BEYAERT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 14 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€1.6m
2024 · €1,421
Working capital
€419,131▼ 76.7%
2024 · €1.8m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1.6m
2025
20182025
Net result
-€1.6m
2025
lowest quarter of the sector
20182025
Equity
-€2.4m
▼ 210%
2025
lowest quarter of the sector
20182025
Total assets
€21.8m
▼ 6.3%
2025
highest quarter of the sector
20182025
Debt
€24.2m
▲ 0.7%
2025
20182025
Working capital
€419,131
▼ 76.7%
2025
middle half of the sector
20182025
Solvency
-11.1%
▼ 7.7pp
2025
lowest quarter of the sector
20182025
Current ratio
1.02
▼ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.5%
▼ 7.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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-€0.004m--€0.03m▼ 611%-€0.003m▲ 87.8%€0.02m-€0.006m€0.9m€0.001m▼ 99.8%-€1.6m
Net result-€0.04m--€0.06m▼ 65.9%-€0.004mbelow the sector's middle half▲ 93.7%€0.02mwithin the sector's middle half-€0.007mbelow the sector's middle half€0.9mabove the sector's middle half€0.001mwithin the sector's middle half▼ 99.8%-€1.6mbelow the sector's middle half
Equity-€1.6m--€1.6m▼ 3.9%-€1.7mbelow the sector's middle half▼ 0.2%-€1.6mbelow the sector's middle half▲ 1.1%-€1.6mbelow the sector's middle half▼ 0.4%-€0.8mbelow the sector's middle half▲ 52.5%-€0.8mbelow the sector's middle half▲ 0.2%-€2.4mbelow the sector's middle half▼ 210%
Total assets€0.2m-€0.2m▼ 1.8%€4.0mwithin the sector's middle half▲ 26×€13.6mabove the sector's middle half▲ 243%€27.4mabove the sector's middle half▲ 102%€17.2mabove the sector's middle half▼ 37.4%€23.2mabove the sector's middle half▲ 35.2%€21.8mabove the sector's middle half▼ 6.3%
Debt€1.7m-€1.8m▲ 3.4%€5.6m▲ 211%€15.2m▲ 171%€29.1m▲ 91.3%€18.0m▼ 38.2%€24.0m▲ 33.7%€24.2m▲ 0.7%
Working capital€0.2m-€0.1m▼ 18.8%€0.9mabove the sector's middle half▲ 594%€3.0mabove the sector's middle half▲ 249%€5.1mabove the sector's middle half▲ 68.9%€2.7mabove the sector's middle half▼ 46.9%€1.8mabove the sector's middle half▼ 33.1%€0.4mwithin the sector's middle half▼ 76.7%
Solvency-41.8%below the sector's middle half-12.0%below the sector's middle half▲ 29.8pp-6.0%below the sector's middle half▲ 6.1pp-4.5%below the sector's middle half▲ 1.4pp-3.3%below the sector's middle half▲ 1.2pp-11.1%below the sector's middle half▼ 7.7pp
Current ratio95.05-5.49▼ 89.561.28within the sector's middle half▼ 4.221.28within the sector's middle half▲ 0.011.23within the sector's middle half▼ 0.061.19within the sector's middle half▼ 0.041.08below the sector's middle half▼ 0.101.02below the sector's middle half▼ 0.06
Return on assets (ROA)-24.3%--41.0%▼ 16.7pp-0.1%within the sector's middle half▲ 40.9pp0.1%below the sector's middle half▲ 0.2pp0.0%below the sector's middle half▼ 0.2pp5.0%within the sector's middle half▲ 5.0pp0.0%within the sector's middle half▼ 5.0pp-7.5%below the sector's middle half▼ 7.5pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 €1.6m, after a profit of €1,391 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21.8m
Fixed assets
€516 ▼ 49.2%
Current assets
€21.8m ▼ 6.3%
Equity and liabilities
Equity-€2.4m
Debt€24.2m
Equity is negative. Debt (€24.2m) exceeds the balance-sheet total (€21.8m).
