BGR TECHNICS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 8 filings
Turnover
€99,904
EBIT margin
6.0%
Net result
-€7,859
2024 · €6,192
Working capital
€15,839▼ 32.3%
2024 · €23,396
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€5,566
2025
20182025
Net result
-€7,859
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€24,820
▼ 24.0%
2025
lowest quarter of the sector
20182025
Total assets
€41,313
▼ 36.5%
2025
lowest quarter of the sector
20182025
Debt
€16,493
▼ 49.1%
2025
20182025
Working capital
€15,839
▼ 32.3%
2025
middle half of the sector
20182025
Solvency
60.1%
▲ 9.9pp
2025
middle half of the sector
20182025
Current ratio
2.95
▲ 0.61
2025
middle half of the sector
20182025
Return on assets (ROA)
-19.0%
▼ 28.5pp
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€99,904
Operating result€7,971-€29,622▲ 272%€16,333▼ 44.9%-€20,590€6,023€16,951▲ 181%€9,621▼ 43.2%-€5,566
Net result€7,249-€24,530▲ 238%€8,439within the sector's middle half▼ 65.6%-€21,487below the sector's middle half€4,520below the sector's middle half€16,048within the sector's middle half▲ 255%€6,192within the sector's middle half▼ 61.4%-€7,859below the sector's middle half
EBIT margin6.0%
Equity€12,649-€21,367▲ 68.9%€29,806below the sector's middle half▲ 39.5%€8,319below the sector's middle half▼ 72.1%€12,839below the sector's middle half▲ 54.3%€28,087below the sector's middle half▲ 119%€32,679below the sector's middle half▲ 16.3%€24,820below the sector's middle half▼ 24.0%
Total assets€50,452-€89,780▲ 78.0%€79,945below the sector's middle half▼ 11.0%€42,977below the sector's middle half▼ 46.2%€24,115below the sector's middle half▼ 43.9%€66,871below the sector's middle half▲ 177%€65,091below the sector's middle half▼ 2.7%€41,313below the sector's middle half▼ 36.5%
Debt€37,803-€68,413▲ 81.0%€50,139▼ 26.7%€34,658▼ 30.9%€11,276▼ 67.5%€38,784▲ 244%€32,412▼ 16.4%€16,493▼ 49.1%
Working capital€14,547-€12,711▼ 12.6%€20,198below the sector's middle half▲ 58.9%-€946below the sector's middle half€8,833below the sector's middle half€17,379below the sector's middle half▲ 96.8%€23,396below the sector's middle half▲ 34.6%€15,839within the sector's middle half▼ 32.3%
Solvency25.1%-23.8%▼ 1.3pp37.3%within the sector's middle half▲ 13.5pp19.4%below the sector's middle half▼ 17.9pp53.2%within the sector's middle half▲ 33.9pp42.0%within the sector's middle half▼ 11.2pp50.2%within the sector's middle half▲ 8.2pp60.1%within the sector's middle half▲ 9.9pp
Current ratio2.25-1.35▼ 0.901.74within the sector's middle half▲ 0.390.96below the sector's middle half▼ 0.791.78within the sector's middle half▲ 0.831.97within the sector's middle half▲ 0.192.34within the sector's middle half▲ 0.372.95within the sector's middle half▲ 0.61
Return on assets (ROA)14.4%-27.3%▲ 13.0pp10.6%within the sector's middle half▼ 16.8pp-50.0%below the sector's middle half▼ 60.6pp18.7%above the sector's middle half▲ 68.7pp24.0%above the sector's middle half▲ 5.3pp9.5%within the sector's middle half▼ 14.5pp-19.0%below the sector's middle half▼ 28.5pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €5,566, after a profit of €9,621 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €41,313
Fixed assets
€17,357 ▼ 28.4%
Current assets
€23,956 ▼ 41.3%
Equity and liabilities €41,313
Equity
€24,820 ▼ 24.0%
Debt
€16,493 ▼ 49.1%
