BHM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 24 days after the deadline Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00417597.
Annual accounts 2025 filed on 24-08-2026 at the NBB all 27 filings
Turnover
€20,843▼ 36.3%
2024 · €32,705
EBIT margin
10.0%▲ 8.2pp
2024 · 1.7%
Net result
€317▲ 28×
2024 · €11
Working capital
€30,966▲ 1.0%
2024 · €30,650
In the rankings
#7 oldest company in Anderlecht, Transport and storage sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€20,843
▼ 36.3%
2025
20182025
Operating result
€2,082
▲ 265%
2025
20182025
Net result
€317
▲ 28×
2025
middle half of the sector
20182025
EBIT margin
10.0%
▲ 8.2pp
2025
20182025
Equity
€50,366
▲ 0.6%
2025
middle half of the sector
20182025
Total assets
€51,157
▲ 0.1%
2025
middle half of the sector
20182025
Debt
€791
▼ 26.1%
2025
20182025
Working capital
€30,966
▲ 1.0%
2025
middle half of the sector
20182025
Solvency
98.5%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
40.17
▲ 10.54
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.6%
▲ 0.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€50,320€32,705▼ 35.0%€20,843▼ 36.3%
Operating result€19,631-€78▼ 99.6%-€6,961€11,181€2,343▼ 79.0%€20,056▲ 756%€570▼ 97.2%€2,082▲ 265%
Net result€19,447-€78▼ 99.6%-€3,961below the sector's middle half€11,118within the sector's middle half€2,343within the sector's middle half▼ 78.9%€20,053within the sector's middle half▲ 756%€11within the sector's middle half▼ 99.9%€317within the sector's middle half▲ 28×
EBIT margin39.9%1.7%▼ 38.1pp10.0%▲ 8.2pp
Equity€39,829-€20,484▼ 48.6%€16,524within the sector's middle half▼ 19.3%€27,642within the sector's middle half▲ 67.3%€29,985within the sector's middle half▲ 8.5%€50,038within the sector's middle half▲ 66.9%€50,050within the sector's middle half=€50,366within the sector's middle half▲ 0.6%
Total assets€53,348-€22,198▼ 58.4%€23,082below the sector's middle half▲ 4.0%€40,077below the sector's middle half▲ 73.6%€39,836below the sector's middle half▼ 0.6%€51,831within the sector's middle half▲ 30.1%€51,120within the sector's middle half▼ 1.4%€51,157within the sector's middle half▲ 0.1%
Debt€13,519-€1,714▼ 87.3%€6,558▲ 283%€12,436▲ 89.6%€9,851▼ 20.8%€1,793▼ 81.8%€1,071▼ 40.3%€791▼ 26.1%
Working capital€20,829-€1,484▼ 92.9%-€2,477within the sector's middle half€8,642within the sector's middle half€10,985within the sector's middle half▲ 27.1%€30,638within the sector's middle half▲ 179%€30,650within the sector's middle half=€30,966within the sector's middle half▲ 1.0%
Solvency74.7%-92.3%▲ 17.6pp71.6%above the sector's middle half▼ 20.7pp69.0%above the sector's middle half▼ 2.6pp75.3%above the sector's middle half▲ 6.3pp96.5%above the sector's middle half▲ 21.3pp97.9%above the sector's middle half▲ 1.4pp98.5%above the sector's middle half▲ 0.5pp
Current ratio2.54-1.87▼ 0.670.62below the sector's middle half▼ 1.241.69within the sector's middle half▲ 1.072.12within the sector's middle half▲ 0.4218.09above the sector's middle half▲ 15.9729.63above the sector's middle half▲ 11.5440.17above the sector's middle half▲ 10.54
Return on assets (ROA)36.5%-0.4%▼ 36.1pp-17.2%below the sector's middle half▼ 17.5pp27.7%above the sector's middle half▲ 44.9pp5.9%within the sector's middle half▼ 21.9pp38.7%above the sector's middle half▲ 32.8pp0.0%within the sector's middle half▼ 38.7pp0.6%within the sector's middle half▲ 0.6pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 nearly 3.7 times that of 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51,157
Fixed assets
€19,400 =
Current assets
€31,757 ▲ 0.1%
Equity and liabilities €51,157
Equity
€50,366 ▲ 0.6%
Debt
€791 ▼ 26.1%
Debt's share of the balance-sheet total falls from 2.1% to 1.5%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.02▼
2024 · 0.02
ROE
0.6%▲
2024 · 0.0%
Debt ≤ 1 year
€791▼
2024 · €1,071
Income taxes
€1,320▲
2024 · €458
Customer credit
531 days▲
2024 · 76 days
Supplier credit
15 days▲
2024 · 7 days
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €400 | - | - |
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 | - | - | - | - | - | €50,320 | €32,705 | €20,843 | ▼ 36.3% |
| Non-recurring operating income76A | - | - | - | - | - | €1,114 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €27,648 | €31,157 | €18,937 | ▼ 39.2% |
| Remuneration, social security and pensions62 | - | - | - | €11,789 | €14,773 | €2,497 | -€76 | - | - |
| Other operating charges640/8 | - | - | - | €695 | €364 | €1,233 | €1,053 | €77 | ▼ 92.7% |