Key figures and ratios
Quick ratio
0.00▼
2024 · 0.02
Debt ≤ 1 year
€21.4m▼
2024 · €21.4m
Debt > 1 year
€2.8m▲
2024 · €2.6m
Income taxes
€387
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.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €49.4m | - | - |
| Carrying value of the mortgaged assets | - | - | €12,500 | - | - |
| Pledge on other assets, amount secured | €0 | - | - | - | - |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €1,016 | - | - | - | €0 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1.4m | - |
| Other operating charges640/8 | - | - | - | €405 | €0.001m | €0.001m | €0 | €0.05m | - |
| Gross operating margin9900 | - | - | - | €0.02m | -€0.006m | €0.9m | €0.001m | -€0.1m | - |
| Operating profit (loss)9901 | -€0.004m | -€0.03m | -€0.003m | €0.02m | -€0.006m | €0.9m | €0.001m | -€1.6m | - |
| Financial income75/76B | - | - | - | €0.001m | €0 | - | €30 | €0 | ▼ 100.0% |
| Recurring financial income75 | - | - | €0 | €0.001m | €0 | - | €30 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €439 | €341 | €2 | €0 | €0.02m | ▲ 51,052× |
| Recurring financial charges65 | €0.03m | €0.03m | €421 | €439 | €341 | €2 | €0 | €0.02m | ▲ 51,052× |
| Debt charges650 | €0.03m | €0.03m | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.04m | -€0.06m | -€0.004m | €0.02m | -€0.007m | €0.9m | €0.001m | -€1.6m | - |
| Income taxes67/77 | - | - | - | - | - | - | - | €387 | - |
| Profit (loss) for the period9904 | -€0.04m | -€0.06m | -€0.004m | €0.02m | -€0.007m | €0.9m | €0.001m | -€1.6m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.04m | -€0.06m | -€0.004m | €0.02m | -€0.007m | €0.9m | €0.001m | -€1.6m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.2m | €4.0m | €13.6m | €27.4m | €17.2m | €23.2m | €21.8m | ▼ 6.3% |
| Fixed assets21/28 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 49.2% |
| Financial fixed assets28 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 49.2% |
| Current assets29/58 | €0.2m | €0.2m | €4.0m | €13.6m | €27.4m | €17.2m | €23.2m | €21.8m | ▼ 6.3% |
| Stocks and contracts in progress3 | - | €0.009m | €3.3m | €11.4m | €23.5m | €16.8m | €22.7m | €21.8m | ▼ 4.2% |
| Stocks30/36 | - | - | - | €11.4m | €23.5m | €16.8m | €22.7m | €21.8m | ▼ 4.2% |
| Amounts receivable within one year40/41 | €0.05m | €0.05m | €0.3m | €0.5m | €0.9m | €0.4m | €0.5m | €0.009m | ▼ 98.2% |
| Trade receivables40 | - | - | - | €0.2m | €0.9m | €0.4m | €0.2m | €0.009m | ▼ 95.6% |
| Other amounts receivable41 | - | - | - | €0.3m | €0 | - | €0.3m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.1m | €0.09m | €0.4m | €1.6m | €3.0m | €0 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €4.0m | €13.6m | €27.4m | €17.2m | €23.2m | €21.8m | ▼ 6.3% |
| Equity10/15 | -€1.6m | -€1.6m | -€1.7m | -€1.6m | -€1.6m | -€0.8m | -€0.8m | -€2.4m | ▼ 210% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | -€2.1m | -€2.1m | -€2.2m | -€2.1m | -€2.1m | -€1.3m | -€1.3m | -€2.9m | ▼ 128% |
| Amounts payable17/49 | €1.7m | €1.8m | €5.6m | €15.2m | €29.1m | €18.0m | €24.0m | €24.2m | ▲ 0.7% |
| Amounts payable after more than one year17 | €1.7m | €1.8m | €2.5m | €4.6m | €6.7m | €3.5m | €2.6m | €2.8m | ▲ 9.8% |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €4.6m | €6.7m | €3.5m | €2.6m | €2.8m | ▲ 9.8% |
| Amounts payable within one year42/48 | €0.002m | €0.03m | €3.1m | €10.6m | €22.4m | €14.5m | €21.4m | €21.4m | ▼ 0.4% |
| Trade debts44 | €0.002m | €0.03m | €2.1m | €1.7m | €1.1m | €1.9m | €2.1m | €0.09m | ▼ 96.0% |
| Suppliers440/4 | - | - | - | €1.7m | €1.1m | €1.9m | €2.1m | €0.09m | ▼ 96.0% |
| Advances received on contracts in progress46 | - | - | - | €8.9m | €21.2m | €12.5m | €19.3m | €21.2m | ▲ 10.0% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.09m | €0.1m | €0 | €0.06m | - |
| Taxes450/3 | - | - | - | - | €0.09m | €0.1m | €0 | €0.06m | - |
| Other amounts payable47/48 | - | - | - | - | - | €0.008m | €0.008m | €0.004m | ▼ 50.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.04m | -€0.06m | -€0.004m | €0.02m | -€0.007m | €0.9m | €0.001m | -€1.6m | - |
| Operating cash flow (approximation) | -€0.04m | -€0.06m | -€0.004m | €0.02m | -€0.007m | €0.9m | €0.001m | -€1.6m | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | €0 | €0.001m | - |
| Change in cash | - | -€0.01m | €0.3m | €1.3m | €1.4m | -€3.0m | - | - | - |
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, 129 companies had the same profile as BEYAERT has now. Two years later, 95.3% were still going and 1.6% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- negative equity
- a small loss
95.3%
was still going
2.3%
stopped otherwise
1.6%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEYAERT itself: 1.4% 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 129 companies, not a prediction for BEYAERT. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-07-2026 | 2026-00311556 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00183568 | |
| 31-12-2023 | abbreviated format | 17-06-2024 | 2024-00145885 | |
| 31-12-2022 | abbreviated format | 23-08-2023 | 2023-00363721 | |
| 31-12-2021 | abbreviated format | 11-08-2022 | 2022-20287807 | |
| 31-12-2020 | full format | 29-07-2021 | 2021-44100504 | |
| 31-12-2019 | full format | 05-10-2020 | 2020-59000453 | |
| 31-12-2018 | full format | 24-07-2019 | 2019-37700365 | |
| 31-12-2017 | full format | 12-09-2018 | 2018-63000242 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-27400381 |