BDS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 23 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 167% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,949 | €45,599 | €314,628 | €26,469 |
| Depreciation and write-downs of the year | €7,174 | €6,891 | €10,135 | €40,951 | €14,743 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €12,921 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,209 | €7,852 | €7,482 | €7,174 | €6,891 | €10,135 | €40,951 | €14,743 | ▼ 64.0% |
| Other operating charges640/8 | - | - | - | €938 | €1,396 | €2,623 | €1,414 | €1,390 | ▼ 1.7% |
| Gross operating margin9900 | €17,870 | €23,043 | €21,279 | €31,089 | €34,681 | €56,432 | €62,254 | €69,141 | ▲ 11.1% |
| Operating profit (loss)9901 | €9,842 | €13,740 | €12,771 | €22,977 | €26,394 | €43,674 | €19,889 | €53,007 | ▲ 167% |
| Financial income75/76B | - | - | - | €0 | €0 | - | €1 | €3 | ▲ 124% |
| Recurring financial income75 | €106 | €6 | €8 | €0 | €0 | - | €1 | €3 | ▲ 124% |
| Financial charges65/66B | - | - | - | €289 | €294 | €313 | €8,430 | €13,898 | ▲ 64.9% |
| Recurring financial charges65 | €1,304 | €987 | €143 | €289 | €294 | €313 | €8,430 | €13,898 | ▲ 64.9% |
| Profit (loss) for the period before taxes9903 | €8,643 | €12,759 | €12,635 | €22,688 | €26,100 | €43,360 | €11,460 | €39,112 | ▲ 241% |
| Income taxes67/77 | €975 | €4,205 | €4,680 | €7,487 | €8,156 | €10,817 | €4,747 | €14,237 | ▲ 200% |
| Profit (loss) for the period9904 | €7,668 | €8,554 | €7,955 | €15,201 | €17,944 | €32,543 | €6,713 | €24,875 | ▲ 271% |
| Profit (loss) for the period to be appropriated9905 | €7,668 | €8,554 | €7,955 | €15,201 | €17,944 | €32,543 | €6,713 | €24,875 | ▲ 271% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €98,846 | €90,851 | €96,516 | €107,271 | €125,733 | €161,468 | €406,013 | €414,758 | ▲ 2.2% |
| Fixed assets21/28 | €17,551 | €30,615 | €23,133 | €15,960 | €12,018 | €42,653 | €316,331 | €328,057 | ▲ 3.7% |
| Tangible fixed assets22/27 | €17,551 | €30,615 | €23,133 | €15,960 | €12,018 | €42,653 | €316,331 | €328,057 | ▲ 3.7% |
| Land and buildings22 | - | - | - | - | - | - | €286,340 | €307,409 | ▲ 7.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,313 | €1,363 | €1,160 | ▼ 14.9% |
| Furniture and vehicles24 | - | - | - | €9,657 | €7,580 | €37,768 | €28,628 | €19,488 | ▼ 31.9% |
| Other tangible fixed assets26 | - | - | - | €6,303 | €4,438 | €2,573 | - | - | - |
| Current assets29/58 | €81,295 | €60,236 | €73,383 | €91,312 | €113,715 | €118,814 | €89,682 | €86,701 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €11,250 | €10,975 | €12,478 | €12,575 | €11,453 | €21,408 | €13,913 | €5,981 | ▼ 57.0% |
| Trade receivables40 | - | - | - | €12,575 | €11,453 | €8,908 | €8,823 | €5,981 | ▼ 32.2% |
| Other amounts receivable41 | - | - | - | - | - | €12,500 | €5,090 | - | - |
| Cash at bank and in hand54/58 | €69,774 | €48,624 | €60,265 | €78,077 | €102,180 | €97,406 | €75,768 | €80,720 | ▲ 6.5% |
| Deferred charges and accrued income490/1 | - | - | - | €659 | €82 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €98,846 | €90,851 | €96,516 | €107,271 | €125,733 | €161,468 | €406,013 | €414,758 | ▲ 2.2% |
| Equity10/15 | €72,343 | €80,897 | €88,852 | €104,054 | €121,998 | €148,541 | €155,254 | €180,130 | ▲ 16.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €86,690 | €94,940 | €68,860 | €83,610 | €101,110 | €127,110 | €133,710 | €158,210 | ▲ 18.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €81,750 | €101,110 | €127,110 | €133,710 | €158,210 | ▲ 18.3% |
| Profit (loss) carried forward14 | -€32,947 | -€32,643 | €1,392 | €1,844 | €2,288 | €2,831 | €2,944 | €3,320 | ▲ 12.8% |
| Amounts payable17/49 | €26,504 | €9,954 | €7,664 | €3,218 | €3,735 | €12,926 | €250,759 | €234,628 | ▼ 6.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €95,369 | €85,641 | ▼ 10.2% |
| Financial debts170/4 | - | - | - | - | - | - | €95,369 | €85,641 | ▼ 10.2% |
| Amounts payable within one year42/48 | €26,504 | €9,954 | €7,664 | €3,218 | €3,735 | €12,926 | €155,390 | €148,988 | ▼ 4.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €9,348 | €9,728 | ▲ 4.1% |
| Trade debts44 | €2,805 | €1,089 | €746 | €257 | €204 | €3,045 | €362 | €534 | ▲ 47.4% |
| Suppliers440/4 | - | - | - | €257 | €204 | €3,045 | €362 | €534 | ▲ 47.4% |
| Taxes, remuneration and social security45 | - | - | - | €2,774 | €3,344 | €3,879 | €1,590 | €4,355 | ▲ 174% |
| Taxes450/3 | - | - | - | €2,774 | €3,344 | €3,879 | €1,590 | €4,355 | ▲ 174% |
| Other amounts payable47/48 | - | - | - | €187 | €187 | €6,002 | €144,090 | €134,370 | ▼ 6.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,668 | €8,554 | €7,955 | €15,201 | €17,944 | €32,543 | €6,713 | €24,875 | ▲ 271% |
| + Depreciation and write-downs630 | €7,209 | €7,852 | €7,482 | €7,174 | €6,891 | €10,135 | €40,951 | €14,743 | ▼ 64.0% |
| Operating cash flow (approximation) | €14,878 | €16,406 | €15,437 | €22,375 | €24,835 | €42,678 | €47,663 | €39,619 | ▼ 16.9% |
| Investment in fixed assets (approximation) | - | -€20,916 | €0 | €0 | -€2,949 | -€40,770 | -€314,628 | -€26,469 | ▲ 91.6% |
| Change in cash | - | -€21,150 | €11,641 | €17,812 | €24,103 | -€4,774 | -€21,638 | €4,952 | - |
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, 31,368 companies had the same profile as BDS has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
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 31,368 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00206773 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00132136 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00181137 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00236686 | |
| 31-12-2021 | abbreviated format | 20-06-2022 | 2022-20079626 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-30200531 | |
| 31-12-2019 | abbreviated format | 02-07-2020 | 2020-25000541 | |
| 31-12-2018 | abbreviated format | 06-06-2019 | 2019-16600453 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25000586 | |
| 31-12-2016 | abbreviated format | 09-06-2017 | 2017-16500256 |