
| Taxes, remuneration and social security45 | - | €9,842 | €9,673 | €4,237 | €10,562 | €15,567 | ▲ 47.4% |
| Taxes450/3 | - | €9,842 | €9,673 | €4,237 | €10,562 | €15,567 | ▲ 47.4% |
| Other amounts payable47/48 | - | €190 | €17,612 | €23,512 | €2,500 | €127,647 | ▲ 51× |
| Accrued charges and deferred income492/3 | - | - | €57 | €737 | €783 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,547 | €10,887 | €3,840 | €9,723 | €26,953 | €253,539 | ▲ 841% |
| + Depreciation and write-downs630 | €83 | €465 | €724 | €8,243 | €14,926 | €25,838 | ▲ 73.1% |
| Operating cash flow (approximation) | €9,629 | €11,352 | €4,563 | €17,966 | €41,879 | €279,377 | ▲ 567% |
| Investment in fixed assets (approximation) | - | -€206,345 | -€240 | -€70,800 | -€1,350 | -€388,085 | ▼ 28,657% |
| Change in cash | - | €1,747 | - | - | - | - | - |
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, 2,684 companies had the same profile as BdN has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BdN itself: 0.9% 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 2,684 companies, not a prediction for BdN. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-06-2026 | 2026-00147217 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00360601 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00113179 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00149139 | |
| 31-12-2021 | micro format | 16-10-2022 | 2022-20465841 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28000189 |