C&D
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 6 filings
Turnover
≈ €210,000
Estimated: probably between €120,000 and €440,000
Total assets
€329,332▼ 26.0%
2024 · €445,138
Net result
€73,062
2024 · -€15,787
Working capital
€307,750▼ 9.1%
2024 · €338,503
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€84,845
▲ 63×
2025
20202025
Net result
€73,062
2025
highest quarter of the sector
20202025
Equity
-€650,033
▲ 10.1%
2025
lowest quarter of the sector
20202025
Total assets
€329,332
▼ 26.0%
2025
middle half of the sector
20202025
Debt
€979,365
▼ 16.2%
2025
20202025
Working capital
€307,750
▼ 9.1%
2025
highest quarter of the sector
20202025
Solvency
-197.4%
▼ 34.9pp
2025
lowest quarter of the sector
20202025
Current ratio
16.85
▲ 12.57
2025
highest quarter of the sector
20202025
Return on assets (ROA)
22.2%
▲ 25.7pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.01m--€0.01m▲ 19.7%-€0.01m▲ 7.8%-€0.7m▼ 6,552%€0.001m€0.08m▲ 63×
Net result-€0.03mbelow the sector's middle half--€0.06mbelow the sector's middle half▼ 120%-€0.05mbelow the sector's middle half▲ 12.6%-€0.7mbelow the sector's middle half▼ 1,272%-€0.02mbelow the sector's middle half▲ 97.7%€0.07mabove the sector's middle half
Equity€0.07mwithin the sector's middle half-€0.02mwithin the sector's middle half▼ 75.8%-€0.03mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 2,160%-€0.7mbelow the sector's middle half▼ 2.2%-€0.7mbelow the sector's middle half▲ 10.1%
Total assets€1.2mabove the sector's middle half-€2.5mabove the sector's middle half▲ 120%€4.0mabove the sector's middle half▲ 58.6%€0.8mwithin the sector's middle half▼ 80.3%€0.4mwithin the sector's middle half▼ 44.0%€0.3mwithin the sector's middle half▼ 26.0%
Debt€1.1m-€2.5m▲ 134%€4.1m▲ 61.0%€1.5m▼ 63.1%€1.2m▼ 22.3%€1.0m▼ 16.2%
Working capital€0.5mabove the sector's middle half-€2.5mabove the sector's middle half▲ 367%€3.9mabove the sector's middle half▲ 58.4%€0.7mabove the sector's middle half▼ 82.3%€0.3mabove the sector's middle half▼ 51.2%€0.3mabove the sector's middle half▼ 9.1%
Solvency6.4%within the sector's middle half-0.7%below the sector's middle half▼ 5.7pp-0.8%below the sector's middle half▼ 1.5pp-88.9%below the sector's middle half▼ 88.1pp-162.4%below the sector's middle half▼ 73.5pp-197.4%below the sector's middle half▼ 34.9pp
Current ratio1.85within the sector's middle half-36.44above the sector's middle half▲ 34.5935.81above the sector's middle half▼ 0.638.17above the sector's middle half▼ 27.644.27above the sector's middle half▼ 3.8916.85above the sector's middle half▲ 12.57
Return on assets (ROA)-2.2%below the sector's middle half--2.2%below the sector's middle half=-1.2%within the sector's middle half▲ 1.0pp-85.0%below the sector's middle half▼ 83.8pp-3.5%below the sector's middle half▲ 81.4pp22.2%above the sector's middle half▲ 25.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 63 times that of 2024 and the highest since 2020. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €329,332
Fixed assets
€2,161 ▼ 33.5%
Current assets
€327,171 ▼ 26.0%
Equity and liabilities
Equity-€650,033
Debt€979,365
Equity is negative. Debt (€979,365) exceeds the balance-sheet total (€329,332).
