BV SQUARE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 14 filings
Turnover
€0
2021 · €0
Total assets
€8.8m▼ 3.2%
2024 · €9.1m
Net result
-€113,011
2024 · €1,274
Working capital
-€3.1m▲ 1.3%
2024 · -€3.1m
In the rankings
#9 company by total assets in Lasne, Real estate sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€78,296
▼ 53.2%
2025
20192025
Net result
-€113,011
2025
lowest quarter of the sector
20192025
Equity
€2.1m
▼ 5.6%
2025
highest quarter of the sector
20192025
Total assets
€8.8m
▼ 3.2%
2025
highest quarter of the sector
20192025
Debt
€6.7m
▼ 2.5%
2025
20192025
Working capital
-€3.1m
▲ 1.3%
2025
lowest quarter of the sector
20192025
Solvency
23.5%
▼ 0.6pp
2025
middle half of the sector
20192025
Current ratio
0.04
=
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-1.3%
▼ 1.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0-€0€0€0
Operating result€0.2m-€0.2m▲ 0.9%€0.3m▲ 18.1%€0.3m▲ 5.5%€0.2m▼ 19.6%€0.2m▼ 29.0%€0.08m▼ 53.2%
Net result€0.04m-€0.03mabove the sector's middle half▼ 21.4%€0.09mabove the sector's middle half▲ 201%€0.1mabove the sector's middle half▲ 24.2%€0.07mabove the sector's middle half▼ 40.8%€0.001mwithin the sector's middle half▼ 98.1%-€0.1mbelow the sector's middle half
Equity€1.5m-€1.9mabove the sector's middle half▲ 28.2%€2.0mabove the sector's middle half▲ 4.6%€2.1mabove the sector's middle half▲ 5.4%€2.2mabove the sector's middle half▲ 2.7%€2.2mabove the sector's middle half▼ 0.4%€2.1mabove the sector's middle half▼ 5.6%
Total assets€6.7m-€8.0mabove the sector's middle half▲ 19.0%€9.9mabove the sector's middle half▲ 24.7%€9.7mabove the sector's middle half▼ 2.2%€9.4mabove the sector's middle half▼ 2.9%€9.1mabove the sector's middle half▼ 3.9%€8.8mabove the sector's middle half▼ 3.2%
Debt€5.2m-€6.0m▲ 16.3%€7.9m▲ 31.1%€7.6m▼ 4.1%€7.2m▼ 4.5%€6.9m▼ 5.0%€6.7m▼ 2.5%
Working capital-€2.6m--€2.9mbelow the sector's middle half▼ 12.4%-€3.1mbelow the sector's middle half▼ 7.3%-€2.7mbelow the sector's middle half▲ 14.6%-€2.9mbelow the sector's middle half▼ 8.4%-€3.1mbelow the sector's middle half▼ 8.2%-€3.1mbelow the sector's middle half▲ 1.3%
Solvency22.6%-24.3%within the sector's middle half▲ 1.8pp20.4%within the sector's middle half▼ 3.9pp22.0%within the sector's middle half▲ 1.6pp23.3%within the sector's middle half▲ 1.3pp24.1%within the sector's middle half▲ 0.9pp23.5%within the sector's middle half▼ 0.6pp
Current ratio0.06-0.01below the sector's middle half▼ 0.050.07below the sector's middle half▲ 0.060.03below the sector's middle half▼ 0.040.05below the sector's middle half▲ 0.020.03below the sector's middle half▼ 0.010.04below the sector's middle half=
Return on assets (ROA)0.6%-0.4%within the sector's middle half▼ 0.2pp0.9%within the sector's middle half▲ 0.5pp1.2%within the sector's middle half▲ 0.2pp0.7%within the sector's middle half▼ 0.5pp0.0%within the sector's middle half▼ 0.7pp-1.3%within the sector's middle half▼ 1.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 53% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.8m
Fixed assets
€8.7m ▼ 3.4%
Current assets
€117,437 ▲ 9.8%
Equity and liabilities €8.8m
Equity
€2.1m ▼ 5.6%
Debt
€6.7m ▼ 2.5%
Debt's share of the balance-sheet total rises from 75.9% to 76.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€587,265▼
2024 · €666,077
Cash flow
€395,957▼
2024 · €500,175
Debt to equity
3.25▲
2024 · 3.15
ROE
-5.5%▼
2024 · 0.1%
Interest coverage
2.93▼
2024 · 3.80
Debt ≤ 1 year
€3.2m▼
2024 · €3.2m
Debt > 1 year
€3.4m▼
2024 · €3.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2.0m | €2.8m | €66,889 | €162,327 | €183,369 |
| Intangible fixed assets | - | - | - | - | €20,449 |
| Depreciation and write-downs of the year | €252,393 | €354,705 | €403,537 | €498,901 | €508,969 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | €0 | €0 | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €0 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €228,873 | €248,629 | €252,393 | €354,705 | €403,537 | €498,901 | €508,969 | ▲ 2.0% |
| Other operating charges640/8 | - | - | €71,627 | €72,275 | €82,132 | €89,930 | €157,175 | ▲ 74.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €100 | - | - |
| Gross operating margin9900 | €530,851 | €553,358 | €601,481 | €719,635 | €721,008 | €756,107 | €744,440 | ▼ 1.5% |
| Operating profit (loss)9901 | €232,884 | €234,914 | €277,461 | €292,656 | €235,339 | €167,176 | €78,296 | ▼ 53.2% |
| Financial income75/76B | - | - | €970 | €7,881 | €13,258 | €9,193 | €9,193 | = |
| Recurring financial income75 | €2 | €0 | €970 | €7,881 | €13,258 | €9,193 | €9,193 | = |
| Financial charges65/66B | - | - | €187,412 | €187,458 | €181,600 | €175,096 | €200,501 | ▲ 14.5% |
| Recurring financial charges65 | €194,421 | €204,674 | €187,412 | €187,458 | €181,600 | €175,096 | €200,501 | ▲ 14.5% |
