BREJO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 27 filings
Turnover
≈ €120,000
Estimated: probably between €68,000 and €160,000
Total assets
€80,058▲ 50.8%
2024 · €53,078
Net result
€24,080▲ 41.2%
2024 · €17,054
Working capital
€34,003▲ 275%
2024 · €9,076
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€37,522
▲ 71.7%
2025
20182025
Net result
€24,080
▲ 41.2%
2025
middle half of the sector
20182025
Equity
€69,654
▲ 46.8%
2025
middle half of the sector
20182025
Total assets
€80,058
▲ 50.8%
2025
middle half of the sector
20182025
Debt
€10,404
▲ 84.3%
2025
20182025
Working capital
€34,003
▲ 275%
2025
middle half of the sector
20182025
Solvency
87.0%
▼ 2.4pp
2025
highest quarter of the sector
20182025
Current ratio
4.27
▲ 1.66
2025
middle half of the sector
20182025
Return on assets (ROA)
30.1%
▼ 2.1pp
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
Operating result€9,343-€3,991▼ 57.3%€10,368▲ 160%€9,291▼ 10.4%€5,526▼ 40.5%€17,138▲ 210%€21,856▲ 27.5%€37,522▲ 71.7%
Net result€3,825-€181▼ 95.3%€5,502within the sector's middle half▲ 30×€4,586within the sector's middle half▼ 16.7%€2,220below the sector's middle half▼ 51.6%€9,410within the sector's middle half▲ 324%€17,054within the sector's middle half▲ 81.2%€24,080within the sector's middle half▲ 41.2%
Equity€8,480-€8,661▲ 2.1%€14,163below the sector's middle half▲ 63.5%€18,749below the sector's middle half▲ 32.4%€20,970below the sector's middle half▲ 11.8%€30,380within the sector's middle half▲ 44.9%€47,434within the sector's middle half▲ 56.1%€69,654within the sector's middle half▲ 46.8%
Total assets€10,875-€10,840▼ 0.3%€21,383below the sector's middle half▲ 97.3%€25,927below the sector's middle half▲ 21.3%€23,556below the sector's middle half▼ 9.1%€37,865below the sector's middle half▲ 60.7%€53,078below the sector's middle half▲ 40.2%€80,058within the sector's middle half▲ 50.8%
Debt€2,395-€2,179▼ 9.0%€7,220▲ 231%€7,178▼ 0.6%€2,586▼ 64.0%€7,486▲ 189%€5,644▼ 24.6%€10,404▲ 84.3%
Working capital€7,161-€8,001▲ 11.7%€13,361within the sector's middle half▲ 67.0%€12,611within the sector's middle half▼ 5.6%€6,774within the sector's middle half▼ 46.3%€3,921within the sector's middle half▼ 42.1%€9,076within the sector's middle half▲ 131%€34,003within the sector's middle half▲ 275%
Solvency78.0%-79.9%▲ 1.9pp66.2%within the sector's middle half▼ 13.7pp72.3%within the sector's middle half▲ 6.1pp89.0%above the sector's middle half▲ 16.7pp80.2%above the sector's middle half▼ 8.8pp89.4%above the sector's middle half▲ 9.1pp87.0%above the sector's middle half▼ 2.4pp
Current ratio3.99-4.67▲ 0.682.85within the sector's middle half▼ 1.822.76within the sector's middle half▼ 0.093.62within the sector's middle half▲ 0.861.52within the sector's middle half▼ 2.102.61within the sector's middle half▲ 1.084.27within the sector's middle half▲ 1.66
Return on assets (ROA)35.2%-1.7%▼ 33.5pp25.7%above the sector's middle half▲ 24.1pp17.7%within the sector's middle half▼ 8.0pp9.4%within the sector's middle half▼ 8.3pp24.9%within the sector's middle half▲ 15.4pp32.1%above the sector's middle half▲ 7.3pp30.1%within the sector's middle half▼ 2.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 72% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €80,058
Fixed assets
€35,651 ▼ 7.1%
Current assets
€44,407 ▲ 202%
Equity and liabilities €80,058
Equity
€69,654 ▲ 46.8%
Debt
€10,404 ▲ 84.3%
Debt's share of the balance-sheet total rises from 10.6% to 13.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€40,229▲
2024 · €24,957
Cash flow
€26,787▲
2024 · €20,155
Debt to equity
0.15▲
2024 · 0.12
ROE
34.6%▼
2024 · 36.0%
Interest coverage
39.35▲
2024 · 20.38
Debt ≤ 1 year
€10,404▲
2024 · €5,644
Income taxes
€12,552▲
2024 · €9,455
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 | €6,181 | €11,247 | - | - | - |
| Financial fixed assets | - | - | €16,000 | €15,000 | - |
| Depreciation and write-downs of the year | €845 | €3,189 | €3,737 | €3,101 | €2,707 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3,428 | €90 | €102 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €660 | €660 | €869 | €845 | €3,189 | €3,737 | €3,101 | €2,707 | ▼ 12.7% |
| Other operating charges640/8 | - | - | - | €806 | €550 | €886 | €1,063 | €218 | ▼ 79.4% |
| Gross operating margin9900 | €11,268 | €5,442 | €12,033 | €10,942 | €9,265 | €21,761 | €26,019 | €40,447 | ▲ 55.5% |
| Operating profit (loss)9901 | €9,343 | €3,991 | €10,368 | €9,291 | €5,526 | €17,138 | €21,856 | €37,522 | ▲ 71.7% |
| Financial income75/76B | - | - | - | - | - | €22 | €5,877 | €132 | ▼ 97.8% |
| Recurring financial income75 | - | €0 | €1 | - | - | €22 | €5,877 | €132 | ▼ 97.8% |
