BRUSSELS BARBELL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 03-06-2026 PDF all 5 filings
Turnover
≈ €220,000
Estimated: probably between €130,000 and €420,000
EBIT margin
Not included in this filing
Net result
-€49,473▼ 63.1%
2024 · -€30,342
Working capital
-€113,094▲ 20.8%
2024 · -€142,724
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€34,196
2025
20212025
Net result
-€49,473
▼ 63.1%
2025
lowest quarter of the sector
20212025
Equity
-€42,238
2025
lowest quarter of the sector
20212025
Total assets
€606,827
▼ 5.6%
2025
middle half of the sector
20212025
Debt
€649,065
▲ 2.2%
2025
20212025
Working capital
-€113,094
▲ 20.8%
2025
lowest quarter of the sector
20212025
Solvency
-7.0%
▼ 8.1pp
2025
lowest quarter of the sector
20212025
Current ratio
0.16
▲ 0.07
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-8.2%
▼ 3.4pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€22,902--€33,536€64,970-€25,905€34,196
Net result€19,038within the sector's middle half--€33,860below the sector's middle half€52,299above the sector's middle half-€30,342below the sector's middle half-€49,473below the sector's middle half▼ 63.1%
Equity€19,138within the sector's middle half--€14,722below the sector's middle half€37,577within the sector's middle half€7,235within the sector's middle half▼ 80.7%-€42,238below the sector's middle half
Total assets€34,285below the sector's middle half-€380,281above the sector's middle half▲ 11×€436,208above the sector's middle half▲ 14.7%€642,586above the sector's middle half▲ 47.3%€606,827within the sector's middle half▼ 5.6%
Debt€15,147-€395,003▲ 26×€398,631▲ 0.9%€635,351▲ 59.4%€649,065▲ 2.2%
Working capital€7,594within the sector's middle half--€75,404below the sector's middle half-€34,451below the sector's middle half▲ 54.3%-€142,724below the sector's middle half▼ 314%-€113,094below the sector's middle half▲ 20.8%
Solvency55.8%within the sector's middle half--3.9%below the sector's middle half▼ 59.7pp8.6%below the sector's middle half▲ 12.5pp1.1%below the sector's middle half▼ 7.5pp-7.0%below the sector's middle half▼ 8.1pp
Current ratio1.50within the sector's middle half-0.09below the sector's middle half▼ 1.410.73below the sector's middle half▲ 0.640.09below the sector's middle half▼ 0.640.16below the sector's middle half▲ 0.07
Return on assets (ROA)55.5%above the sector's middle half--8.9%below the sector's middle half▼ 64.4pp12.0%within the sector's middle half▲ 20.9pp-4.7%below the sector's middle half▼ 16.7pp-8.2%below the sector's middle half▼ 3.4pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 €34,196, after a loss of €25,905 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €606,827
Fixed assets
€585,061 ▼ 7.0%
Current assets
€21,766 ▲ 57.6%
Equity and liabilities
Equity-€42,238
Debt€649,065
Equity is negative. Debt (€649,065) exceeds the balance-sheet total (€606,827).
Key figures and ratios
EBITDA
€77,912▲
2024 · €14,103
Cash flow
-€5,757▼
2024 · €9,666
Interest coverage
0.93▼
2024 · 3.18
Debt ≤ 1 year
€134,860▼
2024 · €156,533
Debt > 1 year
€514,205▲
2024 · €478,818
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 | €14,711 | €364,901 | €1,483 | €325,276 | - |
| Depreciation and write-downs of the year | €3,167 | €3,793 | €30,626 | €40,008 | €43,716 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,167 | €3,793 | €30,626 | €40,008 | €43,716 | ▲ 9.3% |
| Other operating charges640/8 | €745 | - | - | €772 | €456 | ▼ 40.9% |
| Gross operating margin9900 | €26,814 | -€29,743 | €95,596 | €14,875 | €78,368 | ▲ 427% |
| Operating profit (loss)9901 | €22,902 | -€33,536 | €64,970 | -€25,905 | €34,196 | - |
| Financial charges65/66B | €92 | €324 | €6,261 | €4,437 | €83,669 | ▲ 19× |
| Recurring financial charges65 | €92 | €324 | €6,261 | €4,437 | €83,669 | ▲ 19× |
