BDX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-02-2026 PDF all 18 filings
Turnover
≈ €71,000
Estimated: probably between €44,000 and €110,000
EBIT margin
Not included in this filing
Net result
€40,966
2024 · -€24,742
Working capital
€752,580▲ 17.8%
2024 · €639,009
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€55,177
▲ 28.4%
2025
20192025
Net result
€40,966
2025
middle half of the sector
20192025
Equity
€2.4m
▲ 101%
2025
middle half of the sector
20192025
Total assets
€5.1m
▲ 29.8%
2025
middle half of the sector
20192025
Debt
€2.7m
▼ 1.6%
2025
20192025
Working capital
€752,580
▲ 17.8%
2025
middle half of the sector
20192025
Solvency
47.5%
▲ 16.8pp
2025
middle half of the sector
20192025
Current ratio
1.63
▲ 0.11
2025
middle half of the sector
20192025
Return on assets (ROA)
0.8%
▲ 1.4pp
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-€0.01m--€0.04m▼ 155%€0.04m€0.04m▼ 6.6%-€0.05m-€0.08m▼ 67.2%-€0.06m▲ 28.4%
Net result€0.05m--€0.2mbelow the sector's middle half€0.04mwithin the sector's middle half€0.04mwithin the sector's middle half▼ 4.0%-€0.02mbelow the sector's middle half-€0.02mbelow the sector's middle half▼ 8.4%€0.04mwithin the sector's middle half
Equity€1.3m-€1.2mwithin the sector's middle half▼ 12.2%€1.2mwithin the sector's middle half▲ 3.6%€1.2mwithin the sector's middle half▲ 3.4%€1.2mwithin the sector's middle half▼ 1.8%€1.2mwithin the sector's middle half▼ 2.0%€2.4mwithin the sector's middle half▲ 101%
Total assets€3.1m-€2.9mwithin the sector's middle half▼ 5.6%€2.9mwithin the sector's middle half▼ 0.1%€2.8mwithin the sector's middle half▼ 5.0%€3.4mwithin the sector's middle half▲ 22.1%€3.9mwithin the sector's middle half▲ 16.3%€5.1mwithin the sector's middle half▲ 29.8%
Debt€1.7m-€1.7m▼ 0.5%€1.7m▼ 2.6%€1.5m▼ 10.9%€2.1m▲ 41.9%€2.7m▲ 26.8%€2.7m▼ 1.6%
Working capital€0.4m-€0.4mwithin the sector's middle half=€0.5mwithin the sector's middle half▲ 24.8%€0.6mabove the sector's middle half▲ 22.3%€0.6mabove the sector's middle half▲ 4.5%€0.6mabove the sector's middle half▲ 8.3%€0.8mwithin the sector's middle half▲ 17.8%
Solvency43.3%-40.2%within the sector's middle half▼ 3.0pp41.7%within the sector's middle half▲ 1.5pp45.4%within the sector's middle half▲ 3.6pp36.5%within the sector's middle half▼ 8.9pp30.7%within the sector's middle half▼ 5.8pp47.5%within the sector's middle half▲ 16.8pp
Current ratio2.37-2.42within the sector's middle half▲ 0.043.13above the sector's middle half▲ 0.7218.31above the sector's middle half▲ 15.181.89within the sector's middle half▼ 16.421.52within the sector's middle half▼ 0.371.63within the sector's middle half▲ 0.11
Return on assets (ROA)1.5%--5.6%below the sector's middle half▼ 7.1pp1.5%within the sector's middle half▲ 7.0pp1.5%within the sector's middle half=-0.7%below the sector's middle half▼ 2.2pp-0.6%below the sector's middle half=0.8%within the sector's middle half▲ 1.4pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €55,177, smaller than the loss of €77,042 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.1m
Fixed assets
€3.1m ▲ 53.9%
Current assets
€1.9m ▲ 3.7%
Equity and liabilities €5.1m
Equity
€2.4m ▲ 101%
Debt
€2.7m ▼ 1.6%
Debt's share of the balance-sheet total falls from 69.3% to 52.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16,834▲
2024 · €1,023
Cash flow
€112,977▲
2024 · €53,324
Debt to equity
1.10▼
2024 · 2.25
ROE
1.7%▲
2024 · -2.1%
Interest coverage
36.77▲
2024 · 2.23
Debt ≤ 1 year
€1.2m▼
2024 · €1.2m
Debt > 1 year
€1.2m=
2024 · €1.2m
Income taxes
€1▲
2024 · €0
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €22,130 | €14,577 | €28,854 | €4,272 | - |
| Financial fixed assets | - | - | €740 | €250 | €1.2m |
| Depreciation and write-downs of the year | €71,628 | €76,831 | €77,876 | €78,066 | €72,011 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68,139 | €69,976 | €71,628 | €76,831 | €77,876 | €78,066 | €72,011 | ▼ 7.8% |
| Other operating charges640/8 | - | - | €8,368 | €8,668 | €10,119 | €9,752 | €10,512 | ▲ 7.8% |
| Gross operating margin9900 | €63,069 | €41,482 | €121,540 | €124,283 | €41,919 | €10,775 | €27,346 | ▲ 154% |
| Operating profit (loss)9901 | -€14,453 | -€36,826 | €41,545 | €38,784 | -€46,075 | -€77,042 | -€55,177 | ▲ 28.4% |
| Financial income75/76B | - | - | €955 | €2,095 | €23,561 | €52,760 | €96,603 | ▲ 83.1% |
| Recurring financial income75 | €60,949 | €1 | €955 | €2,095 | €23,561 | €52,760 | €96,603 | ▲ 83.1% |
| Financial charges65/66B | - | - | €240 | €311 | €321 | €459 | €458 | ▼ 0.2% |
