BOA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-04-2026 PDF all 18 filings
Turnover
≈ €6.9m
Estimated: probably between €4.7m and €11.0m
Total assets
€4.4m▲ 24.5%
2024 · €3.5m
Net result
€603,878▼ 6.6%
2024 · €646,616
Working capital
€1.7m▲ 52.9%
2024 · €1.1m
In the rankings
#1 employer in Menen, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€877,825
▼ 8.4%
2025
20182025
Net result
€603,878
▼ 6.6%
2025
highest quarter of the sector
20182025
Equity
€2.1m
▲ 39.3%
2025
highest quarter of the sector
20182025
Total assets
€4.4m
▲ 24.5%
2025
highest quarter of the sector
20182025
Debt
€2.3m
▲ 13.1%
2025
20182025
Working capital
€1.7m
▲ 52.9%
2025
highest quarter of the sector
20182025
Solvency
48.5%
▲ 5.2pp
2025
middle half of the sector
20182025
Current ratio
1.75
▲ 0.16
2025
middle half of the sector
20182025
Return on assets (ROA)
13.7%
▼ 4.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
38.4
▼ 12.5%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.03m▼ 17.8%€0.1m▲ 210%€0.2m▲ 44.0%€0.1m▼ 20.2%€0.6m▲ 351%€1.0m▲ 72.9%€0.9m▼ 8.4%
Net result€0.01m-€0.01m▲ 10.1%€0.06mwithin the sector's middle half▲ 278%€0.09mwithin the sector's middle half▲ 55.7%€0.06mwithin the sector's middle half▼ 34.1%€0.4mabove the sector's middle half▲ 522%€0.6mabove the sector's middle half▲ 83.0%€0.6mabove the sector's middle half▼ 6.6%
Equity€0.7m-€0.6m▼ 17.8%€0.5mwithin the sector's middle half▼ 15.7%€0.6mwithin the sector's middle half▲ 16.9%€0.6mwithin the sector's middle half▼ 5.5%€0.9mabove the sector's middle half▲ 62.8%€1.5mabove the sector's middle half▲ 67.6%€2.1mabove the sector's middle half▲ 39.3%
Total assets€2.0m-€1.7m▼ 17.1%€1.5mabove the sector's middle half▼ 8.1%€1.9mabove the sector's middle half▲ 21.3%€2.6mabove the sector's middle half▲ 38.3%€3.2mabove the sector's middle half▲ 22.8%€3.5mabove the sector's middle half▲ 11.2%€4.4mabove the sector's middle half▲ 24.5%
Debt€1.3m-€1.1m▼ 16.6%€1.0m▼ 3.9%€1.3m▲ 23.4%€2.0m▲ 58.5%€2.3m▲ 11.7%€2.0m▼ 11.5%€2.3m▲ 13.1%
Working capital€0.4m-€0.3m▼ 19.2%€0.3mabove the sector's middle half▼ 8.0%€0.3mwithin the sector's middle half▼ 1.6%€0.2mwithin the sector's middle half▼ 25.4%€0.8mabove the sector's middle half▲ 292%€1.1mabove the sector's middle half▲ 28.0%€1.7mabove the sector's middle half▲ 52.9%
Solvency36.1%-35.8%▼ 0.3pp32.9%within the sector's middle half▼ 2.9pp31.7%within the sector's middle half▼ 1.2pp21.7%within the sector's middle half▼ 10.0pp28.7%within the sector's middle half▲ 7.1pp43.3%within the sector's middle half▲ 14.6pp48.5%within the sector's middle half▲ 5.2pp
Current ratio1.31-1.30▼ 0.011.28within the sector's middle half▼ 0.011.23within the sector's middle half▼ 0.061.11within the sector's middle half▼ 0.121.44within the sector's middle half▲ 0.331.59within the sector's middle half▲ 0.151.75within the sector's middle half▲ 0.16
Return on assets (ROA)0.7%-0.9%▲ 0.2pp3.6%within the sector's middle half▲ 2.7pp4.6%within the sector's middle half▲ 1.0pp2.2%within the sector's middle half▼ 2.4pp11.1%within the sector's middle half▲ 8.9pp18.2%above the sector's middle half▲ 7.2pp13.7%above the sector's middle half▼ 4.6pp
Staff (FTE)33.1-40.5▲ 22.4%40.7above the sector's middle half▲ 0.5%40.7above the sector's middle half=44.5above the sector's middle half▲ 9.3%47.9above the sector's middle half▲ 7.6%43.9above the sector's middle half▼ 8.4%38.4above the sector's middle half▼ 12.5%
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 8% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €4.4m
Fixed assets
€534,220 ▼ 13.0%
Current assets
€3.9m ▲ 32.3%
Equity and liabilities €4.4m
Equity
€2.1m ▲ 39.3%
Debt
€2.3m ▲ 13.1%