| Profit (loss) for the period before taxes9903 | €38,465 | €30,240 | €91,018 | €113,078 | €66,997 | €1,274 | -€113,011 | - |
| Profit (loss) for the period9904 | €38,465 | €30,240 | €91,018 | €113,078 | €66,997 | €1,274 | -€113,011 | - |
| Profit (loss) for the period to be appropriated9905 | €38,465 | €30,240 | €91,018 | €113,078 | €66,997 | €1,274 | -€113,011 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €6.7m | €8.0m | €9.9m | €9.7m | €9.4m | €9.1m | €8.8m | ▼ 3.2% |
| Fixed assets21/28 | €6.5m | €7.9m | €9.7m | €9.6m | €9.3m | €9.0m | €8.7m | ▼ 3.4% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.02m | - |
| Tangible fixed assets22/27 | €6.5m | €7.9m | €9.7m | €9.6m | €9.3m | €9.0m | €8.6m | ▼ 3.6% |
| Land and buildings22 | - | - | €7.2m | €9.6m | €9.3m | €9.0m | €8.6m | ▼ 3.6% |
| Other tangible fixed assets26 | - | - | €0 | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | €2.5m | €0 | - | - | - | - |
| Current assets29/58 | €0.2m | €0.03m | €0.2m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 9.8% |
| Amounts receivable within one year40/41 | €0 | €0 | €0.2m | €0.005m | €0.005m | €0.06m | €0.06m | ▲ 4.3% |
| Trade receivables40 | - | - | €0 | €0.004m | €0.005m | €0.06m | €0.06m | ▲ 1.4% |
| Other amounts receivable41 | - | - | €0.2m | €0.001m | €0 | €0 | €0.002m | - |
| Cash at bank and in hand54/58 | €0.2m | €0.03m | €0.08m | €0.06m | €0.1m | €0.04m | €0.05m | ▲ 26.3% |
| Deferred charges and accrued income490/1 | - | - | €0 | €0.02m | €0.02m | €0.01m | €0.007m | ▼ 27.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €6.7m | €8.0m | €9.9m | €9.7m | €9.4m | €9.1m | €8.8m | ▼ 3.2% |
| Equity10/15 | €1.5m | €1.9m | €2.0m | €2.1m | €2.2m | €2.2m | €2.1m | ▼ 5.6% |
| Contributions10/11 | €1.4m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Capital10 | - | - | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Issued capital100 | - | - | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Reserves13 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0 | €0 | €0.07m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 45.7% |
| Investment grants15 | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 3.9% |
| Amounts payable17/49 | €5.2m | €6.0m | €7.9m | €7.6m | €7.2m | €6.9m | €6.7m | ▼ 2.5% |
| Amounts payable after more than one year17 | €2.3m | €3.0m | €4.5m | €4.8m | €4.1m | €3.5m | €3.4m | ▼ 4.2% |
| Financial debts170/4 | - | - | €4.5m | €4.8m | €4.1m | €3.5m | €3.4m | ▼ 4.2% |
| Amounts payable within one year42/48 | €2.7m | €2.9m | €3.4m | €2.7m | €3.0m | €3.2m | €3.2m | ▼ 0.9% |
| Current portion of amounts payable after more than one year42 | - | - | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 3.7% |
| Trade debts44 | €0.2m | €0.3m | €0.3m | €0.03m | €0.01m | €0.02m | €0.02m | ▼ 3.3% |
| Suppliers440/4 | - | - | €0.3m | €0.03m | €0.01m | €0.02m | €0.02m | ▼ 3.3% |
| Taxes, remuneration and social security45 | - | - | €0.001m | €0.002m | €0.003m | €0.003m | €0.02m | ▲ 360% |
| Taxes450/3 | - | - | €0.001m | €0.002m | €0.003m | €0.003m | €0.02m | ▲ 360% |
| Other amounts payable47/48 | - | - | €2.6m | €2.1m | €2.4m | €2.6m | €2.5m | ▼ 2.5% |
| Accrued charges and deferred income492/3 | - | - | €0.09m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 2.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.03m | €0.09m | €0.1m | €0.07m | €0.001m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 2.0% |
| Operating cash flow (approximation) | €0.3m | €0.3m | €0.3m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 20.8% |
| Investment in fixed assets (approximation) | - | -€1.6m | -€2.0m | -€0.3m | -€0.07m | -€0.2m | -€0.2m | ▼ 25.6% |
| Change in cash | - | -€0.1m | €0.06m | -€0.02m | €0.06m | -€0.08m | €0.01m | - |
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, 120 companies had the same profile as BV SQUARE has now. Two years later, 95.0% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
95.0%
was still going
5.0%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of BV SQUARE 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 120 companies, not a prediction for BV SQUARE. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00092938 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00081470 | |
| 30-09-2023 | micro format | 26-04-2024 | 2024-00069986 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00073987 | |
| 30-09-2021 | micro format | 14-04-2022 | 2022-20003647 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12500062 | |
| 30-09-2019 | micro format | 28-05-2020 | 2020-13400184 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11800235 | |
| 30-09-2017 | micro format | 02-05-2018 | 2018-11700429 | |
| 30-09-2016 | full format | 02-05-2017 | 2017-10900527 |