BDS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 26 filings
Turnover
≈ €970,000
Estimated: probably between €610,000 and €1.3m
Total assets
€4.0m▲ 47.9%
2024 · €2.7m
Net result
€193,706▲ 25.7%
2024 · €154,083
Working capital
-€1.2m▼ 74.3%
2024 · -€669,702
In the rankings
#3 company by total assets in Assenede, Construction sector#7 company by equity in Assenede, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€252,859
▲ 8.0%
2025
20182025
Net result
€193,706
▲ 25.7%
2025
highest quarter of the sector
20182025
Equity
€1.7m
▲ 12.7%
2025
highest quarter of the sector
20182025
Total assets
€4.0m
▲ 47.9%
2025
highest quarter of the sector
20182025
Debt
€2.3m
▲ 92.9%
2025
20182025
Working capital
-€1.2m
▼ 74.3%
2025
lowest quarter of the sector
20182025
Solvency
42.8%
▼ 13.4pp
2025
middle half of the sector
20182025
Current ratio
0.11
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.8%
▼ 0.9pp
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€0.1m-€0.1m▼ 9.8%€0.1m▲ 14.9%€0.2m▲ 27.1%€0.2m▲ 9.3%€0.2m▲ 4.1%€0.2m▲ 14.3%€0.3m▲ 8.0%
Net result€0.09m-€0.08m▼ 8.9%€0.09mwithin the sector's middle half▲ 10.1%€0.1mwithin the sector's middle half▲ 26.4%€0.1mwithin the sector's middle half▲ 12.3%€0.1mwithin the sector's middle half▲ 4.0%€0.2mabove the sector's middle half▲ 15.7%€0.2mabove the sector's middle half▲ 25.7%
Equity€0.8m-€0.9m▲ 10.0%€1.0mabove the sector's middle half▲ 10.0%€1.1mabove the sector's middle half▲ 11.5%€1.2mabove the sector's middle half▲ 11.6%€1.4mabove the sector's middle half▲ 10.8%€1.5mabove the sector's middle half▲ 11.3%€1.7mabove the sector's middle half▲ 12.7%
Total assets€2.5m-€2.8m▲ 11.6%€2.9mabove the sector's middle half▲ 2.8%€2.8mabove the sector's middle half▼ 1.3%€2.8mabove the sector's middle half▼ 0.3%€2.8mabove the sector's middle half▼ 2.2%€2.7mabove the sector's middle half▼ 1.7%€4.0mabove the sector's middle half▲ 47.9%
Debt€1.7m-€1.9m▲ 12.4%€1.9m▼ 0.6%€1.7m▼ 8.1%€1.6m▼ 7.9%€1.4m▼ 12.3%€1.2m▼ 14.4%€2.3m▲ 92.9%
Working capital-€0.8m--€0.9m▼ 17.5%-€1.1mbelow the sector's middle half▼ 22.3%-€1.0mbelow the sector's middle half▲ 8.0%-€1.0mbelow the sector's middle half▲ 7.5%-€0.8mbelow the sector's middle half▲ 12.7%-€0.7mbelow the sector's middle half▲ 19.5%-€1.2mbelow the sector's middle half▼ 74.3%
Solvency32.9%-32.4%▼ 0.5pp34.7%within the sector's middle half▲ 2.3pp39.2%within the sector's middle half▲ 4.5pp43.8%within the sector's middle half▲ 4.6pp49.6%within the sector's middle half▲ 5.8pp56.1%within the sector's middle half▲ 6.5pp42.8%within the sector's middle half▼ 13.4pp
Current ratio0.12-0.05▼ 0.060.02below the sector's middle half▼ 0.030.04below the sector's middle half▲ 0.020.07below the sector's middle half▲ 0.030.07below the sector's middle half=0.09below the sector's middle half▲ 0.020.11below the sector's middle half▲ 0.02
Return on assets (ROA)3.6%-2.9%▼ 0.7pp3.1%within the sector's middle half▲ 0.2pp4.0%within the sector's middle half▲ 0.9pp4.5%within the sector's middle half▲ 0.5pp4.8%within the sector's middle half▲ 0.3pp5.7%within the sector's middle half▲ 0.9pp4.8%within the sector's middle half▼ 0.9pp
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.
