BUGG'S
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 35 filings
Turnover
≈ €87,000
Estimated: probably between €60,000 and €140,000
Total assets
€150,259▲ 14.1%
2024 · €131,709
Net result
€20,996▼ 49.6%
2024 · €41,696
Working capital
€39,569▲ 81.1%
2024 · €21,853
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,078
▼ 32.8%
2025
20182025
Net result
€20,996
▼ 49.6%
2025
middle half of the sector
20182025
Equity
€52,661
▲ 66.3%
2025
middle half of the sector
20182025
Total assets
€150,259
▲ 14.1%
2025
middle half of the sector
20182025
Debt
€97,598
▼ 2.4%
2025
20182025
Working capital
€39,569
▲ 81.1%
2025
middle half of the sector
20182025
Solvency
35.0%
▲ 11.0pp
2025
middle half of the sector
20182025
Current ratio
1.41
▲ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
14.0%
▼ 17.7pp
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
Operating result-€32,991--€14,422▲ 56.3%-€412▲ 97.1%-€23,033▼ 5,495%€43,116€36,927▼ 14.4%€44,774▲ 21.3%€30,078▼ 32.8%
Net result-€44,663--€17,812▲ 60.1%-€1,427within the sector's middle half▲ 92.0%-€24,740below the sector's middle half▼ 1,633%€41,768above the sector's middle half€36,037above the sector's middle half▼ 13.7%€41,696above the sector's middle half▲ 15.7%€20,996within the sector's middle half▼ 49.6%
Equity-€43,857--€61,669▼ 40.6%-€63,097below the sector's middle half▼ 2.3%-€87,836below the sector's middle half▼ 39.2%-€46,068below the sector's middle half▲ 47.6%-€10,031below the sector's middle half▲ 78.2%€31,665within the sector's middle half€52,661within the sector's middle half▲ 66.3%
Total assets€50,866-€36,230▼ 28.8%€33,147below the sector's middle half▼ 8.5%€50,008below the sector's middle half▲ 50.9%€80,334below the sector's middle half▲ 60.6%€106,303below the sector's middle half▲ 32.3%€131,709below the sector's middle half▲ 23.9%€150,259within the sector's middle half▲ 14.1%
Debt€94,723-€97,899▲ 3.4%€96,243▼ 1.7%€137,844▲ 43.2%€126,402▼ 8.3%€116,334▼ 8.0%€100,044▼ 14.0%€97,598▼ 2.4%
Working capital-€87,195--€94,627▼ 8.5%-€96,041below the sector's middle half▼ 1.5%-€93,754below the sector's middle half▲ 2.4%-€51,710within the sector's middle half▲ 44.8%-€15,678within the sector's middle half▲ 69.7%€21,853within the sector's middle half€39,569within the sector's middle half▲ 81.1%
Solvency-86.2%--170.2%▼ 84.0pp-190.4%below the sector's middle half▼ 20.1pp-175.6%below the sector's middle half▲ 14.7pp-57.3%below the sector's middle half▲ 118.3pp-9.4%below the sector's middle half▲ 47.9pp24.0%within the sector's middle half▲ 33.5pp35.0%within the sector's middle half▲ 11.0pp
Current ratio0.08-0.03▼ 0.050.00below the sector's middle half▼ 0.030.17below the sector's middle half▲ 0.170.52within the sector's middle half▲ 0.350.85within the sector's middle half▲ 0.331.23within the sector's middle half▲ 0.381.41within the sector's middle half▲ 0.18
Return on assets (ROA)-87.8%--49.2%▲ 38.6pp-4.3%below the sector's middle half▲ 44.9pp-49.5%below the sector's middle half▼ 45.2pp52.0%above the sector's middle half▲ 101.5pp33.9%above the sector's middle half▼ 18.1pp31.7%above the sector's middle half▼ 2.2pp14.0%above the sector's middle half▼ 17.7pp
Staff (FTE)2.6-0.9▼ 65.4%
