BULS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 35 days after the deadline Filed on 4 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00501074.
Annual accounts 2025 filed on 04-09-2026 at the NBB all 33 filings
Equity
-€1,419▼ 177%
2024 · -€512
Total assets
€581▼ 61.0%
2024 · €1,488
Net result
-€907▲ 47.7%
2024 · -€1,735
Working capital
-€1,419▼ 177%
2024 · -€512
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€670
▲ 55.7%
2025
20182025
Net result
-€907
▲ 47.7%
2025
middle half of the sector
20182025
Equity
-€1,419
▼ 177%
2025
lowest quarter of the sector
20182025
Total assets
€581
▼ 61.0%
2025
lowest quarter of the sector
20182025
Debt
€2,000
=
2025
20182025
Working capital
-€1,419
▼ 177%
2025
middle half of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
no figure
2025
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-€1,631--€7,764▼ 376%€9,945€3,421▼ 65.6%-€23,036€21,148-€1,513-€670▲ 55.7%
Net result-€2,025--€8,268▼ 308%€9,860within the sector's middle half€2,530within the sector's middle half▼ 74.3%-€23,311below the sector's middle half€21,128above the sector's middle half-€1,735within the sector's middle half-€907within the sector's middle half▲ 47.7%
Equity-€13,110--€8,983▲ 31.5%€876within the sector's middle half€3,406within the sector's middle half▲ 289%-€19,905below the sector's middle half€1,223within the sector's middle half-€512within the sector's middle half-€1,419below the sector's middle half▼ 177%
Total assets€2,943-€13,619▲ 363%€15,997below the sector's middle half▲ 17.5%€22,378below the sector's middle half▲ 39.9%€15,652below the sector's middle half▼ 30.1%€4,851below the sector's middle half▼ 69.0%€1,488below the sector's middle half▼ 69.3%€581below the sector's middle half▼ 61.0%
Debt€16,053-€22,602▲ 40.8%€15,121▼ 33.1%€18,972▲ 25.5%€35,556▲ 87.4%€3,628▼ 89.8%€2,000▼ 44.9%€2,000=
Working capital-€14,088--€10,554▲ 25.1%-€2,545within the sector's middle half▲ 75.9%-€833within the sector's middle half▲ 67.3%-€23,903within the sector's middle half▼ 2,770%€1,223within the sector's middle half-€512within the sector's middle half-€1,419within the sector's middle half▼ 177%
Solvency-66.0%5.5%within the sector's middle half▲ 71.4pp15.2%within the sector's middle half▲ 9.7pp-127.2%below the sector's middle half▼ 142.4pp
Current ratio0.530.83within the sector's middle half▲ 0.300.96within the sector's middle half▲ 0.120.33below the sector's middle half▼ 0.63
Return on assets (ROA)-60.7%61.6%above the sector's middle half▲ 122.3pp11.3%within the sector's middle half▼ 50.3pp-148.9%below the sector's middle half▼ 160.2pp
Staff (FTE)1.8-2.2
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 a loss of €670, smaller than the loss of €1,513 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Debt ≤ 1 year
€2,000=
2024 · €2,000
The ratios are withheld because a balance sheet total of €581 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.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 2 |
| full-time | 1 |
| part-time | 1 |
| in full-time equivalents | 1.3 |
| Average over the year, in full-time equivalents | 2 |
| On a permanent contract | 2 |
| Joined | 5 |
| Left | 5 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,994 | €1,483 | - | - | - |
| Depreciation and write-downs of the year | €1,176 | €1,724 | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €35,151 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €68,935 | €78,399 | €46,135 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €676 | €982 | €694 | €1,176 | €1,724 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €700 | €405 | €4,164 | - | €418 | - |
| Gross operating margin9900 | €54,711 | €53,404 | €71,436 | €74,233 | €57,493 | €71,447 | -€1,513 | -€251 | ▲ 83.4% |
| Operating profit (loss)9901 | -€1,631 | -€7,764 | €9,945 | €3,421 | -€23,036 | €21,148 | -€1,513 | -€670 | ▲ 55.7% |
| Financial income75/76B | - | - | - | €31 | €58 | €214 | - | - | - |
| Recurring financial income75 | €48 | €66 | €74 | €31 | €58 | €214 | - | - | - |
| Financial charges65/66B | - | - | - | €922 | €333 | €234 | €222 | €238 | ▲ 7.2% |
| Recurring financial charges65 | €443 | €571 | €159 | €922 | €333 | €234 | €222 | €238 | ▲ 7.2% |
| Profit (loss) for the period before taxes9903 | -€2,025 | -€8,268 | €9,860 | €2,530 | -€23,311 | €21,128 | -€1,735 | -€907 | ▲ 47.7% |
