2C&B
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 26 filings
Turnover
≈ €600,000
Estimated: probably between €510,000 and €700,000
EBIT margin
Not included in this filing
Net result
€8,937▼ 87.7%
2024 · €72,832
Working capital
€114,422▼ 20.3%
2024 · €143,617
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,967
▼ 98.0%
2025
20182025
Net result
€8,937
▼ 87.7%
2025
lowest quarter of the sector
20182025
Equity
€130,252
▼ 13.9%
2025
middle half of the sector
20182025
Total assets
€236,904
▼ 12.5%
2025
lowest quarter of the sector
20182025
Debt
€106,652
▼ 10.6%
2025
20182025
Working capital
€114,422
▼ 20.3%
2025
middle half of the sector
20182025
Solvency
55.0%
▼ 0.9pp
2025
middle half of the sector
20182025
Current ratio
2.07
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
3.8%
▼ 23.1pp
2025
middle half of the sector
20182025
Staff (FTE)
5.8
▲ 11.5%
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-€30,759--€70,792▼ 130%€26,212€25,484▼ 2.8%€63,272▲ 148%€47,794▼ 24.5%€97,780▲ 105%€1,967▼ 98.0%
Net result-€30,868--€69,474▼ 125%€26,056within the sector's middle half€25,341within the sector's middle half▼ 2.7%€50,823within the sector's middle half▲ 101%€33,800within the sector's middle half▼ 33.5%€72,832within the sector's middle half▲ 115%€8,937below the sector's middle half▼ 87.7%
Equity€161,938-€92,464▼ 42.9%€118,520within the sector's middle half▲ 28.2%€143,861within the sector's middle half▲ 21.4%€144,683within the sector's middle half▲ 0.6%€128,483within the sector's middle half▼ 11.2%€151,315within the sector's middle half▲ 17.8%€130,252within the sector's middle half▼ 13.9%
Total assets€293,177-€211,706▼ 27.8%€252,986below the sector's middle half▲ 19.5%€210,874below the sector's middle half▼ 16.6%€218,399below the sector's middle half▲ 3.6%€256,466below the sector's middle half▲ 17.4%€270,650below the sector's middle half▲ 5.5%€236,904below the sector's middle half▼ 12.5%
Debt€131,239-€119,242▼ 9.1%€134,466▲ 12.8%€67,013▼ 50.2%€73,716▲ 10.0%€127,983▲ 73.6%€119,335▼ 6.8%€106,652▼ 10.6%
Working capital€126,028-€63,356▼ 49.7%€100,729within the sector's middle half▲ 59.0%€131,889within the sector's middle half▲ 30.9%€134,769within the sector's middle half▲ 2.2%€119,545within the sector's middle half▼ 11.3%€143,617within the sector's middle half▲ 20.1%€114,422within the sector's middle half▼ 20.3%
Solvency55.2%-43.7%▼ 11.6pp46.8%within the sector's middle half▲ 3.2pp68.2%above the sector's middle half▲ 21.4pp66.2%above the sector's middle half▼ 2.0pp50.1%within the sector's middle half▼ 16.1pp55.9%within the sector's middle half▲ 5.8pp55.0%within the sector's middle half▼ 0.9pp
Current ratio1.96-1.53▼ 0.431.75within the sector's middle half▲ 0.222.97above the sector's middle half▲ 1.222.83above the sector's middle half▼ 0.141.93within the sector's middle half▼ 0.892.20within the sector's middle half▲ 0.272.07within the sector's middle half▼ 0.13
Return on assets (ROA)-10.5%--32.8%▼ 22.3pp10.3%within the sector's middle half▲ 43.1pp12.0%within the sector's middle half▲ 1.7pp23.3%above the sector's middle half▲ 11.3pp13.2%within the sector's middle half▼ 10.1pp26.9%above the sector's middle half▲ 13.7pp3.8%within the sector's middle half▼ 23.1pp
Staff (FTE)3.1-5▲ 61.3%5.1within the sector's middle half▲ 2.0%5within the sector's middle half▼ 2.0%4.8within the sector's middle half▼ 4.0%4.2within the sector's middle half▼ 12.5%5.2within the sector's middle half▲ 23.8%5.8within the sector's middle half▲ 11.5%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 98% lower than in 2024 and the lowest 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 €236,904
Fixed assets
€15,830 ▲ 106%
Current assets
€221,074 ▼ 15.9%
Equity and liabilities €236,904
Equity
€130,252 ▼ 13.9%
Debt
€106,652 ▼ 10.6%
