C STORE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 5 filings
Turnover
≈ €150,000
Estimated: probably between €100,000 and €270,000
Total assets
€498,859▼ 5.3%
2024 · €526,540
Net result
€6,216▼ 20.5%
2024 · €7,822
Working capital
-€82,704▲ 11.0%
2024 · -€92,912
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€15,030
▼ 11.0%
2025
20212025
Net result
€6,216
▼ 20.5%
2025
middle half of the sector
20212025
Equity
€30,400
▲ 25.7%
2025
middle half of the sector
20212025
Total assets
€498,859
▼ 5.3%
2025
highest quarter of the sector
20212025
Debt
€468,459
▼ 6.7%
2025
20212025
Working capital
-€82,704
▲ 11.0%
2025
lowest quarter of the sector
20212025
Solvency
6.1%
▲ 1.5pp
2025
lowest quarter of the sector
20212025
Current ratio
0.30
▲ 0.05
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
1.2%
▼ 0.2pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€13,085-€3,035▼ 76.8%€18,102▲ 496%€16,895▼ 6.7%€15,030▼ 11.0%
Net result€9,284within the sector's middle half--€6,252below the sector's middle half€8,331within the sector's middle half€7,822within the sector's middle half▼ 6.1%€6,216within the sector's middle half▼ 20.5%
Equity€14,284within the sector's middle half-€8,032below the sector's middle half▼ 43.8%€16,363within the sector's middle half▲ 104%€24,185within the sector's middle half▲ 47.8%€30,400within the sector's middle half▲ 25.7%
Total assets€362,565above the sector's middle half-€531,509above the sector's middle half▲ 46.6%€559,429above the sector's middle half▲ 5.3%€526,540above the sector's middle half▼ 5.9%€498,859above the sector's middle half▼ 5.3%
Debt€348,281-€523,477▲ 50.3%€543,066▲ 3.7%€502,356▼ 7.5%€468,459▼ 6.7%
Working capital-€8,200below the sector's middle half--€53,956below the sector's middle half▼ 558%-€106,847below the sector's middle half▼ 98.0%-€92,912below the sector's middle half▲ 13.0%-€82,704below the sector's middle half▲ 11.0%
Solvency3.9%below the sector's middle half-1.5%below the sector's middle half▼ 2.4pp2.9%below the sector's middle half▲ 1.4pp4.6%below the sector's middle half▲ 1.7pp6.1%below the sector's middle half▲ 1.5pp
Current ratio0.89below the sector's middle half-0.40below the sector's middle half▼ 0.480.22below the sector's middle half▼ 0.190.24below the sector's middle half▲ 0.020.30below the sector's middle half▲ 0.05
Return on assets (ROA)2.6%within the sector's middle half--1.2%below the sector's middle half▼ 3.7pp1.5%within the sector's middle half▲ 2.7pp1.5%within the sector's middle half=1.2%within the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 11% lower than in 2024. It is the second fall in a row.
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 €498,859
Fixed assets
€463,810 ▼ 6.6%
Current assets
€35,049 ▲ 17.5%
Equity and liabilities €498,859
Equity
€30,400 ▲ 25.7%
Debt
€468,459 ▼ 6.7%
Debt's share of the balance-sheet total falls from 95.4% to 93.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,938▼
2024 · €49,803
Cash flow
€39,124▼
2024 · €40,730
Quick ratio
0.24▲
2024 · 0.18
Debt to equity
15.41▼
2024 · 20.77
ROE
20.4%▼
2024 · 32.3%
Interest coverage
5.64▲
2024 · 5.57
Debt ≤ 1 year
€117,753▼
2024 · €122,735
Debt > 1 year
€346,664▼
2024 · €375,906
Income taxes
€319▲
2024 · €140
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 | €298,950 | €210,980 | €67,113 | - | - |
| Depreciation and write-downs of the year | €2,156 | €12,979 | €32,282 | €32,908 | €32,908 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,156 | €12,979 | €32,282 | €32,908 | €32,908 | = |
| Other operating charges640/8 | - | €124 | €2,960 | €3,890 | €3,183 | ▼ 18.2% |
| Gross operating margin9900 | €15,241 | €16,137 | €53,344 | €53,692 | €51,120 | ▼ 4.8% |
| Operating profit (loss)9901 | €13,085 | €3,035 | €18,102 | €16,895 | €15,030 | ▼ 11.0% |
| Financial income75/76B | - | - | - | - | €3 | - |
| Recurring financial income75 | - | - | - | - | €3 | - |
| Financial charges65/66B | €3,801 | €9,287 | €9,662 | €8,934 | €8,499 | ▼ 4.9% |
| Recurring financial charges65 | €3,801 | €9,287 | €9,662 | €8,934 | €8,499 | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | €9,284 | -€6,252 | €8,440 | €7,961 | €6,534 | ▼ 17.9% |
