BDSA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-11-2025 PDF all 23 filings
Turnover
≈ €200,000
Estimated: probably between €130,000 and €310,000
EBIT margin
Not included in this filing
Net result
€6,301▼ 97.0%
2024 · €209,921
Working capital
€408,093▼ 7.5%
2024 · €441,293
In the rankings
#8 company by equity in Profondeville, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€9,154
▼ 97.0%
2025
20192025
Net result
€6,301
▼ 97.0%
2025
middle half of the sector
20192025
Equity
€502,877
▼ 4.2%
2025
middle half of the sector
20192025
Total assets
€603,805
▼ 14.9%
2025
middle half of the sector
20192025
Debt
€100,927
▼ 45.5%
2025
20192025
Working capital
€408,093
▼ 7.5%
2025
middle half of the sector
20192025
Solvency
83.3%
▲ 9.4pp
2025
highest quarter of the sector
20192025
Current ratio
5.22
▲ 1.80
2025
highest quarter of the sector
20192025
Return on assets (ROA)
1.0%
▼ 28.5pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,559-€31,693▲ 20×€15,783▼ 50.2%€16,559▲ 4.9%€177,306▲ 971%€305,803▲ 72.5%€9,154▼ 97.0%
Net result€1,428-€28,178above the sector's middle half▲ 20×€12,743within the sector's middle half▼ 54.8%€11,916within the sector's middle half▼ 6.5%€130,637above the sector's middle half▲ 996%€209,921above the sector's middle half▲ 60.7%€6,301within the sector's middle half▼ 97.0%
Equity€188,101-€216,279above the sector's middle half▲ 15.0%€229,022above the sector's middle half▲ 5.9%€240,939above the sector's middle half▲ 5.2%€371,576above the sector's middle half▲ 54.2%€524,755above the sector's middle half▲ 41.2%€502,877within the sector's middle half▼ 4.2%
Total assets€272,178-€260,986within the sector's middle half▼ 4.1%€295,098within the sector's middle half▲ 13.1%€308,085above the sector's middle half▲ 4.4%€491,934above the sector's middle half▲ 59.7%€709,834above the sector's middle half▲ 44.3%€603,805within the sector's middle half▼ 14.9%
Debt€84,077-€44,707▼ 46.8%€66,075▲ 47.8%€67,147▲ 1.6%€120,358▲ 79.2%€185,079▲ 53.8%€100,927▼ 45.5%
Working capital€180,835-€185,866above the sector's middle half▲ 2.8%€178,098above the sector's middle half▼ 4.2%€181,972above the sector's middle half▲ 2.2%€260,528above the sector's middle half▲ 43.2%€441,293above the sector's middle half▲ 69.4%€408,093within the sector's middle half▼ 7.5%
Solvency69.1%-82.9%above the sector's middle half▲ 13.8pp77.6%above the sector's middle half▼ 5.3pp78.2%above the sector's middle half▲ 0.6pp75.5%above the sector's middle half▼ 2.7pp73.9%above the sector's middle half▼ 1.6pp83.3%above the sector's middle half▲ 9.4pp
Current ratio3.15-7.05above the sector's middle half▲ 3.903.73above the sector's middle half▼ 3.323.78above the sector's middle half▲ 0.053.19above the sector's middle half▼ 0.583.42above the sector's middle half▲ 0.225.22above the sector's middle half▲ 1.80
Return on assets (ROA)0.5%-10.8%within the sector's middle half▲ 10.3pp4.3%within the sector's middle half▼ 6.5pp3.9%within the sector's middle half▼ 0.5pp26.6%above the sector's middle half▲ 22.7pp29.6%above the sector's middle half▲ 3.0pp1.0%within the sector's middle half▼ 28.5pp
Staff (FTE)1-1within the sector's middle half=
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 97% lower than in 2024 and the lowest since 2021.
