BMS SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 7 filings
Turnover
≈ €450,000
Estimated: probably between €300,000 and €550,000
Total assets
€127,474▲ 17.1%
2024 · €108,863
Net result
€8,299▼ 68.8%
2024 · €26,614
Working capital
€19,731▲ 38.8%
2024 · €14,211
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€18,881
▼ 55.0%
2025
20192025
Net result
€8,299
▼ 68.8%
2025
middle half of the sector
20192025
Equity
€24,923
▲ 49.9%
2025
middle half of the sector
20192025
Total assets
€127,474
▲ 17.1%
2025
middle half of the sector
20192025
Debt
€102,551
▲ 11.2%
2025
20192025
Working capital
€19,731
▲ 38.8%
2025
middle half of the sector
20192025
Solvency
19.6%
▲ 4.3pp
2025
lowest quarter of the sector
20192025
Current ratio
1.21
▲ 0.05
2025
middle half of the sector
20192025
Return on assets (ROA)
6.5%
▼ 17.9pp
2025
middle half of the sector
20192025
Staff (FTE)
2
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€9,575-€25,170-€33,826€14,081-€4,695€41,971€18,881▼ 55.0%
Net result-€10,157-€20,400within the sector's middle half-€35,876below the sector's middle half€8,856within the sector's middle half-€11,813below the sector's middle half€26,614within the sector's middle half€8,299within the sector's middle half▼ 68.8%
Equity€8,443-€28,843within the sector's middle half▲ 242%-€7,032below the sector's middle half€1,823below the sector's middle half-€9,989below the sector's middle half€16,624below the sector's middle half€24,923within the sector's middle half▲ 49.9%
Total assets€16,630-€50,227below the sector's middle half▲ 202%€46,399below the sector's middle half▼ 7.6%€104,949within the sector's middle half▲ 126%€89,568within the sector's middle half▼ 14.7%€108,863within the sector's middle half▲ 21.5%€127,474within the sector's middle half▲ 17.1%
Debt€8,187-€21,383▲ 161%€53,432▲ 150%€103,126▲ 93.0%€99,557▼ 3.5%€92,238▼ 7.4%€102,551▲ 11.2%
Working capital€3,355-€24,420within the sector's middle half▲ 628%-€10,695below the sector's middle half€539below the sector's middle half-€9,340below the sector's middle half€14,211within the sector's middle half€19,731within the sector's middle half▲ 38.8%
Solvency50.8%-57.4%within the sector's middle half▲ 6.7pp-15.2%below the sector's middle half▼ 72.6pp1.7%below the sector's middle half▲ 16.9pp-11.2%below the sector's middle half▼ 12.9pp15.3%below the sector's middle half▲ 26.4pp19.6%below the sector's middle half▲ 4.3pp
Current ratio1.44-2.20within the sector's middle half▲ 0.760.80below the sector's middle half▼ 1.411.01below the sector's middle half▲ 0.210.90below the sector's middle half▼ 0.101.16within the sector's middle half▲ 0.251.21within the sector's middle half▲ 0.05
Return on assets (ROA)-61.1%-40.6%above the sector's middle half▲ 101.7pp-77.3%below the sector's middle half▼ 117.9pp8.4%within the sector's middle half▲ 85.8pp-13.2%below the sector's middle half▼ 21.6pp24.4%above the sector's middle half▲ 37.6pp6.5%within the sector's middle half▼ 17.9pp
Staff (FTE)1.22▲ 66.7%2=2=2=
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 55% 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 €127,474
Fixed assets
€12,702 ▲ 179%
Current assets
€114,772 ▲ 10.0%
Equity and liabilities €127,474
Equity
€24,923 ▲ 49.9%
Debt
€102,551 ▲ 11.2%
