beeldt
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-01-2026 PDF all 24 filings
Turnover
≈ €260,000
Estimated: probably between €200,000 and €520,000
Total assets
€614,442▲ 2.9%
2024 · €597,023
Net result
€51,556▲ 32.1%
2024 · €39,040
Working capital
€203,833▲ 61.3%
2024 · €126,386
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€78,482
▲ 21.8%
2025
20192025
Net result
€51,556
▲ 32.1%
2025
highest quarter of the sector
20192025
Equity
€311,569
▼ 23.7%
2025
highest quarter of the sector
20192025
Total assets
€614,442
▲ 2.9%
2025
highest quarter of the sector
20192025
Debt
€294,102
▲ 63.7%
2025
20192025
Working capital
€203,833
▲ 61.3%
2025
highest quarter of the sector
20192025
Solvency
50.7%
▼ 17.7pp
2025
middle half of the sector
20192025
Current ratio
4.80
▲ 1.44
2025
highest quarter of the sector
20192025
Return on assets (ROA)
8.4%
▲ 1.9pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€231,549-€26,236▼ 88.7%€38,549▲ 46.9%€119,100▲ 209%€66,006▼ 44.6%€64,427▼ 2.4%€78,482▲ 21.8%
Net result€159,852-€13,789within the sector's middle half▼ 91.4%€24,855within the sector's middle half▲ 80.3%€83,892above the sector's middle half▲ 238%€40,764within the sector's middle half▼ 51.4%€39,040within the sector's middle half▼ 4.2%€51,556above the sector's middle half▲ 32.1%
Equity€280,544-€292,732above the sector's middle half▲ 4.3%€317,587above the sector's middle half▲ 8.5%€380,879above the sector's middle half▲ 19.9%€420,043above the sector's middle half▲ 10.3%€408,178above the sector's middle half▼ 2.8%€311,569above the sector's middle half▼ 23.7%
Total assets€680,581-€642,135above the sector's middle half▼ 5.6%€608,042above the sector's middle half▼ 5.3%€818,837above the sector's middle half▲ 34.7%€653,503above the sector's middle half▼ 20.2%€597,023above the sector's middle half▼ 8.6%€614,442above the sector's middle half▲ 2.9%
Debt€387,998-€338,114▼ 12.9%€279,917▼ 17.2%€427,862▲ 52.9%€223,806▼ 47.7%€179,632▼ 19.7%€294,102▲ 63.7%
Working capital€83,768-€97,642within the sector's middle half▲ 16.6%€88,233within the sector's middle half▼ 9.6%€165,461above the sector's middle half▲ 87.5%€200,451above the sector's middle half▲ 21.1%€126,386above the sector's middle half▼ 36.9%€203,833above the sector's middle half▲ 61.3%
Solvency41.2%-45.6%within the sector's middle half▲ 4.4pp52.2%within the sector's middle half▲ 6.6pp46.5%within the sector's middle half▼ 5.7pp64.3%within the sector's middle half▲ 17.8pp68.4%within the sector's middle half▲ 4.1pp50.7%within the sector's middle half▼ 17.7pp
Current ratio1.81-2.17within the sector's middle half▲ 0.362.28within the sector's middle half▲ 0.111.67within the sector's middle half▼ 0.613.82within the sector's middle half▲ 2.163.36within the sector's middle half▼ 0.464.80above the sector's middle half▲ 1.44
Return on assets (ROA)23.5%-2.1%within the sector's middle half▼ 21.3pp4.1%within the sector's middle half▲ 1.9pp10.2%within the sector's middle half▲ 6.2pp6.2%within the sector's middle half▼ 4.0pp6.5%within the sector's middle half▲ 0.3pp8.4%within the sector's middle half▲ 1.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 22% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €614,442
Fixed assets
€356,982 ▼ 14.4%
Current assets
€257,460 ▲ 43.0%
Equity and liabilities €614,442
Equity
€311,569 ▼ 23.7%
Provisions
€8,771 ▼ 4.8%
Debt
€294,102 ▲ 63.7%
Debt's share of the balance-sheet total rises from 30.1% to 47.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€138,533▲
2024 · €123,670
Cash flow
€111,607▲
