biepie
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 27 filings
Turnover
≈ €290,000
Estimated: probably between €190,000 and €510,000
Total assets
€61,501▼ 20.8%
2024 · €77,644
Net result
€13,585▲ 92.0%
2024 · €7,077
Working capital
€16,141
2024 · -€5,806
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€14,406
▲ 73.6%
2025
20182025
Net result
€13,585
▲ 92.0%
2025
middle half of the sector
20182025
Equity
€27,306
▲ 99.0%
2025
middle half of the sector
20182025
Total assets
€61,501
▼ 20.8%
2025
lowest quarter of the sector
20182025
Debt
€34,195
▼ 46.5%
2025
20182025
Working capital
€16,141
2025
middle half of the sector
20182025
Solvency
44.4%
▲ 26.7pp
2025
middle half of the sector
20182025
Current ratio
2.20
▲ 1.38
2025
middle half of the sector
20182025
Return on assets (ROA)
22.1%
▲ 13.0pp
2025
highest 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€12,709-€25,831▲ 103%€26,813▲ 3.8%€3,585▼ 86.6%-€3,268-€10,641▼ 226%€8,300€14,406▲ 73.6%
Net result€6,624-€17,927▲ 171%€18,973within the sector's middle half▲ 5.8%€2,158within the sector's middle half▼ 88.6%-€4,890below the sector's middle half-€11,131below the sector's middle half▼ 128%€7,077within the sector's middle half€13,585within the sector's middle half▲ 92.0%
Equity-€16,394-€1,534€20,507within the sector's middle half▲ 13×€22,665within the sector's middle half▲ 10.5%€17,775below the sector's middle half▼ 21.6%€6,644below the sector's middle half▼ 62.6%€13,721below the sector's middle half▲ 107%€27,306within the sector's middle half▲ 99.0%
Total assets€222,129-€192,781▼ 13.2%€173,096within the sector's middle half▼ 10.2%€141,917within the sector's middle half▼ 18.0%€113,394within the sector's middle half▼ 20.1%€102,022within the sector's middle half▼ 10.0%€77,644within the sector's middle half▼ 23.9%€61,501below the sector's middle half▼ 20.8%
Debt€238,522-€191,248▼ 19.8%€152,589▼ 20.2%€119,252▼ 21.8%€95,619▼ 19.8%€95,378▼ 0.3%€63,923▼ 33.0%€34,195▼ 46.5%
Working capital-€115,020--€86,869▲ 24.5%-€57,457below the sector's middle half▲ 33.9%-€55,845below the sector's middle half▲ 2.8%-€38,393below the sector's middle half▲ 31.2%-€29,096below the sector's middle half▲ 24.2%-€5,806below the sector's middle half▲ 80.0%€16,141within the sector's middle half
Solvency-7.4%-0.8%▲ 8.2pp11.8%below the sector's middle half▲ 11.1pp16.0%below the sector's middle half▲ 4.1pp15.7%below the sector's middle half▼ 0.3pp6.5%below the sector's middle half▼ 9.2pp17.7%below the sector's middle half▲ 11.2pp44.4%within the sector's middle half▲ 26.7pp
Current ratio0.25-0.33▲ 0.080.46below the sector's middle half▲ 0.130.35below the sector's middle half▼ 0.110.41below the sector's middle half▲ 0.060.53below the sector's middle half▲ 0.120.82below the sector's middle half▲ 0.292.20within the sector's middle half▲ 1.38
Return on assets (ROA)3.0%-9.3%▲ 6.3pp11.0%within the sector's middle half▲ 1.7pp1.5%within the sector's middle half▼ 9.4pp-4.3%below the sector's middle half▼ 5.8pp-10.9%below the sector's middle half▼ 6.6pp9.1%within the sector's middle half▲ 20.0pp22.1%above the sector's middle half▲ 13.0pp
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 74% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €61,501
Fixed assets
€31,951 ▼ 37.0%
Current assets
€29,550 ▲ 9.8%
Equity and liabilities €61,501
Equity
€27,306 ▲ 99.0%
Debt
€34,195 ▼ 46.5%
