BelgSecurity
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-12-2025 PDF all 15 filings
Turnover
€274,358
EBIT margin
-0.3%
Net result
€6,787▼ 66.9%
2024 · €20,502
Working capital
-€6,265
2024 · €19,418
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€7,164
▼ 65.7%
2025
20192025
Net result
€6,787
▼ 66.9%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€14,456
▲ 88.5%
2025
lowest quarter of the sector
20192025
Total assets
€55,692
▲ 86.9%
2025
lowest quarter of the sector
20192025
Debt
€41,236
▲ 86.4%
2025
20192025
Working capital
-€6,265
2025
middle half of the sector
20192025
Solvency
26.0%
▲ 0.2pp
2025
middle half of the sector
20192025
Current ratio
0.71
▼ 6.51
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
12.2%
▼ 56.6pp
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
Turnover€274,358
Operating result-€7,774-€23,381-€17,968€11,214-€868€20,860€7,164▼ 65.7%
Net result-€8,777-€16,139within the sector's middle half-€18,268below the sector's middle half€10,964within the sector's middle half-€42,174below the sector's middle half€20,502within the sector's middle half€6,787within the sector's middle half▼ 66.9%
EBIT margin-0.3%
Equity€14,305-€30,444below the sector's middle half▲ 113%€18,376within the sector's middle half▼ 39.6%€29,341within the sector's middle half▲ 59.7%-€12,833below the sector's middle half€7,669below the sector's middle half€14,456below the sector's middle half▲ 88.5%
Total assets€136,839-€158,487below the sector's middle half▲ 15.8%€84,796below the sector's middle half▼ 46.5%€88,200within the sector's middle half▲ 4.0%€48,252below the sector's middle half▼ 45.3%€29,794below the sector's middle half▼ 38.3%€55,692below the sector's middle half▲ 86.9%
Debt€122,534-€128,043▲ 4.5%€66,420▼ 48.1%€58,859▼ 11.4%€61,085▲ 3.8%€22,125▼ 63.8%€41,236▲ 86.4%
Working capital€2,226-€22,689below the sector's middle half▲ 919%€14,535within the sector's middle half▼ 35.9%€28,356within the sector's middle half▲ 95.1%-€6,754within the sector's middle half€19,418within the sector's middle half-€6,265within the sector's middle half
Solvency10.5%-19.2%below the sector's middle half▲ 8.8pp21.7%within the sector's middle half▲ 2.5pp33.3%within the sector's middle half▲ 11.6pp-26.6%below the sector's middle half▼ 59.9pp25.7%within the sector's middle half▲ 52.3pp26.0%within the sector's middle half▲ 0.2pp
Current ratio1.02-1.18within the sector's middle half▲ 0.161.22within the sector's middle half▲ 0.041.48within the sector's middle half▲ 0.260.85below the sector's middle half▼ 0.637.21above the sector's middle half▲ 6.370.71below the sector's middle half▼ 6.51
Return on assets (ROA)-6.4%-10.2%above the sector's middle half▲ 16.6pp-21.5%below the sector's middle half▼ 31.7pp12.4%above the sector's middle half▲ 34.0pp-87.4%below the sector's middle half▼ 99.8pp68.8%above the sector's middle half▲ 156.2pp12.2%within the sector's middle half▼ 56.6pp
above
within
below
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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 66% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55,692
Fixed assets
€40,423 ▲ 457%
Current assets
€15,270 ▼ 32.3%
Equity and liabilities €55,692
Equity
€14,456 ▲ 88.5%
Debt
€41,236 ▲ 86.4%
Debt's share of the balance-sheet total falls from 74.3% to 74.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€16,107▼
2024 · €24,030
Cash flow
€15,730▼
2024 · €23,672
Debt to equity
2.85▼
2024 · 2.88
ROE
46.9%▼
2024 · 267.3%
Interest coverage
42.76▼
2024 · 67.21
Debt ≤ 1 year
€21,534▲
2024 · €3,125
Debt > 1 year
€19,701▲
2024 · €19,000
Supplier credit
14 days
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 | €1,198 | €11,500 | - | - |
| Depreciation and write-downs of the year | €4,055 | €2,063 | €3,170 | €8,943 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €274,358 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €272,687 | - | €120,916 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,399 | €4,944 | €3,914 | €4,055 | €2,063 | €3,170 | €8,943 | ▲ 182% |
| Other operating charges640/8 | - | - | - | €348 | €476 | €676 | €687 | ▲ 1.7% |
| Gross operating margin9900 | -€527 | €28,326 | -€13,706 | €15,616 | €1,671 | €24,705 | €16,794 | ▼ 32.0% |
| Operating profit (loss)9901 | -€7,774 | €23,381 | -€17,968 | €11,214 | -€868 | €20,860 | €7,164 | ▼ 65.7% |
| Financial income75/76B | - | - | - | €104 | - | - | - | - |
| Recurring financial income75 | €0 | €1 | - | €104 | - | - | - | - |
