BERVAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 37 filings
Turnover
€1.5m
EBIT margin
1.6%
Net result
€48,672▼ 31.5%
2024 · €71,081
Working capital
€455,335▲ 10.9%
2024 · €410,675
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€67,326
▼ 19.6%
2025
20182025
Net result
€48,672
▼ 31.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€334,643
▼ 5.5%
2025
middle half of the sector
20182025
Total assets
€964,322
▲ 8.0%
2025
middle half of the sector
20182025
Debt
€629,679
▲ 16.8%
2025
20182025
Working capital
€455,335
▲ 10.9%
2025
highest quarter of the sector
20182025
Solvency
34.7%
▼ 5.0pp
2025
middle half of the sector
20182025
Current ratio
2.22
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
5.0%
▼ 2.9pp
2025
middle half of the sector
20182025
Staff (FTE)
11.4
▲ 1.8%
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
Turnover€1.5m
Operating result€0.07m-€0.1m▲ 46.9%€0.02m▼ 75.8%€0.1m▲ 476%€0.06m▼ 55.6%€0.07m▲ 15.9%€0.08m▲ 13.7%€0.07m▼ 19.6%
Net result€0.05m-€0.08m▲ 69.0%€0.01mwithin the sector's middle half▼ 87.6%€0.1mwithin the sector's middle half▲ 11×€0.05mwithin the sector's middle half▼ 50.9%€0.05mwithin the sector's middle half▼ 4.4%€0.07mwithin the sector's middle half▲ 37.0%€0.05mwithin the sector's middle half▼ 31.5%
EBIT margin1.6%
Equity€0.4m-€0.4m▲ 6.4%€0.4mwithin the sector's middle half▲ 2.5%€0.4mwithin the sector's middle half▼ 7.7%€0.4mwithin the sector's middle half▼ 1.3%€0.4mwithin the sector's middle half▲ 0.8%€0.4mwithin the sector's middle half▼ 2.8%€0.3mwithin the sector's middle half▼ 5.5%
Total assets€0.9m-€0.9m▲ 3.5%€0.9mwithin the sector's middle half▼ 1.2%€1.1mwithin the sector's middle half▲ 15.9%€1.0mwithin the sector's middle half▼ 7.6%€0.9mwithin the sector's middle half▼ 12.8%€0.9mwithin the sector's middle half▲ 3.5%€1.0mwithin the sector's middle half▲ 8.0%
Debt€0.5m-€0.5m▲ 1.6%€0.5m▼ 3.7%€0.7m▲ 33.6%€0.6m▼ 10.9%€0.5m▼ 20.6%€0.5m▲ 8.1%€0.6m▲ 16.8%
Working capital€0.3m-€0.4m▲ 14.0%€0.4mabove the sector's middle half▲ 18.3%€0.5mabove the sector's middle half▲ 6.6%€0.5mabove the sector's middle half▲ 7.8%€0.4mwithin the sector's middle half▼ 25.8%€0.4mwithin the sector's middle half▲ 9.3%€0.5mabove the sector's middle half▲ 10.9%
Solvency40.3%-41.4%▲ 1.1pp42.9%within the sector's middle half▲ 1.5pp34.2%within the sector's middle half▼ 8.7pp36.5%within the sector's middle half▲ 2.3pp42.2%within the sector's middle half▲ 5.7pp39.7%within the sector's middle half▼ 2.6pp34.7%within the sector's middle half▼ 5.0pp
Current ratio2.11-2.19▲ 0.082.75within the sector's middle half▲ 0.562.36within the sector's middle half▼ 0.392.93above the sector's middle half▲ 0.572.25within the sector's middle half▼ 0.682.35within the sector's middle half▲ 0.102.22within the sector's middle half▼ 0.13
Return on assets (ROA)5.1%-8.4%▲ 3.2pp1.0%within the sector's middle half▼ 7.3pp10.3%within the sector's middle half▲ 9.3pp5.5%within the sector's middle half▼ 4.8pp6.0%within the sector's middle half▲ 0.5pp8.0%within the sector's middle half▲ 1.9pp5.0%within the sector's middle half▼ 2.9pp
Staff (FTE)12.3-12.6▲ 2.4%13.4above the sector's middle half▲ 6.3%12.1above the sector's middle half▼ 9.7%11.4above the sector's middle half▼ 5.8%10.9above the sector's middle half▼ 4.4%11.2above the sector's middle half▲ 2.8%11.4above the sector's middle half▲ 1.8%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 20% lower than in 2024 and the lowest since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €964,322
Fixed assets
€134,546 ▼ 24.3%
Current assets
€829,775 ▲ 16.0%
Equity and liabilities €964,322
Equity
€334,643 ▼ 5.5%
Debt
€629,679 ▲ 16.8%
Debt's share of the balance-sheet total rises from 60.3% to 65.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€118,393▼
2024 · €129,779
Cash flow
€99,739▼
2024 · €117,135
Quick ratio
1.99▼
2024 · 2.19
Debt to equity
1.88▲
