BDVC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 15 filings
Turnover
≈ €87,000
Estimated: probably between €43,000 and €270,000
Total assets
€1.3m▲ 0.4%
2024 · €1.3m
Net result
€2,967▼ 98.2%
2024 · €166,450
Working capital
€903,420▼ 4.0%
2024 · €941,514
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,278
▼ 94.0%
2025
20182025
Net result
€2,967
▼ 98.2%
2025
middle half of the sector
20182025
Equity
€734,688
▼ 6.1%
2025
highest quarter of the sector
20182025
Total assets
€1.3m
▲ 0.4%
2025
highest quarter of the sector
20182025
Debt
€560,461
▲ 10.5%
2025
20182025
Working capital
€903,420
▼ 4.0%
2025
highest quarter of the sector
20182025
Solvency
56.7%
▼ 3.9pp
2025
middle half of the sector
20182025
Current ratio
3.38
▼ 0.43
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.2%
▼ 12.7pp
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€0.04m-€0.06m▲ 62.9%€0.2m▲ 177%€0.1m▼ 29.1%€0.008m▼ 93.8%-€0.05m€0.2m€0.01m▼ 94.0%
Net result€0.01m-€0.03m▲ 206%€0.1mabove the sector's middle half▲ 255%€0.2mabove the sector's middle half▲ 59.9%€0.03mwithin the sector's middle half▼ 84.0%-€0.05mbelow the sector's middle half€0.2mabove the sector's middle half€0.003mwithin the sector's middle half▼ 98.2%
Equity€0.4m-€0.4m▲ 3.0%€0.5mabove the sector's middle half▲ 19.8%€0.7mabove the sector's middle half▲ 36.8%€0.7mabove the sector's middle half▲ 0.4%€0.6mabove the sector's middle half▼ 7.2%€0.8mabove the sector's middle half▲ 26.8%€0.7mabove the sector's middle half▼ 6.1%
Total assets€0.6m-€0.8m▲ 42.9%€0.9mwithin the sector's middle half▲ 2.0%€0.9mwithin the sector's middle half▲ 0.8%€1.0mwithin the sector's middle half▲ 12.6%€0.9mwithin the sector's middle half▼ 4.5%€1.3mabove the sector's middle half▲ 38.1%€1.3mabove the sector's middle half▲ 0.4%
Debt€0.06m-€0.3m▲ 443%€0.3m▼ 17.6%€0.2m▼ 18.5%€0.3m▲ 51.7%€0.3m▲ 1.2%€0.5m▲ 60.1%€0.6m▲ 10.5%
Working capital€0.3m-€0.4m▲ 63.6%€0.5mabove the sector's middle half▲ 20.9%€0.6mabove the sector's middle half▲ 14.0%€0.6mabove the sector's middle half▲ 4.8%€0.6mabove the sector's middle half▼ 3.8%€0.9mabove the sector's middle half▲ 53.2%€0.9mabove the sector's middle half▼ 4.0%
Solvency66.4%-47.8%▼ 18.6pp56.1%within the sector's middle half▲ 8.3pp76.2%above the sector's middle half▲ 20.1pp68.0%above the sector's middle half▼ 8.3pp66.1%above the sector's middle half▼ 1.9pp60.7%within the sector's middle half▼ 5.4pp56.7%within the sector's middle half▼ 3.9pp
Current ratio5.78-5.43▼ 0.359.42above the sector's middle half▲ 4.0021.32above the sector's middle half▲ 11.895.37above the sector's middle half▼ 15.955.18above the sector's middle half▼ 0.183.81above the sector's middle half▼ 1.373.38above the sector's middle half▼ 0.43
Return on assets (ROA)1.7%-3.7%▲ 2.0pp13.0%above the sector's middle half▲ 9.3pp20.6%above the sector's middle half▲ 7.6pp2.9%within the sector's middle half▼ 17.7pp-5.0%below the sector's middle half▼ 7.9pp12.9%above the sector's middle half▲ 17.9pp0.2%within the sector's middle half▼ 12.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 94% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €1.3m
Fixed assets
€12,255 ▼ 9.5%
Current assets
€1.3m ▲ 0.5%
Equity and liabilities €1.3m
Equity
€734,688 ▼ 6.1%
Debt
€560,461 ▲ 10.5%
Debt's share of the balance-sheet total rises from 39.3% to 43.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€16,948▼
2024 · €224,235
Cash flow
€6,637▼
2024 · €169,613
Quick ratio