2024 · €98,284
Debt to equity
0.94▲
2024 · 0.44
ROE
16.5%▲
2024 · 9.6%
Interest coverage
27.02▼
2024 · 42.94
Debt ≤ 1 year
€53,627=
2024 · €53,604
Debt > 1 year
€238,040▲
2024 · €126,028
Income taxes
€23,277▲
2024 · €22,948
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | €27,500 | €27,500 | €27,500 |
| Mortgage mandates | - | €370,555 | €370,555 | €370,555 |
| Carrying value of the mortgaged assets | - | €348,117 | €315,911 | €283,704 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,746 | €25,916 | €94,283 | - |
| Depreciation and write-downs of the year | €51,595 | €48,700 | €59,244 | €60,051 |
Source: notes to the 2022 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 | €48,713 | €46,973 | €49,470 | €51,595 | €48,700 | €59,244 | €60,051 | ▲ 1.4% |
| Other operating charges640/8 | - | - | - | €6,673 | €13,765 | €3,992 | €4,350 | ▲ 9.0% |
| Gross operating margin9900 | €282,240 | €76,486 | €92,264 | €177,368 | €128,471 | €127,663 | €142,883 | ▲ 11.9% |
| Operating profit (loss)9901 | €231,549 | €26,236 | €38,549 | €119,100 | €66,006 | €64,427 | €78,482 | ▲ 21.8% |
| Financial income75/76B | - | - | - | €0 | €0 | - | €1,036 | - |
| Recurring financial income75 | €46 | €105 | €32 | €0 | €0 | - | €1,036 | - |
| Financial charges65/66B | - | - | - | €6,770 | €4,557 | €2,880 | €5,127 | ▲ 78.0% |
| Recurring financial charges65 | €6,277 | €8,039 | €4,664 | €6,770 | €4,557 | €2,880 | €5,127 | ▲ 78.0% |
| Profit (loss) for the period before taxes9903 | €227,818 | €18,302 | €33,916 | €112,330 | €61,449 | €61,546 | €74,392 | ▲ 20.9% |
| Transfer from deferred taxes780 | - | - | - | €442 | €442 | €442 | €442 | = |
| Income taxes67/77 | €68,716 | €5,264 | €9,812 | €28,880 | €21,127 | €22,948 | €23,277 | ▲ 1.4% |
| Profit (loss) for the period9904 | €159,852 | €13,789 | €24,855 | €83,892 | €40,764 | €39,040 | €51,556 | ▲ 32.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,767 | €1,767 | €1,767 | €1,767 | = |
| Profit (loss) for the period to be appropriated9905 | €159,245 | €13,270 | €46,029 | €85,659 | €42,530 | €40,807 | €53,323 | ▲ 30.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €680,581 | €642,135 | €608,042 | €818,837 | €653,503 | €597,023 | €614,442 | ▲ 2.9% |
| Fixed assets21/28 | €492,968 | €460,849 | €450,627 | €404,777 | €381,994 | €417,033 | €356,982 | ▼ 14.4% |
| Tangible fixed assets22/27 | €492,868 | €460,749 | €450,527 | €404,677 | €381,894 | €416,933 | €356,882 | ▼ 14.4% |
| Land and buildings22 | - | - | - | €374,808 | €348,117 | €315,911 | €283,704 | ▼ 10.2% |
| Plant, machinery and equipment23 | - | - | - | €6,456 | €11,678 | €8,302 | €5,699 | ▼ 31.4% |
| Furniture and vehicles24 | - | - | - | €23,413 | €22,099 | €92,720 | €67,479 | ▼ 27.2% |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €187,613 | €181,285 | €157,415 | €414,060 | €271,509 | €179,990 | €257,460 | ▲ 43.0% |
| Amounts receivable after more than one year29 | - | - | - | €99,121 | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €99,121 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €23,535 | €19,267 | €30,172 | €73,208 | €61,314 | €24,573 | €30,553 | ▲ 24.3% |
| Trade receivables40 | - | - | - | €73,208 | €54,441 | €24,573 | €30,553 | ▲ 24.3% |
| Other amounts receivable41 | - | - | - | - | €6,873 | €0 | - | - |
| Cash at bank and in hand54/58 | €158,900 | €159,372 | €125,260 | €239,296 | €208,603 | €153,179 | €223,019 | ▲ 45.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,435 | €1,592 | €2,238 | €3,888 | ▲ 73.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €680,581 | €642,135 | €608,042 | €818,837 | €653,503 | €597,023 | €614,442 | ▲ 2.9% |
