Bioconstat
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 10 days after the deadline Filed on 10 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00036250.
Annual accounts 2025 filed on 10-02-2026 PDF all 15 filings
Equity
-€125,415▼ 44.4%
2024 · -€86,871
Total assets
€208,744▼ 13.4%
2024 · €241,054
Net result
-€38,545
2024 · €11,267
Working capital
-€309,761▼ 8.5%
2024 · -€285,576
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€36,671
2025
20192025
Net result
-€38,545
2025
lowest quarter of the sector
20192025
Equity
-€125,415
▼ 44.4%
2025
lowest quarter of the sector
20192025
Total assets
€208,744
▼ 13.4%
2025
middle half of the sector
20192025
Debt
€334,160
▲ 1.9%
2025
20192025
Working capital
-€309,761
▼ 8.5%
2025
lowest quarter of the sector
20192025
Solvency
-60.1%
▼ 24.0pp
2025
lowest quarter of the sector
20192025
Current ratio
0.07
▼ 0.06
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-18.5%
▼ 23.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€64,977--€27,401▲ 57.8%-€15,140▲ 44.7%-€27,429▼ 81.2%-€10,090▲ 63.2%€22,992-€36,671
Net result-€70,664--€29,762below the sector's middle half▲ 57.9%-€16,722below the sector's middle half▲ 43.8%-€27,742below the sector's middle half▼ 65.9%-€33,392below the sector's middle half▼ 20.4%€11,267within the sector's middle half-€38,545below the sector's middle half
Equity€9,481--€20,281below the sector's middle half-€37,003below the sector's middle half▼ 82.5%-€64,745below the sector's middle half▼ 75.0%-€98,137below the sector's middle half▼ 51.6%-€86,871below the sector's middle half▲ 11.5%-€125,415below the sector's middle half▼ 44.4%
Total assets€285,796-€291,994within the sector's middle half▲ 2.2%€285,920within the sector's middle half▼ 2.1%€254,414within the sector's middle half▼ 11.0%€227,395within the sector's middle half▼ 10.6%€241,054within the sector's middle half▲ 6.0%€208,744within the sector's middle half▼ 13.4%
Debt€276,315-€312,274▲ 13.0%€322,923▲ 3.4%€319,159▼ 1.2%€325,533▲ 2.0%€327,924▲ 0.7%€334,160▲ 1.9%
Working capital-€210,458--€259,584below the sector's middle half▼ 23.3%-€275,677below the sector's middle half▼ 6.2%-€281,797below the sector's middle half▼ 2.2%-€291,629below the sector's middle half▼ 3.5%-€285,576below the sector's middle half▲ 2.1%-€309,761below the sector's middle half▼ 8.5%
Solvency3.3%--6.9%below the sector's middle half▼ 10.3pp-12.9%below the sector's middle half▼ 6.0pp-25.4%below the sector's middle half▼ 12.5pp-43.2%below the sector's middle half▼ 17.7pp-36.0%below the sector's middle half▲ 7.1pp-60.1%below the sector's middle half▼ 24.0pp
Current ratio0.04-0.04below the sector's middle half=0.07below the sector's middle half▲ 0.030.08below the sector's middle half▲ 0.010.04below the sector's middle half▼ 0.040.13below the sector's middle half▲ 0.080.07below the sector's middle half▼ 0.06
Return on assets (ROA)-24.7%--10.2%below the sector's middle half▲ 14.5pp-5.8%below the sector's middle half▲ 4.3pp-10.9%below the sector's middle half▼ 5.1pp-14.7%below the sector's middle half▼ 3.8pp4.7%within the sector's middle half▲ 19.4pp-18.5%below the sector's middle half▼ 23.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €36,671, after a profit of €22,992 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €208,744
Fixed assets
€185,929 ▼ 7.1%
Current assets
€22,816 ▼ 44.3%
Equity and liabilities
Equity-€125,415
Debt€334,160
Equity is negative. Debt (€334,160) exceeds the balance-sheet total (€208,744).
