BmB
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 10-10-2026 at the NBB all 27 filings
Turnover
€680,372▲ 13×
2025 · €53,083
EBIT margin
88.4%▲ 113.7pp
2025 · -25.3%
Net result
€443,047
2025 · -€13,540
Working capital
€521,322▲ 543%
2025 · €81,090
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€680,372
▲ 13×
2026
20192026
Operating result
€601,719
2026
20192026
Net result
€443,047
2026
20192026
EBIT margin
88.4%
▲ 113.7pp
2026
20192026
Equity
€761,003
▲ 120%
2026
20192026
Total assets
€830,228
▲ 122%
2026
20192026
Debt
€69,225
▲ 143%
2026
20192026
Working capital
€521,322
▲ 543%
2026
20192026
Solvency
91.7%
▼ 0.7pp
2026
20192026
Current ratio
8.53
▲ 4.68
2026
20192026
Return on assets (ROA)
53.4%
▲ 57.0pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€112,762-€44,599▼ 60.4%€47,180€47,381▲ 0.4%€50,611▲ 6.8%€53,083▲ 4.9%€680,372▲ 13×
Operating result€150,411--€131,938-€25,510▲ 80.7%-€24,218▲ 5.1%-€48,302▼ 99.4%-€19,897▲ 58.8%-€13,407▲ 32.6%€601,719
Net result€147,598--€18,888-€27,247below the sector's middle half▼ 44.3%-€25,514below the sector's middle half▲ 6.4%-€49,164below the sector's middle half▼ 92.7%-€20,000below the sector's middle half▲ 59.3%-€13,540below the sector's middle half▲ 32.3%€443,047
EBIT margin133.4%--295.8%▼ 429.2pp-51.3%-101.9%▼ 50.6pp-39.3%▲ 62.6pp-25.3%▲ 14.1pp88.4%▲ 113.7pp
Equity€569,229-€550,341▼ 3.3%€523,094above the sector's middle half▼ 5.0%€497,580above the sector's middle half▼ 4.9%€427,956above the sector's middle half▼ 14.0%€387,496above the sector's middle half▼ 9.5%€345,956above the sector's middle half▼ 10.7%€761,003▲ 120%
Total assets€815,140-€660,068▼ 19.0%€578,802above the sector's middle half▼ 12.3%€519,197above the sector's middle half▼ 10.3%€450,470above the sector's middle half▼ 13.2%€389,496above the sector's middle half▼ 13.5%€374,414above the sector's middle half▼ 3.9%€830,228▲ 122%
Debt€140,644-€109,727▼ 22.0%€55,708▼ 49.2%€21,617▼ 61.2%€22,514▲ 4.1%€2,000▼ 91.1%€28,458▲ 14×€69,225▲ 143%
Working capital€235,921-€122,033▼ 48.3%€113,074above the sector's middle half▼ 7.3%€105,359above the sector's middle half▼ 6.8%€165,774above the sector's middle half▲ 57.3%€109,152above the sector's middle half▼ 34.2%€81,090above the sector's middle half▼ 25.7%€521,322▲ 543%
Solvency69.8%-83.4%▲ 13.5pp90.4%above the sector's middle half▲ 7.0pp95.8%above the sector's middle half▲ 5.5pp95.0%above the sector's middle half▼ 0.8pp99.5%above the sector's middle half▲ 4.5pp92.4%above the sector's middle half▼ 7.1pp91.7%▼ 0.7pp
Current ratio4.33-2.78▼ 1.553.83within the sector's middle half▲ 1.055.87above the sector's middle half▲ 2.058.36above the sector's middle half▲ 2.4955.58above the sector's middle half▲ 47.213.85within the sector's middle half▼ 51.738.53▲ 4.68
Return on assets (ROA)18.1%--2.9%▼ 21.0pp-4.7%below the sector's middle half▼ 1.8pp-4.9%below the sector's middle half▼ 0.2pp-10.9%below the sector's middle half▼ 6.0pp-5.1%below the sector's middle half▲ 5.8pp-3.6%below the sector's middle half▲ 1.5pp53.4%▲ 57.0pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 2026 is a profit of €601,719, after a loss of €13,407 in 2025. It is the highest result since 2022.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €830,228
Fixed assets
€239,681 ▼ 9.5%
Current assets
€590,547 ▲ 439%
Equity and liabilities €830,228
Equity
