BHS MANAGEMENT
ActiveSummary
BHS MANAGEMENT has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €133,565. Equity is growing by ~7.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-9
Solvency67▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110,000 at 30 days acceptable
Liquidity short (current ratio 0.19 against 0.4 in 2024; short-term debt: 17.9% and cash: 0.5% of total assets), and 58.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
41.5%
Return on assets
3.1%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
58 d early
2024
58 d early
2023
26 d late
2022
26 d early
2021
40 d early
2020
15 d early
2019
15 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 27 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 21 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€133,565▼ 59.5%
2024 · €329,583
Working capital
-€624,009▼ 114%
2024 · -€292,050
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€61,204▼ 24.8%€62,737▲ 2.5%€294,290▲ 369%€234,606▼ 20.3%€252,460▲ 7.6%
Net result€28,144▼ 29.8%€19,381▼ 31.1%€166,476▲ 759%€329,583▲ 98.0%€133,565▼ 59.5%
Equity€1.1m▲ 2.4%€1.2m▲ 1.6%€1.3m▲ 14.3%€1.6m▲ 24.8%€1.8m▲ 8.0%
Total assets€2.1m▼ 1.7%€2.8m▲ 31.2%€3.9m▲ 38.4%€4.0m▲ 4.1%€4.3m▲ 6.6%
Debt€925,730▼ 6.0%€1.6m▲ 70.4%€2.5m▲ 57.9%€2.3m▼ 6.7%€2.4m▲ 4.6%
Working capital€184,190▲ 299%€95,052▼ 48.4%-€114,077-€292,050▼ 156%-€624,009▼ 114%
Staff (FTE)3.6▼ 18.2%3.4▼ 5.6%3.3▼ 2.9%3.2▼ 3.0%3.7▲ 15.6%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 8% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€4.1m ▲ 8.0%
Current assets
€145,970 ▼ 23.5%
Equity and liabilities €4.3m
Equity
€1.8m ▲ 8.0%
Provisions
€79,931 ▲ 47.3%
Debt
€2.4m ▲ 4.6%
Debt's share of the balance-sheet total falls from 57.7% to 56.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€372,407▲
2024 · €358,817
Cash flow
€253,512▼
2024 · €453,793
Current ratio
0.19▼
2024 · 0.40
Debt to equity
1.36▼
2024 · 1.41
ROE
7.5%▼
2024 · 20.0%
ROA
3.1%▼
2024 · 8.2%
Interest coverage
5.64▼
2024 · 6.24
Debt ≤ 1 year
€769,979▲
2024 · €482,868
Debt > 1 year
€1.7m▼
2024 · €1.8m
Income taxes
€59,003▲
2024 · €58,623
Staff costs
€220,248▲
2024 · €170,884
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.7%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 10,905 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €17,897 | - | - | - | - |
| Remuneration, social security and pensions62 | €125,394 | €135,740 | €138,790 | €170,884 | €220,248 | ▲ 28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €82,432 | €84,796 | €93,260 | €124,211 | €119,947 | ▼ 3.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €30,000 | - |
| Other operating charges640/8 | €22,874 | €27,636 | €41,976 | €40,526 | €39,855 | ▼ 1.7% |
| Gross operating margin9900 | €291,905 | €310,910 | €568,315 | €570,227 | €662,511 | ▲ 16.2% |
| Operating profit (loss)9901 | €61,204 | €62,737 | €294,290 | €234,606 | €252,460 | ▲ 7.6% |
| Financial income75/76B | €2,585 | €5,163 | €3,264 | €206,714 | €1,788 | ▼ 99.1% |
| Recurring financial income75 | €2,585 | €5,163 | €3,264 | €6,714 | €1,788 | ▼ 73.4% |
| Non-recurring financial income76B | - | - | - | €200,000 | - | - |
| Financial charges65/66B | €31,949 | €24,952 | €72,483 | €57,458 | €66,022 | ▲ 14.9% |
| Recurring financial charges65 | €21,361 | €24,952 | €72,483 | €57,458 | €66,022 | ▲ 14.9% |
| Non-recurring financial charges66B | €10,588 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €31,840 | €42,948 | €225,071 | €383,863 | €188,225 | ▼ 51.0% |
| Transfer from deferred taxes780 | €3,862 | €3,862 | €3,862 | €4,343 | €4,343 | = |
| Income taxes67/77 | €7,558 | €27,429 | €62,457 | €58,623 | €59,003 | ▲ 0.6% |
| Profit (loss) for the period9904 | €28,144 | €19,381 | €166,476 | €329,583 | €133,565 | ▼ 59.5% |
