BLMC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00399734.
Annual accounts 2025 filed on 11-08-2026 at the NBB all 11 filings
Turnover
€146,394
EBIT margin
-11.6%
Net result
€8,664
2024 · -€243
Working capital
€17,034
2024 · -€1,680
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€11,264
2025
20182025
Net result
€8,664
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€27,574
▲ 45.8%
2025
middle half of the sector
20182025
Total assets
€49,845
▲ 13.7%
2025
lowest quarter of the sector
20182025
Debt
€22,272
▼ 10.6%
2025
20182025
Working capital
€17,034
2025
middle half of the sector
20182025
Solvency
55.3%
▲ 12.2pp
2025
middle half of the sector
20182025
Current ratio
1.76
▲ 0.83
2025
middle half of the sector
20182025
Return on assets (ROA)
17.4%
▲ 17.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€146,394
Operating result€11,284--€16,975€22,159-€2,667-€8,056▼ 202%€3,890-€13,532€11,264
Net result€9,345--€17,463€18,175within the sector's middle half-€3,741below the sector's middle half-€8,644below the sector's middle half▼ 131%€2,701within the sector's middle half-€243below the sector's middle half€8,664within the sector's middle half
EBIT margin-11.6%
Equity€28,124-€10,661▼ 62.1%€28,836below the sector's middle half▲ 170%€25,095within the sector's middle half▼ 13.0%€16,451below the sector's middle half▼ 34.4%€19,152below the sector's middle half▲ 16.4%€18,909below the sector's middle half▼ 1.3%€27,574within the sector's middle half▲ 45.8%
Total assets€58,981-€39,474▼ 33.1%€47,620below the sector's middle half▲ 20.6%€34,985below the sector's middle half▼ 26.5%€30,488below the sector's middle half▼ 12.9%€55,089below the sector's middle half▲ 80.7%€43,824below the sector's middle half▼ 20.4%€49,845below the sector's middle half▲ 13.7%
Debt€30,857-€28,813▼ 6.6%€18,784▼ 34.8%€9,889▼ 47.4%€14,037▲ 41.9%€35,937▲ 156%€24,915▼ 30.7%€22,272▼ 10.6%
Working capital€22,104-€12,048▼ 45.5%€28,282within the sector's middle half▲ 135%€11,532within the sector's middle half▼ 59.2%€12,468within the sector's middle half▲ 8.1%-€12,930below the sector's middle half-€1,680below the sector's middle half▲ 87.0%€17,034within the sector's middle half
Solvency47.7%-27.0%▼ 20.7pp60.6%above the sector's middle half▲ 33.5pp71.7%above the sector's middle half▲ 11.2pp54.0%within the sector's middle half▼ 17.8pp34.8%within the sector's middle half▼ 19.2pp43.1%within the sector's middle half▲ 8.4pp55.3%within the sector's middle half▲ 12.2pp
Current ratio2.68-1.78▼ 0.902.78above the sector's middle half▲ 1.002.17within the sector's middle half▼ 0.612.69within the sector's middle half▲ 0.530.62below the sector's middle half▼ 2.080.93below the sector's middle half▲ 0.321.76within the sector's middle half▲ 0.83
Return on assets (ROA)15.8%--44.2%▼ 60.1pp38.2%above the sector's middle half▲ 82.4pp-10.7%below the sector's middle half▼ 48.9pp-28.4%below the sector's middle half▼ 17.7pp4.9%within the sector's middle half▲ 33.3pp-0.6%below the sector's middle half▼ 5.5pp17.4%within the sector's middle half▲ 17.9pp
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 a profit of €11,264, after a loss of €13,532 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49,845
Fixed assets
€10,540 ▼ 48.8%
Current assets
€39,306 ▲ 69.2%
Equity and liabilities €49,845
Equity
€27,574 ▲ 45.8%
Debt
€22,272 ▼ 10.6%
Debt's share of the balance-sheet total falls from 56.9% to 44.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,313▲
2024 · -€3,312
Cash flow
€18,714▲
2024 · €9,978
Debt to equity
0.81▼
2024 · 1.32
ROE
31.4%▲
2024 · -1.3%
Interest coverage
over 100▲
2024 · -11.45
Debt ≤ 1 year
€22,272▼
2024 · €24,915
Income taxes
€2,400▲
2024 · €246
Staff costs
€1,658=
2024 · €1,658
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 | €11,801 | €994 | €35,678 | - | - |
| Financial fixed assets | €1,950 | - | - | - | - |
| Depreciation and write-downs of the year | €3,632 | €3,899 | €11,989 | €10,220 | €10,050 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €146,394 | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1,382 | €1,658 | €1,658 | €1,658 | €1,658 | = |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,995 | €11,748 | €12,311 | €3,632 | €3,899 | €11,989 | €10,220 | €10,050 | ▼ 1.7% |
| Other operating charges640/8 | - | - | - | €644 | €1,277 | €510 | €613 | €978 | ▲ 59.7% |
| Gross operating margin9900 | €24,485 | -€4,701 | €35,301 | €2,992 | -€1,221 | €18,048 | -€1,041 | €23,950 | - |
| Operating profit (loss)9901 | €11,284 | -€16,975 | €22,159 | -€2,667 | -€8,056 | €3,890 | -€13,532 | €11,264 | - |
| Financial income75/76B | - | - | - | €0 | €5 | €0 | €13,824 | €4 | ▼ 100.0% |
| Recurring financial income75 | €1 | €0 | - | €0 | €5 | €0 | €6 | €4 | ▼ 37.5% |
| Non-recurring financial income76B | - | - | - | - | - | - | €13,818 | - | - |