| Equity10/15 | €280,544 | €292,732 | €317,587 | €380,879 | €420,043 | €408,178 | €311,569 | ▼ 23.7% |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €260,110 | €272,628 | €297,483 | €360,879 | €400,043 | €388,178 | €291,569 | ▼ 24.9% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €37,448 | €35,682 | €33,915 | €32,148 | ▼ 5.2% |
| Distributable reserves133 | - | - | - | €323,431 | €364,361 | €354,263 | €259,421 | ▼ 26.8% |
| Profit (loss) carried forward14 | €434 | €104 | €104 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €12,039 | €11,289 | €10,538 | €10,096 | €9,655 | €9,213 | €8,771 | ▼ 4.8% |
| Deferred taxes168 | - | - | - | €10,096 | €9,655 | €9,213 | €8,771 | ▼ 4.8% |
| Amounts payable17/49 | €387,998 | €338,114 | €279,917 | €427,862 | €223,806 | €179,632 | €294,102 | ▲ 63.7% |
| Amounts payable after more than one year17 | €284,154 | €254,471 | €210,736 | €176,906 | €151,514 | €126,028 | €238,040 | ▲ 88.9% |
| Financial debts170/4 | - | - | - | €176,906 | €151,514 | €126,028 | €100,447 | ▼ 20.3% |
| Other amounts payable178/9 | - | - | - | - | - | - | €137,593 | - |
| Amounts payable within one year42/48 | €103,845 | €83,643 | €69,182 | €248,599 | €71,058 | €53,604 | €53,627 | = |
| Current portion of amounts payable after more than one year42 | - | - | - | €33,829 | €25,392 | €25,486 | €25,581 | ▲ 0.4% |
| Trade debts44 | €38,822 | €9,086 | €6,900 | €42,058 | €29,622 | €2,656 | €4,938 | ▲ 85.9% |
| Suppliers440/4 | - | - | - | €42,058 | €29,622 | €2,656 | €4,938 | ▲ 85.9% |
| Taxes, remuneration and social security45 | - | - | - | €44,404 | €10,300 | €23,154 | €21,442 | ▼ 7.4% |
| Taxes450/3 | - | - | - | €41,314 | €10,300 | €23,154 | €21,442 | ▼ 7.4% |
| Remuneration and social security454/9 | - | - | - | €3,090 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €128,307 | €5,743 | €2,309 | €1,666 | ▼ 27.8% |
| Accrued charges and deferred income492/3 | - | - | - | €2,358 | €1,234 | €0 | €2,435 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €159,852 | €13,789 | €24,855 | €83,892 | €40,764 | €39,040 | €51,556 | ▲ 32.1% |
| + Depreciation and write-downs630 | €48,713 | €46,973 | €49,470 | €51,595 | €48,700 | €59,244 | €60,051 | ▲ 1.4% |
| Operating cash flow (approximation) | €208,565 | €60,762 | €74,325 | €135,487 | €89,463 | €98,284 | €111,607 | ▲ 13.6% |
| Investment in fixed assets (approximation) | - | -€14,854 | -€39,248 | -€5,745 | -€25,917 | -€94,283 | €0 | - |
| Change in cash | - | €473 | -€34,112 | €114,036 | -€30,693 | -€55,424 | €69,840 | - |
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, 20,136 companies had the same profile as beeldt has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of beeldt 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 20,136 companies, not a prediction for beeldt. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 15-01-2026 | 2026-00010575 | |
| 30-06-2024 | micro format | 20-01-2025 | 2025-00007850 | |
| 30-06-2023 | micro format | 12-01-2024 | 2024-00000867 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00019672 | |
| 30-06-2021 | micro format | 19-01-2022 | 2022-01600123 | |
| 30-06-2020 | micro format | 26-02-2021 | 2021-06700278 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03700052 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04300179 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-04300537 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03400174 |