The operating result for 2025 is 8% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €4.0m
Fixed assets
€3.9m ▲ 46.2%
Current assets
€138,071 ▲ 119%
Equity and liabilities €4.0m
Equity
€1.7m ▲ 12.7%
Debt
€2.3m ▲ 92.9%
Debt's share of the balance-sheet total rises from 43.9% to 57.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€305,950▲
2024 · €282,961
Cash flow
€246,797▲
2024 · €202,858
Debt to equity
1.34▲
2024 · 0.78
ROE
11.3%▲
2024 · 10.1%
Interest coverage
17.40▼
2024 · 19.65
Debt ≤ 1 year
€1.3m▲
2024 · €732,723
Debt > 1 year
€984,821▲
2024 · €443,048
Income taxes
€41,574▼
2024 · €65,702
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 | €416,528 | €329,798 | €250,348 | €183,629 | €981,452 |
| Mortgages, amount registered | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m |
| Carrying value of the mortgaged assets | €2.8m | €2.7m | €2.7m | €2.7m | €3.8m |
| Pledge on the business | €450,000 | €450,000 | €450,000 | €450,000 | €450,000 |
| Carrying value of the other pledged assets | €0 | €0 | €0 | €0 | €0 |
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 | €3,839 | €13,968 | - | - | €1.3m |
| Depreciation and write-downs of the year | €60,672 | €48,719 | €48,775 | €48,775 | €53,091 |
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 | €47,181 | €59,559 | €61,404 | €60,672 | €48,719 | €48,775 | €48,775 | €53,091 | ▲ 8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €9,919 | €0 | -€4,473 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €10,454 | €10,014 | €11,008 | €10,939 | €12,371 | ▲ 13.1% |
| Gross operating margin9900 | €191,959 | €190,761 | €211,926 | €261,063 | €255,496 | €260,185 | €293,899 | €318,320 | ▲ 8.3% |
| Operating profit (loss)9901 | €136,788 | €123,320 | €141,686 | €180,018 | €196,763 | €204,874 | €234,186 | €252,859 | ▲ 8.0% |
| Financial income75/76B | - | - | - | €1 | €0 | - | - | - | - |
| Recurring financial income75 | €2,614 | €0 | - | €1 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €19,700 | €16,263 | €15,637 | €14,402 | €17,579 | ▲ 22.1% |
| Recurring financial charges65 | €36,515 | €30,549 | €25,697 | €19,700 | €16,263 | €15,637 | €14,402 | €17,579 | ▲ 22.1% |
| Profit (loss) for the period before taxes9903 | €102,887 | €92,771 | €115,989 | €160,319 | €180,499 | €189,237 | €219,784 | €235,280 | ▲ 7.1% |
| Income taxes67/77 | €13,045 | €10,888 | €25,849 | €46,390 | €52,522 | €56,079 | €65,702 | €41,574 | ▼ 36.7% |
| Profit (loss) for the period9904 | €89,842 | €81,883 | €90,140 | €113,929 | €127,977 | €133,158 | €154,083 | €193,706 | ▲ 25.7% |
| Profit (loss) for the period to be appropriated9905 | €89,842 | €81,883 | €90,140 | €113,929 | €127,977 | €133,158 | €154,083 | €193,706 | ▲ 25.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.5m | €2.8m | €2.9m | €2.8m | €2.8m | €2.8m | €2.7m | €4.0m | ▲ 47.9% |
| Fixed assets21/28 | €2.4m | €2.7m | €2.8m | €2.8m | €2.7m | €2.7m | €2.7m | €3.9m | ▲ 46.2% |
| Tangible fixed assets22/27 | €2.4m | €2.7m | €2.8m | €2.8m | €2.7m | €2.7m | €2.7m | €3.9m | ▲ 46.2% |
| Land and buildings22 | - | - | - | €2.8m | €2.7m | €2.7m | €2.7m | €3.8m | ▲ 43.5% |
| Furniture and vehicles24 | - | - | - | €8 | €0 | - | - | €0.07m | - |
| Current assets29/58 | €0.1m | €0.05m | €0.03m | €0.05m | €0.07m | €0.06m | €0.06m | €0.1m | ▲ 119% |
| Amounts receivable within one year40/41 | €0.08m | €0.04m | €0.02m | €0.04m | €0.04m | €0.04m | €0.04m | €0.08m | ▲ 114% |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 13.0% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.007m | €0 | €0.04m | - |
| Cash at bank and in hand54/58 | €0.02m | €0.01m | €0.006m | €0 | €0.03m | €0.003m | €0.02m | €0.05m | ▲ 158% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.008m | €0.02m | €0.007m | €0.01m | ▲ 39.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.5m | €2.8m | €2.9m | €2.8m | €2.8m | €2.8m | €2.7m | €4.0m | ▲ 47.9% |
| Equity10/15 | €0.8m | €0.9m | €1.0m | €1.1m | €1.2m | €1.4m | €1.5m | €1.7m | ▲ 12.7% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €1.1m | €1.3m | ▲ 18.3% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €0.6m | €0.7m | €0.9m | €1.0m | €1.3m | ▲ 21.0% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable17/49 | €1.7m | €1.9m | €1.9m | €1.7m | €1.6m | €1.4m | €1.2m | €2.3m | ▲ 92.9% |
| Amounts payable after more than one year17 | €0.8m | €0.9m | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | €1.0m | ▲ 122% |
| Financial debts170/4 | - | - | - | €0.6m | €0.6m | €0.5m | €0.4m | €1.0m | ▲ 122% |
| Amounts payable within one year42/48 | €0.9m | €1.0m | €1.1m | €1.1m | €1.0m | €0.9m | €0.7m | €1.3m | ▲ 78.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.08m | €0.07m | €0.04m | €0.2m | ▲ 385% |
| Financial debts43 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 0.5% |
| Credit institutions430/8 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 0.5% |
| Trade debts44 | €0.01m | €0.003m | €0.1m | €0.01m | €0.03m | €0.008m | €0.01m | €0.09m | ▲ 854% |
| Suppliers440/4 | - | - | - | €0.01m | €0.03m | €0.008m | €0.01m | €0.09m | ▲ 854% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 23.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 23.3% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.9m | €0.8m | €0.6m | €1.0m | ▲ 52.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.009m | €0.01m | €0.01m | €0.007m | ▼ 53.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.09m | €0.08m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 25.7% |
| + Depreciation and write-downs630 | €0.05m | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 8.8% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 21.7% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.2m | -€0.004m | -€0.01m | €0 | €0 | -€1.3m | - |
| Change in cash | - | -€0.01m | -€0.005m | -€0.006m | €0.03m | -€0.03m | €0.02m | €0.03m | ▲ 90.9% |
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 BDS 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 BDS 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 BDS. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00180915 | |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00319597 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00307681 | |
| 31-12-2022 | abbreviated format | 12-07-2023 | 2023-00239399 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20237383 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-26800137 | |
| 31-12-2019 | abbreviated format | 03-07-2020 | 2020-25800177 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42200454 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-58900501 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-58600211 |