Debt's share of the balance-sheet total falls from 49.8% to 39.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1,327▼
2024 · €16,752
Cash flow
-€966▼
2024 · €13,323
Debt to equity
0.66▼
2024 · 0.99
ROE
-31.7%▼
2024 · 18.9%
Interest coverage
2.30▼
2024 · 19.99
Debt ≤ 1 year
€8,117▼
2024 · €17,445
Debt > 1 year
€8,376▼
2024 · €14,967
Income taxes
€1,728▼
2024 · €2,591
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €23,009 | - | - | - | - |
| Debts guaranteed by Belgian public bodies | - | - | €26,798 | €20,940 | €15,463 |
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 | €5,106 | - | €34,002 | - | - |
| Depreciation and write-downs of the year | €15,405 | €5,821 | €6,361 | €7,131 | €6,893 |
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 | - | - | - | - | €99,904 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €86,248 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,388 | €15,043 | €12,922 | €15,405 | €5,821 | €6,361 | €7,131 | €6,893 | ▼ 3.3% |
| Other operating charges640/8 | - | - | - | €1,664 | €1,812 | €707 | €994 | €441 | ▼ 55.6% |
| Gross operating margin9900 | €15,660 | €45,131 | €32,516 | -€3,521 | €13,656 | €24,019 | €17,746 | €1,768 | ▼ 90.0% |
| Operating profit (loss)9901 | €7,971 | €29,622 | €16,333 | -€20,590 | €6,023 | €16,951 | €9,621 | -€5,566 | - |
| Financial income75/76B | - | - | - | - | - | - | - | €13 | - |
| Recurring financial income75 | €136 | - | €136 | - | - | - | - | €13 | - |
| Financial charges65/66B | - | - | - | €462 | €483 | €523 | €838 | €578 | ▼ 31.0% |
| Recurring financial charges65 | €367 | €678 | €775 | €462 | €483 | €523 | €838 | €578 | ▼ 31.0% |
| Profit (loss) for the period before taxes9903 | €7,740 | €28,944 | €15,694 | -€21,052 | €5,540 | €16,428 | €8,783 | -€6,131 | - |
| Income taxes67/77 | €491 | €4,414 | €7,255 | €435 | €1,020 | €380 | €2,591 | €1,728 | ▼ 33.3% |
| Profit (loss) for the period9904 | €7,249 | €24,530 | €8,439 | -€21,487 | €4,520 | €16,048 | €6,192 | -€7,859 | - |
| Profit (loss) for the period to be appropriated9905 | €7,249 | €24,530 | €8,439 | -€21,487 | €4,520 | €16,048 | €6,192 | -€7,859 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €50,452 | €89,780 | €79,945 | €42,977 | €24,115 | €66,871 | €65,091 | €41,313 | ▼ 36.5% |
| Fixed assets21/28 | €24,276 | €40,961 | €32,559 | €22,260 | €4,006 | €31,647 | €24,250 | €17,357 | ▼ 28.4% |
| Tangible fixed assets22/27 | €24,276 | €39,961 | €31,559 | €21,260 | €3,006 | €30,647 | €23,250 | €16,357 | ▼ 29.6% |
| Plant, machinery and equipment23 | - | - | - | €1,996 | €721 | €69 | - | €0 | - |
| Furniture and vehicles24 | - | - | - | €7,968 | €2,192 | €1,354 | €500 | €81 | ▼ 83.8% |
| Leasing and similar rights25 | - | - | - | €11,111 | - | €29,224 | €22,750 | €16,276 | ▼ 28.5% |
| Other tangible fixed assets26 | - | - | - | €185 | €93 | €0 | - | - | - |
| Financial fixed assets28 | - | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Current assets29/58 | €26,176 | €48,819 | €47,386 | €20,717 | €20,109 | €35,224 | €40,841 | €23,956 | ▼ 41.3% |
| Stocks and contracts in progress3 | €3,316 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €10,938 | €45,240 | €37,609 | €13,563 | €15,185 | €29,025 | €10,417 | €3,035 | ▼ 70.9% |
| Trade receivables40 | - | - | - | €3,429 | €14,727 | €28,567 | €10,417 | €2,189 | ▼ 79.0% |
| Other amounts receivable41 | - | - | - | €10,134 | €458 | €458 | - | €846 | - |