| Profit (loss) for the period before taxes9903 | €22,810 | -€33,860 | €58,709 | -€30,342 | -€49,473 | ▼ 63.1% |
| Income taxes67/77 | €3,772 | - | €6,410 | - | - | - |
| Profit (loss) for the period9904 | €19,038 | -€33,860 | €52,299 | -€30,342 | -€49,473 | ▼ 63.1% |
| Profit (loss) for the period to be appropriated9905 | €19,038 | -€33,860 | €52,299 | -€30,342 | -€49,473 | ▼ 63.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34,285 | €380,281 | €436,208 | €642,586 | €606,827 | ▼ 5.6% |
| Fixed assets21/28 | €11,544 | €372,652 | €343,509 | €628,777 | €585,061 | ▼ 7.0% |
| Tangible fixed assets22/27 | €11,544 | €372,652 | €343,509 | €628,777 | €585,061 | ▼ 7.0% |
| Land and buildings22 | - | €294,658 | €285,721 | €576,242 | €557,972 | ▼ 3.2% |
| Plant, machinery and equipment23 | €10,419 | €77,431 | €57,788 | €52,535 | €27,089 | ▼ 48.4% |
| Furniture and vehicles24 | €1,125 | €563 | - | - | - | - |
| Current assets29/58 | €22,741 | €7,629 | €92,699 | €13,809 | €21,766 | ▲ 57.6% |
| Amounts receivable within one year40/41 | €4,637 | - | €35,315 | €5,369 | €4,306 | ▼ 19.8% |
| Trade receivables40 | €4,637 | - | €32,234 | - | - | - |
| Other amounts receivable41 | - | - | €3,081 | €5,369 | €4,306 | ▼ 19.8% |
| Cash at bank and in hand54/58 | €18,104 | €7,629 | €57,384 | €8,440 | €17,460 | ▲ 107% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34,285 | €380,281 | €436,208 | €642,586 | €606,827 | ▼ 5.6% |
| Equity10/15 | €19,138 | -€14,722 | €37,577 | €7,235 | -€42,238 | - |
| Contributions10/11 | €100 | €100 | €100 | €100 | €100 | = |
| Profit (loss) carried forward14 | €19,038 | -€14,822 | €37,477 | €7,135 | -€42,338 | - |
| Amounts payable17/49 | €15,147 | €395,003 | €398,631 | €635,351 | €649,065 | ▲ 2.2% |
| Amounts payable after more than one year17 | - | €311,970 | €271,481 | €478,818 | €514,205 | ▲ 7.4% |
| Financial debts170/4 | - | €311,970 | €271,481 | €478,818 | €514,205 | ▲ 7.4% |
| Amounts payable within one year42/48 | €15,147 | €83,033 | €127,150 | €156,533 | €134,860 | ▼ 13.8% |
| Current portion of amounts payable after more than one year42 | - | €18,441 | - | - | - | - |
| Financial debts43 | - | - | €31,515 | €56,346 | €40,682 | ▼ 27.8% |
| Credit institutions430/8 | - | - | €31,515 | €56,346 | €40,682 | ▼ 27.8% |
| Trade debts44 | - | €10,285 | €7,536 | €7,309 | €13,875 | ▲ 89.8% |
| Suppliers440/4 | - | €10,285 | €7,536 | €7,309 | €13,875 | ▲ 89.8% |
| Taxes, remuneration and social security45 | €8,765 | €9,307 | €6,410 | €6,410 | - | - |
| Taxes450/3 | €8,765 | €9,307 | €6,410 | €6,410 | - | - |
| Other amounts payable47/48 | €6,382 | €45,000 | €81,689 | €86,468 | €80,303 | ▼ 7.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,038 | -€33,860 | €52,299 | -€30,342 | -€49,473 | ▼ 63.1% |
| + Depreciation and write-downs630 | €3,167 | €3,793 | €30,626 | €40,008 | €43,716 | ▲ 9.3% |
| Operating cash flow (approximation) | €22,205 | -€30,067 | €82,925 | €9,666 | -€5,757 | - |
| Investment in fixed assets (approximation) | - | -€364,901 | -€1,483 | -€325,276 | €0 | - |
| Change in cash | - | -€10,475 | €49,755 | -€48,944 | €9,020 | - |
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, 1,167 companies had the same profile as BRUSSELS BARBELL has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BRUSSELS BARBELL itself is lower: 0.4% within 12 months. It rests on far more data about BRUSSELS BARBELL 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 1,167 companies, not a prediction for BRUSSELS BARBELL. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 03-06-2026 | 2026-00137787 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00270678 | |
| 31-12-2023 | micro format | 13-03-2024 | 2024-00043608 | |
| 31-12-2022 | micro format | 09-05-2023 | 2023-00083864 | |
| 31-12-2021 | micro format | 01-09-2022 | 2022-20412347 |