BERCU
ActiveSummary
BERCU has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14,396 and a net result of €18,324. Equity is shrinking by ~18.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 10% of 9511 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▲+5
Solvency28▲+5
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity ample (current ratio 4.13 against 1.49 in 2024; short-term debt: 1.6% and cash: 4.3% of total assets), but 97.5% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
2.5%
Return on assets
3.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 9511 sector peers (2025).
NBB · sector comparisonPosition among 9511 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-03-2026, 135 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
135 d early
2024
65 d early
2023
22 d early
2022
34 d early
2021
12 d early
2020
31 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 43 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€14,396
2024 · -€7,974
Total assets
€570,596▲ 8.5%
2024 · €525,763
Net result
€18,324
2024 · -€2,780
Working capital
€28,610▲ 714%
2024 · €3,514
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€10,899-€372▲ 96.6%-€53,932▼ 14,385%-€1,202▲ 97.8%€19,807
Net result-€14,301▼ 351%-€3,244▲ 77.3%-€56,294▼ 1,636%-€2,780▲ 95.1%€18,324
Equity€54,344▼ 20.8%€51,100▼ 6.0%-€5,194-€7,974▼ 53.5%€14,396
Total assets€337,364▼ 5.6%€340,869▲ 1.0%€672,191▲ 97.2%€525,763▼ 21.8%€570,596▲ 8.5%
Debt€283,020▼ 1.9%€289,769▲ 2.4%€677,385▲ 134%€533,737▼ 21.2%€556,200▲ 4.2%
Working capital€18,485▼ 13.6%€36,918▲ 99.7%€109,660▲ 197%€3,514▼ 96.8%€28,610▲ 714%
Staff (FTE)1.3▲ 8.3%1.3=1.3=0.3▼ 76.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €19,807 after a loss of €1,202 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €570,596
Fixed assets
€532,854 ▲ 3.5%
Current assets
€37,742 ▲ 253%
Equity and liabilities €570,596
Equity
€14,396
Debt
€556,200
Debt finances 97.5% of the balance-sheet total.
Key figures and ratios
EBITDA
€60,325▲
2024 · €36,636
Cash flow
€58,842▲
2024 · €35,057
Current ratio
4.13▲
2024 · 1.49
Quick ratio
3.93▲
2024 · 1.24
Debt to equity
38.64▲
2024 · -66.93
ROE
127.3%
ROA
3.2%▲
2024 · -0.5%
Interest coverage
42.93▲
2024 · 21.42
Debt ≤ 1 year
€9,132▲
2024 · €7,181
Debt > 1 year
€546,585▲
2024 · €526,556
Income taxes
€144▼
2024 · €205
Staff costs
€273▼
2024 · €14,223
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,024 | - |
| Remuneration, social security and pensions62 | €55,927 | €53,997 | €54,395 | €14,223 | €273 | ▼ 98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,565 | €27,793 | €77,413 | €37,838 | €40,518 | ▲ 7.1% |
| Other operating charges640/8 | €2,304 | €2,610 | €4,263 | €3,908 | €3,972 | ▲ 1.6% |
| Non-recurring operating charges66A | - | - | - | €975 | - | - |
| Gross operating margin9900 | €73,897 | €84,027 | €82,140 | €55,742 | €64,569 | ▲ 15.8% |
| Operating profit (loss)9901 | -€10,899 | -€372 | -€53,932 | -€1,202 | €19,807 | ▲ 1,748% |
| Financial income75/76B | €148 | €118 | €90 | €337 | €67 | ▼ 80.1% |
| Recurring financial income75 | €148 | €118 | €90 | €337 | €67 | ▼ 80.1% |
| Financial charges65/66B | €3,549 | €2,943 | €2,321 | €1,710 | €1,405 | ▼ 17.8% |
| Recurring financial charges65 | €3,549 | €2,943 | €2,321 | €1,710 | €1,405 | ▼ 17.8% |
| Profit (loss) for the period before taxes9903 | -€14,301 | -€3,197 | -€56,162 | -€2,576 | €18,469 | ▲ 817% |
| Income taxes67/77 | - | €47 | €132 | €205 | €144 | ▼ 29.4% |
| Profit (loss) for the period9904 | -€14,301 | -€3,244 | -€56,294 | -€2,780 | €18,324 | ▲ 759% |
| Profit (loss) for the period to be appropriated9905 | -€14,301 | -€3,244 | -€56,294 | -€2,780 | €18,324 | ▲ 759% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €337,364 | €340,869 | €672,191 | €525,763 | €570,596 | ▲ 8.5% |
| Fixed assets21/28 | €298,370 | €282,809 | €544,855 | €515,067 | €532,854 | ▲ 3.5% |
| Tangible fixed assets22/27 | €298,370 | €282,809 | €544,855 | €515,067 | €532,854 | ▲ 3.5% |
| Land and buildings22 | €290,416 | €265,396 | €531,977 | €498,885 | €511,386 | ▲ 2.5% |
| Plant, machinery and equipment23 | €5,804 | €5,362 | €3,668 | €7,362 | €4,693 | ▼ 36.3% |
| Furniture and vehicles24 | €2,150 | €12,050 | €9,210 | €8,820 | €5,880 | ▼ 33.3% |
