C-One
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 9 filings
Turnover
≈ €180,000
Estimated: probably between €140,000 and €280,000
Total assets
€437,839▼ 13.8%
2024 · €507,707
Net result
€32,803▼ 16.1%
2024 · €39,120
Working capital
€27,480▲ 25×
2024 · €1,081
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€45,507
▼ 21.5%
2025
20182025
Net result
€32,803
▼ 16.1%
2025
middle half of the sector
20182025
Equity
€304,899
▲ 12.1%
2025
middle half of the sector
20182025
Total assets
€437,839
▼ 13.8%
2025
lowest quarter of the sector
20182025
Debt
€132,940
▼ 43.6%
2025
20182025
Working capital
€27,480
▲ 25×
2025
middle half of the sector
20182025
Solvency
69.6%
▲ 16.0pp
2025
highest quarter of the sector
20182025
Current ratio
1.41
▲ 0.40
2025
middle half of the sector
20182025
Return on assets (ROA)
7.5%
▼ 0.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
=
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€24,318--€3,224€100,983€40,450▼ 59.9%€36,069▼ 10.8%€58,268▲ 61.5%€57,980▼ 0.5%€45,507▼ 21.5%
Net result€19,506--€7,687€80,998within the sector's middle half€28,394within the sector's middle half▼ 64.9%€26,501within the sector's middle half▼ 6.7%€36,214within the sector's middle half▲ 36.7%€39,120within the sector's middle half▲ 8.0%€32,803within the sector's middle half▼ 16.1%
Equity€68,555-€60,868▼ 11.2%€141,866within the sector's middle half▲ 133%€170,260within the sector's middle half▲ 20.0%€196,761within the sector's middle half▲ 15.6%€232,976within the sector's middle half▲ 18.4%€272,096within the sector's middle half▲ 16.8%€304,899within the sector's middle half▲ 12.1%
Total assets€513,177-€518,974▲ 1.1%€501,119below the sector's middle half▼ 3.4%€519,391below the sector's middle half▲ 3.6%€595,404below the sector's middle half▲ 14.6%€622,841below the sector's middle half▲ 4.6%€507,707below the sector's middle half▼ 18.5%€437,839below the sector's middle half▼ 13.8%
Debt€444,622-€458,106▲ 3.0%€359,253▼ 21.6%€349,131▼ 2.8%€398,642▲ 14.2%€389,866▼ 2.2%€235,611▼ 39.6%€132,940▼ 43.6%
Working capital-€103,333--€113,672▼ 10.0%-€62,229within the sector's middle half▲ 45.3%-€58,014within the sector's middle half▲ 6.8%€37,981within the sector's middle half€21,099within the sector's middle half▼ 44.4%€1,081within the sector's middle half▼ 94.9%€27,480within the sector's middle half▲ 25×
Solvency13.4%-11.7%▼ 1.6pp28.3%within the sector's middle half▲ 16.6pp32.8%within the sector's middle half▲ 4.5pp33.0%within the sector's middle half▲ 0.3pp37.4%within the sector's middle half▲ 4.4pp53.6%within the sector's middle half▲ 16.2pp69.6%above the sector's middle half▲ 16.0pp
Current ratio0.09-0.19▲ 0.100.40below the sector's middle half▲ 0.200.55within the sector's middle half▲ 0.161.33within the sector's middle half▲ 0.781.11within the sector's middle half▼ 0.221.01within the sector's middle half▼ 0.101.41within the sector's middle half▲ 0.40
Return on assets (ROA)3.8%--1.5%▼ 5.3pp16.2%above the sector's middle half▲ 17.6pp5.5%within the sector's middle half▼ 10.7pp4.5%within the sector's middle half▼ 1.0pp5.8%above the sector's middle half▲ 1.4pp7.7%above the sector's middle half▲ 1.9pp7.5%above the sector's middle half▼ 0.2pp
Staff (FTE)1.91.1within the sector's middle half▼ 42.1%1within the sector's middle half▼ 9.1%1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
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 22% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €437,839
Fixed assets
€342,587 ▼ 8.8%
Current assets
€95,251 ▼ 28.0%
Equity and liabilities €437,839
Equity
€304,899 ▲ 12.1%
Debt
€132,940 ▼ 43.6%
Debt's share of the balance-sheet total falls from 46.4% to 30.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€80,591▼
