BRSM
ActiveSummary
The annual accounts of BRSM for financial year 2025 show a net loss of 60% of the equity at the start of that year. The 2025 annual accounts show equity of €2,218 and a net result of -€3,329. Equity has been shrinking by about 9.9% per year since 2018. The company has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 21-11-2008 Normal situation
- Registered office
- 161 active companies are registered at this address 5 started in the 12 months before. Source: KBO register, as of 2 November 2026.
- Activity
- “Services liés à la production audiovisuelle, tels que, et sans que cette liste soit…” (deed in French)From the articles, 3 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.175.084.844 5004 Namur, since 11-12-2008
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Board and ownership
- Martin BAUCHAUDirector
- Raoul BAUCHAUDirector
- Simon BAUCHAUDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- -€1,667
- ▼ 260%
- Loss
- €3,329
- ▲ 452%
- Equity
- €2,218
- ▼ 60.0%
- Total assets
- €8.1m
- ▲ 1,457×
- 2025 accounts filed 19 days after the deadline
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLiquidity: current ratio 1.01, cash €3,440Equity €2,218 (0.0% of total assets)lowers riskSize: total assets €8.1mFounded in 2008Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, small). It does better than 11% of them on solvency, 2% on liquidity, 36% on profitability and 5% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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Signals
The company filed its last 7 accounts on average 37 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 19 days after the deadline Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00406575.
Annual accounts 2025 filed on 19-08-2026 at the NBB all 17 filings
Every figure per financial year
The operating result for 2025 is a loss of €2,066, larger than the loss of €850 in 2024. It is the lowest result since 2021.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,877 | €4,181 | €3,913 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €1,302 | €3,535 | €4,003 | €3,374 | -€452 | -€1,136 | -€463 | -€1,667 | ▼ 260% |
| Operating profit (loss)9901 | -€4,923 | -€993 | -€257 | €3,027 | -€799 | -€1,520 | -€850 | -€2,066 | ▼ 143% |
| Financial income75/76B | - | - | - | - | - | €406 | €293 | €74,778 | ▲ 255× |
| Recurring financial income75 | €0 | - | - | - | - | €406 | €293 | €74,778 | ▲ 255× |
| Financial charges65/66B | - | - | - | €10 | €136 | €55 | €46 | €76,040 | ▲ 1,653× |
| Recurring financial charges65 | €227 | €130 | €141 | €10 | €136 | €55 | €46 | €76,040 | ▲ 1,653× |
| Profit (loss) for the period before taxes9903 | -€5,150 | -€1,123 | -€398 | €3,017 | -€935 | -€1,170 | -€603 | -€3,329 | ▼ 452% |
| Profit (loss) for the period9904 | -€5,150 | -€1,123 | -€398 | €3,017 | -€935 | -€1,170 | -€603 | -€3,329 | ▼ 452% |
| Profit (loss) for the period to be appropriated9905 | -€5,150 | -€1,123 | -€398 | €3,017 | -€935 | -€1,170 | -€603 | -€3,329 | ▼ 452% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.01m | €0.008m | €0.007m | €0.01m | €0.01m | €0.006m | €0.006m | €8.1m | ▲ 1,457× |
| Fixed assets21/28 | €0.008m | €0.004m | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.008m | €0.004m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.005m | €0.004m | €0.007m | €0.01m | €0.01m | €0.006m | €0.006m | €8.1m | ▲ 1,457× |
| Amounts receivable within one year40/41 | €0.004m | €0.003m | €387 | - | - | €0.006m | - | €8.0m | - |
| Other amounts receivable41 | - | - | - | - | - | €0.006m | - | €8.0m | - |
| Cash at bank and in hand54/58 | €414 | €0.001m | €0.006m | €0.01m | €0.01m | €149 | €0.006m | €0.003m | ▼ 38.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.07m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.01m | €0.008m | €0.007m | €0.01m | €0.01m | €0.006m | €0.006m | €8.1m | ▲ 1,457× |
| Equity10/15 | €0.007m | €0.006m | €0.005m | €0.008m | €0.007m | €0.006m | €0.006m | €0.002m | ▼ 60.0% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Capital10 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | - | - |
| Uncalled capital101 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | - | €0.006m | - |
| Other1109/19 | - | - | - | - | - | - | - | €0.006m | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | - | €0.002m | - |
| Profit (loss) carried forward14 | -€0.001m | -€0.002m | -€0.003m | €194 | -€0.001m | -€0.002m | -€0.003m | -€0.006m | ▼ 132% |
| Amounts payable17/49 | €0.006m | €0.002m | €0.001m | €0.002m | €0.002m | - | - | €8.1m | - |
| Amounts payable within one year42/48 | €0.006m | €0.002m | €0.001m | €0.002m | €0.002m | - | - | €8.0m | - |
| Trade debts44 | €0.002m | €0.002m | €0.001m | €236 | - | - | - | - | - |
| Suppliers440/4 | - | - | - | €236 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.002m | - | - | €8.0m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.08m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,150 | -€1,123 | -€398 | €3,017 | -€935 | -€1,170 | -€603 | -€3,329 | ▼ 452% |
| + Depreciation and write-downs630 | €5,877 | €4,181 | €3,913 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €727 | €3,058 | €3,514 | €3,017 | -€935 | -€1,170 | -€603 | -€3,329 | ▼ 452% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - | - | - | - |
