BODARWE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 40 filings
Turnover
€32.9m▼ 4.4%
2024 · €34.4m
EBIT margin
1.8%▼ 0.8pp
2024 · 2.6%
Net result
€116,939▼ 72.3%
2024 · €421,563
Working capital
€2.7m▼ 4.5%
2024 · €2.9m
In the rankings
#2 employer in Malmedy#2 company by total assets in Malmedy, Construction sector#2 company by equity in Malmedy, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€32.9m
▼ 4.4%
2025
20182025
Operating result
€578,052
▼ 35.4%
2025
20182025
Net result
€116,939
▼ 72.3%
2025
middle half of the sector
20182025
EBIT margin
1.8%
▼ 0.8pp
2025
20182025
Equity
€5.4m
▲ 2.1%
2025
middle half of the sector
20182025
Total assets
€23.0m
▼ 5.6%
2025
highest quarter of the sector
20182025
Debt
€17.6m
▼ 7.7%
2025
20182025
Working capital
€2.7m
▼ 4.5%
2025
middle half of the sector
20182025
Solvency
23.4%
▲ 1.8pp
2025
lowest quarter of the sector
20182025
Current ratio
1.20
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.5%
▼ 1.2pp
2025
middle half of the sector
20182025
Staff (FTE)
186.8
▼ 0.2%
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
Turnover€26.4m-€27.8m▲ 5.3%€24.0m▼ 13.7%€24.9m▲ 3.6%€31.7m▲ 27.5%€30.8m▼ 3.0%€34.4m▲ 11.9%€32.9m▼ 4.4%
Operating result€0.6m-€0.3m▼ 60.0%€0.3m▲ 8.6%€0.3m▲ 7.8%€0.8m▲ 160%€0.7m▼ 5.5%€0.9m▲ 20.9%€0.6m▼ 35.4%
Net result€0.4m-€0.1m▼ 71.9%€0.06mwithin the sector's middle half▼ 49.6%€0.04mwithin the sector's middle half▼ 26.1%€0.4mwithin the sector's middle half▲ 815%€0.3mwithin the sector's middle half▼ 24.8%€0.4mwithin the sector's middle half▲ 39.1%€0.1mwithin the sector's middle half▼ 72.3%
EBIT margin2.4%-0.9%▼ 1.5pp1.2%▲ 0.2pp1.2%=2.5%▲ 1.3pp2.4%▼ 0.1pp2.6%▲ 0.2pp1.8%▼ 0.8pp
Equity€3.9m-€4.1m▲ 4.4%€4.1mwithin the sector's middle half▲ 1.3%€4.1mwithin the sector's middle half▲ 0.9%€4.5mwithin the sector's middle half▲ 9.6%€4.8mwithin the sector's middle half▲ 6.6%€5.3mwithin the sector's middle half▲ 8.6%€5.4mwithin the sector's middle half▲ 2.1%
Total assets€23.7m-€21.5m▼ 9.1%€20.4mabove the sector's middle half▼ 5.1%€20.6mabove the sector's middle half▲ 0.8%€22.1mabove the sector's middle half▲ 7.3%€21.9mabove the sector's middle half▼ 0.9%€24.3mabove the sector's middle half▲ 11.1%€23.0mabove the sector's middle half▼ 5.6%
Debt€19.8m-€17.5m▼ 11.8%€16.3m▼ 6.6%€16.4m▲ 0.7%€17.5m▲ 6.7%€17.0m▼ 2.9%€19.1m▲ 11.8%€17.6m▼ 7.7%
Working capital€2.1m-€2.1m=€2.5mwithin the sector's middle half▲ 21.0%€2.5mwithin the sector's middle half▼ 0.4%€2.7mwithin the sector's middle half▲ 9.1%€2.9mwithin the sector's middle half▲ 6.2%€2.9mwithin the sector's middle half▼ 0.8%€2.7mwithin the sector's middle half▼ 4.5%
Solvency16.4%-18.8%▲ 2.4pp20.1%below the sector's middle half▲ 1.3pp20.1%below the sector's middle half=20.6%within the sector's middle half▲ 0.4pp22.1%within the sector's middle half▲ 1.6pp21.6%within the sector's middle half▼ 0.5pp23.4%below the sector's middle half▲ 1.8pp
Current ratio1.14-1.16▲ 0.021.21within the sector's middle half▲ 0.041.20within the sector's middle half▼ 0.011.19within the sector's middle half▼ 0.011.22within the sector's middle half▲ 0.021.19within the sector's middle half▼ 0.031.20within the sector's middle half▲ 0.01
