Bougacha
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 6 filings
Turnover
€184,062
EBIT margin
62.5%
Net result
€60,544▲ 180%
2024 · €21,590
Working capital
-€54,648
2024 · €128,593
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€114,376
▲ 52.3%
2025
20202025
Net result
€60,544
▲ 180%
2025
20202025
EBIT margin
no figure
2025
20202025
Equity
€2,500
▼ 98.7%
2025
20202025
Total assets
€212,880
▼ 6.7%
2025
20202025
Debt
€210,380
▲ 437%
2025
20202025
Working capital
-€54,648
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€184,062-
Operating result€115,035-€88,502▼ 23.1%€47,205▼ 46.7%€546▼ 98.8%€75,101▲ 137×€114,376▲ 52.3%
Net result€89,419-€69,567▼ 22.2%€36,960▼ 46.9%-€2,619€21,590€60,544▲ 180%
EBIT margin62.5%-
Equity€89,419-€158,985▲ 77.8%€168,445▲ 6.0%€168,326▼ 0.1%€189,083▲ 12.3%€2,500▼ 98.7%
Total assets€134,629-€235,787▲ 75.1%€261,015▲ 10.7%€204,325▼ 21.7%€228,243▲ 11.7%€212,880▼ 6.7%
Debt€45,210-€76,802▲ 69.9%€92,570▲ 20.5%€35,999▼ 61.1%€39,160▲ 8.8%€210,380▲ 437%
Working capital€79,180-€132,234▲ 67.0%€118,469▼ 10.4%€103,296▼ 12.8%€128,593▲ 24.5%-€54,648
The operating result for 2025 is 52% higher than in 2024 and the highest since 2020. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €212,880
Fixed assets
€57,148 ▼ 5.5%
Current assets
€155,732 ▼ 7.2%
Equity and liabilities €212,880
Equity
€2,500 ▼ 98.7%
Debt
€210,380 ▲ 437%
Debt's share of the balance-sheet total rises from 17.2% to 98.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€118,469▲
2024 · €84,619
Cash flow
€64,636▲
2024 · €31,108
Current ratio
0.74▼
2024 · 4.28
Debt to equity
84.15▲
2024 · 0.21
ROA
28.4%▲
2024 · 9.5%
Interest coverage
3.16▲
2024 · 1.82
Debt ≤ 1 year
€210,380▲
2024 · €39,160
Income taxes
€16,364▲
2024 · €7,285
A ratio outside any meaningful range has been withheld (balance sheet total €212,880, equity €2,500).
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 | €61,498 | €24,006 | €2,583 | €4,974 | €750 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,710 | €12,869 | €9,303 | €9,518 | €4,093 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €184,062 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,547 | €7,710 | €12,869 | €9,303 | €9,518 | €4,093 | ▼ 57.0% |
| Other operating charges640/8 | - | €1,078 | €3,141 | €497 | €1,423 | €1,227 | ▼ 13.7% |
| Gross operating margin9900 | €122,274 | €97,290 | €63,215 | €10,347 | €86,041 | €119,696 | ▲ 39.1% |
| Operating profit (loss)9901 | €115,035 | €88,502 | €47,205 | €546 | €75,101 | €114,376 | ▲ 52.3% |
| Financial income75/76B | - | €161 | €263 | €381 | €390 | €0 | ▼ 100% |
| Recurring financial income75 | €1 | €161 | €263 | €381 | €390 | €0 | ▼ 100% |
| Financial charges65/66B | - | €691 | €445 | €2,582 | €46,616 | €37,468 | ▼ 19.6% |
| Recurring financial charges65 | €392 | €691 | €445 | €2,582 | €46,616 | €37,468 | ▼ 19.6% |
| Profit (loss) for the period before taxes9903 | €114,644 | €87,972 | €47,023 | -€1,655 | €28,875 | €76,908 | ▲ 166% |
| Income taxes67/77 | €25,225 | €18,406 | €10,063 | €964 | €7,285 | €16,364 | ▲ 125% |
| Profit (loss) for the period9904 | €89,419 | €69,567 | €36,960 | -€2,619 | €21,590 | €60,544 | ▲ 180% |
| Profit (loss) for the period to be appropriated9905 | €89,419 | €69,567 | €36,960 | -€2,619 | €21,590 | €60,544 | ▲ 180% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €134,629 | €235,787 | €261,015 | €204,325 | €228,243 | €212,880 | ▼ 6.7% |
| Fixed assets21/28 | €28,853 | €82,642 | €93,779 | €65,034 | €60,490 | €57,148 | ▼ 5.5% |
| Tangible fixed assets22/27 | €28,853 | €82,642 | €93,779 | €65,034 | €60,490 | €57,148 | ▼ 5.5% |
