BRUSERVICES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 29 filings
Turnover
€6,710▼ 94.0%
2023 · €111,023
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€666,578
2024 · -€299,782
Working capital
€569,067▲ 108%
2024 · €273,067
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€666,816
2025
20182025
Net result
€666,578
2025
highest quarter of the sector
20182025
Equity
-€1.5m
▲ 30.2%
2025
lowest quarter of the sector
20182025
Total assets
€572,990
▲ 11.5%
2025
lowest quarter of the sector
20182025
Debt
€2.1m
▼ 22.3%
2025
20182025
Working capital
€569,067
▲ 108%
2025
middle half of the sector
20182025
Solvency
-268.9%
▲ 160.6pp
2025
lowest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
116.3%
▲ 174.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.9m-€0.8m▼ 8.9%€0.6m▼ 23.1%€0.9m▲ 46.0%€0.6m▼ 29.8%€0.1m▼ 82.2%€0.007m▼ 94.0%
Operating result-€0.5m--€0.5m▲ 7.9%-€0.4m▲ 16.8%€24€0.02m▲ 865×€2.1m▲ 99×-€0.2m€0.7m
Net result-€0.7m--€0.6m▲ 5.3%-€0.6mbelow the sector's middle half▲ 8.6%-€0.2mbelow the sector's middle half▲ 67.9%-€0.2mbelow the sector's middle half▲ 14.7%€1.8mabove the sector's middle half-€0.3mbelow the sector's middle half€0.7mabove the sector's middle half
Equity-€2.2m--€2.8m▼ 29.3%-€3.4mbelow the sector's middle half▼ 20.7%-€3.6mbelow the sector's middle half▼ 5.5%-€3.7mbelow the sector's middle half▼ 4.5%-€1.9mbelow the sector's middle half▲ 48.8%-€2.2mbelow the sector's middle half▼ 15.7%-€1.5mbelow the sector's middle half▲ 30.2%
Total assets€2.6m-€2.4m▼ 8.9%€2.4mwithin the sector's middle half▲ 1.4%€2.8mwithin the sector's middle half▲ 17.2%€2.9mwithin the sector's middle half▲ 3.1%€0.6mwithin the sector's middle half▼ 80.1%€0.5mbelow the sector's middle half▼ 11.5%€0.6mbelow the sector's middle half▲ 11.5%
Debt€4.8m-€5.2m▲ 8.4%€5.8m▲ 11.8%€6.4m▲ 10.4%€6.6m▲ 3.8%€2.5m▼ 62.5%€2.7m▲ 9.4%€2.1m▼ 22.3%
Working capital-€1.4m--€1.9m▼ 38.6%-€1.5mbelow the sector's middle half▲ 22.1%-€1.9mbelow the sector's middle half▼ 24.8%-€1.9mbelow the sector's middle half▼ 1.7%€0.5mwithin the sector's middle half€0.3mwithin the sector's middle half▼ 44.5%€0.6mwithin the sector's middle half▲ 108%
Solvency-82.8%--117.5%▼ 34.7pp-139.9%below the sector's middle half▼ 22.4pp-125.9%below the sector's middle half▲ 13.9pp-127.6%below the sector's middle half▼ 1.7pp-328.4%below the sector's middle half▼ 200.7pp-429.5%below the sector's middle half▼ 101.1pp-268.9%below the sector's middle half▲ 160.6pp
Current ratio0.09-0.07▼ 0.020.21below the sector's middle half▲ 0.140.34below the sector's middle half▲ 0.130.39below the sector's middle half▲ 0.056.55above the sector's middle half▲ 6.162.13within the sector's middle half▼ 4.42
Return on assets (ROA)-25.6%--26.6%▼ 1.0pp-24.0%below the sector's middle half▲ 2.6pp-6.6%below the sector's middle half▲ 17.4pp-5.4%below the sector's middle half▲ 1.1pp312.4%above the sector's middle half▲ 317.8pp-58.3%below the sector's middle half▼ 370.7pp116.3%above the sector's middle half▲ 174.7pp
Staff (FTE)1.8-0.8▼ 55.6%
above
within
below
The sector band is the middle half of the companies in Telecommunications (NACE 61). 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 €666,816, after a loss of €179,117 in 2024.
