BKCS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-08-2026 at the NBB all 15 filings
Turnover
€23.3m▲ 72.7%
2024 · €13.5m
EBIT margin
1.2%▼ 3.2pp
2024 · 4.3%
Net result
€76,418▼ 86.7%
2024 · €576,223
Working capital
-€537,901▼ 24.1%
2024 · -€433,573
In the rankings
#1 company by staff growth in Hasselt, Administrative and support services sector#2 employer in Hasselt, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€23.3m
▲ 72.7%
2025
20182025
Operating result
€268,599
▼ 54.2%
2025
20182025
Net result
€76,418
▼ 86.7%
2025
middle half of the sector
20182025
EBIT margin
1.2%
▼ 3.2pp
2025
20182025
Equity
€313,724
▲ 36.1%
2025
middle half of the sector
20182025
Total assets
€5.5m
▲ 54.4%
2025
middle half of the sector
20182025
Debt
€5.2m
▲ 55.7%
2025
20182025
Working capital
-€537,901
▼ 24.1%
2025
lowest quarter of the sector
20182025
Solvency
5.7%
▼ 0.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.90
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.4%
▼ 14.7pp
2025
middle half of the sector
20182025
Staff (FTE)
638.3
▲ 66.8%
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
Turnover€8.9m-€10.2m▲ 14.7%€9.0m▼ 12.0%€10.6m▲ 17.2%€10.1m▼ 4.4%€9.3m▼ 7.8%€13.5m▲ 45.1%€23.3m▲ 72.7%
Operating result€0.3m-€0.2m▼ 16.1%€0.7m▲ 207%€0.5m▼ 31.0%€0.2m▼ 65.3%€0.4m▲ 154%€0.6m▲ 33.7%€0.3m▼ 54.2%
Net result€0.2m-€0.2m▼ 14.2%€0.7mabove the sector's middle half▲ 235%€0.3mabove the sector's middle half▼ 50.1%€0.1mwithin the sector's middle half▼ 64.6%€0.3mabove the sector's middle half▲ 158%€0.6mabove the sector's middle half▲ 88.4%€0.08mwithin the sector's middle half▼ 86.7%
EBIT margin3.1%-2.3%▼ 0.8pp8.0%▲ 5.7pp4.7%▼ 3.3pp1.7%▼ 3.0pp4.7%▲ 3.0pp4.3%▼ 0.4pp1.2%▼ 3.2pp
Equity€0.3m-€0.2m▼ 13.0%€0.1mwithin the sector's middle half▼ 33.8%€0.08mwithin the sector's middle half▼ 45.1%€0.1mwithin the sector's middle half▲ 23.1%€0.2mwithin the sector's middle half▲ 56.7%€0.2mwithin the sector's middle half▲ 49.4%€0.3mwithin the sector's middle half▲ 36.1%
Total assets€1.3m-€1.9m▲ 50.9%€2.4mwithin the sector's middle half▲ 24.3%€1.8mwithin the sector's middle half▼ 24.8%€2.0mwithin the sector's middle half▲ 9.8%€1.9mwithin the sector's middle half▼ 1.9%€3.6mwithin the sector's middle half▲ 86.2%€5.5mwithin the sector's middle half▲ 54.4%
Debt€1.0m-€1.7m▲ 66.8%€2.2m▲ 27.5%€1.7m▼ 20.8%€1.9m▲ 9.1%€1.8m▼ 5.0%€3.4m▲ 89.4%€5.2m▲ 55.7%
Working capital€0.2m-€0.1m▼ 47.5%€0.2mwithin the sector's middle half▲ 86.0%€0.02mwithin the sector's middle half▼ 89.3%€0.05mwithin the sector's middle half▲ 130%€0.1mwithin the sector's middle half▲ 121%-€0.4mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 24.1%
Solvency20.0%-11.5%▼ 8.5pp6.1%below the sector's middle half▼ 5.4pp4.5%below the sector's middle half▼ 1.7pp5.0%below the sector's middle half▲ 0.5pp8.0%below the sector's middle half▲ 3.0pp6.4%below the sector's middle half▼ 1.6pp5.7%below the sector's middle half▼ 0.8pp
Current ratio1.22-1.07▼ 0.151.10within the sector's middle half▲ 0.031.01within the sector's middle half▼ 0.081.03within the sector's middle half▲ 0.011.06within the sector's middle half▲ 0.040.87below the sector's middle half▼ 0.190.90below the sector's middle half▲ 0.03
Return on assets (ROA)18.4%-10.4%▼ 7.9pp28.2%above the sector's middle half▲ 17.7pp18.7%above the sector's middle half▼ 9.5pp6.0%within the sector's middle half▼ 12.7pp15.9%above the sector's middle half▲ 9.8pp16.1%above the sector's middle half▲ 0.2pp1.4%within the sector's middle half▼ 14.7pp
Staff (FTE)313.5-357.3▲ 14.0%374.3above the sector's middle half▲ 4.8%360.6above the sector's middle half▼ 3.7%328.9above the sector's middle half▼ 8.8%282.3above the sector's middle half▼ 14.2%382.6above the sector's middle half▲ 35.5%638.3above the sector's middle half▲ 66.8%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 54% lower than in 2024.
