BUSEO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 11 filings
Turnover
≈ €110,000
Estimated: probably between €46,000 and €220,000
Total assets
€71,997▲ 13.9%
2024 · €63,198
Net result
€7,206▼ 11.9%
2024 · €8,179
Working capital
€16,314▼ 60.1%
2024 · €40,839
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,744
▲ 58.6%
2025
20182025
Net result
€7,206
▼ 11.9%
2025
middle half of the sector
20182025
Equity
€18,905
▼ 54.7%
2025
middle half of the sector
20182025
Total assets
€71,997
▲ 13.9%
2025
middle half of the sector
20182025
Debt
€53,092
▲ 147%
2025
20182025
Working capital
€16,314
▼ 60.1%
2025
middle half of the sector
20182025
Solvency
26.3%
▼ 39.7pp
2025
middle half of the sector
20182025
Current ratio
1.31
▼ 1.59
2025
middle half of the sector
20182025
Return on assets (ROA)
10.0%
▼ 2.9pp
2025
middle half 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€21,597-€35,210▲ 63.0%-€5,821€6,381€8,793▲ 37.8%-€3,100€6,773€10,744▲ 58.6%
Net result€21,066-€29,845▲ 41.7%-€8,978below the sector's middle half€4,728within the sector's middle half€5,619within the sector's middle half▲ 18.8%-€6,157below the sector's middle half€8,179within the sector's middle half€7,206within the sector's middle half▼ 11.9%
Equity€30,461-€38,307▲ 25.8%€29,328within the sector's middle half▼ 23.4%€34,057within the sector's middle half▲ 16.1%€39,676within the sector's middle half▲ 16.5%€33,519within the sector's middle half▼ 15.5%€41,699within the sector's middle half▲ 24.4%€18,905within the sector's middle half▼ 54.7%
Total assets€88,807-€86,103▼ 3.0%€49,233below the sector's middle half▼ 42.8%€60,961below the sector's middle half▲ 23.8%€70,421within the sector's middle half▲ 15.5%€54,108below the sector's middle half▼ 23.2%€63,198within the sector's middle half▲ 16.8%€71,997within the sector's middle half▲ 13.9%
Debt€48,390-€47,796▼ 1.2%€19,904▼ 58.4%€26,904▲ 35.2%€30,745▲ 14.3%€20,589▼ 33.0%€21,499▲ 4.4%€53,092▲ 147%
Working capital€37,938-€36,179▼ 4.6%€25,228within the sector's middle half▼ 30.3%€30,894within the sector's middle half▲ 22.5%€37,453within the sector's middle half▲ 21.2%€32,353within the sector's middle half▼ 13.6%€40,839within the sector's middle half▲ 26.2%€16,314within the sector's middle half▼ 60.1%
Solvency34.3%-44.5%▲ 10.2pp59.6%within the sector's middle half▲ 15.1pp55.9%within the sector's middle half▼ 3.7pp56.3%within the sector's middle half▲ 0.5pp61.9%within the sector's middle half▲ 5.6pp66.0%above the sector's middle half▲ 4.0pp26.3%within the sector's middle half▼ 39.7pp
Current ratio1.78-1.76▼ 0.032.27within the sector's middle half▲ 0.512.15within the sector's middle half▼ 0.122.22within the sector's middle half▲ 0.072.57within the sector's middle half▲ 0.352.90above the sector's middle half▲ 0.331.31within the sector's middle half▼ 1.59
Return on assets (ROA)23.7%-34.7%▲ 10.9pp-18.2%below the sector's middle half▼ 52.9pp7.8%within the sector's middle half▲ 26.0pp8.0%within the sector's middle half▲ 0.2pp-11.4%below the sector's middle half▼ 19.4pp12.9%within the sector's middle half▲ 24.3pp10.0%within the sector's middle half▼ 2.9pp
Staff (FTE)1.40.2
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 59% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €71,997
Fixed assets
€2,590 ▲ 201%
Current assets
