BRAVAC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-04-2026 PDF all 30 filings
Turnover
€30,599▲ 11.5%
2024 · €27,437
EBIT margin
46.0%▼ 2.2pp
2024 · 48.2%
Net result
€6,576▲ 17.1%
2024 · €5,617
Working capital
-€2,890▲ 76.0%
2024 · -€12,052
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€30,599
▲ 11.5%
2025
20182025
Operating result
€14,063
▲ 6.3%
2025
20182025
Net result
€6,576
▲ 17.1%
2025
20182025
EBIT margin
46.0%
▼ 2.2pp
2025
20182025
Equity
€293,274
▲ 2.3%
2025
20182025
Total assets
€325,529
▲ 0.1%
2025
20182025
Debt
€32,255
▼ 16.4%
2025
20182025
Working capital
-€2,890
▲ 76.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€18,644-€20,694▲ 11.0%€18,904▼ 8.7%€31,239▲ 65.2%€24,384▼ 21.9%€25,559▲ 4.8%€27,437▲ 7.3%€30,599▲ 11.5%
Operating result€7,614-€6,743▼ 11.4%€4,828▼ 28.4%€8,083▲ 67.4%€56,552▲ 600%€11,121▼ 80.3%€13,226▲ 18.9%€14,063▲ 6.3%
Net result€5,918--€228-€56▲ 75.2%€2,847€34,730▲ 12×€9,723▼ 72.0%€5,617▼ 42.2%€6,576▲ 17.1%
EBIT margin40.8%-32.6%▼ 8.3pp25.5%▼ 7.0pp25.9%▲ 0.3pp231.9%▲ 206.0pp43.5%▼ 188.4pp48.2%▲ 4.7pp46.0%▼ 2.2pp
Equity€234,065-€233,837▼ 0.1%€233,781=€236,627▲ 1.2%€271,357▲ 14.7%€281,080▲ 3.6%€286,698▲ 2.0%€293,274▲ 2.3%
Total assets€413,678-€474,660▲ 14.7%€599,926▲ 26.4%€596,773▼ 0.5%€327,114▼ 45.2%€332,366▲ 1.6%€325,269▼ 2.1%€325,529▲ 0.1%
Debt€179,614-€240,823▲ 34.1%€366,145▲ 52.0%€360,146▼ 1.6%€55,757▼ 84.5%€51,285▼ 8.0%€38,571▼ 24.8%€32,255▼ 16.4%
Working capital-€99,649--€148,627▼ 49.2%-€297,214▼ 100.0%-€287,468▲ 3.3%-€19,785▲ 93.1%-€14,997▲ 24.2%-€12,052▲ 19.6%-€2,890▲ 76.0%
The operating result for 2025 is 6% higher than in 2024. 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 €325,529
Fixed assets
€297,990 ▼ 1.7%
Current assets
€27,539 ▲ 24.7%
Equity and liabilities €325,529
Equity
€293,274 ▲ 2.3%
Debt
€32,255 ▼ 16.4%
Debt's share of the balance-sheet total falls from 11.9% to 9.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,468▲
2024 · €22,007
Cash flow
€15,980▲
2024 · €14,399
Current ratio
0.91▲
2024 · 0.65
Debt to equity
0.11▼
2024 · 0.13
ROE
2.2%▲
2024 · 2.0%
ROA
2.0%▲
2024 · 1.7%
Interest coverage
12.58▲
2024 · 4.91
Debt ≤ 1 year
€30,429▼
2024 · €34,137
Income taxes
€5,623▲
2024 · €3,126
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 | €1,729 | €18,645 | €13,552 | €9,532 | €4,210 |
| Depreciation and write-downs of the year | €14,465 | €6,701 | €8,146 | €8,782 | €9,404 |
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 | €18,644 | €20,694 | €18,904 | €31,239 | €24,384 | €25,559 | €27,437 | €30,599 | ▲ 11.5% |
| Non-recurring operating income76A | - | - | - | - | €53,585 | - | €2,530 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €3,892 | €10,133 | €2,614 | €3,436 | €2,472 | ▼ 28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,314 | €8,557 | €6,314 | €14,465 | €6,701 | €8,146 | €8,782 | €9,404 | ▲ 7.1% |
| Other operating charges640/8 | - | - | - | €4,799 | €4,584 | €3,678 | €4,523 | €4,660 | ▲ 3.0% |
| Gross operating margin9900 | €17,748 | €18,981 | €15,254 | €27,347 | €67,837 | €22,945 | €26,531 | €28,128 | ▲ 6.0% |
| Operating profit (loss)9901 | €7,614 | €6,743 | €4,828 | €8,083 | €56,552 | €11,121 | €13,226 | €14,063 | ▲ 6.3% |
| Financial income75/76B | - | - | - | €1,203 | - | €750 | - | €0 | - |
| Recurring financial income75 | - | €0 | - | €1,203 | - | €750 | - | €0 | - |
| Non-recurring financial income76B | - | - | - | €1,203 | - | €750 | - | - | - |
| Financial charges65/66B | - | - | - | €6,160 | €8,983 | €3,199 | €4,482 | €1,865 | ▼ 58.4% |
| Recurring financial charges65 | €1,696 | €5,282 | €4,884 | €6,160 | €8,983 | €3,199 | €4,482 | €1,865 | ▼ 58.4% |
| Profit (loss) for the period before taxes9903 | €5,918 | €1,462 | -€56 | €3,127 | €47,569 | €8,672 | €8,743 | €12,199 | ▲ 39.5% |
| Income taxes67/77 | - | €1,689 | - | €280 | €12,839 | -€1,051 | €3,126 | €5,623 | ▲ 79.9% |
| Profit (loss) for the period9904 | €5,918 | -€228 | -€56 | €2,847 | €34,730 | €9,723 | €5,617 | €6,576 | ▲ 17.1% |
| Profit (loss) for the period to be appropriated9905 | €5,918 | -€228 | -€56 | €2,847 | €34,730 | €9,723 | €5,617 | €6,576 | ▲ 17.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €413,678 | €474,660 | €599,926 | €596,773 | €327,114 | €332,366 | €325,269 | €325,529 | ▲ 0.1% |
