Buro.12
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 5 filings
Turnover
≈ €150,000
Estimated: probably between €62,000 and €240,000
Total assets
€32,084▲ 18.0%
2024 · €27,196
Net result
€14,065▲ 17.1%
2024 · €12,010
Working capital
€2,854▼ 75.7%
2024 · €11,740
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€23,415
▲ 21.0%
2025
20212025
Net result
€14,065
▲ 17.1%
2025
middle half of the sector
20212025
Equity
€2,854
▼ 75.8%
2025
lowest quarter of the sector
20212025
Total assets
€32,084
▲ 18.0%
2025
lowest quarter of the sector
20212025
Debt
€29,230
▲ 89.7%
2025
20212025
Working capital
€2,854
▼ 75.7%
2025
middle half of the sector
20212025
Solvency
8.9%
▼ 34.5pp
2025
lowest quarter of the sector
20212025
Current ratio
1.10
▼ 0.66
2025
middle half of the sector
20212025
Return on assets (ROA)
43.8%
▼ 0.3pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€10,475-€2,142▼ 79.5%€12,706▲ 493%€19,354▲ 52.3%€23,415▲ 21.0%
Net result€6,050within the sector's middle half--€1,315below the sector's middle half€7,244within the sector's middle half€12,010within the sector's middle half▲ 65.8%€14,065within the sector's middle half▲ 17.1%
Equity€8,050below the sector's middle half-€6,735below the sector's middle half▼ 16.3%€13,979below the sector's middle half▲ 108%€11,790below the sector's middle half▼ 15.7%€2,854below the sector's middle half▼ 75.8%
Total assets€28,526below the sector's middle half-€23,627below the sector's middle half▼ 17.2%€26,543below the sector's middle half▲ 12.3%€27,196below the sector's middle half▲ 2.5%€32,084below the sector's middle half▲ 18.0%
Debt€20,476-€16,892▼ 17.5%€12,564▼ 25.6%€15,406▲ 22.6%€29,230▲ 89.7%
Working capital€8,050within the sector's middle half-€5,497within the sector's middle half▼ 31.7%€13,336within the sector's middle half▲ 143%€11,740within the sector's middle half▼ 12.0%€2,854within the sector's middle half▼ 75.7%
Solvency28.2%within the sector's middle half-28.5%within the sector's middle half▲ 0.3pp52.7%within the sector's middle half▲ 24.2pp43.4%within the sector's middle half▼ 9.3pp8.9%below the sector's middle half▼ 34.5pp
Current ratio1.39within the sector's middle half-1.33within the sector's middle half▼ 0.072.06within the sector's middle half▲ 0.741.76within the sector's middle half▼ 0.301.10within the sector's middle half▼ 0.66
Return on assets (ROA)21.2%within the sector's middle half--5.6%below the sector's middle half▼ 26.8pp27.3%above the sector's middle half▲ 32.9pp44.2%above the sector's middle half▲ 16.9pp43.8%above the sector's middle half▼ 0.3pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 21% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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
Equity and liabilities €32,084
Equity
€2,854 ▼ 75.8%
Debt
€29,230 ▲ 89.7%
Debt's share of the balance-sheet total rises from 56.6% to 91.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€23,465▲
2024 · €19,948
Cash flow
€14,114▲
2024 · €12,604
Debt to equity
10.24▲
2024 · 1.31
ROE
492.8%▲
2024 · 101.9%
Interest coverage
20.63▲
2024 · 15.30
Debt ≤ 1 year
€29,230▲
2024 · €15,406
Income taxes
€8,213▲
2024 · €6,040
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 | - | €1,782 | - | - | - |
| Depreciation and write-downs of the year | - | €545 | €594 | €594 | €50 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €545 | €594 | €594 | €50 | ▼ 91.7% |
| Other operating charges640/8 | €151 | €102 | €109 | €548 | €275 | ▼ 49.9% |