Debt's share of the balance-sheet total falls from 84.7% to 80.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€20,100▼
2024 · €45,279
Cash flow
€9,518▼
2024 · €29,922
Quick ratio
1.15▲
2024 · 1.11
Debt to equity
4.11▼
2024 · 5.55
ROE
33.3%▼
2024 · 160.1%
Interest coverage
7.34▼
2024 · 9.45
Debt ≤ 1 year
€95,041▲
2024 · €90,107
Debt > 1 year
€5,943
Income taxes
€7,843▼
2024 · €10,586
Staff costs
€124,222▲
2024 · €102,887
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 | 2 | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 1.2 | 2 | 2 | 2 | 2 |
| On a permanent contract | 1 | 2 | 2 | 2 | 2 |
| Joined | 2 | - | - | - | - |
| Left | 0 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,650 | - | - | €7,239 | €2,101 |
| Intangible fixed assets | - | - | - | - | €11,449 |
| Depreciation and write-downs of the year | €2,409 | €2,161 | €1,944 | €3,308 | €1,219 |
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 | - | - | €63,065 | €93,734 | €107,084 | €102,887 | €124,222 | ▲ 20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,447 | €1,665 | €2,409 | €2,161 | €1,944 | €3,308 | €1,219 | ▼ 63.1% |
| Other operating charges640/8 | - | - | €2,753 | €3,234 | €4,041 | €5,666 | €6,615 | ▲ 16.7% |
| Gross operating margin9900 | -€5,756 | €28,257 | €34,401 | €113,210 | €108,374 | €153,832 | €150,937 | ▼ 1.9% |
| Operating profit (loss)9901 | -€9,575 | €25,170 | -€33,826 | €14,081 | -€4,695 | €41,971 | €18,881 | ▼ 55.0% |
| Financial income75/76B | - | - | €2 | €0 | - | €22 | - | - |
| Recurring financial income75 | - | - | €2 | €0 | - | €22 | - | - |
| Financial charges65/66B | - | - | €1,702 | €4,466 | €6,253 | €4,794 | €2,739 | ▼ 42.9% |
| Recurring financial charges65 | €292 | €887 | €1,702 | €4,466 | €6,253 | €4,794 | €2,739 | ▼ 42.9% |
| Profit (loss) for the period before taxes9903 | -€9,867 | €24,283 | -€35,525 | €9,616 | -€10,948 | €37,199 | €16,142 | ▼ 56.6% |
| Income taxes67/77 | €290 | €3,882 | €350 | €760 | €865 | €10,586 | €7,843 | ▼ 25.9% |
| Profit (loss) for the period9904 | -€10,157 | €20,400 | -€35,876 | €8,856 | -€11,813 | €26,614 | €8,299 | ▼ 68.8% |
| Profit (loss) for the period to be appropriated9905 | -€10,157 | €20,400 | -€35,876 | €8,856 | -€11,813 | €26,614 | €8,299 | ▼ 68.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €16,630 | €50,227 | €46,399 | €104,949 | €89,568 | €108,863 | €127,474 | ▲ 17.1% |
| Fixed assets21/28 | €5,643 | €5,479 | €4,719 | €2,558 | €614 | €4,545 | €12,702 | ▲ 179% |
| Intangible fixed assets21 | €675 | €506 | €338 | €169 | - | - | €10,840 | - |
| Tangible fixed assets22/27 | €4,618 | €4,622 | €4,031 | €2,039 | €264 | €4,195 | €1,512 | ▼ 64.0% |
| Plant, machinery and equipment23 | - | - | €1,216 | €608 | - | - | - | - |
| Furniture and vehicles24 | - | - | €2,816 | €1,431 | €264 | €4,195 | €1,512 | ▼ 64.0% |
| Financial fixed assets28 | €350 | €350 | €350 | €350 | €350 | €350 | €350 | = |
| Current assets29/58 | €10,987 | €44,748 | €41,680 | €102,392 | €88,954 | €104,318 | €114,772 | ▲ 10.0% |
| Stocks and contracts in progress3 | - | - | - | - | - | €3,925 | €5,865 | ▲ 49.4% |
| Stocks30/36 | - | - | - | - | - | €3,925 | €5,865 | ▲ 49.4% |
| Amounts receivable within one year40/41 | €7,288 | €28,020 | €38,437 | €94,536 | €79,594 | €94,834 | €92,056 | ▼ 2.9% |
| Trade receivables40 | - | - | €38,387 | €94,536 | €79,594 | €94,834 | €92,056 | ▼ 2.9% |
