BMA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00407019.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 9 filings
Turnover
≈ €100,000
Estimated: probably between €64,000 and €220,000
Total assets
€104,021▼ 2.6%
2024 · €106,767
Net result
€11,882▼ 32.4%
2024 · €17,578
Working capital
€69,749▲ 18.0%
2024 · €59,087
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,979
▼ 29.3%
2025
20192025
Net result
€11,882
▼ 32.4%
2025
middle half of the sector
20192025
Equity
€81,859
▲ 17.0%
2025
middle half of the sector
20192025
Total assets
€104,021
▼ 2.6%
2025
middle half of the sector
20192025
Debt
€22,162
▼ 39.8%
2025
20192025
Working capital
€69,749
▲ 18.0%
2025
middle half of the sector
20192025
Solvency
78.7%
▲ 13.2pp
2025
highest quarter of the sector
20192025
Current ratio
4.52
▲ 1.66
2025
highest quarter of the sector
20192025
Return on assets (ROA)
11.4%
▼ 5.0pp
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€9,590-€7,725▼ 19.4%€725▼ 90.6%€12,733▲ 18×€16,203▲ 27.3%€25,415▲ 56.9%€17,979▼ 29.3%
Net result€5,542-€4,796within the sector's middle half▼ 13.5%-€3,200below the sector's middle half€7,318within the sector's middle half€9,208within the sector's middle half▲ 25.8%€17,578within the sector's middle half▲ 90.9%€11,882within the sector's middle half▼ 32.4%
Equity€32,879-€37,675within the sector's middle half▲ 14.6%€34,474within the sector's middle half▼ 8.5%€41,792within the sector's middle half▲ 21.2%€52,400within the sector's middle half▲ 25.4%€69,977within the sector's middle half▲ 33.5%€81,859within the sector's middle half▲ 17.0%
Total assets€42,477-€42,863below the sector's middle half▲ 0.9%€43,770below the sector's middle half▲ 2.1%€76,081within the sector's middle half▲ 73.8%€79,534within the sector's middle half▲ 4.5%€106,767within the sector's middle half▲ 34.2%€104,021within the sector's middle half▼ 2.6%
Debt€9,598-€5,189▼ 45.9%€9,296▲ 79.2%€34,289▲ 269%€27,135▼ 20.9%€36,790▲ 35.6%€22,162▼ 39.8%
Working capital€32,703-€37,675within the sector's middle half▲ 15.2%€30,288within the sector's middle half▼ 19.6%€36,825within the sector's middle half▲ 21.6%€42,603within the sector's middle half▲ 15.7%€59,087within the sector's middle half▲ 38.7%€69,749within the sector's middle half▲ 18.0%
Solvency77.4%-87.9%above the sector's middle half▲ 10.5pp78.8%above the sector's middle half▼ 9.1pp54.9%within the sector's middle half▼ 23.8pp65.9%within the sector's middle half▲ 11.0pp65.5%within the sector's middle half▼ 0.3pp78.7%above the sector's middle half▲ 13.2pp
Current ratio4.41-8.26above the sector's middle half▲ 3.854.72above the sector's middle half▼ 3.542.68within the sector's middle half▼ 2.043.18within the sector's middle half▲ 0.502.86within the sector's middle half▼ 0.324.52above the sector's middle half▲ 1.66
Return on assets (ROA)13.0%-11.2%within the sector's middle half▼ 1.9pp-7.3%below the sector's middle half▼ 18.5pp9.6%within the sector's middle half▲ 16.9pp11.6%within the sector's middle half▲ 2.0pp16.5%within the sector's middle half▲ 4.9pp11.4%within the sector's middle half▼ 5.0pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 29% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €104,021
Fixed assets
€14,454 ▼ 9.2%
Current assets
€89,567 ▼ 1.4%
Equity and liabilities €104,021
Equity
€81,859 ▲ 17.0%
Debt
€22,162 ▼ 39.8%
Debt's share of the balance-sheet total falls from 34.5% to 21.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,452▼
2024 · €26,888
Cash flow
€13,355▼
2024 · €19,051
Debt to equity
0.27▼
2024 · 0.53
ROE
14.5%▼
2024 · 25.1%
Interest coverage
8.93▼
2024 · 12.99
Debt ≤ 1 year
€19,818▼
2024 · €31,754
Debt > 1 year
€2,344▼
2024 · €5,036
Income taxes
€4,295▼
2024 · €5,767
Staff costs
€195▲
2024 · €191
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 | €5,720 | €12,760 | €1,314 | - | - |
| Depreciation and write-downs of the year | €370 | €761 | €1,264 | €1,473 | €1,473 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €2,943 | - | €187 | €191 | €195 | ▲ 2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €176 | €176 | €370 | €761 | €1,264 | €1,473 | €1,473 | = |
| Other operating charges640/8 | - | - | €607 | €1,032 | €1,341 | €833 | €692 | ▼ 17.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €87 | - | - |
| Gross operating margin9900 | €13,048 | €13,253 | €4,645 | €14,526 | €18,995 | €27,999 | €20,339 | ▼ 27.4% |
| Operating profit (loss)9901 | €9,590 | €7,725 | €725 | €12,733 | €16,203 | €25,415 | €17,979 | ▼ 29.3% |
| Financial income75/76B | - | - | €35 | €1 | €1 | - | €375 | - |
| Recurring financial income75 | - | - | €35 | €1 | €1 | - | €375 | - |
| Financial charges65/66B | - | - | €1,324 | €2,221 | €3,340 | €2,070 | €2,178 | ▲ 5.2% |
