BERTANNI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 22 filings
Turnover
≈ €69,000
Estimated: probably between €34,000 and €130,000
Total assets
€118,151▼ 12.7%
2024 · €135,395
Net result
-€6,288▲ 58.9%
2024 · -€15,284
Working capital
-€75,722▲ 1.6%
2024 · -€76,985
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,062
▲ 89.5%
2025
20182025
Net result
-€6,288
▲ 58.9%
2025
lowest quarter of the sector
20182025
Equity
-€23,125
▼ 37.3%
2025
lowest quarter of the sector
20182025
Total assets
€118,151
▼ 12.7%
2025
middle half of the sector
20182025
Debt
€141,277
▼ 7.2%
2025
20182025
Working capital
-€75,722
▲ 1.6%
2025
lowest quarter of the sector
20182025
Solvency
-19.6%
▼ 7.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.23
▼ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-5.3%
▲ 6.0pp
2025
lowest 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€6,823-€5,300▼ 22.3%€6,357▲ 20.0%€9,006▲ 41.7%-€2,809-€7,764▼ 176%-€10,076▼ 29.8%-€1,062▲ 89.5%
Net result€116--€462€659within the sector's middle half€2,767within the sector's middle half▲ 320%-€8,928below the sector's middle half-€12,670below the sector's middle half▼ 41.9%-€15,284below the sector's middle half▼ 20.6%-€6,288below the sector's middle half▲ 58.9%
Equity€17,081-€16,619▼ 2.7%€17,278within the sector's middle half▲ 4.0%€20,045within the sector's middle half▲ 16.0%€11,117within the sector's middle half▼ 44.5%-€1,553below the sector's middle half-€16,837below the sector's middle half▼ 984%-€23,125below the sector's middle half▼ 37.3%
Total assets€196,375-€189,838▼ 3.3%€183,961within the sector's middle half▼ 3.1%€178,511within the sector's middle half▼ 3.0%€161,231within the sector's middle half▼ 9.7%€151,764within the sector's middle half▼ 5.9%€135,395within the sector's middle half▼ 10.8%€118,151within the sector's middle half▼ 12.7%
Debt€179,295-€173,219▼ 3.4%€166,684▼ 3.8%€158,466▼ 4.9%€150,114▼ 5.3%€153,318▲ 2.1%€152,232▼ 0.7%€141,277▼ 7.2%
Working capital-€61,767--€68,715▼ 11.2%-€71,254below the sector's middle half▼ 3.7%-€64,303below the sector's middle half▲ 9.8%-€65,757below the sector's middle half▼ 2.3%-€69,839below the sector's middle half▼ 6.2%-€76,985below the sector's middle half▼ 10.2%-€75,722below the sector's middle half▲ 1.6%
Solvency8.7%-8.8%▲ 0.1pp9.4%below the sector's middle half▲ 0.6pp11.2%below the sector's middle half▲ 1.8pp6.9%below the sector's middle half▼ 4.3pp-1.0%below the sector's middle half▼ 7.9pp-12.4%below the sector's middle half▼ 11.4pp-19.6%below the sector's middle half▼ 7.1pp
Current ratio0.23-0.26▲ 0.030.27below the sector's middle half▲ 0.010.34below the sector's middle half▲ 0.070.30below the sector's middle half▼ 0.040.31below the sector's middle half▲ 0.010.26below the sector's middle half▼ 0.050.23below the sector's middle half▼ 0.04
Return on assets (ROA)0.1%--0.2%▼ 0.3pp0.4%within the sector's middle half▲ 0.6pp1.6%within the sector's middle half▲ 1.2pp-5.5%below the sector's middle half▼ 7.1pp-8.3%below the sector's middle half▼ 2.8pp-11.3%below the sector's middle half▼ 2.9pp-5.3%below the sector's middle half▲ 6.0pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 a loss of €1,062, smaller than the loss of €10,076 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 €118,151
Fixed assets
€96,147 ▼ 11.1%
Current assets
€22,004 ▼ 19.2%
Equity and liabilities
Equity-€23,125
Debt€141,277
Equity is negative. Debt (€141,277) exceeds the balance-sheet total (€118,151).
