BVR SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 5 filings
Turnover
≈ €23,000
Estimated: probably between €17,000 and €47,000
Total assets
€35,556▲ 2.9%
2024 · €34,553
Net result
€343▲ 6.3%
2024 · €323
Working capital
€15,260▲ 19.8%
2024 · €12,734
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€808
▼ 15.0%
2025
20212025
Net result
€343
▲ 6.3%
2025
middle half of the sector
20212025
Equity
€3,132
▲ 12.3%
2025
middle half of the sector
20212025
Total assets
€35,556
▲ 2.9%
2025
lowest quarter of the sector
20212025
Debt
€32,424
▲ 2.1%
2025
20212025
Working capital
€15,260
▲ 19.8%
2025
middle half of the sector
20212025
Solvency
8.8%
▲ 0.7pp
2025
middle half of the sector
20212025
Current ratio
1.91
▼ 0.20
2025
middle half of the sector
20212025
Return on assets (ROA)
1.0%
=
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€489--€858-€816▲ 4.8%€950€808▼ 15.0%
Net result-€441within the sector's middle half--€1,603within the sector's middle half▼ 264%-€1,490within the sector's middle half▲ 7.1%€323within the sector's middle half€343within the sector's middle half▲ 6.3%
Equity€5,559within the sector's middle half-€3,956below the sector's middle half▼ 28.8%€2,466below the sector's middle half▼ 37.7%€2,789below the sector's middle half▲ 13.1%€3,132within the sector's middle half▲ 12.3%
Total assets€44,796below the sector's middle half-€47,580below the sector's middle half▲ 6.2%€37,327below the sector's middle half▼ 21.5%€34,553below the sector's middle half▼ 7.4%€35,556below the sector's middle half▲ 2.9%
Debt€39,237-€43,624▲ 11.2%€34,861▼ 20.1%€31,763▼ 8.9%€32,424▲ 2.1%
Working capital€14,268within the sector's middle half-€11,810within the sector's middle half▼ 17.2%€11,433within the sector's middle half▼ 3.2%€12,734within the sector's middle half▲ 11.4%€15,260within the sector's middle half▲ 19.8%
Solvency12.4%within the sector's middle half-8.3%within the sector's middle half▼ 4.1pp6.6%within the sector's middle half▼ 1.7pp8.1%within the sector's middle half▲ 1.5pp8.8%within the sector's middle half▲ 0.7pp
Current ratio3.73above the sector's middle half-2.05within the sector's middle half▼ 1.682.35above the sector's middle half▲ 0.302.11within the sector's middle half▼ 0.231.91within the sector's middle half▼ 0.20
Return on assets (ROA)-1.0%within the sector's middle half--3.4%below the sector's middle half▼ 2.4pp-4.0%below the sector's middle half▼ 0.6pp0.9%within the sector's middle half▲ 4.9pp1.0%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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.
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 €35,556
Fixed assets
€3,565 ▼ 65.6%
Current assets
€31,991 ▲ 32.3%
Equity and liabilities €35,556
Equity
€3,132 ▲ 12.3%
Debt
€32,424 ▲ 2.1%
Debt's share of the balance-sheet total falls from 91.9% to 91.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€7,610▼
2024 · €7,982
Cash flow
€7,146▼
2024 · €7,354
Debt to equity
10.35▼
2024 · 11.39
ROE
11.0%▼
2024 · 11.6%
Interest coverage
16.38▲
2024 · 12.72
Debt ≤ 1 year
€16,731▲
2024 · €11,451
Debt > 1 year
€15,693▼
2024 · €20,312
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 | €28,718 | €6,190 | - | - | - |
| Depreciation and write-downs of the year | €3,416 | €6,992 | €7,101 | €7,032 | €6,803 |
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 | €3,416 | €6,992 | €7,101 | €7,032 | €6,803 | ▼ 3.3% |
| Other operating charges640/8 | - | - | €202 | €282 | €291 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | €59 | - | - | - |
| Gross operating margin9900 | €3,905 | €6,134 | €6,545 | €8,264 | €7,902 | ▼ 4.4% |
| Operating profit (loss)9901 | €489 | -€858 | -€816 | €950 | €808 | ▼ 15.0% |
| Financial income75/76B | €55 | - | - | - | - | - |