Debt's share of the balance-sheet total falls from 56.7% to 51.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.1m▼
2024 · €1.1m
Cash flow
€812,077▲
2024 · €799,726
Debt to equity
1.06▼
2024 · 1.31
ROE
28.2%▼
2024 · 42.1%
Interest coverage
14.89▲
2024 · 12.27
Debt ≤ 1 year
€2.2m▲
2024 · €1.8m
Debt > 1 year
€53,871▼
2024 · €158,176
Income taxes
€239,243▼
2024 · €240,726
Staff costs
€2.9m▼
2024 · €3.1m
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 | 42 | 49 | 48 | 45 | 42 |
| full-time | 36 | 40 | 40 | 33 | 31 |
| part-time | 6 | 9 | 8 | 12 | 11 |
| in full-time equivalents | 40.6 | 45.8 | 45.9 | 42.2 | 39.3 |
| Average over the year, in full-time equivalents | 40.7 | 44.5 | 47.9 | 43.9 | 38.4 |
| On a permanent contract | 38 | 45 | 45 | 43 | 39 |
| Joined | 13 | 15 | 11 | 6 | 4 |
| Left | 13 | 8 | 12 | 9 | 7 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €158,186 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €197,194 | €170,222 | €157,348 | €152,757 | €128,616 |
| Intangible fixed assets | - | - | - | €217,497 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €105,949 | €128,099 | €110,338 | €153,110 | €208,199 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €40,962 awarded · €40,962 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €12,526 | €12,526 |
| 2024 | 2 | €7,855 | €7,855 |
| 2023 | 3 | €9,802 | €9,802 |
| 2022 | 2 | €10,779 | €10,779 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €100 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2.6m | €2.7m | €3.3m | €3.1m | €2.9m | ▼ 7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 36.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.003m | €0 | €0.002m | €0.009m | €0.02m | ▲ 138% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 31.5% |
| Gross operating margin9900 | €2.5m | €2.4m | €2.5m | €2.8m | €3.0m | €3.9m | €4.2m | €4.0m | ▼ 5.6% |
| Operating profit (loss)9901 | €0.04m | €0.03m | €0.1m | €0.2m | €0.1m | €0.6m | €1.0m | €0.9m | ▼ 8.4% |
| Financial income75/76B | - | - | - | €0.02m | €0.01m | €0.04m | €0.02m | €0.04m | ▲ 98.2% |
| Recurring financial income75 | €0.03m | €0.02m | €0.007m | €0.02m | €0.006m | €0.04m | €0.02m | €0.04m | ▲ 98.2% |
| Non-recurring financial income76B | - | - | - | - | €0.009m | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.04m | €0.08m | €0.09m | €0.07m | ▼ 19.5% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.02m | €0.02m | €0.04m | €0.08m | €0.09m | €0.07m | ▼ 19.5% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.04m | €0.09m | €0.2m | €0.1m | €0.5m | €0.9m | €0.8m | ▼ 5.0% |
| Income taxes67/77 | €0.03m | €0.02m | €0.04m | €0.07m | €0.05m | €0.2m | €0.2m | €0.2m | ▼ 0.6% |
| Profit (loss) for the period9904 | €0.01m | €0.01m | €0.06m | €0.09m | €0.06m | €0.4m | €0.6m | €0.6m | ▼ 6.6% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.01m | €0.06m | €0.09m | €0.06m | €0.4m | €0.6m | €0.6m | ▼ 6.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €1.7m | €1.5m | €1.9m | €2.6m | €3.2m | €3.5m | €4.4m | ▲ 24.5% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.6m | €0.5m | ▼ 13.0% |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.1m | €0.05m | €0.01m | €0 | €0.2m | €0.1m | ▼ 38.1% |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.1m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 1.7% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.03m | €0.02m | €0.03m | ▲ 57.3% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 14.2% |
| Other tangible fixed assets26 | - | - | - | €0.09m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 8.3% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €1.7m | €1.4m | €1.3m | €1.6m | €2.2m | €2.8m | €2.9m | €3.9m | ▲ 32.3% |