2024 · €92,430
Cash flow
€67,887▼
2024 · €73,570
Debt to equity
0.44▼
2024 · 0.87
ROE
10.8%▼
2024 · 14.4%
Interest coverage
23.34▲
2024 · 13.01
Debt ≤ 1 year
€67,771▼
2024 · €131,152
Debt > 1 year
€65,032▼
2024 · €104,328
Income taxes
€10,861▼
2024 · €13,062
Staff costs
€49,381▲
2024 · €44,325
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | - | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Training hours | - | - | 2 | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €375,000 | €258,841 | €170,648 | €79,128 |
| Mortgages, amount registered | - | €375,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | - | €350,000 | €350,000 | €350,000 |
| Carrying value of the mortgaged assets | - | €339,575 | €321,850 | €304,125 | €286,400 |
| Pledge on the business | - | - | €0 | €0 | €0 |
| Mandates to pledge the business | - | - | €0 | €0 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,623 | €31,234 | - | €2,199 | €2,199 |
| Intangible fixed assets | €10,216 | - | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €33,878 | €35,750 | €35,097 | €34,450 | €35,084 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €38,033 | €42,844 | €47,320 | €44,325 | €49,381 | ▲ 11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,396 | €31,778 | €31,778 | €33,878 | €35,750 | €35,097 | €34,450 | €35,084 | ▲ 1.8% |
| Other operating charges640/8 | - | - | - | €1,737 | €1,773 | €1,947 | €2,012 | €2,073 | ▲ 3.1% |
| Gross operating margin9900 | €76,758 | €69,434 | €185,672 | €114,098 | €116,436 | €142,632 | €138,767 | €132,046 | ▼ 4.8% |
| Operating profit (loss)9901 | €24,318 | -€3,224 | €100,983 | €40,450 | €36,069 | €58,268 | €57,980 | €45,507 | ▼ 21.5% |
| Financial income75/76B | - | - | - | - | €955 | €1,360 | €1,308 | €1,609 | ▲ 23.0% |
| Recurring financial income75 | €1 | - | - | - | €955 | €1,360 | €1,308 | €1,609 | ▲ 23.0% |
| Financial charges65/66B | - | - | - | €3,782 | €3,716 | €10,158 | €7,107 | €3,453 | ▼ 51.4% |
| Recurring financial charges65 | €4,813 | €4,463 | €4,563 | €3,782 | €3,716 | €10,158 | €7,107 | €3,453 | ▼ 51.4% |
| Profit (loss) for the period before taxes9903 | €19,506 | -€7,687 | €96,420 | €36,668 | €33,308 | €49,469 | €52,182 | €43,663 | ▼ 16.3% |
| Income taxes67/77 | - | - | €15,423 | €8,274 | €6,807 | €13,255 | €13,062 | €10,861 | ▼ 16.8% |
| Profit (loss) for the period9904 | €19,506 | -€7,687 | €80,998 | €28,394 | €26,501 | €36,214 | €39,120 | €32,803 | ▼ 16.1% |
| Profit (loss) for the period to be appropriated9905 | €19,506 | -€7,687 | €80,998 | €28,394 | €26,501 | €36,214 | €39,120 | €32,803 | ▼ 16.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €513,177 | €518,974 | €501,119 | €519,391 | €595,404 | €622,841 | €507,707 | €437,839 | ▼ 13.8% |
| Fixed assets21/28 | €503,387 | €492,153 | €460,375 | €447,337 | €442,821 | €407,724 | €375,473 | €342,587 | ▼ 8.8% |
| Intangible fixed assets21 | - | - | - | €8,681 | €6,638 | €4,595 | €2,552 | €509 | ▼ 80.1% |
| Tangible fixed assets22/27 | €503,312 | €492,078 | €460,300 | €438,580 | €436,108 | €403,054 | €372,846 | €342,004 | ▼ 8.3% |
| Land and buildings22 | - | - | - | €435,527 | €435,452 | €403,054 | €370,656 | €340,254 | ▼ 8.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €2,190 | €1,750 | ▼ 20.1% |
| Furniture and vehicles24 | - | - | - | €3,053 | €656 | €0 | - | - | - |
| Financial fixed assets28 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | = |
| Current assets29/58 | €9,790 | €26,821 | €40,744 | €72,054 | €152,583 | €215,117 | €132,233 | €95,251 | ▼ 28.0% |
| Amounts receivable within one year40/41 | €8,026 | €25,072 | €34,507 | €68,177 | €149,616 | €208,150 | €123,668 | €88,338 | ▼ 28.6% |
