2C
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00405771.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 15 filings
Turnover
€19,715▼ 67.6%
2018 · €60,894
EBIT margin
-48.8%▼ 63.7pp
2018 · 14.8%
Net result
€18,871
2024 · -€37,024
Working capital
-€11,170▲ 71.9%
2024 · -€39,732
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€19,019
2025
20182025
Net result
€18,871
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€6,251
2025
lowest quarter of the sector
20182025
Total assets
€37,780
▼ 11.6%
2025
lowest quarter of the sector
20182025
Debt
€31,529
▼ 43.0%
2025
20182025
Working capital
-€11,170
▲ 71.9%
2025
lowest quarter of the sector
20182025
Solvency
16.5%
▲ 46.1pp
2025
middle half of the sector
20182025
Current ratio
0.65
▲ 0.36
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
50.0%
▲ 136.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€60,894-€19,715▼ 67.6%
Operating result€9,029--€9,627-€30,421▼ 216%€5,496€30,792▲ 460%€5,336▼ 82.7%-€36,512€19,019
Net result€4,120--€8,601-€31,206below the sector's middle half▼ 263%€5,371within the sector's middle half€26,612within the sector's middle half▲ 395%€2,714within the sector's middle half▼ 89.8%-€37,024below the sector's middle half€18,871within the sector's middle half
EBIT margin14.8%--48.8%▼ 63.7pp
Equity€83,866-€75,265▼ 10.3%€27,137within the sector's middle half▼ 63.9%€6,475below the sector's middle half▼ 76.1%€21,690within the sector's middle half▲ 235%€24,404within the sector's middle half▲ 12.5%-€12,620below the sector's middle half€6,251below the sector's middle half
Total assets€98,944-€78,481▼ 20.7%€48,459below the sector's middle half▼ 38.3%€35,588below the sector's middle half▼ 26.6%€53,067below the sector's middle half▲ 49.1%€48,233below the sector's middle half▼ 9.1%€42,725below the sector's middle half▼ 11.4%€37,780below the sector's middle half▼ 11.6%
Debt€15,078-€3,216▼ 78.7%€21,323▲ 563%€29,114▲ 36.5%€31,377▲ 7.8%€23,828▼ 24.1%€55,345▲ 132%€31,529▼ 43.0%
Working capital€47,116-€57,855▲ 22.8%€21,150within the sector's middle half▼ 63.4%€1,846within the sector's middle half▼ 91.3%€18,419within the sector's middle half▲ 898%-€8,902below the sector's middle half-€39,732below the sector's middle half▼ 346%-€11,170below the sector's middle half▲ 71.9%
Solvency84.8%-95.9%▲ 11.1pp56.0%within the sector's middle half▼ 39.9pp18.2%within the sector's middle half▼ 37.8pp40.9%within the sector's middle half▲ 22.7pp50.6%within the sector's middle half▲ 9.7pp-29.5%below the sector's middle half▼ 80.1pp16.5%within the sector's middle half▲ 46.1pp
Current ratio4.12-18.99▲ 14.861.99within the sector's middle half▼ 17.001.06within the sector's middle half▼ 0.931.59within the sector's middle half▲ 0.520.61below the sector's middle half▼ 0.980.28below the sector's middle half▼ 0.330.65below the sector's middle half▲ 0.36
Return on assets (ROA)4.2%--11.0%▼ 15.1pp-64.4%below the sector's middle half▼ 53.4pp15.1%above the sector's middle half▲ 79.5pp50.1%above the sector's middle half▲ 35.1pp5.6%within the sector's middle half▼ 44.5pp-86.7%below the sector's middle half▼ 92.3pp50.0%above the sector's middle half▲ 136.6pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 profit of €19,019, after a loss of €36,512 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €37,780
Fixed assets
€17,421 ▼ 35.7%
Current assets
€20,360 ▲ 30.4%
Equity and liabilities €37,780
Equity
€6,251
Debt
€31,529
Debt's share of the balance-sheet total is 83.5%.
Key figures and ratios
EBITDA
€27,483▲
2024 · -€28,048
Cash flow
€27,335▲
2024 · -€28,561
Debt to equity
5.04
ROE
301.9%
Interest coverage
over 100▲
2024 · -65.86
Debt ≤ 1 year
€31,529▼
2024 · €55,345
Income taxes
€132▲
2024 · €128
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €5,125 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €20,885 | €40,405 | €1,640 | - |
| Depreciation and write-downs of the year | €1,358 | €1,369 | €9,328 | €8,464 | €8,464 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €60,894 | €19,715 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €17,453 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,269 | €11,423 | €1,616 | €1,358 | €1,369 | €9,328 | €8,464 | €8,464 | = |
| Other operating charges640/8 | - | - | - | €205 | €242 | €369 | €234 | €647 | ▲ 176% |
| Gross operating margin9900 | €29,810 | €2,097 | -€24,758 | €7,059 | €32,404 | €15,034 | -€27,814 | €28,130 | - |
| Operating profit (loss)9901 | €9,029 | -€9,627 | -€30,421 | €5,496 | €30,792 | €5,336 | -€36,512 | €19,019 | - |
| Financial income75/76B | - | - | - | €1,340 | €826 | - | €42 | €32 | ▼ 23.0% |
| Recurring financial income75 | €1,322 | €1,972 | €1,035 | €1,340 | €826 | - | €42 | €32 | ▼ 23.0% |
| Financial charges65/66B | - | - | - | €1,285 | €554 | €1,050 | €426 | €48 | ▼ 88.8% |
| Recurring financial charges65 | €465 | €160 | €1,582 | €1,285 | €554 | €1,050 | €426 | €48 | ▼ 88.8% |
