C.bfa
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 37 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€94,065▼ 36.8%
2020 · €148,875
EBIT margin
-35.1%▼ 36.6pp
2020 · 1.5%
Net result
€17,854▼ 64.7%
2023 · €50,519
Working capital
€101,539▼ 81.4%
2023 · €546,959
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
-€60,531
2025
20182025
Net result
€17,854
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€99,361
2025
middle half of the sector
20182025
Total assets
€114,564
2025
middle half of the sector
20182025
Debt
€15,203
2025
20182025
Working capital
€101,539
2025
highest quarter of the sector
20182025
Solvency
86.7%
2025
highest quarter of the sector
20182025
Current ratio
8.80
2025
highest quarter of the sector
20182025
Return on assets (ROA)
15.6%
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Turnover€0.3m-€0.2m▼ 33.6%€0.1m▼ 16.6%€0.09m▼ 36.8%
Operating result-€0.5m--€0.007m▲ 98.7%€0.002m-€0.03m€0.4m€0.04m▼ 89.6%-€0.06m-
Net result-€0.6m-€0.02m€0.01mwithin the sector's middle half▼ 34.6%-€0.01mbelow the sector's middle half€0.3mabove the sector's middle half€0.05mabove the sector's middle half▼ 85.4%€0.02mwithin the sector's middle half-
EBIT margin-200.9%--3.8%▲ 197.1pp1.5%▲ 5.3pp-35.1%▼ 36.6pp
Equity€0.004m-€0.02m▲ 419%€0.03mbelow the sector's middle half▲ 52.8%€0.02mwithin the sector's middle half▼ 31.4%€0.4mwithin the sector's middle half▲ 16×€0.4mabove the sector's middle half▲ 13.7%€0.1mwithin the sector's middle half-
Total assets€1.3m-€0.9m▼ 36.4%€0.8mwithin the sector's middle half▼ 8.5%€1.0mabove the sector's middle half▲ 29.5%€1.0mwithin the sector's middle half▲ 1.3%€0.6mabove the sector's middle half▼ 41.6%€0.1mwithin the sector's middle half-
Debt€1.2m-€0.7m▼ 41.4%€0.6m▼ 11.7%€0.9m▲ 43.1%€0.6m▼ 36.5%€0.1m▼ 82.6%€0.02m-
Working capital€0.3m-€0.6m▲ 104%€0.5mabove the sector's middle half▼ 16.6%-€0.08mbelow the sector's middle half€0.8mabove the sector's middle half€0.5mabove the sector's middle half▼ 29.5%€0.1mabove the sector's middle half-
Solvency0.3%-2.5%▲ 2.2pp4.2%below the sector's middle half▲ 1.7pp2.2%below the sector's middle half▼ 2.0pp35.9%within the sector's middle half▲ 33.7pp69.9%within the sector's middle half▲ 34.0pp86.7%above the sector's middle half-
Current ratio1.73-5.38▲ 3.653.28above the sector's middle half▼ 2.100.75below the sector's middle half▼ 2.534.26above the sector's middle half▲ 3.5114.44above the sector's middle half▲ 10.188.80above the sector's middle half-
Return on assets (ROA)-41.1%-2.0%▲ 43.1pp1.5%within the sector's middle half▼ 0.6pp-1.0%below the sector's middle half▼ 2.5pp33.7%above the sector's middle half▲ 34.7pp8.4%within the sector's middle half▼ 25.3pp15.6%within the sector's middle half-
Staff (FTE)2.5-0.91within the sector's middle half▲ 11.1%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 €60,531, against €41,597 in 2023. Comparable figures for the intervening years are unavailable.
Large changes and their cause
- 2023 Net result -85% on 2022. The accounts now follow the micro format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Equity and liabilities €114,564
Equity
€99,361 ▼ 76.3%
Provisions
€0 ▼ 100%
Debt
€15,203 ▼ 84.8%
Debt's share of the balance-sheet total falls from 16.7% to 13.3%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.15▼
2023 · 0.24
ROE
18.0%▲
2023 · 12.0%
Debt ≤ 1 year
€13,025▼
2023 · €40,700
Debt > 1 year
€2,177▼
2023 · €59,342
Income taxes
€5,063▼
2023 · €9,788
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 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 0.8 | 1 |
| On a permanent contract | 1 | - |
| Joined | 1 | 0 |
| Left | 1 | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 30-09-2025 |
|---|---|---|---|---|
| Intangible fixed assets | €693,000 | - | - | - |
| Depreciation and write-downs of the year | €1,310 | €667 | €667 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €268,646 | €178,448 | €148,875 | €94,065 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €459,000 | €240 | €44,905 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €69,740 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €21,563 | €26,330 | €587 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €160,323 | €62,051 | €57,896 | €1,310 | €667 | €667 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €906 | - |
| Other operating charges640/8 | - | - | - | €1,297 | €917 | €1,298 | €1,765 | - |
| Non-recurring operating charges66A | - | - | - | €35,999 | - | - | - | - |
| Gross operating margin9900 | -€242,952 | €70,749 | €88,647 | €27,152 | €427,185 | €44,150 | -€57,860 | - |
| Operating profit (loss)9901 | -€539,612 | -€6,759 | €2,228 | -€33,017 | €399,272 | €41,597 | -€60,531 | - |
| Financial income75/76B | - | - | - | €14 | €3,310 | €27,117 | €5,554 | - |
| Recurring financial income75 | €4 | - | €22,504 | €14 | €3,310 | €27,117 | €5,554 | - |
| Financial charges65/66B | - | - | - | €8,787 | €10,496 | €10,351 | €2,924 | - |