| Trade receivables40 | - | - | - | €68,138 | €53,116 | €167,332 | €19,201 | €28,125 | ▲ 46.5% |
| Other amounts receivable41 | - | - | - | €39 | €96,499 | €40,818 | €104,467 | €60,213 | ▼ 42.4% |
| Cash at bank and in hand54/58 | €1,765 | €534 | €4,571 | €2,441 | €110 | €3,416 | €4,608 | €3,613 | ▼ 21.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,436 | €2,857 | €3,551 | €3,958 | €3,300 | ▼ 16.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €513,177 | €518,974 | €501,119 | €519,391 | €595,404 | €622,841 | €507,707 | €437,839 | ▼ 13.8% |
| Equity10/15 | €68,555 | €60,868 | €141,866 | €170,260 | €196,761 | €232,976 | €272,096 | €304,899 | ▲ 12.1% |
| Contributions10/11 | €90,000 | €90,000 | - | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Profit (loss) carried forward14 | -€21,445 | -€29,132 | €51,866 | €80,260 | €106,761 | €142,976 | €182,096 | €214,899 | ▲ 18.0% |
| Amounts payable17/49 | €444,622 | €458,106 | €359,253 | €349,131 | €398,642 | €389,866 | €235,611 | €132,940 | ▼ 43.6% |
| Amounts payable after more than one year17 | €331,498 | €317,613 | €256,280 | €219,062 | €284,041 | €195,848 | €104,328 | €65,032 | ▼ 37.7% |
| Financial debts170/4 | - | - | - | €193,862 | €258,841 | €170,648 | €79,128 | €39,832 | ▼ 49.7% |
| Other amounts payable178/9 | - | - | - | €25,200 | €25,200 | €25,200 | €25,200 | €25,200 | = |
| Amounts payable within one year42/48 | €113,124 | €140,493 | €102,973 | €130,068 | €114,602 | €194,018 | €131,152 | €67,771 | ▼ 48.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €37,218 | €85,022 | €88,193 | €91,520 | €39,295 | ▼ 57.1% |
| Trade debts44 | €34,781 | €17,386 | €8,010 | €6,762 | €10,646 | €53,263 | €12,140 | €14,188 | ▲ 16.9% |
| Suppliers440/4 | - | - | - | €6,762 | €10,646 | €53,263 | €12,140 | €14,188 | ▲ 16.9% |
| Taxes, remuneration and social security45 | - | - | - | €41,890 | €18,830 | €29,096 | €19,206 | €5,882 | ▼ 69.4% |
| Taxes450/3 | - | - | - | €37,180 | €13,731 | €20,062 | €13,817 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €4,711 | €5,099 | €9,034 | €5,389 | €5,882 | ▲ 9.1% |
| Other amounts payable47/48 | - | - | - | €44,198 | €104 | €23,467 | €8,286 | €8,406 | ▲ 1.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €131 | €136 | ▲ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,506 | -€7,687 | €80,998 | €28,394 | €26,501 | €36,214 | €39,120 | €32,803 | ▼ 16.1% |
| + Depreciation and write-downs630 | €29,396 | €31,778 | €31,778 | €33,878 | €35,750 | €35,097 | €34,450 | €35,084 | ▲ 1.8% |
| Operating cash flow (approximation) | €48,901 | €24,091 | €112,776 | €62,272 | €62,251 | €71,311 | €73,570 | €67,887 | ▼ 7.7% |
| Investment in fixed assets (approximation) | - | -€20,545 | €0 | -€20,840 | -€31,234 | €0 | -€2,199 | -€2,199 | = |
| Change in cash | - | -€1,231 | €4,037 | -€2,129 | -€2,331 | €3,306 | €1,193 | -€995 | - |
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, 26,972 companies had the same profile as C-One has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C-One itself: 0.3% 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 26,972 companies, not a prediction for C-One. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00317458 | |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00274646 | |
| 31-12-2023 | abbreviated format | 06-07-2024 | 2024-00224845 | |
| 31-12-2022 | abbreviated format | 07-07-2023 | 2023-00228241 | |
| 31-12-2021 | abbreviated format | 15-07-2022 | 2022-20193640 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43800114 | |
| 31-12-2019 | micro format | 14-09-2020 | 2020-53000029 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-45500444 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-50600314 |