BODO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-05-2026 PDF all 7 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €1.3m
Estimated: probably between €1.1m and €1.6m
Total assets
€336,922▲ 66.5%
2024 · €202,312
Net result
€182,261▲ 116%
2024 · €84,493
Working capital
-€47,365▼ 612%
2024 · -€6,652
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€249,477
▲ 115%
2025
20192025
Net result
€182,261
▲ 116%
2025
highest quarter of the sector
20192025
Equity
€74,990
▲ 7.1%
2025
middle half of the sector
20192025
Total assets
€336,922
▲ 66.5%
2025
highest quarter of the sector
20192025
Debt
€261,932
▲ 98.0%
2025
20192025
Working capital
-€47,365
▼ 612%
2025
lowest quarter of the sector
20192025
Solvency
22.3%
▼ 12.3pp
2025
middle half of the sector
20192025
Current ratio
0.82
▼ 0.13
2025
middle half of the sector
20192025
Return on assets (ROA)
54.1%
▲ 12.3pp
2025
highest quarter of the sector
20192025
Staff (FTE)
14.9
▲ 79.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€12,754-€23,468▲ 84.0%€69,144▲ 195%€62,613▼ 9.4%€74,621▲ 19.2%€116,078▲ 55.6%€249,477▲ 115%
Net result€8,940-€21,353above the sector's middle half▲ 139%€59,937above the sector's middle half▲ 181%€41,557above the sector's middle half▼ 30.7%€47,495above the sector's middle half▲ 14.3%€84,493above the sector's middle half▲ 77.9%€182,261above the sector's middle half▲ 116%
Equity€28,128-€48,681within the sector's middle half▲ 73.1%€108,617above the sector's middle half▲ 123%€95,174above the sector's middle half▼ 12.4%€72,669within the sector's middle half▼ 23.6%€70,000within the sector's middle half▼ 3.7%€74,990within the sector's middle half▲ 7.1%
Total assets€141,202-€120,568within the sector's middle half▼ 14.6%€209,760within the sector's middle half▲ 74.0%€206,405within the sector's middle half▼ 1.6%€169,403within the sector's middle half▼ 17.9%€202,312within the sector's middle half▲ 19.4%€336,922above the sector's middle half▲ 66.5%
Debt€113,074-€71,887▼ 36.4%€101,142▲ 40.7%€111,231▲ 10.0%€96,733▼ 13.0%€132,312▲ 36.8%€261,932▲ 98.0%
Working capital-€75,699--€54,077below the sector's middle half▲ 28.6%€2,702within the sector's middle half-€10,552within the sector's middle half-€5,194within the sector's middle half▲ 50.8%-€6,652within the sector's middle half▼ 28.1%-€47,365below the sector's middle half▼ 612%
Solvency19.9%-40.4%within the sector's middle half▲ 20.5pp51.8%within the sector's middle half▲ 11.4pp46.1%within the sector's middle half▼ 5.7pp42.9%within the sector's middle half▼ 3.2pp34.6%within the sector's middle half▼ 8.3pp22.3%within the sector's middle half▼ 12.3pp
Current ratio0.33-0.25below the sector's middle half▼ 0.081.03within the sector's middle half▲ 0.780.91within the sector's middle half▼ 0.120.95within the sector's middle half▲ 0.040.95within the sector's middle half=0.82within the sector's middle half▼ 0.13
Return on assets (ROA)6.3%-17.7%above the sector's middle half▲ 11.4pp28.6%above the sector's middle half▲ 10.9pp20.1%above the sector's middle half▼ 8.4pp28.0%above the sector's middle half▲ 7.9pp41.8%above the sector's middle half▲ 13.7pp54.1%above the sector's middle half▲ 12.3pp
Staff (FTE)2.2-3.2within the sector's middle half▲ 45.5%6.3▲ 96.9%10.9▲ 73.0%9.2▼ 15.6%8.3▼ 9.8%14.9▲ 79.5%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 115% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €336,922
Fixed assets
€122,355 ▲ 59.6%
Current assets
€214,567 ▲ 70.8%
Equity and liabilities €336,922
Equity
