Equity
€11.3m ▲ 11.6%
BDO BELGIUM has made a profit in every financial year since 2007.
BDO BELGIUM
Lifetime
19 annual accounts with figures on one time axis, 49 filings since 1977peak €45.8m (2025)
€45.8m▲ 8.2%
peak €983,914 (2024)
€977,658▼ 0.6%
peak €11.3m (2025)
€11.3m▲ 11.6%
€77.9m▲ 13.5%
peak 129.1 FTE (2025)
129.1 FTE▲ 7.6%
Board75 names since 2000all names
3 directorsVeerle Catry and 2 others
Owners13 names in the annual accountsall names
100%Michaël Delbeke Bedrijfsrevisor and 1 other
Documentsfilings and deeds
21-04-20269 days before the deadline
2025financial year
Capital increase of €195,000 14-101 director appointed, 1 resignation 14-07Dividend €35,073Investments €7.6mCash from €428,497 to €196,606
Key points
from the 2025 annual accountsGrowth
6 years
6 years of growth in a row. Turnover 2025: €45.8m.
Debts
€77.9m 87% of the balance sheet
Financial debts 47%Suppliers 10%Taxes and wages 3%Other 40%
€39.2m of the debts are secured on the company's own assets. In 2021 that was €34.9m.
Investments
€7.8m 2.5 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 284.4% higher than in 2024.
At the same address
39 companies
Position in the sector
12.6%
Lower solvency than 83% of companies in head offices and management consultancy. Sector median 53.3% · 3,873 companies.
Standalone figures, without subsidiaries
Group, consolidated 30-09-2025: turnover €161.5m, result €139,000
Checked score
80
Excellent
Financially stronger than 39% of medium-sized companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.5% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 802 companies (NACE 70, medium-sized).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%lowest value
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.6%▲ +0.1 percentage points vs 03-2025
05-2025: 0.5%▼ -0.1 percentage points vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.5%● unchanged vs 06-2025
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.6%▲ +0.1 percentage points vs 03-2026highest value
05-2026: 0.5%▼ -0.1 percentage points vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.5%● unchanged vs 06-2026
08-2026: 0.5%● unchanged vs 07-2026
09-2026: 0.5%● unchanged vs 08-2026
10-2026: 0.5%● unchanged vs 09-2026
11-2026: 0.5%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.77, cash €196,606, halved
Equity €11.3m (12.6% of total assets)
lowers risk
Size: turnover €45.8m, 129.1 FTE, total assets €89.2m, files consolidated accounts
Sector: Activities of head offices; management consultancy activities (NACE 70)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, medium-sized). It does better than 13% of them on solvency, 12% on liquidity, 58% on profitability and 72% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 733 companies had the same profile as BDO BELGIUM has now. Each dot stands for 2 companies, two years later.
97.4%
were still trading
1.4%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BDO BELGIUM itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,447 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 733 companies, not a prediction for BDO BELGIUM. 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.
Credit verdict
Credit of up to €900,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.77 (0.76 in 2024), below 1. Short-term debt is 50.2% and cash 0.2% of total assets. 87.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 3873 sector peers (2025).