| Other tangible fixed assets26 | - | - | - | - | €10,895 | - |
| Current assets29/58 | €38,994 | €58,060 | €127,335 | €10,695 | €37,742 | ▲ 253% |
| Stocks and contracts in progress3 | €1,818 | €1,818 | €1,818 | €1,818 | €1,818 | = |
| Stocks30/36 | €1,818 | €1,818 | €1,818 | €1,818 | €1,818 | = |
| Amounts receivable within one year40/41 | €9,627 | €38,975 | €7,314 | €5,866 | €9,367 | ▲ 59.7% |
| Trade receivables40 | €8,944 | €8,183 | €6,870 | €3,967 | €9,362 | ▲ 136% |
| Other amounts receivable41 | €683 | €30,792 | €444 | €1,899 | €5 | ▼ 99.7% |
| Cash at bank and in hand54/58 | €26,641 | €15,335 | €116,331 | €793 | €24,544 | ▲ 2,993% |
| Deferred charges and accrued income490/1 | €907 | €1,931 | €1,872 | €2,217 | €2,013 | ▼ 9.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €337,364 | €340,869 | €672,191 | €525,763 | €570,596 | ▲ 8.5% |
| Equity10/15 | €54,344 | €51,100 | -€5,194 | -€7,974 | €14,396 | ▲ 281% |
| Contributions10/11 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Capital10 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Issued capital100 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Revaluation surpluses12 | €7,258 | €7,258 | €7,258 | €7,258 | €11,304 | ▲ 55.7% |
| Reserves13 | €1 | €1 | €1 | €1 | €1 | = |
| Tax-exempt reserves132 | €1 | €1 | €1 | €1 | €1 | = |
| Profit (loss) carried forward14 | -€202,916 | -€206,159 | -€262,453 | -€265,234 | -€246,909 | ▲ 6.9% |
| Amounts payable17/49 | €283,020 | €289,769 | €677,385 | €533,737 | €556,200 | ▲ 4.2% |
| Amounts payable after more than one year17 | €262,511 | €268,627 | €659,709 | €526,556 | €546,585 | ▲ 3.8% |
| Financial debts170/4 | €53,627 | €39,686 | €28,958 | €23,256 | €17,290 | ▼ 25.7% |
| Other amounts payable178/9 | €208,884 | €228,941 | €630,751 | €503,300 | €529,295 | ▲ 5.2% |
| Amounts payable within one year42/48 | €20,509 | €21,141 | €17,676 | €7,181 | €9,132 | ▲ 27.2% |
| Current portion of amounts payable after more than one year42 | €13,327 | €13,941 | €10,728 | €5,703 | €5,966 | ▲ 4.6% |
| Trade debts44 | €2,200 | €2,130 | €1,619 | €1,004 | €2,098 | ▲ 109% |
| Suppliers440/4 | €2,200 | €2,130 | €1,619 | €1,004 | €2,098 | ▲ 109% |
| Taxes, remuneration and social security45 | €4,982 | €5,071 | €5,329 | €475 | €1,068 | ▲ 125% |
| Taxes450/3 | - | €157 | €415 | €475 | €1,068 | ▲ 125% |
| Remuneration and social security454/9 | €4,982 | €4,914 | €4,914 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €484 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,301 | -€3,244 | -€56,294 | -€2,780 | €18,324 | ▲ 759% |
| + Depreciation and write-downs630 | €26,565 | €27,793 | €77,413 | €37,838 | €40,518 | ▲ 7.1% |
| Operating cash flow (approximation) | €12,265 | €24,550 | €21,119 | €35,057 | €58,842 | ▲ 67.8% |
| Investment in fixed assets (approximation) | - | -€12,233 | -€339,459 | -€8,050 | -€58,304 | ▼ 624% |
| Change in cash | - | -€11,306 | €100,996 | -€115,538 | €23,751 | ▲ 121% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
18-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €18,324
Net result €18,324 after 6 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 4.13
Current ratio from 1.49 to 4.13.
27-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€56,294
Net result drops to -€56,294, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 7.20
Current ratio from 2.75 to 7.20; short-term debt falls from €21,141 to €17,676.
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
18-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
22-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Middelkerke · 2 establishment units since 1999
Ground area
4,891 m²
Building footprint
314 m²
Volume, LiDAR
1,372 m³
2 parcels, Flanders · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Hunckevlietstraat 2, 8433 Middelkerke
since 19992.004.542.810
Bercu NV
since 20152.246.916.314
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41029A0496/00D000 | Flanders | 3,824 m² | 1 · 96 m² | 9.4 m · 2 fl. |
| 35017A0178/00H000 | Flanders | 1,066 m² | 1 · 218 m² | 7.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,577 companies in sector 71121 we hold annual accounts for 6,563. 3,496 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
Scores and ratios are computed by Checked and are not a credit decision.