NCBHAM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-04-2026 PDF all 12 filings
Turnover
≈ €58,000
Estimated: probably between €26,000 and €120,000
EBIT margin
Not included in this filing
Net result
-€370,368
2024 · €59,012
Working capital
-€401,396
2024 · €12,362
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€344,270
2025
20192025
Net result
-€370,368
2025
lowest quarter of the sector
20192025
Equity
€190,050
▼ 66.0%
2025
middle half of the sector
20192025
Total assets
€2.4m
▲ 2.0%
2025
middle half of the sector
20192025
Debt
€2.2m
▲ 20.9%
2025
20192025
Working capital
-€401,396
2025
lowest quarter of the sector
20192025
Solvency
7.8%
▼ 15.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.65
▼ 0.37
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-15.2%
▼ 17.6pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1.8
▲ 80.0%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.4m-€0.1m▼ 70.5%€0.02m▼ 85.9%€0.05m▲ 222%€0.4m▲ 780%€0.08m▼ 81.8%-€0.3m
Net result€0.3m-€0.07mabove the sector's middle half▼ 75.8%€0.008mwithin the sector's middle half▼ 89.5%€0.03mwithin the sector's middle half▲ 283%€0.3mabove the sector's middle half▲ 950%€0.06mwithin the sector's middle half▼ 80.5%-€0.4mbelow the sector's middle half
Equity€0.5m-€0.6mabove the sector's middle half▲ 13.8%€0.6mabove the sector's middle half▼ 2.4%€0.6mwithin the sector's middle half▲ 2.0%€0.7mwithin the sector's middle half▲ 23.2%€0.6mwithin the sector's middle half▼ 23.2%€0.2mwithin the sector's middle half▼ 66.0%
Total assets€1.3m-€1.1mabove the sector's middle half▼ 16.0%€1.1mwithin the sector's middle half▼ 0.2%€1.5mwithin the sector's middle half▲ 44.2%€1.7mwithin the sector's middle half▲ 12.4%€2.4mabove the sector's middle half▲ 37.7%€2.4mwithin the sector's middle half▲ 2.0%
Debt€0.8m-€0.5m▼ 36.6%€0.5m▲ 2.7%€1.0m▲ 93.8%€1.0m▲ 5.6%€1.8m▲ 81.7%€2.2m▲ 20.9%
Working capital€0.5m-€0.6mabove the sector's middle half▲ 13.7%€0.6mabove the sector's middle half▼ 1.4%€0.7mabove the sector's middle half▲ 17.3%€0.7mabove the sector's middle half▲ 9.5%€0.01mwithin the sector's middle half▼ 98.3%-€0.4mbelow the sector's middle half
Solvency40.8%-55.3%within the sector's middle half▲ 14.5pp54.1%within the sector's middle half▼ 1.3pp38.2%within the sector's middle half▼ 15.8pp41.9%within the sector's middle half▲ 3.7pp23.4%within the sector's middle half▼ 18.5pp7.8%below the sector's middle half▼ 15.6pp
Current ratio1.67-2.20within the sector's middle half▲ 0.532.20within the sector's middle half▼ 0.011.88within the sector's middle half▼ 0.322.12within the sector's middle half▲ 0.241.01within the sector's middle half▼ 1.110.65below the sector's middle half▼ 0.37
Return on assets (ROA)23.3%-6.7%within the sector's middle half▼ 16.6pp0.7%within the sector's middle half▼ 6.0pp1.9%within the sector's middle half▲ 1.2pp17.4%above the sector's middle half▲ 15.6pp2.5%within the sector's middle half▼ 15.0pp-15.2%below the sector's middle half▼ 17.6pp
Staff (FTE)1below the sector's middle half1.6below the sector's middle half▲ 60.0%1.9within the sector's middle half▲ 18.8%1.2below the sector's middle half▼ 36.8%1below the sector's middle half▼ 16.7%1.8below the sector's middle half▲ 80.0%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 a loss of €344,270, after a profit of €81,628 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€1.7m ▲ 21.1%
Current assets
€733,816 ▼ 25.4%
Equity and liabilities €2.4m
Equity
€190,050 ▼ 66.0%
Provisions
€35,789 ▲ 17×
Debt
€2.2m ▲ 20.9%
Debt's share of the balance-sheet total rises from 76.5% to 90.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€151,833▼
2024 · €193,824
Cash flow
-€177,931▼
2024 · €171,207
Debt to equity
11.66▲
2024 · 3.28
ROE
-194.9%▼
2024 · 10.5%
Interest coverage
