BERTRI
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00473209.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 19 filings
Turnover
€53,476
EBIT margin
22.5%
Net result
-€12,630
2024 · €7,258
Working capital
€20,851▼ 47.6%
2024 · €39,777
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€10,153
2025
20182025
Net result
-€12,630
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€33,775
▼ 27.2%
2025
middle half of the sector
20182025
Total assets
€50,563
▼ 18.1%
2025
lowest quarter of the sector
20182025
Debt
€16,788
▲ 9.6%
2025
20182025
Working capital
€20,851
▼ 47.6%
2025
middle half of the sector
20182025
Solvency
66.8%
▼ 8.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.24
▼ 1.35
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-25.0%
▼ 36.7pp
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
Turnover€53,476
Operating result€5,690--€5,159€12,008-€1,568€24,891€21,049▼ 15.4%€3,702▼ 82.4%-€10,153
Net result€1,651--€9,552€13,356within the sector's middle half-€2,547within the sector's middle half€20,043within the sector's middle half€19,980within the sector's middle half▼ 0.3%€7,258within the sector's middle half▼ 63.7%-€12,630within the sector's middle half
EBIT margin22.5%
Equity€20,896-€11,345▼ 45.7%€144,020within the sector's middle half▲ 13×€141,473within the sector's middle half▼ 1.8%€161,516within the sector's middle half▲ 14.2%€181,496within the sector's middle half▲ 12.4%€46,404within the sector's middle half▼ 74.4%€33,775within the sector's middle half▼ 27.2%
Total assets€55,729-€53,813▼ 3.4%€203,187within the sector's middle half▲ 278%€178,547within the sector's middle half▼ 12.1%€175,617within the sector's middle half▼ 1.6%€194,168within the sector's middle half▲ 10.6%€61,724below the sector's middle half▼ 68.2%€50,563below the sector's middle half▼ 18.1%
Debt€34,833-€42,468▲ 21.9%€59,167▲ 39.3%€37,074▼ 37.3%€14,101▼ 62.0%€12,672▼ 10.1%€15,320▲ 20.9%€16,788▲ 9.6%
Working capital€19,061-€12,807▼ 32.8%€143,840above the sector's middle half▲ 11×€139,989above the sector's middle half▼ 2.7%€160,318above the sector's middle half▲ 14.5%€180,584above the sector's middle half▲ 12.6%€39,777above the sector's middle half▼ 78.0%€20,851within the sector's middle half▼ 47.6%
Solvency37.5%-21.1%▼ 16.4pp70.9%above the sector's middle half▲ 49.8pp79.2%above the sector's middle half▲ 8.4pp92.0%above the sector's middle half▲ 12.7pp93.5%above the sector's middle half▲ 1.5pp75.2%above the sector's middle half▼ 18.3pp66.8%above the sector's middle half▼ 8.4pp
Current ratio1.55-1.32▼ 0.233.43above the sector's middle half▲ 2.114.78above the sector's middle half▲ 1.3412.37above the sector's middle half▲ 7.5915.25above the sector's middle half▲ 2.883.60above the sector's middle half▼ 11.652.24above the sector's middle half▼ 1.35
Return on assets (ROA)3.0%--17.8%▼ 20.7pp6.6%above the sector's middle half▲ 24.3pp-1.4%within the sector's middle half▼ 8.0pp11.4%above the sector's middle half▲ 12.8pp10.3%above the sector's middle half▼ 1.1pp11.8%above the sector's middle half▲ 1.5pp-25.0%below the sector's middle half▼ 36.7pp
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 €10,153, after a profit of €3,702 in 2024. It is the lowest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €50,563
Fixed assets
€12,924 ▲ 95.0%