| Gross operating margin9900 | €10,626 | €2,789 | €13,409 | €20,496 | €23,739 | ▲ 15.8% |
| Operating profit (loss)9901 | €10,475 | €2,142 | €12,706 | €19,354 | €23,415 | ▲ 21.0% |
| Financial charges65/66B | €986 | €1,301 | €1,276 | €1,304 | €1,137 | ▼ 12.8% |
| Recurring financial charges65 | €986 | €1,301 | €1,276 | €1,304 | €1,137 | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | €9,489 | €841 | €11,430 | €18,050 | €22,278 | ▲ 23.4% |
| Income taxes67/77 | €3,439 | €2,156 | €4,186 | €6,040 | €8,213 | ▲ 36.0% |
| Profit (loss) for the period9904 | €6,050 | -€1,315 | €7,244 | €12,010 | €14,065 | ▲ 17.1% |
| Profit (loss) for the period to be appropriated9905 | €6,050 | -€1,315 | €7,244 | €12,010 | €14,065 | ▲ 17.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €28,526 | €23,627 | €26,543 | €27,196 | €32,084 | ▲ 18.0% |
| Fixed assets21/28 | - | €1,238 | €644 | €50 | - | - |
| Tangible fixed assets22/27 | - | €1,238 | €644 | €50 | - | - |
| Plant, machinery and equipment23 | - | €1,238 | €644 | €50 | - | - |
| Current assets29/58 | €28,526 | €22,389 | €25,900 | €27,146 | €32,084 | ▲ 18.2% |
| Amounts receivable within one year40/41 | €11,325 | €18,210 | €21,586 | €26,043 | €27,816 | ▲ 6.8% |
| Trade receivables40 | €9,603 | €17,260 | €20,873 | €24,907 | €27,090 | ▲ 8.8% |
| Other amounts receivable41 | €1,722 | €950 | €713 | €1,136 | €726 | ▼ 36.1% |
| Cash at bank and in hand54/58 | €17,201 | €4,179 | €2,914 | €1,103 | €4,268 | ▲ 287% |
| Deferred charges and accrued income490/1 | - | - | €1,400 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €28,526 | €23,627 | €26,543 | €27,196 | €32,084 | ▲ 18.0% |
| Equity10/15 | €8,050 | €6,735 | €13,979 | €11,790 | €2,854 | ▼ 75.8% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €6,050 | €4,735 | €11,979 | €9,790 | €854 | ▼ 91.3% |
| Amounts payable17/49 | €20,476 | €16,892 | €12,564 | €15,406 | €29,230 | ▲ 89.7% |
| Amounts payable within one year42/48 | €20,476 | €16,892 | €12,564 | €15,406 | €29,230 | ▲ 89.7% |
| Trade debts44 | €4,645 | €2,099 | €1,026 | €1,414 | €538 | ▼ 61.9% |
| Suppliers440/4 | €4,645 | €2,099 | €1,026 | €1,414 | €538 | ▼ 61.9% |
| Taxes, remuneration and social security45 | €3,914 | €4,844 | €4,186 | €6,356 | €2,213 | ▼ 65.2% |
| Taxes450/3 | €3,914 | €4,844 | €4,186 | €6,356 | €2,213 | ▼ 65.2% |
| Other amounts payable47/48 | €11,917 | €9,948 | €7,352 | €7,636 | €26,478 | ▲ 247% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,050 | -€1,315 | €7,244 | €12,010 | €14,065 | ▲ 17.1% |
| + Depreciation and write-downs630 | - | €545 | €594 | €594 | €50 | ▼ 91.7% |
| Operating cash flow (approximation) | €6,050 | -€770 | €7,838 | €12,604 | €14,114 | ▲ 12.0% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | - | - |
| Change in cash | - | -€13,021 | -€1,266 | -€1,811 | €3,165 | - |
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, 2,153 companies had the same profile as Buro.12 has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of Buro.12 itself: 0.5% 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 2,153 companies, not a prediction for Buro.12. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00276471 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00324145 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00160031 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00176050 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20172955 |