BOST
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 16 filings
Turnover
≈ €250,000
Estimated: probably between €160,000 and €430,000
Total assets
€1.1m▲ 4.7%
2024 · €1.1m
Net result
€18,248▲ 57.4%
2024 · €11,591
Working capital
€102,698▼ 12.9%
2024 · €117,925
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€21,481
▲ 73.9%
2025
20182025
Net result
€18,248
▲ 57.4%
2025
20182025
Equity
€1.0m
▲ 1.8%
2025
20182025
Total assets
€1.1m
▲ 4.7%
2025
20182025
Debt
€71,629
▲ 80.9%
2025
20182025
Working capital
€102,698
▼ 12.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.01m-€0.01m▲ 2.6%€0.02m▲ 10.1%€0.02m▼ 1.0%€0.02m▲ 22.3%€0.008m▼ 57.0%€0.01m▲ 53.3%€0.02m▲ 73.9%
Net result€0.01m-€0.01m▼ 19.1%€0.01m▲ 3.3%€0.01m▲ 1.3%€0.01m▲ 22.0%€0.008m▼ 42.2%€0.01m▲ 43.0%€0.02m▲ 57.4%
Equity€0.7m-€0.7m▲ 1.6%€0.7m▲ 1.7%€0.7m▲ 1.7%€0.7m▲ 2.0%€1.0m▲ 42.1%€1.0m▲ 1.1%€1.0m▲ 1.8%
Total assets€0.7m-€0.7m▼ 1.0%€0.7m▼ 0.2%€0.7m▲ 1.6%€0.7m▲ 2.1%€1.1m▲ 48.7%€1.1m▼ 0.8%€1.1m▲ 4.7%
Debt€0.04m-€0.02m▼ 45.8%€0.008m▼ 60.3%€0.008m▼ 5.2%€0.009m▲ 10.0%€0.06m▲ 585%€0.04m▼ 34.3%€0.07m▲ 80.9%
Working capital€0.04m-€0.07m▲ 73.8%€0.1m▲ 41.7%€0.1m▲ 28.0%€0.2m▲ 24.7%€0.1m▼ 39.1%€0.1m▲ 16.5%€0.1m▼ 12.9%
The operating result for 2025 is 74% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €1.1m
Fixed assets
€946,309 ▲ 3.7%
Current assets
€171,954 ▲ 10.8%
Equity and liabilities €1.1m
Equity
€1.0m ▲ 1.8%
Debt
€71,629 ▲ 80.9%
Debt's share of the balance-sheet total rises from 3.7% to 6.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€67,205▲
2024 · €58,076
Cash flow
€63,971▲
2024 · €57,314
Current ratio
2.48▼
2024 · 4.16
Debt to equity
0.07▲
2024 · 0.04
ROE
1.7%▲
2024 · 1.1%
ROA
1.6%▲
2024 · 1.1%
Interest coverage
81.34▼
2024 · over 100
Debt ≤ 1 year
€69,256▲
2024 · €37,315
Income taxes
€9,132▲
2024 · €5,426
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €831,170 | €41,344 | €79,280 |
| Depreciation and write-downs of the year | €19,448 | €19,448 | €29,829 | €45,723 | €45,723 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,448 | €19,448 | €19,448 | €19,448 | €19,448 | €29,829 | €45,723 | €45,723 | = |
| Other operating charges640/8 | - | - | - | €6,503 | €6,657 | €7,287 | €8,296 | €15,233 | ▲ 83.6% |
| Gross operating margin9900 | €39,615 | €40,080 | €41,898 | €41,264 | €44,838 | €45,176 | €66,372 | €82,438 | ▲ 24.2% |
| Operating profit (loss)9901 | €13,709 | €14,060 | €15,473 | €15,312 | €18,733 | €8,059 | €12,353 | €21,481 | ▲ 73.9% |
| Financial income75/76B | - | - | - | €1,626 | €2,331 | €3,665 | €5,193 | €6,724 | ▲ 29.5% |
| Recurring financial income75 | €1,319 | €1,420 | €1,587 | €1,626 | €2,331 | €3,665 | €5,193 | €6,724 | ▲ 29.5% |
| Financial charges65/66B | - | - | - | €97 | €45 | €45 | €529 | €826 | ▲ 56.1% |
| Recurring financial charges65 | €1,453 | €816 | €42 | €97 | €45 | €45 | €529 | €826 | ▲ 56.1% |
| Profit (loss) for the period before taxes9903 | €13,574 | €14,664 | €17,018 | €16,841 | €21,019 | €11,679 | €17,017 | €27,380 | ▲ 60.9% |
| Income taxes67/77 | - | €3,687 | €5,676 | €5,350 | €6,998 | €3,574 | €5,426 | €9,132 | ▲ 68.3% |
| Profit (loss) for the period9904 | €13,574 | €10,977 | €11,342 | €11,492 | €14,022 | €8,105 | €11,591 | €18,248 | ▲ 57.4% |
| Profit (loss) for the period to be appropriated9905 | €13,574 | €10,977 | €11,342 | €11,492 | €14,022 | €8,105 | €11,591 | €18,248 | ▲ 57.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €1.1m | €1.1m | €1.1m | ▲ 4.7% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.9m | €0.9m | €0.9m | ▲ 3.7% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.9m | €0.9m | €0.9m | ▲ 3.7% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.8m | €0.8m | €0.7m | ▼ 5.8% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.08m | €0.1m | €0.2m | ▲ 67.2% |
