Bear Solutions
ActiveSummary
Bear Solutions has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €237,940 and a net result of €49,972. Equity is growing by about 17% per year across the filed financial years. Its solvency ranks better than 75% of 8,540 sector peers (NACE 73, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, micro format
Equity
€237,940=
2024 · €237,968
Total assets
€305,796▲ 16.6%
2024 · €262,346
Net result
€49,972▲ 30.0%
2024 · €38,440
Working capital
€28,454▼ 18.2%
2024 · €34,766
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result recovers in 2025; 2025 is 24% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€69,197
2025
Net result€49,972
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€305,796
2025
Equity€237,940
2025
Debt€67,856
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€28,454
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)16.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency77.8%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.42
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€76,689-€24,491▼ 68.1%€51,056▲ 108%€70,243▲ 37.6%€59,609▼ 15.1%€55,961▼ 6.1%€69,197▲ 23.7%
Net result€57,873-€17,242within the sector's middle half▼ 70.2%€35,514within the sector's middle half▲ 106%€49,663above the sector's middle half▲ 39.8%€32,686within the sector's middle half▼ 34.2%€38,440within the sector's middle half▲ 17.6%€49,972above the sector's middle half▲ 30.0%
Equity€76,423-€93,665within the sector's middle half▲ 22.6%€129,179within the sector's middle half▲ 37.9%€178,842above the sector's middle half▲ 38.4%€199,528above the sector's middle half▲ 11.6%€237,968above the sector's middle half▲ 19.3%€237,940above the sector's middle half=
Total assets€200,667-€192,333within the sector's middle half▼ 4.2%€212,337within the sector's middle half▲ 10.4%€236,806within the sector's middle half▲ 11.5%€280,127within the sector's middle half▲ 18.3%€262,346within the sector's middle half▼ 6.3%€305,796within the sector's middle half▲ 16.6%
Debt€124,244-€98,668▼ 20.6%€83,158▼ 15.7%€57,964▼ 30.3%€80,599▲ 39.1%€24,378▼ 69.8%€67,856▲ 178%
Working capital€43,420-€44,720within the sector's middle half▲ 3.0%€58,095within the sector's middle half▲ 29.9%€97,127within the sector's middle half▲ 67.2%-€279below the sector's middle half€34,766within the sector's middle half€28,454within the sector's middle half▼ 18.2%
Solvency38.1%-48.7%within the sector's middle half▲ 10.6pp60.8%within the sector's middle half▲ 12.1pp75.5%above the sector's middle half▲ 14.7pp71.2%within the sector's middle half▼ 4.3pp90.7%above the sector's middle half▲ 19.5pp77.8%above the sector's middle half▼ 12.9pp
Current ratio1.77-1.99within the sector's middle half▲ 0.222.31within the sector's middle half▲ 0.333.90within the sector's middle half▲ 1.591.00below the sector's middle half▼ 2.912.43within the sector's middle half▲ 1.431.42within the sector's middle half▼ 1.01
Return on assets (ROA)28.8%-9.0%within the sector's middle half▼ 19.9pp16.7%within the sector's middle half▲ 7.8pp21.0%within the sector's middle half▲ 4.2pp11.7%within the sector's middle half▼ 9.3pp14.7%within the sector's middle half▲ 3.0pp16.3%within the sector's middle half▲ 1.7pp
above
within
below
the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €305,796
Fixed assets
€209,486 ▲ 3.1%
Current assets
€96,310 ▲ 62.8%
Equity and liabilities €305,796
Equity
€237,940 =
Debt
€67,856 ▲ 178%
Debt's share of the balance-sheet total rises from 9.3% to 22.2%. Debt is higher.
Key figures and ratios
EBITDA
€73,511▲
2024 · €63,422
Cash flow
€54,286▲
2024 · €45,901
Debt to equity
0.29▲
2024 · 0.10
ROE
21.0%▲
2024 · 16.2%
Interest coverage
over 100▲
2024 · 39.36
Debt ≤ 1 year
€67,856▲
2024 · €24,378
Income taxes
€18,652▲
2024 · €15,921
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €537 | €613 | €1,209 | €3,856 | €5,171 | €7,462 | €4,314 | ▼ 42.2% |
| Other operating charges640/8 | - | - | €1,344 | €1,548 | €1,229 | €1,513 | €1,853 | ▲ 22.5% |
| Gross operating margin9900 | €79,911 | €26,005 | €53,609 | €75,647 | €66,009 | €64,935 | €75,364 | ▲ 16.1% |
| Operating profit (loss)9901 | €76,689 | €24,491 | €51,056 | €70,243 | €59,609 | €55,961 | €69,197 | ▲ 23.7% |
| Financial income75/76B | - | - | - | €40 | €1 | €11 | €0 | ▼ 99.7% |
| Recurring financial income75 | €0 | €0 | - | €40 | €1 | €11 | €0 | ▼ 99.7% |
| Financial charges65/66B | - | - | €981 | €875 | €704 | €1,612 | €574 | ▼ 64.4% |
| Recurring financial charges65 | €1,510 | €1,003 | €981 | €875 | €704 | €1,612 | €574 | ▼ 64.4% |