Key figures and ratios
EBITDA
€10,961▲
2024 · €2,445
Cash flow
€5,735▲
2024 · -€2,763
Quick ratio
0.10▼
2024 · 0.14
Interest coverage
2.10▲
2024 · 0.47
Debt ≤ 1 year
€97,727▼
2024 · €104,211
Debt > 1 year
€43,550▼
2024 · €48,022
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,629 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,053 | €11,759 | €12,257 | €12,521 | €12,521 | €12,521 | €12,521 | €12,022 | ▼ 4.0% |
| Other operating charges640/8 | - | - | - | €1,785 | €538 | €2,315 | €605 | €516 | ▼ 14.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €20 | - | - |
| Gross operating margin9900 | €21,600 | €19,154 | €19,152 | €23,311 | €10,251 | €7,072 | €3,070 | €11,477 | ▲ 274% |
| Operating profit (loss)9901 | €6,823 | €5,300 | €6,357 | €9,006 | -€2,809 | -€7,764 | -€10,076 | -€1,062 | ▲ 89.5% |
| Financial income75/76B | - | - | - | €37 | €1 | €0 | €0 | €3 | ▲ 17× |
| Recurring financial income75 | €0 | €0 | €0 | €37 | €1 | €0 | €0 | €3 | ▲ 17× |
| Financial charges65/66B | - | - | - | €5,329 | €5,955 | €4,906 | €5,208 | €5,230 | ▲ 0.4% |
| Recurring financial charges65 | €6,415 | €5,203 | €5,502 | €5,329 | €5,955 | €4,906 | €5,208 | €5,230 | ▲ 0.4% |
| Profit (loss) for the period before taxes9903 | €408 | €96 | €855 | €3,713 | -€8,763 | -€12,670 | -€15,284 | -€6,288 | ▲ 58.9% |
| Income taxes67/77 | €291 | €558 | €196 | €946 | €165 | - | - | - | - |
| Profit (loss) for the period9904 | €116 | -€462 | €659 | €2,767 | -€8,928 | -€12,670 | -€15,284 | -€6,288 | ▲ 58.9% |
| Profit (loss) for the period to be appropriated9905 | €116 | -€462 | €659 | €2,767 | -€8,928 | -€12,670 | -€15,284 | -€6,288 | ▲ 58.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €196,375 | €189,838 | €183,961 | €178,511 | €161,231 | €151,764 | €135,395 | €118,151 | ▼ 12.7% |
| Fixed assets21/28 | €177,840 | €166,081 | €158,255 | €145,734 | €133,212 | €120,691 | €108,170 | €96,147 | ▼ 11.1% |
| Tangible fixed assets22/27 | €177,840 | €166,081 | €158,255 | €145,734 | €133,212 | €120,691 | €108,170 | €96,147 | ▼ 11.1% |
| Land and buildings22 | - | - | - | €131,632 | €121,706 | €111,781 | €101,855 | €91,930 | ▼ 9.7% |
| Plant, machinery and equipment23 | - | - | - | €11,056 | €9,346 | €7,637 | €5,927 | €4,217 | ▼ 28.8% |
| Furniture and vehicles24 | - | - | - | €3,046 | €2,160 | €1,274 | €387 | €0 | ▼ 100% |
| Current assets29/58 | €18,535 | €23,757 | €25,707 | €32,778 | €28,019 | €31,073 | €27,226 | €22,004 | ▼ 19.2% |
| Stocks and contracts in progress3 | €2,421 | €8,332 | €17,060 | €17,577 | €17,432 | €12,304 | €12,304 | €12,304 | = |
| Stocks30/36 | - | - | - | €17,577 | €17,432 | €12,304 | €12,304 | €12,304 | = |
| Amounts receivable within one year40/41 | €15,314 | €14,088 | €8,647 | €12,548 | €8,586 | €18,682 | €14,822 | €9,351 | ▼ 36.9% |
| Trade receivables40 | - | - | - | €12,548 | €8,586 | €18,682 | €14,822 | €9,351 | ▼ 36.9% |
| Cash at bank and in hand54/58 | €801 | €1,337 | - | €2,653 | €2,001 | €87 | €100 | €349 | ▲ 250% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €196,375 | €189,838 | €183,961 | €178,511 | €161,231 | €151,764 | €135,395 | €118,151 | ▼ 12.7% |
