BSS+
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-10-2026 at the NBB all 4 filings
Turnover
≈ €240,000
Estimated: probably between €180,000 and €450,000
Total assets
€345,735▼ 3.9%
2025 · €359,761
Net result
€42,880▲ 10.6%
2025 · €38,756
Working capital
-€5,953
2025 · €26,462
Multi-year overview
2023 to 2026, 4 financial yearsOperating result
€63,024
▲ 9.1%
2026
20232026
Net result
€42,880
▲ 10.6%
2026
20232026
Equity
€130,892
▼ 31.0%
2026
20232026
Total assets
€345,735
▼ 3.9%
2026
20232026
Debt
€214,843
▲ 26.3%
2026
20232026
Working capital
-€5,953
2026
20232026
Solvency
37.9%
▼ 14.9pp
2026
20232026
Current ratio
0.96
▼ 0.33
2026
20232026
Return on assets (ROA)
12.4%
▲ 1.6pp
2026
20232026
Staff (FTE)
0.1
=
2026
20232026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2023202420252026
Operating result€114,120-€41,760▼ 63.4%€57,761▲ 38.3%€63,024▲ 9.1%
Net result€91,407above the sector's middle half-€26,181within the sector's middle half▼ 71.4%€38,756above the sector's middle half▲ 48.0%€42,880▲ 10.6%
Equity€126,407within the sector's middle half-€150,923within the sector's middle half▲ 19.4%€189,679within the sector's middle half▲ 25.7%€130,892▼ 31.0%
Total assets€330,038within the sector's middle half-€383,358within the sector's middle half▲ 16.2%€359,761within the sector's middle half▼ 6.2%€345,735▼ 3.9%
Debt€203,631-€232,436▲ 14.1%€170,082▼ 26.8%€214,843▲ 26.3%
Working capital€5,659within the sector's middle half--€12,185within the sector's middle half€26,462within the sector's middle half-€5,953
Solvency38.3%within the sector's middle half-39.4%within the sector's middle half▲ 1.1pp52.7%within the sector's middle half▲ 13.4pp37.9%▼ 14.9pp
Current ratio1.05within the sector's middle half-0.90within the sector's middle half▼ 0.151.30within the sector's middle half▲ 0.400.96▼ 0.33
Return on assets (ROA)27.7%above the sector's middle half-6.8%within the sector's middle half▼ 20.9pp10.8%above the sector's middle half▲ 3.9pp12.4%▲ 1.6pp
Staff (FTE)0.10.1=0.1=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is 9% higher than in 2025. It is the second rise in a row, after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €345,735
Fixed assets
€191,085 ▼ 21.8%
Current assets
€154,651 ▲ 34.1%
Equity and liabilities €345,735
Equity
€130,892 ▼ 31.0%
Debt
€214,843 ▲ 26.3%
Debt's share of the balance-sheet total rises from 47.3% to 62.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€127,892▲
2025 · €120,564
Cash flow
€107,748▲
2025 · €101,559
Quick ratio
0.78▲
2025 · 0.67
Debt to equity
1.64▲
2025 · 0.90
ROE
32.8%▲
2025 · 20.4%
Interest coverage
36.89▲
2025 · 28.18
Debt ≤ 1 year
€160,604▲
2025 · €88,837
Debt > 1 year
€52,644▼
2025 · €80,193
Income taxes
€17,454▲
2025 · €14,783
Staff costs
€1,878▼
2025 · €4,281
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Average over the year, in full-time equivalents | 0.1 | 0.1 | 0.1 |
| Joined | 2 | 3 | 2 |
| Left | 2 | 3 | 2 |
Source: social balance sheet in the 2024 to 2026 annual accounts
Investments
| Item | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|
| Tangible fixed assets | €234,333 | €117,823 | €33,506 | €12,223 |
| Intangible fixed assets | - | €1,584 | - | - |
| Depreciation and write-downs of the year | €27,123 | €49,123 | €62,803 | €64,868 |
Source: notes to the 2023 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €117 awarded · €117 paidAnnual accounts
| Line | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €13,862 | - | - | - |
| Remuneration, social security and pensions62 | - | €2,112 | €4,281 | €1,878 | ▼ 56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,123 | €49,123 | €62,803 | €64,868 | ▲ 3.3% |
| Other operating charges640/8 | €2,730 | €5,281 | €1,890 | €4,564 | ▲ 141% |
| Non-recurring operating charges66A | - | €8,948 | - | - | - |
| Gross operating margin9900 | €143,973 | €107,224 | €126,735 | €134,334 | ▲ 6.0% |
| Operating profit (loss)9901 | €114,120 | €41,760 | €57,761 | €63,024 | ▲ 9.1% |
| Financial income75/76B | €1 | €5 | €57 | €777 | ▲ 14× |
| Recurring financial income75 | €1 | €5 | €57 | €777 | ▲ 14× |
