BILS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 20 filings
Turnover
≈ €180,000
Estimated: probably between €110,000 and €330,000
EBIT margin
Not included in this filing
Net result
€10,772▼ 23.0%
2024 · €13,985
Working capital
€94,096▲ 19.8%
2024 · €78,548
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€21,873
▲ 1.1%
2025
20192025
Net result
€10,772
▼ 23.0%
2025
middle half of the sector
20192025
Equity
€108,260
▲ 11.0%
2025
middle half of the sector
20192025
Total assets
€164,750
▼ 8.8%
2025
middle half of the sector
20192025
Debt
€56,489
▼ 32.0%
2025
20192025
Working capital
€94,096
▲ 19.8%
2025
highest quarter of the sector
20192025
Solvency
65.7%
▲ 11.7pp
2025
highest quarter of the sector
20192025
Current ratio
3.70
▲ 1.10
2025
highest quarter of the sector
20192025
Return on assets (ROA)
6.5%
▼ 1.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€27,645--€14,270€3,344€51,478▲ 15×€45,985▼ 10.7%€21,631▼ 53.0%€21,873▲ 1.1%
Net result€20,980--€18,711below the sector's middle half€93within the sector's middle half€40,602within the sector's middle half▲ 437×€32,330within the sector's middle half▼ 20.4%€13,985within the sector's middle half▼ 56.7%€10,772within the sector's middle half▼ 23.0%
Equity€29,188-€10,478below the sector's middle half▼ 64.1%€10,571below the sector's middle half▲ 0.9%€51,173below the sector's middle half▲ 384%€83,503below the sector's middle half▲ 63.2%€97,488below the sector's middle half▲ 16.7%€108,260within the sector's middle half▲ 11.0%
Total assets€106,547-€120,626below the sector's middle half▲ 13.2%€106,010below the sector's middle half▼ 12.1%€151,320below the sector's middle half▲ 42.7%€154,900below the sector's middle half▲ 2.4%€180,589below the sector's middle half▲ 16.6%€164,750within the sector's middle half▼ 8.8%
Debt€77,358-€110,148▲ 42.4%€95,439▼ 13.4%€100,148▲ 4.9%€71,397▼ 28.7%€83,101▲ 16.4%€56,489▼ 32.0%
Working capital€17,999-€3,913within the sector's middle half▼ 78.3%€8,877within the sector's middle half▲ 127%€49,837within the sector's middle half▲ 461%€79,472within the sector's middle half▲ 59.5%€78,548within the sector's middle half▼ 1.2%€94,096above the sector's middle half▲ 19.8%
Solvency27.4%-8.7%below the sector's middle half▼ 18.7pp10.0%below the sector's middle half▲ 1.3pp33.8%within the sector's middle half▲ 23.8pp53.9%within the sector's middle half▲ 20.1pp54.0%within the sector's middle half▲ 0.1pp65.7%above the sector's middle half▲ 11.7pp
Current ratio1.29-1.08within the sector's middle half▼ 0.211.21within the sector's middle half▲ 0.121.80within the sector's middle half▲ 0.592.54above the sector's middle half▲ 0.742.60above the sector's middle half▲ 0.053.70above the sector's middle half▲ 1.10
Return on assets (ROA)19.7%--15.5%below the sector's middle half▼ 35.2pp0.1%within the sector's middle half▲ 15.6pp26.8%above the sector's middle half▲ 26.7pp20.9%above the sector's middle half▼ 6.0pp7.7%within the sector's middle half▼ 13.1pp6.5%within the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 1% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €164,750
Fixed assets
€35,815 ▼ 32.3%
Current assets
€128,935 ▲ 1.0%
Equity and liabilities €164,750
Equity
€108,260 ▲ 11.0%
Debt
€56,489 ▼ 32.0%
