BUT
ActiveSummary
BUT has been active since 1983 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €6.77M and a net result of €683k. Equity is growing by ~7.6% per year across the filed fiscal years. Its solvency ranks better than 71% of 1095 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability73▲+9
Solvency93▼-7
Growth65▲+7
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €550k at 30 days acceptable
Liquidity ample (current ratio 3.11 against 12.45 in 2023; short-term debt: 27.2% and cash: 60.8% of total assets), and 32.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
67.7%
Return on assets
6.8%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-06-2025, 45 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
45 d early
2023
30 d early
2022
25 d early
2021
41 d early
2020
18 d early
2019
22 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
€9.26M▲ 35.7%
2023 · €6.83M
2020: €5.00Mlowest in 5 years
2021: €5.71M▲ +14.2% vs 2020
2022: €7.51M▲ +31.5% vs 2021
2023: €6.83M▼ -9.1% vs 2022
2024: €9.26M▲ +35.7% vs 2023highest in 5 years
2020 → 2024
EBIT margin
6.6%▼ 2.4pp
2023 · 9.0%
2020: 13.1%
2021: 4.2%▼ -67.7% vs 2020lowest in 5 years
2022: 16.5%▲ +290% vs 2021highest in 5 years
2023: 9.0%▼ -45.6% vs 2022
2024: 6.6%▼ -26.3% vs 2023
2020 → 2024
Net result
€683k
2023 · €-545k
2018: €929k
2019: €913k▼ -1.7% vs 2018
2020: €228k▼ -75.1% vs 2019
2021: €200k▼ -12.0% vs 2020
2022: €1.20M▲ +500% vs 2021highest in 7 years
2023: €-545k▼ -145% vs 2022lowest in 7 years
2024: €683k▲ +225% vs 2023
2018 → 2024
Working capital
€5.74M▲ 28.6%
2023 · €4.47M
2018: €2.35Mlowest in 7 years
2019: €2.72M▲ +15.6% vs 2018
2020: €2.87M▲ +5.4% vs 2019
2021: €3.28M▲ +14.5% vs 2020
2022: €4.14M▲ +26.3% vs 2021
2023: €4.47M▲ +7.8% vs 2022
2024: €5.74M▲ +28.6% vs 2023highest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€5.00M-€5.71M▲ 14.2%€7.51M▲ 31.5%€6.83M▼ 9.1%€9.26M▲ 35.7%
2020: €5.00Mlowest in 5 years
2021: €5.71M▲ +14.2% vs 2020
2022: €7.51M▲ +31.5% vs 2021
2023: €6.83M▼ -9.1% vs 2022
2024: €9.26M▲ +35.7% vs 2023highest in 5 years
Equity€5.23M-€5.43M▲ 3.8%€6.63M▲ 22.1%€6.09M▼ 8.2%€6.77M▲ 11.2%
2020: €5.23Mlowest in 5 years
2021: €5.43M▲ +3.8% vs 2020
2022: €6.63M▲ +22.1% vs 2021
2023: €6.09M▼ -8.2% vs 2022
2024: €6.77M▲ +11.2% vs 2023highest in 5 years
Operating result€654k-€241k▼ 63.1%€1.24M▲ 412%€612k▼ 50.5%€613k=
2020: €654k
2021: €241k▼ -63.1% vs 2020lowest in 5 years
2022: €1.24M▲ +412% vs 2021highest in 5 years
2023: €612k▼ -50.5% vs 2022
2024: €613k● +0.0% vs 2023
Net result€228k-€200k▼ 12.0%€1.20M▲ 500%€-545k€683k
2020: €228k
2021: €200k▼ -12.0% vs 2020
2022: €1.20M▲ +500% vs 2021highest in 5 years
2023: €-545k▼ -145% vs 2022lowest in 5 years
2024: €683k▲ +225% vs 2023
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 0% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €10.00M
Fixed assets
€1.53M ▼ 7.7%
Current assets
€8.47M ▲ 74.3%
Equity and liabilities €10.00M
Equity
€6.77M ▲ 11.2%
Debt
€3.23M ▲ 655%
Debt's share of the balance-sheet total rises from 6.6% to 32.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.06M▲
2023 · €968k
Cash flow
€1.13M▲
2023 · €-190k
Current ratio
3.11▼
2023 · 12.45
Debt to equity
0.48▲
2023 · 0.07
ROE
10.1%▲
2023 · -8.9%
ROA
6.8%▲
2023 · -8.4%
Interest coverage
174.64▲
2023 · 6.41
Debt ≤ 1 year
€2.72M▲
2023 · €390k
Income taxes
€56k▲
2023 · €4k
Staff costs
€3.74M▲