Return on assets (ROA)1.8%-0.5%▼ 1.2pp0.3%below the sector's middle half▼ 0.3pp0.2%below the sector's middle half▼ 0.1pp1.8%within the sector's middle half▲ 1.6pp1.4%within the sector's middle half▼ 0.4pp1.7%within the sector's middle half▲ 0.3pp0.5%within the sector's middle half▼ 1.2pp
Staff (FTE)173.3-173.8▲ 0.3%167.4above the sector's middle half▼ 3.7%171.5above the sector's middle half▲ 2.4%172.4above the sector's middle half▲ 0.5%180.3above the sector's middle half▲ 4.6%187.2above the sector's middle half▲ 3.8%186.8above the sector's middle half▼ 0.2%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 35% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23.0m
Fixed assets
€6.4m ▲ 7.9%
Current assets
€16.5m ▼ 9.9%
Equity and liabilities €23.0m
Equity
€5.4m ▲ 2.1%
Debt
€17.6m ▼ 7.7%
Debt's share of the balance-sheet total falls from 78.4% to 76.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.1m▼
2024 · €2.3m
Cash flow
€1.6m▼
2024 · €1.8m
Quick ratio
0.87▼
2024 · 0.89
Debt to equity
3.28▼
2024 · 3.63
ROE
2.2%▼
2024 · 8.0%
Interest coverage
6.38▼
2024 · 7.56
Debt ≤ 1 year
€13.8m▼
2024 · €15.5m
Debt > 1 year
€3.8m▲
2024 · €3.6m
Income taxes
€83,902▼
2024 · €188,840
Customer credit
91 days▼
2024 · 110 days
Supplier credit
118 days▼
2024 · 131 days
Staff costs
€12.1m▲
2024 · €11.3m
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 | 172 | 172 | 184 | 190 | 189 |
| full-time | 168 | 170 | 180 | 186 | 183 |
| part-time | 4 | 2 | 4 | 4 | 6 |
| in full-time equivalents | 169.7 | 171.3 | 182.5 | 188.6 | 186.3 |
| Average over the year, in full-time equivalents | 171.5 | 172.4 | 180.3 | 187.2 | 186.8 |
| On a permanent contract | 155 | 159 | 171 | 171 | 179 |
| Joined | 58 | 55 | 55 | 52 | 69 |
| Left | 54 | 55 | 43 | 46 | 70 |
| Agency workers, average number | 2.5 | 3.9 | 5.6 | 3.3 | 2.6 |
| Training hours | 3,323 | 2,975 | 5,339 | 3,709 | 6,160 |
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 | €8.8m | €9.4m | €9.5m | €10.3m | €10.3m |
| Mortgages, amount registered | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m |
| Carrying value of the mortgaged assets | €2.2m | €2.0m | €1.8m | €1.6m | €1.4m |
| Pledge on the business | €1.5m | €7.5m | €7.3m | €7.3m | €7.3m |
| Mandates to pledge the business | €995,797 | - | - | - | - |
| Carrying value of the other pledged assets | €2.8m | €2.8m | €3.4m | €4.0m | €4.5m |
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 | €1.4m | €1.3m | €1.8m | €1.7m | €1.9m |
| Intangible fixed assets | €7,994 | €12,825 | - | - | €33,543 |
| Financial fixed assets | - | - | - | - | €5,000 |
| Depreciation and write-downs of the year | €1.6m | €1.5m | €1.4m | €1.4m | €1.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €9,000 | €9,250 | €11,000 | €11,000 | €11,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
7 awards · 2024 to 2025
Travaux de Génie Civil (excavation, remblais et réfection) dans toute la Wallonie sur base du système de qualification WQCIVWA: Lot 23 - Région Wallonie Est - Travaux de génie civil
Travaux de Génie Civil (excavation, remblais et réfection) dans toute la Wallonie sur base du système de qualification WQCIVWA: Lot 24 - Région Wallonie Est - Travaux de génie civil