2.49▼
2024 · 2.68
Debt to equity
0.76▲
2024 · 0.65
ROE
0.4%▼
2024 · 21.3%
Interest coverage
0.63▼
2024 · 10.55
Debt ≤ 1 year
€379,475▲
2024 · €334,735
Debt > 1 year
€157,500=
2024 · €157,500
Income taxes
€14,551▼
2024 · €53,595
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,859 | €2,339 | €6,298 | €8,874 | €2,382 |
| Depreciation and write-downs of the year | €27,697 | €25,754 | €26,034 | €3,164 | €3,670 |
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 | €31,684 | €45,199 | €42,221 | €27,697 | €25,754 | €26,034 | €3,164 | €3,670 | ▲ 16.0% |
| Other operating charges640/8 | - | - | - | €2,188 | €4,792 | €5,235 | €6,231 | €3,878 | ▼ 37.8% |
| Non-recurring operating charges66A | - | - | - | €544 | €6,630 | €53 | €327 | €63 | ▼ 80.6% |
| Gross operating margin9900 | €74,235 | €113,975 | €223,420 | €155,853 | €45,001 | -€15,770 | €230,793 | €20,889 | ▼ 90.9% |
| Operating profit (loss)9901 | €39,150 | €63,761 | €176,904 | €125,423 | €7,825 | -€47,092 | €221,071 | €13,278 | ▼ 94.0% |
| Financial income75/76B | - | - | - | €129,748 | €44,626 | €12,500 | €20,235 | €30,953 | ▲ 53.0% |
| Recurring financial income75 | €91 | €5 | €4,422 | €7,914 | €44,626 | €12,500 | €20,235 | €30,953 | ▲ 53.0% |
| Non-recurring financial income76B | - | - | - | €121,834 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €5,752 | €6,453 | €10,772 | €21,262 | €26,712 | ▲ 25.6% |
| Recurring financial charges65 | €11,147 | €14,822 | €16,947 | €5,752 | €6,453 | €10,772 | €21,262 | €26,712 | ▲ 25.6% |
| Profit (loss) for the period before taxes9903 | €28,094 | €48,944 | €164,378 | €249,419 | €45,998 | -€45,364 | €220,045 | €17,519 | ▼ 92.0% |
| Income taxes67/77 | €17,820 | €17,472 | €52,535 | €70,528 | €17,321 | €1,337 | €53,595 | €14,551 | ▼ 72.8% |
| Profit (loss) for the period9904 | €10,275 | €31,472 | €111,843 | €178,891 | €28,676 | -€46,700 | €166,450 | €2,967 | ▼ 98.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €84,200 | - |
| Transfer to tax-exempt reserves689 | - | - | - | €84,200 | - | - | €67,360 | - | - |
| Profit (loss) for the period to be appropriated9905 | €85,275 | €31,472 | €111,843 | €94,691 | €28,676 | -€46,700 | €99,090 | €87,167 | ▼ 12.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.8m | €0.9m | €0.9m | €1.0m | €0.9m | €1.3m | €1.3m | ▲ 0.4% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.01m | €0.01m | ▼ 9.5% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.01m | €0.01m | ▼ 9.5% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | - | €0.002m | - |
| Plant, machinery and equipment23 | - | - | - | - | €0.002m | €0.001m | €0.008m | €0.006m | ▼ 21.9% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.007m | €0.006m | €0.004m | ▼ 33.7% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €400 | - | - | - | - |
| Financial fixed assets28 | €0.01m | €0.02m | €0.02m | €0.01m | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.5m | €0.6m | €0.6m | €0.8m | €0.8m | €1.3m | €1.3m | ▲ 0.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | - | €0.06m | €0.06m | €0.07m | ▲ 3.1% |
| Other amounts receivable291 | - | - | - | €0.2m | - | €0.06m | €0.06m | €0.07m | ▲ 3.1% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 10.2% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 10.2% |
| Amounts receivable within one year40/41 | €0.07m | €0.06m | €0.06m | €0.1m | €0.3m | €0.3m | €0.6m | €0.8m | ▲ 46.9% |