2023 · €3.61M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 76 lines
Balance sheet
Code20232024
Assets
Total assets20/58€6.52M€10.00M▲
Fixed assets21/28€1.66M€1.53M▼
Intangible fixed assets21€127k€75k▼
Tangible fixed assets22/27€1.16M€983k▼
Land and buildings22€336k€327k▼
Plant, machinery and equipment23€559k€408k▼
Furniture and vehicles24€262k€249k▼
Financial fixed assets28€376k€474k▲
Affiliated companies280/1-€82k
Participating interests280-€82k
Other financial fixed assets284/8-€392k
Amounts receivable and cash guarantees285/8-€392k
Current assets29/58€4.86M€8.47M▲
Stocks and contracts in progress3-€0
Amounts receivable within one year40/41€2.00M€2.05M▲
Trade receivables40€1.97M€1.95M▼
Other amounts receivable41€26k€103k▲
Cash at bank and in hand54/58€2.35M€6.08M▲
Deferred charges and accrued income490/1€504k€329k▼
Equity and liabilities
Total equity and liabilities10/49€6.52M€10.00M▲
Equity10/15€6.09M€6.77M▲
Contributions10/11€1.00M€1.00M=
Capital10€1.00M€1.00M=
Issued capital100€1.00M€1.00M=
Reserves13€5.09M€5.77M▲
Non-distributable reserves130/1€100k€100k=
Legal reserve130€100k€100k=
Distributable reserves133€4.99M€5.67M▲
Amounts payable17/49€428k€3.23M▲
Amounts payable within one year42/48€390k€2.72M▲
Financial debts43-€406k
Other loans439-€406k
Trade debts44€162k€2.09M▲
Suppliers440/4€162k€2.09M▲
Taxes, remuneration and social security45€228k€223k▼
Taxes450/3€68k€79k▲
Remuneration and social security454/9€159k€144k▼
Other amounts payable47/48€640€2k▲
Accrued charges and deferred income492/3€38k€505k▲
Income statement
Code20232024
Operating income70/76A-€9.48M
Turnover70€6.83M€9.26M▲
Other operating income74-€214k
Non-recurring operating income76A€566€1k▲
Operating charges60/66A-€8.87M
Goods, raw materials, services and sundry goods60/61€2.34M-
Goods for resale, raw materials and consumables60-€323k
Purchases600/8-€323k
Services and other goods61-€4.12M
Remuneration, social security and pensions62€3.61M€3.74M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€355k€450k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€77k€122k▲
Other operating charges640/8€43k€105k▲
Gross operating margin9900€4.70M-
Operating profit (loss)9901€612k€613k=
Financial income75/76B€16k€305k▲
Recurring financial income75€16k€305k▲
Income from financial fixed assets750-€15k
Income from current assets751-€3k
Other financial income752/9-€287k
Financial charges65/66B€1.17M€178k▼
Recurring financial charges65€151k€27k▼
Debt charges650-€6k
Other financial charges652/9-€20k
Non-recurring financial charges66B€1.02M€152k▼
Profit (loss) for the period before taxes9903€-541k€739k▲
Income taxes67/77€4k€56k▲
Taxes670/3-€58k
Tax adjustments and reversals of tax provisions77-€1k
Profit (loss) for the period9904€-545k€683k▲
Profit (loss) for the period to be appropriated9905€-545k€683k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-545k€683k▲
Transfer from equity791/2€545k€0▼
From reserves792-€0
Transfer to equity691/2-€683k
To other reserves6921-€683k
Social balance
Average headcount (FTE)908715.714.7▼
The notes to these accounts (62 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €9.48M | - |
| Turnover70 | €5.00M | €5.71M | €7.51M | €6.83M | €9.26M | ▲ 35.7% |
| Other operating income74 | - | - | - | - | €214k | - |
| Non-recurring operating income76A | - | €13k | €12k | €566 | €1k | ▲ 83.0% |
| Operating charges60/66A | - | - | - | - | €8.87M | - |