| Financial charges65/66B | €1,696 | €4,811 | €4,279 | €3,467 | ▼ 19.0% |
| Recurring financial charges65 | €1,696 | €4,811 | €4,279 | €3,467 | ▼ 19.0% |
| Profit (loss) for the period before taxes9903 | €112,425 | €36,954 | €53,539 | €60,334 | ▲ 12.7% |
| Income taxes67/77 | €21,018 | €10,773 | €14,783 | €17,454 | ▲ 18.1% |
| Profit (loss) for the period9904 | €91,407 | €26,181 | €38,756 | €42,880 | ▲ 10.6% |
| Profit (loss) for the period to be appropriated9905 | €91,407 | €26,181 | €38,756 | €42,880 | ▲ 10.6% |
| Line | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €330,038 | €383,358 | €359,761 | €345,735 | ▼ 3.9% |
| Fixed assets21/28 | €207,210 | €273,759 | €244,462 | €191,085 | ▼ 21.8% |
| Intangible fixed assets21 | - | €1,368 | €1,052 | €735 | ▼ 30.1% |
| Tangible fixed assets22/27 | €207,210 | €272,391 | €243,410 | €190,350 | ▼ 21.8% |
| Land and buildings22 | €859 | €8,739 | €7,626 | €6,513 | ▼ 14.6% |
| Plant, machinery and equipment23 | €56,801 | €52,259 | €65,702 | €60,202 | ▼ 8.4% |
| Furniture and vehicles24 | €104,498 | €76,968 | €57,240 | €32,375 | ▼ 43.4% |
| Leasing and similar rights25 | €45,052 | €134,426 | €112,842 | €91,259 | ▼ 19.1% |
| Current assets29/58 | €122,829 | €109,599 | €115,299 | €154,651 | ▲ 34.1% |
| Stocks and contracts in progress3 | €9,717 | €8,130 | €55,538 | €29,011 | ▼ 47.8% |
| Stocks30/36 | €5,887 | €8,130 | €15,056 | €29,011 | ▲ 92.7% |
| Contracts in progress37 | €3,830 | - | €40,481 | - | - |
| Amounts receivable within one year40/41 | €106,431 | €90,070 | €44,757 | €59,330 | ▲ 32.6% |
| Trade receivables40 | €99,112 | €86,501 | €34,644 | €36,987 | ▲ 6.8% |
| Other amounts receivable41 | €7,319 | €3,569 | €10,113 | €22,343 | ▲ 121% |
| Cash at bank and in hand54/58 | €3,546 | €4,241 | €11,227 | €63,945 | ▲ 470% |
| Deferred charges and accrued income490/1 | €3,135 | €7,158 | €3,777 | €2,365 | ▼ 37.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €330,038 | €383,358 | €359,761 | €345,735 | ▼ 3.9% |
| Equity10/15 | €126,407 | €150,923 | €189,679 | €130,892 | ▼ 31.0% |
| Contributions10/11 | €35,000 | €35,000 | €35,000 | €35,000 | = |
| Reserves13 | €91,407 | €115,923 | €154,679 | €95,892 | ▼ 38.0% |
| Distributable reserves133 | €91,407 | €115,923 | €154,679 | €95,892 | ▼ 38.0% |
| Amounts payable17/49 | €203,631 | €232,436 | €170,082 | €214,843 | ▲ 26.3% |
| Amounts payable after more than one year17 | €84,486 | €107,003 | €80,193 | €52,644 | ▼ 34.4% |
| Financial debts170/4 | €44,486 | €107,003 | €80,193 | €52,644 | ▼ 34.4% |
| Other amounts payable178/9 | €40,000 | - | - | - | - |
| Amounts payable within one year42/48 | €117,169 | €121,784 | €88,837 | €160,604 | ▲ 80.8% |
| Current portion of amounts payable after more than one year42 | €3,178 | €26,096 | €26,810 | €27,549 | ▲ 2.8% |
| Trade debts44 | €66,633 | €68,629 | €44,729 | €82,679 | ▲ 84.8% |
| Suppliers440/4 | €66,633 | €68,629 | €44,729 | €82,679 | ▲ 84.8% |
| Taxes, remuneration and social security45 | €4,815 | €4,150 | €17,298 | - | - |
| Taxes450/3 | €1,062 | €161 | €13,280 | - | - |
| Remuneration and social security454/9 | €3,753 | €3,989 | €4,018 | - | - |
| Other amounts payable47/48 | €42,544 | €22,908 | - | €50,376 | - |
| Accrued charges and deferred income492/3 | €1,975 | €3,649 | €1,053 | €1,596 | ▲ 51.6% |
| Line | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €91,407 | €26,181 | €38,756 | €42,880 | ▲ 10.6% |
| + Depreciation and write-downs630 | €27,123 | €49,123 | €62,803 | €64,868 | ▲ 3.3% |
| Operating cash flow (approximation) | €118,530 | €75,304 | €101,559 | €107,748 | ▲ 6.1% |
| Investment in fixed assets (approximation) | - | -€115,672 | -€33,506 | -€11,491 | ▲ 65.7% |
| Change in cash | - | €696 | €6,986 | €52,718 | ▲ 655% |
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, 26,972 companies had the same profile as BSS+ has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BSS+ itself is lower: 0.1% within 12 months. It rests on far more data about BSS+ 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 26,972 companies, not a prediction for BSS+. 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.