| Current assets29/58 | €0.08m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 10.8% |
| Amounts receivable within one year40/41 | €0.05m | €0.05m | €0.06m | €0.03m | €0.07m | €0.09m | €0.1m | €0.2m | ▲ 48.5% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.07m | €0.09m | €0.1m | €0.2m | ▲ 48.5% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.05m | €0.1m | €0.1m | €0.07m | €0.05m | €0.009m | ▼ 80.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.002m | - | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €1.1m | €1.1m | €1.1m | ▲ 4.7% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €1.0m | €1.0m | €1.0m | ▲ 1.8% |
| Contributions10/11 | €0.7m | €0.7m | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.01m | €0.02m | €0.04m | €0.05m | €0.06m | €0.3m | €0.3m | €0.4m | ▲ 5.3% |
| Non-distributable reserves130/1 | - | - | - | €0.001m | €0.001m | €0.007m | €0.007m | €0.007m | = |
| Reserves not available under the articles1311 | - | - | - | €0.001m | €0.001m | €0.007m | €0.007m | €0.007m | = |
| Distributable reserves133 | - | - | - | €0.05m | €0.06m | €0.3m | €0.3m | €0.4m | ▲ 5.4% |
| Amounts payable17/49 | €0.04m | €0.02m | €0.008m | €0.008m | €0.009m | €0.06m | €0.04m | €0.07m | ▲ 80.9% |
| Amounts payable within one year42/48 | €0.04m | €0.02m | €0.006m | €0.007m | €0.008m | €0.06m | €0.04m | €0.07m | ▲ 85.6% |
| Trade debts44 | €143 | - | - | - | - | €0.01m | €0.008m | €0.03m | ▲ 220% |
| Suppliers440/4 | - | - | - | - | - | €0.01m | €0.008m | €0.03m | ▲ 220% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.008m | €0.01m | €0.001m | €0.01m | ▲ 640% |
| Taxes450/3 | - | - | - | €0.007m | €0.008m | €0.01m | €0.001m | €0.01m | ▲ 640% |
| Other amounts payable47/48 | - | - | - | - | - | €0.03m | €0.03m | €0.03m | ▲ 18.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €464 | €0.002m | €0.002m | €0.002m | ▲ 3.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,574 | €10,977 | €11,342 | €11,492 | €14,022 | €8,105 | €11,591 | €18,248 | ▲ 57.4% |
| + Depreciation and write-downs630 | €19,448 | €19,448 | €19,448 | €19,448 | €19,448 | €29,829 | €45,723 | €45,723 | = |
| Operating cash flow (approximation) | €33,023 | €30,426 | €30,791 | €30,940 | €33,470 | €37,934 | €57,314 | €63,971 | ▲ 11.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€397,325 | -€41,344 | -€79,280 | ▼ 91.8% |
| Change in cash | - | €8,376 | €6,077 | €59,878 | €3,741 | -€42,859 | -€20,461 | -€37,194 | ▼ 81.8% |
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, 6,049 companies had the same profile as BOST has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of BOST 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 6,049 companies, not a prediction for BOST. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00288105 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00311306 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00274368 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00297351 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20265994 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43000497 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57600034 | |
| 31-12-2018 | micro format | 28-07-2019 | 2019-40300056 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36700015 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38900202 |