| Gross operating margin9900 | €19,631 | €19,659 | €4,872 | €23,665 | €17,480 | €23,786 | €1,548 | €2,159 | ▲ 39.5% |
| Operating profit (loss)9901 | €19,631 | €78 | -€6,961 | €11,181 | €2,343 | €20,056 | €570 | €2,082 | ▲ 265% |
| Recurring financial income75 | - | - | €3,000 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €63 | - | €3 | €101 | €445 | ▲ 341% |
| Recurring financial charges65 | €184 | - | - | €63 | - | €3 | €101 | €445 | ▲ 341% |
| Profit (loss) for the period before taxes9903 | €19,447 | €78 | -€3,961 | €11,118 | €2,343 | €20,053 | €469 | €1,637 | ▲ 249% |
| Income taxes67/77 | - | - | - | - | - | - | €458 | €1,320 | ▲ 188% |
| Profit (loss) for the period9904 | €19,447 | €78 | -€3,961 | €11,118 | €2,343 | €20,053 | €11 | €317 | ▲ 28× |
| Profit (loss) for the period to be appropriated9905 | €19,447 | €78 | -€3,961 | €11,118 | €2,343 | €20,053 | €11 | €317 | ▲ 28× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €53,348 | €22,198 | €23,082 | €40,077 | €39,836 | €51,831 | €51,120 | €51,157 | ▲ 0.1% |
| Fixed assets21/28 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,400 | €19,400 | €19,400 | = |
| Intangible fixed assets21 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Financial fixed assets28 | - | - | - | - | - | €400 | €400 | €400 | = |
| Current assets29/58 | €34,348 | €3,198 | €4,082 | €21,077 | €20,836 | €32,431 | €31,720 | €31,757 | ▲ 0.1% |
| Amounts receivable within one year40/41 | €34,348 | €3,198 | €4,082 | €4,790 | €4,192 | €13,686 | €15,012 | €30,318 | ▲ 102% |
| Trade receivables40 | - | - | - | - | - | - | €6,800 | - | - |
| Other amounts receivable41 | - | - | - | €4,790 | €4,192 | €13,686 | €8,212 | €30,318 | ▲ 269% |
| Cash at bank and in hand54/58 | - | - | - | €16,287 | €16,287 | €18,645 | €16,321 | €1,439 | ▼ 91.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €356 | €101 | €387 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €53,348 | €22,198 | €23,082 | €40,077 | €39,836 | €51,831 | €51,120 | €51,157 | ▲ 0.1% |
| Equity10/15 | €39,829 | €20,484 | €16,524 | €27,642 | €29,985 | €50,038 | €50,050 | €50,366 | ▲ 0.6% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €22 | €22 | €22 | €22 | €22 | €22 | €22 | €22 | = |
| Non-distributable reserves130/1 | - | - | - | €22 | €22 | €22 | €22 | €22 | = |
| Reserves not available under the articles1311 | - | - | - | €22 | €22 | €22 | €22 | €22 | = |
| Profit (loss) carried forward14 | €20,807 | €1,462 | -€2,498 | €8,620 | €10,963 | €31,016 | €31,028 | €31,344 | ▲ 1.0% |
| Amounts payable17/49 | €13,519 | €1,714 | €6,558 | €12,436 | €9,851 | €1,793 | €1,071 | €791 | ▼ 26.1% |
| Amounts payable within one year42/48 | €13,519 | €1,714 | €6,558 | €12,436 | €9,851 | €1,793 | €1,071 | €791 | ▼ 26.1% |
| Trade debts44 | €10,850 | - | - | €798 | €561 | €1,477 | €580 | €791 | ▲ 36.3% |
| Suppliers440/4 | - | - | - | €798 | €561 | €1,477 | €580 | €791 | ▲ 36.3% |
| Taxes, remuneration and social security45 | - | - | - | €204 | €1,660 | €316 | €491 | - | - |
| Taxes450/3 | - | - | - | - | - | - | €385 | - | - |
| Remuneration and social security454/9 | - | - | - | €204 | €1,660 | €316 | €106 | - | - |
| Other amounts payable47/48 | - | - | - | €11,434 | €7,629 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,447 | €78 | -€3,961 | €11,118 | €2,343 | €20,053 | €11 | €317 | ▲ 28× |
| Operating cash flow (approximation) | €19,447 | €78 | -€3,961 | €11,118 | €2,343 | €20,053 | €11 | €317 | ▲ 28× |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€400 | €0 | €0 | - |
| Change in cash | - | - | - | - | €0 | €2,357 | -€2,323 | -€14,882 | ▼ 541% |
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, 17,041 companies had the same profile as BHM has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BHM itself: 0.6% 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 17,041 companies, not a prediction for BHM. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-08-2026 | 2026-00417597 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00396828 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00330278 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00349304 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20325542 | |
| 31-12-2020 | micro format | 06-08-2021 | 2021-46600060 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-47200596 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54800584 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-52400556 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-58600558 |