| Recurring financial charges65 | €22,053 | €5,664 | €35,779 | €8,787 | €10,496 | €10,351 | €2,924 | - |
| Profit (loss) for the period before taxes9903 | -€563,102 | €49,198 | €12,122 | -€41,789 | €392,086 | €58,363 | -€57,901 | - |
| Transfer from deferred taxes780 | - | - | - | €31,371 | €1,944 | €1,944 | €80,818 | - |
| Income taxes67/77 | - | €2,399 | €657 | - | €47,848 | €9,788 | €5,063 | - |
| Profit (loss) for the period9904 | -€552,645 | €17,531 | €11,465 | -€10,419 | €346,183 | €50,519 | €17,854 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €60,923 | €3,776 | €3,776 | €156,952 | - |
| Profit (loss) for the period to be appropriated9905 | -€532,337 | €17,531 | €11,465 | €50,504 | €349,959 | €54,295 | €174,806 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.3m | €0.9m | €0.8m | €1.0m | €1.0m | €0.6m | €0.1m | - |
| Fixed assets21/28 | €0.7m | €0.1m | €0.08m | €0.8m | €0.01m | €0.01m | - | - |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.06m | €0.8m | - | - | - | - |
| Tangible fixed assets22/27 | €0.5m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | - | - |
| Land and buildings22 | - | - | - | €0.01m | €0.01m | €0.01m | - | - |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | - | - | - |
| Current assets29/58 | €0.7m | €0.7m | €0.7m | €0.2m | €1.0m | €0.6m | €0.1m | - |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.5m | €0.09m | - |
| Trade receivables290 | - | - | - | - | - | €0.5m | €0.09m | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.7m | €0.2m | €1.0m | €0.03m | €0.01m | - |
| Trade receivables40 | - | - | - | €0.1m | €1.0m | €0.02m | - | - |
| Other amounts receivable41 | - | - | - | €0.1m | €0.01m | €0.01m | €0.01m | - |
| Current investments50/53 | €0.5m | €0.5m | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.002m | €0.05m | €0.03m | €0.05m | €0.007m | €0.04m | €0.008m | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.001m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.3m | €0.9m | €0.8m | €1.0m | €1.0m | €0.6m | €0.1m | - |
| Equity10/15 | €0.004m | €0.02m | €0.03m | €0.02m | €0.4m | €0.4m | €0.1m | - |
| Contributions10/11 | €0.4m | €0.4m | - | €0.4m | €0.4m | €0.4m | €0.02m | - |
| Reserves13 | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | €0.5m | €0.3m | - |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.04m | €0.04m | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | - |
| Profit (loss) carried forward14 | -€0.6m | -€0.7m | -€0.7m | -€0.7m | -€0.4m | -€0.4m | -€0.2m | - |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.08m | €0.08m | €0.08m | - | - |
| Deferred taxes168 | - | - | - | €0.08m | €0.08m | €0.08m | - | - |
| Amounts payable17/49 | €1.2m | €0.7m | €0.6m | €0.9m | €0.6m | €0.1m | €0.02m | - |
| Amounts payable after more than one year17 | €0.8m | €0.6m | €0.4m | €0.6m | €0.3m | €0.06m | €0.002m | - |
| Financial debts170/4 | - | - | - | €0.6m | €0.3m | €0.06m | €0.002m | - |
| Amounts payable within one year42/48 | €0.4m | €0.1m | €0.2m | €0.3m | €0.2m | €0.04m | €0.01m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.006m | €0.01m | - |
| Trade debts44 | €0.1m | €0.1m | €0.2m | €0.3m | €0.2m | €0.008m | €0.001m | - |
| Suppliers440/4 | - | - | - | €0.3m | €0.2m | €0.008m | €0.001m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.03m | - | - |
| Taxes450/3 | - | - | - | €0.002m | €0.01m | €0.02m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.009m | €0.008m | €0.005m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€552,645 | €17,531 | €11,465 | -€10,419 | €346,183 | €50,519 | €17,854 | - |
| + Depreciation and write-downs630 | €160,323 | €62,051 | €57,896 | €1,310 | €667 | €667 | - | - |
| Operating cash flow (approximation) | -€392,322 | €79,582 | €69,361 | -€9,109 | €346,849 | €51,186 | €17,854 | - |
| Investment in fixed assets (approximation) | - | €467,999 | -€2,383 | -€693,000 | €753,500 | €0 | - | - |
| Change in cash | - | €44,841 | -€16,974 | €19,291 | -€42,587 | €35,320 | - | - |
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, 31,368 companies had the same profile as C.bfa has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C.bfa itself: 0.5% 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 31,368 companies, not a prediction for C.bfa. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00097695 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00386095 | |
| 31-12-2022 | abbreviated format | 28-11-2023 | 2023-00518467 | |
| 31-12-2021 | micro format | 28-11-2022 | 2022-20526591 | |
| 31-12-2020 | abbreviated format | 28-10-2021 | 2021-74000485 | |
| 31-12-2019 | abbreviated format | 30-11-2020 | 2020-73800501 | |
| 31-12-2018 | abbreviated format | 11-10-2019 | 2019-69500107 | |
| 31-12-2017 | abbreviated format | 01-10-2018 | 2018-67000431 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-48900512 | |
| 31-12-2015 | abbreviated format | 21-09-2016 | 2016-60300233 |