C & N Services
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 16 filings
Turnover
€10
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€8,868▼ 57.5%
2024 · €20,847
Working capital
€121,426▼ 5.0%
2024 · €127,762
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€16,118
▼ 51.3%
2025
20192025
Net result
€8,868
▼ 57.5%
2025
middle half of the sector
20192025
Equity
€111,224
▼ 5.4%
2025
middle half of the sector
20192025
Total assets
€181,410
▼ 11.8%
2025
middle half of the sector
20192025
Debt
€70,186
▼ 20.3%
2025
20192025
Working capital
€121,426
▼ 5.0%
2025
highest quarter of the sector
20192025
Solvency
61.3%
▲ 4.1pp
2025
middle half of the sector
20192025
Current ratio
7.21
▲ 0.93
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.9%
▼ 5.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€10
Operating result€27,823-€28,543▲ 2.6%€29,527▲ 3.4%€24,612▼ 16.6%€33,166▲ 34.8%€33,064▼ 0.3%€16,118▼ 51.3%
Net result€15,277-€16,498within the sector's middle half▲ 8.0%€18,112within the sector's middle half▲ 9.8%€13,409within the sector's middle half▼ 26.0%€21,620above the sector's middle half▲ 61.2%€20,847within the sector's middle half▼ 3.6%€8,868within the sector's middle half▼ 57.5%
Equity€46,147-€62,645within the sector's middle half▲ 35.8%€80,757within the sector's middle half▲ 28.9%€94,166within the sector's middle half▲ 16.6%€121,785above the sector's middle half▲ 29.3%€117,632within the sector's middle half▼ 3.4%€111,224within the sector's middle half▼ 5.4%
Total assets€219,568-€217,166within the sector's middle half▼ 1.1%€207,606within the sector's middle half▼ 4.4%€207,685within the sector's middle half=€224,585within the sector's middle half▲ 8.1%€205,666within the sector's middle half▼ 8.4%€181,410within the sector's middle half▼ 11.8%
Debt€173,422-€154,522▼ 10.9%€126,849▼ 17.9%€113,519▼ 10.5%€102,800▼ 9.4%€88,034▼ 14.4%€70,186▼ 20.3%
Working capital€45,677-€61,791within the sector's middle half▲ 35.3%€82,895within the sector's middle half▲ 34.2%€104,882above the sector's middle half▲ 26.5%€130,640above the sector's middle half▲ 24.6%€127,762above the sector's middle half▼ 2.2%€121,426above the sector's middle half▼ 5.0%
Solvency21.0%-28.8%within the sector's middle half▲ 7.8pp38.9%within the sector's middle half▲ 10.1pp45.3%within the sector's middle half▲ 6.4pp54.2%within the sector's middle half▲ 8.9pp57.2%within the sector's middle half▲ 3.0pp61.3%within the sector's middle half▲ 4.1pp
Current ratio2.42-2.74above the sector's middle half▲ 0.324.29above the sector's middle half▲ 1.555.29above the sector's middle half▲ 1.016.01above the sector's middle half▲ 0.716.28above the sector's middle half▲ 0.287.21above the sector's middle half▲ 0.93
Return on assets (ROA)7.0%-7.6%within the sector's middle half▲ 0.6pp8.7%within the sector's middle half▲ 1.1pp6.5%within the sector's middle half▼ 2.3pp9.6%within the sector's middle half▲ 3.2pp10.1%within the sector's middle half▲ 0.5pp4.9%within the sector's middle half▼ 5.2pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 51% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €181,410
Fixed assets
€40,423 ▼ 24.7%
Current assets
€140,987 ▼ 7.2%
Equity and liabilities €181,410
Equity
€111,224 ▼ 5.4%
Debt
€70,186 ▼ 20.3%
