BEECOZ
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00049525.
Annual accounts 2025 filed on 27-02-2026 PDF all 5 filings
Turnover
€287,093
EBIT margin
3.0%
Net result
€89,087▲ 98.4%
2024 · €44,893
Working capital
€173,861▲ 119%
2024 · €79,527
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
€122,590
▼ 13.9%
2025
20212025
Net result
€89,087
▲ 98.4%
2025
highest quarter of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€209,934
▲ 73.7%
2025
middle half of the sector
20212025
Total assets
€354,692
▲ 28.7%
2025
middle half of the sector
20212025
Debt
€144,758
▼ 6.5%
2025
20212025
Working capital
€173,861
▲ 119%
2025
highest quarter of the sector
20212025
Solvency
59.2%
▲ 15.3pp
2025
middle half of the sector
20212025
Current ratio
2.20
▲ 0.68
2025
middle half of the sector
20212025
Return on assets (ROA)
25.1%
▲ 8.8pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€287,093
Operating result€46,948-€8,747▼ 81.4%€144,747▲ 17×€142,330▼ 1.7%€122,590▼ 13.9%
Net result€31,834within the sector's middle half-€4,780within the sector's middle half▼ 85.0%€37,141within the sector's middle half▲ 677%€44,893within the sector's middle half▲ 20.9%€89,087above the sector's middle half▲ 98.4%
EBIT margin3.0%
Equity€34,034within the sector's middle half-€38,814within the sector's middle half▲ 14.0%€75,955within the sector's middle half▲ 95.7%€120,848within the sector's middle half▲ 59.1%€209,934within the sector's middle half▲ 73.7%
Total assets€141,011within the sector's middle half-€295,042within the sector's middle half▲ 109%€306,545within the sector's middle half▲ 3.9%€275,629within the sector's middle half▼ 10.1%€354,692within the sector's middle half▲ 28.7%
Debt€106,977-€256,228▲ 140%€230,590▼ 10.0%€154,781▼ 32.9%€144,758▼ 6.5%
Working capital€35,436within the sector's middle half-€22,926within the sector's middle half▼ 35.3%€35,387within the sector's middle half▲ 54.4%€79,527within the sector's middle half▲ 125%€173,861above the sector's middle half▲ 119%
Solvency24.1%below the sector's middle half-13.2%below the sector's middle half▼ 11.0pp24.8%below the sector's middle half▲ 11.6pp43.8%within the sector's middle half▲ 19.1pp59.2%within the sector's middle half▲ 15.3pp
Current ratio1.35within the sector's middle half-1.10within the sector's middle half▼ 0.261.16within the sector's middle half▲ 0.061.52within the sector's middle half▲ 0.362.20within the sector's middle half▲ 0.68
Return on assets (ROA)22.6%within the sector's middle half-1.6%below the sector's middle half▼ 21.0pp12.1%within the sector's middle half▲ 10.5pp16.3%within the sector's middle half▲ 4.2pp25.1%within the sector's middle half▲ 8.8pp
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 14% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €354,692
Fixed assets
€36,073 ▼ 15.7%
Current assets
€318,619 ▲ 36.8%
Equity and liabilities €354,692
Equity
€209,934 ▲ 73.7%
Debt
€144,758 ▼ 6.5%
Debt's share of the balance-sheet total falls from 56.2% to 40.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€129,799▼
2024 · €154,891
Cash flow
€96,295▲
2024 · €57,454
Debt to equity
0.69▼
2024 · 1.28
ROE
42.4%▲
2024 · 37.1%
Interest coverage
53.94▲
2024 · 1.88
Debt ≤ 1 year
€144,758▼
2024 · €153,306
Income taxes
€31,199▲
2024 · €15,264
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €32,974 | €27,688 | €4,693 | €7,017 |
| Depreciation and write-downs of the year | €3,502 | €12,084 | €12,561 | €7,209 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €287,093 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €708 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €280,242 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,632 | €3,502 | €12,084 | €12,561 | €7,209 | ▼ 42.6% |
| Other operating charges640/8 | - | €0 | - | €736 | €7,690 | ▲ 944% |
| Non-recurring operating charges66A | - | €1,021 | €0 | - | - | - |
| Gross operating margin9900 | €51,070 | €13,270 | €156,831 | €155,627 | €137,488 | ▼ 11.7% |
| Operating profit (loss)9901 | €46,948 | €8,747 | €144,747 | €142,330 | €122,590 | ▼ 13.9% |
| Financial income75/76B | - | - | - | €0 | €102 | ▲ 10,187× |
| Recurring financial income75 | - | - | - | €0 | €102 | ▲ 10,187× |
| Financial charges65/66B | - | €1,085 | €96,160 | €82,173 | €2,406 | ▼ 97.1% |
| Recurring financial charges65 | €1,400 | €1,085 | €96,160 | €82,173 | €2,406 | ▼ 97.1% |
