BULA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 19 filings
Turnover
€260,947▲ 104%
2018 · €127,834
EBIT margin
11.5%▼ 25.1pp
2018 · 36.6%
Net result
€28,589▼ 54.4%
2024 · €62,691
Working capital
€127,674▼ 47.5%
2024 · €243,125
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€44,470
▼ 53.5%
2025
20182025
Net result
€28,589
▼ 54.4%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€236,560
▼ 24.3%
2025
highest quarter of the sector
20182025
Total assets
€286,808
▼ 21.5%
2025
middle half of the sector
20182025
Debt
€50,248
▼ 4.5%
2025
20182025
Working capital
€127,674
▼ 47.5%
2025
middle half of the sector
20182025
Solvency
82.5%
▼ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
3.54
▼ 2.08
2025
middle half of the sector
20182025
Return on assets (ROA)
10.0%
▼ 7.2pp
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
Turnover€127,834-€260,947▲ 104%
Operating result€46,760-€30,054▼ 35.7%€41,569▲ 38.3%€61,529▲ 48.0%€44,937▼ 27.0%€82,196▲ 82.9%€95,673▲ 16.4%€44,470▼ 53.5%
Net result€27,904-€16,654▼ 40.3%€24,965within the sector's middle half▲ 49.9%€34,391within the sector's middle half▲ 37.8%€26,953within the sector's middle half▼ 21.6%€50,786within the sector's middle half▲ 88.4%€62,691within the sector's middle half▲ 23.4%€28,589within the sector's middle half▼ 54.4%
EBIT margin36.6%-11.5%▼ 25.1pp
Equity€285,223-€162,848▼ 42.9%€187,813within the sector's middle half▲ 15.3%€222,204within the sector's middle half▲ 18.3%€249,157above the sector's middle half▲ 12.1%€249,943above the sector's middle half▲ 0.3%€312,634above the sector's middle half▲ 25.1%€236,560above the sector's middle half▼ 24.3%
Total assets€460,403-€318,259▼ 30.9%€341,035within the sector's middle half▲ 7.2%€359,765within the sector's middle half▲ 5.5%€371,627within the sector's middle half▲ 3.3%€420,695within the sector's middle half▲ 13.2%€365,253within the sector's middle half▼ 13.2%€286,808within the sector's middle half▼ 21.5%
Debt€175,180-€155,411▼ 11.3%€153,222▼ 1.4%€137,561▼ 10.2%€122,470▼ 11.0%€170,752▲ 39.4%€52,619▼ 69.2%€50,248▼ 4.5%
Working capital€84,524-€48,817▼ 42.2%€89,307within the sector's middle half▲ 82.9%€58,815within the sector's middle half▼ 34.1%€89,882within the sector's middle half▲ 52.8%€107,275within the sector's middle half▲ 19.4%€243,125above the sector's middle half▲ 127%€127,674within the sector's middle half▼ 47.5%
Solvency62.0%-51.2%▼ 10.8pp55.1%within the sector's middle half▲ 3.9pp61.8%within the sector's middle half▲ 6.7pp67.0%within the sector's middle half▲ 5.3pp59.4%within the sector's middle half▼ 7.6pp85.6%above the sector's middle half▲ 26.2pp82.5%above the sector's middle half▼ 3.1pp
Current ratio4.25-3.55▼ 0.703.92within the sector's middle half▲ 0.373.00within the sector's middle half▼ 0.923.80within the sector's middle half▲ 0.802.11within the sector's middle half▼ 1.695.62above the sector's middle half▲ 3.513.54within the sector's middle half▼ 2.08
Return on assets (ROA)6.1%-5.2%▼ 0.8pp7.3%within the sector's middle half▲ 2.1pp9.6%within the sector's middle half▲ 2.2pp7.3%within the sector's middle half▼ 2.3pp12.1%within the sector's middle half▲ 4.8pp17.2%within the sector's middle half▲ 5.1pp10.0%within the sector's middle half▼ 7.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 54% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €286,808
Fixed assets
€108,886 ▲ 56.7%
Current assets
€177,922 ▼ 39.8%
