BOSKOUTER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 27 filings
Turnover
€172,029▲ 7.7%
2018 · €159,732
EBIT margin
80.1%▲ 45.7pp
2018 · 34.4%
Net result
€82,706▼ 17.5%
2024 · €100,198
Working capital
-€28,329▲ 82.8%
2024 · -€164,686
In the rankings
#5 oldest company in Huldenberg, Real estate sector#7 company by total assets in Huldenberg, Real estate sector#7 company by equity in Huldenberg, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€116,053
▼ 18.1%
2025
20182025
Net result
€82,706
▼ 17.5%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.2m
▲ 7.2%
2025
highest quarter of the sector
20182025
Total assets
€1.7m
▲ 4.4%
2025
highest quarter of the sector
20182025
Debt
€448,638
▼ 2.2%
2025
20182025
Working capital
-€28,329
▲ 82.8%
2025
middle half of the sector
20182025
Solvency
72.1%
▲ 1.9pp
2025
highest quarter of the sector
20182025
Current ratio
0.89
▲ 0.58
2025
middle half of the sector
20182025
Return on assets (ROA)
4.8%
▼ 1.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.2m-€0.2m▲ 7.7%
Operating result€0.05m-€0.1m▲ 151%€0.08m▼ 42.7%€0.2m▲ 105%€0.2m▲ 9.4%€0.1m▼ 25.3%€0.1m▲ 7.0%€0.1m▼ 18.1%
Net result€0.03m-€0.08m▲ 159%€0.04mabove the sector's middle half▼ 51.9%€0.1mabove the sector's middle half▲ 155%€0.1mabove the sector's middle half▲ 20.6%€0.09mabove the sector's middle half▼ 25.8%€0.1mabove the sector's middle half▲ 7.9%€0.08mabove the sector's middle half▼ 17.5%
EBIT margin34.4%-80.1%▲ 45.7pp
Equity€0.6m-€0.7m▲ 14.1%€0.7mabove the sector's middle half▲ 6.0%€0.8mabove the sector's middle half▲ 14.3%€1.0mabove the sector's middle half▲ 15.1%€1.0mabove the sector's middle half▲ 9.7%€1.1mabove the sector's middle half▲ 9.6%€1.2mabove the sector's middle half▲ 7.2%
Total assets€1.2m-€1.3m▲ 8.7%€1.3mabove the sector's middle half▲ 0.6%€1.4mabove the sector's middle half▲ 5.9%€1.6mabove the sector's middle half▲ 13.9%€1.6mabove the sector's middle half=€1.6mabove the sector's middle half▲ 1.0%€1.7mabove the sector's middle half▲ 4.4%
Debt€0.6m-€0.6m▲ 0.8%€0.6m▼ 5.1%€0.6m▼ 6.8%€0.6m▲ 13.1%€0.5m▼ 14.4%€0.5m▼ 15.4%€0.4m▼ 2.2%
Working capital-€0.3m--€0.3m▲ 6.3%-€0.3mbelow the sector's middle half▲ 14.3%-€0.2mbelow the sector's middle half▲ 7.8%-€0.3mbelow the sector's middle half▼ 23.5%-€0.3mbelow the sector's middle half▲ 9.6%-€0.2mbelow the sector's middle half▲ 39.5%-€0.03mwithin the sector's middle half▲ 82.8%
Solvency48.8%-51.2%▲ 2.4pp54.0%within the sector's middle half▲ 2.7pp58.3%within the sector's middle half▲ 4.3pp58.9%within the sector's middle half▲ 0.6pp64.6%above the sector's middle half▲ 5.7pp70.2%above the sector's middle half▲ 5.5pp72.1%above the sector's middle half▲ 1.9pp
Current ratio0.10-0.07▼ 0.040.19below the sector's middle half▲ 0.120.06below the sector's middle half▼ 0.130.08below the sector's middle half▲ 0.030.06below the sector's middle half▼ 0.020.31below the sector's middle half▲ 0.250.89within the sector's middle half▲ 0.58
Return on assets (ROA)2.7%-6.3%▲ 3.7pp3.0%within the sector's middle half▼ 3.3pp7.3%within the sector's middle half▲ 4.3pp7.7%within the sector's middle half▲ 0.4pp5.7%within the sector's middle half▼ 2.0pp6.1%within the sector's middle half▲ 0.4pp4.8%within the sector's middle half▼ 1.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 18% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.5m ▼ 5.5%
Current assets
€233,609 ▲ 210%
Equity and liabilities €1.7m
Equity
€1.2m ▲ 7.2%
Provisions
€28,169 ▼ 3.5%
Debt
€448,638 ▼ 2.2%