| Financial charges65/66B | - | - | - | €274 | €522 | €433 | €289 | €203 | ▼ 29.7% |
| Recurring financial charges65 | €317 | €424 | €463 | €274 | €522 | €433 | €289 | €203 | ▼ 29.7% |
| Profit (loss) for the period before taxes9903 | €10,225 | -€17,399 | €21,696 | -€2,941 | -€8,573 | €3,457 | €3 | €11,064 | ▲ 3,616× |
| Income taxes67/77 | €880 | €64 | €3,521 | €800 | €71 | €756 | €246 | €2,400 | ▲ 877% |
| Profit (loss) for the period9904 | €9,345 | -€17,463 | €18,175 | -€3,741 | -€8,644 | €2,701 | -€243 | €8,664 | - |
| Profit (loss) for the period to be appropriated9905 | €9,345 | -€17,463 | €18,175 | -€3,741 | -€8,644 | €2,701 | -€243 | €8,664 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €58,981 | €39,474 | €47,620 | €34,985 | €30,488 | €55,089 | €43,824 | €49,845 | ▲ 13.7% |
| Fixed assets21/28 | €23,687 | €11,939 | €3,444 | €13,563 | €10,658 | €34,347 | €20,590 | €10,540 | ▼ 48.8% |
| Tangible fixed assets22/27 | €22,787 | €11,039 | €2,544 | €10,713 | €7,808 | €31,497 | €17,740 | €7,690 | ▼ 56.7% |
| Plant, machinery and equipment23 | - | - | - | €9,871 | €7,467 | €5,010 | €2,553 | €97 | ▼ 96.2% |
| Furniture and vehicles24 | - | - | - | €842 | €341 | €26,487 | €15,186 | €7,593 | ▼ 50.0% |
| Financial fixed assets28 | €900 | €900 | €900 | €2,850 | €2,850 | €2,850 | €2,850 | €2,850 | = |
| Current assets29/58 | €35,294 | €27,534 | €44,176 | €21,421 | €19,830 | €20,742 | €23,235 | €39,306 | ▲ 69.2% |
| Amounts receivable within one year40/41 | €16,858 | €11,730 | €13,855 | €11,030 | €10,992 | €13,617 | €13,618 | €32,008 | ▲ 135% |
| Trade receivables40 | - | - | - | €8,059 | €9,590 | €13,617 | €13,502 | €32,008 | ▲ 137% |
| Other amounts receivable41 | - | - | - | €2,971 | €1,402 | - | €116 | - | - |
| Cash at bank and in hand54/58 | €18,436 | €15,805 | €30,321 | €10,391 | €8,838 | €7,125 | €9,617 | €7,298 | ▼ 24.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €58,981 | €39,474 | €47,620 | €34,985 | €30,488 | €55,089 | €43,824 | €49,845 | ▲ 13.7% |
| Equity10/15 | €28,124 | €10,661 | €28,836 | €25,095 | €16,451 | €19,152 | €18,909 | €27,574 | ▲ 45.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €16,594 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€7,070 | -€9,799 | €8,376 | €4,635 | -€4,009 | -€1,308 | -€1,551 | €7,114 | - |
| Amounts payable17/49 | €30,857 | €28,813 | €18,784 | €9,889 | €14,037 | €35,937 | €24,915 | €22,272 | ▼ 10.6% |
| Amounts payable after more than one year17 | €17,667 | €13,327 | €2,890 | - | €6,675 | €2,265 | - | - | - |
| Financial debts170/4 | - | - | - | - | €6,675 | €2,265 | - | - | - |
| Amounts payable within one year42/48 | €13,190 | €15,486 | €15,894 | €9,889 | €7,362 | €33,672 | €24,915 | €22,272 | ▼ 10.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,890 | €4,254 | €4,410 | €2,265 | - | - |
| Trade debts44 | €1,795 | €1,673 | €2,557 | €1,807 | €2,283 | €3,206 | €1,439 | €862 | ▼ 40.1% |
| Suppliers440/4 | - | - | - | €1,807 | €2,283 | €3,206 | €1,439 | €862 | ▼ 40.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,192 | €825 | €1,027 | - | €3,808 | - |
| Taxes450/3 | - | - | - | €5,192 | €825 | €1,027 | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €3,808 | - |
| Other amounts payable47/48 | - | - | - | - | - | €25,029 | €21,211 | €17,602 | ▼ 17.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,345 | -€17,463 | €18,175 | -€3,741 | -€8,644 | €2,701 | -€243 | €8,664 | - |
| + Depreciation and write-downs630 | €11,995 | €11,748 | €12,311 | €3,632 | €3,899 | €11,989 | €10,220 | €10,050 | ▼ 1.7% |
| Operating cash flow (approximation) | €21,340 | -€5,715 | €30,487 | -€108 | -€4,745 | €14,690 | €9,978 | €18,714 | ▲ 87.6% |
| Investment in fixed assets (approximation) | - | -€0 | -€3,816 | -€13,751 | -€994 | -€35,678 | €3,537 | €0 | ▼ 100% |
| Change in cash | - | -€2,631 | €14,516 | -€19,929 | -€1,554 | -€1,713 | €2,492 | -€2,319 | - |
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, 34,693 companies had the same profile as BLMC has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BLMC itself: 0.5% 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 34,693 companies, not a prediction for BLMC. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-08-2026 | 2026-00399734 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00443404 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00397744 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00410391 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20379115 | |
| 31-12-2020 | full format | 03-08-2021 | 2021-45700414 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-46100038 | |
| 31-12-2018 | full format | 30-09-2019 | 2019-66900541 | |
| 31-12-2017 | full format | 02-08-2018 | 2018-42600137 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-53700020 |