BLECCI
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 05-05-2026 PDF all 6 filings
Turnover
≈ €980,000
Estimated: probably between €590,000 and €1.7m
EBIT margin
Not included in this filing
Net result
€309,444
2024 · -€92,587
Working capital
€5.7m▲ 14.2%
2024 · €5.0m
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€405,031
2025
20202025
Net result
€309,444
2025
20202025
Equity
€5.6m
▲ 5.9%
2025
20202025
Total assets
€6.0m
▲ 7.2%
2025
20202025
Debt
€94,131
▲ 459×
2025
20202025
Working capital
€5.7m
▲ 14.2%
2025
20202025
Staff (FTE)
0
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.007m-€0.3m-€0.05m€0.2m-€0.07m€0.4m
Net result€0.003m-€0.2m▲ 72×-€0.09m€0.1m-€0.09m€0.3m
Equity€5.1m-€5.3m▲ 4.9%€5.2m▼ 1.7%€5.3m▲ 2.3%€5.2m▼ 1.7%€5.6m▲ 5.9%
Total assets€5.1m-€5.4m▲ 7.2%€5.3m▼ 2.0%€5.6m▲ 5.2%€5.6m▼ 0.1%€6.0m▲ 7.2%
Debt€0.02m-€0.1m▲ 599%€0.02m▼ 87.2%€0.07m▲ 278%€205▼ 99.7%€0.09m▲ 459×
Working capital€2.4m-€4.0m▲ 67.1%€4.2m▲ 7.1%€4.7m▲ 10.3%€5.0m▲ 6.3%€5.7m▲ 14.2%
Staff (FTE)000
The operating result for 2025 is a profit of €405,031, after a loss of €68,480 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.0m
Fixed assets
€243,420 ▼ 61.8%
Current assets
€5.8m ▲ 16.0%
Equity and liabilities €6.0m
Equity
€5.6m ▲ 5.9%
Provisions
€362,261 =
Debt
€94,131 ▲ 459×
Debt's share of the balance-sheet total rises from 0.0% to 1.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€411,536▲
2024 · -€37,713
Cash flow
€315,950▲
2024 · -€61,820
Current ratio
61.24
Debt to equity
0.02▲
2024 · 0.00
ROE
5.6%▲
2024 · -1.8%
ROA
5.2%▲
2024 · -1.7%
Interest coverage
1.11▲
2024 · -0.20
Debt ≤ 1 year
€94,131▲
2024 · €205
Income taxes
€159,076▲
2024 · €13,565
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 | €10,227 | - | €0 | €2,608 | €3,571 |
| Financial fixed assets | - | - | €130,000 | €10,000 | €0 |
| Depreciation and write-downs of the year | €90,137 | €79,975 | €52,344 | €30,767 | €6,505 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,652 | €90,137 | €79,975 | €52,344 | €30,767 | €6,505 | ▼ 78.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €100,000 | €109,641 | €152,620 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €15,850 | €9,371 | €9,616 | €6,556 | €4,246 | ▼ 35.2% |
| Gross operating margin9900 | €19,734 | €443,090 | €140,628 | €343,366 | €121,464 | €415,782 | ▲ 242% |
| Operating profit (loss)9901 | -€7,337 | €337,103 | -€48,717 | €171,765 | -€68,480 | €405,031 | - |
| Financial income75/76B | - | €65,020 | €160,569 | €201,321 | €182,038 | €432,843 | ▲ 138% |
| Recurring financial income75 | €12,126 | €65,020 | €160,569 | €201,321 | €182,038 | €432,843 | ▲ 138% |
| Financial charges65/66B | - | €31,158 | €203,551 | €190,977 | €192,580 | €369,354 | ▲ 91.8% |
| Recurring financial charges65 | €256 | €31,158 | €203,551 | €190,977 | €192,580 | €369,354 | ▲ 91.8% |
| Profit (loss) for the period before taxes9903 | €4,533 | €370,965 | -€91,699 | €182,108 | -€79,022 | €468,520 | - |
| Income taxes67/77 | €1,110 | €123,044 | -€236 | €62,557 | €13,565 | €159,076 | ▲ 12× |
| Profit (loss) for the period9904 | €3,423 | €247,921 | -€91,463 | €119,551 | -€92,587 | €309,444 | - |
| Profit (loss) for the period to be appropriated9905 | €3,423 | €247,921 | -€91,463 | €119,551 | -€92,587 | €309,444 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €5.1m | €5.4m | €5.3m | €5.6m | €5.6m | €6.0m | ▲ 7.2% |
| Fixed assets21/28 | €2.7m | €1.4m | €1.1m | €0.9m | €0.6m | €0.2m | ▼ 61.8% |
| Tangible fixed assets22/27 | €2.7m | €1.4m | €1.1m | €0.7m | €0.5m | €0.1m | ▼ 79.2% |