Key figures and ratios
EBITDA
-€22,523▼
2024 · €37,406
Cash flow
-€24,397▼
2024 · €25,681
Interest coverage
-15.41▼
2024 · 3.29
Debt ≤ 1 year
€332,576▲
2024 · €326,553
Income taxes
€422▲
2024 · €364
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,700 | €650 | - | - |
| Depreciation and write-downs of the year | €14,324 | €14,489 | €14,414 | €14,148 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €7,682 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,640 | €16,709 | €16,790 | €14,324 | €14,489 | €14,414 | €14,148 | ▼ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€6,530 | €0 | -€6,957 | - |
| Other operating charges640/8 | - | - | - | €10,338 | €9,505 | €8,599 | €11,375 | ▲ 32.3% |
| Gross operating margin9900 | -€34,366 | -€7,012 | €4,935 | -€2,767 | €7,374 | €46,005 | -€18,105 | - |
| Operating profit (loss)9901 | -€64,977 | -€27,401 | -€15,140 | -€27,429 | -€10,090 | €22,992 | -€36,671 | - |
| Financial income75/76B | - | - | - | - | €17 | €0 | €10 | - |
| Recurring financial income75 | - | €0 | €3 | - | €17 | €0 | €10 | - |
| Financial charges65/66B | - | - | - | €104 | €21,462 | €11,361 | €1,462 | ▼ 87.1% |
| Recurring financial charges65 | €5,488 | €2,182 | €1,406 | €104 | €21,462 | €11,361 | €1,462 | ▼ 87.1% |
| Profit (loss) for the period before taxes9903 | -€70,465 | -€29,582 | -€16,543 | -€27,533 | -€31,535 | €11,631 | -€38,123 | - |
| Income taxes67/77 | €199 | €180 | €179 | €209 | €1,857 | €364 | €422 | ▲ 15.8% |
| Profit (loss) for the period9904 | -€70,664 | -€29,762 | -€16,722 | -€27,742 | -€33,392 | €11,267 | -€38,545 | - |
| Profit (loss) for the period to be appropriated9905 | -€70,664 | -€29,762 | -€16,722 | -€27,742 | -€33,392 | €11,267 | -€38,545 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €285,796 | €291,994 | €285,920 | €254,414 | €227,395 | €241,054 | €208,744 | ▼ 13.4% |
| Fixed assets21/28 | €275,933 | €280,599 | €264,848 | €228,330 | €214,491 | €200,077 | €185,929 | ▼ 7.1% |
| Tangible fixed assets22/27 | €275,933 | €280,599 | €264,848 | €228,330 | €214,491 | €200,077 | €185,929 | ▼ 7.1% |
| Land and buildings22 | - | - | - | €224,868 | €211,376 | €197,227 | €183,079 | ▼ 7.2% |
| Furniture and vehicles24 | - | - | - | €612 | €266 | €0 | - | - |
| Other tangible fixed assets26 | - | - | - | €2,850 | €2,850 | €2,850 | €2,850 | = |
| Current assets29/58 | €9,863 | €11,395 | €21,072 | €26,083 | €12,904 | €40,977 | €22,816 | ▼ 44.3% |
| Amounts receivable within one year40/41 | €9,652 | €9,339 | €14,142 | €10,507 | €5,828 | €40,000 | €18,710 | ▼ 53.2% |
| Trade receivables40 | - | - | - | €9,554 | €4,556 | €40,000 | €18,710 | ▼ 53.2% |
| Other amounts receivable41 | - | - | - | €953 | €1,272 | €0 | - | - |
| Cash at bank and in hand54/58 | €211 | €2,056 | €6,810 | €15,455 | €6,900 | €3 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €122 | €176 | €974 | €4,105 | ▲ 321% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €285,796 | €291,994 | €285,920 | €254,414 | €227,395 | €241,054 | €208,744 | ▼ 13.4% |
| Equity10/15 | €9,481 | -€20,281 | -€37,003 | -€64,745 | -€98,137 | -€86,871 | -€125,415 | ▼ 44.4% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €52,966 | €52,966 | €52,966 | €52,966 | €52,966 | €52,966 | €52,966 | = |
| 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 | - | - | - | €51,106 | €51,106 | €51,106 | €51,106 | = |
| Profit (loss) carried forward14 | -€62,084 | -€91,846 | -€108,568 | -€136,311 | -€169,703 | -€158,436 | -€196,981 | ▼ 24.3% |
| Amounts payable17/49 | €276,315 | €312,274 | €322,923 | €319,159 | €325,533 | €327,924 | €334,160 | ▲ 1.9% |
| Amounts payable after more than one year17 | €55,993 | €41,295 | €26,174 | €10,618 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €10,618 | €0 | - | - | - |
| Amounts payable within one year42/48 | €220,322 | €270,979 | €296,749 | €307,880 | €304,533 | €326,553 | €332,576 | ▲ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €77,725 | €88,343 | €0 | - | - |
| Financial debts43 | - | - | - | - | - | €5,266 | €12,531 | ▲ 138% |
| Credit institutions430/8 | - | - | - | - | - | €5,266 | €12,531 | ▲ 138% |
| Trade debts44 | €11,997 | €15,670 | €11,344 | €16,684 | €1,503 | €7,222 | €14,636 | ▲ 103% |
| Suppliers440/4 | - | - | - | €16,684 | €1,503 | €7,222 | €14,636 | ▲ 103% |
| Taxes, remuneration and social security45 | - | - | - | €369 | €2,036 | €832 | €1,204 | ▲ 44.7% |
| Taxes450/3 | - | - | - | €369 | €2,036 | €832 | €1,204 | ▲ 44.7% |
| Other amounts payable47/48 | - | - | - | €213,101 | €212,650 | €313,232 | €304,206 | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €660 | €21,000 | €1,372 | €1,584 | ▲ 15.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€70,664 | -€29,762 | -€16,722 | -€27,742 | -€33,392 | €11,267 | -€38,545 | - |
| + Depreciation and write-downs630 | €15,640 | €16,709 | €16,790 | €14,324 | €14,489 | €14,414 | €14,148 | ▼ 1.8% |
| Operating cash flow (approximation) | -€55,024 | -€13,053 | €67 | -€13,418 | -€18,903 | €25,681 | -€24,397 | - |
| Investment in fixed assets (approximation) | - | -€21,375 | -€1,039 | €22,194 | -€650 | €0 | €0 | - |
| Change in cash | - | €1,845 | €4,754 | €8,645 | -€8,554 | -€6,898 | -€3 | ▲ 100.0% |
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, 6,907 companies had the same profile as Bioconstat has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Bioconstat itself: 1.6% 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 6,907 companies, not a prediction for Bioconstat. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-02-2026 | 2026-00036250 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00026073 | |
| 30-06-2023 | micro format | 05-06-2024 | 2024-00114444 | |
| 30-06-2022 | micro format | 06-02-2023 | 2023-00025134 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03500537 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03400365 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03900527 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03500353 | |
| 30-06-2017 | micro format | 29-01-2018 | 2018-03000203 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03300397 |