Key figures and ratios
Debt ≤ 1 year
€3,923▼
2024 · €240,916
Debt > 1 year
€2.1m▼
2024 · €2.4m
A ratio outside any meaningful range has been withheld (balance sheet total €572,990, equity -€1.5m).
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.
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €1,500 | €1,500 | €2,000 | €2,100 | €2,100 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.0m | €0.8m | €2.3m | €0.007m | €0.7m | ▲ 100× |
| Turnover70 | €0.9m | €0.8m | €0.6m | €0.9m | €0.6m | €0.1m | €0.007m | - | - |
| Other operating income74 | - | - | - | - | €0.05m | €0.005m | - | €0.005m | - |
| Non-recurring operating income76A | - | - | - | €0.1m | €0.08m | €2.1m | €59 | €0.7m | ▲ 11,445× |
| Operating charges60/66A | - | - | - | €1.0m | €0.7m | €0.2m | €0.2m | €0.01m | ▼ 93.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.7m | €0.4m | €0.1m | €0.004m | - | - |
| Purchases600/8 | - | - | - | €0.7m | €0.4m | €0.1m | €0.004m | - | - |
| Services and other goods61 | - | - | - | €0.1m | €0.1m | €0.09m | €0.02m | €0.009m | ▼ 52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.001m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.07m | €0.01m | €0.003m | €0.003m | ▼ 9.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.2m | - | - |
| Operating profit (loss)9901 | -€0.5m | -€0.5m | -€0.4m | €24 | €0.02m | €2.1m | -€0.2m | €0.7m | - |
| Financial income75/76B | - | - | - | - | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €0 | - |
| Income from current assets751 | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €239 | ▼ 99.8% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €239 | ▼ 99.8% |
| Debt charges650 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | - | - |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.001m | €102 | €239 | ▲ 135% |
| Profit (loss) for the period before taxes9903 | -€0.7m | -€0.6m | -€0.6m | -€0.2m | -€0.2m | €1.9m | -€0.3m | €0.7m | - |
| Income taxes67/77 | €0.002m | -€31 | - | - | - | €0.07m | - | - | - |
| Taxes670/3 | - | - | - | - | - | €0.07m | - | - | - |
| Profit (loss) for the period9904 | -€0.7m | -€0.6m | -€0.6m | -€0.2m | -€0.2m | €1.8m | -€0.3m | €0.7m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.7m | -€0.6m | -€0.6m | -€0.2m | -€0.2m | €1.8m | -€0.3m | €0.7m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.6m | €2.4m | €2.4m | €2.8m | €2.9m | €0.6m | €0.5m | €0.6m | ▲ 11.5% |
| Fixed assets21/28 | €2.5m | €2.2m | €2.0m | €1.8m | €1.7m | - | - | - | - |
| Tangible fixed assets22/27 | €2.5m | €2.2m | €2.0m | €1.8m | €1.7m | - | - | - | - |
| Land and buildings22 | - | - | - | €1.7m | €1.5m | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.1m | - | - | - | - |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €100 | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €100 | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.1m | €0.4m | €1.0m | €1.2m | €0.6m | €0.5m | €0.6m | ▲ 11.5% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.4m | €0.4m | €0.7m | €0.5m | €0.5m | €0.5m | ▲ 0.2% |
| Trade receivables40 | - | - | - | €0.4m | €0.6m | €0.03m | €0.007m | €0.01m | ▲ 75.6% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.5m | €0.5m | €0.5m | ▼ 0.8% |
| Cash at bank and in hand54/58 | €0.04m | €0.01m | €0.02m | €0.6m | €0.6m | €0.04m | €0.002m | €0.06m | ▲ 26× |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.6m | €2.4m | €2.4m | €2.8m | €2.9m | €0.6m | €0.5m | €0.6m | ▲ 11.5% |