2024 · 1.52
ROE
14.5%▼
2024 · 20.1%
Interest coverage
7.64▼
2024 · 8.53
Debt ≤ 1 year
€374,440▲
2024 · €304,551
Debt > 1 year
€255,239▲
2024 · €234,338
Income taxes
€5,873▼
2024 · €6,712
Staff costs
€701,935▲
2024 · €670,258
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 11 | 9 | 11 | 11 |
| full-time | 6 | 8 | 7 | 9 | 8 |
| part-time | 2 | 3 | 2 | 2 | 3 |
| in full-time equivalents | 7.6 | 9.9 | 8.6 | 10.6 | 9.8 |
| Average over the year, in full-time equivalents | 12.1 | 11.4 | 10.9 | 11.2 | 11.4 |
| On a permanent contract | 8 | 11 | 9 | 11 | 11 |
| Joined | 9 | 6 | 5 | 7 | 4 |
| Left | 10 | 3 | 7 | 5 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €54,760 | €54,760 | - | - | - |
| Debts guaranteed by Belgian public bodies | - | - | €46,346 | - | - |
| Mortgages, amount registered | - | €436,552 | €3.6m | - | - |
| Carrying value of the mortgaged assets | - | €155,089 | €144,096 | - | - |
| Pledge on other assets, amount secured | - | - | €56,141 | - | - |
| Carrying value of the other pledged assets | - | - | €28,741 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €64,743 | €12,186 | €12,499 | €37,029 | €7,857 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €39,428 | €44,956 | €46,299 | €46,055 | €51,067 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €360 awarded · €300 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €128 | €68 |
| 2024 | 1 | €79 | €79 |
| 2023 | 1 | €153 | €153 |
Public contracts
1 award · 2024
raamcontract toegangscontrolesystemen 2024-2027: 2024/AN/0010 - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €1.5m | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.5m | €0.6m | €0.7m | €0.7m | ▲ 4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.04m | €0.03m | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | ▲ 10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.01m | -€0.007m | €0.01m | -€0.01m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.007m | €0.006m | €0.01m | €0.007m | €0.007m | ▲ 8.5% |
| Non-recurring operating charges66A | - | - | - | - | €0.003m | €0 | - | - | - |
| Gross operating margin9900 | €0.7m | €0.7m | €0.5m | €0.7m | €0.6m | €0.7m | €0.8m | €0.8m | ▲ 4.5% |
| Operating profit (loss)9901 | €0.07m | €0.1m | €0.02m | €0.1m | €0.06m | €0.07m | €0.08m | €0.07m | ▼ 19.6% |
| Financial income75/76B | - | - | - | €377 | €0.008m | €0.001m | €0.009m | €0.003m | ▼ 70.8% |
| Recurring financial income75 | €0.001m | €0.003m | €0.001m | €377 | €0.008m | €0.001m | €0.009m | €0.003m | ▼ 70.8% |
| Financial charges65/66B | - | - | - | €0.008m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 1.8% |
| Recurring financial charges65 | €0.01m | €0.009m | €0.006m | €0.008m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 1.8% |
| Profit (loss) for the period before taxes9903 | €0.06m | €0.1m | €0.02m | €0.1m | €0.06m | €0.06m | €0.08m | €0.05m | ▼ 29.9% |
| Income taxes67/77 | €0.01m | €0.02m | €0.01m | €0.03m | €0.008m | €0.01m | €0.007m | €0.006m | ▼ 12.5% |
| Profit (loss) for the period9904 | €0.05m | €0.08m | €0.01m | €0.1m | €0.05m | €0.05m | €0.07m | €0.05m | ▼ 31.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.08m | €0.03m | €0.1m | €0.05m | €0.05m | €0.07m | €0.05m | ▼ 31.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €0.9m | €0.9m | €1.1m | €1.0m | €0.9m | €0.9m | €1.0m | ▲ 8.0% |
| Fixed assets21/28 | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 24.3% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 24.5% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 23.8% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.02m | €0.02m | €0.05m | €0.04m | ▼ 21.8% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.008m | €0.007m | €0.002m | €0.007m | ▲ 171% |
| Leasing and similar rights25 | - | - | - | €0.05m | €0.04m | €0.03m | €0.02m | €0.006m | ▼ 64.1% |
