BEKAERT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 3 filings
Turnover
≈ €1.0m
Estimated: probably between €800,000 and €1.7m
Total assets
€804,349▲ 10.2%
2024 · €730,229
Net result
€110,639▲ 20.6%
2024 · €91,759
Working capital
€527,413▲ 22.5%
2024 · €430,437
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€167,857
▲ 14.7%
2025
20232025
Net result
€110,639
▲ 20.6%
2025
highest quarter of the sector
20232025
Equity
€575,029
▲ 17.4%
2025
middle half of the sector
20232025
Total assets
€804,349
▲ 10.2%
2025
middle half of the sector
20232025
Debt
€229,320
▼ 4.6%
2025
20232025
Working capital
€527,413
▲ 22.5%
2025
highest quarter of the sector
20232025
Solvency
71.5%
▲ 4.4pp
2025
highest quarter of the sector
20232025
Current ratio
3.30
▲ 0.51
2025
highest quarter of the sector
20232025
Return on assets (ROA)
13.8%
▲ 1.2pp
2025
highest quarter of the sector
20232025
Staff (FTE)
1
▼ 23.1%
2025
lowest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€90,939-€146,397▲ 61.0%€167,857▲ 14.7%
Net result€55,182within the sector's middle half-€91,759within the sector's middle half▲ 66.3%€110,639above the sector's middle half▲ 20.6%
Equity€430,162within the sector's middle half-€489,743within the sector's middle half▲ 13.9%€575,029within the sector's middle half▲ 17.4%
Total assets€823,190within the sector's middle half-€730,229within the sector's middle half▼ 11.3%€804,349within the sector's middle half▲ 10.2%
Debt€393,028-€240,486▼ 38.8%€229,320▼ 4.6%
Working capital€348,498within the sector's middle half-€430,437within the sector's middle half▲ 23.5%€527,413above the sector's middle half▲ 22.5%
Solvency52.3%within the sector's middle half-67.1%above the sector's middle half▲ 14.8pp71.5%above the sector's middle half▲ 4.4pp
Current ratio1.89within the sector's middle half-2.79within the sector's middle half▲ 0.903.30above the sector's middle half▲ 0.51
Return on assets (ROA)6.7%within the sector's middle half-12.6%above the sector's middle half▲ 5.9pp13.8%above the sector's middle half▲ 1.2pp
Staff (FTE)2.1within the sector's middle half-1.3below the sector's middle half▼ 38.1%1below the sector's middle half▼ 23.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 15% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €804,349
Fixed assets
€47,616 ▼ 19.7%
Current assets
€756,734 ▲ 12.8%
Equity and liabilities €804,349
Equity
€575,029 ▲ 17.4%
Debt
€229,320 ▼ 4.6%
Debt's share of the balance-sheet total falls from 32.9% to 28.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€194,596▲
2024 · €178,755
Cash flow
€137,378▲
2024 · €124,117
Quick ratio
3.21▲
2024 · 2.74
Debt to equity
0.40▼
2024 · 0.49
ROE
19.2%▲
2024 · 18.7%
Interest coverage
31.98▲
2024 · 14.57
Debt ≤ 1 year
€229,320▼
2024 · €240,486
Income taxes
€53,471▲
2024 · €44,305
Staff costs
€64,482▼
2024 · €79,488
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 |
| full-time | 2 | 1 | 1 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 2 | 1 | 1 |
| Average over the year, in full-time equivalents | 2.1 | 1.3 | 1 |
| On a permanent contract | 2 | 1 | 1 |
| Joined | 1 | 0 | 2 |
| Left | 1 | 1 | 2 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €20,293 | €10,000 | €15,048 |
| Financial fixed assets | - | - | €0 |
| Depreciation and write-downs of the year | €37,841 | €32,358 | €26,739 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €613 awarded · €613 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €141 | €141 |
| 2023 | 1 | €373 | €373 |
| 2022 | 1 | €99 | €99 |
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | - |
| Remuneration, social security and pensions62 | €102,986 | €79,488 | €64,482 | ▼ 18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,841 | €32,358 | €26,739 | ▼ 17.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0 | - | - | - |