Debt's share of the balance-sheet total falls from 42.8% to 38.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€29,408▼
2024 · €47,195
Cash flow
€22,159▼
2024 · €34,978
Debt to equity
0.63▼
2024 · 0.75
ROE
8.0%▼
2024 · 17.7%
Interest coverage
8.48▼
2024 · 14.40
Debt ≤ 1 year
€19,561▼
2024 · €24,190
Debt > 1 year
€50,625▼
2024 · €63,843
Income taxes
€4,548▼
2024 · €9,476
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,743 | €3,546 | - | - |
| Depreciation and write-downs of the year | €22,866 | €14,080 | €14,131 | €13,290 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €161 awarded · €161 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €10 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,300 | €22,936 | €23,031 | €22,866 | €14,080 | €14,131 | €13,290 | ▼ 5.9% |
| Other operating charges640/8 | - | - | - | €1,856 | €1,966 | €2,382 | €566 | ▼ 76.2% |
| Gross operating margin9900 | €52,523 | €53,539 | €54,324 | €49,334 | €49,212 | €49,577 | €29,974 | ▼ 39.5% |
| Operating profit (loss)9901 | €27,823 | €28,543 | €29,527 | €24,612 | €33,166 | €33,064 | €16,118 | ▼ 51.3% |
| Financial income75/76B | - | - | - | €53 | €787 | €537 | €766 | ▲ 42.8% |
| Recurring financial income75 | €149 | €112 | €97 | €53 | €787 | €537 | €766 | ▲ 42.8% |
| Financial charges65/66B | - | - | - | €3,771 | €2,942 | €3,278 | €3,467 | ▲ 5.8% |
| Recurring financial charges65 | €4,669 | €3,744 | €3,269 | €3,771 | €2,942 | €3,278 | €3,467 | ▲ 5.8% |
| Profit (loss) for the period before taxes9903 | €23,303 | €24,911 | €26,355 | €20,894 | €31,011 | €30,323 | €13,417 | ▼ 55.8% |
| Income taxes67/77 | €8,026 | €8,413 | €8,243 | €7,486 | €9,391 | €9,476 | €4,548 | ▼ 52.0% |
| Profit (loss) for the period9904 | €15,277 | €16,498 | €18,112 | €13,409 | €21,620 | €20,847 | €8,868 | ▼ 57.5% |
| Profit (loss) for the period to be appropriated9905 | €15,277 | €16,498 | €18,112 | €13,409 | €21,620 | €20,847 | €8,868 | ▼ 57.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €219,568 | €217,166 | €207,606 | €207,685 | €224,585 | €205,666 | €181,410 | ▼ 11.8% |
| Fixed assets21/28 | €141,752 | €119,909 | €99,501 | €78,378 | €67,844 | €53,713 | €40,423 | ▼ 24.7% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €140,402 | €118,559 | €98,151 | €77,028 | €66,494 | €52,363 | €39,073 | ▼ 25.4% |
| Land and buildings22 | - | - | - | €74,652 | €62,611 | €50,570 | €38,530 | ▼ 23.8% |
| Plant, machinery and equipment23 | - | - | - | €2,230 | €3,843 | €1,793 | €184 | ▼ 89.7% |
| Furniture and vehicles24 | - | - | - | - | - | - | €359 | - |
| Other tangible fixed assets26 | - | - | - | €147 | €40 | - | - | - |
| Financial fixed assets28 | €1,350 | €1,350 | €1,350 | €1,350 | €1,350 | €1,350 | €1,350 | = |
| Current assets29/58 | €77,816 | €97,257 | €108,105 | €129,307 | €156,741 | €151,952 | €140,987 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €32,495 | €15,400 | €24,839 | €23,081 | €27,496 | €13,467 | €1,819 | ▼ 86.5% |
| Trade receivables40 | - | - | - | €23,081 | €24,496 | €13,467 | €254 | ▼ 98.1% |
| Other amounts receivable41 | - | - | - | - | €3,000 | - | €1,565 | - |
| Current investments50/53 | €40,043 | €64,079 | €77,071 | €101,053 | €115,081 | €126,376 | - | - |
| Cash at bank and in hand54/58 | €3,951 | €16,466 | €4,178 | €4,636 | €14,161 | €12,109 | €139,168 | ▲ 11× |