| Recurring financial charges65 | €226 | €51 | €240 | €311 | €321 | €459 | €458 | ▼ 0.2% |
| Non-recurring financial charges66B | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €46,271 | -€161,876 | €42,260 | €40,568 | -€22,835 | -€24,742 | €40,968 | - |
| Income taxes67/77 | - | €20 | €0 | €0 | - | €0 | €1 | ▲ 289% |
| Profit (loss) for the period9904 | €46,271 | -€161,896 | €42,260 | €40,568 | -€22,835 | -€24,742 | €40,966 | - |
| Profit (loss) for the period to be appropriated9905 | €46,271 | -€161,896 | €42,260 | €40,568 | -€22,835 | -€24,742 | €40,966 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.1m | €2.9m | €2.9m | €2.8m | €3.4m | €3.9m | €5.1m | ▲ 29.8% |
| Fixed assets21/28 | €2.4m | €2.3m | €2.2m | €2.2m | €2.1m | €2.0m | €3.1m | ▲ 53.9% |
| Tangible fixed assets22/27 | €2.3m | €2.3m | €2.2m | €2.2m | €2.1m | €2.0m | €2.0m | ▼ 3.5% |
| Land and buildings22 | - | - | €2.1m | €2.1m | €2.0m | €2.0m | €1.9m | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | €0.005m | €0.005m | €0.004m | €0.003m | €0.003m | ▼ 17.8% |
| Furniture and vehicles24 | - | - | €0.07m | €0.06m | €0.06m | €0.05m | €0.05m | ▼ 6.8% |
| Financial fixed assets28 | €0.1m | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €1.2m | ▲ 639× |
| Current assets29/58 | €0.6m | €0.6m | €0.7m | €0.6m | €1.3m | €1.9m | €1.9m | ▲ 3.7% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.5m | €0.5m | €1.2m | €1.8m | €1.8m | ▲ 1.6% |
| Trade receivables40 | - | - | €0.005m | €0 | - | - | €168 | - |
| Other amounts receivable41 | - | - | €0.5m | €0.5m | €1.2m | €1.8m | €1.8m | ▲ 1.6% |
| Current investments50/53 | €0.1m | €0.1m | €0.1m | €0.04m | €0 | - | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.04m | €0.08m | €0.09m | €0.06m | €0.04m | €0.07m | ▲ 92.9% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.001m | €0.01m | €0.02m | €0.02m | ▲ 28.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.1m | €2.9m | €2.9m | €2.8m | €3.4m | €3.9m | €5.1m | ▲ 29.8% |
| Equity10/15 | €1.3m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €2.4m | ▲ 101% |
| Contributions10/11 | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €2.1m | ▲ 120% |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | - | - | - | €0.1m | - |
| Profit (loss) carried forward14 | €0.3m | €0.09m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 31.5% |
| Amounts payable17/49 | €1.7m | €1.7m | €1.7m | €1.5m | €2.1m | €2.7m | €2.7m | ▼ 1.6% |
| Amounts payable after more than one year17 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Other amounts payable178/9 | - | - | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.2m | €0.03m | €0.7m | €1.2m | €1.2m | ▼ 3.6% |
| Trade debts44 | €0.02m | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | €0.009m | ▼ 13.9% |
| Suppliers440/4 | - | - | €0.01m | €0.02m | €0.01m | €0.01m | €0.009m | ▼ 13.9% |
| Taxes, remuneration and social security45 | - | - | €0.001m | €0.002m | €0 | - | €0.001m | - |
| Taxes450/3 | - | - | €0.001m | €0.001m | €0 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0 | - | €0.001m | - |
| Other amounts payable47/48 | - | - | €0.2m | €0.01m | €0.7m | €1.2m | €1.2m | ▼ 3.6% |
| Accrued charges and deferred income492/3 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.05m | -€0.2m | €0.04m | €0.04m | -€0.02m | -€0.02m | €0.04m | - |
| + Depreciation and write-downs630 | €0.07m | €0.07m | €0.07m | €0.08m | €0.08m | €0.08m | €0.07m | ▼ 7.8% |
| Operating cash flow (approximation) | €0.1m | -€0.09m | €0.1m | €0.1m | €0.06m | €0.05m | €0.1m | ▲ 112% |
| Investment in fixed assets (approximation) | - | €0.09m | -€0.02m | -€0.01m | -€0.03m | -€0.005m | -€1.2m | ▼ 25,715% |
| Change in cash | - | -€0.08m | €0.04m | €0.008m | -€0.03m | -€0.02m | €0.04m | - |
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 BDX 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 BDX 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 BDX. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 25-02-2026 | 2026-00043110 | |
| 30-09-2024 | full format | 09-12-2024 | 2024-00611936 | |
| 30-09-2023 | full format | 28-03-2024 | 2024-00051352 | |
| 30-09-2022 | full format | 24-02-2023 | 2023-00030805 | |
| 30-09-2021 | full format | 05-04-2022 | 2022-20000496 | |
| 30-09-2020 | full format | 06-04-2021 | 2021-09600568 | |
| 30-09-2019 | full format | 07-04-2020 | 2020-08700329 | |
| 30-09-2018 | full format | 05-04-2019 | 2019-09500416 | |
| 30-09-2017 | micro format | 03-04-2018 | 2018-09100429 | |
| 30-09-2016 | full format | 31-03-2017 | 2017-08100472 |