BREM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00462475.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 33 filings
Turnover
≈ €290,000
Estimated: probably between €260,000 and €330,000
Total assets
€1.5m▼ 25.5%
2024 · €2.1m
Net result
€42,918
2024 · -€143,866
Working capital
-€317,458▲ 20.5%
2024 · -€399,261
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€76,138
2025
20182025
Net result
€42,918
2025
highest quarter of the sector
20182025
Equity
-€219,890
▲ 16.3%
2025
lowest quarter of the sector
20182025
Total assets
€1.5m
▼ 25.5%
2025
highest quarter of the sector
20182025
Debt
€1.8m
▼ 24.5%
2025
20182025
Working capital
-€317,458
▲ 20.5%
2025
lowest quarter of the sector
20182025
Solvency
-14.2%
▼ 1.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.22
▲ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.8%
▲ 9.7pp
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-€0.02m-€0.09m-€0.06m-€0.07m▼ 19.5%€0.05m-€0.07m-€0.1m▼ 53.1%€0.08m
Net result-€0.04m-€0.06m-€0.07mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 46.4%€0.03mwithin the sector's middle half-€0.01mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 1,008%€0.04mabove the sector's middle half
Equity-€0.02m-€0.05m-€0.03mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 315%-€0.1mbelow the sector's middle half▲ 23.5%-€0.1mbelow the sector's middle half▼ 12.3%-€0.3mbelow the sector's middle half▼ 121%-€0.2mbelow the sector's middle half▲ 16.3%
Total assets€1.7m-€1.7m▲ 0.7%€2.4mabove the sector's middle half▲ 45.6%€2.4mabove the sector's middle half▼ 2.3%€2.0mabove the sector's middle half▼ 16.4%€2.1mabove the sector's middle half▲ 4.4%€2.1mabove the sector's middle half▲ 0.6%€1.5mabove the sector's middle half▼ 25.5%
Debt€1.7m-€1.6m▼ 2.9%€2.5m▲ 51.7%€2.5m▲ 2.1%€2.0m▼ 20.0%€2.2m▲ 9.0%€2.3m▲ 7.2%€1.8m▼ 24.5%
Working capital-€0.05m--€0.2m▼ 362%-€0.08mbelow the sector's middle half▲ 64.3%-€0.09mbelow the sector's middle half▼ 23.7%-€0.06mwithin the sector's middle half▲ 41.3%-€0.1mbelow the sector's middle half▼ 136%-€0.4mbelow the sector's middle half▼ 207%-€0.3mbelow the sector's middle half▲ 20.5%
Solvency-0.9%-2.7%▲ 3.7pp-1.4%below the sector's middle half▼ 4.1pp-5.9%below the sector's middle half▼ 4.5pp-5.4%below the sector's middle half▲ 0.5pp-5.8%below the sector's middle half▼ 0.4pp-12.6%below the sector's middle half▼ 6.9pp-14.2%below the sector's middle half▼ 1.6pp
Current ratio0.79-0.22▼ 0.570.77within the sector's middle half▲ 0.550.77within the sector's middle half▼ 0.010.78within the sector's middle half▲ 0.010.48within the sector's middle half▼ 0.300.10below the sector's middle half▼ 0.380.22below the sector's middle half▲ 0.11
Return on assets (ROA)-2.6%-3.7%▲ 6.2pp-3.0%below the sector's middle half▼ 6.6pp-4.4%below the sector's middle half▼ 1.5pp1.6%within the sector's middle half▲ 6.1pp-0.6%within the sector's middle half▼ 2.3pp-6.9%below the sector's middle half▼ 6.3pp2.8%within the sector's middle half▲ 9.7pp
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 a profit of €76,138, after a loss of €104,801 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.5m
Fixed assets
€1.5m ▼ 28.2%
Current assets
€88,308 ▲ 90.0%
Equity and liabilities
Equity-€219,890
Debt€1.8m
Equity is negative. Debt (€1.8m) exceeds the balance-sheet total (€1.5m).
