BeHeCON
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-04-2026 PDF all 12 filings
Turnover
≈ €1.2m
Estimated: probably between €880,000 and €1.6m
Total assets
€955,957▲ 7.7%
2024 · €887,403
Net result
€54,792▲ 40.6%
2024 · €38,958
Working capital
€420,988▼ 7.4%
2024 · €454,842
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€94,749
▲ 14.3%
2025
20192025
Net result
€54,792
▲ 40.6%
2025
middle half of the sector
20192025
Equity
€429,430
▼ 7.0%
2025
middle half of the sector
20192025
Total assets
€955,957
▲ 7.7%
2025
middle half of the sector
20192025
Debt
€526,528
▲ 23.7%
2025
20192025
Working capital
€420,988
▼ 7.4%
2025
highest quarter of the sector
20192025
Solvency
44.9%
▼ 7.1pp
2025
middle half of the sector
20192025
Current ratio
1.80
▼ 0.27
2025
middle half of the sector
20192025
Return on assets (ROA)
5.7%
▲ 1.3pp
2025
middle half of the sector
20192025
Staff (FTE)
4.8
▲ 17.1%
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€15,786-€3,218▼ 79.6%€10,895▲ 239%€9,454▼ 13.2%€319,450▲ 34×€82,880▼ 74.1%€94,749▲ 14.3%
Net result€9,379-€522below the sector's middle half▼ 94.4%-€1,432below the sector's middle half€1,363within the sector's middle half€224,718above the sector's middle half▲ 165×€38,958within the sector's middle half▼ 82.7%€54,792within the sector's middle half▲ 40.6%
Equity€204,533-€205,055above the sector's middle half▲ 0.3%€203,623above the sector's middle half▼ 0.7%€204,987above the sector's middle half▲ 0.7%€422,704above the sector's middle half▲ 106%€461,662above the sector's middle half▲ 9.2%€429,430within the sector's middle half▼ 7.0%
Total assets€351,606-€505,640above the sector's middle half▲ 43.8%€674,707above the sector's middle half▲ 33.4%€528,833above the sector's middle half▼ 21.6%€739,084above the sector's middle half▲ 39.8%€887,403above the sector's middle half▲ 20.1%€955,957within the sector's middle half▲ 7.7%
Debt€147,072-€300,585▲ 104%€471,083▲ 56.7%€323,847▼ 31.3%€316,380▼ 2.3%€425,740▲ 34.6%€526,528▲ 23.7%
Working capital€200,045-€187,306above the sector's middle half▼ 6.4%€189,004above the sector's middle half▲ 0.9%€192,183above the sector's middle half▲ 1.7%€413,285above the sector's middle half▲ 115%€454,842above the sector's middle half▲ 10.1%€420,988above the sector's middle half▼ 7.4%
Solvency58.2%-40.6%within the sector's middle half▼ 17.6pp30.2%within the sector's middle half▼ 10.4pp38.8%within the sector's middle half▲ 8.6pp57.2%within the sector's middle half▲ 18.4pp52.0%within the sector's middle half▼ 5.2pp44.9%within the sector's middle half▼ 7.1pp
Current ratio2.41-1.62within the sector's middle half▼ 0.791.40within the sector's middle half▼ 0.221.59within the sector's middle half▲ 0.192.31within the sector's middle half▲ 0.712.07within the sector's middle half▼ 0.241.80within the sector's middle half▼ 0.27
Return on assets (ROA)2.7%-0.1%below the sector's middle half▼ 2.6pp-0.2%below the sector's middle half▼ 0.3pp0.3%below the sector's middle half▲ 0.5pp30.4%above the sector's middle half▲ 30.1pp4.4%within the sector's middle half▼ 26.0pp5.7%within the sector's middle half▲ 1.3pp
Staff (FTE)0.7below the sector's middle half5▲ 614%5.3▲ 6.0%3.6▼ 32.1%4.1▲ 13.9%4.8within the sector's middle half▲ 17.1%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €955,957
Fixed assets
€8,442 ▲ 23.8%
Current assets
€947,515 ▲ 7.6%
Equity and liabilities €955,957
Equity
€429,430 ▼ 7.0%
Debt
€526,528 ▲ 23.7%
Debt's share of the balance-sheet total rises from 48.0% to 55.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€98,916▲