€74,990 ▲ 7.1%
Debt
€261,932 ▲ 98.0%
Debt's share of the balance-sheet total rises from 65.4% to 77.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€269,919▲
2024 · €138,115
Cash flow
€202,704▲
2024 · €106,530
Quick ratio
0.81▼
2024 · 0.93
Debt to equity
3.49▲
2024 · 1.89
ROE
243.0%▲
2024 · 120.7%
Interest coverage
25.93▲
2024 · 13.33
Debt ≤ 1 year
€261,932▲
2024 · €132,312
Income taxes
€57,709▲
2024 · €23,035
Staff costs
€273,473▲
2024 · €193,633
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 | 10 | 13 | 11 | 14 | 11 |
| full-time | 1 | 3 | 3 | 3 | - |
| part-time | 9 | 10 | 8 | 11 | 11 |
| in full-time equivalents | 6.1 | 8.3 | 5.8 | 7 | 5.9 |
| Average over the year, in full-time equivalents | 3.5 | 6.9 | 6.5 | 5.8 | 7.3 |
| On a permanent contract | 5 | 6 | 6 | 5 | 4 |
| Joined | 27 | 38 | 31 | 30 | 87 |
| Left | 20 | 35 | 33 | 27 | 88 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €29,697 | €25,197 | €2,020 | €20,826 | €65,395 |
| Financial fixed assets | - | - | - | - | €750 |
| Depreciation and write-downs of the year | €24,880 | €27,044 | €24,000 | €22,037 | €20,442 |
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 | - | - | €63,943 | €212,176 | €262,603 | €193,633 | €273,473 | ▲ 41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,537 | €16,363 | €24,880 | €27,044 | €24,000 | €22,037 | €20,442 | ▼ 7.2% |
| Other operating charges640/8 | - | - | €8,819 | €9,294 | €14,132 | €6,064 | €6,571 | ▲ 8.4% |
| Gross operating margin9900 | €83,268 | €68,961 | €166,787 | €311,128 | €375,355 | €337,812 | €549,964 | ▲ 62.8% |
| Operating profit (loss)9901 | €12,754 | €23,468 | €69,144 | €62,613 | €74,621 | €116,078 | €249,477 | ▲ 115% |
| Financial income75/76B | - | - | €14 | €210 | €1,506 | €1,813 | €904 | ▼ 50.2% |
| Recurring financial income75 | €563 | €467 | €14 | €210 | €1,506 | €1,813 | €904 | ▼ 50.2% |
| Financial charges65/66B | - | - | €5,393 | €10,643 | €13,160 | €10,363 | €10,410 | ▲ 0.5% |
| Recurring financial charges65 | €4,377 | €2,582 | €5,393 | €10,643 | €13,160 | €10,363 | €10,410 | ▲ 0.5% |
| Profit (loss) for the period before taxes9903 | €8,940 | €21,353 | €63,764 | €52,181 | €62,967 | €107,528 | €239,971 | ▲ 123% |
| Income taxes67/77 | - | - | €3,827 | €10,624 | €15,472 | €23,035 | €57,709 | ▲ 151% |
| Profit (loss) for the period9904 | €8,940 | €21,353 | €59,937 | €41,557 | €47,495 | €84,493 | €182,261 | ▲ 116% |
| Profit (loss) for the period to be appropriated9905 | €8,940 | €21,353 | €59,937 | €41,557 | €47,495 | €84,493 | €182,261 | ▲ 116% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €141,202 | €120,568 | €209,760 | €206,405 | €169,403 | €202,312 | €336,922 | ▲ 66.5% |
| Fixed assets21/28 | €103,826 | €102,758 | €107,574 | €105,727 | €77,863 | €76,652 | €122,355 | ▲ 59.6% |
| Tangible fixed assets22/27 | €103,826 | €102,758 | €107,574 | €105,727 | €77,863 | €76,652 | €121,605 | ▲ 58.6% |
| Plant, machinery and equipment23 | - | - | €25,167 | €29,326 | €18,960 | €11,302 | €13,952 | ▲ 23.4% |
| Furniture and vehicles24 | - | - | €54,074 | €51,259 | €43,722 | €54,205 | €98,513 | ▲ 81.7% |
| Other tangible fixed assets26 | - | - | €28,333 | €25,141 | €15,181 | €11,145 | €9,140 | ▼ 18.0% |
| Financial fixed assets28 | - | - | - | - | - | - | €750 | - |
| Current assets29/58 | €37,375 | €17,810 | €102,186 | €100,679 | €91,539 | €125,660 | €214,567 | ▲ 70.8% |
| Stocks and contracts in progress3 | €2,192 | €1,189 | €1,530 | €2,531 | €2,179 | €2,192 | €2,376 | ▲ 8.4% |
