BSENSE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-02-2026 PDF all 4 filings
Turnover
€82,280
EBIT margin
28.6%
Net result
€23,961▲ 45.3%
2024 · €16,496
Working capital
-€16,408
2024 · €13,674
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
no figure
2025
20222025
Operating result
€33,037
▲ 38.9%
2025
20222025
Net result
€23,961
▲ 45.3%
2025
middle half of the sector
20222025
EBIT margin
no figure
2025
20222025
Equity
€500
▼ 98.7%
2025
lowest quarter of the sector
20222025
Total assets
€74,505
▲ 16.1%
2025
middle half of the sector
20222025
Debt
€74,005
▲ 174%
2025
20222025
Working capital
-€16,408
2025
lowest quarter of the sector
20222025
Solvency
0.7%
▼ 57.3pp
2025
lowest quarter of the sector
20222025
Current ratio
0.78
▼ 0.81
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
32.2%
▲ 6.5pp
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€82,280-
Operating result€23,533-€10,753▼ 54.3%€23,787▲ 121%€33,037▲ 38.9%
Net result€17,047within the sector's middle half-€5,596within the sector's middle half▼ 67.2%€16,496within the sector's middle half▲ 195%€23,961within the sector's middle half▲ 45.3%
EBIT margin28.6%-
Equity€16,747below the sector's middle half-€21,543below the sector's middle half▲ 28.6%€37,189within the sector's middle half▲ 72.6%€500below the sector's middle half▼ 98.7%
Total assets€66,358below the sector's middle half-€57,358below the sector's middle half▼ 13.6%€64,174below the sector's middle half▲ 11.9%€74,505within the sector's middle half▲ 16.1%
Debt€49,611-€35,815▼ 27.8%€26,985▼ 24.7%€74,005▲ 174%
Working capital-€5,974below the sector's middle half--€591below the sector's middle half▲ 90.1%€13,674within the sector's middle half-€16,408below the sector's middle half
Solvency25.2%below the sector's middle half-37.6%within the sector's middle half▲ 12.3pp58.0%within the sector's middle half▲ 20.4pp0.7%below the sector's middle half▼ 57.3pp
Current ratio0.78below the sector's middle half-0.97below the sector's middle half▲ 0.191.59within the sector's middle half▲ 0.620.78below the sector's middle half▼ 0.81
Return on assets (ROA)25.7%within the sector's middle half-9.8%within the sector's middle half▼ 15.9pp25.7%within the sector's middle half▲ 15.9pp32.2%within the sector's middle half▲ 6.5pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 39% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €74,505
Fixed assets
€17,253 ▼ 36.9%
Current assets
€57,252 ▲ 55.4%
Equity and liabilities €74,505
Equity
€500 ▼ 98.7%
Debt
€74,005 ▲ 174%
Debt's share of the balance-sheet total rises from 42.0% to 99.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€45,075▲
2024 · €35,283
Cash flow
€35,999▲
2024 · €27,992
Interest coverage
54.50▲
2024 · 34.93
Debt ≤ 1 year
€73,660▲
2024 · €23,164
Income taxes
€8,249▲
2024 · €6,281
The equity ratios are withheld because equity of €500 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €51,214 | €1,842 | €3,293 | €1,955 |
| Depreciation and write-downs of the year | €6,588 | €10,929 | €11,496 | €12,038 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | €82,280 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €50,682 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,588 | €10,929 | €11,496 | €12,038 | ▲ 4.7% |
| Other operating charges640/8 | €5,592 | €630 | €1,042 | €994 | ▼ 4.6% |
| Gross operating margin9900 | €35,713 | €22,312 | €36,325 | €46,069 | ▲ 26.8% |
| Operating profit (loss)9901 | €23,533 | €10,753 | €23,787 | €33,037 | ▲ 38.9% |