| Profit (loss) for the period before taxes9903 | €9,886 | -€7,814 | -€30,968 | €5,551 | €31,064 | €4,286 | -€36,896 | €19,003 | - |
| Income taxes67/77 | €5,766 | €786 | €238 | €180 | €4,452 | €1,572 | €128 | €132 | ▲ 3.0% |
| Profit (loss) for the period9904 | €4,120 | -€8,601 | -€31,206 | €5,371 | €26,612 | €2,714 | -€37,024 | €18,871 | - |
| Profit (loss) for the period to be appropriated9905 | €4,120 | -€8,601 | -€31,206 | €5,371 | €26,612 | €2,714 | -€37,024 | €18,871 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €98,944 | €78,481 | €48,459 | €35,588 | €53,067 | €48,233 | €42,725 | €37,780 | ▼ 11.6% |
| Fixed assets21/28 | €36,750 | €17,410 | €5,987 | €4,629 | €3,271 | €34,348 | €27,112 | €17,421 | ▼ 35.7% |
| Tangible fixed assets22/27 | €36,750 | €17,410 | €5,987 | €4,629 | €3,271 | €34,348 | €27,112 | €17,421 | ▼ 35.7% |
| Furniture and vehicles24 | - | - | - | €1,950 | €975 | €32,435 | €24,354 | €16,273 | ▼ 33.2% |
| Other tangible fixed assets26 | - | - | - | €2,679 | €2,296 | €1,913 | €2,758 | €1,148 | ▼ 58.4% |
| Current assets29/58 | €62,194 | €61,071 | €42,473 | €30,959 | €49,796 | €13,884 | €15,613 | €20,360 | ▲ 30.4% |
| Amounts receivable after more than one year29 | - | - | - | €15,000 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €15,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €22,851 | €9,402 | €18,716 | €9,549 | €45,239 | €7,013 | €15,608 | €9,657 | ▼ 38.1% |
| Trade receivables40 | - | - | - | €629 | €45,218 | €3,585 | €11,806 | €4,402 | ▼ 62.7% |
| Other amounts receivable41 | - | - | - | €8,920 | €21 | €3,428 | €3,802 | €5,255 | ▲ 38.2% |
| Cash at bank and in hand54/58 | €9,957 | €28,997 | €2,890 | €3,660 | €3,929 | €5,894 | - | €10,703 | - |
| Deferred charges and accrued income490/1 | - | - | - | €2,750 | €628 | €977 | €5 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €98,944 | €78,481 | €48,459 | €35,588 | €53,067 | €48,233 | €42,725 | €37,780 | ▼ 11.6% |
| Equity10/15 | €83,866 | €75,265 | €27,137 | €6,475 | €21,690 | €24,404 | -€12,620 | €6,251 | - |
| Contributions10/11 | €18,785 | €18,785 | - | €18,785 | €18,785 | €18,785 | €18,785 | €18,785 | = |
| Reserves13 | €65,081 | €65,081 | €48,159 | €22,126 | €10,728 | €10,728 | €10,728 | €10,728 | = |
| Non-distributable reserves130/1 | - | - | - | €5,580 | €5,580 | €5,580 | €5,580 | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,580 | €5,580 | €5,580 | €5,580 | - | - |
| Distributable reserves133 | - | - | - | €16,546 | €5,148 | €5,148 | €5,148 | €10,728 | ▲ 108% |
| Profit (loss) carried forward14 | - | -€8,601 | -€39,807 | -€34,436 | -€7,824 | -€5,109 | -€42,134 | -€23,262 | ▲ 44.8% |
| Amounts payable17/49 | €15,078 | €3,216 | €21,323 | €29,114 | €31,377 | €23,828 | €55,345 | €31,529 | ▼ 43.0% |
| Amounts payable within one year42/48 | €15,078 | €3,216 | €21,323 | €29,114 | €31,377 | €22,787 | €55,345 | €31,529 | ▼ 43.0% |
| Trade debts44 | €3,650 | €634 | €2,838 | €1,619 | €1,672 | €1,035 | €31,476 | €8,738 | ▼ 72.2% |
| Suppliers440/4 | - | - | - | €1,619 | €1,672 | €1,035 | €31,476 | €8,738 | ▼ 72.2% |
| Taxes, remuneration and social security45 | - | - | - | €1,461 | €5,125 | €460 | €62 | €2,585 | ▲ 42× |
| Taxes450/3 | - | - | - | €1,461 | €5,125 | €460 | €62 | €2,585 | ▲ 42× |
| Other amounts payable47/48 | - | - | - | €26,033 | €24,580 | €21,292 | €23,807 | €20,206 | ▼ 15.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,042 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,120 | -€8,601 | -€31,206 | €5,371 | €26,612 | €2,714 | -€37,024 | €18,871 | - |
| + Depreciation and write-downs630 | €20,269 | €11,423 | €1,616 | €1,358 | €1,369 | €9,328 | €8,464 | €8,464 | = |
| Operating cash flow (approximation) | €24,389 | €2,822 | -€29,590 | €6,729 | €27,982 | €12,043 | -€28,561 | €27,335 | - |
| Investment in fixed assets (approximation) | - | €7,917 | €9,807 | €0 | -€11 | -€40,405 | -€1,227 | €1,227 | - |
| Change in cash | - | €19,039 | -€26,107 | €770 | €268 | €1,966 | - | - | - |
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, 5,053 companies had the same profile as 2C has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of 2C itself is lower: 0.2% within 12 months. It rests on far more data about 2C than the profile alone.
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 5,053 companies, not a prediction for 2C. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00405771 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00345501 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00142168 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00192575 | |
| 31-12-2021 | micro format | 12-08-2022 | 2022-20287514 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-31800273 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18800091 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-28200287 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-20700418 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25300453 |