Large changes and their cause
- 2025 Turnover +73%, Net result -87%, Total assets +54%, Staff (FTE) +67% on 2024. Part of BLINK DIGITAL NV received in a demerger, effective 11-06-2025.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.5m
Fixed assets
€851,626 ▲ 28.2%
Current assets
€4.7m ▲ 60.4%
Equity and liabilities €5.5m
Equity
€313,724 ▲ 36.1%
Debt
€5.2m ▲ 55.7%
Debt's share of the balance-sheet total rises from 93.6% to 94.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€562,792▼
2024 · €765,256
Cash flow
€370,611▼
2024 · €755,457
Debt to equity
16.65▲
2024 · 14.55
ROE
24.4%▼
2024 · 249.9%
Interest coverage
21.34▼
2024 · 41.67
Debt ≤ 1 year
€5.2m▲
2024 · €3.4m
Income taxes
€164,503▲
2024 · -€8,537
Customer credit
20 days▲
2024 · 18 days
Staff costs
€22.5m▲
2024 · €12.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 537 | 489 | 415 | 570 | 956 |
| full-time | 18 | 12 | 8 | 32 | 62 |
| part-time | 519 | 477 | 407 | 538 | 894 |
| in full-time equivalents | 332.3 | 297.6 | 258.4 | 368.4 | 608.2 |
| Average over the year, in full-time equivalents | 360.6 | 328.9 | 282.3 | 382.6 | 638.3 |
| On a permanent contract | 529 | 476 | 415 | 566 | 946 |
| Joined | 123 | 99 | 97 | 393 | 630 |
| Left | 157 | 147 | 177 | 238 | 244 |
| Agency workers, average number | 0.1 | - | - | - | 0.1 |
| Training hours | 3,970 | 3,128 | 988 | 1,108 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | €0 | - | - | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €179,612 | €199,717 | €270,937 |
| Pledge on the business | - | - | €1.7m | - | €1.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,704 | €1,627 | €20,465 | - | €79,044 |
| Intangible fixed assets | €19,929 | €18,421 | €9,580 | €800,000 | €728,545 |
| Depreciation and write-downs of the year | €34,696 | €32,714 | €31,799 | €179,234 | €294,192 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Moore Audit.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €7,100 | €7,800 | €8,000 | €8,325 | €9,129 |
| Other work by the auditor | - | - | €500 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 15 entries · €31.6m awarded · €31.6m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €10.6m | €10.6m |
| 2024 | 4 | €8.7m | €8.7m |
| 2023 | 4 | €5.9m | €5.9m |
| 2022 | 3 | €6.4m | €6.4m |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €10.9m | €10.3m | €10.0m | €14.3m | €24.7m | ▲ 72.5% |
| Turnover70 | €8.9m | €10.2m | €9.0m | €10.6m | €10.1m | €9.3m | €13.5m | €23.3m | ▲ 72.7% |
| Other operating income74 | - | - | - | €0.3m | €0.2m | €0.7m | €0.8m | €1.4m | ▲ 68.8% |
| Non-recurring operating income76A | - | - | - | €0.02m | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €10.4m | €10.1m | €9.5m | €13.7m | €24.4m | ▲ 77.9% |
| Services and other goods61 | - | - | - | €0.6m | €0.5m | €0.4m | €0.7m | €1.5m | ▲ 97.3% |
| Remuneration, social security and pensions62 | - | - | - | €9.7m | €9.5m | €9.0m | €12.8m | €22.5m | ▲ 75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.05m | €0.03m | €0.03m | €0.03m | €0.03m | €0.2m | €0.3m | ▲ 64.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €341 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.04m | €0.03m | €0.004m | €0.1m | ▲ 38× |
