BVC-SOFT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-05-2026 PDF all 29 filings
Turnover
≈ €250,000
Estimated: probably between €150,000 and €480,000
Total assets
€461,221▲ 13.2%
2024 · €407,415
Net result
€51,998▼ 13.4%
2024 · €60,066
Working capital
€389,026▲ 19.0%
2024 · €326,887
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€69,950
▼ 14.7%
2025
20182025
Net result
€51,998
▼ 13.4%
2025
middle half of the sector
20182025
Equity
€448,856
▲ 13.1%
2025
middle half of the sector
20182025
Total assets
€461,221
▲ 13.2%
2025
middle half of the sector
20182025
Debt
€12,365
▲ 17.1%
2025
20182025
Working capital
€389,026
▲ 19.0%
2025
highest quarter of the sector
20182025
Solvency
97.3%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
32.46
▲ 0.50
2025
highest quarter of the sector
20182025
Return on assets (ROA)
11.3%
▼ 3.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€59,497-€60,363▲ 1.5%€5,235▼ 91.3%€63,260▲ 12×€63,579▲ 0.5%€89,268▲ 40.4%€82,052▼ 8.1%€69,950▼ 14.7%
Net result€45,906-€42,383▼ 7.7%€1,154within the sector's middle half▼ 97.3%€43,617within the sector's middle half▲ 38×€43,833within the sector's middle half▲ 0.5%€64,549within the sector's middle half▲ 47.3%€60,066within the sector's middle half▼ 6.9%€51,998within the sector's middle half▼ 13.4%
Equity€326,257-€368,640▲ 13.0%€329,793within the sector's middle half▼ 10.5%€353,410within the sector's middle half▲ 7.2%€277,243within the sector's middle half▼ 21.6%€336,792within the sector's middle half▲ 21.5%€396,858within the sector's middle half▲ 17.8%€448,856within the sector's middle half▲ 13.1%
Total assets€333,410-€377,760▲ 13.3%€373,781within the sector's middle half▼ 1.1%€380,099within the sector's middle half▲ 1.7%€287,667within the sector's middle half▼ 24.3%€353,800within the sector's middle half▲ 23.0%€407,415within the sector's middle half▲ 15.2%€461,221within the sector's middle half▲ 13.2%
Debt€7,153-€9,121▲ 27.5%€43,988▲ 382%€26,690▼ 39.3%€10,424▼ 60.9%€17,008▲ 63.2%€10,557▼ 37.9%€12,365▲ 17.1%
Working capital€295,891-€344,264▲ 16.3%€267,636within the sector's middle half▼ 22.3%€309,097within the sector's middle half▲ 15.5%€250,774within the sector's middle half▼ 18.9%€331,994within the sector's middle half▲ 32.4%€326,887within the sector's middle half▼ 1.5%€389,026above the sector's middle half▲ 19.0%
Solvency97.9%-97.6%▼ 0.3pp88.2%above the sector's middle half▼ 9.4pp93.0%above the sector's middle half▲ 4.7pp96.4%above the sector's middle half▲ 3.4pp95.2%above the sector's middle half▼ 1.2pp97.4%above the sector's middle half▲ 2.2pp97.3%above the sector's middle half▼ 0.1pp
Current ratio42.37-38.75▼ 3.627.08above the sector's middle half▼ 31.6612.58above the sector's middle half▲ 5.5025.06above the sector's middle half▲ 12.4820.52above the sector's middle half▼ 4.5431.96above the sector's middle half▲ 11.4432.46above the sector's middle half▲ 0.50
Return on assets (ROA)13.8%-11.2%▼ 2.5pp0.3%within the sector's middle half▼ 10.9pp11.5%within the sector's middle half▲ 11.2pp15.2%above the sector's middle half▲ 3.8pp18.2%above the sector's middle half▲ 3.0pp14.7%within the sector's middle half▼ 3.5pp11.3%within the sector's middle half▼ 3.5pp