Debt's share of the balance-sheet total rises from 44.1% to 45.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€7,398▼
2024 · €101,974
Cash flow
€14,367▼
2024 · €77,026
Debt to equity
0.82▲
2024 · 0.79
ROE
6.9%▼
2024 · 48.1%
Interest coverage
47.94▼
2024 · over 100
Debt ≤ 1 year
€106,652▼
2024 · €119,335
Income taxes
€7,325▼
2024 · €29,841
Staff costs
€329,556▲
2024 · €265,917
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 4 | 5 | 5 | 7 |
| full-time | 3 | 2 | 3 | 3 | 5 |
| part-time | 3 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 4.8 | 3.3 | 4.3 | 4.3 | 6.3 |
| Average over the year, in full-time equivalents | 5 | 4.8 | 4.2 | 5.2 | 5.8 |
| On a permanent contract | 6 | 4 | 5 | 5 | 7 |
| Joined | - | 1 | 3 | 3 | 2 |
| Left | - | 3 | 1 | 3 | 0 |
| Training hours | - | 15 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,302 | €4,968 | €2,838 | €2,954 | €13,562 |
| Intangible fixed assets | - | - | €2,500 | - | - |
| Depreciation and write-downs of the year | €7,121 | €6,550 | €6,256 | €4,194 | €5,430 |
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 | - | - | - | - | - | €218 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €262,337 | €241,294 | €239,902 | €265,917 | €329,556 | ▲ 23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,742 | €20,846 | €13,987 | €7,121 | €6,550 | €6,256 | €4,194 | €5,430 | ▲ 29.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,446 | - | - | €4,420 | - |
| Other operating charges640/8 | - | - | - | €1,727 | €1,446 | €1,508 | €3,110 | €2,664 | ▼ 14.4% |
| Non-recurring operating charges66A | - | - | - | - | €106 | €58 | - | - | - |
| Gross operating margin9900 | €144,936 | €194,877 | €294,354 | €296,669 | €317,113 | €295,519 | €371,001 | €344,037 | ▼ 7.3% |
| Operating profit (loss)9901 | -€30,759 | -€70,792 | €26,212 | €25,484 | €63,272 | €47,794 | €97,780 | €1,967 | ▼ 98.0% |
| Financial income75/76B | - | - | - | €241 | €133 | €2,234 | €5,043 | €15,480 | ▲ 207% |
| Recurring financial income75 | €214 | €710 | €6 | €241 | €133 | €988 | €2,043 | €1,314 | ▼ 35.7% |
| Non-recurring financial income76B | - | - | - | - | - | €1,245 | €3,000 | €14,166 | ▲ 372% |
| Financial charges65/66B | - | - | - | €384 | €264 | €163 | €150 | €1,186 | ▲ 689% |
| Recurring financial charges65 | €112 | €175 | €192 | €384 | €264 | €163 | €150 | €154 | ▲ 2.7% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €1,031 | - |
| Profit (loss) for the period before taxes9903 | -€30,657 | -€69,486 | €26,026 | €25,341 | €63,141 | €49,865 | €102,673 | €16,262 | ▼ 84.2% |
| Income taxes67/77 | €211 | -€12 | -€30 | - | €12,318 | €16,065 | €29,841 | €7,325 | ▼ 75.5% |
| Profit (loss) for the period9904 | -€30,868 | -€69,474 | €26,056 | €25,341 | €50,823 | €33,800 | €72,832 | €8,937 | ▼ 87.7% |
| Profit (loss) for the period to be appropriated9905 | -€30,868 | -€69,474 | €26,056 | €25,341 | €50,823 | €33,800 | €72,832 | €8,937 | ▼ 87.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €293,177 | €211,706 | €252,986 | €210,874 | €218,399 | €256,466 | €270,650 | €236,904 | ▼ 12.5% |
| Fixed assets21/28 | €35,910 | €29,108 | €17,791 | €11,972 | €9,914 | €8,938 | €7,698 | €15,830 | ▲ 106% |
| Intangible fixed assets21 | €29,421 | €17,142 | €8,128 | €6,205 | €2,280 | €2,043 | €1,210 | €377 | ▼ 68.9% |
| Tangible fixed assets22/27 | €6,489 | €11,966 | €9,663 | €5,767 | €7,634 | €6,894 | €6,488 | €15,453 | ▲ 138% |
| Furniture and vehicles24 | - | - | - | €3,108 | €5,354 | €4,995 | €4,968 | €14,314 | ▲ 188% |
| Other tangible fixed assets26 | - | - | - | €2,659 | €2,279 | €1,900 | €1,520 | €1,140 | ▼ 25.0% |
| Current assets29/58 | €257,267 | €182,598 | €235,195 | €198,902 | €208,485 | €247,528 | €262,952 | €221,074 | ▼ 15.9% |
| Amounts receivable within one year40/41 | €99,185 | €91,825 | €128,838 | €79,309 | €80,943 | €90,275 | €103,283 | €56,886 | ▼ 44.9% |
