BOBER
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 82 days after the deadline Filed on 21 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00571504.
Annual accounts 2025 filed on 21-10-2026 at the NBB all 18 filings
Turnover
≈ €660,000
Estimated: probably between €440,000 and €830,000
EBIT margin
Not included in this filing
Net result
€4,067▼ 90.4%
2024 · €42,421
Working capital
-€63,158
2024 · €452
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€22,958
▼ 63.4%
2025
20182025
Net result
€4,067
▼ 90.4%
2025
middle half of the sector
20182025
Equity
€299,544
▲ 1.4%
2025
middle half of the sector
20182025
Total assets
€661,876
▲ 3.0%
2025
middle half of the sector
20182025
Debt
€362,332
▲ 4.4%
2025
20182025
Working capital
-€63,158
2025
lowest quarter of the sector
20182025
Solvency
45.3%
▼ 0.7pp
2025
middle half of the sector
20182025
Current ratio
0.64
▼ 0.37
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.6%
▼ 6.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
lowest 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€128,668-€1,473▼ 98.9%€104,835▲ 71×€15,500▼ 85.2%€10,095▼ 34.9%-€12,578€62,650€22,958▼ 63.4%
Net result€92,801--€5,546€63,454within the sector's middle half€3,676within the sector's middle half▼ 94.2%€2,731within the sector's middle half▼ 25.7%-€17,477below the sector's middle half€42,421within the sector's middle half€4,067within the sector's middle half▼ 90.4%
Equity€299,021-€293,475▼ 1.9%€356,929within the sector's middle half▲ 21.6%€360,605within the sector's middle half▲ 1.0%€363,335within the sector's middle half▲ 0.8%€345,858within the sector's middle half▼ 4.8%€295,477within the sector's middle half▼ 14.6%€299,544within the sector's middle half▲ 1.4%
Total assets€823,612-€809,028▼ 1.8%€885,823within the sector's middle half▲ 9.5%€776,795within the sector's middle half▼ 12.3%€705,051within the sector's middle half▼ 9.2%€670,586within the sector's middle half▼ 4.9%€642,523within the sector's middle half▼ 4.2%€661,876within the sector's middle half▲ 3.0%
Debt€524,592-€515,553▼ 1.7%€528,895▲ 2.6%€416,190▼ 21.3%€341,716▼ 17.9%€324,728▼ 5.0%€347,046▲ 6.9%€362,332▲ 4.4%
Working capital€82,436-€78,734▼ 4.5%€78,877within the sector's middle half▲ 0.2%€135,438within the sector's middle half▲ 71.7%€137,649within the sector's middle half▲ 1.6%€140,182within the sector's middle half▲ 1.8%€452below the sector's middle half▼ 99.7%-€63,158below the sector's middle half
Solvency36.3%-36.3%=40.3%within the sector's middle half▲ 4.0pp46.4%within the sector's middle half▲ 6.1pp51.5%within the sector's middle half▲ 5.1pp51.6%within the sector's middle half=46.0%within the sector's middle half▼ 5.6pp45.3%within the sector's middle half▼ 0.7pp
Current ratio1.55-1.47▼ 0.081.49within the sector's middle half▲ 0.022.23within the sector's middle half▲ 0.742.58above the sector's middle half▲ 0.352.33within the sector's middle half▼ 0.251.00below the sector's middle half▼ 1.330.64below the sector's middle half▼ 0.37
Return on assets (ROA)11.3%--0.7%▼ 12.0pp7.2%within the sector's middle half▲ 7.8pp0.5%below the sector's middle half▼ 6.7pp0.4%below the sector's middle half▼ 0.1pp-2.6%below the sector's middle half▼ 3.0pp6.6%within the sector's middle half▲ 9.2pp0.6%within the sector's middle half▼ 6.0pp
Staff (FTE)0.21below the sector's middle half▲ 400%1below the sector's middle half1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
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 63% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €661,876
Fixed assets
€551,489 ▲ 2.9%
Current assets
€110,387 ▲ 3.4%
Equity and liabilities €661,876
Equity
€299,544 ▲ 1.4%
Debt
€362,332 ▲ 4.4%
Debt's share of the balance-sheet total rises from 54.0% to 54.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€109,450▼
2024 · €126,253