Debt's share of the balance-sheet total falls from 46.0% to 34.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€35,243▼
2024 · €37,815
Cash flow
€24,142▼
2024 · €30,169
Debt to equity
0.52▼
2024 · 0.85
ROE
10.0%▼
2024 · 14.3%
Interest coverage
14.80▼
2024 · 22.72
Debt ≤ 1 year
€34,839▼
2024 · €49,113
Debt > 1 year
€21,650▼
2024 · €33,988
Income taxes
€8,877▲
2024 · €6,092
Staff costs
€5,370
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €34,810 | - | - |
| Mortgages, amount registered | €102,080 | €102,080 | - | - |
| Carrying value of the mortgaged assets | €2,663 | €2,330 | - | - |
| Carrying value of the other pledged assets | €34,838 | €20,303 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €45,133 | €813 |
| Depreciation and write-downs of the year | €15,365 | €14,365 | €16,184 | €13,370 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €5,370 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,089 | €14,656 | €16,144 | €15,365 | €14,365 | €16,184 | €13,370 | ▼ 17.4% |
| Other operating charges640/8 | - | - | - | €1,284 | €3,801 | €3,592 | €4,460 | ▲ 24.2% |
| Gross operating margin9900 | €48,742 | €3,146 | €21,083 | €68,126 | €64,151 | €41,407 | €45,073 | ▲ 8.9% |
| Operating profit (loss)9901 | €27,645 | -€14,270 | €3,344 | €51,478 | €45,985 | €21,631 | €21,873 | ▲ 1.1% |
| Financial income75/76B | - | - | - | - | €487 | €110 | €157 | ▲ 42.0% |
| Recurring financial income75 | €235 | €51 | €24 | - | €487 | €110 | €157 | ▲ 42.0% |
| Financial charges65/66B | - | - | - | €2,876 | €2,109 | €1,665 | €2,381 | ▲ 43.0% |
| Recurring financial charges65 | €3,650 | €2,655 | €3,276 | €2,876 | €2,109 | €1,665 | €2,381 | ▲ 43.0% |
| Profit (loss) for the period before taxes9903 | €24,230 | -€16,874 | €93 | €48,602 | €44,363 | €20,077 | €19,649 | ▼ 2.1% |
| Income taxes67/77 | €3,250 | €1,836 | - | €8,000 | €12,033 | €6,092 | €8,877 | ▲ 45.7% |
| Profit (loss) for the period9904 | €20,980 | -€18,711 | €93 | €40,602 | €32,330 | €13,985 | €10,772 | ▼ 23.0% |
| Profit (loss) for the period to be appropriated9905 | €20,980 | -€18,711 | €93 | €40,602 | €32,330 | €13,985 | €10,772 | ▼ 23.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €106,547 | €120,626 | €106,010 | €151,320 | €154,900 | €180,589 | €164,750 | ▼ 8.8% |
| Fixed assets21/28 | €27,078 | €70,498 | €54,708 | €39,344 | €23,979 | €52,928 | €35,815 | ▼ 32.3% |
| Tangible fixed assets22/27 | €25,791 | €69,211 | €53,421 | €38,056 | €22,692 | €51,641 | €34,528 | ▼ 33.1% |
| Land and buildings22 | - | - | - | €2,663 | €2,330 | €1,997 | - | - |
| Plant, machinery and equipment23 | - | - | - | €366 | €59 | - | €678 | - |
| Furniture and vehicles24 | - | - | - | €35,028 | €20,303 | €49,644 | €33,850 | ▼ 31.8% |
| Financial fixed assets28 | €1,287 | €1,287 | €1,287 | €1,287 | €1,287 | €1,287 | €1,287 | = |
| Current assets29/58 | €79,468 | €50,128 | €51,301 | €111,977 | €130,921 | €127,661 | €128,935 | ▲ 1.0% |
| Amounts receivable within one year40/41 | €54,341 | €16,727 | €29,434 | €57,236 | €86,459 | €69,654 | €66,956 | ▼ 3.9% |
| Trade receivables40 | - | - | - | €56,488 | €68,177 | €38,634 | €33,368 | ▼ 13.6% |
| Other amounts receivable41 | - | - | - | €748 | €18,283 | €31,020 | €33,589 | ▲ 8.3% |
| Current investments50/53 | - | - | - | - | - | - | €3,000 | - |