| Financial charges65/66B | - | - | - | €353 | €41,306 | €358 | €377 | ▲ 5.4% |
| Recurring financial charges65 | €1,004 | €358 | €250 | €353 | €41,306 | €358 | €377 | ▲ 5.4% |
| Profit (loss) for the period before taxes9903 | -€8,777 | €23,024 | -€18,218 | €10,964 | -€42,174 | €20,502 | €6,787 | ▼ 66.9% |
| Income taxes67/77 | - | €6,885 | €50 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€8,777 | €16,139 | -€18,268 | €10,964 | -€42,174 | €20,502 | €6,787 | ▼ 66.9% |
| Profit (loss) for the period to be appropriated9905 | -€8,777 | €16,139 | -€18,268 | €10,964 | -€42,174 | €20,502 | €6,787 | ▼ 66.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €136,839 | €158,487 | €84,796 | €88,200 | €48,252 | €29,794 | €55,692 | ▲ 86.9% |
| Fixed assets21/28 | €12,700 | €7,755 | €3,841 | €984 | €10,422 | €7,251 | €40,423 | ▲ 457% |
| Tangible fixed assets22/27 | €12,700 | €7,755 | €3,841 | €984 | €10,422 | €7,251 | €40,423 | ▲ 457% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €821 | - |
| Furniture and vehicles24 | - | - | - | €984 | €10,422 | €7,251 | €39,601 | ▲ 446% |
| Current assets29/58 | €124,140 | €150,732 | €80,955 | €87,215 | €37,830 | €22,543 | €15,270 | ▼ 32.3% |
| Amounts receivable after more than one year29 | - | - | - | €1,908 | - | - | - | - |
| Trade receivables290 | - | - | - | €1,908 | - | - | - | - |
| Amounts receivable within one year40/41 | €52,894 | €111,355 | €80,055 | €82,625 | €34,601 | €18,613 | €15,163 | ▼ 18.5% |
| Trade receivables40 | - | - | - | €82,625 | €28,720 | €16,350 | €13,725 | ▼ 16.1% |
| Other amounts receivable41 | - | - | - | - | €5,881 | €2,263 | €1,438 | ▼ 36.5% |
| Cash at bank and in hand54/58 | €71,245 | €15,377 | €900 | €2,682 | €3,230 | €3,929 | €107 | ▼ 97.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €136,839 | €158,487 | €84,796 | €88,200 | €48,252 | €29,794 | €55,692 | ▲ 86.9% |
| Equity10/15 | €14,305 | €30,444 | €18,376 | €29,341 | -€12,833 | €7,669 | €14,456 | ▲ 88.5% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €45 | €16,184 | -€2,084 | €8,881 | -€33,293 | -€12,791 | -€6,004 | ▲ 53.1% |
| Amounts payable17/49 | €122,534 | €128,043 | €66,420 | €58,859 | €61,085 | €22,125 | €41,236 | ▲ 86.4% |
| Amounts payable after more than one year17 | €620 | - | - | - | €16,500 | €19,000 | €19,701 | ▲ 3.7% |
| Financial debts170/4 | - | - | - | - | €16,500 | €19,000 | €19,701 | ▲ 3.7% |
| Amounts payable within one year42/48 | €121,914 | €128,043 | €66,420 | €58,859 | €44,585 | €3,125 | €21,534 | ▲ 589% |
| Financial debts43 | - | - | - | - | - | - | €17,000 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €17,000 | - |
| Trade debts44 | €12,942 | €73,562 | €48,916 | €54,473 | €43,610 | €3,125 | €4,534 | ▲ 45.1% |
| Suppliers440/4 | - | - | - | €54,473 | €43,610 | €3,125 | €4,534 | ▲ 45.1% |
| Taxes, remuneration and social security45 | - | - | - | €4,386 | €900 | - | €0 | - |
| Taxes450/3 | - | - | - | €4,386 | €900 | - | €0 | - |
| Other amounts payable47/48 | - | - | - | - | €75 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,777 | €16,139 | -€18,268 | €10,964 | -€42,174 | €20,502 | €6,787 | ▼ 66.9% |
| + Depreciation and write-downs630 | €6,399 | €4,944 | €3,914 | €4,055 | €2,063 | €3,170 | €8,943 | ▲ 182% |
| Operating cash flow (approximation) | -€2,378 | €21,083 | -€14,354 | €15,019 | -€40,111 | €23,672 | €15,730 | ▼ 33.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,198 | -€11,500 | €0 | -€42,114 | - |
| Change in cash | - | -€55,869 | -€14,477 | €1,782 | €548 | €700 | -€3,822 | - |
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, 5,053 companies had the same profile as BelgSecurity has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BelgSecurity itself: 0.6% 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 5,053 companies, not a prediction for BelgSecurity. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 08-12-2025 | 2025-00577523 | |
| 30-06-2024 | micro format | 22-11-2024 | 2024-00603251 | |
| 30-06-2023 | micro format | 18-12-2023 | 2023-00529967 | |
| 30-06-2022 | micro format | 28-11-2022 | 2022-20527678 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06800585 | |
| 30-06-2020 | full format | 10-02-2021 | 2021-05200261 | |
| 30-06-2019 | full format | 31-03-2020 | 2020-08200510 | |
| 30-06-2018 | full format | 29-01-2019 | 2019-03000015 | |
| 30-06-2017 | full format | 15-01-2018 | 2018-01400417 | |
| 30-06-2016 | full format | 12-12-2016 | 2016-69900130 |