-3.44▼
2024 · 7.38
Debt ≤ 1 year
€1.1m▲
2024 · €971,803
Debt > 1 year
€1.1m▲
2024 · €832,701
Staff costs
€129,313▲
2024 · €90,914
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | 1 | 1 | 3 |
| full-time | - | 2 | 1 | 1 | 3 |
| in full-time equivalents | - | 2 | 1 | 1 | 3 |
| Average over the year, in full-time equivalents | 1.6 | 1.9 | 1.2 | 1 | 1.8 |
| On a permanent contract | - | 2 | 1 | 1 | 2 |
| Joined | 1 | 2 | - | - | 2 |
| Left | 2 | 1 | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,645 | €85,874 | €230,500 | €1.1m | €520,763 |
| Intangible fixed assets | - | €25,920 | €28,200 | - | - |
| Financial fixed assets | - | €12 | €15,625 | €19,500 | - |
| Depreciation and write-downs of the year | €8,418 | €19,131 | €36,162 | €112,195 | €192,437 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Public contracts
1 award · 2023
COMPETITION BRIGHT FESTIVAL 2024 ENTRY REGULATIONS: 2023-VB-B2CEVENTS-BRIGHT-CONCOURS-EXPOSANTS - GALERIE RAVENSTEIN
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €394 | - | €152 | - |
| Remuneration, social security and pensions62 | - | - | €99,823 | €119,876 | €91,392 | €90,914 | €129,313 | ▲ 42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,849 | €8,653 | €8,418 | €19,131 | €36,162 | €112,195 | €192,437 | ▲ 71.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,984 | - | - | - | - |
| Other operating charges640/8 | - | - | €57,956 | €53,098 | €53,753 | €51,788 | €22,429 | ▼ 56.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €8,417 | - |
| Gross operating margin9900 | €485,354 | €255,414 | €182,022 | €245,049 | €629,909 | €336,525 | €8,327 | ▼ 97.5% |
| Operating profit (loss)9901 | €380,648 | €112,158 | €15,825 | €50,960 | €448,602 | €81,628 | -€344,270 | - |
| Financial income75/76B | - | - | €1,191 | €2,599 | €3,677 | €3,514 | €13,916 | ▲ 296% |
| Recurring financial income75 | €67,689 | €5 | €1,191 | €2,599 | €3,677 | €3,514 | €13,916 | ▲ 296% |
| Financial charges65/66B | - | - | €2,528 | €18,286 | €18,699 | €26,247 | €44,131 | ▲ 68.1% |
| Recurring financial charges65 | €3,397 | €2,450 | €2,528 | €18,286 | €18,699 | €26,247 | €44,131 | ▲ 68.1% |
| Profit (loss) for the period before taxes9903 | €444,939 | €109,713 | €14,488 | €35,273 | €433,580 | €58,895 | -€374,485 | - |
| Transfer from deferred taxes780 | - | - | - | - | €245 | €238 | €4,117 | ▲ 17× |
| Income taxes67/77 | €147,031 | €37,733 | €6,948 | €6,400 | €130,571 | €121 | - | - |
| Profit (loss) for the period9904 | €297,908 | €71,980 | €7,540 | €28,874 | €303,255 | €59,012 | -€370,368 | - |
| Profit (loss) for the period to be appropriated9905 | €297,908 | €71,980 | €7,540 | €28,874 | €303,255 | €59,012 | -€370,368 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.3m | €1.1m | €1.1m | €1.5m | €1.7m | €2.4m | €2.4m | ▲ 2.0% |
| Fixed assets21/28 | €0.01m | €0.02m | €0.03m | €0.1m | €0.4m | €1.4m | €1.7m | ▲ 21.1% |
| Intangible fixed assets21 | - | - | - | €0.02m | €0.04m | €0.02m | €0.004m | ▼ 77.9% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.02m | €0.09m | €0.3m | €1.4m | €1.7m | ▲ 24.2% |
| Furniture and vehicles24 | - | - | €0.02m | €0.02m | €0.01m | €0.06m | €0.1m | ▲ 96.9% |
| Other tangible fixed assets26 | - | - | - | €0.07m | €0.3m | €1.3m | €1.6m | ▲ 21.2% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.004m | €0.004m | €0.02m | €0.04m | €0.02m | ▼ 39.8% |
| Current assets29/58 | €1.3m | €1.1m | €1.0m | €1.4m | €1.4m | €1.0m | €0.7m | ▼ 25.4% |
| Amounts receivable after more than one year29 | - | - | €0.09m | €0.09m | €0.06m | €0.05m | €0.05m | = |
| Other amounts receivable291 | - | - | €0.09m | €0.09m | €0.06m | €0.05m | €0.05m | = |
| Amounts receivable within one year40/41 | €0.9m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.5m | ▼ 24.6% |
