BOLS
ActiveSummary
BOLS has been active since 2007 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €898,913 and a net result of €137,878. Equity is growing by about 7.5% per year across the filed financial years. Its solvency ranks better than 91% of 17,107 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · financial year 2025, micro format
In the rankings
#9 company by equity in Ravels, Real estate sector
2025 annual accounts filed late (26 days) Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00437381.
Turnover
≈ €370,000
Estimated: probably between €270,000 and €680,000
Total assets
€1.0m▲ 5.1%
2024 · €958,762
Net result
€137,878▲ 22.6%
2024 · €112,463
Working capital
€192,934▲ 118%
2024 · €88,478
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 18% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.2m
2025
Net result€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.0m
2025
Equity€0.9m
2025
Debt€0.1m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.2m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)13.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency89.2%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio2.77
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.07m-€0.06m▼ 10.8%€0.04m▼ 32.5%€0.06m▲ 45.6%€0.2m▲ 219%€0.08m▼ 55.8%€0.2m▲ 106%€0.2m▲ 18.2%
Net result€0.04m-€0.04m▼ 4.9%€0.03mwithin the sector's middle half▼ 24.7%€0.04mwithin the sector's middle half▲ 29.0%€0.1mabove the sector's middle half▲ 288%€0.05mabove the sector's middle half▼ 61.6%€0.1mabove the sector's middle half▲ 109%€0.1mabove the sector's middle half▲ 22.6%
Equity€0.5m-€0.6m▲ 7.1%€0.6mwithin the sector's middle half▲ 5.0%€0.6mwithin the sector's middle half▼ 0.2%€0.7mabove the sector's middle half▲ 18.8%€0.7mabove the sector's middle half▲ 2.1%€0.8mabove the sector's middle half▲ 10.5%€0.9mabove the sector's middle half▲ 13.9%
Total assets€0.7m-€0.7m▲ 3.1%€0.7mwithin the sector's middle half▼ 4.2%€0.7mwithin the sector's middle half▼ 1.3%€0.8mwithin the sector's middle half▲ 10.2%€0.9mwithin the sector's middle half▲ 18.9%€1.0mwithin the sector's middle half▲ 3.4%€1.0mwithin the sector's middle half▲ 5.1%
Debt€0.2m-€0.2m▼ 7.4%€0.1m▼ 31.8%€0.1m▼ 6.4%€0.08m▼ 32.1%€0.2m▲ 165%€0.2m▼ 20.5%€0.1m▼ 35.8%
Working capital-€0.07m--€0.07m▲ 3.6%-€0.08mwithin the sector's middle half▼ 9.8%-€0.1mwithin the sector's middle half▼ 45.4%-€0.004mwithin the sector's middle half▲ 96.5%€0.01mwithin the sector's middle half€0.09mwithin the sector's middle half▲ 640%€0.2mabove the sector's middle half▲ 118%
Solvency72.3%-75.2%▲ 2.8pp82.3%above the sector's middle half▲ 7.2pp83.2%above the sector's middle half▲ 0.9pp89.7%above the sector's middle half▲ 6.4pp77.0%above the sector's middle half▼ 12.7pp82.3%above the sector's middle half▲ 5.3pp89.2%above the sector's middle half▲ 6.9pp
Current ratio0.27-0.41▲ 0.140.19below the sector's middle half▼ 0.220.04below the sector's middle half▼ 0.150.95within the sector's middle half▲ 0.911.06within the sector's middle half▲ 0.111.52within the sector's middle half▲ 0.472.77within the sector's middle half▲ 1.25
Return on assets (ROA)5.4%-5.0%▼ 0.4pp3.9%within the sector's middle half▼ 1.1pp5.1%within the sector's middle half▲ 1.2pp18.0%above the sector's middle half▲ 12.9pp5.8%within the sector's middle half▼ 12.2pp11.7%above the sector's middle half▲ 5.9pp13.7%above the sector's middle half▲ 1.9pp
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Why a figure moved sharply
- 2022 Net result +288% on 2021. The accounts now follow the micro format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€705,978 ▲ 0.8%
Current assets
€301,906 ▲ 16.9%
Equity and liabilities €1.0m
Equity
€898,913 ▲ 13.9%
Debt
€108,972 ▼ 35.8%
Debt's share of the balance-sheet total falls from 17.7% to 10.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€202,577▲
2024 · €171,478
Cash flow
€139,290▲
2024 · €113,804
Debt to equity
0.12▼
2024 · 0.22
ROE
15.3%▲
2024 · 14.3%
Interest coverage
68.76▲
2024 · 34.10
Debt ≤ 1 year
€108,972▼
2024 · €169,677
Income taxes
€65,242▲
2024 · €52,645
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €534 | €1,298 | €1,341 | €1,341 | €1,412 | ▲ 5.3% |
| Other operating charges640/8 | - | - | - | €969 | €450 | €509 | €505 | €1,118 | ▲ 121% |
| Gross operating margin9900 | €67,936 | €61,330 | €41,259 | €60,183 | €189,142 | €84,630 | €171,983 | €203,696 | ▲ 18.4% |
| Operating profit (loss)9901 | €66,972 | €59,718 | €40,291 | €58,680 | €187,395 | €82,780 | €170,136 | €201,165 | ▲ 18.2% |
| Financial income75/76B | - | - | - | €0 | - | - | - | €4,901 | - |