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 2025 is 33% lower than 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
2025 in colour, 2024 as the grey bar beneath
Assets €150,259
Fixed assets
€13,092 ▼ 11.4%
Current assets
€137,167 ▲ 17.3%
Equity and liabilities €150,259
Equity
€52,661 ▲ 66.3%
Debt
€97,598 ▼ 2.4%
Debt's share of the balance-sheet total falls from 76.0% to 65.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,292▼
2024 · €51,737
Cash flow
€29,210▼
2024 · €48,659
Debt to equity
1.85▼
2024 · 3.16
ROE
39.9%▼
2024 · 131.7%
Interest coverage
99.98▲
2024 · 71.36
Debt ≤ 1 year
€97,598▲
2024 · €95,085
Income taxes
€8,700▲
2024 · €2,353
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 | €12 | - | - | €4,188 | €6,535 |
| Depreciation and write-downs of the year | €2,128 | €6,641 | €6,641 | €6,963 | €8,214 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €852 awarded · €852 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €165 | €165 |
| 2022 | 1 | €687 | €687 |
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 | €10,380 | €10,380 | - | €2,128 | €6,641 | €6,641 | €6,963 | €8,214 | ▲ 18.0% |
| Other operating charges640/8 | - | - | - | €258 | €863 | €436 | €830 | €807 | ▼ 2.8% |
| Non-recurring operating charges66A | - | - | - | €28,944 | - | - | - | - | - |
| Gross operating margin9900 | €68,263 | €36,681 | -€412 | €8,297 | €50,620 | €44,004 | €52,567 | €39,099 | ▼ 25.6% |
| Operating profit (loss)9901 | -€32,991 | -€14,422 | -€412 | -€23,033 | €43,116 | €36,927 | €44,774 | €30,078 | ▼ 32.8% |
| Financial income75/76B | - | - | - | €8 | - | - | - | €1 | - |
| Recurring financial income75 | - | - | - | €8 | - | - | - | €1 | - |
| Financial charges65/66B | - | - | - | €1,715 | €1,348 | €890 | €725 | €383 | ▼ 47.2% |
| Recurring financial charges65 | €11,673 | €3,391 | €1,016 | €1,715 | €1,348 | €890 | €725 | €383 | ▼ 47.2% |
| Profit (loss) for the period before taxes9903 | -€44,663 | -€17,812 | -€1,427 | -€24,740 | €41,768 | €36,037 | €44,049 | €29,696 | ▼ 32.6% |
| Income taxes67/77 | - | - | - | - | - | - | €2,353 | €8,700 | ▲ 270% |
| Profit (loss) for the period9904 | -€44,663 | -€17,812 | -€1,427 | -€24,740 | €41,768 | €36,037 | €41,696 | €20,996 | ▼ 49.6% |
| Profit (loss) for the period to be appropriated9905 | -€44,663 | -€17,812 | -€1,427 | -€24,740 | €41,768 | €36,037 | €41,696 | €20,996 | ▼ 49.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €50,866 | €36,230 | €33,147 | €50,008 | €80,334 | €106,303 | €131,709 | €150,259 | ▲ 14.1% |
| Fixed assets21/28 | €43,338 | €32,958 | €32,944 | €30,828 | €24,187 | €17,546 | €14,771 | €13,092 | ▼ 11.4% |
| Tangible fixed assets22/27 | €43,324 | €32,944 | €32,944 | €30,828 | €24,187 | €17,546 | €14,771 | €13,092 | ▼ 11.4% |
| Furniture and vehicles24 | - | - | - | €30,828 | €24,187 | €17,546 | €14,771 | €13,092 | ▼ 11.4% |
| Financial fixed assets28 | €14 | €14 | - | - | - | - | - | - | - |
| Current assets29/58 | €7,528 | €3,272 | €202 | €19,180 | €56,147 | €88,757 | €116,938 | €137,167 | ▲ 17.3% |
| Stocks and contracts in progress3 | €6,059 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | €113 | €202 | €8,487 | - | - | €1,926 | €15,904 | ▲ 726% |
| Trade receivables40 | - | - | - | €8,487 | - | - | €1,926 | €15,904 | ▲ 726% |