Debt's share of the balance-sheet total falls from 28.1% to 26.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€202,597▼
2024 · €225,681
Cash flow
€169,250▼
2024 · €184,201
Debt to equity
0.36▼
2024 · 0.40
ROE
6.7%▼
2024 · 8.7%
Interest coverage
86.63▲
2024 · 74.98
Debt ≤ 1 year
€261,938▲
2024 · €240,076
Debt > 1 year
€186,700▼
2024 · €218,568
Income taxes
€32,157▼
2024 · €39,756
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €37,500 | €37,500 | €37,500 | €37,500 |
| Mortgage mandates | - | €112,500 | €112,500 | €112,500 | €112,500 |
| Carrying value of the mortgaged assets | - | €1.6m | €1.6m | €1.5m | €1.4m |
| Carrying value of the other pledged assets | €1.4m | - | - | - | - |
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 | €201,091 | €253,127 | €83,683 | €42,370 | - |
| Depreciation and write-downs of the year | €62,350 | €67,906 | €74,909 | €84,003 | €86,544 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €159,732 | €172,029 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €67,605 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €961 | €319 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €62,717 | €69,520 | €70,152 | €62,350 | €67,906 | €74,909 | €84,003 | €86,544 | ▲ 3.0% |
| Other operating charges640/8 | - | - | - | €4,551 | €6,485 | €5,706 | €6,379 | €7,309 | ▲ 14.6% |
| Gross operating margin9900 | €123,222 | €213,440 | €154,184 | €229,932 | €251,944 | €213,015 | €232,060 | €209,906 | ▼ 9.5% |
| Operating profit (loss)9901 | €54,914 | €137,737 | €78,869 | €162,070 | €177,234 | €132,400 | €141,677 | €116,053 | ▼ 18.1% |
| Financial income75/76B | - | - | - | €0 | - | €66 | €262 | €125 | ▼ 52.5% |
| Recurring financial income75 | €14 | €0 | - | €0 | - | €66 | €262 | €125 | ▼ 52.5% |
| Financial charges65/66B | - | - | - | €20,119 | €5,058 | €4,194 | €3,010 | €2,339 | ▼ 22.3% |
| Recurring financial charges65 | €20,742 | €18,436 | €21,223 | €20,119 | €5,058 | €4,194 | €3,010 | €2,339 | ▼ 22.3% |
| Profit (loss) for the period before taxes9903 | €34,185 | €119,301 | €57,646 | €141,951 | €172,176 | €128,272 | €138,930 | €113,839 | ▼ 18.1% |
| Transfer from deferred taxes780 | - | - | - | €512 | €1,024 | €1,024 | €1,024 | €1,024 | = |
| Transfer to deferred taxes680 | - | - | - | €16,901 | - | - | - | - | - |
| Income taxes67/77 | €1,539 | €17,727 | €17,925 | €21,739 | €48,000 | €36,427 | €39,756 | €32,157 | ▼ 19.1% |
| Profit (loss) for the period9904 | €32,646 | €84,673 | €40,745 | €103,823 | €125,201 | €92,869 | €100,198 | €82,706 | ▼ 17.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,536 | €3,073 | €3,073 | €3,073 | €3,073 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €50,704 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €32,646 | €33,969 | €43,818 | €54,655 | €128,274 | €95,942 | €103,271 | €85,779 | ▼ 16.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.3m | €1.3m | €1.4m | €1.6m | €1.6m | €1.6m | €1.7m | ▲ 4.4% |
| Fixed assets21/28 | €1.2m | €1.3m | €1.3m | €1.4m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 5.5% |
| Tangible fixed assets22/27 | €1.2m | €1.3m | €1.3m | €1.4m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 5.5% |
| Land and buildings22 | - | - | - | €1.4m | €1.6m | €1.6m | €1.5m | €1.4m | ▼ 4.8% |
| Furniture and vehicles24 | - | - | - | - | €0.02m | €0.04m | €0.05m | €0.04m | ▼ 26.9% |
| Financial fixed assets28 | €290 | €290 | €290 | €290 | €290 | - | - | - | - |
| Current assets29/58 | €0.04m | €0.02m | €0.06m | €0.01m | €0.03m | €0.02m | €0.08m | €0.2m | ▲ 210% |