| Change in cash | - | €633 | €5,111 | €3,632 | -€136 | -€9,504 | €5,397 | -€2,106 | - |
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, 108 companies had the same profile as BRSM has now. Two years later, 93.5% were still going and 0.9% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency under 10%
- a small loss
That fits the bankruptcy probability of BRSM 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 108 companies, not a prediction for BRSM. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-08-2026 | 2026-00406575 | |
| 31-12-2024 | full format | 17-02-2025 | 2025-00035353 | |
| 31-12-2023 | full format | 27-05-2024 | 2024-00096366 | |
| 31-12-2022 | full format | 03-03-2023 | 2023-00034960 | |
| 31-12-2021 | full format | 11-08-2022 | 2022-20282419 | |
| 31-12-2020 | full format | 27-10-2021 | 2021-73300001 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-35900199 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-50800588 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-37500453 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-50600348 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| Martin BAUCHAU |
|
| Raoul BAUCHAU |
|
| Simon BAUCHAU |
|
| DETANDT François |
|
| VAN EYCKE Anthony |
|
| Ludivine THILMANT |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Pouvoir d’administration, chaque administrateur agissant seul peut accomplir tous les actes nécessaires ou utiles à l’accomplissement de…”
Articles of association, deed of 29-11-2023 (in French)
Network & group
BRSM shares no director with another company.
Companies at the same address
160 other companies- OM5 Registered office · since 2026 1044180452
- Valargento Registered office · since 2026 1039352624
- LILYJO Registered office · since 2026 1034539444
- DRM SPORTSCARS Registered office · since 2025 1031274009
- Pro Ficio Invest Registered office · since 2025 1030658751
- JUNETWO Registered office · since 2025 1028949076
- KOPKA Registered office · since 2025 1023358809
- FORZA LEONE Registered office · since 2025 1021992988
- SOCIETE DU CHATEAU DE RY Establishment · since 2025 1020368833
- ADM Invest Registered office · since 2024 1010546889
Connections & network
3 current directorsThe network starts from the directors of BRSM. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
07-10
Gazette deed
Company renamed from ALT IMAGE&SON to BRSMResignation: DETANDT François (director) · Appointments: Raoul BAUCHAU, Simon BAUCHAU and 2 others · Purpose change12 points ▸
- General meeting, 02-10-2025
- Other provision, “rapport organe d’administration, avec expédition au Greffe du tribunal de l’entreprise” (deed in French)
- Purpose change
- Name change, BRSM
- Power of attorney, Michel de FRÉSART
- Director resignation, DETANDT François (director)
- Director discharge, DETANDT François (director)
- Board rule, 4
- Director appointment, Raoul BAUCHAU (director)
- Director appointment, Simon BAUCHAU (director)
- Director appointment, Martin BAUCHAU (director)
- Director appointment, VAN EYCKE Anthony (director)
29-11
Gazette deed
Change of role: DETANDT François, from manager to directorAmendment of the articles · Capital conversion · Approval11 points ▸
- General meeting, 24-11-2023
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “de plein droit, capital effectivement libéré” (deed in French)
- Other provision, “formes et majorités de la modification des statuts, limitation du compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “dispense de libérer les apports non encore libérés, tests de solvabilité et liquidité réussis” (deed in French)
- Approval, “rapport établi par l’organe d’administration, articles 5:142 et 5:143 du Code des Sociétés et des Associations” (deed in French)
- Share issue, 1860, “répartition des bénéfices et des produits de la liquidation” (deed in French)
- Director resignation, DETANDT François (manager)
- Director appointment, DETANDT François (director (not named in the articles))
- Director discharge, DETANDT François
- Registered office clause, “1200 Woluwe-Saint-Lambert,Square Vergote 19” (deed in French)
14-09
Gazette deed
Registered office moved from Bouge to BruxellesResignation: Ludivine THILMANT (director) · Appointment: François Detandt (administrateur gerant)4 points ▸
- General meeting, 30-06-2022
- Director resignation, Ludivine THILMANT
- Director appointment, François Detandt (administrateur gerant)
- Registered-office move, Square Vergote 19-1200 Bruxelles
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- Rue Petite Forêt 13, 5004 Bouge until the act of 14-09-2022
Activities
3 activities
- Services liés à la production audiovisuelle, tels que, et sans que cette liste soit limitative : mise à disposition de tiers de matériel, machines et logiciels dédiés au montage image et son ;
- Toutes prestations liées à la production et post-production audiovisuelle, pour son compte propre ou pour compte de tiers ;
- Toutes ventes et prestations en relation avec l’informatique en général et avec les nouvelles technologies.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 92021C0239/00L000 | Wallonia | 958 m² | 1 · 126 m² | 8.6 m · 2 |
| 21673D0155/00E002 | Brussels | 256 m² | 1 · 113 m² | 19.4 m · 5 |