BEARHUNTER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-01-2026 PDF all 19 filings
Equity
€688,592▲ 1.8%
2024 · €676,748
Total assets
€703,092▲ 0.2%
2024 · €701,748
Net result
€11,844
2024 · -€12,605
Working capital
€388,963▼ 0.2%
2022 · €389,612
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,485
▲ 49.6%
2025
20182025
Net result
€11,844
2025
middle half of the sector
20182025
Equity
€688,592
▲ 1.8%
2025
middle half of the sector
20182025
Total assets
€703,092
▲ 0.2%
2025
middle half of the sector
20182025
Debt
no figure
2025
20182025
Working capital
no figure
2025
20182025
Solvency
97.9%
▲ 1.5pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
1.7%
▲ 3.5pp
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-€0.007m--€0.01m▼ 101%-€0.007m▲ 50.2%-€0.02m▼ 192%-€0.01m▲ 46.1%-€0.02m▼ 62.8%-€0.02m▼ 27.3%-€0.01m▲ 49.6%
Net result-€0.02m-€0.003m€0.4mabove the sector's middle half▲ 123×€0.02mwithin the sector's middle half▼ 95.7%-€0.02mbelow the sector's middle half-€0.009mbelow the sector's middle half▲ 50.4%-€0.01mbelow the sector's middle half▼ 38.2%€0.01mwithin the sector's middle half
Equity€0.3m-€0.3m▲ 1.0%€0.7mwithin the sector's middle half▲ 117%€0.7mwithin the sector's middle half▲ 2.3%€0.7mwithin the sector's middle half▼ 2.6%€0.7mwithin the sector's middle half▼ 1.3%€0.7mwithin the sector's middle half▼ 1.8%€0.7mwithin the sector's middle half▲ 1.8%
Total assets€0.3m-€0.3m▲ 2.5%€0.8mwithin the sector's middle half▲ 152%€1.2mwithin the sector's middle half▲ 42.0%€0.7mwithin the sector's middle half▼ 40.5%€0.7mwithin the sector's middle half▼ 1.2%€0.7mwithin the sector's middle half▲ 1.6%€0.7mwithin the sector's middle half▲ 0.2%
Debt€15€0.1m▲ 6,667×€0.4m▲ 333%€54▼ 100.0%€0.001m▲ 19×
Working capital€0.3m€0.5mabove the sector's middle half▲ 64.4%€0.5mabove the sector's middle half▼ 7.6%€0.4mwithin the sector's middle half▼ 17.3%€0.4mwithin the sector's middle half▼ 0.2%
Solvency100.0%-98.5%▼ 1.5pp84.7%above the sector's middle half▼ 13.7pp61.1%within the sector's middle half▼ 23.7pp100.0%above the sector's middle half▲ 38.9pp99.8%above the sector's middle half▼ 0.1pp96.4%above the sector's middle half▼ 3.4pp97.9%above the sector's middle half▲ 1.5pp
Current ratio6.10above the sector's middle half2.09within the sector's middle half▼ 4.01
Return on assets (ROA)-6.3%-0.9%▲ 7.3pp45.7%above the sector's middle half▲ 44.7pp1.4%within the sector's middle half▼ 44.3pp-2.6%below the sector's middle half▼ 4.0pp-1.3%below the sector's middle half▲ 1.3pp-1.8%below the sector's middle half▼ 0.5pp1.7%within the sector's middle half▲ 3.5pp
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 €11,485, smaller than the loss of €22,799 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €703,092
Fixed assets
€283,449 ▼ 2.9%
Current assets
€419,643 ▲ 2.4%
Key figures and ratios
EBITDA
-€3,014▲
2024 · -€14,328
Cash flow
€20,315▲
2024 · -€4,134
ROE
1.7%▲
2024 · -1.9%
Interest coverage
-1.41▲
2024 · -3.93
Income taxes
€2,815▼
2024 · €4,911
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €47,305 | - | - | - |
| Depreciation and write-downs of the year | €8,124 | €8,471 | €8,471 | €8,471 |
Source: notes to the 2022 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 | €743 | €82 | €1,143 | €6,269 | €8,124 | €8,471 | €8,471 | €8,471 | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€23,785 | - | €25,000 | -€10,500 | - |
| Gross operating margin9900 | -€9,058 | -€8,975 | €15,429 | -€16,646 | -€26,658 | -€9,437 | €10,672 | -€13,514 | - |
| Operating profit (loss)9901 | -€7,001 | -€14,057 | -€6,999 | -€20,415 | -€10,997 | -€17,908 | -€22,799 | -€11,485 | ▲ 49.6% |
| Financial income75/76B | - | - | - | - | €18,908 | €14,262 | €18,755 | €28,280 | ▲ 50.8% |
| Recurring financial income75 | - | - | - | - | €18,908 | €14,262 | €18,755 | €28,280 | ▲ 50.8% |
| Non-recurring financial income76B | - | - | - | - | €18,908 | €14,262 | €18,755 | €28,280 | ▲ 50.8% |
| Financial charges65/66B | - | - | - | - | €24,418 | €4,879 | €3,650 | €2,136 | ▼ 41.5% |
| Recurring financial charges65 | - | - | - | - | €24,418 | €4,879 | €3,650 | €2,136 | ▼ 41.5% |