€69,406 ▲ 11.3%
Equity and liabilities €71,997
Equity
€18,905 ▼ 54.7%
Debt
€53,092 ▲ 147%
Debt's share of the balance-sheet total rises from 34.0% to 73.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€11,473▲
2024 · €7,079
Cash flow
€7,935▼
2024 · €8,486
Debt to equity
2.81▲
2024 · 0.52
ROE
38.1%▲
2024 · 19.6%
Interest coverage
21.38▼
2024 · 50.72
Debt ≤ 1 year
€53,092▲
2024 · €21,499
Income taxes
€3,145▲
2024 · -€1,470
Staff costs
€1,413▲
2024 · €2
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.4 |
| Average over the year, in full-time equivalents | 0.1 |
| On a permanent contract | 1 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €536 | - | €661 | €2,460 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,476 | €1,056 | €307 | €729 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €15,752 | €16,092 | €2 | €1,413 | ▲ 696× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €506 | €352 | €937 | €937 | €1,476 | €1,056 | €307 | €729 | ▲ 138% |
| Other operating charges640/8 | - | - | - | - | €1,497 | €1,821 | €7,327 | €641 | ▼ 91.2% |
| Gross operating margin9900 | €92,196 | €94,486 | €51,485 | €41,026 | €27,518 | €15,870 | €14,408 | €13,528 | ▼ 6.1% |
| Operating profit (loss)9901 | €21,597 | €35,210 | -€5,821 | €6,381 | €8,793 | -€3,100 | €6,773 | €10,744 | ▲ 58.6% |
| Financial income75/76B | - | - | - | - | - | - | €77 | €144 | ▲ 87.4% |
| Recurring financial income75 | €1 | €7 | €20 | - | - | - | €77 | €144 | ▲ 87.4% |
| Financial charges65/66B | - | - | - | - | €57 | €57 | €140 | €537 | ▲ 284% |
| Recurring financial charges65 | €149 | €76 | €56 | €1,652 | €57 | €57 | €140 | €537 | ▲ 284% |
| Profit (loss) for the period before taxes9903 | €21,448 | €35,140 | -€5,856 | €4,728 | €8,736 | -€3,157 | €6,710 | €10,351 | ▲ 54.3% |
| Income taxes67/77 | €382 | €5,295 | €3,122 | - | €3,117 | €3,000 | -€1,470 | €3,145 | - |
| Profit (loss) for the period9904 | €21,066 | €29,845 | -€8,978 | €4,728 | €5,619 | -€6,157 | €8,179 | €7,206 | ▼ 11.9% |
| Profit (loss) for the period to be appropriated9905 | €21,066 | €29,845 | -€8,978 | €4,728 | €5,619 | -€6,157 | €8,179 | €7,206 | ▼ 11.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,807 | €86,103 | €49,233 | €60,961 | €70,421 | €54,108 | €63,198 | €71,997 | ▲ 13.9% |
| Fixed assets21/28 | €2,479 | €2,128 | €4,100 | €3,163 | €2,223 | €1,167 | €860 | €2,590 | ▲ 201% |
| Tangible fixed assets22/27 | €1,619 | €1,268 | €3,240 | €2,303 | €1,363 | €307 | €0 | €1,730 | - |
| Plant, machinery and equipment23 | - | - | - | - | €1,363 | €307 | €0 | €1,730 | - |
| Financial fixed assets28 | €860 | €860 | €860 | €860 | €860 | €860 | €860 | €860 | = |
| Current assets29/58 | €86,328 | €83,975 | €45,133 | €57,798 | €68,198 | €52,942 | €62,338 | €69,406 | ▲ 11.3% |
| Amounts receivable within one year40/41 | €34,487 | €55,304 | €24,277 | €31,777 | €44,871 | €40,800 | €37,010 | €38,502 | ▲ 4.0% |
| Trade receivables40 | - | - | - | - | €39,291 | €27,397 | €34,968 | €37,459 | ▲ 7.1% |
| Other amounts receivable41 | - | - | - | - | €5,580 | €13,403 | €2,042 | €1,043 | ▼ 48.9% |
| Cash at bank and in hand54/58 | €51,841 | €28,671 | €20,856 | €26,021 | €23,326 | €12,142 | €24,380 | €30,573 | ▲ 25.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €947 | €331 | ▼ 65.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,807 | €86,103 | €49,233 | €60,961 | €70,421 | €54,108 | €63,198 | €71,997 | ▲ 13.9% |