| Fixed assets21/28 | €401,308 | €447,137 | €588,248 | €575,512 | €297,028 | €302,434 | €303,184 | €297,990 | ▼ 1.7% |
| Tangible fixed assets22/27 | €401,308 | €447,137 | €588,248 | €575,512 | €297,028 | €302,434 | €303,184 | €297,990 | ▼ 1.7% |
| Land and buildings22 | - | - | - | €575,511 | €297,027 | €302,433 | €303,183 | €297,989 | ▼ 1.7% |
| Plant, machinery and equipment23 | - | - | - | €1 | €1 | €1 | €1 | €1 | = |
| Current assets29/58 | €12,370 | €27,523 | €11,678 | €21,261 | €30,086 | €29,932 | €22,085 | €27,539 | ▲ 24.7% |
| Cash at bank and in hand54/58 | €151 | €8,914 | €2,348 | €16,551 | €27,086 | €29,707 | €19,850 | €16,659 | ▼ 16.1% |
| Deferred charges and accrued income490/1 | - | - | - | €4,710 | €3,000 | €225 | €2,235 | €10,880 | ▲ 387% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €413,678 | €474,660 | €599,926 | €596,773 | €327,114 | €332,366 | €325,269 | €325,529 | ▲ 0.1% |
| Equity10/15 | €234,065 | €233,837 | €233,781 | €236,627 | €271,357 | €281,080 | €286,698 | €293,274 | ▲ 2.3% |
| Contributions10/11 | €179,053 | €179,053 | €179,053 | €179,053 | €179,053 | €179,053 | €179,053 | €179,053 | = |
| Contributions outside capital11 | - | - | - | €179,053 | €179,053 | €179,053 | €179,053 | €179,053 | = |
| Other1109/19 | - | - | - | €179,053 | €179,053 | €179,053 | €179,053 | €179,053 | = |
| Reserves13 | €8,466 | €8,466 | €8,466 | €8,953 | €8,953 | €8,953 | €8,953 | €8,953 | = |
| Non-distributable reserves130/1 | - | - | - | €8,953 | €8,953 | €8,953 | €8,953 | €8,953 | = |
| Legal reserve130 | - | - | - | €8,953 | €8,953 | €8,953 | €8,953 | €8,953 | = |
| Profit (loss) carried forward14 | €46,545 | €46,317 | €46,261 | €48,621 | €83,351 | €93,074 | €98,692 | €105,268 | ▲ 6.7% |
| Amounts payable17/49 | €179,614 | €240,823 | €366,145 | €360,146 | €55,757 | €51,285 | €38,571 | €32,255 | ▼ 16.4% |
| Amounts payable after more than one year17 | €67,595 | €60,574 | €53,435 | €46,177 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €46,177 | - | - | - | - | - |
| Amounts payable within one year42/48 | €112,019 | €176,150 | €308,892 | €308,729 | €49,871 | €44,929 | €34,137 | €30,429 | ▼ 10.9% |
| Trade debts44 | €895 | €27 | €132 | - | €2,942 | - | €3,707 | - | - |
| Suppliers440/4 | - | - | - | - | €2,942 | - | €3,707 | - | - |
| Other amounts payable47/48 | - | - | - | €308,729 | €46,929 | €44,929 | €30,429 | €30,429 | = |
| Accrued charges and deferred income492/3 | - | - | - | €5,240 | €5,886 | €6,356 | €4,434 | €1,826 | ▼ 58.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,918 | -€228 | -€56 | €2,847 | €34,730 | €9,723 | €5,617 | €6,576 | ▲ 17.1% |
| + Depreciation and write-downs630 | €6,314 | €8,557 | €6,314 | €14,465 | €6,701 | €8,146 | €8,782 | €9,404 | ▲ 7.1% |
| Operating cash flow (approximation) | €12,232 | €8,330 | €6,258 | €17,311 | €41,431 | €17,869 | €14,399 | €15,980 | ▲ 11.0% |
| Investment in fixed assets (approximation) | - | -€54,386 | -€147,425 | -€1,729 | €271,783 | -€13,552 | -€9,532 | -€4,210 | ▲ 55.8% |
| Change in cash | - | €8,763 | -€6,566 | €14,203 | €10,535 | €2,621 | -€9,858 | -€3,191 | ▲ 67.6% |
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, 17,041 companies had the same profile as BRAVAC has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BRAVAC 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 17,041 companies, not a prediction for BRAVAC. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-04-2026 | 2026-00073230 | |
| 31-12-2024 | abbreviated format | 11-04-2025 | 2025-00069334 | |
| 31-12-2023 | abbreviated format | 03-04-2024 | 2024-00055466 | |
| 31-12-2022 | abbreviated format | 06-04-2023 | 2023-00055873 | |
| 31-12-2021 | abbreviated format | 07-04-2022 | 2022-20003032 | |
| 31-12-2020 | abbreviated format | 20-04-2021 | 2021-11300202 | |
| 31-12-2019 | abbreviated format | 16-04-2020 | 2020-09500112 | |
| 31-12-2018 | abbreviated format | 03-05-2019 | 2019-12700301 | |
| 31-12-2017 | abbreviated format | 05-04-2018 | 2018-09700283 | |
| 31-12-2016 | micro format | 02-05-2017 | 2017-11000578 |