BEOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 21 filings
Turnover
≈ €280,000
Estimated: probably between €150,000 and €540,000
Total assets
€60,078▲ 12.0%
2024 · €53,655
Net result
€18,992▼ 29.4%
2024 · €26,893
Working capital
€16,211▼ 50.1%
2024 · €32,502
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,243
▼ 30.0%
2025
20182025
Net result
€18,992
▼ 29.4%
2025
middle half of the sector
20182025
Equity
€16,674
▼ 50.1%
2025
lowest quarter of the sector
20182025
Total assets
€60,078
▲ 12.0%
2025
lowest quarter of the sector
20182025
Debt
€43,404
▲ 115%
2025
20182025
Working capital
€16,211
▼ 50.1%
2025
middle half of the sector
20182025
Solvency
27.8%
▼ 34.5pp
2025
middle half of the sector
20182025
Current ratio
1.37
▼ 1.23
2025
middle half of the sector
20182025
Return on assets (ROA)
31.6%
▼ 18.5pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,126--€18,373€908-€25,556€2,977-€3,362€27,499€19,243▼ 30.0%
Net result€6,843--€19,575€256below the sector's middle half-€26,511below the sector's middle half€2,091within the sector's middle half-€4,073below the sector's middle half€26,893within the sector's middle half€18,992within the sector's middle half▼ 29.4%
Equity€54,343-€34,769▼ 36.0%€35,025within the sector's middle half▲ 0.7%€8,514below the sector's middle half▼ 75.7%€10,605below the sector's middle half▲ 24.6%€6,532below the sector's middle half▼ 38.4%€33,425within the sector's middle half▲ 412%€16,674below the sector's middle half▼ 50.1%
Total assets€62,169-€50,902▼ 18.1%€39,225below the sector's middle half▼ 22.9%€29,930below the sector's middle half▼ 23.7%€31,123below the sector's middle half▲ 4.0%€24,395below the sector's middle half▼ 21.6%€53,655below the sector's middle half▲ 120%€60,078below the sector's middle half▲ 12.0%
Debt€7,825-€16,133▲ 106%€4,200▼ 74.0%€21,416▲ 410%€20,518▼ 4.2%€17,863▼ 12.9%€20,230▲ 13.3%€43,404▲ 115%
Working capital€53,251-€34,139▼ 35.9%€34,857within the sector's middle half▲ 2.1%€8,514within the sector's middle half▼ 75.6%€10,695within the sector's middle half▲ 25.6%€6,532within the sector's middle half▼ 38.9%€32,502within the sector's middle half▲ 398%€16,211within the sector's middle half▼ 50.1%
Solvency87.4%-68.3%▼ 19.1pp89.3%above the sector's middle half▲ 21.0pp28.4%within the sector's middle half▼ 60.8pp34.1%within the sector's middle half▲ 5.6pp26.8%within the sector's middle half▼ 7.3pp62.3%within the sector's middle half▲ 35.5pp27.8%within the sector's middle half▼ 34.5pp
Current ratio7.81-3.12▼ 4.699.30above the sector's middle half▲ 6.181.40within the sector's middle half▼ 7.901.52within the sector's middle half▲ 0.131.37within the sector's middle half▼ 0.162.61within the sector's middle half▲ 1.241.37within the sector's middle half▼ 1.23
Return on assets (ROA)11.0%--38.5%▼ 49.5pp0.7%within the sector's middle half▲ 39.1pp-88.6%below the sector's middle half▼ 89.2pp6.7%within the sector's middle half▲ 95.3pp-16.7%below the sector's middle half▼ 23.4pp50.1%above the sector's middle half▲ 66.8pp31.6%above the sector's middle half▼ 18.5pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 30% lower than 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 €60,078
Fixed assets
€574 ▼ 37.9%
Current assets
€59,504 ▲ 12.8%
Equity and liabilities €60,078
Equity
€16,674 ▼ 50.1%
Debt
€43,404 ▲ 115%
Debt's share of the balance-sheet total rises from 37.7% to 72.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€19,593▼
2024 · €27,624
Cash flow
€19,341▼
2024 · €27,019
Debt to equity
2.60▲
2024 · 0.61
ROE
113.9%▲
2024 · 80.5%
Interest coverage
57.83▲
2024 · 55.55
Debt ≤ 1 year
€43,293▲
2024 · €20,230
Income taxes
€116▼
2024 · €170
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,049 | - |
| Depreciation and write-downs of the year | €168 | €0 | - | €125 | €350 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,209 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €826 | €462 | €462 | €168 | €0 | - | €125 | €350 | ▲ 179% |
| Other operating charges640/8 | - | - | - | €956 | €920 | €710 | €676 | €596 | ▼ 11.8% |
| Gross operating margin9900 | €15,198 | -€16,787 | €1,779 | -€24,432 | €3,897 | -€2,652 | €28,300 | €20,189 | ▼ 28.7% |
| Operating profit (loss)9901 | €11,126 | -€18,373 | €908 | -€25,556 | €2,977 | -€3,362 | €27,499 | €19,243 | ▼ 30.0% |
| Financial income75/76B | - | - | - | €0 | €6 | €0 | €62 | €204 | ▲ 228% |
| Recurring financial income75 | - | €149 | €511 | €0 | €6 | €0 | €62 | €204 | ▲ 228% |
| Financial charges65/66B | - | - | - | €833 | €762 | €579 | €497 | €339 | ▼ 31.9% |