Cash flow
€90,559▼
2024 · €106,024
Debt to equity
1.21▲
2024 · 1.17
ROE
1.4%▼
2024 · 14.4%
Interest coverage
16.24▼
2024 · 19.20
Debt ≤ 1 year
€173,545▲
2024 · €106,308
Debt > 1 year
€181,486▼
2024 · €230,962
Income taxes
€13,687=
2024 · €13,689
Staff costs
€46,598▲
2024 · €43,647
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | - | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €286,153 | €264,224 | €241,964 | €219,368 | €196,430 |
| Mortgages, amount registered | €350,000 | €350,000 | €350,000 | €350,000 | €350,000 |
| Carrying value of the mortgaged assets | €400,000 | €380,000 | €360,000 | €340,000 | €320,000 |
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 | €7,276 | €50,451 | €3,581 | €197,359 | €102,218 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €77,826 | €59,611 | €58,762 | €63,604 | €86,492 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €40,032 | - | €34,000 | €49,549 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €30,141 | €29,851 | €36,340 | €43,647 | €46,598 | ▲ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €162,487 | €87,670 | €84,228 | €77,826 | €59,611 | €58,762 | €63,604 | €86,492 | ▲ 36.0% |
| Other operating charges640/8 | - | - | - | €5,916 | €3,846 | €3,718 | €11,101 | €9,766 | ▼ 12.0% |
| Non-recurring operating charges66A | - | - | - | €2,061 | €14,350 | €0 | - | - | - |
| Gross operating margin9900 | €294,447 | €97,025 | €237,231 | €131,444 | €117,753 | €86,242 | €181,001 | €165,814 | ▼ 8.4% |
| Operating profit (loss)9901 | €128,668 | €1,473 | €104,835 | €15,500 | €10,095 | -€12,578 | €62,650 | €22,958 | ▼ 63.4% |
| Financial income75/76B | - | - | - | €27 | €38 | €948 | €35 | €1,535 | ▲ 44× |
| Recurring financial income75 | €107 | €1,534 | €179 | €27 | €38 | €948 | €35 | €1,535 | ▲ 44× |
| Financial charges65/66B | - | - | - | €6,591 | €5,515 | €4,673 | €6,575 | €6,738 | ▲ 2.5% |
| Recurring financial charges65 | €2,611 | €7,988 | €7,782 | €6,591 | €5,515 | €4,673 | €6,575 | €6,738 | ▲ 2.5% |
| Profit (loss) for the period before taxes9903 | €126,164 | -€4,980 | €97,232 | €8,936 | €4,618 | -€16,304 | €56,110 | €17,754 | ▼ 68.4% |
| Income taxes67/77 | €33,362 | €566 | €33,779 | €5,260 | €1,887 | €1,174 | €13,689 | €13,687 | = |
| Profit (loss) for the period9904 | €92,801 | -€5,546 | €63,454 | €3,676 | €2,731 | -€17,477 | €42,421 | €4,067 | ▼ 90.4% |
| Profit (loss) for the period to be appropriated9905 | €92,801 | -€5,546 | €114,773 | €3,676 | €2,731 | -€17,477 | €42,421 | €4,067 | ▼ 90.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €823,612 | €809,028 | €885,823 | €776,795 | €705,051 | €670,586 | €642,523 | €661,876 | ▲ 3.0% |
| Fixed assets21/28 | €592,160 | €563,924 | €647,135 | €531,124 | €480,225 | €425,044 | €535,763 | €551,489 | ▲ 2.9% |
| Tangible fixed assets22/27 | €592,026 | €563,790 | €647,001 | €530,990 | €480,091 | €424,910 | €535,629 | €551,355 | ▲ 2.9% |
| Land and buildings22 | - | - | - | €400,000 | €380,000 | €360,000 | €340,000 | €320,000 | ▼ 5.9% |
| Plant, machinery and equipment23 | - | - | - | €39,444 | €19,408 | €13,218 | €7,483 | €4,497 | ▼ 39.9% |
| Furniture and vehicles24 | - | - | - | €91,547 | €80,683 | €51,692 | €188,146 | €226,858 | ▲ 20.6% |
| Financial fixed assets28 | €134 | €134 | €134 | €134 | €134 | €134 | €134 | €134 | = |
| Current assets29/58 | €231,452 | €245,104 | €238,688 | €245,671 | €224,826 | €245,543 | €106,760 | €110,387 | ▲ 3.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €35,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €35,000 | - |
| Stocks and contracts in progress3 | - | €35,000 | €12,500 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €56,867 | €98,570 | €24,740 | €147,679 | €174,621 | €119,895 | €56,237 | €20,978 | ▼ 62.7% |
| Trade receivables40 | - | - | - | €100,880 | €100,849 | €100,505 | €33,695 | €1,460 | ▼ 95.7% |
