BESHORE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 8 filings
Turnover
≈ €130,000
Estimated: probably between €120,000 and €180,000
Total assets
€155,358▼ 35.8%
2024 · €241,834
Net result
€51,045▼ 11.7%
2024 · €57,818
Working capital
€107,185▼ 46.6%
2024 · €200,649
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€67,458
▼ 8.0%
2025
20182025
Net result
€51,045
▼ 11.7%
2025
middle half of the sector
20182025
Equity
€119,427
▼ 40.8%
2025
middle half of the sector
20182025
Total assets
€155,358
▼ 35.8%
2025
middle half of the sector
20182025
Debt
€35,931
▼ 10.4%
2025
20182025
Working capital
€107,185
▼ 46.6%
2025
middle half of the sector
20182025
Solvency
76.9%
▼ 6.5pp
2025
middle half of the sector
20182025
Current ratio
3.98
▼ 2.02
2025
middle half of the sector
20182025
Return on assets (ROA)
32.9%
▲ 8.9pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€14,640--€3,274▲ 77.6%-€100▲ 96.9%€93,038€25,889▼ 72.2%€63,539▲ 145%€73,301▲ 15.4%€67,458▼ 8.0%
Net result-€14,677--€3,360▲ 77.1%-€393below the sector's middle half▲ 88.3%€76,961above the sector's middle half€17,637within the sector's middle half▼ 77.1%€49,130within the sector's middle half▲ 179%€57,818above the sector's middle half▲ 17.7%€51,045within the sector's middle half▼ 11.7%
Equity€1,523--€1,837-€2,230below the sector's middle half▼ 21.4%€74,731within the sector's middle half€94,768within the sector's middle half▲ 26.8%€143,898within the sector's middle half▲ 51.8%€201,715above the sector's middle half▲ 40.2%€119,427within the sector's middle half▼ 40.8%
Total assets€1,523-€697▼ 54.2%€266below the sector's middle half▼ 61.9%€118,189within the sector's middle half▲ 445×€124,976within the sector's middle half▲ 5.7%€179,172within the sector's middle half▲ 43.4%€241,834within the sector's middle half▲ 35.0%€155,358within the sector's middle half▼ 35.8%
Debt€2,534€2,496▼ 1.5%€43,458▲ 17×€30,208▼ 30.5%€35,274▲ 16.8%€40,119▲ 13.7%€35,931▼ 10.4%
Working capital-€1,837-€2,230below the sector's middle half▼ 21.4%€68,200within the sector's middle half€90,078within the sector's middle half▲ 32.1%€141,049above the sector's middle half▲ 56.6%€200,649above the sector's middle half▲ 42.3%€107,185within the sector's middle half▼ 46.6%
Solvency63.2%within the sector's middle half75.8%within the sector's middle half▲ 12.6pp80.3%above the sector's middle half▲ 4.5pp83.4%above the sector's middle half▲ 3.1pp76.9%within the sector's middle half▼ 6.5pp
Current ratio2.57within the sector's middle half3.98within the sector's middle half▲ 1.415.00above the sector's middle half▲ 1.026.00above the sector's middle half▲ 1.003.98within the sector's middle half▼ 2.02
Return on assets (ROA)65.1%above the sector's middle half14.1%within the sector's middle half▼ 51.0pp27.4%within the sector's middle half▲ 13.3pp23.9%within the sector's middle half▼ 3.5pp32.9%within the sector's middle half▲ 8.9pp
Staff (FTE)0.2-
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 8% 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 €155,358
Fixed assets
€12,242 ▲ 11×
Current assets
€143,116 ▼ 40.6%
Equity and liabilities €155,358
Equity
€119,427 ▼ 40.8%
Debt
€35,931 ▼ 10.4%
Debt's share of the balance-sheet total rises from 16.6% to 23.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€68,227▼
2024 · €75,084
Cash flow
€51,815▼
2024 · €59,600
Debt to equity
0.30▲
2024 · 0.20
ROE
42.7%▲
2024 · 28.7%
Interest coverage
38.07
Debt ≤ 1 year
€35,931▼
2024 · €40,119
Income taxes
€14,620▼
2024 · €15,945
Staff costs
€702▲
2024 · €212
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 | €6,829 | - | - | - | €25,813 |
| Depreciation and write-downs of the year | €298 | €1,841 | €1,841 | €1,783 | €770 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €15 | - | €297 | €212 | €702 | ▲ 230% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €298 | €1,841 | €1,841 | €1,783 | €770 | ▼ 56.8% |
| Other operating charges640/8 | - | - | - | €354 | €1,367 | €882 | €1,208 | €594 | ▼ 50.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €292 | - |
| Gross operating margin9900 | -€7,621 | -€2,717 | - | €93,705 | €29,097 | €66,560 | €76,504 | €69,815 | ▼ 8.7% |
| Operating profit (loss)9901 | -€14,640 | -€3,274 | -€100 | €93,038 | €25,889 | €63,539 | €73,301 | €67,458 | ▼ 8.0% |
| Financial income75/76B | - | - | - | €1 | - | €0 | €462 | €0 | ▼ 100.0% |