| Trade receivables40 | - | - | - | €0.06m | €0.02m | €0.04m | €0.01m | €0.05m | ▲ 428% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.3m | €0.3m | €0.6m | €0.8m | ▲ 40.0% |
| Cash at bank and in hand54/58 | €0.03m | €0.3m | €0.2m | €0.1m | €0.1m | €0.04m | €0.3m | €0.03m | ▼ 89.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 12.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.8m | €0.9m | €0.9m | €1.0m | €0.9m | €1.3m | €1.3m | ▲ 0.4% |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | €0.8m | €0.7m | ▼ 6.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.3m | €0.4m | €0.6m | €0.6m | €0.6m | €0.8m | €0.7m | ▼ 6.2% |
| Tax-exempt reserves132 | - | - | - | €0.08m | €0.08m | €0.08m | €0.2m | €0.07m | ▼ 55.6% |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 5.9% |
| Profit (loss) carried forward14 | €0.05m | €0.05m | €0.04m | €0.04m | €0.04m | -€0.003m | - | - | - |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | - | - | - | - | - | - |
| Amounts payable17/49 | €0.06m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | ▲ 10.5% |
| Amounts payable after more than one year17 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable within one year42/48 | €0.06m | €0.1m | €0.06m | €0.03m | €0.1m | €0.1m | €0.3m | €0.4m | ▲ 13.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.01m | - | - | - | - |
| Trade debts44 | €0.02m | €0.007m | €0.003m | €0.003m | €0.004m | €0.003m | €0.001m | €0.006m | ▲ 938% |
| Suppliers440/4 | - | - | - | €0.003m | €0.004m | €0.003m | €0.001m | €0.006m | ▲ 938% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.03m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.004m | €0.01m | €0.01m | €0.02m | ▲ 21.2% |
| Taxes450/3 | - | - | - | €0.003m | €0.004m | €0.01m | €0.01m | €0.02m | ▲ 21.2% |
| Other amounts payable47/48 | - | - | - | €0.006m | €0.1m | €0.1m | €0.3m | €0.4m | ▲ 11.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.009m | €0.01m | €0.02m | €0.02m | ▲ 56.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,275 | €31,472 | €111,843 | €178,891 | €28,676 | -€46,700 | €166,450 | €2,967 | ▼ 98.2% |
| + Depreciation and write-downs630 | €31,684 | €45,199 | €42,221 | €27,697 | €25,754 | €26,034 | €3,164 | €3,670 | ▲ 16.0% |
| Operating cash flow (approximation) | €41,959 | €76,670 | €154,064 | €206,588 | €54,430 | -€20,667 | €169,613 | €6,637 | ▼ 96.1% |
| Investment in fixed assets (approximation) | - | -€83,170 | -€3,605 | €7,141 | €10,161 | -€6,046 | €155,403 | -€2,382 | - |
| Change in cash | - | €239,579 | -€95,697 | -€40,298 | €10,355 | -€104,545 | €213,125 | -€227,421 | - |
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, 6,049 companies had the same profile as BDVC has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of BDVC 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 6,049 companies, not a prediction for BDVC. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00215028 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00238543 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00171833 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00175362 | |
| 31-12-2021 | micro format | 25-06-2022 | 2022-20092221 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-34700062 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20600584 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-29800462 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-23300051 | |
| 31-12-2016 | micro format | 14-07-2017 | 2017-31600433 |