| Other operating charges640/8 | €11,466 | €12,465 | €14,889 | ▲ 19.5% |
| Non-recurring operating charges66A | €0 | - | €8,382 | - |
| Gross operating margin9900 | €243,232 | €270,708 | €282,349 | ▲ 4.3% |
| Operating profit (loss)9901 | €90,939 | €146,397 | €167,857 | ▲ 14.7% |
| Financial income75/76B | €1,633 | €1,932 | €2,339 | ▲ 21.1% |
| Recurring financial income75 | €1,633 | €1,932 | €2,339 | ▲ 21.1% |
| Financial charges65/66B | €11,117 | €12,266 | €6,086 | ▼ 50.4% |
| Recurring financial charges65 | €11,117 | €12,266 | €6,086 | ▼ 50.4% |
| Profit (loss) for the period before taxes9903 | €81,456 | €136,064 | €164,111 | ▲ 20.6% |
| Income taxes67/77 | €26,274 | €44,305 | €53,471 | ▲ 20.7% |
| Profit (loss) for the period9904 | €55,182 | €91,759 | €110,639 | ▲ 20.6% |
| Profit (loss) for the period to be appropriated9905 | €55,182 | €91,759 | €110,639 | ▲ 20.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €823,190 | €730,229 | €804,349 | ▲ 10.2% |
| Fixed assets21/28 | €81,664 | €59,306 | €47,616 | ▼ 19.7% |
| Tangible fixed assets22/27 | €81,259 | €58,901 | €47,211 | ▼ 19.8% |
| Land and buildings22 | €20,500 | €16,400 | €12,300 | ▼ 25.0% |
| Plant, machinery and equipment23 | €7,514 | €12,430 | €19,589 | ▲ 57.6% |
| Furniture and vehicles24 | €53,246 | €30,071 | €15,321 | ▼ 49.0% |
| Financial fixed assets28 | €405 | €405 | €405 | = |
| Current assets29/58 | €741,525 | €670,923 | €756,734 | ▲ 12.8% |
| Stocks and contracts in progress3 | €20,898 | €12,541 | €20,107 | ▲ 60.3% |
| Stocks30/36 | €20,898 | €12,541 | €20,107 | ▲ 60.3% |
| Amounts receivable within one year40/41 | €317,700 | €238,680 | €203,635 | ▼ 14.7% |
| Trade receivables40 | €317,695 | €236,360 | €199,801 | ▼ 15.5% |
| Other amounts receivable41 | €6 | €2,320 | €3,834 | ▲ 65.3% |
| Cash at bank and in hand54/58 | €398,081 | €415,853 | €528,180 | ▲ 27.0% |
| Deferred charges and accrued income490/1 | €4,846 | €3,849 | €4,812 | ▲ 25.0% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €823,190 | €730,229 | €804,349 | ▲ 10.2% |
| Equity10/15 | €430,162 | €489,743 | €575,029 | ▲ 17.4% |
| Contributions10/11 | €99,157 | €99,157 | €99,157 | = |
| Reserves13 | €329,711 | €389,292 | €474,578 | ▲ 21.9% |
| Non-distributable reserves130/1 | €0 | - | - | - |
| Reserves not available under the articles1311 | €0 | - | - | - |
| Tax-exempt reserves132 | €22,000 | €22,000 | €22,000 | = |
| Distributable reserves133 | €307,711 | €367,292 | €452,578 | ▲ 23.2% |
| Profit (loss) carried forward14 | €1,293 | €1,293 | €1,293 | = |
| Amounts payable17/49 | €393,028 | €240,486 | €229,320 | ▼ 4.6% |
| Amounts payable within one year42/48 | €393,028 | €240,486 | €229,320 | ▼ 4.6% |
| Trade debts44 | €184,868 | €135,441 | €156,029 | ▲ 15.2% |
| Suppliers440/4 | €184,868 | €135,441 | €156,029 | ▲ 15.2% |
| Taxes, remuneration and social security45 | €26,596 | €39,420 | €29,533 | ▼ 25.1% |
| Taxes450/3 | €13,482 | €32,634 | €23,441 | ▼ 28.2% |
| Remuneration and social security454/9 | €13,114 | €6,785 | €6,092 | ▼ 10.2% |
| Other amounts payable47/48 | €181,564 | €65,626 | €43,758 | ▼ 33.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,182 | €91,759 | €110,639 | ▲ 20.6% |
| + Depreciation and write-downs630 | €37,841 | €32,358 | €26,739 | ▼ 17.4% |
| Operating cash flow (approximation) | €93,023 | €124,117 | €137,378 | ▲ 10.7% |
| Investment in fixed assets (approximation) | - | -€10,000 | -€15,048 | ▼ 50.5% |
| Change in cash | - | €17,772 | €112,326 | ▲ 532% |
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, 31,368 companies had the same profile as BEKAERT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEKAERT 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 31,368 companies, not a prediction for BEKAERT. 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.