| Other tangible fixed assets26 | - | - | - | €0.003m | - | - | - | - | - |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €0.6m | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | ▲ 16.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.004m | €0.001m | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €0.004m | €0.001m | €0 | - | - | - |
| Stocks and contracts in progress3 | €0.1m | €0.09m | €0.08m | €0.08m | €0.08m | €0.1m | €0.05m | €0.09m | ▲ 72.7% |
| Stocks30/36 | - | - | - | €0.08m | €0.08m | €0.1m | €0.05m | €0.09m | ▲ 72.7% |
| Amounts receivable within one year40/41 | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 22.0% |
| Trade receivables40 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 30.8% |
| Other amounts receivable41 | - | - | - | €0.009m | €0.003m | €0.02m | €0.03m | €0.009m | ▼ 68.9% |
| Current investments50/53 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €298 | €0.05m | ▲ 170× |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 19.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.01m | €0.007m | €0.03m | ▲ 383% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €0.9m | €0.9m | €1.1m | €1.0m | €0.9m | €0.9m | €1.0m | ▲ 8.0% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 5.5% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.9% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.7m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 16.8% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.2m | €0.2m | €0.3m | ▲ 8.9% |
| Financial debts170/4 | - | - | - | €0.08m | €0.05m | €0.02m | €0.006m | €0.02m | ▲ 203% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 3.6% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 22.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.01m | €0.01m | ▲ 30.5% |
| Trade debts44 | €0.1m | €0.1m | €0.2m | €0.2m | €0.09m | €0.2m | €0.1m | €0.2m | ▲ 29.3% |
| Suppliers440/4 | - | - | - | €0.2m | €0.09m | €0.2m | €0.1m | €0.2m | ▲ 29.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.02m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.08m | €0.08m | €0.1m | €0.1m | ▼ 3.9% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 6.2% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.06m | €0.06m | €0.08m | €0.08m | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.06m | €0.04m | €0.06m | €0.07m | ▲ 13.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,232 | €78,123 | €9,704 | €110,499 | €54,294 | €51,885 | €71,081 | €48,672 | ▼ 31.5% |
| + Depreciation and write-downs630 | €38,980 | €37,341 | €33,815 | €39,428 | €44,956 | €46,299 | €46,055 | €51,067 | ▲ 10.9% |
| Operating cash flow (approximation) | €85,212 | €115,464 | €43,519 | €149,927 | €99,249 | €98,184 | €117,135 | €99,739 | ▼ 14.9% |
| Investment in fixed assets (approximation) | - | -€5,258 | -€15,872 | -€64,743 | -€8,724 | -€12,499 | -€37,029 | -€7,857 | ▲ 78.8% |
| Change in cash | - | -€93,959 | -€19,108 | €64,112 | €31,055 | -€55,643 | €189,264 | -€66,177 | - |
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, 20,136 companies had the same profile as BERVAN has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of BERVAN 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 20,136 companies, not a prediction for BERVAN. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00273970 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00455267 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00416861 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00399000 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20351660 | |
| 31-12-2020 | abbreviated format | 29-10-2021 | 2021-74900174 | |
| 31-12-2019 | abbreviated format | 16-10-2020 | 2020-61700494 | |
| 31-12-2018 | abbreviated format | 31-08-2019 | 2019-61800016 | |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-51300183 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-58400016 |