Bucon
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 16 filings
Turnover
≈ €100,000
Estimated: probably between €53,000 and €200,000
Total assets
€148,289▼ 27.9%
2024 · €205,542
Net result
€10,338▼ 58.3%
2024 · €24,799
Working capital
€142,425▲ 8.5%
2024 · €131,211
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,684
▼ 56.0%
2025
20182025
Net result
€10,338
▼ 58.3%
2025
middle half of the sector
20182025
Equity
€142,841
▲ 7.8%
2025
middle half of the sector
20182025
Total assets
€148,289
▼ 27.9%
2025
middle half of the sector
20182025
Debt
€5,449
▼ 92.5%
2025
20182025
Working capital
€142,425
▲ 8.5%
2025
highest quarter of the sector
20182025
Solvency
96.3%
▲ 31.9pp
2025
highest quarter of the sector
20182025
Current ratio
27.14
▲ 24.34
2025
highest quarter of the sector
20182025
Return on assets (ROA)
7.0%
▼ 5.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€10,224-€9,276€29,623▲ 219%€39,323▲ 32.7%€24,139▼ 38.6%€44,677▲ 85.1%€35,617▼ 20.3%€15,684▼ 56.0%
Net result-€2,892-€13,730€22,859within the sector's middle half▲ 66.5%€32,209within the sector's middle half▲ 40.9%€16,238within the sector's middle half▼ 49.6%€28,867within the sector's middle half▲ 77.8%€24,799within the sector's middle half▼ 14.1%€10,338within the sector's middle half▼ 58.3%
Equity€94,713-€108,443▲ 14.5%€131,302within the sector's middle half▲ 21.1%€163,511within the sector's middle half▲ 24.5%€141,821within the sector's middle half▼ 13.3%€170,688above the sector's middle half▲ 20.4%€132,502within the sector's middle half▼ 22.4%€142,841within the sector's middle half▲ 7.8%
Total assets€108,813-€126,226▲ 16.0%€145,409within the sector's middle half▲ 15.2%€180,868within the sector's middle half▲ 24.4%€149,258within the sector's middle half▼ 17.5%€178,314within the sector's middle half▲ 19.5%€205,542within the sector's middle half▲ 15.3%€148,289within the sector's middle half▼ 27.9%
Debt€14,100-€17,783▲ 26.1%€14,107▼ 20.7%€17,357▲ 23.0%€7,437▼ 57.2%€7,626▲ 2.5%€73,040▲ 858%€5,449▼ 92.5%
Working capital€93,872-€108,052▲ 15.1%€127,311above the sector's middle half▲ 17.8%€160,002above the sector's middle half▲ 25.7%€137,494above the sector's middle half▼ 14.1%€167,984above the sector's middle half▲ 22.2%€131,211above the sector's middle half▼ 21.9%€142,425above the sector's middle half▲ 8.5%
Solvency87.0%-85.9%▼ 1.1pp90.3%above the sector's middle half▲ 4.4pp90.4%above the sector's middle half▲ 0.1pp95.0%above the sector's middle half▲ 4.6pp95.7%above the sector's middle half▲ 0.7pp64.5%within the sector's middle half▼ 31.3pp96.3%above the sector's middle half▲ 31.9pp
Current ratio7.66-7.08▼ 0.5810.02above the sector's middle half▲ 2.9510.22above the sector's middle half▲ 0.1919.49above the sector's middle half▲ 9.2723.03above the sector's middle half▲ 3.542.80within the sector's middle half▼ 20.2327.14above the sector's middle half▲ 24.34
Return on assets (ROA)-2.7%-10.9%▲ 13.5pp15.7%within the sector's middle half▲ 4.8pp17.8%within the sector's middle half▲ 2.1pp10.9%within the sector's middle half▼ 6.9pp16.2%within the sector's middle half▲ 5.3pp12.1%within the sector's middle half▼ 4.1pp7.0%within the sector's middle half▼ 5.1pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 56% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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
2025 in colour, 2024 as the grey bar beneath
Assets €148,289
Fixed assets
€416 ▼ 67.8%
Current assets
€147,873 ▼ 27.6%
Equity and liabilities €148,289
Equity
€142,841 ▲ 7.8%
Debt
€5,449 ▼ 92.5%
Debt's share of the balance-sheet total falls from 35.5% to 3.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16,559▼
2024 · €37,030
Cash flow
€11,213▼
2024 · €26,211
Debt to equity
0.04▼
2024 · 0.55
ROE
7.2%▼
2024 · 18.7%
Interest coverage
22.20▼
2024 · 36.80
Debt ≤ 1 year
€5,449▼
2024 · €73,040
Income taxes
€5,517▼
2024 · €9,999
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 | €631 | €2,392 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,112 | €1,574 | €1,623 | €1,413 | €875 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,117 | €450 | €406 | €1,112 | €1,574 | €1,623 | €1,413 | €875 | ▼ 38.1% |
| Other operating charges640/8 | - | - | - | €432 | €462 | €640 | €915 | €943 | ▲ 3.0% |
| Gross operating margin9900 | -€2,288 | €10,736 | €30,455 | €40,867 | €26,175 | €46,940 | €37,945 | €17,502 | ▼ 53.9% |
| Operating profit (loss)9901 | -€10,224 | €9,276 | €29,623 | €39,323 | €24,139 | €44,677 | €35,617 | €15,684 | ▼ 56.0% |
| Financial income75/76B | - | - | - | €8,615 | €1,849 | €27 | €187 | €917 | ▲ 391% |
| Recurring financial income75 | €7,913 | €6,771 | €7,508 | €8,615 | €1,849 | €27 | €187 | €917 | ▲ 391% |
| Financial charges65/66B | - | - | - | €170 | €1,220 | €1,501 | €1,006 | €746 | ▼ 25.9% |