2024 · €85,744
Cash flow
€58,959▲
2024 · €41,821
Debt to equity
1.23▲
2024 · 0.92
ROE
12.8%▲
2024 · 8.4%
Interest coverage
6.96▲
2024 · 5.39
Debt ≤ 1 year
€526,528▲
2024 · €425,740
Income taxes
€26,680▼
2024 · €28,029
Staff costs
€379,516▲
2024 · €291,952
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 3 | 4 | 5 | 5 |
| full-time | 5 | 3 | 3 | 4 | 4 |
| part-time | 2 | 0 | 1 | 1 | 1 |
| in full-time equivalents | 0 | 3 | 3.8 | 4.8 | 4.8 |
| Average over the year, in full-time equivalents | 5 | 5.3 | 3.6 | 4.1 | 4.8 |
| On a permanent contract | 6 | 3 | 4 | 5 | 5 |
| Joined | 5 | 2 | 1 | 1 | - |
| Left | 0 | 6 | 0 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €10,998 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,424 | €1,861 | - | - | - |
| Depreciation and write-downs of the year | €2,368 | €3,677 | €3,120 | €2,863 | €4,166 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €26 | €5,023 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | €303,942 | €362,032 | €260,649 | €291,952 | €379,516 | ▲ 30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,385 | €7,842 | €2,368 | €3,677 | €3,120 | €2,863 | €4,166 | ▲ 45.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€251 | -€303 | €0 | - | -€2,452 | - |
| Other operating charges640/8 | - | - | €3,792 | €3,245 | €4,082 | €1,267 | €11,189 | ▲ 783% |
| Gross operating margin9900 | €24,030 | €49,330 | €320,747 | €378,104 | €587,301 | €378,963 | €487,168 | ▲ 28.6% |
| Operating profit (loss)9901 | €15,786 | €3,218 | €10,895 | €9,454 | €319,450 | €82,880 | €94,749 | ▲ 14.3% |
| Financial income75/76B | - | - | €1 | €6,262 | €1,298 | €1 | €939 | ▲ 652× |
| Recurring financial income75 | €1 | €0 | €1 | €6,262 | €1,298 | €1 | €939 | ▲ 652× |
| Financial charges65/66B | - | - | €5,753 | €6,599 | €17,626 | €15,895 | €14,216 | ▼ 10.6% |
| Recurring financial charges65 | €1,546 | €346 | €5,753 | €6,599 | €17,626 | €15,895 | €14,216 | ▼ 10.6% |
| Profit (loss) for the period before taxes9903 | €14,241 | €2,872 | €5,143 | €9,117 | €303,123 | €66,987 | €81,472 | ▲ 21.6% |
| Income taxes67/77 | €4,861 | €2,350 | €6,574 | €7,753 | €78,405 | €28,029 | €26,680 | ▼ 4.8% |
| Profit (loss) for the period9904 | €9,379 | €522 | -€1,432 | €1,363 | €224,718 | €38,958 | €54,792 | ▲ 40.6% |
| Profit (loss) for the period to be appropriated9905 | €9,379 | €522 | -€1,432 | €1,363 | €224,718 | €38,958 | €54,792 | ▲ 40.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €351,606 | €505,640 | €674,707 | €528,833 | €739,084 | €887,403 | €955,957 | ▲ 7.7% |
| Fixed assets21/28 | €9,852 | €17,749 | €14,620 | €12,803 | €9,684 | €6,820 | €8,442 | ▲ 23.8% |
| Tangible fixed assets22/27 | €8,027 | €5,819 | €11,875 | €10,058 | €6,939 | €4,075 | €5,697 | ▲ 39.8% |
| Furniture and vehicles24 | - | - | €11,875 | €10,058 | €6,939 | €4,075 | €5,697 | ▲ 39.8% |
| Financial fixed assets28 | €1,825 | €11,930 | €2,745 | €2,745 | €2,745 | €2,745 | €2,745 | = |
| Current assets29/58 | €341,754 | €487,891 | €660,087 | €516,030 | €729,400 | €880,583 | €947,515 | ▲ 7.6% |
| Stocks and contracts in progress3 | €48,540 | €47,849 | €0 | - | - | - | - | - |
| Contracts in progress37 | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €156,487 | €309,233 | €643,564 | €498,806 | €594,619 | €874,069 | €756,440 | ▼ 13.5% |
| Trade receivables40 | - | - | €643,564 | €498,806 | €594,241 | €873,691 | €756,440 | ▼ 13.4% |