| Non-recurring operating charges66A | - | - | - | €0.01m | €0.03m | - | - | €0.009m | - |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.7m | €0.5m | €0.2m | €0.4m | €0.6m | €0.3m | ▼ 54.2% |
| Financial income75/76B | - | - | - | €169 | €59 | €0.001m | €27 | - | - |
| Recurring financial income75 | €309 | €0.001m | - | €169 | €59 | €0.001m | €27 | - | - |
| Income from current assets751 | - | - | - | €169 | - | - | - | - | - |
| Other financial income752/9 | - | - | - | - | €59 | €0.001m | €27 | - | - |
| Financial charges65/66B | - | - | - | €0.007m | €0.007m | €0.02m | €0.02m | €0.03m | ▲ 50.7% |
| Recurring financial charges65 | €0.007m | €0.008m | €0.008m | €0.007m | €0.007m | €0.02m | €0.02m | €0.03m | ▲ 50.7% |
| Debt charges650 | €0.007m | €0.008m | €0.005m | €0.006m | €0.007m | €0.02m | €0.02m | €0.03m | ▲ 43.6% |
| Other financial charges652/9 | - | - | - | €0.001m | €248 | €12 | - | €0.001m | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.2m | €0.7m | €0.5m | €0.2m | €0.4m | €0.6m | €0.2m | ▼ 57.6% |
| Income taxes67/77 | €0.04m | €0.03m | €0.04m | €0.2m | €0.05m | €0.1m | -€0.009m | €0.2m | - |
| Taxes670/3 | - | - | - | €0.2m | €0.06m | €0.1m | €0.05m | €0.2m | ▲ 266% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.009m | - | €0.05m | - | - |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.7m | €0.3m | €0.1m | €0.3m | €0.6m | €0.08m | ▼ 86.7% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.7m | €0.3m | €0.1m | €0.3m | €0.6m | €0.08m | ▼ 86.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.9m | €2.4m | €1.8m | €2.0m | €1.9m | €3.6m | €5.5m | ▲ 54.4% |
| Fixed assets21/28 | €0.1m | €0.2m | €0.07m | €0.06m | €0.05m | €0.05m | €0.7m | €0.9m | ▲ 28.2% |
| Intangible fixed assets21 | €0.03m | €0.04m | €0.05m | €0.04m | €0.03m | €0.02m | €0.6m | €0.8m | ▲ 27.0% |
| Tangible fixed assets22/27 | €0.09m | €0.06m | €0.02m | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | ▼ 19.3% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.002m | - | - | €392 | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.009m | €0.02m | €0.01m | €0.006m | ▼ 54.0% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0.004m | - |
| Financial fixed assets28 | €150 | €0.06m | €0.003m | €0.003m | €0.006m | €0.006m | €0.003m | €0.02m | ▲ 495% |
| Other financial fixed assets284/8 | - | - | - | €0.003m | €0.006m | €0.006m | €0.003m | €0.02m | ▲ 495% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.003m | €0.006m | €0.006m | €0.003m | €0.02m | ▲ 495% |
| Current assets29/58 | €1.1m | €1.8m | €2.3m | €1.7m | €1.9m | €1.9m | €2.9m | €4.7m | ▲ 60.4% |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €1.4m | €1.5m | €1.6m | €1.9m | €2.9m | €4.6m | ▲ 61.6% |
| Trade receivables40 | - | - | - | €0.8m | €0.8m | €0.8m | €0.7m | €1.3m | ▲ 95.2% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.8m | €1.0m | €2.2m | €3.4m | ▲ 51.7% |
| Cash at bank and in hand54/58 | €0.6m | €1.3m | €0.9m | €0.2m | €0.3m | €0.008m | €0.01m | €0.01m | ▲ 0.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.04m | €0.003m | €0.04m | €0.04m | ▼ 6.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.9m | €2.4m | €1.8m | €2.0m | €1.9m | €3.6m | €5.5m | ▲ 54.4% |