Current assets
€37,639 ▼ 31.7%
Equity and liabilities €50,563
Equity
€33,775 ▼ 27.2%
Debt
€16,788 ▲ 9.6%
Debt's share of the balance-sheet total rises from 24.8% to 33.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9,249▼
2024 · €4,159
Cash flow
-€11,726▼
2024 · €7,715
Debt to equity
0.50▲
2024 · 0.33
ROE
-37.4%▼
2024 · 15.6%
Interest coverage
-2.22▼
2024 · 1.58
Debt ≤ 1 year
€16,788▲
2024 · €15,320
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 | €1,432 | - | - | €6,174 | - |
| Financial fixed assets | - | - | - | - | €7,200 |
| Depreciation and write-downs of the year | €128 | €286 | €286 | €458 | €904 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €53,476 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,815 | €1,297 | €358 | €128 | €286 | €286 | €458 | €904 | ▲ 97.5% |
| Other operating charges640/8 | - | - | - | €775 | €1,756 | €4,572 | €4,521 | €11,928 | ▲ 164% |
| Gross operating margin9900 | €12,054 | €13,865 | €12,724 | -€665 | €26,933 | €25,907 | €8,681 | €2,678 | ▼ 69.1% |
| Operating profit (loss)9901 | €5,690 | -€5,159 | €12,008 | -€1,568 | €24,891 | €21,049 | €3,702 | -€10,153 | - |
| Financial income75/76B | - | - | - | €2,488 | €2,038 | €1,815 | €10,395 | €1,693 | ▼ 83.7% |
| Recurring financial income75 | - | €2,894 | €4,672 | €2,488 | €2,038 | €1,815 | €10,395 | €1,693 | ▼ 83.7% |
| Financial charges65/66B | - | - | - | €3,467 | €6,210 | €1,784 | €2,625 | €4,169 | ▲ 58.8% |
| Recurring financial charges65 | €4,039 | €7,287 | €3,324 | €3,467 | €6,210 | €1,784 | €2,625 | €4,169 | ▲ 58.8% |
| Profit (loss) for the period before taxes9903 | €1,651 | -€9,552 | €13,356 | -€2,547 | €20,718 | €21,080 | €11,472 | -€12,630 | - |
| Income taxes67/77 | - | - | - | - | €675 | €1,100 | €4,215 | - | - |
| Profit (loss) for the period9904 | €1,651 | -€9,552 | €13,356 | -€2,547 | €20,043 | €19,980 | €7,258 | -€12,630 | - |
| Profit (loss) for the period to be appropriated9905 | €1,651 | -€9,552 | €13,356 | -€2,547 | €20,043 | €19,980 | €7,258 | -€12,630 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €55,729 | €53,813 | €203,187 | €178,547 | €175,617 | €194,168 | €61,724 | €50,563 | ▼ 18.1% |
| Fixed assets21/28 | €1,835 | €538 | €180 | €1,484 | €1,198 | €911 | €6,628 | €12,924 | ▲ 95.0% |
| Tangible fixed assets22/27 | €1,655 | €358 | - | €1,304 | €1,018 | €731 | €6,448 | €5,544 | ▼ 14.0% |
| Land and buildings22 | - | - | - | - | - | - | €6,003 | €5,386 | ▼ 10.3% |
| Plant, machinery and equipment23 | - | - | - | €1,304 | €1,018 | €731 | €445 | €159 | ▼ 64.4% |
| Financial fixed assets28 | €180 | €180 | €180 | €180 | €180 | €180 | €180 | €7,380 | ▲ 41× |
| Current assets29/58 | €53,894 | €53,275 | €203,007 | €177,063 | €174,419 | €193,256 | €55,096 | €37,639 | ▼ 31.7% |
| Stocks and contracts in progress3 | €403 | €403 | €403 | €403 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €403 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €26,864 | €46,532 | €192,739 | €175,370 | €172,873 | €176,478 | €38,510 | €21,222 | ▼ 44.9% |
| Trade receivables40 | - | - | - | - | - | €7,398 | €3,984 | €500 | ▼ 87.4% |
| Other amounts receivable41 | - | - | - | €175,370 | €172,873 | €169,080 | €34,526 | €20,722 | ▼ 40.0% |