Large changes and their cause
- 2025 Net result -97% on 2024. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €603,805
Fixed assets
€98,915 ▲ 15.0%
Current assets
€504,890 ▼ 19.1%
Equity and liabilities €603,805
Equity
€502,877 ▼ 4.2%
Debt
€100,927 ▼ 45.5%
Debt's share of the balance-sheet total falls from 26.1% to 16.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€41,358▼
2024 · €337,031
Cash flow
€38,505▼
2024 · €241,148
Quick ratio
5.10▲
2024 · 3.33
Debt to equity
0.20▼
2024 · 0.35
ROE
1.3%▼
2024 · 40.0%
Interest coverage
8.09▼
2024 · 90.57
Debt ≤ 1 year
€96,797▼
2024 · €182,493
Income taxes
€1,808▼
2024 · €92,276
Staff costs
€9,868▼
2024 · €42,607
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-04-2022 | 30-04-2023 | 30-04-2024 | 30-04-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €24,582 | €73,687 | €4,657 | €50,694 |
| Depreciation and write-downs of the year | €15,798 | €21,636 | €31,228 | €32,204 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €9,582 | €6,983 | €42,607 | €9,868 | ▼ 76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,554 | €11,247 | €4,290 | €15,798 | €21,636 | €31,228 | €32,204 | ▲ 3.1% |
| Other operating charges640/8 | - | - | - | €2,605 | €2,699 | €3,093 | €4,611 | ▲ 49.1% |
| Gross operating margin9900 | €34,497 | €74,807 | €31,035 | €44,543 | €208,624 | €382,732 | €55,838 | ▼ 85.4% |
| Operating profit (loss)9901 | €1,559 | €31,693 | €15,783 | €16,559 | €177,306 | €305,803 | €9,154 | ▼ 97.0% |
| Financial income75/76B | - | - | - | €45 | €19 | €114 | €4,069 | ▲ 36× |
| Recurring financial income75 | €31 | €50 | €238 | €45 | €19 | €114 | €4,069 | ▲ 36× |
| Financial charges65/66B | - | - | - | €3,270 | €2,907 | €3,721 | €5,115 | ▲ 37.4% |
| Recurring financial charges65 | €375 | €704 | €1,930 | €3,270 | €2,907 | €3,721 | €5,115 | ▲ 37.4% |
| Profit (loss) for the period before taxes9903 | €2,054 | €31,039 | €14,091 | €13,334 | €174,418 | €302,196 | €8,109 | ▼ 97.3% |
| Income taxes67/77 | €626 | €2,861 | €1,348 | €1,418 | €43,781 | €92,276 | €1,808 | ▼ 98.0% |
| Profit (loss) for the period9904 | €1,428 | €28,178 | €12,743 | €11,916 | €130,637 | €209,921 | €6,301 | ▼ 97.0% |
| Profit (loss) for the period to be appropriated9905 | €1,428 | €28,178 | €12,743 | €11,916 | €130,637 | €209,921 | €6,301 | ▼ 97.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €272,178 | €260,986 | €295,098 | €308,085 | €491,934 | €709,834 | €603,805 | ▼ 14.9% |
| Fixed assets21/28 | €7,266 | €44,419 | €51,784 | €60,568 | €112,620 | €86,048 | €98,915 | ▲ 15.0% |
| Intangible fixed assets21 | €2,893 | €2,571 | €2,250 | €1,929 | €1,607 | €1,286 | €964 | ▼ 25.0% |
| Tangible fixed assets22/27 | €3,493 | €40,967 | €48,654 | €57,760 | €110,132 | €83,883 | €97,070 | ▲ 15.7% |
| Plant, machinery and equipment23 | - | - | - | €26,936 | €21,301 | €13,652 | €5,085 | ▼ 62.8% |
| Furniture and vehicles24 | - | - | - | €30,823 | €73,578 | €54,787 | €80,454 | ▲ 46.8% |
| Other tangible fixed assets26 | - | - | - | - | €15,253 | €15,444 | €11,531 | ▼ 25.3% |
| Financial fixed assets28 | €880 | €880 | €880 | €880 | €880 | €880 | €880 | = |
| Current assets29/58 | €264,912 | €216,567 | €243,314 | €247,517 | €379,315 | €623,785 | €504,890 | ▼ 19.1% |
| Stocks and contracts in progress3 | - | - | - | - | €61,830 | €15,297 | €11,032 | ▼ 27.9% |
| Stocks30/36 | - | - | - | - | €61,830 | €15,297 | €11,032 | ▼ 27.9% |
| Amounts receivable within one year40/41 | €237,393 | €199,316 | €209,632 | €204,845 | €222,233 | €181,597 | €231,819 | ▲ 27.7% |