| Recurring financial charges65 | €212 | €130 | €2,530 | €170 | €1,220 | €1,501 | €1,006 | €746 | ▼ 25.9% |
| Profit (loss) for the period before taxes9903 | -€2,523 | €15,918 | €34,601 | €47,768 | €24,768 | €43,203 | €34,798 | €15,855 | ▼ 54.4% |
| Income taxes67/77 | €370 | €2,187 | €11,742 | €15,558 | €8,530 | €14,337 | €9,999 | €5,517 | ▼ 44.8% |
| Profit (loss) for the period9904 | -€2,892 | €13,730 | €22,859 | €32,209 | €16,238 | €28,867 | €24,799 | €10,338 | ▼ 58.3% |
| Profit (loss) for the period to be appropriated9905 | -€2,892 | €13,730 | €22,859 | €32,209 | €16,238 | €28,867 | €24,799 | €10,338 | ▼ 58.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €108,813 | €126,226 | €145,409 | €180,868 | €149,258 | €178,314 | €205,542 | €148,289 | ▼ 27.9% |
| Fixed assets21/28 | €841 | €391 | €3,990 | €3,509 | €4,327 | €2,704 | €1,291 | €416 | ▼ 67.8% |
| Tangible fixed assets22/27 | €841 | €391 | €3,990 | €3,509 | €4,327 | €2,704 | €1,291 | €416 | ▼ 67.8% |
| Plant, machinery and equipment23 | - | - | - | €521 | €888 | €345 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €2,988 | €3,439 | €2,359 | €1,291 | €416 | ▼ 67.8% |
| Current assets29/58 | €107,972 | €125,835 | €141,419 | €177,359 | €144,931 | €175,610 | €204,251 | €147,873 | ▼ 27.6% |
| Amounts receivable within one year40/41 | €4,509 | €3,230 | €5,992 | €19,874 | €18,258 | €20,912 | €2,950 | €5,112 | ▲ 73.3% |
| Trade receivables40 | - | - | - | €19,874 | €11,789 | €14,442 | €449 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | €6,470 | €6,470 | €2,501 | €5,112 | ▲ 104% |
| Current investments50/53 | €83,420 | €88,138 | €90,993 | €109,117 | €115,944 | €115,932 | €165,932 | €115,932 | ▼ 30.1% |
| Cash at bank and in hand54/58 | €18,836 | €34,467 | €44,434 | €48,368 | €10,729 | €38,767 | €35,370 | €26,830 | ▼ 24.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €108,813 | €126,226 | €145,409 | €180,868 | €149,258 | €178,314 | €205,542 | €148,289 | ▼ 27.9% |
| Equity10/15 | €94,713 | €108,443 | €131,302 | €163,511 | €141,821 | €170,688 | €132,502 | €142,841 | ▲ 7.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €106,191 | €106,191 | €125,102 | €157,311 | €135,621 | €164,488 | €126,302 | €136,641 | ▲ 8.2% |
| Non-distributable reserves130/1 | - | - | - | €5,279 | €5,279 | €5,279 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,279 | €5,279 | €5,279 | €0 | - | - |
| Distributable reserves133 | - | - | - | €152,032 | €130,342 | €159,209 | €126,302 | €136,641 | ▲ 8.2% |
| Profit (loss) carried forward14 | -€17,678 | -€3,948 | €0 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €14,100 | €17,783 | €14,107 | €17,357 | €7,437 | €7,626 | €73,040 | €5,449 | ▼ 92.5% |
| Amounts payable within one year42/48 | €14,100 | €17,783 | €14,107 | €17,357 | €7,437 | €7,626 | €73,040 | €5,449 | ▼ 92.5% |
| Trade debts44 | €431 | €1,793 | €1,076 | €867 | €695 | €1,213 | €1,054 | €320 | ▼ 69.7% |
| Suppliers440/4 | - | - | - | €867 | €695 | €1,213 | €1,054 | €320 | ▼ 69.7% |
| Taxes, remuneration and social security45 | - | - | - | €10,629 | €4,827 | €3,538 | €4,779 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €10,629 | €4,827 | €3,538 | €4,779 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €5,861 | €1,915 | €2,875 | €67,207 | €5,129 | ▼ 92.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,892 | €13,730 | €22,859 | €32,209 | €16,238 | €28,867 | €24,799 | €10,338 | ▼ 58.3% |
| + Depreciation and write-downs630 | €7,117 | €450 | €406 | €1,112 | €1,574 | €1,623 | €1,413 | €875 | ▼ 38.1% |
| Operating cash flow (approximation) | €4,224 | €14,180 | €23,265 | €33,321 | €17,812 | €30,490 | €26,211 | €11,213 | ▼ 57.2% |
| Investment in fixed assets (approximation) | - | €0 | -€4,006 | -€631 | -€2,392 | €0 | €0 | €0 | - |
| Change in cash | - | €15,631 | €9,967 | €3,934 | -€37,639 | €28,038 | -€3,397 | -€8,540 | ▼ 151% |
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, 34,693 companies had the same profile as Bucon has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Bucon itself: < 0.1% 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 34,693 companies, not a prediction for Bucon. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00210833 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00136472 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00282421 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00198200 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20152675 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-35800428 | |
| 31-12-2019 | micro format | 08-09-2020 | 2020-52100234 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57900434 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25400316 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-52100184 |