C-PARTNER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00455504.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 16 filings
Turnover
≈ €87,000
Estimated: probably between €57,000 and €110,000
Total assets
€370,071▼ 2.6%
2024 · €379,968
Net result
€4,368
2024 · -€37,201
Working capital
-€186,996▼ 17.6%
2024 · -€159,027
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,427
2025
20182025
Net result
€4,368
2025
middle half of the sector
20182025
Equity
€30,698
▲ 16.6%
2025
middle half of the sector
20182025
Total assets
€370,071
▼ 2.6%
2025
highest quarter of the sector
20182025
Debt
€339,373
▼ 4.0%
2025
20182025
Working capital
-€186,996
▼ 17.6%
2025
lowest quarter of the sector
20182025
Solvency
8.3%
▲ 1.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.26
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.2%
▲ 11.0pp
2025
middle half of the sector
20182025
Staff (FTE)
0.3
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€17,046-€9,988▼ 41.4%€39,773▲ 298%€16,818▼ 57.7%-€31,640-€240▲ 99.2%-€33,314▼ 13,771%€9,427
Net result€10,529-€4,411▼ 58.1%€28,833within the sector's middle half▲ 554%€13,449within the sector's middle half▼ 53.4%-€31,752below the sector's middle half-€1,048below the sector's middle half▲ 96.7%-€37,201below the sector's middle half▼ 3,449%€4,368within the sector's middle half
Equity€49,638-€54,049▲ 8.9%€82,881within the sector's middle half▲ 53.3%€96,330within the sector's middle half▲ 16.2%€64,579within the sector's middle half▼ 33.0%€63,530within the sector's middle half▼ 1.6%€26,330within the sector's middle half▼ 58.6%€30,698within the sector's middle half▲ 16.6%
Total assets€89,332-€105,259▲ 17.8%€142,473within the sector's middle half▲ 35.4%€164,869within the sector's middle half▲ 15.7%€119,416within the sector's middle half▼ 27.6%€203,454within the sector's middle half▲ 70.4%€379,968above the sector's middle half▲ 86.8%€370,071above the sector's middle half▼ 2.6%
Debt€39,695-€51,210▲ 29.0%€59,591▲ 16.4%€68,538▲ 15.0%€54,837▼ 20.0%€139,923▲ 155%€353,639▲ 153%€339,373▼ 4.0%
Working capital€2,597-€8,540▲ 229%€51,395within the sector's middle half▲ 502%€46,780within the sector's middle half▼ 9.0%€11,784within the sector's middle half▼ 74.8%-€70,349below the sector's middle half-€159,027below the sector's middle half▼ 126%-€186,996below the sector's middle half▼ 17.6%
Solvency55.6%-51.3%▼ 4.2pp58.2%within the sector's middle half▲ 6.8pp58.4%within the sector's middle half▲ 0.3pp54.1%within the sector's middle half▼ 4.3pp31.2%within the sector's middle half▼ 22.9pp6.9%below the sector's middle half▼ 24.3pp8.3%below the sector's middle half▲ 1.4pp
Current ratio1.07-1.17▲ 0.101.90within the sector's middle half▲ 0.731.83within the sector's middle half▼ 0.071.23within the sector's middle half▼ 0.610.45below the sector's middle half▼ 0.780.36below the sector's middle half▼ 0.100.26below the sector's middle half▼ 0.10
Return on assets (ROA)11.8%-4.2%▼ 7.6pp20.2%within the sector's middle half▲ 16.0pp8.2%within the sector's middle half▼ 12.1pp-26.6%below the sector's middle half▼ 34.7pp-0.5%below the sector's middle half▲ 26.1pp-9.8%below the sector's middle half▼ 9.3pp1.2%within the sector's middle half▲ 11.0pp
Staff (FTE)0.3
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 profit of €9,427, after a loss of €33,314 in 2024.