| Other amounts receivable41 | - | - | €50 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €2,458 | €15,429 | €24 | €351 | €155 | €46 | €4,089 | ▲ 88× |
| Deferred charges and accrued income490/1 | - | - | €3,219 | €7,504 | €9,205 | €5,513 | €12,762 | ▲ 131% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €16,630 | €50,227 | €46,399 | €104,949 | €89,568 | €108,863 | €127,474 | ▲ 17.1% |
| Equity10/15 | €8,443 | €28,843 | -€7,032 | €1,823 | -€9,989 | €16,624 | €24,923 | ▲ 49.9% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | - | - | - | €6,323 | - |
| Distributable reserves133 | - | - | - | - | - | - | €6,323 | - |
| Profit (loss) carried forward14 | -€10,157 | €10,243 | -€25,632 | -€16,777 | -€28,589 | -€1,976 | - | - |
| Amounts payable17/49 | €8,187 | €21,383 | €53,432 | €103,126 | €99,557 | €92,238 | €102,551 | ▲ 11.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €5,943 | - |
| Financial debts170/4 | - | - | - | - | - | - | €5,943 | - |
| Amounts payable within one year42/48 | €7,633 | €20,328 | €52,375 | €101,852 | €98,293 | €90,107 | €95,041 | ▲ 5.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €6,808 | - |
| Financial debts43 | - | - | €10,574 | €20,363 | €24,342 | €9,868 | €23,623 | ▲ 139% |
| Credit institutions430/8 | - | - | €10,574 | €20,363 | €24,342 | €9,868 | €23,623 | ▲ 139% |
| Trade debts44 | €6,758 | €12,991 | €20,641 | €37,103 | €33,212 | €27,604 | €28,239 | ▲ 2.3% |
| Suppliers440/4 | - | - | €20,641 | €37,103 | €33,212 | €27,604 | €28,239 | ▲ 2.3% |
| Taxes, remuneration and social security45 | - | - | €20,566 | €41,566 | €38,683 | €47,382 | €36,147 | ▼ 23.7% |
| Taxes450/3 | - | - | €9,929 | €19,956 | €17,336 | €26,748 | €21,911 | ▼ 18.1% |
| Remuneration and social security454/9 | - | - | €10,637 | €21,611 | €21,347 | €20,634 | €14,237 | ▼ 31.0% |
| Other amounts payable47/48 | - | - | €593 | €2,821 | €2,056 | €5,253 | €223 | ▼ 95.7% |
| Accrued charges and deferred income492/3 | - | - | €1,057 | €1,274 | €1,264 | €2,131 | €1,567 | ▼ 26.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,157 | €20,400 | -€35,876 | €8,856 | -€11,813 | €26,614 | €8,299 | ▼ 68.8% |
| + Depreciation and write-downs630 | €1,447 | €1,665 | €2,409 | €2,161 | €1,944 | €3,308 | €1,219 | ▼ 63.1% |
| Operating cash flow (approximation) | -€8,710 | €22,065 | -€33,467 | €11,017 | -€9,869 | €29,922 | €9,518 | ▼ 68.2% |
| Investment in fixed assets (approximation) | - | -€1,500 | -€1,650 | €0 | €0 | -€7,239 | -€9,377 | ▼ 29.5% |
| Change in cash | - | €12,971 | -€15,404 | €327 | -€196 | -€108 | €4,043 | - |
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, 6,713 companies had the same profile as BMS SERVICES has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BMS SERVICES itself: 1.8% 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 6,713 companies, not a prediction for BMS SERVICES. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00171164 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00157928 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00123920 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00147394 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20109308 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19600131 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19500200 |