| Financial charges65/66B | - | - | - | €885 | €1,456 | €1,403 | €1,224 | €1,022 | ▼ 16.5% |
| Recurring financial charges65 | €1,772 | €1,484 | €1,185 | €885 | €1,456 | €1,403 | €1,224 | €1,022 | ▼ 16.5% |
| Profit (loss) for the period before taxes9903 | €7,570 | €2,508 | €9,185 | €8,406 | €4,070 | €15,756 | €26,509 | €36,632 | ▲ 38.2% |
| Income taxes67/77 | €3,745 | €2,327 | €3,682 | €3,820 | €1,850 | €6,346 | €9,455 | €12,552 | ▲ 32.8% |
| Profit (loss) for the period9904 | €3,825 | €181 | €5,502 | €4,586 | €2,220 | €9,410 | €17,054 | €24,080 | ▲ 41.2% |
| Profit (loss) for the period to be appropriated9905 | €3,825 | €181 | €5,502 | €4,586 | €2,220 | €9,410 | €17,054 | €24,080 | ▲ 41.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10,875 | €10,840 | €21,383 | €25,927 | €23,556 | €37,865 | €53,078 | €80,058 | ▲ 50.8% |
| Fixed assets21/28 | €1,319 | €660 | €802 | €6,138 | €14,196 | €26,459 | €38,358 | €35,651 | ▼ 7.1% |
| Tangible fixed assets22/27 | €1,319 | €660 | €802 | €6,138 | €14,196 | €10,459 | €7,358 | €4,651 | ▼ 36.8% |
| Plant, machinery and equipment23 | - | - | - | - | €8,687 | €7,744 | €6,801 | €4,651 | ▼ 31.6% |
| Furniture and vehicles24 | - | - | - | €6,138 | €5,509 | €2,715 | €557 | - | - |
| Financial fixed assets28 | - | - | - | - | - | €16,000 | €31,000 | €31,000 | = |
| Current assets29/58 | €9,556 | €10,180 | €20,581 | €19,789 | €9,360 | €11,406 | €14,720 | €44,407 | ▲ 202% |
| Amounts receivable within one year40/41 | €7,858 | €4,350 | - | €847 | €270 | - | €242 | - | - |
| Trade receivables40 | - | - | - | - | - | - | €242 | - | - |
| Other amounts receivable41 | - | - | - | €847 | €270 | - | - | - | - |
| Cash at bank and in hand54/58 | €1,697 | €5,831 | €20,581 | €18,942 | €9,090 | €11,406 | €14,478 | €42,220 | ▲ 192% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €2,187 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10,875 | €10,840 | €21,383 | €25,927 | €23,556 | €37,865 | €53,078 | €80,058 | ▲ 50.8% |
| Equity10/15 | €8,480 | €8,661 | €14,163 | €18,749 | €20,970 | €30,380 | €47,434 | €69,654 | ▲ 46.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €2,370 | €11,780 | €28,834 | €51,054 | ▲ 77.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €510 | €11,780 | €28,834 | €51,054 | ▲ 77.1% |
| Profit (loss) carried forward14 | -€11,980 | -€11,799 | -€6,297 | -€1,711 | - | - | - | - | - |
| Amounts payable17/49 | €2,395 | €2,179 | €7,220 | €7,178 | €2,586 | €7,486 | €5,644 | €10,404 | ▲ 84.3% |
| Amounts payable within one year42/48 | €2,395 | €2,179 | €7,220 | €7,178 | €2,586 | €7,486 | €5,644 | €10,404 | ▲ 84.3% |
| Financial debts43 | - | - | - | - | - | - | - | €181 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €181 | - |
| Trade debts44 | €2,395 | €1,022 | - | €269 | €51 | €448 | €261 | €2,025 | ▲ 677% |
| Suppliers440/4 | - | - | - | €269 | €51 | €448 | €261 | €2,025 | ▲ 677% |
| Taxes, remuneration and social security45 | - | - | - | €1,323 | - | €3,827 | €3,355 | €8,143 | ▲ 143% |
| Taxes450/3 | - | - | - | €1,323 | - | €3,827 | €3,355 | €8,143 | ▲ 143% |
| Other amounts payable47/48 | - | - | - | €5,586 | €2,535 | €3,210 | €2,028 | €55 | ▼ 97.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,825 | €181 | €5,502 | €4,586 | €2,220 | €9,410 | €17,054 | €24,080 | ▲ 41.2% |
| + Depreciation and write-downs630 | €660 | €660 | €869 | €845 | €3,189 | €3,737 | €3,101 | €2,707 | ▼ 12.7% |
| Operating cash flow (approximation) | €4,485 | €840 | €6,371 | €5,431 | €5,409 | €13,147 | €20,155 | €26,787 | ▲ 32.9% |
| Investment in fixed assets (approximation) | - | €0 | -€1,012 | -€6,181 | -€11,247 | -€16,000 | -€15,000 | -€0 | ▲ 100.0% |
| Change in cash | - | €4,133 | €14,750 | -€1,638 | -€9,852 | €2,316 | €3,071 | €27,743 | ▲ 803% |
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, 31,368 companies had the same profile as BREJO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BREJO 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 31,368 companies, not a prediction for BREJO. 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 | 09-07-2026 | 2026-00271494 | |
| 31-12-2024 | micro format | 19-08-2025 | 2025-00382733 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00168643 | |
| 31-12-2022 | micro format | 27-05-2023 | 2023-00096329 | |
| 31-12-2021 | micro format | 10-08-2022 | 2022-20279362 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-54400308 | |
| 31-12-2019 | micro format | 10-09-2020 | 2020-52000347 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-44100046 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-42600575 | |
| 31-12-2016 | micro format | 03-08-2017 | 2017-40300361 |