€761,003 ▲ 120%
Debt
€69,225 ▲ 143%
Debt's share of the balance-sheet total rises from 7.6% to 8.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€631,498▲
2025 · €12,123
Cash flow
€472,826▲
2025 · €11,990
Debt to equity
0.09▲
2025 · 0.08
ROE
58.2%▲
2025 · -3.9%
Interest coverage
over 100▲
2025 · 48.69
Debt ≤ 1 year
€69,225▲
2025 · €28,458
Income taxes
€155,830▲
2025 · €8
Customer credit
1 day▼
2025 · 70 days
Supplier credit
1 day▼
2025 · 5 days
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 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,677 | €16,095 | €45,206 | €12,052 | €29,070 |
| Depreciation and write-downs of the year | €36,187 | €56,134 | €29,044 | €25,530 | €29,779 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €112,762 | €44,599 | - | €47,180 | €47,381 | €50,611 | €53,083 | €680,372 | ▲ 13× |
| Non-recurring operating income76A | - | - | - | - | €0 | - | - | €622,138 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €28,990 | €34,579 | €35,947 | €35,263 | €43,257 | ▲ 22.7% |
| Remuneration, social security and pensions62 | - | - | - | €1,731 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,687 | €49,356 | €44,552 | €36,187 | €56,134 | €29,044 | €25,530 | €29,779 | ▲ 16.6% |
| Other operating charges640/8 | - | - | - | €4,490 | €4,970 | €5,516 | €5,696 | €5,617 | ▼ 1.4% |
| Gross operating margin9900 | €207,631 | -€82,245 | €24,383 | €18,190 | €12,802 | €14,663 | €17,819 | €637,115 | ▲ 36× |
| Operating profit (loss)9901 | €150,411 | -€131,938 | -€25,510 | -€24,218 | -€48,302 | -€19,897 | -€13,407 | €601,719 | - |
| Financial income75/76B | - | - | - | - | - | €198 | €124 | €1,426 | ▲ 12× |
| Recurring financial income75 | €101 | €115 | €10 | - | - | €198 | €124 | €1,426 | ▲ 12× |
| Financial charges65/66B | - | - | - | €1,296 | €865 | €268 | €249 | €4,268 | ▲ 17× |
| Recurring financial charges65 | €2,914 | €2,217 | €1,744 | €1,296 | €865 | €268 | €249 | €3,695 | ▲ 15× |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €573 | - |
| Profit (loss) for the period before taxes9903 | €147,598 | -€18,888 | -€27,244 | -€25,514 | -€49,167 | -€19,967 | -€13,532 | €598,877 | - |
| Income taxes67/77 | - | - | €3 | - | -€3 | €33 | €8 | €155,830 | ▲ 19,479× |
| Profit (loss) for the period9904 | €147,598 | -€18,888 | -€27,247 | -€25,514 | -€49,164 | -€20,000 | -€13,540 | €443,047 | - |
| Profit (loss) for the period to be appropriated9905 | €147,598 | -€18,888 | -€27,247 | -€25,514 | -€49,164 | -€20,000 | -€13,540 | €443,047 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €815,140 | €660,068 | €578,802 | €519,197 | €450,470 | €389,496 | €374,414 | €830,228 | ▲ 122% |
| Fixed assets21/28 | €508,320 | €469,488 | €425,731 | €392,221 | €262,182 | €278,344 | €264,866 | €239,681 | ▼ 9.5% |
| Tangible fixed assets22/27 | €508,320 | €469,488 | €425,731 | €392,221 | €262,182 | €278,344 | €264,866 | €239,681 | ▼ 9.5% |
| Land and buildings22 | - | - | - | €392,221 | €262,182 | €274,772 | €260,460 | €216,815 | ▼ 16.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €866 | €433 | - | - |
| Furniture and vehicles24 | - | - | - | - | - | €2,706 | €3,973 | €22,866 | ▲ 476% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €306,820 | €190,580 | €153,071 | €126,976 | €188,288 | €111,152 | €109,548 | €590,547 | ▲ 439% |