| Goods, raw materials, services and sundry goods60/61 | - | €2.34M | €2.29M | €2.34M | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €323k | - |
| Purchases600/8 | - | - | - | - | €323k | - |
| Services and other goods61 | - | - | - | - | €4.12M | - |
| Remuneration, social security and pensions62 | - | €2.82M | €3.21M | €3.61M | €3.74M | ▲ 3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €247k | €231k | €220k | €355k | €450k | ▲ 26.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €35k | €666k | €77k | €122k | ▲ 58.4% |
| Other operating charges640/8 | - | €191k | €99k | €43k | €105k | ▲ 144% |
| Gross operating margin9900 | €3.47M | €3.52M | €5.43M | €4.70M | - | - |
| Operating profit (loss)9901 | €654k | €241k | €1.24M | €612k | €613k | = |
| Financial income75/76B | - | €97k | €228k | €16k | €305k | ▲ 1,829% |
| Recurring financial income75 | €13k | €97k | €228k | €16k | €305k | ▲ 1,829% |
| Income from financial fixed assets750 | - | - | - | - | €15k | - |
| Income from current assets751 | - | - | - | - | €3k | - |
| Other financial income752/9 | - | - | - | - | €287k | - |
| Financial charges65/66B | - | €39k | €216k | €1.17M | €178k | ▼ 84.8% |
| Recurring financial charges65 | €215k | €39k | €16k | €151k | €27k | ▼ 82.4% |
| Debt charges650 | - | - | - | - | €6k | - |
| Other financial charges652/9 | - | - | - | - | €20k | - |
| Non-recurring financial charges66B | - | - | €200k | €1.02M | €152k | ▼ 85.1% |
| Profit (loss) for the period before taxes9903 | €253k | €299k | €1.25M | €-541k | €739k | ▲ 237% |
| Income taxes67/77 | €25k | €99k | €50k | €4k | €56k | ▲ 1,477% |
| Taxes670/3 | - | - | - | - | €58k | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €1k | - |
| Profit (loss) for the period9904 | €228k | €200k | €1.20M | €-545k | €683k | ▲ 225% |
| Profit (loss) for the period to be appropriated9905 | €281k | €200k | €1.20M | €-545k | €683k | ▲ 225% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.89M | €5.97M | €7.25M | €6.52M | €10.00M | ▲ 53.4% |
| Fixed assets21/28 | €2.43M | €2.27M | €2.49M | €1.66M | €1.53M | ▼ 7.7% |
| Intangible fixed assets21 | €2k | €0 | €177k | €127k | €75k | ▼ 41.0% |
| Tangible fixed assets22/27 | €921k | €782k | €971k | €1.16M | €983k | ▼ 15.0% |
| Land and buildings22 | - | €389k | €354k | €336k | €327k | ▼ 2.8% |
| Plant, machinery and equipment23 | - | €208k | €351k | €559k | €408k | ▼ 27.0% |
| Furniture and vehicles24 | - | €184k | €266k | €262k | €249k | ▼ 5.0% |
| Financial fixed assets28 | €1.50M | €1.49M | €1.34M | €376k | €474k | ▲ 26.0% |
| Affiliated companies280/1 | - | - | - | - | €82k | - |
| Participating interests280 | - | - | - | - | €82k | - |
| Other financial fixed assets284/8 | - | - | - | - | €392k | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €392k | - |
| Current assets29/58 | €3.46M | €3.70M | €4.76M | €4.86M | €8.47M | ▲ 74.3% |
| Stocks and contracts in progress3 | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €2.07M | €2.47M | €2.62M | €2.00M | €2.05M | ▲ 2.7% |
| Trade receivables40 | - | €2.45M | €2.59M | €1.97M | €1.95M | ▼ 1.1% |
| Other amounts receivable41 | - | €19k | €29k | €26k | €103k | ▲ 292% |
| Cash at bank and in hand54/58 | €1.31M | €1.15M | €1.51M | €2.35M | €6.08M | ▲ 159% |