| Amounts receivable within one year40/41 | - | - | €189 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.06m | €0.01m | €0.02m | €0.01m | €0.07m | €0.2m | ▲ 223% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.004m | €0.004m | €0.003m | ▼ 31.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.3m | €1.4m | €1.6m | €1.6m | €1.6m | €1.7m | ▲ 4.4% |
| Equity10/15 | €0.6m | €0.7m | €0.7m | €0.8m | €1.0m | €1.0m | €1.1m | €1.2m | ▲ 7.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | €1.0m | €1.1m | €1.2m | ▲ 7.3% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.1% |
| Distributable reserves133 | - | - | - | €0.7m | €0.8m | €0.9m | €1.0m | €1.1m | ▲ 8.3% |
| Profit (loss) carried forward14 | -€0.004m | - | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 3.5% |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0.03m | €0.03m | - | - | - |
| Taxes161 | - | - | - | - | €0.03m | €0.03m | - | - | - |
| Deferred taxes168 | - | - | - | €0.03m | - | - | €0.03m | €0.03m | ▼ 3.5% |
| Amounts payable17/49 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 2.2% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 14.6% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | ▼ 32.3% |
| Other amounts payable178/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 9.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.05m | €0.05m | €0.03m | €0.03m | ▼ 4.7% |
| Financial debts43 | - | - | - | - | €0.001m | €0.002m | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.001m | €0.002m | - | - | - |
| Trade debts44 | €0.002m | €0.001m | €0.005m | €0.002m | €0.007m | €0.006m | €0.005m | €0.001m | ▼ 74.3% |
| Suppliers440/4 | - | - | - | €0.002m | €0.007m | €0.006m | €0.005m | €0.001m | ▼ 74.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.07m | €0.04m | €0.04m | €0.07m | ▲ 81.0% |
| Taxes450/3 | - | - | - | €0.03m | €0.07m | €0.04m | €0.04m | €0.07m | ▲ 81.0% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,646 | €84,673 | €40,745 | €103,823 | €125,201 | €92,869 | €100,198 | €82,706 | ▼ 17.5% |
| + Depreciation and write-downs630 | €62,717 | €69,520 | €70,152 | €62,350 | €67,906 | €74,909 | €84,003 | €86,544 | ▲ 3.0% |
| Operating cash flow (approximation) | €95,363 | €154,192 | €110,898 | €166,173 | €193,107 | €167,778 | €184,201 | €169,250 | ▼ 8.1% |
| Investment in fixed assets (approximation) | - | -€191,685 | -€37,943 | -€188,697 | -€253,127 | -€83,393 | -€42,370 | €0 | - |
| Change in cash | - | €4,296 | €38,653 | -€46,338 | €12,139 | -€10,329 | €57,647 | €159,445 | ▲ 177% |
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, 14,766 companies had the same profile as BOSKOUTER has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BOSKOUTER itself: < 0.1% 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 14,766 companies, not a prediction for BOSKOUTER. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00138490 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00132309 | |
| 31-12-2023 | micro format | 23-05-2024 | 2024-00096722 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00119804 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20054397 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-24000489 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-19700115 | |
| 31-12-2018 | micro format | 03-06-2019 | 2019-15800521 | |
| 31-12-2017 | micro format | 28-05-2018 | 2018-14500385 | |
| 31-12-2016 | micro format | 02-06-2017 | 2017-15000022 |