Equity and liabilities €286,808
Equity
€236,560 ▼ 24.3%
Debt
€50,248 ▼ 4.5%
Debt's share of the balance-sheet total rises from 14.4% to 17.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€59,600▼
2024 · €127,394
Cash flow
€43,718▼
2024 · €94,413
Debt to equity
0.21▲
2024 · 0.17
ROE
12.1%▼
2024 · 20.1%
Interest coverage
over 100▲
2024 · 18.21
Debt ≤ 1 year
€50,248▼
2024 · €52,619
Income taxes
€21,302▼
2024 · €26,154
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 | €75,000 | €15,532 | €9,210 | €5,291 | €55,851 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €24,549 | €37,402 | €41,946 | €31,721 | €15,129 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €127,834 | €260,947 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,692 | €46,012 | €41,439 | €24,549 | €37,402 | €41,946 | €31,721 | €15,129 | ▼ 52.3% |
| Other operating charges640/8 | - | - | - | €9,215 | €1,167 | €1,858 | €1,971 | €2,368 | ▲ 20.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €206 | €0 | ▼ 100% |
| Gross operating margin9900 | €85,420 | €78,295 | €85,289 | €95,293 | €83,505 | €126,000 | €129,572 | €61,968 | ▼ 52.2% |
| Operating profit (loss)9901 | €46,760 | €30,054 | €41,569 | €61,529 | €44,937 | €82,196 | €95,673 | €44,470 | ▼ 53.5% |
| Financial income75/76B | - | - | - | €0 | - | €1,911 | €169 | €5,648 | ▲ 33× |
| Recurring financial income75 | - | - | €3 | €0 | - | €1,911 | €169 | €5,648 | ▲ 33× |
| Financial charges65/66B | - | - | - | €7,394 | €6,551 | €5,735 | €6,996 | €227 | ▼ 96.8% |
| Recurring financial charges65 | €9,204 | €8,550 | €8,004 | €7,394 | €6,551 | €5,735 | €6,996 | €227 | ▼ 96.8% |
| Profit (loss) for the period before taxes9903 | €37,557 | €21,503 | €33,568 | €54,135 | €38,386 | €78,372 | €88,845 | €49,891 | ▼ 43.8% |
| Income taxes67/77 | €9,652 | €4,849 | €8,602 | €19,744 | €11,433 | €27,586 | €26,154 | €21,302 | ▼ 18.6% |
| Profit (loss) for the period9904 | €27,904 | €16,654 | €24,965 | €34,391 | €26,953 | €50,786 | €62,691 | €28,589 | ▼ 54.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €21,570 | - |
| Profit (loss) for the period to be appropriated9905 | €23,331 | €10,026 | €24,965 | €34,391 | €26,953 | €50,786 | €62,691 | €50,159 | ▼ 20.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €460,403 | €318,259 | €341,035 | €359,765 | €371,627 | €420,695 | €365,253 | €286,808 | ▼ 21.5% |
| Fixed assets21/28 | €349,850 | €250,269 | €221,093 | €271,544 | €249,674 | €216,939 | €69,509 | €108,886 | ▲ 56.7% |
| Tangible fixed assets22/27 | €349,850 | €250,269 | €221,093 | €271,544 | €249,674 | €216,939 | €69,509 | €108,886 | ▲ 56.7% |
| Land and buildings22 | - | - | - | €240,000 | €218,714 | €193,522 | €47,330 | €44,000 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €8,972 | €17,694 | €18,777 | €18,049 | €11,789 | ▼ 34.7% |
| Furniture and vehicles24 | - | - | - | €22,572 | €13,266 | €4,639 | €4,130 | €53,098 | ▲ 13× |
| Current assets29/58 | €110,552 | €67,990 | €119,942 | €88,221 | €121,953 | €203,756 | €295,744 | €177,922 | ▼ 39.8% |
| Amounts receivable within one year40/41 | €10,083 | €15,565 | €2,844 | €12,188 | €10,606 | €13,268 | €7,264 | €68,603 | ▲ 844% |
| Trade receivables40 | - | - | - | €12,188 | €10,606 | €13,268 | €7,264 | €13,119 | ▲ 80.6% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €55,485 | - |
| Current investments50/53 | - | - | - | - | - | - | €150,000 | €100,000 | ▼ 33.3% |