| Trade receivables40 | - | - | - | €33,116 | €50,266 | €23,455 | €79,638 | ▲ 240% |
| Other amounts receivable41 | - | - | - | €171,729 | €171,968 | €158,142 | €152,182 | ▼ 3.8% |
| Cash at bank and in hand54/58 | €27,164 | €17,251 | €33,682 | €42,672 | €95,252 | €426,891 | €262,039 | ▼ 38.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €272,178 | €260,986 | €295,098 | €308,085 | €491,934 | €709,834 | €603,805 | ▼ 14.9% |
| Equity10/15 | €188,101 | €216,279 | €229,022 | €240,939 | €371,576 | €524,755 | €502,877 | ▼ 4.2% |
| Contributions10/11 | €12,750 | €0 | - | €12,750 | €12,750 | €18,750 | €18,750 | = |
| Reserves13 | €78,117 | €106,295 | €119,038 | €130,955 | €261,592 | €408,771 | €386,893 | ▼ 5.4% |
| Non-distributable reserves130/1 | - | - | - | €1,875 | €1,875 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,875 | €1,875 | €0 | - | - |
| Distributable reserves133 | - | - | - | €129,080 | €259,717 | €408,771 | €386,893 | ▼ 5.4% |
| Profit (loss) carried forward14 | €97,234 | €97,234 | €97,234 | €97,234 | €97,234 | €97,234 | €97,234 | = |
| Amounts payable17/49 | €84,077 | €44,707 | €66,075 | €67,147 | €120,358 | €185,079 | €100,927 | ▼ 45.5% |
| Amounts payable after more than one year17 | - | €14,006 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €84,077 | €30,701 | €65,216 | €65,545 | €118,787 | €182,493 | €96,797 | ▼ 47.0% |
| Trade debts44 | €28,657 | €806 | €11,346 | €13,436 | €56,599 | €17,140 | €12,918 | ▼ 24.6% |
| Suppliers440/4 | - | - | - | €13,436 | €56,599 | €17,140 | €12,918 | ▼ 24.6% |
| Advances received on contracts in progress46 | - | - | - | €3,388 | €3,388 | €3,388 | €3,388 | = |
| Taxes, remuneration and social security45 | - | - | - | €7,023 | €17,398 | €47,145 | €2,996 | ▼ 93.6% |
| Taxes450/3 | - | - | - | €2,298 | €15,651 | €30,283 | €2,996 | ▼ 90.1% |
| Remuneration and social security454/9 | - | - | - | €4,725 | €1,747 | €16,862 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €41,697 | €41,402 | €114,819 | €77,495 | ▼ 32.5% |
| Accrued charges and deferred income492/3 | - | - | - | €1,601 | €1,572 | €2,586 | €4,131 | ▲ 59.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,428 | €28,178 | €12,743 | €11,916 | €130,637 | €209,921 | €6,301 | ▼ 97.0% |
| + Depreciation and write-downs630 | €2,554 | €11,247 | €4,290 | €15,798 | €21,636 | €31,228 | €32,204 | ▲ 3.1% |
| Operating cash flow (approximation) | €3,982 | €39,425 | €17,034 | €27,714 | €152,273 | €241,148 | €38,505 | ▼ 84.0% |
| Investment in fixed assets (approximation) | - | -€48,400 | -€11,655 | -€24,582 | -€73,687 | -€4,657 | -€45,070 | ▼ 868% |
| Change in cash | - | -€9,913 | €16,431 | €8,990 | €52,580 | €331,639 | -€164,852 | - |
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 BDSA 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 BDSA 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 BDSA. 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 |
|---|---|---|---|---|
| 30-04-2025 | full format | 28-11-2025 | 2025-00572252 | |
| 30-04-2024 | micro format | 02-12-2024 | 2024-00607843 | |
| 30-04-2023 | micro format | 30-11-2023 | 2023-00518679 | |
| 30-04-2022 | micro format | 30-11-2022 | 2022-20529204 | |
| 30-04-2021 | micro format | 30-11-2021 | 2021-78600119 | |
| 30-04-2020 | micro format | 30-11-2020 | 2020-72600094 | |
| 30-04-2019 | micro format | 29-11-2019 | 2019-74700346 | |
| 30-04-2018 | micro format | 29-11-2018 | 2018-73000252 | |
| 30-04-2017 | micro format | 01-12-2017 | 2017-71100367 | |
| 30-04-2016 | full format | 30-11-2016 | 2016-69100007 |