| Financial charges65/66B | €848 | €1,188 | €1,010 | €827 | ▼ 18.1% |
| Recurring financial charges65 | €848 | €1,188 | €1,010 | €827 | ▼ 18.1% |
| Profit (loss) for the period before taxes9903 | €22,685 | €9,565 | €22,777 | €32,210 | ▲ 41.4% |
| Income taxes67/77 | €5,638 | €3,969 | €6,281 | €8,249 | ▲ 31.3% |
| Profit (loss) for the period9904 | €17,047 | €5,596 | €16,496 | €23,961 | ▲ 45.3% |
| Profit (loss) for the period to be appropriated9905 | €17,047 | €5,596 | €16,496 | €23,961 | ▲ 45.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €66,358 | €57,358 | €64,174 | €74,505 | ▲ 16.1% |
| Fixed assets21/28 | €44,626 | €35,539 | €27,336 | €17,253 | ▼ 36.9% |
| Tangible fixed assets22/27 | €44,626 | €35,539 | €27,336 | €17,253 | ▼ 36.9% |
| Furniture and vehicles24 | €44,626 | €35,539 | €27,336 | €17,253 | ▼ 36.9% |
| Current assets29/58 | €21,732 | €21,819 | €36,838 | €57,252 | ▲ 55.4% |
| Amounts receivable within one year40/41 | €7,293 | €9,731 | €14,317 | €29,578 | ▲ 107% |
| Trade receivables40 | €7,293 | €5,950 | €7,320 | €20,029 | ▲ 174% |
| Other amounts receivable41 | - | €3,781 | €6,997 | €9,549 | ▲ 36.5% |
| Cash at bank and in hand54/58 | €13,410 | €9,189 | €22,521 | €26,227 | ▲ 16.5% |
| Deferred charges and accrued income490/1 | €1,029 | €2,899 | - | €1,447 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €66,358 | €57,358 | €64,174 | €74,505 | ▲ 16.1% |
| Equity10/15 | €16,747 | €21,543 | €37,189 | €500 | ▼ 98.7% |
| Contributions10/11 | €500 | €500 | €500 | €500 | = |
| Contributions outside capital11 | €500 | €500 | - | - | - |
| Other1109/19 | €500 | €500 | - | - | - |
| Profit (loss) carried forward14 | €16,247 | €21,043 | €36,689 | - | - |
| Amounts payable17/49 | €49,611 | €35,815 | €26,985 | €74,005 | ▲ 174% |
| Amounts payable after more than one year17 | €21,675 | €12,847 | €3,821 | - | - |
| Financial debts170/4 | €21,675 | €12,847 | €3,821 | - | - |
| Amounts payable within one year42/48 | €27,706 | €22,410 | €23,164 | €73,660 | ▲ 218% |
| Current portion of amounts payable after more than one year42 | €8,633 | €8,828 | €9,027 | €3,821 | ▼ 57.7% |
| Trade debts44 | €183 | €2,317 | €345 | - | - |
| Suppliers440/4 | €183 | €2,317 | €345 | - | - |
| Taxes, remuneration and social security45 | €10,687 | €10,465 | €12,942 | €9,189 | ▼ 29.0% |
| Taxes450/3 | €10,687 | €10,465 | €12,942 | €9,189 | ▼ 29.0% |
| Other amounts payable47/48 | €8,203 | €800 | €850 | €60,650 | ▲ 71× |
| Accrued charges and deferred income492/3 | €230 | €558 | - | €345 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,047 | €5,596 | €16,496 | €23,961 | ▲ 45.3% |
| + Depreciation and write-downs630 | €6,588 | €10,929 | €11,496 | €12,038 | ▲ 4.7% |
| Operating cash flow (approximation) | €23,635 | €16,525 | €27,992 | €35,999 | ▲ 28.6% |
| Investment in fixed assets (approximation) | - | -€1,842 | -€3,293 | -€1,955 | ▲ 40.6% |
| Change in cash | - | -€4,221 | €13,332 | €3,706 | ▼ 72.2% |
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, 2,157 companies had the same profile as BSENSE has now. Two years later, 94.1% were still going and 3.0% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
94.1%
was still going
2.8%
stopped otherwise
3.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BSENSE itself is lower: 0.2% within 12 months. It rests on far more data about BSENSE 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 2,157 companies, not a prediction for BSENSE. 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.