| Transfer from tax-exempt reserves789 | €7,501 | €7,501 | €7,501 | €8,434 | €8,434 | = |
| Profit (loss) for the period to be appropriated9905 | €35,645 | €26,882 | €173,977 | €338,017 | €141,999 | ▼ 58.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.1m | €2.8m | €3.9m | €4.0m | €4.3m | ▲ 6.6% |
| Fixed assets21/28 | €1.7m | €2.4m | €3.6m | €3.8m | €4.1m | ▲ 8.0% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €2.3m | €2.2m | €2.1m | ▼ 5.4% |
| Land and buildings22 | €1.1m | €1.1m | €2.1m | €2.0m | €2.0m | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | €46,623 | €42,790 | €36,553 | ▼ 14.6% |
| Furniture and vehicles24 | €92,471 | €61,289 | €173,802 | €134,149 | €95,861 | ▼ 28.5% |
| Other tangible fixed assets26 | €2,650 | €2,650 | €2,650 | €2,650 | €2,650 | = |
| Financial fixed assets28 | €457,568 | €1.2m | €1.2m | €1.6m | €2.0m | ▲ 26.5% |
| Current assets29/58 | €443,523 | €414,122 | €302,788 | €190,818 | €145,970 | ▼ 23.5% |
| Amounts receivable within one year40/41 | €367,450 | €348,272 | €255,848 | €125,546 | €93,452 | ▼ 25.6% |
| Trade receivables40 | €285,832 | €270,822 | €181,556 | €104,830 | €85,631 | ▼ 18.3% |
| Other amounts receivable41 | €81,618 | €77,450 | €74,292 | €20,716 | €7,821 | ▼ 62.2% |
| Current investments50/53 | - | - | - | - | €30,000 | - |
| Cash at bank and in hand54/58 | €73,043 | €58,886 | €46,639 | €65,271 | €22,143 | ▼ 66.1% |
| Deferred charges and accrued income490/1 | €3,030 | €6,965 | €300 | - | €375 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.1m | €2.8m | €3.9m | €4.0m | €4.3m | ▲ 6.6% |
| Equity10/15 | €1.1m | €1.2m | €1.3m | €1.6m | €1.8m | ▲ 8.0% |
| Contributions10/11 | €290,510 | €290,510 | €290,510 | €290,510 | €290,510 | = |
| Reserves13 | €128,837 | €121,336 | €163,836 | €205,402 | €196,968 | ▼ 4.1% |
| Tax-exempt reserves132 | €128,837 | €121,336 | €113,836 | €105,402 | €96,968 | ▼ 8.0% |
| Distributable reserves133 | - | - | €50,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | €690,679 | €717,561 | €841,538 | €1.1m | €1.3m | ▲ 12.6% |
| Investment grants15 | €28,152 | €26,463 | €24,875 | €23,307 | €21,739 | ▼ 6.7% |
| Provisions and deferred taxes16 | €66,341 | €62,479 | €58,616 | €54,274 | €79,931 | ▲ 47.3% |
| Provisions for liabilities and charges160/5 | - | - | - | - | €30,000 | - |
| Other liabilities and charges164/5 | - | - | - | - | €30,000 | - |
| Deferred taxes168 | €66,341 | €62,479 | €58,616 | €54,274 | €49,931 | ▼ 8.0% |
| Amounts payable17/49 | €925,730 | €1.6m | €2.5m | €2.3m | €2.4m | ▲ 4.6% |
| Amounts payable after more than one year17 | €666,397 | €1.3m | €2.1m | €1.8m | €1.7m | ▼ 10.0% |
| Financial debts170/4 | €666,397 | €1.3m | €2.1m | €1.8m | €1.7m | ▼ 10.0% |
| Amounts payable within one year42/48 | €259,333 | €319,070 | €416,865 | €482,868 | €769,979 | ▲ 59.5% |
| Current portion of amounts payable after more than one year42 | €134,260 | €261,736 | €353,959 | €384,660 | €372,899 | ▼ 3.1% |
| Financial debts43 | €10,033 | - | - | - | - | - |
| Credit institutions430/8 | €10,033 | - | - | - | - | - |
| Trade debts44 | €52,206 | €7,081 | €33,174 | €25,342 | €46,703 | ▲ 84.3% |
| Suppliers440/4 | €52,206 | €7,081 | €33,174 | €25,342 | €46,703 | ▲ 84.3% |
| Taxes, remuneration and social security45 | €48,926 | €47,357 | €27,462 | €72,866 | €119,315 | ▲ 63.7% |
| Taxes450/3 | €28,523 | €32,556 | €17,180 | €56,219 | €98,460 | ▲ 75.1% |
| Remuneration and social security454/9 | €20,403 | €14,802 | €10,283 | €16,646 | €20,855 | ▲ 25.3% |
| Other amounts payable47/48 | €13,908 | €2,896 | €2,269 | - | €231,062 | - |
| Accrued charges and deferred income492/3 | - | - | €7,250 | €2,589 | €5,200 | ▲ 101% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,144 | €19,381 | €166,476 | €329,583 | €133,565 | ▼ 59.5% |