| Cash at bank and in hand54/58 | €1,469 | €3,159 | - | €8,870 | €54,246 | €86,394 | €112,943 | €119,449 | ▲ 5.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,823 | €1,901 | €2,363 | €2,069 | €1,814 | ▼ 12.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €50,866 | €36,230 | €33,147 | €50,008 | €80,334 | €106,303 | €131,709 | €150,259 | ▲ 14.1% |
| Equity10/15 | -€43,857 | -€61,669 | -€63,097 | -€87,836 | -€46,068 | -€10,031 | €31,665 | €52,661 | ▲ 66.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,933 | €1,933 | €1,933 | €1,933 | €1,933 | €1,933 | €25,465 | €46,461 | ▲ 82.5% |
| Distributable reserves133 | - | - | - | €1,933 | €1,933 | €1,933 | €25,465 | €46,461 | ▲ 82.5% |
| Profit (loss) carried forward14 | -€51,990 | -€69,802 | -€71,229 | -€95,969 | -€54,201 | -€18,164 | - | - | - |
| Amounts payable17/49 | €94,723 | €97,899 | €96,243 | €137,844 | €126,402 | €116,334 | €100,044 | €97,598 | ▼ 2.4% |
| Amounts payable after more than one year17 | - | - | - | €24,910 | €18,545 | €11,899 | €4,959 | - | - |
| Financial debts170/4 | - | - | - | €24,910 | €18,545 | €11,899 | €4,959 | - | - |
| Amounts payable within one year42/48 | €94,723 | €97,899 | €96,243 | €112,934 | €107,857 | €104,435 | €95,085 | €97,598 | ▲ 2.6% |
| Trade debts44 | €6,386 | €172 | €28 | €1,959 | €760 | €1,958 | €3,317 | €8,452 | ▲ 155% |
| Suppliers440/4 | - | - | - | €1,959 | €760 | €1,958 | €3,317 | €8,452 | ▲ 155% |
| Taxes, remuneration and social security45 | - | - | - | €5,452 | €8,389 | €8,433 | €6,500 | €11,457 | ▲ 76.3% |
| Taxes450/3 | - | - | - | €5,452 | €8,389 | €6,233 | €6,500 | €9,257 | ▲ 42.4% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,200 | - | €2,200 | - |
| Other amounts payable47/48 | - | - | - | €105,523 | €98,708 | €94,044 | €85,268 | €77,689 | ▼ 8.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€44,663 | -€17,812 | -€1,427 | -€24,740 | €41,768 | €36,037 | €41,696 | €20,996 | ▼ 49.6% |
| + Depreciation and write-downs630 | €10,380 | €10,380 | - | €2,128 | €6,641 | €6,641 | €6,963 | €8,214 | ▲ 18.0% |
| Operating cash flow (approximation) | -€34,284 | -€7,433 | -€1,427 | -€22,612 | €48,409 | €42,678 | €48,659 | €29,210 | ▼ 40.0% |
| Investment in fixed assets (approximation) | - | €0 | €14 | -€12 | €0 | €0 | -€4,188 | -€6,535 | ▼ 56.0% |
| Change in cash | - | €1,691 | - | - | €45,376 | €32,148 | €26,549 | €6,506 | ▼ 75.5% |
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, 31,368 companies had the same profile as BUGG'S has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BUGG'S 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 31,368 companies, not a prediction for BUGG'S. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00334835 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00345580 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00410109 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00394175 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20386990 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-26800093 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46600044 | |
| 31-12-2018 | micro format | 13-08-2019 | 2019-45800537 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46200425 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49700395 |