| Cash at bank and in hand54/58 | €22,061 | €31,531 | €21,587 | €54,164 | €44,310 | €56,671 | €58,810 | ▲ 3.8% |
| Deferred charges and accrued income490/1 | - | - | - | €577 | €152 | €1,336 | €168 | ▼ 87.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €106,547 | €120,626 | €106,010 | €151,320 | €154,900 | €180,589 | €164,750 | ▼ 8.8% |
| Equity10/15 | €29,188 | €10,478 | €10,571 | €51,173 | €83,503 | €97,488 | €108,260 | ▲ 11.0% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €10,588 | €10,588 | €10,588 | €32,573 | €64,903 | €78,888 | €89,660 | ▲ 13.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €30,713 | €63,043 | €77,028 | €87,800 | ▲ 14.0% |
| Profit (loss) carried forward14 | - | -€18,711 | -€18,618 | - | - | - | - | - |
| Amounts payable17/49 | €77,358 | €110,148 | €95,439 | €100,148 | €71,397 | €83,101 | €56,489 | ▼ 32.0% |
| Amounts payable after more than one year17 | €15,889 | €63,933 | €53,014 | €34,808 | €19,948 | €33,988 | €21,650 | ▼ 36.3% |
| Financial debts170/4 | - | - | - | €34,808 | €19,948 | €33,988 | €21,650 | ▼ 36.3% |
| Amounts payable within one year42/48 | €61,470 | €46,215 | €42,425 | €62,139 | €51,450 | €49,113 | €34,839 | ▼ 29.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,206 | €14,863 | €29,812 | €12,339 | ▼ 58.6% |
| Financial debts43 | - | - | - | €634 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €634 | - | - | - | - |
| Trade debts44 | €28,336 | €14,651 | €4,145 | €35,299 | €29,488 | €19,263 | €21,985 | ▲ 14.1% |
| Suppliers440/4 | - | - | - | €35,299 | €29,488 | €19,263 | €21,985 | ▲ 14.1% |
| Taxes, remuneration and social security45 | - | - | - | €8,000 | €7,099 | - | €516 | - |
| Taxes450/3 | - | - | - | €8,000 | €7,099 | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | €516 | - |
| Other amounts payable47/48 | - | - | - | - | - | €38 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €3,200 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,980 | -€18,711 | €93 | €40,602 | €32,330 | €13,985 | €10,772 | ▼ 23.0% |
| + Depreciation and write-downs630 | €11,089 | €14,656 | €16,144 | €15,365 | €14,365 | €16,184 | €13,370 | ▼ 17.4% |
| Operating cash flow (approximation) | €32,069 | -€4,054 | €16,237 | €55,967 | €46,695 | €30,169 | €24,142 | ▼ 20.0% |
| Investment in fixed assets (approximation) | - | -€58,076 | -€354 | €0 | €1,000 | -€45,133 | €3,744 | - |
| Change in cash | - | €9,470 | -€9,944 | €32,577 | -€9,854 | €12,361 | €2,139 | ▼ 82.7% |
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 BILS 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 BILS itself: < 0.1% 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 BILS. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00017583 | |
| 30-06-2024 | full format | 30-01-2025 | 2025-00016260 | |
| 30-06-2023 | full format | 28-02-2024 | 2024-00035832 | |
| 30-06-2022 | full format | 06-02-2023 | 2023-00023563 | |
| 30-06-2021 | full format | 24-02-2022 | 2022-06400132 | |
| 30-06-2020 | full format | 25-02-2021 | 2021-06300451 | |
| 30-06-2019 | full format | 30-01-2020 | 2020-02900531 | |
| 30-06-2018 | full format | 31-01-2019 | 2019-04400149 | |
| 30-06-2017 | full format | 16-02-2018 | 2018-05300165 | |
| 30-06-2016 | full format | 09-02-2017 | 2017-04200419 |