PIC 2022-2024 / PIMACI 2022-2024 / PIWACY 2020-2021 - Réfection de voirie et réhabilitation de l'égouttage - Chaussée de Heusy, Rue de Séroule, Place Henri Vieuxtemps et Avenue de Spa
Travaux de raccordements BT, Gaz et Eau en synergie (Connect My Home) sur base du système de qualification WQCMHWA: Lot 16 - CMH BT - Eau - Région Wallonie Est
Prestations de service hivernal sur les autoroutes gérées par le District de Battice: SOF-MI-O8.10.02-24-177 - Lot 24/6 - District de Battice : Malmedy - St Vith
Show 2 more contracts
Prestations de service hivernal sur les autoroutes gérées par le District de Battice: SOF-MI-O8.10.02-24-177 - Lot 24/7 - District de Battice : St Vith - Steinebrück
Construction et exploitation d'une station de compression de gaz naturel, ainsi que la construction et l'exploitation d'une station de détente de gaz naturel y compris la fourniture de 4 containers: 2021047-T - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €28.8m | €34.5m | €35.3m | €38.4m | €36.2m | ▼ 5.5% |
| Turnover70 | €26.4m | €27.8m | €24.0m | €24.9m | €31.7m | €30.8m | €34.4m | €32.9m | ▼ 4.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €1.3m | -€0.9m | €0.5m | €0.6m | €0.006m | ▼ 99.1% |
| Own construction capitalised72 | - | - | - | - | - | - | - | €0.03m | - |
| Other operating income74 | - | - | - | €2.7m | €3.8m | €4.0m | €3.3m | €3.3m | ▲ 0.3% |
| Operating charges60/66A | - | - | - | €28.5m | €33.8m | €34.5m | €37.5m | €35.7m | ▼ 4.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | €14.0m | €17.5m | €17.6m | €19.6m | €16.9m | ▼ 14.0% |
| Purchases600/8 | - | - | - | €14.0m | €17.5m | €17.6m | €19.6m | €16.9m | ▼ 13.6% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.03m | -€0.01m | €0.001m | €0.07m | -€0.005m | - |
| Services and other goods61 | - | - | - | €3.8m | €4.9m | €4.8m | €4.8m | €4.9m | ▲ 1.4% |
| Remuneration, social security and pensions62 | - | - | - | €9.0m | €9.7m | €10.5m | €11.3m | €12.1m | ▲ 7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.6m | €1.7m | €1.6m | €1.6m | €1.5m | €1.4m | €1.4m | €1.5m | ▲ 10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.008m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | €0.2m | ▼ 43.7% |
| Operating profit (loss)9901 | €0.6m | €0.3m | €0.3m | €0.3m | €0.8m | €0.7m | €0.9m | €0.6m | ▼ 35.4% |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.05m | €0.06m | €0.02m | ▼ 68.6% |
| Recurring financial income75 | €0.05m | €0.1m | €0.03m | €0.02m | €0.02m | €0.05m | €0.06m | €0.02m | ▼ 68.6% |
| Income from current assets751 | - | - | - | - | - | - | €0.001m | €0.001m | ▲ 60.0% |
| Other financial income752/9 | - | - | - | €0.02m | €0.02m | €0.05m | €0.06m | €0.02m | ▼ 70.6% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 15.4% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 15.4% |
| Debt charges650 | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 9.2% |
| Other financial charges652/9 | - | - | - | €0.07m | €0.04m | €0.04m | €0.04m | €0.07m | ▲ 62.1% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.2m | €0.1m | €0.1m | €0.6m | €0.5m | €0.6m | €0.2m | ▼ 67.1% |
| Income taxes67/77 | €0.08m | €0.09m | €0.07m | €0.07m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 55.6% |