| Equity10/15 | €0.3m | €0.2m | €0.1m | €0.08m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 36.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 27.7% |
| Reserves13 | €0.2m | €0.2m | €0.1m | €0.06m | €0.08m | €0.1m | €0.2m | €0.3m | ▲ 36.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.06m | €0.08m | €0.1m | €0.2m | €0.3m | ▲ 36.8% |
| Provisions and deferred taxes16 | - | - | €0.08m | - | - | - | - | - | - |
| Amounts payable17/49 | €1.0m | €1.7m | €2.2m | €1.7m | €1.9m | €1.8m | €3.4m | €5.2m | ▲ 55.7% |
| Amounts payable after more than one year17 | €0.03m | €0.02m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.9m | €1.6m | €2.1m | €1.7m | €1.9m | €1.8m | €3.4m | €5.2m | ▲ 55.7% |
| Financial debts43 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 35.7% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 35.7% |
| Trade debts44 | €0.08m | €0.09m | €0.2m | €0.09m | €0.2m | €0.2m | €0.2m | €1.0m | ▲ 336% |
| Suppliers440/4 | - | - | - | €0.09m | €0.2m | €0.2m | €0.2m | €1.0m | ▲ 336% |
| Taxes, remuneration and social security45 | - | - | - | €1.0m | €1.3m | €1.2m | €1.6m | €3.5m | ▲ 113% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.1m | €0.07m | €0.3m | ▲ 282% |
| Remuneration and social security454/9 | - | - | - | €0.8m | €1.1m | €1.0m | €1.6m | €3.2m | ▲ 105% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.1m | €0.3m | €1.3m | €0.5m | ▼ 61.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.003m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €232,928 | €199,875 | €670,467 | €334,242 | €118,452 | €305,873 | €576,223 | €76,418 | ▼ 86.7% |
| + Depreciation and write-downs630 | €45,202 | €49,975 | €34,569 | €34,696 | €32,714 | €31,799 | €179,234 | €294,192 | ▲ 64.1% |
| Operating cash flow (approximation) | €278,130 | €249,850 | €705,036 | €368,939 | €151,166 | €337,671 | €755,457 | €370,611 | ▼ 50.9% |
| Investment in fixed assets (approximation) | - | -€89,293 | €54,524 | -€23,634 | -€22,973 | -€30,045 | -€796,550 | -€481,654 | ▲ 39.5% |
| Change in cash | - | €660,510 | -€353,591 | -€719,805 | €119,106 | -€316,226 | €3,477 | €24 | ▼ 99.3% |
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, 179 companies had the same profile as BKCS has now. Two years later, 97.2% were still going and 1.1% had gone bankrupt.
- Large
- solvency under 10%
- a profit under 5% of the balance sheet
- without age
97.2%
was still going
1.7%
stopped otherwise
1.1%
went bankrupt
The bankruptcy probability of BKCS itself is higher: 1.8% within 12 months. It rests on far more data about BKCS than the profile alone.
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 179 companies, not a prediction for BKCS. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-08-2026 | 2026-00427845 | |
| 31-12-2024 | full format | 09-07-2025 | 2025-00261156 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00241401 | |
| 31-12-2022 | full format | 10-07-2023 | 2023-00245870 | |
| 31-12-2021 | full format | 21-11-2022 | 2022-20524428 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-59500277 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-20000195 | |
| 31-12-2018 | full format | 25-06-2019 | 2019-23300122 | |
| 31-12-2017 | full format | 25-05-2018 | 2018-14600018 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-51600422 |