Key figures and ratios
EBITDA
€132,443▲
2024 · -€21,530
Cash flow
€99,223▲
2024 · -€60,595
Interest coverage
3.97▲
2024 · -0.60
Debt ≤ 1 year
€405,767▼
2024 · €445,749
Debt > 1 year
€1.3m▼
2024 · €1.9m
Income taxes
€523▼
2024 · €3,711
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €5,506 | €26,157 | €248,325 | €171,735 | €37,743 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €108,984 | €86,121 | €86,289 | €83,271 | €56,305 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €3,090 awarded · €3,090 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €189,407 | €0 | - | €30,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €110,141 | €114,734 | €155,985 | €108,984 | €86,121 | €86,289 | €83,271 | €56,305 | ▼ 32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €1,865 | €0 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €80,000 | €0 | - | - | - |
| Other operating charges640/8 | - | - | €9,380 | €11,706 | €13,672 | €27,788 | €23,650 | €102,516 | ▲ 333% |
| Non-recurring operating charges66A | - | - | €417 | - | - | - | €79,945 | €22,255 | ▼ 72.2% |
| Gross operating margin9900 | €40,307 | €214,534 | €109,218 | €53,093 | €229,221 | €47,502 | €82,065 | €257,214 | ▲ 213% |
| Operating profit (loss)9901 | -€22,693 | €90,092 | -€56,563 | -€67,597 | €49,429 | -€68,440 | -€104,801 | €76,138 | - |
| Financial income75/76B | - | - | €0 | €466 | €30 | €1,709 | €586 | €631 | ▲ 7.7% |
| Recurring financial income75 | €186 | €342 | €0 | €466 | €30 | €1,709 | €586 | €631 | ▲ 7.7% |
| Financial charges65/66B | - | - | €25,861 | €37,799 | €16,584 | €25,845 | €35,940 | €33,327 | ▼ 7.3% |
| Recurring financial charges65 | €10,964 | €14,960 | €25,861 | €37,799 | €16,584 | €25,845 | €35,940 | €33,327 | ▼ 7.3% |
| Profit (loss) for the period before taxes9903 | -€33,472 | €75,473 | -€82,424 | -€104,930 | €32,875 | -€92,577 | -€140,155 | €43,441 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | €80,000 | €0 | - | - |
| Income taxes67/77 | €8,781 | €14,468 | -€10,595 | €251 | €251 | €409 | €3,711 | €523 | ▼ 85.9% |
| Profit (loss) for the period9904 | -€42,252 | €61,005 | -€71,829 | -€105,182 | €32,624 | -€12,986 | -€143,866 | €42,918 | - |
| Transfer from tax-exempt reserves789 | - | - | €50,000 | - | - | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | €50,000 | - | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€48,088 | €61,005 | -€71,829 | -€105,182 | €32,624 | -€12,986 | -€143,866 | €42,918 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €1.7m | €2.4m | €2.4m | €2.0m | €2.1m | €2.1m | €1.5m | ▼ 25.5% |
| Fixed assets21/28 | €1.5m | €1.6m | €2.2m | €2.1m | €1.8m | €1.9m | €2.0m | €1.5m | ▼ 28.2% |
| Tangible fixed assets22/27 | €1.5m | €1.6m | €2.2m | €2.1m | €1.8m | €1.9m | €2.0m | €1.5m | ▼ 28.2% |
| Land and buildings22 | - | - | €0.9m | €0.8m | €0.6m | €0.8m | €1.0m | €0.5m | ▼ 53.1% |
| Plant, machinery and equipment23 | - | - | €0.004m | €0.003m | €0.003m | €0.002m | €0.002m | €0.001m | ▼ 43.2% |
| Furniture and vehicles24 | - | - | €0.003m | €0.005m | €0.004m | €0.002m | €0.007m | €0.005m | ▼ 27.8% |
| Other tangible fixed assets26 | - | - | €1.3m | €1.2m | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 5.1% |
| Financial fixed assets28 | €42 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.2m | €0.06m | €0.3m | €0.3m | €0.2m | €0.1m | €0.05m | €0.09m | ▲ 90.0% |
| Amounts receivable within one year40/41 | €0.2m | €0.05m | €0.2m | €0.3m | €0.1m | €0.08m | €0.05m | €0.05m | ▲ 15.1% |
| Trade receivables40 | - | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.01m | €0.01m | ▼ 12.7% |
| Other amounts receivable41 | - | - | €0.02m | €0.2m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 26.4% |