| Equity10/15 | €30,461 | €38,307 | €29,328 | €34,057 | €39,676 | €33,519 | €41,699 | €18,905 | ▼ 54.7% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | - | €12,400 | €0 | - | - | - |
| Issued capital100 | - | - | - | - | €18,550 | €0 | - | - | - |
| Uncalled capital101 | - | - | - | - | €6,150 | €0 | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €12,400 | - | - | - |
| Other1109/19 | - | - | - | - | - | €12,400 | - | - | - |
| Reserves13 | - | €1,460 | €1,460 | €1,697 | €1,697 | €1,697 | €1,697 | €1,697 | = |
| Non-distributable reserves130/1 | - | - | - | - | €1,697 | €1,697 | €1,697 | €1,697 | = |
| Legal reserve130 | - | - | - | - | €1,697 | €1,697 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €1,697 | €1,697 | = |
| Profit (loss) carried forward14 | €18,061 | €24,446 | €15,468 | €19,960 | €25,580 | €19,423 | €27,602 | €4,808 | ▼ 82.6% |
| Provisions and deferred taxes16 | €9,956 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €48,390 | €47,796 | €19,904 | €26,904 | €30,745 | €20,589 | €21,499 | €53,092 | ▲ 147% |
| Amounts payable within one year42/48 | €48,390 | €47,796 | €19,904 | €26,904 | €30,745 | €20,589 | €21,499 | €53,092 | ▲ 147% |
| Trade debts44 | €13,020 | €10,536 | €4,693 | €8,438 | €15,045 | €14,387 | €12,528 | €9,537 | ▼ 23.9% |
| Suppliers440/4 | - | - | - | - | €15,045 | €14,387 | €12,528 | €9,537 | ▼ 23.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €4,614 | €858 | €2,113 | €12,533 | ▲ 493% |
| Taxes450/3 | - | - | - | - | - | - | €2,113 | €9,085 | ▲ 330% |
| Remuneration and social security454/9 | - | - | - | - | €4,614 | €858 | €0 | €3,448 | - |
| Other amounts payable47/48 | - | - | - | - | €11,085 | €5,345 | €6,859 | €31,023 | ▲ 352% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,066 | €29,845 | -€8,978 | €4,728 | €5,619 | -€6,157 | €8,179 | €7,206 | ▼ 11.9% |
| + Depreciation and write-downs630 | €506 | €352 | €937 | €937 | €1,476 | €1,056 | €307 | €729 | ▲ 138% |
| Operating cash flow (approximation) | €21,573 | €30,197 | -€8,041 | €5,666 | €7,095 | -€5,101 | €8,486 | €7,935 | ▼ 6.5% |
| Investment in fixed assets (approximation) | - | €0 | -€2,910 | €0 | -€536 | €0 | €0 | -€2,460 | - |
| Change in cash | - | -€23,169 | -€7,816 | €5,165 | -€2,694 | -€11,185 | €12,239 | €6,192 | ▼ 49.4% |
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, 5,053 companies had the same profile as BUSEO has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BUSEO 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 5,053 companies, not a prediction for BUSEO. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00363138 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00282705 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00134195 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00183381 | |
| 31-12-2021 | micro format | 28-03-2022 | 2022-08900190 | |
| 31-12-2020 | micro format | 08-06-2021 | 2021-18600113 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-26700464 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-30100421 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-43400164 | |
| 31-12-2016 | full format | 23-08-2017 | 2017-46800380 |