Bruce
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-02-2026 PDF all 4 filings
Turnover
€62,331▼ 6.8%
2024 · €66,881
EBIT margin
1.0%▼ 26.3pp
2024 · 27.4%
Net result
-€523
2024 · €11,814
Working capital
€16,968▲ 66.8%
2024 · €10,172
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€62,331
▼ 6.8%
2025
20222025
Operating result
€653
▼ 96.4%
2025
20222025
Net result
-€523
2025
middle half of the sector
20222025
EBIT margin
1.0%
▼ 26.3pp
2025
20222025
Equity
€35,718
▼ 1.4%
2025
middle half of the sector
20222025
Total assets
€43,697
▼ 24.0%
2025
lowest quarter of the sector
20222025
Debt
€7,979
▼ 62.5%
2025
20222025
Working capital
€16,968
▲ 66.8%
2025
middle half of the sector
20222025
Solvency
81.7%
▲ 18.7pp
2025
highest quarter of the sector
20222025
Current ratio
3.13
▲ 1.59
2025
highest quarter of the sector
20222025
Return on assets (ROA)
-1.2%
▼ 21.7pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€37,931€66,881▲ 76.3%€62,331▼ 6.8%
Operating result€38,528--€3,621€18,310€653▼ 96.4%
Net result€27,124above the sector's middle half--€5,197within the sector's middle half€11,814within the sector's middle half-€523within the sector's middle half
EBIT margin-9.5%27.4%▲ 36.9pp1.0%▼ 26.3pp
Equity€29,624within the sector's middle half-€24,427within the sector's middle half▼ 17.5%€36,241within the sector's middle half▲ 48.4%€35,718within the sector's middle half▼ 1.4%
Total assets€42,018below the sector's middle half-€61,097within the sector's middle half▲ 45.4%€57,521within the sector's middle half▼ 5.9%€43,697below the sector's middle half▼ 24.0%
Debt€12,394-€36,670▲ 196%€21,280▼ 42.0%€7,979▼ 62.5%
Working capital€24,896within the sector's middle half-€1,909within the sector's middle half▼ 92.3%€10,172within the sector's middle half▲ 433%€16,968within the sector's middle half▲ 66.8%
Solvency70.5%above the sector's middle half-40.0%within the sector's middle half▼ 30.5pp63.0%above the sector's middle half▲ 23.0pp81.7%above the sector's middle half▲ 18.7pp
Current ratio3.01above the sector's middle half-1.09within the sector's middle half▼ 1.921.54within the sector's middle half▲ 0.453.13above the sector's middle half▲ 1.59
Return on assets (ROA)64.6%above the sector's middle half--8.5%below the sector's middle half▼ 73.1pp20.5%above the sector's middle half▲ 29.0pp-1.2%within the sector's middle half▼ 21.7pp
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 96% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €43,697
Fixed assets
€18,750 ▼ 33.9%
Current assets
€24,947 ▼ 14.4%
Equity and liabilities €43,697
Equity
€35,718 ▼ 1.4%
Debt
€7,979 ▼ 62.5%
Debt's share of the balance-sheet total falls from 37.0% to 18.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10,037▼
2024 · €27,694
Cash flow
€8,861▼
2024 · €21,198
Debt to equity
0.22▼
2024 · 0.59
ROE
-1.5%▼
2024 · 32.6%
Interest coverage
18.69▲
2024 · 18.46
Debt ≤ 1 year
€7,979▼
2024 · €18,965
Income taxes
€389▼
2024 · €4,996
Customer credit
1 day▼
2024 · 37 days
Supplier credit
15 days▼
2024 · 20 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Overdue tax debts | €11,122 | €9,161 | €4,799 | €3,686 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,786 | €41,728 | - | - |
| Depreciation and write-downs of the year | €2,058 | €8,688 | €9,384 | €9,384 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €144 awarded · €144 paidAnnual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | - | €37,931 | €66,881 | €62,331 | ▼ 6.8% |
| Non-recurring operating income76A | - | - | €480 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €41,198 | €53,508 | ▲ 29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,058 | €8,688 | €9,384 | €9,384 | = |