| Recurring financial income75 | - | €541 | - | €0 | - | - | - | €4,901 | - |
| Financial charges65/66B | - | - | - | €783 | €337 | €4,720 | €5,028 | €2,946 | ▼ 41.4% |
| Recurring financial charges65 | €3,932 | €2,033 | €1,722 | €783 | €337 | €4,720 | €5,028 | €2,946 | ▼ 41.4% |
| Profit (loss) for the period before taxes9903 | €63,040 | €58,225 | €38,569 | €57,897 | €187,059 | €78,060 | €165,108 | €203,120 | ▲ 23.0% |
| Income taxes67/77 | €23,827 | €20,951 | €10,519 | €21,719 | €46,695 | €24,210 | €52,645 | €65,242 | ▲ 23.9% |
| Profit (loss) for the period9904 | €39,213 | €37,275 | €28,050 | €36,178 | €140,363 | €53,849 | €112,463 | €137,878 | ▲ 22.6% |
| Profit (loss) for the period to be appropriated9905 | €39,213 | €37,275 | €28,050 | €36,178 | €140,363 | €53,849 | €112,463 | €137,878 | ▲ 22.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | ▲ 5.1% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 0.8% |
| Tangible fixed assets22/27 | - | - | - | €0.005m | €0.005m | €0.004m | €0.002m | €0.008m | ▲ 245% |
| Land and buildings22 | - | - | - | - | - | - | - | €0.007m | - |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.005m | €0.004m | €0.002m | €500 | ▼ 77.2% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €351 | - |
| Financial fixed assets28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Current assets29/58 | €0.03m | €0.05m | €0.02m | €0.004m | €0.08m | €0.2m | €0.3m | €0.3m | ▲ 16.9% |
| Stocks and contracts in progress3 | - | €0.03m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.009m | €0.009m | €210 | €0.07m | €0.2m | €0.3m | €0.3m | ▲ 18.1% |
| Trade receivables40 | - | - | - | - | €0.06m | €0.01m | €0.05m | €0.01m | ▼ 75.0% |
| Other amounts receivable41 | - | - | - | €210 | €0.01m | €0.2m | €0.2m | €0.3m | ▲ 43.4% |
| Cash at bank and in hand54/58 | €0.01m | €0.004m | €0.009m | €0.004m | €0.004m | €0.004m | €0.004m | €0.002m | ▼ 59.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | ▲ 5.1% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 13.9% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Contributions outside capital11 | - | - | - | €0.01m | - | - | - | - | - |
| Share premium1100/10 | - | - | - | €0.01m | - | - | - | - | - |
| Reserves13 | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 14.1% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 14.2% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | €0.2m | €0.2m | €0.1m | ▼ 35.8% |
| Amounts payable after more than one year17 | €0.1m | €0.06m | €0.03m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.2m | €0.2m | €0.1m | ▼ 35.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.006m | €0.2m | €0.1m | €0.005m | ▼ 95.6% |
| Trade debts44 | €0.003m | €0.07m | €0.04m | €0.03m | €136 | €0.004m | €0.01m | €0.02m | ▲ 43.1% |
| Suppliers440/4 | - | - | - | €0.03m | €136 | €0.004m | €0.01m | €0.02m | ▲ 43.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.04m | €0.01m | €0.02m | €0.06m | ▲ 136% |
| Taxes450/3 | - | - | - | €0.007m | €0.04m | €0.01m | €0.02m | €0.06m | ▲ 136% |
| Remuneration and social security454/9 | - | - | - | €0.002m | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 2.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,213 | €37,275 | €28,050 | €36,178 | €140,363 | €53,849 | €112,463 | €137,878 | ▲ 22.6% |
| + Depreciation and write-downs630 | - | - | - | €534 | €1,298 | €1,341 | €1,341 | €1,412 | ▲ 5.3% |
| Operating cash flow (approximation) | €39,213 | €37,275 | €28,050 | €36,713 | €141,661 | €55,191 | €113,804 | €139,290 | ▲ 22.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€5,170 | -€1,537 | €0 | €0 | -€6,784 | - |
| Change in cash | - | -€6,041 | €5,041 | -€4,902 | €161 | -€279 | -€112 | -€2,248 | ▼ 1,911% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00437381 |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00170118 |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00127634 |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00233065 |
| 31-12-2021 | abbreviated format | 23-08-2022 | 2022-20307131 |
| 31-12-2020 | abbreviated format | 22-06-2021 | 2021-23100237 |
| 31-12-2019 | abbreviated format | 13-07-2020 | 2020-29500330 |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-21100541 |
| 31-12-2017 | abbreviated format | 08-06-2018 | 2018-17400164 |
| 31-12-2016 | abbreviated format | 02-06-2017 | 2017-14400496 |
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Of the 9,525 active companies whose main activity is development of residential building projects (NACE 68121), figures are known for 7,543. 4,072 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.