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 €370,071
Fixed assets
€304,665 ▲ 4.2%
Current assets
€65,406 ▼ 25.4%
Equity and liabilities €370,071
Equity
€30,698 ▲ 16.6%
Debt
€339,373 ▼ 4.0%
Debt's share of the balance-sheet total falls from 93.1% to 91.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€28,403▲
2024 · -€10,603
Cash flow
€23,345▲
2024 · -€14,490
Debt to equity
11.06▼
2024 · 13.43
ROE
14.2%▲
2024 · -141.3%
Interest coverage
5.79▲
2024 · -2.84
Debt ≤ 1 year
€252,402▲
2024 · €246,712
Debt > 1 year
€86,972▼
2024 · €106,927
Income taxes
€208▲
2024 · €187
Staff costs
€1,360▲
2024 · €22
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Average over the year, in full-time equivalents | 0.1 |
| Joined | 2 |
| Left | 2 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,108 | €7,543 | €103,458 | €171,614 | €31,358 |
| Depreciation and write-downs of the year | €12,517 | €12,634 | €14,890 | €22,711 | €18,976 |
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 | - | - | - | €7,242 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €22 | €1,360 | ▲ 63× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,863 | €6,135 | €12,250 | €12,517 | €12,634 | €14,890 | €22,711 | €18,976 | ▼ 16.4% |
| Other operating charges640/8 | - | - | - | €1,596 | €1,779 | €3,160 | €2,737 | €656 | ▼ 76.0% |
| Gross operating margin9900 | €31,617 | €18,600 | €54,405 | €30,931 | -€17,227 | €17,810 | -€7,844 | €30,419 | - |
| Operating profit (loss)9901 | €17,046 | €9,988 | €39,773 | €16,818 | -€31,640 | -€240 | -€33,314 | €9,427 | - |
| Financial income75/76B | - | - | - | €3,052 | €2,182 | €141 | €38 | €52 | ▲ 34.7% |
| Recurring financial income75 | €0 | €1,057 | €3,342 | €3,052 | €2,182 | €141 | €38 | €52 | ▲ 34.7% |
| Financial charges65/66B | - | - | - | €810 | €2,204 | €776 | €3,738 | €4,903 | ▲ 31.2% |
| Recurring financial charges65 | €505 | €364 | €537 | €810 | €1,563 | €776 | €3,738 | €4,903 | ▲ 31.2% |
| Non-recurring financial charges66B | - | - | - | - | €641 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €16,541 | €10,681 | €42,579 | €19,060 | -€31,662 | -€875 | -€37,014 | €4,576 | - |
| Income taxes67/77 | €7,246 | €6,270 | €13,746 | €5,611 | €89 | €173 | €187 | €208 | ▲ 10.9% |
| Profit (loss) for the period9904 | €10,529 | €4,411 | €28,833 | €13,449 | -€31,752 | -€1,048 | -€37,201 | €4,368 | - |
| Profit (loss) for the period to be appropriated9905 | €12,924 | €4,411 | €28,833 | €13,449 | -€31,752 | -€1,048 | -€37,201 | €4,368 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €89,332 | €105,259 | €142,473 | €164,869 | €119,416 | €203,454 | €379,968 | €370,071 | ▼ 2.6% |
| Fixed assets21/28 | €48,041 | €46,509 | €34,259 | €62,043 | €56,311 | €144,880 | €292,283 | €304,665 | ▲ 4.2% |
| Tangible fixed assets22/27 | €48,041 | €46,509 | €34,259 | €62,043 | €56,311 | €144,880 | €292,283 | €304,665 | ▲ 4.2% |
| Land and buildings22 | - | - | - | €641 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €573 | €919 | €1,667 | €1,690 | €693 | ▼ 59.0% |
| Furniture and vehicles24 | - | - | - | €25,867 | €22,430 | €15,500 | €16,199 | €25,779 | ▲ 59.1% |
| Other tangible fixed assets26 | - | - | - | €34,962 | €32,962 | €127,712 | €274,394 | €278,194 | ▲ 1.4% |
| Current assets29/58 | €41,291 | €58,750 | €108,214 | €102,826 | €63,105 | €58,574 | €87,685 | €65,406 | ▼ 25.4% |
| Amounts receivable within one year40/41 | €40,635 | €47,276 | €66,390 | €102,548 | €63,105 | €57,293 | €87,685 | €65,295 | ▼ 25.5% |
| Trade receivables40 | - | - | - | €47,763 | €43,599 | €43,582 | €87,394 | €63,795 | ▼ 27.0% |