| Deferred charges and accrued income490/1 | - | €73k | €631k | €504k | €329k | ▼ 34.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.89M | €5.97M | €7.25M | €6.52M | €10.00M | ▲ 53.4% |
| Equity10/15 | €5.23M | €5.43M | €6.63M | €6.09M | €6.77M | ▲ 11.2% |
| Contributions10/11 | €1.00M | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Capital10 | - | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Issued capital100 | - | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Reserves13 | €4.23M | €4.43M | €5.63M | €5.09M | €5.77M | ▲ 13.4% |
| Non-distributable reserves130/1 | - | €100k | €100k | €100k | €100k | = |
| Legal reserve130 | - | €100k | €100k | €100k | €100k | = |
| Distributable reserves133 | - | €4.33M | €5.53M | €4.99M | €5.67M | ▲ 13.7% |
| Profit (loss) carried forward14 | €454 | - | - | - | - | - |
| Amounts payable17/49 | €654k | €537k | €612k | €428k | €3.23M | ▲ 655% |
| Amounts payable within one year42/48 | €597k | €415k | €611k | €390k | €2.72M | ▲ 598% |
| Financial debts43 | - | - | - | - | €406k | - |
| Other loans439 | - | - | - | - | €406k | - |
| Trade debts44 | €371k | €103k | €282k | €162k | €2.09M | ▲ 1,193% |
| Suppliers440/4 | - | €103k | €282k | €162k | €2.09M | ▲ 1,193% |
| Taxes, remuneration and social security45 | - | €308k | €328k | €228k | €223k | ▼ 2.1% |
| Taxes450/3 | - | €168k | €179k | €68k | €79k | ▲ 16.3% |
| Remuneration and social security454/9 | - | €140k | €150k | €159k | €144k | ▼ 9.9% |
| Other amounts payable47/48 | - | €4k | €439 | €640 | €2k | ▲ 283% |
| Accrued charges and deferred income492/3 | - | €121k | €2k | €38k | €505k | ▲ 1,240% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €228k | €200k | €1.20M | €-545k | €683k | ▲ 225% |
| + Depreciation and write-downs630 | €247k | €231k | €220k | €355k | €450k | ▲ 26.7% |
| Operating cash flow (approximation) | €475k | €431k | €1.42M | €-190k | €1.13M | ▲ 697% |
| Investment in fixed assets (approximation) | - | €-79k | €-437k | €475k | €-322k | ▼ 168% |
| Change in cash | - | €-155k | €352k | €848k | €3.73M | ▲ 340% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €683k
Net result €683k after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-545k
Net result drops to €-545k, the lowest in the series; recovery starts the following year.
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €1.20M ▲500%
Operating result €1.24M, net result €1.20M, both a record.
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
09-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €5MEq €5.01M ▲22.3%
2 profitable years in a row build equity to €5.01M.
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
05-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Schelle · 2 establishment units since 1983
Ground area
4,495 m²
Building footprint
920 m²
Volume, LiDAR
5,530 m³
2 parcels, Flanders · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
BUT
since 19832.102.403.734
BUT
since 19832.232.274.559
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11038C0304/00M000 | Flanders | 3,042 m² | 1 · 377 m² | 8.2 m · 2 fl. |
| 11038C0309/00H000 | Flanders | 1,453 m² | 1 · 542 m² | 7.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,862 companies in sector 73110 we hold annual accounts for 3,753. 342 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-10-1983
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
Contact
Scores and ratios are computed by Checked and are not a credit decision.