| + Depreciation and write-downs630 | €82,432 | €84,796 | €93,260 | €124,211 | €119,947 | ▼ 3.4% |
| Operating cash flow (approximation) | €110,577 | €104,177 | €259,736 | €453,793 | €253,512 | ▼ 44.1% |
| Investment in fixed assets (approximation) | - | -€779,630 | -€1.3m | -€393,125 | -€428,616 | ▼ 9.0% |
| Change in cash | - | -€14,157 | -€12,246 | €18,632 | -€43,128 | ▼ 331% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-07
State Gazette act
Resignation: Christophe DENIS (director)Director discharge3 facts ▸
State Gazette act
Resignation: Christophe DENIS (director)
Director discharge3 facts ▸
- Director resignation, Christophe DENIS (director)
- Director discharge, Christophe DENIS
- Other statement, non-remplacement d'administrateur, ne pas remplacer Monsieur DENIS
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
06-05
State Gazette act
Capital & shares · RestructuringResignation: Christophe Sylvain Julia, Ghislain DENIS (director) · Demerger · Capital conversion63 facts ▸
State Gazette act
Capital & shares · Restructuring
Resignation: Christophe Sylvain Julia, Ghislain DENIS (director) · Demerger · Capital conversion63 facts ▸
- Demerger, branch of activity, HOLDING
- Capital conversion, capitaux propres statutairement indisponible
- Capital, €290.510,05
- Other statement, registre et numéro d'entreprise, Tribunal de l'entreprise de Liège,division Liège
- Board composition, Christophe Sylvain Julia, Ghislain DENIS (director)
- Director resignation, Christophe Sylvain Julia, Ghislain DENIS (director)
- Board composition, Jean-Yves Pierre Denis BEECKMAN (director)
- Shareholding, 163492, 326984
- Shareholding, 163492, 326984
- Other statement, vérifier la composition précise de l'actionnariat, Notaire instrumentant
- Incorporation, 2025-11
- Other statement, modification des statuts
- +51 further facts in this act
2025
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €329,583 ▲98%
Net result €329,583, the highest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 26 days late
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €71,635
Net result €71,635 after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
4 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Seraing · 1 establishment unit since 2007
Ground area
8,660 m²
Building footprint
2,090 m²
Volume, LiDAR
10,860 m³
Parcel 62357G0767/00E002, Wallonia · tallest building 7.1 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
BHS MANAGEMENT
since 20072.168.073.724
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62357G0767/00E002 | Wallonia | 8,660 m² | 1 · 2,090 m² | 7.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Christophe DENIS |
|
| Christophe Sylvain Julia, Ghislain DENIS |
|
Articles of association
Who signs
The sole director
Duration
Unlimited
Other statement
Acte authentique ou acte par organes d'administration, projet de scission-article 12:59 CSA
1 more provision on this in the deed
Name clause
BHS MANAGEMENT
Registered office clause
One provision in the deed
Legal form clause
Société à responsabilité limitée
Structure & network
Owners and holdings
2 holdings · 3 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
100%
All subsidiaries, including indirect ones 3
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- ARTEPUB-ACKA 100%
BHS.MEDIA 100%1 subsidiary
- FHS PromotionFR 100%
According to the 2025 annual accounts of BHS MANAGEMENT and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
9845006508379F605A28
Identification & contact
Identification
Legal formPrivate limited company
Founded07-12-2007
Fiscal year end31-12
Abbreviation FR
BHS Mgt
Activities, NACEBEL 2025
64999Other financial services
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0894021977
Also
9925:BE0894021977
Registered
06-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.