| Taxes670/3 | - | - | - | €0.07m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 55.6% |
| Profit (loss) for the period9904 | €0.4m | €0.1m | €0.06m | €0.04m | €0.4m | €0.3m | €0.4m | €0.1m | ▼ 72.3% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.1m | €0.06m | €0.04m | €0.4m | €0.3m | €0.4m | €0.1m | ▼ 72.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €23.7m | €21.5m | €20.4m | €20.6m | €22.1m | €21.9m | €24.3m | €23.0m | ▼ 5.6% |
| Fixed assets21/28 | €7.1m | €6.7m | €5.7m | €5.5m | €5.3m | €5.7m | €6.0m | €6.4m | ▲ 7.9% |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.1m | €0.08m | €0.04m | €0.02m | €0.01m | €0.04m | ▲ 241% |
| Tangible fixed assets22/27 | €6.4m | €6.1m | €5.1m | €5.0m | €4.8m | €5.3m | €5.6m | €6.0m | ▲ 7.2% |
| Land and buildings22 | - | - | - | €2.2m | €2.0m | €1.8m | €1.6m | €1.4m | ▼ 11.3% |
| Plant, machinery and equipment23 | - | - | - | €0.5m | €0.4m | €0.5m | €0.4m | €0.8m | ▲ 107% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 59.0% |
| Leasing and similar rights25 | - | - | - | €1.9m | €2.1m | €2.6m | €3.3m | €3.3m | ▼ 1.6% |
| Assets under construction and advance payments27 | - | - | - | - | €0.03m | €0.06m | - | €0.09m | - |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 11.9% |
| Other financial fixed assets284/8 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 11.9% |
| Shares284 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 48.5% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 10.9% |
| Current assets29/58 | €16.7m | €14.9m | €14.8m | €15.1m | €16.8m | €16.2m | €18.3m | €16.5m | ▼ 9.9% |
| Stocks and contracts in progress3 | €0.4m | €0.3m | €0.4m | €4.4m | €3.4m | €4.0m | €4.5m | €4.6m | ▲ 0.2% |
| Stocks30/36 | - | - | - | €0.5m | €0.6m | €0.6m | €0.4m | €0.4m | ▼ 14.0% |
| Raw materials and consumables30/31 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 5.4% |
| Finished goods33 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 19.9% |
| Contracts in progress37 | - | - | - | €3.9m | €2.9m | €3.4m | €4.1m | €4.2m | ▲ 1.7% |
| Amounts receivable within one year40/41 | €10.2m | €8.6m | €10.3m | €9.6m | €11.2m | €10.5m | €11.8m | €10.0m | ▼ 15.4% |
| Trade receivables40 | - | - | - | €8.5m | €10.5m | €9.5m | €10.4m | €8.2m | ▼ 21.1% |
| Other amounts receivable41 | - | - | - | €1.1m | €0.7m | €1.0m | €1.5m | €1.8m | ▲ 24.5% |
| Cash at bank and in hand54/58 | €1.7m | €1.7m | €1.3m | €1.1m | €2.1m | €1.7m | €2.0m | €1.9m | ▼ 0.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.03m | - | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €23.7m | €21.5m | €20.4m | €20.6m | €22.1m | €21.9m | €24.3m | €23.0m | ▼ 5.6% |
| Equity10/15 | €3.9m | €4.1m | €4.1m | €4.1m | €4.5m | €4.8m | €5.3m | €5.4m | ▲ 2.1% |
| Contributions10/11 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Capital10 | - | - | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Issued capital100 | - | - | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other1319 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | €1.8m | €1.9m | €2.0m | €2.1m | €2.5m | €2.8m | €3.2m | €3.3m | ▲ 3.7% |
| Investment grants15 | - | - | - | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 21.2% |