| Other amounts receivable41 | - | - | - | - | €378 | €378 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €128,970 | €121,916 | €0 | €6,043 | €122,661 | €0 | €179,974 | - |
| Deferred charges and accrued income490/1 | - | - | €16,523 | €11,181 | €12,120 | €6,513 | €11,102 | ▲ 70.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €351,606 | €505,640 | €674,707 | €528,833 | €739,084 | €887,403 | €955,957 | ▲ 7.7% |
| Equity10/15 | €204,533 | €205,055 | €203,623 | €204,987 | €422,704 | €461,662 | €429,430 | ▼ 7.0% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €81,265 | €81,265 | €81,265 | €81,265 | €81,265 | €120,223 | €87,990 | ▼ 26.8% |
| Non-distributable reserves130/1 | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | €80,025 | €80,025 | €80,025 | €118,983 | €87,990 | ▼ 26.0% |
| Profit (loss) carried forward14 | €110,868 | €111,390 | €109,958 | €111,322 | €329,039 | €329,039 | €329,039 | = |
| Amounts payable17/49 | €147,072 | €300,585 | €471,083 | €323,847 | €316,380 | €425,740 | €526,528 | ▲ 23.7% |
| Amounts payable after more than one year17 | €5,363 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €141,709 | €300,585 | €471,083 | €323,847 | €316,116 | €425,740 | €526,528 | ▲ 23.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0 | €2,416 | €0 | - | - | - |
| Financial debts43 | - | - | €50,088 | €50,887 | €836 | €35,937 | €358 | ▼ 99.0% |
| Credit institutions430/8 | - | - | €50,088 | €50,887 | €836 | €35,937 | €358 | ▼ 99.0% |
| Trade debts44 | €30,644 | €103,320 | €155,049 | €58,872 | €10,718 | €51,575 | €182,327 | ▲ 254% |
| Suppliers440/4 | - | - | €155,049 | €58,872 | €10,718 | €51,575 | €182,327 | ▲ 254% |
| Taxes, remuneration and social security45 | - | - | €123,537 | €90,976 | €179,225 | €218,413 | €142,531 | ▼ 34.7% |
| Taxes450/3 | - | - | €35,531 | €44,267 | €129,669 | €163,044 | €66,668 | ▼ 59.1% |
| Remuneration and social security454/9 | - | - | €88,006 | €46,709 | €49,556 | €55,369 | €75,863 | ▲ 37.0% |
| Other amounts payable47/48 | - | - | €142,408 | €120,696 | €125,336 | €119,815 | €201,312 | ▲ 68.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €264 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,379 | €522 | -€1,432 | €1,363 | €224,718 | €38,958 | €54,792 | ▲ 40.6% |
| + Depreciation and write-downs630 | €7,385 | €7,842 | €2,368 | €3,677 | €3,120 | €2,863 | €4,166 | ▲ 45.5% |
| Operating cash flow (approximation) | €16,764 | €8,364 | €937 | €5,040 | €227,838 | €41,821 | €58,959 | ▲ 41.0% |
| Investment in fixed assets (approximation) | - | -€15,740 | €761 | -€1,861 | €0 | €0 | -€5,788 | - |
| Change in cash | - | -€7,054 | -€121,916 | €6,043 | €116,618 | -€122,661 | €179,974 | - |
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, 34,693 companies had the same profile as BeHeCON has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BeHeCON 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 34,693 companies, not a prediction for BeHeCON. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 23-04-2026 | 2026-00090293 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00079509 | |
| 30-09-2023 | micro format | 25-04-2024 | 2024-00070054 | |
| 30-09-2022 | micro format | 27-04-2023 | 2023-00069640 | |
| 30-09-2021 | micro format | 27-04-2022 | 2022-20015366 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-12600122 | |
| 30-09-2019 | micro format | 23-04-2020 | 2020-09800410 | |
| 30-09-2018 | micro format | 23-04-2019 | 2019-10600419 | |
| 30-09-2017 | micro format | 24-04-2018 | 2018-10800362 | |
| 30-09-2016 | abbreviated format | 24-04-2017 | 2017-10300228 |