| Amounts receivable within one year40/41 | €10,614 | €34 | - | - | €13,092 | €10,707 | €10,117 | €1,400 | ▼ 86.2% |
| Trade receivables40 | - | - | - | - | €400 | €400 | - | €1,400 | - |
| Other amounts receivable41 | - | - | - | - | €12,692 | €10,307 | €10,117 | - | - |
| Current investments50/53 | - | - | - | - | - | - | - | €111,235 | - |
| Cash at bank and in hand54/58 | €296,206 | €190,546 | €153,071 | €126,976 | €175,196 | €100,358 | €99,431 | €477,012 | ▲ 380% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €87 | - | €900 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €815,140 | €660,068 | €578,802 | €519,197 | €450,470 | €389,496 | €374,414 | €830,228 | ▲ 122% |
| Equity10/15 | €569,229 | €550,341 | €523,094 | €497,580 | €427,956 | €387,496 | €345,956 | €761,003 | ▲ 120% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €548,769 | €529,881 | €502,634 | €477,120 | €407,496 | €387,496 | €345,956 | €761,003 | ▲ 120% |
| Provisions and deferred taxes16 | €105,267 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €140,644 | €109,727 | €55,708 | €21,617 | €22,514 | €2,000 | €28,458 | €69,225 | ▲ 143% |
| Amounts payable after more than one year17 | €69,745 | €41,180 | €15,711 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €70,899 | €68,547 | €39,997 | €21,617 | €22,514 | €2,000 | €28,458 | €69,225 | ▲ 143% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,766 | - | - | - | - | - |
| Trade debts44 | €11,600 | €244 | €1,770 | €1,725 | €2,055 | €2,000 | €458 | €125 | ▼ 72.7% |
| Suppliers440/4 | - | - | - | €1,725 | €2,055 | €2,000 | €458 | €125 | ▼ 72.7% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €5,371 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €5,371 | - |
| Other amounts payable47/48 | - | - | - | €4,126 | €20,459 | - | €28,000 | €63,729 | ▲ 128% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €147,598 | -€18,888 | -€27,247 | -€25,514 | -€49,164 | -€20,000 | -€13,540 | €443,047 | - |
| + Depreciation and write-downs630 | €48,687 | €49,356 | €44,552 | €36,187 | €56,134 | €29,044 | €25,530 | €29,779 | ▲ 16.6% |
| Operating cash flow (approximation) | €196,285 | €30,468 | €17,305 | €10,673 | €6,970 | €9,044 | €11,990 | €472,826 | ▲ 39× |
| Investment in fixed assets (approximation) | - | -€10,524 | -€795 | -€2,677 | €73,905 | -€45,206 | -€12,052 | -€4,594 | ▲ 61.9% |
| Change in cash | - | -€105,660 | -€37,475 | -€26,095 | €48,220 | -€74,838 | -€927 | €377,581 | - |
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, 20,136 companies had the same profile as BmB has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of BmB 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 20,136 companies, not a prediction for BmB. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 10-10-2026 | 2026-00553158 | |
| 30-06-2025 | micro format | 23-10-2025 | 2025-00549276 | |
| 30-06-2024 | micro format | 12-10-2024 | 2024-00506573 | |
| 30-06-2023 | micro format | 20-10-2023 | 2023-00491483 | |
| 30-06-2022 | micro format | 28-11-2022 | 2022-20529689 | |
| 30-06-2021 | micro format | 11-11-2021 | 2021-77200411 | |
| 30-06-2020 | abbreviated format | 26-10-2020 | 2020-62900022 | |
| 30-06-2019 | abbreviated format | 15-10-2019 | 2019-70400502 | |
| 30-06-2018 | abbreviated format | 12-11-2018 | 2018-72000436 | |
| 30-06-2017 | micro format | 23-10-2017 | 2017-67700111 |