| Cash at bank and in hand54/58 | €2,788 | €6,340 | €9,865 | €1,291 | €1,546 | €16,778 | €16,158 | €16,416 | ▲ 1.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €428 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €55,729 | €53,813 | €203,187 | €178,547 | €175,617 | €194,168 | €61,724 | €50,563 | ▼ 18.1% |
| Equity10/15 | €20,896 | €11,345 | €144,020 | €141,473 | €161,516 | €181,496 | €46,404 | €33,775 | ▼ 27.2% |
| Contributions10/11 | €19,378 | €19,378 | - | €19,378 | €19,378 | €19,378 | €19,378 | €19,378 | = |
| Contributions outside capital11 | - | - | - | €19,378 | €19,378 | €19,378 | €19,378 | €19,378 | = |
| Share premium1100/10 | - | - | - | - | - | - | €19,378 | €19,378 | = |
| Other1109/19 | - | - | - | €19,378 | €19,378 | €19,378 | - | - | - |
| Reserves13 | €49,531 | €49,531 | €49,531 | €49,531 | €49,531 | €49,531 | €56,789 | €56,789 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | - | €47,531 | €47,531 | €47,531 | €54,789 | €54,789 | = |
| Profit (loss) carried forward14 | -€48,013 | -€57,565 | €75,111 | €72,564 | €92,607 | €112,586 | -€29,763 | -€42,392 | ▼ 42.4% |
| Amounts payable17/49 | €34,833 | €42,468 | €59,167 | €37,074 | €14,101 | €12,672 | €15,320 | €16,788 | ▲ 9.6% |
| Amounts payable within one year42/48 | €34,833 | €40,468 | €59,167 | €37,074 | €14,101 | €12,672 | €15,320 | €16,788 | ▲ 9.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,667 | €824 | - | - | - | - |
| Financial debts43 | - | - | - | €18,915 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €18,915 | - | - | - | - | - |
| Trade debts44 | €4,203 | €3,630 | €10,284 | €9,901 | €6,672 | €4,676 | €5,866 | €7,040 | ▲ 20.0% |
| Suppliers440/4 | - | - | - | €9,901 | €6,672 | €4,676 | €5,866 | €7,040 | ▲ 20.0% |
| Taxes, remuneration and social security45 | - | - | - | €3,592 | €6,606 | €7,995 | €9,453 | €9,748 | ▲ 3.1% |
| Taxes450/3 | - | - | - | €3,592 | €6,606 | €7,995 | €9,453 | €9,748 | ▲ 3.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,651 | -€9,552 | €13,356 | -€2,547 | €20,043 | €19,980 | €7,258 | -€12,630 | - |
| + Depreciation and write-downs630 | €3,815 | €1,297 | €358 | €128 | €286 | €286 | €458 | €904 | ▲ 97.5% |
| Operating cash flow (approximation) | €5,466 | -€8,255 | €13,714 | -€2,419 | €20,329 | €20,266 | €7,715 | -€11,726 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,432 | €0 | €0 | -€6,174 | -€7,200 | ▼ 16.6% |
| Change in cash | - | €3,552 | €3,525 | -€8,575 | €256 | €15,232 | -€621 | €258 | - |
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, 4,805 companies had the same profile as BERTRI has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BERTRI itself: 0.7% 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 4,805 companies, not a prediction for BERTRI. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00473209 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00465324 | |
| 31-12-2023 | micro format | 10-09-2024 | 2024-00457687 | |
| 31-12-2022 | micro format | 18-10-2023 | 2023-00489468 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20398559 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52100324 | |
| 31-12-2019 | micro format | 24-10-2020 | 2020-63500124 | |
| 31-12-2018 | abbreviated format | 13-11-2019 | 2019-73800425 | |
| 31-12-2017 | abbreviated format | 02-10-2018 | 2018-68300550 | |
| 31-12-2016 | abbreviated format | 25-08-2017 | 2017-47000245 |