| Income taxes67/77 | - | - | €109 | €140 | €319 | ▲ 128% |
| Profit (loss) for the period9904 | €9,284 | -€6,252 | €8,331 | €7,822 | €6,216 | ▼ 20.5% |
| Profit (loss) for the period to be appropriated9905 | €9,284 | -€6,252 | €8,331 | €7,822 | €6,216 | ▼ 20.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €362,565 | €531,509 | €559,429 | €526,540 | €498,859 | ▼ 5.3% |
| Fixed assets21/28 | €296,794 | €494,795 | €529,626 | €496,718 | €463,810 | ▼ 6.6% |
| Tangible fixed assets22/27 | €296,794 | €494,795 | €529,626 | €496,718 | €463,810 | ▼ 6.6% |
| Land and buildings22 | €296,794 | €493,285 | €512,659 | €487,195 | €461,730 | ▼ 5.2% |
| Plant, machinery and equipment23 | - | - | €11,594 | €5,797 | - | - |
| Furniture and vehicles24 | - | €1,510 | €5,373 | €3,726 | €2,079 | ▼ 44.2% |
| Current assets29/58 | €65,771 | €36,714 | €29,803 | €29,823 | €35,049 | ▲ 17.5% |
| Stocks and contracts in progress3 | - | €17,391 | €7,326 | €7,150 | €6,514 | ▼ 8.9% |
| Stocks30/36 | - | €17,391 | €7,326 | €7,150 | €6,514 | ▼ 8.9% |
| Amounts receivable within one year40/41 | €56,081 | €15,858 | €19,000 | €20,310 | €26,385 | ▲ 29.9% |
| Trade receivables40 | €17,052 | €14,311 | €18,196 | €17,656 | €24,049 | ▲ 36.2% |
| Other amounts receivable41 | €39,029 | €1,547 | €805 | €2,654 | €2,336 | ▼ 12.0% |
| Cash at bank and in hand54/58 | €9,690 | €3,268 | €885 | - | - | - |
| Deferred charges and accrued income490/1 | - | €198 | €2,592 | €2,363 | €2,150 | ▼ 9.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €362,565 | €531,509 | €559,429 | €526,540 | €498,859 | ▼ 5.3% |
| Equity10/15 | €14,284 | €8,032 | €16,363 | €24,185 | €30,400 | ▲ 25.7% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €9,284 | €3,032 | €11,363 | €19,185 | €25,400 | ▲ 32.4% |
| Amounts payable17/49 | €348,281 | €523,477 | €543,066 | €502,356 | €468,459 | ▼ 6.7% |
| Amounts payable after more than one year17 | €274,309 | €432,376 | €404,471 | €375,906 | €346,664 | ▼ 7.8% |
| Financial debts170/4 | €274,309 | €432,376 | €404,471 | €375,906 | €346,664 | ▼ 7.8% |
| Amounts payable within one year42/48 | €73,971 | €90,670 | €136,650 | €122,735 | €117,753 | ▼ 4.1% |
| Current portion of amounts payable after more than one year42 | - | €27,263 | €27,906 | €28,565 | €29,243 | ▲ 2.4% |
| Financial debts43 | - | - | - | €6,071 | €7,445 | ▲ 22.6% |
| Other loans439 | - | - | - | €6,071 | €7,445 | ▲ 22.6% |
| Trade debts44 | €5,971 | €3,407 | €36,517 | €16,056 | €20,189 | ▲ 25.7% |
| Suppliers440/4 | €5,971 | €3,407 | €36,517 | €16,056 | €20,189 | ▲ 25.7% |
| Advances received on contracts in progress46 | - | - | - | €629 | - | - |
| Taxes, remuneration and social security45 | - | - | €5,728 | €4,915 | €4,877 | ▼ 0.8% |
| Taxes450/3 | - | - | €5,728 | €4,915 | €4,877 | ▼ 0.8% |
| Other amounts payable47/48 | €68,000 | €60,000 | €66,500 | €66,500 | €56,000 | ▼ 15.8% |
| Accrued charges and deferred income492/3 | - | €431 | €1,945 | €3,715 | €4,042 | ▲ 8.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,284 | -€6,252 | €8,331 | €7,822 | €6,216 | ▼ 20.5% |
| + Depreciation and write-downs630 | €2,156 | €12,979 | €32,282 | €32,908 | €32,908 | = |
| Operating cash flow (approximation) | €11,440 | €6,727 | €40,613 | €40,730 | €39,124 | ▼ 3.9% |
| Investment in fixed assets (approximation) | - | -€210,980 | -€67,113 | €0 | €0 | - |
| Change in cash | - | -€6,423 | -€2,382 | - | - | - |
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, 1,603 companies had the same profile as C STORE has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C STORE itself: 0.7% 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 1,603 companies, not a prediction for C STORE. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00259273 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00226308 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00261784 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00206337 | |
| 31-12-2021 | micro format | 12-08-2022 | 2022-20293217 |