| Deferred charges and accrued income490/1 | - | - | - | €537 | €3 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €219,568 | €217,166 | €207,606 | €207,685 | €224,585 | €205,666 | €181,410 | ▼ 11.8% |
| Equity10/15 | €46,147 | €62,645 | €80,757 | €94,166 | €121,785 | €117,632 | €111,224 | ▼ 5.4% |
| Contributions10/11 | €19,000 | - | - | €19,000 | €25,000 | - | - | - |
| Contributions outside capital11 | - | - | - | €19,000 | €25,000 | - | - | - |
| Other1109/19 | - | - | - | €19,000 | €25,000 | - | - | - |
| Reserves13 | €27,147 | €43,645 | €61,757 | €75,166 | €96,785 | €117,632 | €111,224 | ▼ 5.4% |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Distributable reserves133 | - | - | - | €72,666 | €94,285 | €115,132 | €108,724 | ▼ 5.6% |
| Amounts payable17/49 | €173,422 | €154,522 | €126,849 | €113,519 | €102,800 | €88,034 | €70,186 | ▼ 20.3% |
| Amounts payable after more than one year17 | €141,283 | €119,056 | €101,639 | €89,094 | €76,253 | €63,843 | €50,625 | ▼ 20.7% |
| Financial debts170/4 | - | - | - | €89,094 | €76,253 | €63,843 | €50,625 | ▼ 20.7% |
| Amounts payable within one year42/48 | €32,139 | €35,466 | €25,210 | €24,425 | €26,101 | €24,190 | €19,561 | ▼ 19.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,545 | €12,841 | €12,703 | €13,218 | ▲ 4.1% |
| Trade debts44 | €1,622 | €591 | €2,314 | €456 | €1,329 | €1,650 | €1,433 | ▼ 13.2% |
| Suppliers440/4 | - | - | - | €456 | €1,329 | €1,650 | €1,433 | ▼ 13.2% |
| Taxes, remuneration and social security45 | - | - | - | €11,424 | €10,949 | €6,283 | €2,407 | ▼ 61.7% |
| Taxes450/3 | - | - | - | €11,424 | €10,949 | €6,283 | €2,407 | ▼ 61.7% |
| Other amounts payable47/48 | - | - | - | - | €982 | €3,554 | €2,503 | ▼ 29.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €445 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,277 | €16,498 | €18,112 | €13,409 | €21,620 | €20,847 | €8,868 | ▼ 57.5% |
| + Depreciation and write-downs630 | €23,300 | €22,936 | €23,031 | €22,866 | €14,080 | €14,131 | €13,290 | ▼ 5.9% |
| Operating cash flow (approximation) | €38,577 | €39,434 | €41,143 | €36,275 | €35,699 | €34,978 | €22,159 | ▼ 36.6% |
| Investment in fixed assets (approximation) | - | -€1,093 | -€2,622 | -€1,743 | -€3,546 | €0 | €0 | - |
| Change in cash | - | €12,515 | -€12,288 | €458 | €9,525 | -€2,052 | €127,059 | - |
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, 10,904 companies had the same profile as C & N Services has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of C & N Services 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 10,904 companies, not a prediction for C & N Services. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00094235 | |
| 30-09-2024 | micro format | 20-03-2025 | 2025-00051974 | |
| 30-09-2023 | micro format | 26-03-2024 | 2024-00050997 | |
| 30-09-2022 | micro format | 30-03-2023 | 2023-00051135 | |
| 30-09-2021 | micro format | 22-03-2022 | 2022-08100544 | |
| 30-09-2020 | micro format | 30-03-2021 | 2021-08900568 | |
| 30-09-2019 | micro format | 11-04-2020 | 2020-09100338 | |
| 30-09-2018 | micro format | 26-03-2019 | 2019-07900145 | |
| 30-09-2017 | micro format | 27-03-2018 | 2018-08000281 | |
| 30-09-2016 | abbreviated format | 30-01-2017 | 2017-03000039 |