| Other amounts receivable41 | - | - | - | €54,785 | €19,506 | €13,711 | €291 | €1,500 | ▲ 415% |
| Cash at bank and in hand54/58 | - | €11,474 | €41,594 | €278 | - | €1,282 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €111 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €89,332 | €105,259 | €142,473 | €164,869 | €119,416 | €203,454 | €379,968 | €370,071 | ▼ 2.6% |
| Equity10/15 | €49,638 | €54,049 | €82,881 | €96,330 | €64,579 | €63,530 | €26,330 | €30,698 | ▲ 16.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €31,038 | €35,449 | €64,281 | €77,730 | €64,736 | €64,736 | €64,736 | €64,736 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €75,870 | €62,876 | €62,876 | €62,876 | €62,876 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€18,758 | -€19,806 | -€57,007 | -€52,638 | ▲ 7.7% |
| Amounts payable17/49 | €39,695 | €51,210 | €59,591 | €68,538 | €54,837 | €139,923 | €353,639 | €339,373 | ▼ 4.0% |
| Amounts payable after more than one year17 | - | - | €1,772 | €12,493 | €3,516 | €11,000 | €106,927 | €86,972 | ▼ 18.7% |
| Financial debts170/4 | - | - | - | €12,493 | €3,516 | €11,000 | €106,927 | €86,972 | ▼ 18.7% |
| Amounts payable within one year42/48 | €38,695 | €50,210 | €56,819 | €56,046 | €51,321 | €128,923 | €246,712 | €252,402 | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,476 | €8,976 | €3,516 | €17,995 | €28,462 | ▲ 58.2% |
| Financial debts43 | - | - | - | - | €132 | - | €771 | €1,701 | ▲ 121% |
| Credit institutions430/8 | - | - | - | - | €132 | - | €771 | €1,701 | ▲ 121% |
| Trade debts44 | €22,412 | €17,593 | €21,106 | €21,607 | €26,146 | €59,171 | €58,585 | €59,938 | ▲ 2.3% |
| Suppliers440/4 | - | - | - | €21,607 | €26,146 | €59,171 | €58,585 | €59,938 | ▲ 2.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €8,618 | - |
| Taxes, remuneration and social security45 | - | - | - | €24,963 | €16,067 | €12,128 | €4,021 | €2,792 | ▼ 30.6% |
| Taxes450/3 | - | - | - | €24,963 | €11,398 | €12,128 | €4,021 | €2,792 | ▼ 30.6% |
| Remuneration and social security454/9 | - | - | - | - | €4,669 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €54,108 | €165,340 | €150,890 | ▼ 8.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,529 | €4,411 | €28,833 | €13,449 | -€31,752 | -€1,048 | -€37,201 | €4,368 | - |
| + Depreciation and write-downs630 | €12,863 | €6,135 | €12,250 | €12,517 | €12,634 | €14,890 | €22,711 | €18,976 | ▼ 16.4% |
| Operating cash flow (approximation) | €23,392 | €10,546 | €41,083 | €25,965 | -€19,118 | €13,842 | -€14,490 | €23,345 | - |
| Investment in fixed assets (approximation) | - | -€4,602 | €0 | -€40,300 | -€6,902 | -€103,458 | -€170,114 | -€31,358 | ▲ 81.6% |
| Change in cash | - | - | €30,120 | -€41,317 | - | - | - | - | - |
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, 1,375 companies had the same profile as C-PARTNER has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C-PARTNER itself: 1.9% 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 1,375 companies, not a prediction for C-PARTNER. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00455504 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00456732 | |
| 31-12-2023 | micro format | 25-08-2024 | 2024-00372262 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00414749 | |
| 31-12-2021 | micro format | 12-05-2023 | 2023-00088173 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-74500119 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-74400047 | |
| 31-12-2018 | micro format | 15-10-2019 | 2019-70600393 | |
| 31-12-2017 | micro format | 10-10-2018 | 2018-69200176 | |
| 31-12-2016 | micro format | 26-10-2017 | 2017-67900253 |