| Cash at bank and in hand54/58 | €100,470 | €52,425 | €117,098 | €76,033 | €111,348 | €190,489 | €138,481 | €9,318 | ▼ 93.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €460,403 | €318,259 | €341,035 | €359,765 | €371,627 | €420,695 | €365,253 | €286,808 | ▼ 21.5% |
| Equity10/15 | €285,223 | €162,848 | €187,813 | €222,204 | €249,157 | €249,943 | €312,634 | €236,560 | ▼ 24.3% |
| Contributions10/11 | €160,000 | - | - | €20,971 | €20,971 | €20,971 | €20,971 | €20,971 | = |
| Reserves13 | €125,223 | €141,876 | €166,842 | €201,233 | €228,186 | €228,971 | €291,662 | €215,589 | ▼ 26.1% |
| Tax-exempt reserves132 | - | - | - | €21,570 | €21,570 | €21,570 | €21,570 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €179,663 | €206,616 | €207,401 | €270,092 | €215,589 | ▼ 20.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €175,180 | €155,411 | €153,222 | €137,561 | €122,470 | €170,752 | €52,619 | €50,248 | ▼ 4.5% |
| Amounts payable after more than one year17 | €146,651 | €133,738 | €120,087 | €105,655 | €90,399 | €74,271 | €0 | - | - |
| Financial debts170/4 | - | - | - | €105,655 | €90,399 | €74,271 | €0 | - | - |
| Amounts payable within one year42/48 | €26,029 | €19,173 | €30,635 | €29,406 | €32,071 | €96,481 | €52,619 | €50,248 | ▼ 4.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,431 | €15,256 | €16,128 | €1,000 | €1,513 | ▲ 51.3% |
| Trade debts44 | - | €949 | €211 | €1,207 | €1,069 | €2,197 | €1,585 | €418 | ▼ 73.6% |
| Suppliers440/4 | - | - | - | €1,207 | €1,069 | €2,197 | €1,585 | €418 | ▼ 73.6% |
| Taxes, remuneration and social security45 | - | - | - | €11,219 | €11,492 | €39,082 | €42,503 | €48,317 | ▲ 13.7% |
| Taxes450/3 | - | - | - | €11,219 | €9,142 | €39,082 | €40,253 | €46,067 | ▲ 14.4% |
| Remuneration and social security454/9 | - | - | - | - | €2,350 | €0 | €2,250 | €2,250 | = |
| Other amounts payable47/48 | - | - | - | €2,548 | €4,254 | €39,074 | €7,531 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €2,500 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,904 | €16,654 | €24,965 | €34,391 | €26,953 | €50,786 | €62,691 | €28,589 | ▼ 54.4% |
| + Depreciation and write-downs630 | €36,692 | €46,012 | €41,439 | €24,549 | €37,402 | €41,946 | €31,721 | €15,129 | ▼ 52.3% |
| Operating cash flow (approximation) | €64,597 | €62,665 | €66,404 | €58,940 | €64,355 | €92,731 | €94,413 | €43,718 | ▼ 53.7% |
| Investment in fixed assets (approximation) | - | €53,570 | -€12,263 | -€75,000 | -€15,532 | -€9,210 | €115,709 | -€54,507 | - |
| Change in cash | - | -€48,045 | €64,673 | -€41,065 | €35,314 | €79,141 | -€52,008 | -€129,162 | ▼ 148% |
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 BULA 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 BULA 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 BULA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00294113 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00428393 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00401487 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00240710 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20211723 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24000290 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45500586 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-44600508 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46300247 | |
| 31-12-2016 | micro format | 12-07-2017 | 2017-30600468 |