| Other amounts receivable41 | - | - | - | €46,799 | €73,773 | €19,390 | €22,542 | €19,518 | ▼ 13.4% |
| Cash at bank and in hand54/58 | €173,423 | €107,726 | €196,248 | €94,889 | €47,673 | €121,669 | €50,523 | €51,686 | ▲ 2.3% |
| Deferred charges and accrued income490/1 | - | - | - | €3,102 | €2,532 | €3,979 | €0 | €2,723 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €823,612 | €809,028 | €885,823 | €776,795 | €705,051 | €670,586 | €642,523 | €661,876 | ▲ 3.0% |
| Equity10/15 | €299,021 | €293,475 | €356,929 | €360,605 | €363,335 | €345,858 | €295,477 | €299,544 | ▲ 1.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €292,821 | €287,275 | €350,729 | €354,405 | €357,135 | €357,135 | €289,277 | €293,344 | ▲ 1.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Distributable reserves133 | - | - | - | €333,795 | €336,525 | €338,385 | €270,527 | €274,594 | ▲ 1.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€17,477 | €0 | €0 | - |
| Amounts payable17/49 | €524,592 | €515,553 | €528,895 | €416,190 | €341,716 | €324,728 | €347,046 | €362,332 | ▲ 4.4% |
| Amounts payable after more than one year17 | €375,576 | €349,183 | €369,084 | €305,958 | €254,539 | €219,368 | €230,962 | €181,486 | ▼ 21.4% |
| Financial debts170/4 | - | - | - | €305,958 | €254,539 | €219,368 | €230,962 | €181,486 | ▼ 21.4% |
| Amounts payable within one year42/48 | €149,016 | €166,370 | €159,811 | €110,233 | €87,177 | €105,361 | €106,308 | €173,545 | ▲ 63.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €62,805 | €51,419 | €35,171 | €49,318 | €65,983 | ▲ 33.8% |
| Trade debts44 | €30,273 | €33,955 | €28,958 | €11,930 | €18,309 | €55,607 | €27,358 | €55,983 | ▲ 105% |
| Suppliers440/4 | - | - | - | €11,930 | €18,309 | €55,607 | €27,358 | €55,983 | ▲ 105% |
| Taxes, remuneration and social security45 | - | - | - | €20,226 | €17,422 | €11,208 | €26,257 | €44,938 | ▲ 71.2% |
| Taxes450/3 | - | - | - | €3,354 | €1,128 | €2,560 | €14,209 | €30,449 | ▲ 114% |
| Remuneration and social security454/9 | - | - | - | €16,872 | €16,294 | €8,647 | €12,048 | €14,489 | ▲ 20.3% |
| Other amounts payable47/48 | - | - | - | €15,271 | €27 | €3,375 | €3,375 | €6,641 | ▲ 96.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €9,776 | €7,301 | ▼ 25.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €92,801 | -€5,546 | €63,454 | €3,676 | €2,731 | -€17,477 | €42,421 | €4,067 | ▼ 90.4% |
| + Depreciation and write-downs630 | €162,487 | €87,670 | €84,228 | €77,826 | €59,611 | €58,762 | €63,604 | €86,492 | ▲ 36.0% |
| Operating cash flow (approximation) | €255,288 | €82,124 | €147,682 | €81,502 | €62,342 | €41,284 | €106,024 | €90,559 | ▼ 14.6% |
| Investment in fixed assets (approximation) | - | -€59,434 | -€167,440 | €38,185 | -€8,711 | -€3,581 | -€174,323 | -€102,218 | ▲ 41.4% |
| Change in cash | - | -€65,697 | €88,521 | -€101,359 | -€47,216 | €73,995 | -€71,145 | €1,163 | - |
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, 10,904 companies had the same profile as BOBER has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BOBER itself: 0.9% 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 10,904 companies, not a prediction for BOBER. 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 | 21-10-2026 | 2026-00571504 | |
| 31-12-2024 | abbreviated format | 07-10-2025 | 2025-00538420 | |
| 31-12-2023 | full format | 21-06-2024 | 2024-00152755 | |
| 31-12-2022 | full format | 25-07-2023 | 2023-00264312 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20204942 | |
| 31-12-2020 | full format | 23-07-2021 | 2021-38500551 | |
| 31-12-2019 | full format | 24-07-2020 | 2020-33100412 | |
| 31-12-2018 | full format | 17-07-2019 | 2019-33300490 | |
| 31-12-2017 | full format | 04-07-2018 | 2018-27500269 | |
| 31-12-2016 | full format | 17-07-2017 | 2017-30900145 |