| Recurring financial income75 | - | - | - | €1 | - | €0 | €462 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €209 | €3,089 | €622 | - | €1,792 | - |
| Recurring financial charges65 | €38 | €86 | €293 | €209 | €3,089 | €622 | - | €1,792 | - |
| Profit (loss) for the period before taxes9903 | -€14,677 | -€3,360 | -€393 | €92,830 | €22,800 | €62,917 | €73,763 | €65,666 | ▼ 11.0% |
| Income taxes67/77 | - | - | - | €15,869 | €5,163 | €13,788 | €15,945 | €14,620 | ▼ 8.3% |
| Profit (loss) for the period9904 | -€14,677 | -€3,360 | -€393 | €76,961 | €17,637 | €49,130 | €57,818 | €51,045 | ▼ 11.7% |
| Profit (loss) for the period to be appropriated9905 | -€14,677 | -€3,360 | -€393 | €76,961 | €17,637 | €49,130 | €57,818 | €51,045 | ▼ 11.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1,523 | €697 | €266 | €118,189 | €124,976 | €179,172 | €241,834 | €155,358 | ▼ 35.8% |
| Fixed assets21/28 | - | - | - | €6,531 | €4,690 | €2,849 | €1,066 | €12,242 | ▲ 11× |
| Tangible fixed assets22/27 | - | - | - | €6,531 | €4,690 | €2,849 | €1,066 | €12,242 | ▲ 11× |
| Furniture and vehicles24 | - | - | - | €4,591 | €3,143 | €1,695 | €305 | - | - |
| Other tangible fixed assets26 | - | - | - | €1,940 | €1,547 | €1,154 | €761 | €12,242 | ▲ 16× |
| Current assets29/58 | €1,523 | €697 | €266 | €111,658 | €120,286 | €176,323 | €240,768 | €143,116 | ▼ 40.6% |
| Amounts receivable within one year40/41 | €150 | €553 | €263 | €70,985 | €100,851 | €144,447 | €201,763 | €96,568 | ▼ 52.1% |
| Trade receivables40 | - | - | - | €8,925 | €18,102 | €13,525 | €16,456 | €13,552 | ▼ 17.6% |
| Other amounts receivable41 | - | - | - | €62,060 | €82,749 | €130,922 | €185,307 | €83,016 | ▼ 55.2% |
| Cash at bank and in hand54/58 | €973 | €144 | €3 | €40,673 | €19,435 | €31,876 | €39,006 | €46,548 | ▲ 19.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1,523 | €697 | €266 | €118,189 | €124,976 | €179,172 | €241,834 | €155,358 | ▼ 35.8% |
| Equity10/15 | €1,523 | -€1,837 | -€2,230 | €74,731 | €94,768 | €143,898 | €201,715 | €119,427 | ▼ 40.8% |
| Contributions10/11 | €16,200 | €16,200 | €16,200 | €16,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €16,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €2,400 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€14,677 | -€18,037 | -€18,430 | €58,531 | €76,168 | €125,298 | €183,115 | €100,827 | ▼ 44.9% |
| Amounts payable17/49 | - | €2,534 | €2,496 | €43,458 | €30,208 | €35,274 | €40,119 | €35,931 | ▼ 10.4% |
| Amounts payable within one year42/48 | - | €2,534 | €2,496 | €43,458 | €30,208 | €35,274 | €40,119 | €35,931 | ▼ 10.4% |
| Trade debts44 | - | €734 | €636 | €25,461 | €389 | - | €1,945 | €370 | ▼ 81.0% |
| Suppliers440/4 | - | - | - | €25,461 | €389 | - | €1,945 | €370 | ▼ 81.0% |
| Taxes, remuneration and social security45 | - | - | - | €17,997 | €29,819 | €35,274 | €38,174 | €35,561 | ▼ 6.8% |
| Taxes450/3 | - | - | - | €17,997 | €29,819 | €35,274 | €38,174 | €35,561 | ▼ 6.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,677 | -€3,360 | -€393 | €76,961 | €17,637 | €49,130 | €57,818 | €51,045 | ▼ 11.7% |
| + Depreciation and write-downs630 | - | - | - | €298 | €1,841 | €1,841 | €1,783 | €770 | ▼ 56.8% |
| Operating cash flow (approximation) | -€14,677 | -€3,360 | -€393 | €77,260 | €19,478 | €50,971 | €59,600 | €51,815 | ▼ 13.1% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | €0 | -€11,946 | - |
| Change in cash | - | -€829 | -€141 | €40,670 | -€21,238 | €12,441 | €7,130 | €7,542 | ▲ 5.8% |
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, 26,972 companies had the same profile as BESHORE has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BESHORE itself is lower: < 0.1% within 12 months. It rests on far more data about BESHORE than the profile alone.
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 26,972 companies, not a prediction for BESHORE. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00238513 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00258391 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00478150 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00422247 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20442852 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28000289 | |
| 31-12-2019 | micro format | 28-11-2020 | 2020-74500485 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-36900112 |