| Cash at bank and in hand54/58 | €0.004m | €0.008m | €0.1m | €0.003m | €0.007m | €0.01m | €0.001m | €0.004m | ▲ 491% |
| Deferred charges and accrued income490/1 | - | - | €0.007m | €0.005m | €0.07m | €0.03m | €441 | €0.03m | ▲ 72× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €1.7m | €2.4m | €2.4m | €2.0m | €2.1m | €2.1m | €1.5m | ▼ 25.5% |
| Equity10/15 | -€0.02m | €0.05m | -€0.03m | -€0.1m | -€0.1m | -€0.1m | -€0.3m | -€0.2m | ▲ 16.3% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.06m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.4m | -€0.3m | ▲ 11.5% |
| Provisions and deferred taxes16 | - | - | - | - | €0.08m | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0.08m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €0.08m | - | - | - | - |
| Deferred taxes168 | - | - | - | - | - | €0 | - | - | - |
| Amounts payable17/49 | €1.7m | €1.6m | €2.5m | €2.5m | €2.0m | €2.2m | €2.3m | €1.8m | ▼ 24.5% |
| Amounts payable after more than one year17 | €1.4m | €1.3m | €2.1m | €2.1m | €1.7m | €1.9m | €1.9m | €1.3m | ▼ 28.3% |
| Financial debts170/4 | - | - | €2.1m | €2.1m | €1.7m | €1.9m | €1.9m | €1.3m | ▼ 28.3% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 9.0% |
| Current portion of amounts payable after more than one year42 | - | - | €0.09m | €0.07m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 7.1% |
| Financial debts43 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | ▼ 45.8% |
| Credit institutions430/8 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | ▼ 45.8% |
| Trade debts44 | €0.1m | €0.03m | €0.03m | €0.07m | €0.07m | €0.01m | €0.01m | €0.03m | ▲ 116% |
| Suppliers440/4 | - | - | €0.03m | €0.07m | €0.07m | €0.01m | €0.01m | €0.03m | ▲ 116% |
| Taxes, remuneration and social security45 | - | - | €0.01m | €0.001m | €0.001m | €0.03m | €0.03m | €0.001m | ▼ 96.2% |
| Taxes450/3 | - | - | €0.01m | €0.001m | €0.001m | €0.03m | €0.03m | €0.001m | ▼ 96.2% |
| Other amounts payable47/48 | - | - | €0.2m | €0.3m | €0.1m | €0.1m | €0.3m | €0.3m | ▼ 11.0% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.005m | €0.007m | €0.02m | €0.02m | €0.02m | ▼ 8.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€42,252 | €61,005 | -€71,829 | -€105,182 | €32,624 | -€12,986 | -€143,866 | €42,918 | - |
| + Depreciation and write-downs630 | €110,141 | €114,734 | €155,985 | €108,984 | €86,121 | €86,289 | €83,271 | €56,305 | ▼ 32.4% |
| Operating cash flow (approximation) | €67,889 | €175,740 | €84,156 | €3,802 | €118,745 | €73,303 | -€60,595 | €99,223 | - |
| Investment in fixed assets (approximation) | - | -€237,481 | -€714,353 | -€5,506 | €190,880 | -€248,325 | -€171,735 | €515,895 | - |
| Change in cash | - | €4,239 | €87,966 | -€93,119 | €4,207 | €7,133 | -€13,700 | €3,642 | - |
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, 519 companies had the same profile as BREM has now. Two years later, 91.7% were still going and 2.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
91.7%
was still going
3.9%
stopped otherwise
2.9%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BREM itself: 2.1% 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 519 companies, not a prediction for BREM. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00462475 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00437176 | |
| 31-12-2023 | micro format | 31-10-2024 | 2024-00522785 | |
| 31-12-2022 | micro format | 17-05-2024 | 2024-00094412 | |
| 31-12-2021 | micro format | 07-02-2023 | 2023-00025375 | |
| 31-12-2020 | micro format | 29-11-2022 | 2022-20530461 | |
| 31-12-2019 | abbreviated format | 06-10-2020 | 2020-59200277 | |
| 31-12-2018 | abbreviated format | 26-09-2019 | 2019-66200474 | |
| 31-12-2017 | abbreviated format | 08-08-2018 | 2018-44100559 | |
| 30-09-2017 | abbreviated format | 30-03-2018 | 2018-08600078 |