| Equity10/15 | -€2.2m | -€2.8m | -€3.4m | -€3.6m | -€3.7m | -€1.9m | -€2.2m | -€1.5m | ▲ 30.2% |
| Contributions10/11 | €9.9m | €9.9m | €9.9m | €9.9m | €9.9m | €9.9m | €9.9m | €9.9m | = |
| Capital10 | - | - | - | €9.9m | €9.9m | €9.9m | €9.9m | €9.9m | = |
| Issued capital100 | - | - | - | €9.9m | €9.9m | €9.9m | €9.9m | €9.9m | = |
| Reserves13 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Non-distributable reserves130/1 | - | - | - | €50 | €50 | €50 | €50 | €50 | = |
| Legal reserve130 | - | - | - | €50 | €50 | €50 | €50 | €50 | = |
| Profit (loss) carried forward14 | -€12.1m | -€12.7m | -€13.3m | -€13.5m | -€13.7m | -€11.8m | -€12.1m | -€11.5m | ▲ 5.5% |
| Amounts payable17/49 | €4.8m | €5.2m | €5.8m | €6.4m | €6.6m | €2.5m | €2.7m | €2.1m | ▼ 22.3% |
| Amounts payable after more than one year17 | €2.8m | €3.1m | €3.9m | €3.5m | €3.5m | €2.4m | €2.4m | €2.1m | ▼ 10.6% |
| Financial debts170/4 | - | - | - | €3.5m | €3.5m | €2.4m | €2.4m | €2.1m | ▼ 10.6% |
| Other loans174 | - | - | - | €3.5m | €3.5m | €2.4m | €2.4m | €2.1m | ▼ 10.6% |
| Amounts payable within one year42/48 | €1.5m | €2.1m | €1.9m | €2.9m | €3.1m | €0.09m | €0.2m | €0.004m | ▼ 98.4% |
| Financial debts43 | - | - | - | €1.0m | €1.1m | - | - | - | - |
| Other loans439 | - | - | - | €1.0m | €1.1m | - | - | - | - |
| Trade debts44 | €1.0m | €0.9m | €1.1m | €1.1m | €1.5m | €0.02m | €0.01m | €0.004m | ▼ 64.4% |
| Suppliers440/4 | - | - | - | €1.1m | €1.5m | €0.02m | €0.01m | €0.004m | ▼ 64.4% |
| Advances received on contracts in progress46 | - | - | - | €0.5m | €0.5m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.002m | €0.07m | - | - | - |
| Taxes450/3 | - | - | - | €0.3m | €0.002m | €0.07m | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.2m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.004m | - | €0.1m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.7m | -€0.6m | -€0.6m | -€0.2m | -€0.2m | €1.8m | -€0.3m | €0.7m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | - | - | - | - |
| Operating cash flow (approximation) | -€0.5m | -€0.4m | -€0.3m | -€0.02m | -€0.001m | €1.8m | -€0.3m | €0.7m | - |
| Investment in fixed assets (approximation) | - | €0.03m | €0 | €0 | €100 | - | - | - | - |
| Change in cash | - | -€0.02m | €0.004m | €0.6m | -€0.02m | -€0.5m | -€0.04m | €0.06m | - |
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, 317 companies had the same profile as BRUSERVICES has now. Two years later, 91.8% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.1%
stopped otherwise
1.6%
went bankrupt
Another 2.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BRUSERVICES itself: 0.5% 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 317 companies, not a prediction for BRUSERVICES. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00258867 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00232312 | |
| 31-12-2023 | full format | 04-06-2024 | 2024-00115925 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00168716 | |
| 31-12-2021 | full format | 01-07-2022 | 2022-20156292 | |
| 31-12-2020 | full format | 08-07-2021 | 2021-33800343 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-26100326 | |
| 31-12-2018 | full format | 17-06-2019 | 2019-20500394 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-27800473 | |
| 31-12-2016 | full format | 27-07-2017 | 2017-38800284 |