| Cash at bank and in hand54/58 | €11,922 | €3,579 | €9,366 | €6,736 | €4,412 | €5,622 | €29,856 | €20,428 | ▼ 31.6% |
| Deferred charges and accrued income490/1 | - | - | - | €418 | €512 | €577 | €568 | €493 | ▼ 13.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €50,452 | €89,780 | €79,945 | €42,977 | €24,115 | €66,871 | €65,091 | €41,313 | ▼ 36.5% |
| Equity10/15 | €12,649 | €21,367 | €29,806 | €8,319 | €12,839 | €28,087 | €32,679 | €24,820 | ▼ 24.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €362 | €9,080 | €17,519 | €17,519 | €17,519 | €21,887 | €26,479 | €26,479 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €15,659 | €15,659 | €21,887 | €26,479 | €26,479 | = |
| Profit (loss) carried forward14 | €6,087 | €6,087 | €6,087 | -€15,400 | -€10,880 | - | - | -€7,859 | - |
| Amounts payable17/49 | €37,803 | €68,413 | €50,139 | €34,658 | €11,276 | €38,784 | €32,412 | €16,493 | ▼ 49.1% |
| Amounts payable after more than one year17 | €16,013 | €32,305 | €22,951 | €12,995 | €0 | €20,939 | €14,967 | €8,376 | ▼ 44.0% |
| Financial debts170/4 | - | - | - | €12,995 | €0 | €20,939 | €14,967 | €8,376 | ▼ 44.0% |
| Amounts payable within one year42/48 | €11,629 | €36,108 | €27,188 | €21,663 | €11,276 | €17,845 | €17,445 | €8,117 | ▼ 53.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,014 | €3,115 | €5,859 | €5,973 | €7,087 | ▲ 18.7% |
| Trade debts44 | €6,212 | €1,074 | €1,662 | €1,057 | €807 | €2,096 | €445 | €44 | ▼ 90.1% |
| Suppliers440/4 | - | - | - | €1,057 | €807 | €2,096 | €445 | €44 | ▼ 90.1% |
| Taxes, remuneration and social security45 | - | - | - | €10,592 | €7,354 | €9,193 | €9,427 | €506 | ▼ 94.6% |
| Taxes450/3 | - | - | - | €10,592 | €7,354 | €9,193 | €9,427 | €217 | ▼ 97.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €289 | - |
| Other amounts payable47/48 | - | - | - | - | - | €697 | €1,600 | €480 | ▼ 70.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,249 | €24,530 | €8,439 | -€21,487 | €4,520 | €16,048 | €6,192 | -€7,859 | - |
| + Depreciation and write-downs630 | €7,388 | €15,043 | €12,922 | €15,405 | €5,821 | €6,361 | €7,131 | €6,893 | ▼ 3.3% |
| Operating cash flow (approximation) | €14,637 | €39,573 | €21,361 | -€6,082 | €10,341 | €22,409 | €13,323 | -€966 | - |
| Investment in fixed assets (approximation) | - | -€31,728 | -€4,520 | -€5,106 | €12,433 | -€34,002 | €266 | €0 | ▼ 100% |
| Change in cash | - | -€8,343 | €5,787 | -€2,630 | -€2,324 | €1,210 | €24,234 | -€9,428 | - |
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, 3,591 companies had the same profile as BGR TECHNICS has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BGR TECHNICS itself is lower: 0.4% within 12 months. It rests on far more data about BGR TECHNICS 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 3,591 companies, not a prediction for BGR TECHNICS. 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 | abbreviated format | 29-07-2026 | 2026-00348030 | |
| 31-12-2024 | abbreviated format | 27-07-2025 | 2025-00313535 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00303705 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00315186 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20115594 | |
| 31-12-2020 | abbreviated format | 26-06-2021 | 2021-27500347 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-34000023 | |
| 31-12-2018 | micro format | 01-08-2019 | 2019-43000368 |