| Other operating charges640/8 | €102 | €623 | €222 | €679 | ▲ 206% |
| Gross operating margin9900 | €40,688 | €5,690 | €27,916 | €10,716 | ▼ 61.6% |
| Operating profit (loss)9901 | €38,528 | -€3,621 | €18,310 | €653 | ▼ 96.4% |
| Financial income75/76B | - | €1 | - | - | - |
| Recurring financial income75 | - | €1 | - | - | - |
| Financial charges65/66B | €92 | €1,453 | €1,500 | €787 | ▼ 47.5% |
| Recurring financial charges65 | €92 | €1,453 | €1,500 | €537 | ▼ 64.2% |
| Non-recurring financial charges66B | - | - | - | €250 | - |
| Profit (loss) for the period before taxes9903 | €38,436 | -€5,073 | €16,810 | -€134 | - |
| Income taxes67/77 | €11,312 | €124 | €4,996 | €389 | ▼ 92.2% |
| Profit (loss) for the period9904 | €27,124 | -€5,197 | €11,814 | -€523 | - |
| Profit (loss) for the period to be appropriated9905 | €27,124 | -€5,197 | €11,814 | -€523 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €42,018 | €61,097 | €57,521 | €43,697 | ▼ 24.0% |
| Fixed assets21/28 | €4,728 | €37,768 | €28,384 | €18,750 | ▼ 33.9% |
| Tangible fixed assets22/27 | €4,728 | €37,768 | €28,384 | €18,750 | ▼ 33.9% |
| Plant, machinery and equipment23 | €2,074 | €1,556 | €1,037 | €518 | ▼ 50.0% |
| Furniture and vehicles24 | €2,654 | €36,212 | €27,347 | €18,232 | ▼ 33.3% |
| Current assets29/58 | €37,290 | €23,329 | €29,137 | €24,947 | ▼ 14.4% |
| Amounts receivable within one year40/41 | €8,981 | €5,151 | €8,995 | €6,448 | ▼ 28.3% |
| Trade receivables40 | €8,981 | €275 | €6,758 | €103 | ▼ 98.5% |
| Other amounts receivable41 | - | €4,876 | €2,237 | €6,345 | ▲ 184% |
| Cash at bank and in hand54/58 | €23,309 | €18,178 | €18,471 | €16,610 | ▼ 10.1% |
| Deferred charges and accrued income490/1 | €5,000 | - | €1,671 | €1,889 | ▲ 13.0% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €42,018 | €61,097 | €57,521 | €43,697 | ▼ 24.0% |
| Equity10/15 | €29,624 | €24,427 | €36,241 | €35,718 | ▼ 1.4% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €27,124 | €27,124 | €38,938 | €38,938 | = |
| Distributable reserves133 | €27,124 | €27,124 | €38,938 | €38,938 | = |
| Profit (loss) carried forward14 | - | -€5,197 | -€5,197 | -€5,720 | ▼ 10.1% |
| Amounts payable17/49 | €12,394 | €36,670 | €21,280 | €7,979 | ▼ 62.5% |
| Amounts payable after more than one year17 | - | €15,250 | €2,315 | - | - |
| Financial debts170/4 | - | €15,250 | €2,315 | - | - |
| Amounts payable within one year42/48 | €12,394 | €21,420 | €18,965 | €7,979 | ▼ 57.9% |
| Current portion of amounts payable after more than one year42 | - | €10,499 | €11,866 | €2,072 | ▼ 82.5% |
| Trade debts44 | €537 | €1,354 | €2,300 | €2,221 | ▼ 3.4% |
| Suppliers440/4 | €537 | €1,354 | €2,300 | €2,221 | ▼ 3.4% |
| Taxes, remuneration and social security45 | €11,122 | €9,161 | €4,799 | €3,686 | ▼ 23.2% |
| Taxes450/3 | €11,122 | €9,161 | €4,799 | €3,686 | ▼ 23.2% |
| Other amounts payable47/48 | €735 | €406 | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,124 | -€5,197 | €11,814 | -€523 | - |
| + Depreciation and write-downs630 | €2,058 | €8,688 | €9,384 | €9,384 | = |
| Operating cash flow (approximation) | €29,182 | €3,491 | €21,198 | €8,861 | ▼ 58.2% |
| Investment in fixed assets (approximation) | - | -€41,728 | €0 | €250 | - |
| Change in cash | - | -€5,131 | €293 | -€1,861 | - |
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, 3,440 companies had the same profile as Bruce has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Bruce itself is lower: 0.1% within 12 months. It rests on far more data about Bruce than the profile alone.
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 3,440 companies, not a prediction for Bruce. 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.