| Stocks and contracts in progress3 | €0.008m | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.6m | €1.3m | €1.2m | €1.5m | €2.1m | €2.6m | €2.6m | €3.8m | ▲ 45.8% |
| Trade receivables40 | - | - | - | €0.9m | €1.7m | €1.4m | €1.0m | €1.9m | ▲ 95.0% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.4m | €1.2m | €1.6m | €1.9m | ▲ 16.3% |
| Cash at bank and in hand54/58 | €51 | €0.05m | €0.1m | €0.04m | €0.1m | €0.1m | €0.3m | €0.04m | ▼ 85.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.04m | €0.05m | €0.07m | €0.07m | ▲ 1.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €1.7m | €1.5m | €1.9m | €2.6m | €3.2m | €3.5m | €4.4m | ▲ 24.5% |
| Equity10/15 | €0.7m | €0.6m | €0.5m | €0.6m | €0.6m | €0.9m | €1.5m | €2.1m | ▲ 39.3% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.7m | €0.6m | €0.5m | €0.6m | €0.5m | €0.9m | €1.5m | €2.1m | ▲ 39.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.5m | €0.9m | €1.5m | €2.1m | ▲ 39.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.3m | €1.1m | €1.0m | €1.3m | €2.0m | €2.3m | €2.0m | €2.3m | ▲ 13.1% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.3m | €0.2m | €0.05m | ▼ 65.9% |
| Financial debts170/4 | - | - | - | - | - | €0.3m | €0.2m | €0.05m | ▼ 65.9% |
| Amounts payable within one year42/48 | €1.3m | €1.1m | €1.0m | €1.3m | €2.0m | €1.9m | €1.8m | €2.2m | ▲ 20.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.2m | €0.2m | €0.1m | ▼ 38.5% |
| Financial debts43 | - | - | - | €0.5m | €0.8m | €0.4m | €0.7m | €1.0m | ▲ 46.8% |
| Credit institutions430/8 | - | - | - | €0.5m | €0.8m | €0.2m | €0.5m | €0.9m | ▲ 86.8% |
| Other loans439 | - | - | - | - | - | €0.2m | €0.2m | €0.09m | ▼ 53.1% |
| Trade debts44 | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.2% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.5m | €0.8m | €0.6m | €0.8m | ▲ 24.0% |
| Taxes450/3 | - | - | - | €0.2m | €0.3m | €0.5m | €0.3m | €0.5m | ▲ 50.5% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 7.6% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.4m | €0.3m | €0.03m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.004m | €0.002m | €0.008m | €0.003m | ▼ 57.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,301 | €14,646 | €55,301 | €86,128 | €56,788 | €353,340 | €646,616 | €603,878 | ▼ 6.6% |
| + Depreciation and write-downs630 | €118,173 | €116,290 | €97,329 | €105,949 | €128,099 | €110,338 | €153,110 | €208,199 | ▲ 36.0% |
| Operating cash flow (approximation) | €131,474 | €130,935 | €152,630 | €192,077 | €184,887 | €463,678 | €799,726 | €812,077 | ▲ 1.5% |
| Investment in fixed assets (approximation) | - | -€61,784 | -€28,611 | -€197,194 | -€170,222 | -€157,348 | -€370,254 | -€128,616 | ▲ 65.3% |
| Change in cash | - | €49,856 | €69,950 | -€79,516 | €61,407 | -€5,658 | €181,265 | -€237,978 | - |
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, 17,811 companies had the same profile as BOA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of BOA itself: 0.2% 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 17,811 companies, not a prediction for BOA. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-04-2026 | 2026-00070690 | |
| 31-12-2024 | abbreviated format | 24-04-2025 | 2025-00074231 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00194491 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00171397 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20370661 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37000498 | |
| 31-12-2019 | abbreviated format | 17-07-2020 | 2020-30800496 | |
| 31-12-2018 | abbreviated format | 15-07-2019 | 2019-32200172 | |
| 30-09-2017 | abbreviated format | 27-04-2018 | 2018-10800303 | |
| 30-09-2016 | abbreviated format | 28-04-2017 | 2017-10000473 |