| Trade receivables40 | - | - | €0.7m | €0.6m | €0.6m | €0.7m | €0.4m | ▼ 43.2% |
| Other amounts receivable41 | - | - | €0.06m | €0.04m | €0.07m | €0.004m | €0.1m | ▲ 34× |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.2m | €0.7m | €0.6m | €0.2m | €0.2m | ▼ 34.1% |
| Deferred charges and accrued income490/1 | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 5.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.1m | €1.5m | €1.7m | €2.4m | €2.4m | ▲ 2.0% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | €0.2m | ▼ 66.0% |
| Contributions10/11 | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.2m | €0.4m | €0.3m | €0.2m | ▼ 31.2% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | €0.2m | €0.2m | €0.4m | €0.3m | €0.2m | ▼ 33.3% |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | -€0.1m | - |
| Investment grants15 | - | - | - | - | €0.005m | €0.007m | €0.1m | ▲ 15× |
| Provisions and deferred taxes16 | - | - | - | - | €0.002m | €0.002m | €0.04m | ▲ 17× |
| Deferred taxes168 | - | - | - | - | €0.002m | €0.002m | €0.04m | ▲ 17× |
| Amounts payable17/49 | €0.8m | €0.5m | €0.5m | €1.0m | €1.0m | €1.8m | €2.2m | ▲ 20.9% |
| Amounts payable after more than one year17 | - | - | - | €0.1m | €0.3m | €0.8m | €1.1m | ▲ 27.1% |
| Financial debts170/4 | - | - | - | €0.1m | €0.3m | €0.8m | €1.1m | ▲ 27.1% |
| Amounts payable within one year42/48 | €0.8m | €0.5m | €0.5m | €0.8m | €0.7m | €1.0m | €1.1m | ▲ 16.8% |
| Current portion of amounts payable after more than one year42 | - | - | €0.03m | €0.05m | €0.1m | €0.2m | €0.5m | ▲ 135% |
| Trade debts44 | €0.5m | €0.4m | €0.4m | €0.6m | €0.5m | €0.7m | €0.5m | ▼ 29.4% |
| Suppliers440/4 | - | - | €0.4m | €0.6m | €0.5m | €0.7m | €0.5m | ▼ 29.4% |
| Taxes, remuneration and social security45 | - | - | €0.05m | €0.1m | €0.05m | €0.03m | €0.02m | ▼ 12.8% |
| Taxes450/3 | - | - | €0.04m | €0.08m | €0.03m | €0.009m | - | - |
| Remuneration and social security454/9 | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 31.7% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.06m | - |
| Accrued charges and deferred income492/3 | - | - | €0.02m | €0.08m | €0.06m | €0.03m | €0.02m | ▼ 20.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.07m | €0.008m | €0.03m | €0.3m | €0.06m | -€0.4m | - |
| + Depreciation and write-downs630 | €0.007m | €0.009m | €0.008m | €0.02m | €0.04m | €0.1m | €0.2m | ▲ 71.5% |
| Operating cash flow (approximation) | €0.3m | €0.08m | €0.02m | €0.05m | €0.3m | €0.2m | -€0.2m | - |
| Investment in fixed assets (approximation) | - | -€0.01m | -€0.02m | -€0.1m | -€0.3m | -€1.2m | -€0.5m | ▲ 58.0% |
| Change in cash | - | -€0.04m | -€0.1m | €0.5m | -€0.03m | -€0.4m | -€0.08m | ▲ 78.8% |
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, 642 companies had the same profile as NCBHAM has now. Two years later, 89.9% were still going and 3.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
89.9%
was still going
5.5%
stopped otherwise
3.6%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NCBHAM itself: 1.7% 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 642 companies, not a prediction for NCBHAM. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 21-04-2026 | 2026-00083638 | |
| 30-09-2024 | full format | 25-06-2025 | 2025-00173761 | |
| 30-09-2023 | full format | 10-06-2024 | 2024-00118224 | |
| 30-09-2022 | full format | 31-03-2023 | 2023-00050097 | |
| 30-09-2021 | full format | 07-04-2022 | 2022-20001220 | |
| 30-09-2020 | full format | 23-04-2021 | 2021-11200071 | |
| 30-09-2019 | full format | 30-04-2020 | 2020-11000439 | |
| 30-09-2018 | full format | 30-04-2019 | 2019-12200541 | |
| 30-09-2017 | full format | 04-05-2018 | 2018-12000582 | |
| 30-09-2016 | full format | 09-05-2017 | 2017-11800103 |