Debt's share of the balance-sheet total falls from 82.3% to 55.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€33,197▲
2024 · €29,798
Cash flow
€32,377▲
2024 · €28,574
Quick ratio
2.10▲
2024 · 0.78
Debt to equity
1.25▼
2024 · 4.66
ROE
49.8%▼
2024 · 51.6%
Interest coverage
38.20▲
2024 · 24.00
Debt ≤ 1 year
€13,410▼
2024 · €32,708
Debt > 1 year
€20,000▼
2024 · €30,000
Income taxes
€3,080▲
2024 · €309
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 | €16,454 | €1,435 | €4,408 | €3,260 | - |
| Depreciation and write-downs of the year | €28,789 | €26,817 | €22,480 | €21,497 | €18,791 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,861 | €39,148 | €31,239 | €28,789 | €26,817 | €22,480 | €21,497 | €18,791 | ▼ 12.6% |
| Other operating charges640/8 | - | - | - | €1,213 | €509 | €645 | €2,072 | €304 | ▼ 85.3% |
| Gross operating margin9900 | €52,629 | €66,030 | €58,677 | €33,588 | €24,059 | €12,484 | €31,869 | €33,501 | ▲ 5.1% |
| Operating profit (loss)9901 | €12,709 | €25,831 | €26,813 | €3,585 | -€3,268 | -€10,641 | €8,300 | €14,406 | ▲ 73.6% |
| Financial income75/76B | - | - | - | €306 | €231 | €301 | €327 | €3,129 | ▲ 858% |
| Recurring financial income75 | €256 | €232 | €265 | €306 | €231 | €301 | €327 | €414 | ▲ 26.8% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €2,715 | - |
| Financial charges65/66B | - | - | - | €1,061 | €1,577 | €497 | €1,242 | €869 | ▼ 30.0% |
| Recurring financial charges65 | €5,893 | €2,473 | €1,888 | €1,061 | €1,577 | €497 | €1,242 | €869 | ▼ 30.0% |
| Profit (loss) for the period before taxes9903 | €7,072 | €23,591 | €25,189 | €2,830 | -€4,613 | -€10,837 | €7,386 | €16,666 | ▲ 126% |
| Income taxes67/77 | €448 | €5,664 | €6,216 | €672 | €276 | €294 | €309 | €3,080 | ▲ 898% |
| Profit (loss) for the period9904 | €6,624 | €17,927 | €18,973 | €2,158 | -€4,890 | -€11,131 | €7,077 | €13,585 | ▲ 92.0% |
| Profit (loss) for the period to be appropriated9905 | €6,624 | €17,927 | €18,973 | €2,158 | -€4,890 | -€11,131 | €7,077 | €13,585 | ▲ 92.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €222,129 | €192,781 | €173,096 | €141,917 | €113,394 | €102,022 | €77,644 | €61,501 | ▼ 20.8% |
| Fixed assets21/28 | €183,832 | €150,118 | €124,768 | €112,434 | €87,052 | €68,980 | €50,742 | €31,951 | ▼ 37.0% |
| Tangible fixed assets22/27 | €183,697 | €149,983 | €124,633 | €112,299 | €86,917 | €68,845 | €50,607 | €31,816 | ▼ 37.1% |
| Land and buildings22 | - | - | - | €84,817 | €69,148 | €55,261 | €41,374 | €27,487 | ▼ 33.6% |
| Plant, machinery and equipment23 | - | - | - | €25,765 | €16,773 | €13,066 | €9,194 | €4,329 | ▼ 52.9% |
| Furniture and vehicles24 | - | - | - | €1,717 | €996 | €518 | €40 | - | - |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €38,297 | €42,663 | €48,328 | €29,483 | €26,342 | €33,042 | €26,902 | €29,550 | ▲ 9.8% |
| Stocks and contracts in progress3 | €7,032 | €5,861 | €4,584 | €2,630 | €2,745 | €2,745 | €1,240 | €1,367 | ▲ 10.2% |
| Stocks30/36 | - | - | - | €2,630 | €2,745 | €2,745 | €1,240 | €1,367 | ▲ 10.2% |
| Amounts receivable within one year40/41 | €17,752 | €20,953 | €24,646 | €16,037 | €13,308 | €21,627 | €10,847 | €10,889 | ▲ 0.4% |
| Trade receivables40 | - | - | - | €14,774 | €13,019 | €20,732 | €10,847 | €10,889 | ▲ 0.4% |
| Other amounts receivable41 | - | - | - | €1,263 | €288 | €895 | - | - | - |