| Land and buildings22 | - | €1.4m | €1.1m | €0.7m | €0.5m | €0.1m | ▼ 80.0% |
| Furniture and vehicles24 | - | €0.007m | €0.004m | €0.002m | €0.003m | €0.005m | ▲ 75.1% |
| Financial fixed assets28 | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €2.4m | €4.1m | €4.3m | €4.7m | €5.0m | €5.8m | ▲ 16.0% |
| Amounts receivable within one year40/41 | €0.003m | €0.3m | €0.9m | €1.1m | €1.7m | €2.5m | ▲ 40.7% |
| Trade receivables40 | - | €0.001m | €0 | - | - | €0.07m | - |
| Other amounts receivable41 | - | €0.3m | €0.9m | €1.1m | €1.7m | €2.4m | ▲ 36.9% |
| Current investments50/53 | €2.0m | €2.9m | €3.2m | €3.5m | €3.2m | €2.9m | ▼ 7.4% |
| Cash at bank and in hand54/58 | €0.4m | €0.9m | €0.2m | €0.2m | €0.05m | €0.4m | ▲ 671% |
| Deferred charges and accrued income490/1 | - | €0.001m | €350 | €0.001m | €0.001m | €0 | ▼ 100% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €5.1m | €5.4m | €5.3m | €5.6m | €5.6m | €6.0m | ▲ 7.2% |
| Equity10/15 | €5.1m | €5.3m | €5.2m | €5.3m | €5.2m | €5.6m | ▲ 5.9% |
| Contributions10/11 | - | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | = |
| Reserves13 | €1.9m | €2.2m | €2.1m | €2.2m | €2.1m | €2.4m | ▲ 14.6% |
| Distributable reserves133 | - | €2.2m | €2.1m | €2.2m | €2.1m | €2.4m | ▲ 14.6% |
| Provisions and deferred taxes16 | - | - | €0.1m | €0.2m | €0.4m | €0.4m | = |
| Provisions for liabilities and charges160/5 | - | - | €0.1m | €0.2m | €0.4m | €0.4m | = |
| Environmental obligations163 | - | - | €0.1m | €0.2m | €0.4m | €0.4m | = |
| Amounts payable17/49 | €0.02m | €0.1m | €0.02m | €0.07m | €205 | €0.09m | ▲ 459× |
| Amounts payable after more than one year17 | €0.009m | €0.007m | €0.003m | €0.002m | €0 | - | - |
| Other amounts payable178/9 | - | €0.007m | €0.003m | €0.002m | €0 | - | - |
| Amounts payable within one year42/48 | €0.009m | €0.1m | €0.01m | €0.06m | €205 | €0.09m | ▲ 459× |
| Trade debts44 | €0.006m | €0.003m | €0.006m | €0.002m | €205 | €301 | ▲ 46.5% |
| Suppliers440/4 | - | €0.003m | €0.006m | €0.002m | €205 | €301 | ▲ 46.5% |
| Taxes, remuneration and social security45 | - | €0.1m | €0 | €0.06m | €0 | €0.09m | - |
| Taxes450/3 | - | €0.1m | €0 | €0.06m | €0 | €0.09m | - |
| Other amounts payable47/48 | - | €0.01m | €0.008m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €0 | - | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.003m | €0.2m | -€0.09m | €0.1m | -€0.09m | €0.3m | - |
| + Depreciation and write-downs630 | €0.02m | €0.09m | €0.08m | €0.05m | €0.03m | €0.007m | ▼ 78.9% |
| Operating cash flow (approximation) | €0.03m | €0.3m | -€0.01m | €0.2m | -€0.06m | €0.3m | - |
| Investment in fixed assets (approximation) | - | €1.3m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 87.8% |
| Change in cash | - | €0.5m | -€0.7m | -€0.04m | -€0.1m | €0.3m | - |
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, 153 companies had the same profile as BLECCI has now. Two years later, 96.1% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.1%
was still going
3.9%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of BLECCI 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 153 companies, not a prediction for BLECCI. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 05-05-2026 | 2026-00101734 | |
| 31-12-2024 | full format | 23-06-2025 | 2025-00162541 | |
| 31-12-2023 | full format | 10-06-2024 | 2024-00117400 | |
| 31-12-2022 | full format | 22-05-2023 | 2023-00091566 | |
| 31-12-2021 | full format | 30-05-2022 | 2022-20039960 | |
| 31-12-2020 | full format | 22-06-2021 | 2021-22600402 |