Key figures and ratios
EBITDA
€85,935▲
2024 · €2,438
Cash flow
€74,152▲
2024 · -€14,697
Quick ratio
2.16▲
2024 · 1.40
Interest coverage
6.52▲
2024 · 0.14
Debt ≤ 1 year
€19,421▼
2024 · €103,383
Debt > 1 year
€955,000▼
2024 · €1.1m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,405 | €1,047 | - | - |
| Depreciation and write-downs of the year | - | €150 | €960 | €1,090 | €1,090 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €150 | €960 | €1,090 | €1,090 | = |
| Other operating charges640/8 | - | €459 | €980 | €1,092 | €4,528 | €165 | ▼ 96.4% |
| Gross operating margin9900 | -€10,941 | -€10,184 | -€8,679 | -€650,375 | €6,966 | €86,100 | ▲ 12× |
| Operating profit (loss)9901 | -€13,248 | -€10,642 | -€9,808 | -€652,427 | €1,348 | €84,845 | ▲ 63× |
| Financial income75/76B | - | €1 | €218 | €63 | €99 | €1,397 | ▲ 14× |
| Recurring financial income75 | €0 | €1 | €218 | €63 | €99 | €1,397 | ▲ 14× |
| Financial charges65/66B | - | €45,726 | €39,675 | €23,653 | €17,234 | €13,180 | ▼ 23.5% |
| Recurring financial charges65 | €12,411 | €45,726 | €39,675 | €23,653 | €17,234 | €13,180 | ▼ 23.5% |
| Profit (loss) for the period before taxes9903 | -€25,659 | -€56,367 | -€49,265 | -€676,017 | -€15,787 | €73,062 | - |
| Profit (loss) for the period9904 | -€25,659 | -€56,367 | -€49,265 | -€676,017 | -€15,787 | €73,062 | - |
| Profit (loss) for the period to be appropriated9905 | -€25,659 | -€56,367 | -€49,265 | -€676,017 | -€15,787 | €73,062 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.2m | €2.5m | €4.0m | €0.8m | €0.4m | €0.3m | ▼ 26.0% |
| Fixed assets21/28 | - | - | €0.004m | €0.004m | €0.003m | €0.002m | ▼ 33.5% |
| Tangible fixed assets22/27 | - | - | €0.004m | €0.004m | €0.003m | €0.002m | ▼ 33.5% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.001m | ▼ 27.6% |
| Furniture and vehicles24 | - | - | €0.004m | €0.003m | €0.002m | €0.002m | ▼ 35.3% |
| Current assets29/58 | €1.2m | €2.5m | €4.0m | €0.8m | €0.4m | €0.3m | ▼ 26.0% |
| Stocks and contracts in progress3 | €0.8m | €2.3m | €3.9m | €0.7m | €0.3m | €0.3m | ▼ 4.0% |
| Stocks30/36 | - | €2.3m | €3.9m | €0.7m | €0.3m | €0.3m | ▼ 4.0% |
| Amounts receivable within one year40/41 | €0.3m | €0.01m | €0.02m | €0.02m | €0.1m | €459 | ▼ 99.6% |
| Trade receivables40 | - | - | €0.02m | €0.02m | €0.1m | €417 | ▼ 99.7% |
| Other amounts receivable41 | - | €0.01m | - | €11 | €27 | €42 | ▲ 58.6% |
| Cash at bank and in hand54/58 | €0.02m | €0.3m | €0.1m | €0.06m | €0.009m | €0.04m | ▲ 281% |
| Deferred charges and accrued income490/1 | - | €0.01m | €0.01m | €0.009m | €0.008m | €0.006m | ▼ 19.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.2m | €2.5m | €4.0m | €0.8m | €0.4m | €0.3m | ▼ 26.0% |
| Equity10/15 | €0.07m | €0.02m | -€0.03m | -€0.7m | -€0.7m | -€0.7m | ▲ 10.1% |
| Contributions10/11 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.03m | -€0.08m | -€0.1m | -€0.8m | -€0.8m | -€0.8m | ▲ 8.9% |
| Amounts payable17/49 | €1.1m | €2.5m | €4.1m | €1.5m | €1.2m | €1.0m | ▼ 16.2% |
| Amounts payable after more than one year17 | €0.4m | €0.7m | €1.2m | €1.4m | €1.1m | €1.0m | ▼ 9.9% |
| Financial debts170/4 | - | €0.7m | €1.2m | €1.4m | €1.1m | €1.0m | ▼ 9.9% |
| Amounts payable within one year42/48 | €0.6m | €0.07m | €0.1m | €0.1m | €0.1m | €0.02m | ▼ 81.2% |
| Trade debts44 | €0.4m | €0.06m | €0.07m | €0.06m | €0.006m | €0.002m | ▼ 66.8% |
| Suppliers440/4 | - | €0.06m | €0.07m | €0.06m | €0.006m | €0.002m | ▼ 66.8% |
| Advances received on contracts in progress46 | - | - | - | €0.001m | €0.001m | €483 | ▼ 55.9% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.03m | €0.08m | €0.005m | ▼ 93.4% |
| Taxes450/3 | - | - | €0.03m | €0.03m | €0.08m | €0.005m | ▼ 93.4% |
| Other amounts payable47/48 | - | €0.007m | €0.009m | €0.01m | €0.01m | €0.01m | ▼ 20.9% |
| Accrued charges and deferred income492/3 | - | €1.8m | €2.8m | €0.006m | €0.005m | €0.005m | ▲ 1.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,659 | -€56,367 | -€49,265 | -€676,017 | -€15,787 | €73,062 | - |
| + Depreciation and write-downs630 | - | - | €150 | €960 | €1,090 | €1,090 | = |
| Operating cash flow (approximation) | -€25,659 | -€56,367 | -€49,115 | -€675,057 | -€14,697 | €74,152 | - |
| Investment in fixed assets (approximation) | - | - | - | -€1,047 | €0 | €0 | - |
| Change in cash | - | €240,989 | -€148,938 | -€47,175 | -€53,826 | €26,042 | - |
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, 2,180 companies had the same profile as C&D has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of C&D itself is lower: 0.4% within 12 months. It rests on far more data about C&D 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 2,180 companies, not a prediction for C&D. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00287346 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00210399 | |
| 31-12-2023 | micro format | 14-08-2024 | 2024-00345271 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00250639 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20247162 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55700535 |