| Land and buildings22 | - | €60,868 | €58,899 | €56,930 | €54,960 | €52,991 | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | - | €2,698 | €2,124 | ▼ 21.3% |
| Furniture and vehicles24 | - | €21,773 | €34,880 | €8,105 | €2,832 | €2,033 | ▼ 28.2% |
| Current assets29/58 | €105,776 | €153,145 | €167,237 | €139,291 | €167,752 | €155,732 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €33,486 | €58,189 | €22,130 | €57,138 | €67,793 | €21,750 | ▼ 67.9% |
| Trade receivables40 | - | €55,204 | €13,734 | - | - | - | - |
| Other amounts receivable41 | - | €2,985 | €8,396 | €57,138 | €67,793 | €21,750 | ▼ 67.9% |
| Cash at bank and in hand54/58 | €72,250 | €93,682 | €143,925 | €67,458 | €95,209 | €132,689 | ▲ 39.4% |
| Deferred charges and accrued income490/1 | - | €1,275 | €1,181 | €14,694 | €4,750 | €1,293 | ▼ 72.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €134,629 | €235,787 | €261,015 | €204,325 | €228,243 | €212,880 | ▼ 6.7% |
| Equity10/15 | €89,419 | €158,985 | €168,445 | €168,326 | €189,083 | €2,500 | ▼ 98.7% |
| Contributions10/11 | - | - | - | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €89,419 | €158,985 | €168,445 | €168,445 | €186,583 | €0 | ▼ 100% |
| Distributable reserves133 | - | €158,985 | €168,445 | €168,445 | €186,583 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | -€2,619 | €0 | €0 | - |
| Amounts payable17/49 | €45,210 | €76,802 | €92,570 | €35,999 | €39,160 | €210,380 | ▲ 437% |
| Amounts payable after more than one year17 | €18,615 | €55,890 | €43,803 | - | - | - | - |
| Financial debts170/4 | - | €55,890 | €43,803 | - | - | - | - |
| Amounts payable within one year42/48 | €26,596 | €20,912 | €48,768 | €35,995 | €39,160 | €210,380 | ▲ 437% |
| Current portion of amounts payable after more than one year42 | - | €11,961 | €12,087 | €752 | €0 | - | - |
| Trade debts44 | €545 | €545 | €712 | €93 | €36 | €1,179 | ▲ 33× |
| Suppliers440/4 | - | €545 | €712 | €93 | €36 | €1,179 | ▲ 33× |
| Taxes, remuneration and social security45 | - | €8,406 | €8,469 | - | €160 | €3,348 | ▲ 21× |
| Taxes450/3 | - | €8,406 | €8,469 | - | - | €3,348 | - |
| Remuneration and social security454/9 | - | €0 | - | - | €160 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €0 | €27,500 | €35,150 | €38,964 | €205,853 | ▲ 428% |
| Accrued charges and deferred income492/3 | - | - | - | €4 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89,419 | €69,567 | €36,960 | -€2,619 | €21,590 | €60,544 | ▲ 180% |
| + Depreciation and write-downs630 | €6,547 | €7,710 | €12,869 | €9,303 | €9,518 | €4,093 | ▼ 57.0% |
| Operating cash flow (approximation) | €95,965 | €77,276 | €49,828 | €6,684 | €31,108 | €64,636 | ▲ 108% |
| Investment in fixed assets (approximation) | - | -€61,498 | -€24,006 | €19,441 | -€4,974 | -€750 | ▲ 84.9% |
| Change in cash | - | €21,432 | €50,243 | -€76,467 | €27,750 | €37,480 | ▲ 35.1% |
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, 2,153 companies had the same profile as Bougacha has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of Bougacha 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 2,153 companies, not a prediction for Bougacha. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00334862 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00306143 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00287985 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00429159 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20371545 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60500281 |