BEDEX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 33 filings
Turnover
≈ €210,000
Estimated: probably between €130,000 and €400,000
EBIT margin
Not included in this filing
Net result
€1,681▼ 46.0%
2024 · €3,113
Working capital
€62,604▲ 34.4%
2024 · €46,584
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€14,990
▼ 20.0%
2025
20182025
Net result
€1,681
▼ 46.0%
2025
20182025
Equity
€343,375
▲ 0.5%
2025
20182025
Total assets
€649,684
▼ 5.8%
2025
20182025
Debt
€284,760
▼ 12.8%
2025
20182025
Working capital
€62,604
▲ 34.4%
2025
20182025
Staff (FTE)
0
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€19,647--€2,711€82,347€12,557▼ 84.8%€6,210▼ 50.5%€11,939▲ 92.3%€18,737▲ 56.9%€14,990▼ 20.0%
Net result-€5,422--€14,109▼ 160%€53,245-€1,303-€6,236▼ 378%-€1,281▲ 79.5%€3,113€1,681▼ 46.0%
Equity€346,390-€332,281▼ 4.1%€347,401▲ 4.6%€346,097▼ 0.4%€339,862▼ 1.8%€338,581▼ 0.4%€341,694▲ 0.9%€343,375▲ 0.5%
Total assets€872,865-€844,250▼ 3.3%€747,466▼ 11.5%€756,896▲ 1.3%€710,100▼ 6.2%€675,374▼ 4.9%€689,849▲ 2.1%€649,684▼ 5.8%
Debt€523,111-€508,604▼ 2.8%€378,516▼ 25.6%€389,249▲ 2.8%€348,689▼ 10.4%€315,244▼ 9.6%€326,605▲ 3.6%€284,760▼ 12.8%
Working capital-€221,012--€196,386▲ 11.1%-€86,463▲ 56.0%-€84,797▲ 1.9%€19,190€51,820▲ 170%€46,584▼ 10.1%€62,604▲ 34.4%
Staff (FTE)000
The operating result for 2025 is 20% lower than 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 €649,684
Fixed assets
€452,278 ▼ 9.9%
Current assets
€197,406 ▲ 5.0%
Equity and liabilities €649,684
Equity
€343,375 ▲ 0.5%
Provisions
€21,549 =
Debt
€284,760 ▼ 12.8%
Debt's share of the balance-sheet total falls from 47.3% to 43.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€64,592▼
2024 · €68,339
Cash flow
€51,283▼
2024 · €52,716
Current ratio
1.46▲
2024 · 1.33
Debt to equity
0.83▼
2024 · 0.96
ROE
0.5%▼
2024 · 0.9%
ROA
0.3%▼
2024 · 0.5%
Interest coverage
6.24▲
2024 · 6.07
Debt ≤ 1 year
€134,802▼
2024 · €141,385
Debt > 1 year
€137,529▼
2024 · €171,596
Income taxes
€5,620▼
2024 · €7,028
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 | €42,204 | - | €3,638 | €59,955 | - |
| Financial fixed assets | - | €250 | €0 | €0 | €0 |
| Depreciation and write-downs of the year | €46,943 | €47,832 | €46,144 | €49,602 | €49,602 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,890 | €50,922 | €46,181 | €46,943 | €47,832 | €46,144 | €49,602 | €49,602 | = |
| Other operating charges640/8 | - | - | - | €8,524 | €8,639 | €8,940 | €9,972 | €9,714 | ▼ 2.6% |
| Gross operating margin9900 | €77,156 | €57,500 | €137,310 | €68,025 | €62,681 | €67,023 | €78,311 | €74,307 | ▼ 5.1% |
| Operating profit (loss)9901 | €19,647 | -€2,711 | €82,347 | €12,557 | €6,210 | €11,939 | €18,737 | €14,990 | ▼ 20.0% |
| Financial income75/76B | - | - | - | - | €1,808 | €2,036 | €2,667 | €2,668 | = |
| Recurring financial income75 | €0 | €0 | - | - | €1,808 | €2,036 | €2,667 | €2,668 | = |
| Financial charges65/66B | - | - | - | €9,054 | €11,534 | €10,441 | €11,263 | €10,357 | ▼ 8.0% |
| Recurring financial charges65 | €19,292 | €11,302 | €9,025 | €9,054 | €11,534 | €10,441 | €11,263 | €10,357 | ▼ 8.0% |
| Profit (loss) for the period before taxes9903 | €354 | -€14,012 | €73,322 | €3,503 | -€3,516 | €3,534 | €10,142 | €7,301 | ▼ 28.0% |
| Transfer to deferred taxes680 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €5,776 | €97 | €1,892 | €4,807 | €2,720 | €4,815 | €7,028 | €5,620 | ▼ 20.0% |
| Profit (loss) for the period9904 | -€5,422 | -€14,109 | €53,245 | -€1,303 | -€6,236 | -€1,281 | €3,113 | €1,681 | ▼ 46.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€5,422 | -€14,109 | -€1,309 | -€1,303 | -€6,236 | -€1,281 | €3,113 | €1,681 | ▼ 46.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €872,865 | €844,250 | €747,466 | €756,896 | €710,100 | €675,374 | €689,849 | €649,684 | ▼ 5.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €819,319 | €788,717 | €686,355 | €681,616 | €534,033 | €491,528 | €501,880 | €452,278 | ▼ 9.9% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €719,319 | €688,717 | €586,355 | €581,616 | €533,783 | €491,278 | €501,630 | €452,028 | ▼ 9.9% |
| Land and buildings22 | - | - | - | €581,616 | €533,783 | €491,278 | €501,630 | €452,028 | ▼ 9.9% |
| Financial fixed assets28 | €100,000 | €100,000 | €100,000 | €100,000 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €53,546 | €55,533 | €61,111 | €75,280 | €176,067 | €183,847 | €187,968 | €197,406 | ▲ 5.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €101,808 | €101,808 | €101,808 | €101,808 | = |
| Other amounts receivable291 | - | - | - | - | €101,808 | €101,808 | €101,808 | €101,808 | = |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €52,278 | €55,474 | €57,974 | €74,604 | €73,588 | €78,356 | €82,740 | €83,658 | ▲ 1.1% |