| Profit (loss) for the period before taxes9903 | €75,178 | €23,487 | €50,075 | €69,408 | €58,906 | €54,360 | €68,624 | ▲ 26.2% |
| Income taxes67/77 | €17,305 | €6,245 | €14,560 | €19,746 | €26,221 | €15,921 | €18,652 | ▲ 17.2% |
| Profit (loss) for the period9904 | €57,873 | €17,242 | €35,514 | €49,663 | €32,686 | €38,440 | €49,972 | ▲ 30.0% |
| Profit (loss) for the period to be appropriated9905 | €57,873 | €17,242 | €35,514 | €49,663 | €32,686 | €38,440 | €49,972 | ▲ 30.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €200,667 | €192,333 | €212,337 | €236,806 | €280,127 | €262,346 | €305,796 | ▲ 16.6% |
| Fixed assets21/28 | €100,493 | €102,254 | €110,060 | €106,204 | €211,031 | €203,201 | €209,486 | ▲ 3.1% |
| Tangible fixed assets22/27 | €537 | €2,298 | €10,104 | €6,248 | €10,707 | €3,245 | €9,529 | ▲ 194% |
| Furniture and vehicles24 | - | - | €10,104 | €6,248 | €10,707 | €3,245 | €1,044 | ▼ 67.8% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €8,485 | - |
| Financial fixed assets28 | €99,956 | €99,956 | €99,956 | €99,956 | €200,324 | €199,956 | €199,956 | = |
| Current assets29/58 | €100,174 | €90,079 | €102,277 | €130,602 | €69,096 | €59,144 | €96,310 | ▲ 62.8% |
| Amounts receivable within one year40/41 | €28,193 | €11,113 | €13,631 | €20,240 | €18,032 | €31,553 | €18,144 | ▼ 42.5% |
| Trade receivables40 | - | - | €13,631 | €18,686 | €14,904 | €27,474 | €14,052 | ▼ 48.9% |
| Other amounts receivable41 | - | - | - | €1,554 | €3,128 | €4,079 | €4,092 | ▲ 0.3% |
| Cash at bank and in hand54/58 | €70,973 | €77,924 | €87,567 | €107,288 | €47,315 | €23,878 | €74,470 | ▲ 212% |
| Deferred charges and accrued income490/1 | - | - | €1,078 | €3,074 | €3,749 | €3,714 | €3,696 | ▼ 0.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €200,667 | €192,333 | €212,337 | €236,806 | €280,127 | €262,346 | €305,796 | ▲ 16.6% |
| Equity10/15 | €76,423 | €93,665 | €129,179 | €178,842 | €199,528 | €237,968 | €237,940 | = |
| Contributions10/11 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €57,873 | €75,115 | €110,629 | €160,292 | €180,978 | €219,418 | €219,390 | = |
| Non-distributable reserves130/1 | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Distributable reserves133 | - | - | €108,774 | €158,437 | €180,978 | €219,418 | €219,390 | = |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €124,244 | €98,668 | €83,158 | €57,964 | €80,599 | €24,378 | €67,856 | ▲ 178% |
| Amounts payable after more than one year17 | €67,491 | €53,309 | €38,976 | €24,489 | €9,848 | €0 | - | - |
| Financial debts170/4 | - | - | €38,976 | €24,489 | €9,848 | €0 | - | - |
| Amounts payable within one year42/48 | €56,754 | €45,359 | €44,182 | €33,474 | €69,375 | €24,378 | €67,856 | ▲ 178% |
| Current portion of amounts payable after more than one year42 | - | - | €14,333 | €14,487 | €44,642 | €9,848 | €0 | ▼ 100% |
| Trade debts44 | €15,960 | €0 | €6,664 | €9,191 | €1,935 | €2,093 | €1,721 | ▼ 17.8% |
| Suppliers440/4 | - | - | €6,664 | €9,191 | €1,935 | €2,093 | €1,721 | ▼ 17.8% |
| Taxes, remuneration and social security45 | - | - | €20,547 | €6,619 | €8,936 | €7,351 | €12,094 | ▲ 64.5% |
| Taxes450/3 | - | - | €20,547 | €6,619 | €8,936 | €7,351 | €12,094 | ▲ 64.5% |
| Other amounts payable47/48 | - | - | €2,638 | €3,178 | €13,863 | €5,087 | €54,041 | ▲ 962% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,376 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,873 | €17,242 | €35,514 | €49,663 | €32,686 | €38,440 | €49,972 | ▲ 30.0% |
| + Depreciation and write-downs630 | €537 | €613 | €1,209 | €3,856 | €5,171 | €7,462 | €4,314 | ▼ 42.2% |
| Operating cash flow (approximation) | €58,409 | €17,855 | €36,723 | €53,519 | €37,856 | €45,901 | €54,286 | ▲ 18.3% |
| Investment in fixed assets (approximation) | - | -€2,374 | -€9,015 | €0 | -€109,997 | €368 | -€10,598 | - |
| Change in cash | - | €6,950 | €9,643 | €19,721 | -€59,973 | -€23,437 | €50,593 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00221167 |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00203371 |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00219080 |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00201251 |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20100061 |
| 31-12-2020 | micro format | 24-09-2021 | 2021-68300002 |
| 31-12-2019 | micro format | 12-11-2020 | 2020-69900328 |
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Of the 9,792 active companies whose main activity is advertising agencies (NACE 73110), figures are known for 3,828. 2,756 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2024 · 1 entry · €1,284 awarded · €1,284 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.