| Recurring financial income75 | €55 | - | - | - | - | - |
| Financial charges65/66B | €985 | €745 | €673 | €628 | €465 | ▼ 26.0% |
| Recurring financial charges65 | €985 | €745 | €673 | €628 | €465 | ▼ 26.0% |
| Profit (loss) for the period before taxes9903 | -€441 | -€1,603 | -€1,490 | €323 | €343 | ▲ 6.3% |
| Profit (loss) for the period9904 | -€441 | -€1,603 | -€1,490 | €323 | €343 | ▲ 6.3% |
| Profit (loss) for the period to be appropriated9905 | -€441 | -€1,603 | -€1,490 | €323 | €343 | ▲ 6.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €44,796 | €47,580 | €37,327 | €34,553 | €35,556 | ▲ 2.9% |
| Fixed assets21/28 | €25,302 | €24,500 | €17,399 | €10,368 | €3,565 | ▼ 65.6% |
| Tangible fixed assets22/27 | €25,302 | €24,500 | €17,399 | €10,368 | €3,565 | ▼ 65.6% |
| Furniture and vehicles24 | €25,302 | €24,500 | €17,399 | €10,368 | €3,565 | ▼ 65.6% |
| Current assets29/58 | €19,494 | €23,080 | €19,928 | €24,185 | €31,991 | ▲ 32.3% |
| Amounts receivable within one year40/41 | €7,729 | €6,863 | €10,754 | €20,851 | €29,044 | ▲ 39.3% |
| Trade receivables40 | €1,787 | €4,751 | €10,754 | €20,851 | €29,044 | ▲ 39.3% |
| Other amounts receivable41 | €5,943 | €2,112 | - | - | - | - |
| Cash at bank and in hand54/58 | €11,765 | €15,398 | €9,174 | €3,174 | €2,947 | ▼ 7.1% |
| Deferred charges and accrued income490/1 | - | €819 | - | €161 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €44,796 | €47,580 | €37,327 | €34,553 | €35,556 | ▲ 2.9% |
| Equity10/15 | €5,559 | €3,956 | €2,466 | €2,789 | €3,132 | ▲ 12.3% |
| Contributions10/11 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Profit (loss) carried forward14 | -€441 | -€2,044 | -€3,534 | -€3,211 | -€2,868 | ▲ 10.7% |
| Amounts payable17/49 | €39,237 | €43,624 | €34,861 | €31,763 | €32,424 | ▲ 2.1% |
| Amounts payable after more than one year17 | €34,011 | €32,354 | €26,366 | €20,312 | €15,693 | ▼ 22.7% |
| Financial debts170/4 | €19,011 | €17,354 | €11,366 | €5,312 | €693 | ▼ 87.0% |
| Other amounts payable178/9 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Amounts payable within one year42/48 | €5,226 | €11,270 | €8,495 | €11,451 | €16,731 | ▲ 46.1% |
| Current portion of amounts payable after more than one year42 | €2,000 | €6,424 | €6,488 | €6,553 | €5,119 | ▼ 21.9% |
| Trade debts44 | €3,185 | €4,846 | - | €2,750 | €2,235 | ▼ 18.7% |
| Suppliers440/4 | €3,185 | €4,846 | - | €2,750 | €2,235 | ▼ 18.7% |
| Taxes, remuneration and social security45 | €40 | - | €2,007 | €2,148 | €9,377 | ▲ 337% |
| Taxes450/3 | €40 | - | €2,007 | €2,148 | €5,377 | ▲ 150% |
| Remuneration and social security454/9 | - | - | - | - | €4,000 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€441 | -€1,603 | -€1,490 | €323 | €343 | ▲ 6.3% |
| + Depreciation and write-downs630 | €3,416 | €6,992 | €7,101 | €7,032 | €6,803 | ▼ 3.3% |
| Operating cash flow (approximation) | €2,975 | €5,389 | €5,611 | €7,354 | €7,146 | ▼ 2.8% |
| Investment in fixed assets (approximation) | - | -€6,190 | €0 | €0 | €0 | - |
| Change in cash | - | €3,633 | -€6,225 | -€6,000 | -€227 | ▲ 96.2% |
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, 1,251 companies had the same profile as BVR SERVICES has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BVR SERVICES itself: 1.2% 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 1,251 companies, not a prediction for BVR SERVICES. 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 | 25-06-2026 | 2026-00206204 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00237957 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00442075 | |
| 31-12-2022 | micro format | 06-02-2024 | 2024-00027281 | |
| 31-12-2021 | micro format | 03-11-2022 | 2022-20485804 |