| Amounts payable17/49 | €19.8m | €17.5m | €16.3m | €16.4m | €17.5m | €17.0m | €19.1m | €17.6m | ▼ 7.7% |
| Amounts payable after more than one year17 | €5.2m | €4.7m | €4.1m | €3.9m | €3.4m | €3.6m | €3.6m | €3.8m | ▲ 6.6% |
| Financial debts170/4 | - | - | - | €3.9m | €3.4m | €3.6m | €3.6m | €3.8m | ▲ 6.6% |
| Leasing and similar obligations172 | - | - | - | €1.3m | €1.5m | €1.9m | €2.3m | €2.0m | ▼ 12.2% |
| Credit institutions173 | - | - | - | €2.6m | €2.0m | €1.7m | €1.2m | €1.8m | ▲ 41.5% |
| Amounts payable within one year42/48 | €14.6m | €12.8m | €12.2m | €12.6m | €14.1m | €13.3m | €15.5m | €13.8m | ▼ 11.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.8m | €1.5m | €1.5m | €1.6m | €1.7m | ▲ 6.6% |
| Financial debts43 | - | - | - | €4.1m | €4.4m | €4.4m | €5.2m | €4.8m | ▼ 7.7% |
| Credit institutions430/8 | - | - | - | €4.1m | €4.4m | €4.4m | €5.2m | €4.8m | ▼ 7.7% |
| Trade debts44 | €5.7m | €4.1m | €3.3m | €4.4m | €6.2m | €5.9m | €7.1m | €5.5m | ▼ 22.9% |
| Suppliers440/4 | - | - | - | €4.4m | €6.2m | €5.9m | €7.1m | €5.5m | ▼ 22.9% |
| Advances received on contracts in progress46 | - | - | - | €1.0m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | €1.1m | €0.9m | €0.8m | €1.0m | ▲ 31.4% |
| Taxes450/3 | - | - | - | €0.2m | €0.3m | €0.3m | €0.1m | €0.4m | ▲ 192% |
| Remuneration and social security454/9 | - | - | - | €0.5m | €0.8m | €0.6m | €0.6m | €0.6m | ▼ 1.9% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.8m | €0.7m | €0.9m | €0.8m | ▼ 2.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.06m | €0.1m | €0.03m | €0.03m | ▼ 7.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.1m | €0.06m | €0.04m | €0.4m | €0.3m | €0.4m | €0.1m | ▼ 72.3% |
| + Depreciation and write-downs630 | €1.6m | €1.7m | €1.6m | €1.6m | €1.5m | €1.4m | €1.4m | €1.5m | ▲ 10.0% |
| Operating cash flow (approximation) | €2.0m | €1.8m | €1.7m | €1.6m | €1.9m | €1.7m | €1.8m | €1.6m | ▼ 9.1% |
| Investment in fixed assets (approximation) | - | -€1.3m | -€0.6m | -€1.4m | -€1.2m | -€1.8m | -€1.7m | -€2.0m | ▼ 19.1% |
| Change in cash | - | -€0.04m | -€0.3m | -€0.3m | €1.0m | -€0.4m | €0.2m | -€0.01m | - |
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, 733 companies had the same profile as BODARWE has now. Two years later, 97.3% were still going and 1.0% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
97.3%
was still going
1.4%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BODARWE itself: 0.4% 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 733 companies, not a prediction for BODARWE. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00198452 | |
| 31-12-2024 | full format | 27-06-2025 | 2025-00188695 | |
| 31-12-2023 | full format | 04-07-2024 | 2024-00209941 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00157295 | |
| 31-12-2021 | full format | 07-07-2022 | 2022-20163790 | |
| 31-12-2020 | full format | 13-07-2021 | 2021-35700004 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-26300552 | |
| 31-12-2018 | full format | 24-06-2019 | 2019-21900273 | |
| 31-12-2017 | full format | 18-06-2018 | 2018-20100323 | |
| 31-12-2016 | full format | 22-06-2017 | 2017-22200073 |