| Stocks30/36 | - | - | €1,530 | €2,531 | €2,179 | €2,192 | €2,376 | ▲ 8.4% |
| Amounts receivable within one year40/41 | €12,068 | €413 | €8,658 | €26,389 | €62,273 | €51,574 | €11,964 | ▼ 76.8% |
| Trade receivables40 | - | - | €8,658 | €10,479 | €15,684 | €6,640 | €2,304 | ▼ 65.3% |
| Other amounts receivable41 | - | - | - | €15,910 | €46,589 | €44,934 | €9,660 | ▼ 78.5% |
| Cash at bank and in hand54/58 | €19,215 | €9,099 | €87,451 | €68,757 | €18,726 | €65,159 | €189,845 | ▲ 191% |
| Deferred charges and accrued income490/1 | - | - | €4,547 | €3,001 | €8,362 | €6,735 | €10,381 | ▲ 54.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €141,202 | €120,568 | €209,760 | €206,405 | €169,403 | €202,312 | €336,922 | ▲ 66.5% |
| Equity10/15 | €28,128 | €48,681 | €108,617 | €95,174 | €72,669 | €70,000 | €74,990 | ▲ 7.1% |
| Contributions10/11 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €8,128 | €28,681 | €88,617 | €75,174 | €52,669 | €50,000 | €54,990 | ▲ 10.0% |
| Non-distributable reserves130/1 | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | €86,617 | €73,174 | €50,669 | €48,000 | €52,990 | ▲ 10.4% |
| Amounts payable17/49 | €113,074 | €71,887 | €101,142 | €111,231 | €96,733 | €132,312 | €261,932 | ▲ 98.0% |
| Amounts payable within one year42/48 | €113,074 | €71,887 | €99,484 | €111,231 | €96,733 | €132,312 | €261,932 | ▲ 98.0% |
| Financial debts43 | - | - | - | €14,650 | €8,390 | €8,452 | €10,093 | ▲ 19.4% |
| Credit institutions430/8 | - | - | - | €14,650 | €8,390 | €8,452 | €10,093 | ▲ 19.4% |
| Trade debts44 | €24,568 | €7,051 | €32,652 | €45,544 | €32,737 | €26,975 | €26,501 | ▼ 1.8% |
| Suppliers440/4 | - | - | €32,652 | €45,544 | €32,737 | €26,975 | €26,501 | ▼ 1.8% |
| Taxes, remuneration and social security45 | - | - | €44,419 | €51,037 | €55,607 | €45,016 | €56,231 | ▲ 24.9% |
| Taxes450/3 | - | - | €17,394 | €14,097 | €11,328 | €13,532 | €36,209 | ▲ 168% |
| Remuneration and social security454/9 | - | - | €27,025 | €36,940 | €44,278 | €31,484 | €20,022 | ▼ 36.4% |
| Other amounts payable47/48 | - | - | €22,413 | - | - | €51,869 | €169,107 | ▲ 226% |
| Accrued charges and deferred income492/3 | - | - | €1,659 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,940 | €21,353 | €59,937 | €41,557 | €47,495 | €84,493 | €182,261 | ▲ 116% |
| + Depreciation and write-downs630 | €17,537 | €16,363 | €24,880 | €27,044 | €24,000 | €22,037 | €20,442 | ▼ 7.2% |
| Operating cash flow (approximation) | €26,477 | €37,716 | €84,817 | €68,601 | €71,495 | €106,530 | €202,704 | ▲ 90.3% |
| Investment in fixed assets (approximation) | - | -€15,294 | -€29,697 | -€25,197 | €3,864 | -€20,826 | -€66,145 | ▼ 218% |
| Change in cash | - | -€10,115 | €78,352 | -€18,694 | -€50,032 | €46,433 | €124,687 | ▲ 169% |
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, 2,684 companies had the same profile as BODO has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BODO itself: 0.8% 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 2,684 companies, not a prediction for BODO. 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 | 04-05-2026 | 2026-00099845 | |
| 31-12-2024 | micro format | 12-06-2025 | 2025-00133532 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00164982 | |
| 31-12-2022 | micro format | 01-07-2023 | 2023-00186394 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20056411 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25700204 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-34100487 |