| Recurring financial charges65 | €1,548 | €1,222 | €1,045 | €833 | €762 | €579 | €497 | €339 | ▼ 31.9% |
| Profit (loss) for the period before taxes9903 | €9,578 | -€19,445 | €375 | -€26,389 | €2,220 | -€3,941 | €27,063 | €19,108 | ▼ 29.4% |
| Income taxes67/77 | €2,735 | €130 | €119 | €122 | €130 | €132 | €170 | €116 | ▼ 31.7% |
| Profit (loss) for the period9904 | €6,843 | -€19,575 | €256 | -€26,511 | €2,091 | -€4,073 | €26,893 | €18,992 | ▼ 29.4% |
| Profit (loss) for the period to be appropriated9905 | €6,843 | -€19,575 | €256 | -€26,511 | €2,091 | -€4,073 | €26,893 | €18,992 | ▼ 29.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €62,169 | €50,902 | €39,225 | €29,930 | €31,123 | €24,395 | €53,655 | €60,078 | ▲ 12.0% |
| Fixed assets21/28 | €1,092 | €630 | €168 | €0 | - | - | €923 | €574 | ▼ 37.9% |
| Intangible fixed assets21 | €1,092 | €630 | €168 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | - | - | - | €923 | €574 | ▼ 37.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | €923 | €574 | ▼ 37.9% |
| Current assets29/58 | €61,077 | €50,272 | €39,057 | €29,930 | €31,123 | €24,395 | €52,732 | €59,504 | ▲ 12.8% |
| Amounts receivable within one year40/41 | €15,634 | €15,523 | €4,142 | €3,446 | €14,730 | €8,829 | €9,020 | €6,759 | ▼ 25.1% |
| Trade receivables40 | - | - | - | €2,760 | €14,100 | €7,806 | €8,324 | €6,221 | ▼ 25.3% |
| Other amounts receivable41 | - | - | - | €686 | €630 | €1,023 | €696 | €538 | ▼ 22.7% |
| Cash at bank and in hand54/58 | €45,443 | €34,749 | €34,438 | €21,430 | €15,488 | €14,732 | €42,758 | €52,120 | ▲ 21.9% |
| Deferred charges and accrued income490/1 | - | - | - | €5,054 | €904 | €834 | €954 | €625 | ▼ 34.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €62,169 | €50,902 | €39,225 | €29,930 | €31,123 | €24,395 | €53,655 | €60,078 | ▲ 12.0% |
| Equity10/15 | €54,343 | €34,769 | €35,025 | €8,514 | €10,605 | €6,532 | €33,425 | €16,674 | ▼ 50.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €34,603 | €34,603 | €34,603 | €34,603 | €34,603 | €34,603 | €34,603 | €1,860 | ▼ 94.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €32,743 | €32,743 | €32,743 | €34,603 | €1,860 | ▼ 94.6% |
| Profit (loss) carried forward14 | €1,141 | -€18,434 | -€18,178 | -€44,688 | -€42,598 | -€46,671 | -€19,778 | -€3,786 | ▲ 80.9% |
| Amounts payable17/49 | €7,825 | €16,133 | €4,200 | €21,416 | €20,518 | €17,863 | €20,230 | €43,404 | ▲ 115% |
| Amounts payable within one year42/48 | €7,825 | €16,133 | €4,200 | €21,416 | €20,428 | €17,863 | €20,230 | €43,293 | ▲ 114% |
| Trade debts44 | €1,877 | €1,610 | €441 | €6,781 | €2,462 | €1,244 | €1,916 | €1,060 | ▼ 44.7% |
| Suppliers440/4 | - | - | - | €6,781 | €2,462 | €1,244 | €1,916 | €1,060 | ▼ 44.7% |
| Taxes, remuneration and social security45 | - | - | - | €122 | €130 | €130 | €0 | - | - |
| Taxes450/3 | - | - | - | €122 | €130 | €130 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €14,513 | €17,836 | €16,489 | €18,314 | €42,233 | ▲ 131% |
| Accrued charges and deferred income492/3 | - | - | - | - | €90 | €0 | - | €111 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,843 | -€19,575 | €256 | -€26,511 | €2,091 | -€4,073 | €26,893 | €18,992 | ▼ 29.4% |
| + Depreciation and write-downs630 | €826 | €462 | €462 | €168 | €0 | - | €125 | €350 | ▲ 179% |
| Operating cash flow (approximation) | €7,669 | -€19,113 | €718 | -€26,343 | €2,091 | -€4,073 | €27,019 | €19,341 | ▼ 28.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - | - | €0 | - |
| Change in cash | - | -€10,693 | -€311 | -€13,008 | -€5,942 | -€756 | €28,026 | €9,362 | ▼ 66.6% |
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, 3,818 companies had the same profile as BEOS has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEOS 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 3,818 companies, not a prediction for BEOS. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00168492 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00279517 | |
| 31-12-2023 | micro format | 07-06-2024 | 2024-00114481 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00181224 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20051164 | |
| 31-12-2020 | micro format | 07-06-2021 | 2021-17700250 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15200182 | |
| 31-12-2018 | micro format | 15-07-2019 | 2019-33100039 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-33900024 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-34500579 |