| Trade receivables40 | - | - | - | €74,604 | €73,588 | €78,356 | €82,740 | €83,658 | ▲ 1.1% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,268 | €59 | €3,137 | €140 | €81 | €3,030 | €70 | €308 | ▲ 341% |
| Deferred charges and accrued income490/1 | - | - | - | €535 | €589 | €653 | €3,351 | €11,633 | ▲ 247% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €872,865 | €844,250 | €747,466 | €756,896 | €710,100 | €675,374 | €689,849 | €649,684 | ▼ 5.8% |
| Equity10/15 | €346,390 | €332,281 | €347,401 | €346,097 | €339,862 | €338,581 | €341,694 | €343,375 | ▲ 0.5% |
| Contributions10/11 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Capital10 | - | - | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Issued capital100 | - | - | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Revaluation surpluses12 | - | - | - | €141,532 | €127,025 | €112,517 | €98,010 | €83,503 | ▼ 14.8% |
| Reserves13 | €230,496 | €248,490 | €317,552 | €332,059 | €346,567 | €361,074 | €212,697 | €228,885 | ▲ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Legal reserve130 | - | - | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Tax-exempt reserves132 | - | - | - | €61,088 | €61,088 | €61,088 | €61,088 | €61,088 | = |
| Distributable reserves133 | - | - | - | €269,471 | €283,978 | €298,486 | €150,109 | €166,297 | ▲ 10.8% |
| Profit (loss) carried forward14 | -€141,759 | -€155,868 | -€157,177 | -€158,481 | -€164,716 | -€165,997 | €0 | - | - |
| Provisions and deferred taxes16 | €3,364 | €3,364 | €21,549 | €21,549 | €21,549 | €21,549 | €21,549 | €21,549 | = |
| Deferred taxes168 | - | - | - | €21,549 | €21,549 | €21,549 | €21,549 | €21,549 | = |
| Amounts payable17/49 | €523,111 | €508,604 | €378,516 | €389,249 | €348,689 | €315,244 | €326,605 | €284,760 | ▼ 12.8% |
| Amounts payable after more than one year17 | €248,553 | €256,685 | €220,191 | €217,882 | €179,633 | €170,573 | €171,596 | €137,529 | ▼ 19.9% |
| Financial debts170/4 | - | - | - | €217,882 | €179,633 | €170,573 | €171,596 | €137,529 | ▼ 19.9% |
| Amounts payable within one year42/48 | €274,558 | €251,919 | €147,574 | €160,077 | €156,876 | €132,027 | €141,385 | €134,802 | ▼ 4.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €40,413 | €38,249 | €29,061 | €34,094 | €34,997 | ▲ 2.6% |
| Financial debts43 | - | - | - | €6,232 | €14,865 | €0 | €10,259 | €14,603 | ▲ 42.3% |
| Credit institutions430/8 | - | - | - | €6,232 | €14,865 | €0 | €10,259 | €14,603 | ▲ 42.3% |
| Trade debts44 | €13,041 | €24,547 | €19,782 | €22,073 | €17,922 | €14,791 | €19,844 | €16,865 | ▼ 15.0% |
| Suppliers440/4 | - | - | - | €22,073 | €17,922 | €14,791 | €19,844 | €16,865 | ▼ 15.0% |
| Taxes, remuneration and social security45 | - | - | - | €8,134 | €8,139 | €8,347 | €12,798 | €8,368 | ▼ 34.6% |
| Taxes450/3 | - | - | - | €8,134 | €8,139 | €8,347 | €12,798 | €8,368 | ▼ 34.6% |
| Other amounts payable47/48 | - | - | - | €83,225 | €77,702 | €79,829 | €64,389 | €59,969 | ▼ 6.9% |
| Accrued charges and deferred income492/3 | - | - | - | €11,290 | €12,180 | €12,645 | €13,624 | €12,429 | ▼ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,422 | -€14,109 | €53,245 | -€1,303 | -€6,236 | -€1,281 | €3,113 | €1,681 | ▼ 46.0% |
| + Depreciation and write-downs630 | €48,890 | €50,922 | €46,181 | €46,943 | €47,832 | €46,144 | €49,602 | €49,602 | = |
| Operating cash flow (approximation) | €43,469 | €36,814 | €99,426 | €45,640 | €41,596 | €44,863 | €52,716 | €51,283 | ▼ 2.7% |
| Investment in fixed assets (approximation) | - | -€20,320 | €56,181 | -€42,204 | €99,750 | -€3,638 | -€59,955 | €0 | - |
| Change in cash | - | -€1,209 | €3,078 | -€2,996 | -€59 | €2,948 | -€2,960 | €238 | - |
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 BEDEX 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 BEDEX 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 14,766 companies, not a prediction for BEDEX. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-07-2026 | 2026-00267766 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00248976 | |
| 31-12-2023 | abbreviated format | 03-05-2024 | 2024-00082028 | |
| 31-12-2022 | abbreviated format | 21-06-2023 | 2023-00146040 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20112603 | |
| 31-12-2020 | abbreviated format | 05-08-2021 | 2021-46300060 | |
| 31-12-2019 | abbreviated format | 25-09-2020 | 2020-55700372 | |
| 31-12-2018 | abbreviated format | 27-06-2019 | 2019-24500526 | |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-42300315 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25200567 |