| Profit (loss) for the period9904 | -€2,025 | -€8,268 | €9,860 | €2,530 | -€23,311 | €21,128 | -€1,735 | -€907 | ▲ 47.7% |
| Profit (loss) for the period to be appropriated9905 | -€2,025 | -€8,268 | €9,860 | €2,530 | -€23,311 | €21,128 | -€1,735 | -€907 | ▲ 47.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2,943 | €13,619 | €15,997 | €22,378 | €15,652 | €4,851 | €1,488 | €581 | ▼ 61.0% |
| Fixed assets21/28 | €978 | €1,570 | €3,421 | €4,239 | €3,999 | - | - | - | - |
| Tangible fixed assets22/27 | €952 | €1,544 | €3,395 | €4,213 | €3,972 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €470 | €342 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €3,743 | €3,630 | - | - | - | - |
| Financial fixed assets28 | €27 | €27 | €27 | €27 | €27 | - | - | - | - |
| Current assets29/58 | €1,965 | €12,048 | €12,576 | €18,139 | €11,653 | €4,851 | €1,488 | €581 | ▼ 61.0% |
| Stocks and contracts in progress3 | €1,741 | €1,511 | €1,237 | €1,596 | €1,477 | - | - | - | - |
| Stocks30/36 | - | - | - | €1,596 | €1,477 | - | - | - | - |
| Amounts receivable within one year40/41 | €69 | €114 | €142 | €162 | €279 | €114 | €398 | €455 | ▲ 14.2% |
| Trade receivables40 | - | - | - | - | €100 | - | €9 | - | - |
| Other amounts receivable41 | - | - | - | €162 | €179 | €114 | €389 | €455 | ▲ 17.0% |
| Cash at bank and in hand54/58 | €51 | €10,318 | €11,197 | €15,329 | €8,380 | €4,737 | €1,090 | €127 | ▼ 88.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,052 | €1,517 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2,943 | €13,619 | €15,997 | €22,378 | €15,652 | €4,851 | €1,488 | €581 | ▼ 61.0% |
| Equity10/15 | -€13,110 | -€8,983 | €876 | €3,406 | -€19,905 | €1,223 | -€512 | -€1,419 | ▼ 177% |
| Contributions10/11 | €6,197 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €124 | €124 | €124 | €124 | €124 | €124 | €124 | €124 | = |
| Non-distributable reserves130/1 | - | - | - | €124 | €124 | €124 | €124 | €124 | = |
| Reserves not available under the articles1311 | - | - | - | €124 | €124 | €124 | €124 | €124 | = |
| Profit (loss) carried forward14 | -€19,431 | -€27,699 | -€17,840 | -€15,310 | -€38,621 | -€17,493 | -€19,228 | -€20,135 | ▼ 4.7% |
| Amounts payable17/49 | €16,053 | €22,602 | €15,121 | €18,972 | €35,556 | €3,628 | €2,000 | €2,000 | = |
| Amounts payable within one year42/48 | €16,053 | €22,602 | €15,121 | €18,972 | €35,556 | €3,628 | €2,000 | €2,000 | = |
| Trade debts44 | €4,044 | €1,555 | €191 | €1,225 | €2,214 | - | - | - | - |
| Suppliers440/4 | - | - | - | €1,225 | €2,214 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €8,284 | €9,410 | €3,628 | - | - | - |
| Taxes450/3 | - | - | - | €1,428 | €1,864 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €6,856 | €7,546 | €3,628 | - | - | - |
| Other amounts payable47/48 | - | - | - | €9,463 | €23,933 | - | €2,000 | €2,000 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,025 | -€8,268 | €9,860 | €2,530 | -€23,311 | €21,128 | -€1,735 | -€907 | ▲ 47.7% |
| + Depreciation and write-downs630 | €676 | €982 | €694 | €1,176 | €1,724 | - | - | - | - |
| Operating cash flow (approximation) | -€1,349 | -€7,286 | €10,554 | €3,706 | -€21,587 | €21,128 | -€1,735 | -€907 | ▲ 47.7% |
| Investment in fixed assets (approximation) | - | -€1,574 | -€2,545 | -€1,994 | -€1,483 | - | - | - | - |
| Change in cash | - | €10,267 | €879 | €4,132 | -€6,949 | -€3,643 | -€3,646 | -€964 | ▲ 73.6% |
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, 6,619 companies had the same profile as BULS has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BULS itself: 2.2% 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 6,619 companies, not a prediction for BULS. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-09-2026 | 2026-00501074 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00431947 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00358857 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00266033 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20305030 | |
| 31-12-2020 | micro format | 10-08-2021 | 2021-47600190 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-47400234 | |
| 31-12-2018 | micro format | 16-08-2019 | 2019-47100564 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47300138 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-46800187 |