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 15% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €461,221
Fixed assets
€59,830 ▼ 14.5%
Current assets
€401,391 ▲ 19.0%
Equity and liabilities €461,221
Equity
€448,856 ▲ 13.1%
Debt
€12,365 ▲ 17.1%
Debt's share of the balance-sheet total rises from 2.6% to 2.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€87,921▼
2024 · €98,514
Cash flow
€69,969▼
2024 · €76,527
Debt to equity
0.03▲
2024 · 0.03
ROE
11.6%▼
2024 · 15.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€12,365▲
2024 · €10,557
Income taxes
€20,677▼
2024 · €23,565
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 | - | - | €5,161 | €84,374 | €7,830 |
| Depreciation and write-downs of the year | €17,844 | €17,844 | €363 | €16,462 | €17,971 |
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 | - | - | - | €77 | - | €14,853 | €10,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,182 | €8,730 | €15,027 | €17,844 | €17,844 | €363 | €16,462 | €17,971 | ▲ 9.2% |
| Other operating charges640/8 | - | - | - | €2,667 | €1,480 | €951 | €726 | €1,300 | ▲ 79.1% |
| Gross operating margin9900 | €70,284 | €72,143 | €23,319 | €83,771 | €82,903 | €90,582 | €99,240 | €89,221 | ▼ 10.1% |
| Operating profit (loss)9901 | €59,497 | €60,363 | €5,235 | €63,260 | €63,579 | €89,268 | €82,052 | €69,950 | ▼ 14.7% |
| Financial income75/76B | - | - | - | €30 | - | €684 | €1,682 | €2,842 | ▲ 69.0% |
| Recurring financial income75 | €203 | €15 | €2 | €30 | - | €684 | €1,682 | €2,842 | ▲ 69.0% |
| Financial charges65/66B | - | - | - | €73 | €83 | €68 | €103 | €118 | ▲ 14.6% |
| Recurring financial charges65 | €49 | €50 | €66 | €73 | €83 | €68 | €103 | €118 | ▲ 14.6% |
| Profit (loss) for the period before taxes9903 | €64,855 | €60,327 | €5,172 | €63,218 | €63,496 | €89,885 | €83,631 | €72,675 | ▼ 13.1% |
| Income taxes67/77 | €18,948 | €17,944 | €4,018 | €19,601 | €19,663 | €25,336 | €23,565 | €20,677 | ▼ 12.3% |
| Profit (loss) for the period9904 | €45,906 | €42,383 | €1,154 | €43,617 | €43,833 | €64,549 | €60,066 | €51,998 | ▼ 13.4% |
| Profit (loss) for the period to be appropriated9905 | €45,906 | €42,383 | €1,154 | €43,617 | €43,833 | €64,549 | €60,066 | €51,998 | ▼ 13.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €333,410 | €377,760 | €373,781 | €380,099 | €287,667 | €353,800 | €407,415 | €461,221 | ▲ 13.2% |
| Fixed assets21/28 | €30,366 | €24,376 | €62,157 | €44,313 | €26,469 | €4,799 | €69,971 | €59,830 | ▼ 14.5% |
| Tangible fixed assets22/27 | €30,366 | €24,376 | €62,157 | €44,313 | €26,469 | €4,799 | €69,971 | €59,830 | ▼ 14.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,075 | €1,591 | €8,463 | ▲ 432% |
| Furniture and vehicles24 | - | - | - | €44,313 | €26,469 | €2,723 | €68,380 | €51,366 | ▼ 24.9% |
| Current assets29/58 | €303,044 | €353,385 | €311,624 | €335,786 | €261,198 | €349,002 | €337,444 | €401,391 | ▲ 19.0% |
| Amounts receivable within one year40/41 | €14,701 | €18,495 | €15,457 | €17,035 | €18,378 | €15,724 | €18,871 | €36,739 | ▲ 94.7% |
| Trade receivables40 | - | - | - | €14,266 | €13,473 | €12,681 | €15,682 | €31,363 | ▲ 100% |
| Other amounts receivable41 | - | - | - | €2,770 | €4,905 | €3,044 | €3,189 | €5,376 | ▲ 68.5% |
| Current investments50/53 | - | - | - | - | - | - | - | €30,000 | - |