NBB · sector comparisonPosition among 3873 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 21-04-2026, 9 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
9 days early
2024
7 days early
2023
13 days early
2022
17 days early
2021
9 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 11 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 21 April (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end08-11-2026 today30-04-2027 deadline
Board and ownership
- Michaël Delbeke Bedrijfsrevisor 100%score 92equity €248,485 (2025) · 30-06-2025 annual accounts of Michaël Delbeke Bedrijfsrevisor
- BDO Management CVBA consolidatesannual accounts 30-09-2020
- EBO SOLUTIONS 4.37%score 95equity €1.8m (2025) · 30-09-2025 annual accounts of EBO SOLUTIONS
Shares in 12 companies, including BDO INNOVATION GARDEN and BDO Southwest
Board & ownershipRecent changes
Capital increase · Amendment of the articles
40 new shares · 117 new shares · H. HERIJGERS holds 79 shares · General meeting of 30-09-2026 · Gazette deed
New establishment in Leuven
Kolonel Begaultlaan 1C
1 director appointed, 1 resignation, 1 statutory auditor reappointed
Reappointment: Moore Audit (commissaris en consolidatie revisor) · Resignation: VLACON BV (exco lid) · Appointment: VLACON BV (exco lid) · Board meeting of 29-09-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0407716932
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| BDO BELGIUM Zaventem | €45.8m | 7.9% | 12.6% | 129.1 |
| AERTSSEN GROUP Stabroek | €30.0m | 12.7% | 50.7% | 104.5 |
| WILLIS TOWERS WATSON CONSULTING Zaventem | €34.9m | 17.1% | 85.6% | 89.3 |
| WATERLEAU GROUP Haacht | €70.7m | -4.1% | 28.8% | 109.5 |
| Moore Belgium Brussels | €46.7m | 9.0% | 32.0% | 90 |
| ATTENTIA Berchem-Sainte-Agathe | €35.6m | 6.5% | 78.0% | 179.9 |
| CONXION Waregem | €57.1m | 5.8% | 21.1% | 110 |
Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as BDO BELGIUM: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €44m and €216m, founded between 1969 and 2000.
Official details
Source: KBO- Status
- Active since 07-12-1970Normal situation
- Registered office
- 40 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 30-09-2025
- Establishment units
- 2.148.080.3412600 Antwerp, since 25-07-2005
- 2.148.080.4409090 Merelbeke-Melle, since 25-07-2005and 9 others
- Financial year end
- 30 September
- Peppol
- Reachable since 17-12-2025
Annual accounts to 30-09-2025
- €89.2m▲ 13.3%
- Employeeson 30-09-2025
- 141▲ 2.2%
- Filing
- Filed on 21-04-2026, 9 days before the end of the filing period
Companies linked to BDO BELGIUM
Shareholders
Subsidiaries and holdings
- BDO ADVISORY99%
- BDO ACCOUNTANTS & BELASTINGADVISEURS88.81%
- BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES87.23%
- PAVLOV49.94%
- H10 Invest42.29%
- AI-GUST28.02%
- CYBER STUDIOS23.08%
- ODOT20%
Insights on BDO BELGIUM
BDO BELGIUM has existed since 1970. Turnover grew from €6.6m in 2007 to €45.8m in 2025 and staff from 29.3 to 129.1 full-time equivalents.
Turnover has grown every year since 2019.
Michaël Delbeke Bedrijfsrevisor holds all the shares. In October 2025, eight directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about BDO BELGIUM
- What is the company number of BDO BELGIUM?
- The company number of BDO BELGIUM is 0407.716.932. The VAT number is the same number with BE in front: BE 0407.716.932.
- Where is BDO BELGIUM based?
- The registered office is at Da Vincilaan 9, 1930 Zaventem.Company details
- What does BDO BELGIUM do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of BDO BELGIUM?
- BDO BELGIUM is a private limited company (BV).
- When was BDO BELGIUM founded?
- BDO BELGIUM was founded on 07-12-1970.
- Is BDO BELGIUM still active?
- Yes, BDO BELGIUM is an active enterprise in the KBO register.
- How many employees does BDO BELGIUM have?
- BDO BELGIUM had an average of 129.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does BDO BELGIUM fall under?
- In its 30-09-2025 annual accounts, BDO BELGIUM states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of BDO BELGIUM?
- The turnover of BDO BELGIUM was €45.8m in financial year 2025, according to the filed annual accounts.
- Is BDO BELGIUM profitable?
- In financial year 2025, BDO BELGIUM made a profit of €977,658.
- Where can I find the annual accounts of BDO BELGIUM?
- BDO BELGIUM filed 54 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of BDO BELGIUM due?
- BDO BELGIUM must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
Next steps
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