| Profit (loss) for the period before taxes9903 | €45,548 | €7,661 | €48,586 | €60,157 | €120,285 | ▲ 100.0% |
| Income taxes67/77 | €13,714 | €2,881 | €11,446 | €15,264 | €31,199 | ▲ 104% |
| Profit (loss) for the period9904 | €31,834 | €4,780 | €37,141 | €44,893 | €89,087 | ▲ 98.4% |
| Profit (loss) for the period to be appropriated9905 | €31,834 | €4,780 | €37,141 | €44,893 | €89,087 | ▲ 98.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €141,011 | €295,042 | €306,545 | €275,629 | €354,692 | ▲ 28.7% |
| Formation expenses20 | - | €0 | - | - | - | - |
| Fixed assets21/28 | €5,588 | €35,060 | €50,664 | €42,796 | €36,073 | ▼ 15.7% |
| Tangible fixed assets22/27 | €5,588 | €35,060 | €50,664 | €42,796 | €36,073 | ▼ 15.7% |
| Land and buildings22 | - | €9,292 | €9,292 | - | - | - |
| Plant, machinery and equipment23 | - | €1,119 | €569 | €18 | €2,165 | ▲ 120× |
| Furniture and vehicles24 | - | €2,638 | €2,870 | €2,705 | €2,258 | ▼ 16.5% |
| Leasing and similar rights25 | - | €22,011 | €14,271 | €6,531 | - | - |
| Other tangible fixed assets26 | - | - | €23,662 | €33,542 | €31,650 | ▼ 5.6% |
| Current assets29/58 | €135,423 | €259,981 | €255,881 | €232,833 | €318,619 | ▲ 36.8% |
| Amounts receivable within one year40/41 | €45,127 | €205,427 | €205,700 | €223,837 | €317,255 | ▲ 41.7% |
| Trade receivables40 | - | €182,303 | €205,700 | €194,560 | €307,929 | ▲ 58.3% |
| Other amounts receivable41 | - | €23,123 | €0 | €29,277 | €9,326 | ▼ 68.1% |
| Cash at bank and in hand54/58 | €90,296 | €24,158 | €50,165 | €8,946 | €1,132 | ▼ 87.3% |
| Deferred charges and accrued income490/1 | - | €30,397 | €16 | €49 | €231 | ▲ 368% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €141,011 | €295,042 | €306,545 | €275,629 | €354,692 | ▲ 28.7% |
| Equity10/15 | €34,034 | €38,814 | €75,955 | €120,848 | €209,934 | ▲ 73.7% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Contributions outside capital11 | - | - | - | €3,000 | €3,000 | = |
| Other1109/19 | - | - | - | €3,000 | €3,000 | = |
| Reserves13 | €31,034 | €31,034 | €31,034 | €31,034 | €31,034 | = |
| Distributable reserves133 | - | €31,034 | €31,034 | €31,034 | €31,034 | = |
| Profit (loss) carried forward14 | - | €4,780 | €41,921 | €86,814 | €175,901 | ▲ 103% |
| Amounts payable17/49 | €106,977 | €256,228 | €230,590 | €154,781 | €144,758 | ▼ 6.5% |
| Amounts payable after more than one year17 | €6,990 | €19,172 | €10,096 | €1,475 | - | - |
| Financial debts170/4 | - | €19,172 | €10,096 | €1,475 | - | - |
| Amounts payable within one year42/48 | €99,987 | €237,055 | €220,494 | €153,306 | €144,758 | ▼ 5.6% |
| Current portion of amounts payable after more than one year42 | - | €8,979 | €9,178 | €8,723 | €1,475 | ▼ 83.1% |
| Trade debts44 | €27,038 | €116,573 | €36,988 | €17,150 | €35,396 | ▲ 106% |
| Suppliers440/4 | - | €116,573 | €36,988 | €17,150 | €35,396 | ▲ 106% |
| Bills of exchange payable441 | - | - | €0 | - | - | - |
| Advances received on contracts in progress46 | - | €51,043 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | €59,900 | €94,936 | €46,097 | €82,205 | ▲ 78.3% |
| Taxes450/3 | - | €3,636 | €77,356 | €10,937 | €79,625 | ▲ 628% |
| Remuneration and social security454/9 | - | €56,264 | €17,580 | €35,160 | €2,580 | ▼ 92.7% |
| Other amounts payable47/48 | - | €560 | €79,392 | €81,336 | €25,682 | ▼ 68.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,834 | €4,780 | €37,141 | €44,893 | €89,087 | ▲ 98.4% |
| + Depreciation and write-downs630 | €2,632 | €3,502 | €12,084 | €12,561 | €7,209 | ▼ 42.6% |
| Operating cash flow (approximation) | €34,466 | €8,282 | €49,225 | €57,454 | €96,295 | ▲ 67.6% |
| Investment in fixed assets (approximation) | - | -€32,974 | -€27,688 | -€4,693 | -€486 | ▲ 89.6% |
| Change in cash | - | -€66,138 | €26,008 | -€41,219 | -€7,814 | ▲ 81.0% |
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, 26,972 companies had the same profile as BEECOZ has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEECOZ itself: 0.4% 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 26,972 companies, not a prediction for BEECOZ. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-02-2026 | 2026-00049525 | |
| 30-06-2024 | micro format | 28-02-2025 | 2025-00045624 | |
| 30-06-2023 | micro format | 29-03-2024 | 2024-00056409 | |
| 30-06-2022 | micro format | 07-03-2023 | 2023-00037223 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06900209 |