| Cash at bank and in hand54/58 | €287,161 | €333,701 | €281,600 | €317,377 | €241,531 | €332,413 | €317,522 | €330,554 | ▲ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,374 | €1,289 | €865 | €1,051 | €4,098 | ▲ 290% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €333,410 | €377,760 | €373,781 | €380,099 | €287,667 | €353,800 | €407,415 | €461,221 | ▲ 13.2% |
| Equity10/15 | €326,257 | €368,640 | €329,793 | €353,410 | €277,243 | €336,792 | €396,858 | €448,856 | ▲ 13.1% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €212,884 | €255,267 | €256,420 | €300,037 | €223,870 | €288,420 | €348,485 | €400,483 | ▲ 14.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €298,177 | €222,010 | €288,420 | €348,485 | €400,483 | ▲ 14.9% |
| Profit (loss) carried forward14 | €100,973 | €100,973 | €60,973 | €40,973 | €40,973 | €35,973 | €35,973 | €35,973 | = |
| Amounts payable17/49 | €7,153 | €9,121 | €43,988 | €26,690 | €10,424 | €17,008 | €10,557 | €12,365 | ▲ 17.1% |
| Amounts payable within one year42/48 | €7,153 | €9,121 | €43,988 | €26,690 | €10,424 | €17,008 | €10,557 | €12,365 | ▲ 17.1% |
| Trade debts44 | €4 | €451 | €106 | €720 | €540 | €207 | €411 | €482 | ▲ 17.2% |
| Suppliers440/4 | - | - | - | €720 | €540 | €207 | €411 | €482 | ▲ 17.2% |
| Taxes, remuneration and social security45 | - | - | - | €12,510 | €9,884 | €16,779 | €10,146 | €11,644 | ▲ 14.8% |
| Taxes450/3 | - | - | - | €10,466 | €7,844 | €14,029 | €10,146 | €8,886 | ▼ 12.4% |
| Remuneration and social security454/9 | - | - | - | €2,044 | €2,040 | €2,750 | - | €2,758 | - |
| Other amounts payable47/48 | - | - | - | €13,460 | - | €21 | - | €238 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,906 | €42,383 | €1,154 | €43,617 | €43,833 | €64,549 | €60,066 | €51,998 | ▼ 13.4% |
| + Depreciation and write-downs630 | €8,182 | €8,730 | €15,027 | €17,844 | €17,844 | €363 | €16,462 | €17,971 | ▲ 9.2% |
| Operating cash flow (approximation) | €54,088 | €51,113 | €16,181 | €61,460 | €61,677 | €64,912 | €76,527 | €69,969 | ▼ 8.6% |
| Investment in fixed assets (approximation) | - | -€2,740 | -€52,808 | €0 | €0 | €21,308 | -€81,634 | -€7,830 | ▲ 90.4% |
| Change in cash | - | €46,540 | -€52,101 | €35,776 | -€75,846 | €90,881 | -€14,891 | €13,032 | - |
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, 20,136 companies had the same profile as BVC-SOFT has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of BVC-SOFT 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 20,136 companies, not a prediction for BVC-SOFT. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-05-2026 | 2026-00110661 | |
| 31-12-2024 | abbreviated format | 09-05-2025 | 2025-00093536 | |
| 31-12-2023 | abbreviated format | 06-06-2024 | 2024-00115727 | |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00118345 | |
| 31-12-2021 | abbreviated format | 02-06-2022 | 2022-20043223 | |
| 31-12-2020 | abbreviated format | 11-06-2021 | 2021-20200001 | |
| 31-12-2019 | abbreviated format | 11-06-2020 | 2020-16600567 | |
| 31-12-2018 | abbreviated format | 06-06-2019 | 2019-17000585 | |
| 31-12-2017 | micro format | 04-06-2018 | 2018-14900515 | |
| 31-12-2016 | abbreviated format | 02-06-2017 | 2017-14200022 |