| Cash at bank and in hand54/58 | €13,512 | €15,849 | €15,172 | €9,689 | €8,218 | €4,218 | €13,256 | €12,715 | ▼ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,127 | €2,071 | €4,453 | €1,558 | €4,579 | ▲ 194% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €222,129 | €192,781 | €173,096 | €141,917 | €113,394 | €102,022 | €77,644 | €61,501 | ▼ 20.8% |
| Equity10/15 | -€16,394 | €1,534 | €20,507 | €22,665 | €17,775 | €6,644 | €13,721 | €27,306 | ▲ 99.0% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | - | - | €1,915 | €4,073 | €4,073 | €4,073 | €4,073 | €8,714 | ▲ 114% |
| Distributable reserves133 | - | - | - | €4,073 | €4,073 | €4,073 | €4,073 | €8,714 | ▲ 114% |
| Profit (loss) carried forward14 | -€34,986 | -€17,058 | - | - | -€4,890 | -€16,021 | -€8,944 | - | - |
| Amounts payable17/49 | €238,522 | €191,248 | €152,589 | €119,252 | €95,619 | €95,378 | €63,923 | €34,195 | ▼ 46.5% |
| Amounts payable after more than one year17 | €83,379 | €61,331 | €45,525 | €33,924 | €30,000 | €30,000 | €30,000 | €20,000 | ▼ 33.3% |
| Financial debts170/4 | - | - | - | €33,924 | €30,000 | €30,000 | €30,000 | €20,000 | ▼ 33.3% |
| Amounts payable within one year42/48 | €153,317 | €129,532 | €105,785 | €85,328 | €64,736 | €62,138 | €32,708 | €13,410 | ▼ 59.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,600 | €3,924 | - | - | - | - |
| Trade debts44 | €14,115 | €3,344 | €5,503 | €1,041 | €2,020 | €10,272 | €4,756 | €7,334 | ▲ 54.2% |
| Suppliers440/4 | - | - | - | €1,041 | €2,020 | €10,272 | €4,756 | €7,334 | ▲ 54.2% |
| Advances received on contracts in progress46 | - | - | - | - | €569 | €137 | - | €401 | - |
| Taxes, remuneration and social security45 | - | - | - | €8,388 | €2,449 | €2,071 | €2,618 | €4,928 | ▲ 88.2% |
| Taxes450/3 | - | - | - | €8,388 | €2,449 | €2,071 | €2,618 | €4,928 | ▲ 88.2% |
| Other amounts payable47/48 | - | - | - | €64,298 | €55,775 | €49,659 | €25,333 | €747 | ▼ 97.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €883 | €3,240 | €1,216 | €786 | ▼ 35.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,624 | €17,927 | €18,973 | €2,158 | -€4,890 | -€11,131 | €7,077 | €13,585 | ▲ 92.0% |
| + Depreciation and write-downs630 | €38,861 | €39,148 | €31,239 | €28,789 | €26,817 | €22,480 | €21,497 | €18,791 | ▼ 12.6% |
| Operating cash flow (approximation) | €45,485 | €57,075 | €50,212 | €30,947 | €21,927 | €11,349 | €28,574 | €32,377 | ▲ 13.3% |
| Investment in fixed assets (approximation) | - | -€5,434 | -€5,888 | -€16,454 | -€1,435 | -€4,408 | -€3,260 | €0 | - |
| Change in cash | - | €2,336 | -€677 | -€5,483 | -€1,471 | -€4,001 | €9,038 | -€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, 31,368 companies had the same profile as biepie has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of biepie itself: 0.2% 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 31,368 companies, not a prediction for biepie. 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 | 10-07-2026 | 2026-00292420 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00114182 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00416611 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00132019 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20061843 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19600133 | |
| 31-12-2019 | micro format | 02-06-2020 | 2020-14000067 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40100234 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-40400295 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51500531 |