| Equity10/15 | €17,081 | €16,619 | €17,278 | €20,045 | €11,117 | -€1,553 | -€16,837 | -€23,125 | ▼ 37.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €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 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €9,021 | €8,559 | €9,218 | €11,985 | €3,057 | -€9,613 | -€24,897 | -€31,185 | ▼ 25.3% |
| Amounts payable17/49 | €179,295 | €173,219 | €166,684 | €158,466 | €150,114 | €153,318 | €152,232 | €141,277 | ▼ 7.2% |
| Amounts payable after more than one year17 | €98,912 | €80,747 | €69,723 | €61,386 | €56,339 | €52,405 | €48,022 | €43,550 | ▼ 9.3% |
| Financial debts170/4 | - | - | - | €61,386 | €56,339 | €52,405 | €48,022 | €43,550 | ▼ 9.3% |
| Amounts payable within one year42/48 | €80,302 | €92,472 | €96,960 | €97,080 | €93,775 | €100,912 | €104,211 | €97,727 | ▼ 6.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,255 | €5,641 | €5,420 | €4,741 | €4,844 | ▲ 2.2% |
| Financial debts43 | - | - | - | €8,431 | €15,980 | €16,619 | €18,693 | €18,965 | ▲ 1.5% |
| Credit institutions430/8 | - | - | - | €8,431 | €15,980 | €16,619 | €18,693 | €18,965 | ▲ 1.5% |
| Trade debts44 | €427 | €3,151 | €2,559 | €4,385 | €1,237 | €56 | €327 | €531 | ▲ 62.4% |
| Suppliers440/4 | - | - | - | €4,385 | €1,237 | €56 | €327 | €531 | ▲ 62.4% |
| Taxes, remuneration and social security45 | - | - | - | €7,052 | €5,484 | €1,451 | €687 | €839 | ▲ 22.2% |
| Taxes450/3 | - | - | - | €7,052 | €5,484 | €1,451 | €687 | €839 | ▲ 22.2% |
| Other amounts payable47/48 | - | - | - | €66,958 | €65,433 | €77,365 | €79,763 | €72,547 | ▼ 9.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €116 | -€462 | €659 | €2,767 | -€8,928 | -€12,670 | -€15,284 | -€6,288 | ▲ 58.9% |
| + Depreciation and write-downs630 | €12,053 | €11,759 | €12,257 | €12,521 | €12,521 | €12,521 | €12,521 | €12,022 | ▼ 4.0% |
| Operating cash flow (approximation) | €12,169 | €11,297 | €12,916 | €15,289 | €3,593 | -€149 | -€2,763 | €5,735 | - |
| Investment in fixed assets (approximation) | - | €0 | -€4,431 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €535 | - | - | -€652 | -€1,913 | €12 | €250 | ▲ 20× |
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, 2,796 companies had the same profile as BERTANNI has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BERTANNI itself: 0.9% 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 2,796 companies, not a prediction for BERTANNI. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00365601 | |
| 31-12-2024 | micro format | 14-08-2025 | 2025-00392230 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00376795 | |
| 31-12-2022 | micro format | 15-08-2023 | 2023-00332292 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20420176 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65700501 | |
| 31-12-2019 | micro format | 03-08-2020 | 2020-39200507 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49100271 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-45800448 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-47800231 |