| Non-recurring financial charges66B | - | - | - | - | €24,418 | €4,879 | €3,650 | €2,136 | ▼ 41.5% |
| Profit (loss) for the period before taxes9903 | -€20,387 | €4,045 | €378,335 | €16,384 | -€16,507 | -€8,525 | -€7,694 | €14,659 | - |
| Income taxes67/77 | -€172 | €971 | €622 | €303 | €1,883 | €595 | €4,911 | €2,815 | ▼ 42.7% |
| Profit (loss) for the period9904 | -€20,215 | €3,074 | €377,713 | €16,081 | -€18,390 | -€9,120 | -€12,605 | €11,844 | - |
| Profit (loss) for the period to be appropriated9905 | -€20,215 | €3,074 | €377,713 | €16,081 | -€18,390 | -€9,120 | -€12,605 | €11,844 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.3m | €0.8m | €1.2m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 0.2% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.9% |
| Tangible fixed assets22/27 | €82 | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.1% |
| Land and buildings22 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.1% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.6m | €0.9m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 2.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.2m | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0.2m | - |
| Amounts receivable within one year40/41 | €0.001m | €37 | €0.03m | €0.006m | €334 | €278 | €0.001m | €408 | ▼ 38.9% |
| Other amounts receivable41 | - | - | - | - | €334 | €278 | €0.001m | €408 | ▼ 38.9% |
| Current investments50/53 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.3% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.4m | €0.7m | €0.2m | €0.2m | €0.2m | €0.009m | ▼ 96.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €0.8m | €1.2m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 0.2% |
| Equity10/15 | €0.3m | €0.3m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 1.8% |
| Contributions10/11 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.3m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | -€0.009m | -€0.006m | €0.04m | €0.05m | €0.04m | €0.03m | €0.01m | €0.03m | ▲ 82.5% |
| Provisions and deferred taxes16 | - | €0.005m | €0.03m | €0.02m | - | - | €0.03m | €0.01m | ▼ 42.0% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.03m | €0.01m | ▼ 42.0% |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.03m | €0.01m | ▼ 42.0% |
| Amounts payable17/49 | - | €15 | €0.1m | €0.4m | €54 | €0.001m | - | - | - |
| Amounts payable within one year42/48 | - | €15 | €0.1m | €0.4m | €54 | €0.001m | - | - | - |
| Trade debts44 | - | €15 | - | - | €54 | €0.001m | - | - | - |
| Suppliers440/4 | - | - | - | - | €54 | €0.001m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,215 | €3,074 | €377,713 | €16,081 | -€18,390 | -€9,120 | -€12,605 | €11,844 | - |
| + Depreciation and write-downs630 | €743 | €82 | €1,143 | €6,269 | €8,124 | €8,471 | €8,471 | €8,471 | = |
| Operating cash flow (approximation) | -€19,472 | €3,156 | €378,856 | €22,350 | -€10,266 | -€649 | -€4,134 | €20,315 | - |
| Investment in fixed assets (approximation) | - | €0 | -€200,316 | -€58,776 | -€47,305 | €0 | -€1 | €0 | - |
| Change in cash | - | -€12,156 | €258,553 | €309,502 | -€490,518 | €16,354 | €34,604 | -€224,468 | - |
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 BEARHUNTER 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 BEARHUNTER itself: 0.2% 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 BEARHUNTER. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-01-2026 | 2026-00017067 | |
| 31-12-2024 | abbreviated format | 29-01-2025 | 2025-00014095 | |
| 31-12-2023 | abbreviated format | 10-02-2024 | 2024-00028953 | |
| 31-12-2022 | abbreviated format | 16-01-2023 | 2023-20558352 | |
| 31-12-2021 | abbreviated format | 08-01-2022 | 2022-00600243 | |
| 31-12-2020 | abbreviated format | 22-01-2021 | 2021-01400350 | |
| 31-12-2019 | abbreviated format | 14-02-2020 | 2020-05000462 | |
| 31-12-2018 | abbreviated format | 01-02-2019 | 2019-04200599 | |
| 31-12-2017 | abbreviated format | 16-03-2018 | 2018-07000372 | |
| 31-12-2016 | abbreviated format | 14-04-2017 | 2017-09600005 |