| Trade receivables40 | - | - | - | €76,278 | €75,806 | €87,727 | €95,714 | €53,575 | ▼ 44.0% |
| Other amounts receivable41 | - | - | - | €3,031 | €5,137 | €2,548 | €7,569 | €3,311 | ▼ 56.3% |
| Current investments50/53 | €110,017 | €25,019 | €71,000 | €85,050 | €110,050 | €130,252 | €120,348 | €140,051 | ▲ 16.4% |
| Cash at bank and in hand54/58 | €34,906 | €52,029 | €21,063 | €19,242 | €6,531 | €15,767 | €24,386 | €7,197 | ▼ 70.5% |
| Deferred charges and accrued income490/1 | - | - | - | €15,301 | €10,961 | €11,234 | €14,935 | €16,940 | ▲ 13.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €293,177 | €211,706 | €252,986 | €210,874 | €218,399 | €256,466 | €270,650 | €236,904 | ▼ 12.5% |
| Equity10/15 | €161,938 | €92,464 | €118,520 | €143,861 | €144,683 | €128,483 | €151,315 | €130,252 | ▼ 13.9% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €119,175 | €119,175 | €119,175 | €119,175 | €119,175 | €103,483 | €103,483 | €103,483 | = |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €26,977 | €26,977 | €26,977 | €26,977 | €26,977 | = |
| Distributable reserves133 | - | - | - | €89,698 | €89,698 | €76,506 | €76,506 | €76,506 | = |
| Profit (loss) carried forward14 | €17,763 | -€51,711 | -€25,655 | -€314 | €508 | - | €22,832 | €1,769 | ▼ 92.3% |
| Amounts payable17/49 | €131,239 | €119,242 | €134,466 | €67,013 | €73,716 | €127,983 | €119,335 | €106,652 | ▼ 10.6% |
| Amounts payable within one year42/48 | €131,239 | €119,242 | €134,466 | €67,013 | €73,716 | €127,983 | €119,335 | €106,652 | ▼ 10.6% |
| Trade debts44 | €100,156 | €80,328 | €88,238 | €16,922 | €286 | €27,064 | €7,293 | €7,727 | ▲ 6.0% |
| Suppliers440/4 | - | - | - | €16,922 | €286 | €27,064 | €7,293 | €7,727 | ▲ 6.0% |
| Advances received on contracts in progress46 | - | - | - | €13,030 | €3,315 | €12,787 | €4,376 | €9,065 | ▲ 107% |
| Taxes, remuneration and social security45 | - | - | - | €36,746 | €20,115 | €38,132 | €57,667 | €59,860 | ▲ 3.8% |
| Taxes450/3 | - | - | - | - | €4,332 | €16,531 | €31,264 | €21,319 | ▼ 31.8% |
| Remuneration and social security454/9 | - | - | - | €36,746 | €15,783 | €21,601 | €26,403 | €38,541 | ▲ 46.0% |
| Other amounts payable47/48 | - | - | - | €315 | €50,000 | €50,000 | €50,000 | €30,000 | ▼ 40.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,868 | -€69,474 | €26,056 | €25,341 | €50,823 | €33,800 | €72,832 | €8,937 | ▼ 87.7% |
| + Depreciation and write-downs630 | €18,742 | €20,846 | €13,987 | €7,121 | €6,550 | €6,256 | €4,194 | €5,430 | ▲ 29.5% |
| Operating cash flow (approximation) | -€12,126 | -€48,628 | €40,043 | €32,462 | €57,373 | €40,056 | €77,026 | €14,367 | ▼ 81.3% |
| Investment in fixed assets (approximation) | - | -€14,044 | -€2,670 | -€1,302 | -€4,492 | -€5,280 | -€2,954 | -€13,562 | ▼ 359% |
| Change in cash | - | €17,123 | -€30,966 | -€1,821 | -€12,711 | €9,236 | €8,619 | -€17,189 | - |
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, 17,041 companies had the same profile as 2C&B has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 2C&B 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 17,041 companies, not a prediction for 2C&B. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00257656 | |
| 31-12-2024 | full format | 18-06-2025 | 2025-00155000 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00240488 | |
| 31-12-2022 | full format | 06-07-2023 | 2023-00209193 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20206207 | |
| 31-12-2020 | full format | 16-07-2021 | 2021-36400369 | |
| 31-12-2019 | full format | 10-09-2020 | 2020-52400142 | |
| 31-12-2018 | full format | 12-07-2019 | 2019-32500404 | |
| 31-12-2017 | full format | 06-07-2018 | 2018-29700209 | |
| 31-12-2016 | full format | 17-07-2017 | 2017-32300065 |