| Recurring financial charges65 | €2,349 | €1,553 | €1,324 | €2,221 | €3,340 | €2,070 | €2,178 | ▲ 5.2% |
| Profit (loss) for the period before taxes9903 | €7,241 | €6,172 | -€565 | €10,513 | €12,864 | €23,345 | €16,176 | ▼ 30.7% |
| Income taxes67/77 | €1,699 | €1,376 | €2,636 | €3,195 | €3,656 | €5,767 | €4,295 | ▼ 25.5% |
| Profit (loss) for the period9904 | €5,542 | €4,796 | -€3,200 | €7,318 | €9,208 | €17,578 | €11,882 | ▼ 32.4% |
| Profit (loss) for the period to be appropriated9905 | €5,542 | €4,796 | -€3,200 | €7,318 | €9,208 | €17,578 | €11,882 | ▼ 32.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €42,477 | €42,863 | €43,770 | €76,081 | €79,534 | €106,767 | €104,021 | ▼ 2.6% |
| Fixed assets21/28 | €176 | - | €5,350 | €17,349 | €17,399 | €15,927 | €14,454 | ▼ 9.2% |
| Tangible fixed assets22/27 | €176 | - | €5,350 | €17,349 | €17,399 | €15,927 | €14,454 | ▼ 9.2% |
| Plant, machinery and equipment23 | - | - | - | - | €1,260 | €997 | €734 | ▼ 26.4% |
| Furniture and vehicles24 | - | - | €5,350 | €4,778 | €4,206 | €3,634 | €3,062 | ▼ 15.7% |
| Other tangible fixed assets26 | - | - | - | €12,571 | €11,933 | €11,295 | €10,657 | ▼ 5.6% |
| Current assets29/58 | €42,301 | €42,863 | €38,420 | €58,732 | €62,135 | €90,841 | €89,567 | ▼ 1.4% |
| Amounts receivable within one year40/41 | €38,224 | €38,657 | €34,655 | €57,689 | €61,545 | €90,841 | €89,567 | ▼ 1.4% |
| Trade receivables40 | - | - | €17,863 | €23,009 | €20,816 | €27,536 | €17,572 | ▼ 36.2% |
| Other amounts receivable41 | - | - | €16,792 | €34,680 | €40,729 | €63,304 | €71,995 | ▲ 13.7% |
| Cash at bank and in hand54/58 | €4,077 | €4,206 | €3,765 | - | €478 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,043 | €112 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €42,477 | €42,863 | €43,770 | €76,081 | €79,534 | €106,767 | €104,021 | ▼ 2.6% |
| Equity10/15 | €32,879 | €37,675 | €34,474 | €41,792 | €52,400 | €69,977 | €81,859 | ▲ 17.0% |
| Contributions10/11 | €17,200 | - | €17,200 | €17,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €24,592 | €33,800 | €51,377 | €63,259 | ▲ 23.1% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €22,732 | €33,800 | €51,377 | €63,259 | ▲ 23.1% |
| Profit (loss) carried forward14 | €13,819 | €18,615 | €15,414 | - | - | - | - | - |
| Amounts payable17/49 | €9,598 | €5,189 | €9,296 | €34,289 | €27,135 | €36,790 | €22,162 | ▼ 39.8% |
| Amounts payable after more than one year17 | - | - | €1,164 | €12,382 | €7,603 | €5,036 | €2,344 | ▼ 53.5% |
| Financial debts170/4 | - | - | €1,164 | €12,382 | €7,603 | €5,036 | €2,344 | ▼ 53.5% |
| Amounts payable within one year42/48 | €9,598 | €5,189 | €8,133 | €21,907 | €19,532 | €31,754 | €19,818 | ▼ 37.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €2,446 | €2,567 | €2,692 | ▲ 4.9% |
| Financial debts43 | - | - | - | €2,008 | - | €10,916 | €4,719 | ▼ 56.8% |
| Credit institutions430/8 | - | - | - | €2,008 | - | €10,916 | €4,719 | ▼ 56.8% |
| Trade debts44 | - | - | €3,856 | €5,585 | €4,201 | €2,900 | €2,227 | ▼ 23.2% |
| Suppliers440/4 | - | - | €3,856 | €5,585 | €4,201 | €2,900 | €2,227 | ▼ 23.2% |
| Taxes, remuneration and social security45 | - | - | €4,277 | €14,314 | €12,885 | €15,371 | €10,181 | ▼ 33.8% |
| Taxes450/3 | - | - | €4,277 | €14,314 | €10,985 | €13,471 | €10,181 | ▼ 24.4% |
| Remuneration and social security454/9 | - | - | - | - | €1,900 | €1,900 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,542 | €4,796 | -€3,200 | €7,318 | €9,208 | €17,578 | €11,882 | ▼ 32.4% |
| + Depreciation and write-downs630 | €176 | €176 | €370 | €761 | €1,264 | €1,473 | €1,473 | = |
| Operating cash flow (approximation) | €5,718 | €4,972 | -€2,831 | €8,079 | €10,472 | €19,051 | €13,355 | ▼ 29.9% |
| Investment in fixed assets (approximation) | - | - | - | -€12,760 | -€1,314 | €0 | €0 | - |
| Change in cash | - | €129 | -€441 | - | - | - | - | - |
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 BMA 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 BMA itself: 0.6% 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 34,693 companies, not a prediction for BMA. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00407019 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00353196 | |
| 31-12-2023 | micro format | 20-08-2024 | 2024-00359780 | |
| 31-12-2022 | micro format | 17-08-2023 | 2023-00332146 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20289335 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-33000121 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-28800231 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-49800262 | |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-48200494 |