C-Tec²
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 12 filings
Turnover
≈ €350,000
Estimated: probably between €230,000 and €740,000
Total assets
€9.9m▼ 4.0%
2024 · €10.3m
Net result
€178,392▼ 46.8%
2024 · €335,482
Working capital
€8.8m▼ 8.3%
2024 · €9.6m
In the rankings
#1 company by total assets in Bonheiden, Telecoms and IT sector#1 company by equity in Bonheiden, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€129,116
▼ 18.1%
2025
20182025
Net result
€178,392
▼ 46.8%
2025
highest quarter of the sector
20182025
Equity
€8.9m
▼ 8.5%
2025
highest quarter of the sector
20182025
Total assets
€9.9m
▼ 4.0%
2025
highest quarter of the sector
20182025
Debt
€1.1m
▲ 64.6%
2025
20182025
Working capital
€8.8m
▼ 8.3%
2025
highest quarter of the sector
20182025
Solvency
89.4%
▼ 4.4pp
2025
highest quarter of the sector
20182025
Current ratio
9.42
▼ 6.58
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.8%
▼ 1.4pp
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€0.1m-€0.1m▼ 0.2%€0.1m▼ 1.1%€0.1m▼ 0.9%€0.1m▲ 30.2%-€0.09m€0.2m€0.1m▼ 18.1%
Net result€0.5m-€0.6m▲ 24.9%€0.4mabove the sector's middle half▼ 30.5%€0.5mabove the sector's middle half▲ 16.5%€0.7mabove the sector's middle half▲ 59.9%€5.7mabove the sector's middle half▲ 675%€0.3mabove the sector's middle half▼ 94.1%€0.2mabove the sector's middle half▼ 46.8%
Equity€1.8m-€2.3m▲ 32.1%€2.7mabove the sector's middle half▲ 16.9%€3.2mabove the sector's middle half▲ 16.8%€3.6mabove the sector's middle half▲ 13.6%€9.4mabove the sector's middle half▲ 157%€9.7mabove the sector's middle half▲ 3.6%€8.9mabove the sector's middle half▼ 8.5%
Total assets€2.0m-€2.5m▲ 26.5%€2.9mabove the sector's middle half▲ 13.4%€3.3mabove the sector's middle half▲ 14.7%€3.7mabove the sector's middle half▲ 11.5%€10.0mabove the sector's middle half▲ 172%€10.3mabove the sector's middle half▲ 3.8%€9.9mabove the sector's middle half▼ 4.0%
Debt€0.2m-€0.2m▼ 18.5%€0.1m▼ 31.6%€0.08m▼ 31.9%€0.03m▼ 69.6%€0.6m▲ 24×€0.6m▲ 6.7%€1.1m▲ 64.6%
Working capital€0.3m-€0.8m▲ 152%€1.1mabove the sector's middle half▲ 44.5%€1.5mabove the sector's middle half▲ 36.7%€1.9mabove the sector's middle half▲ 27.1%€9.3mabove the sector's middle half▲ 379%€9.6mabove the sector's middle half▲ 2.8%€8.8mabove the sector's middle half▼ 8.3%
Solvency88.9%-92.9%▲ 3.9pp95.7%above the sector's middle half▲ 2.8pp97.4%above the sector's middle half▲ 1.7pp99.3%above the sector's middle half▲ 1.9pp94.0%above the sector's middle half▼ 5.3pp93.8%above the sector's middle half▼ 0.2pp89.4%above the sector's middle half▼ 4.4pp
Current ratio16.34-10.74▼ 5.5916.42above the sector's middle half▲ 5.6719.40above the sector's middle half▲ 2.9977.72above the sector's middle half▲ 58.3216.55above the sector's middle half▼ 61.1716.00above the sector's middle half▼ 0.569.42above the sector's middle half▼ 6.58
Return on assets (ROA)22.8%-22.5%▼ 0.3pp13.8%within the sector's middle half▼ 8.7pp14.0%within the sector's middle half▲ 0.2pp20.1%above the sector's middle half▲ 6.1pp57.4%above the sector's middle half▲ 37.3pp3.2%within the sector's middle half▼ 54.2pp1.8%within the sector's middle half▼ 1.4pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 18% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €9.9m
Fixed assets
€65,452 ▼ 24.9%
Current assets
€9.9m ▼ 3.8%
Equity and liabilities €9.9m
Equity
€8.9m ▼ 8.5%
Debt
€1.1m ▲ 64.6%
Debt's share of the balance-sheet total rises from 6.2% to 10.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€150,773▼
2024 · €177,853
Cash flow
€200,048▼
2024 · €355,731
Debt to equity
0.12▲
2024 · 0.07
ROE
2.0%▼
2024 · 3.5%
Interest coverage
5.51▲
2024 · -121.98
Debt ≤ 1 year
€1.0m▲
2024 · €640,294
Income taxes
€79,964▼
2024 · €150,599
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 | - | €26,690 | €4,863 | €103,103 | - |
| Depreciation and write-downs of the year | €701 | €5,659 | €9,506 | €20,248 | €21,657 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €428 | €0.001m | €0.001m | €0.006m | €0.01m | €0.02m | €0.02m | ▲ 7.0% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 1.6% |
| Gross operating margin9900 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | -€0.08m | €0.2m | €0.2m | ▼ 15.1% |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | -€0.09m | €0.2m | €0.1m | ▼ 18.1% |
| Financial income75/76B | - | - | - | €0.4m | €0.6m | €6.4m | €0.3m | €0.2m | ▼ 52.1% |
| Recurring financial income75 | €0.4m | €0.5m | €0.3m | €0.4m | €0.6m | €0.2m | €0.3m | €0.2m | ▼ 52.1% |
| Non-recurring financial income76B | - | - | - | - | - | €6.3m | - | - | - |
| Financial charges65/66B | - | - | - | €0.005m | €0.005m | €0.001m | -€0.001m | €0.03m | - |
| Recurring financial charges65 | €0.01m | €0.008m | €0.007m | €0.005m | €0.005m | €0.001m | -€0.001m | €0.03m | - |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.6m | €0.4m | €0.5m | €0.8m | €6.4m | €0.5m | €0.3m | ▼ 46.8% |
| Income taxes67/77 | €0.02m | €0.04m | €0.03m | €0.03m | €0.04m | €0.6m | €0.2m | €0.08m | ▼ 46.9% |
| Profit (loss) for the period9904 | €0.5m | €0.6m | €0.4m | €0.5m | €0.7m | €5.7m | €0.3m | €0.2m | ▼ 46.8% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.6m | €0.4m | €0.5m | €0.7m | €5.7m | €0.3m | €0.2m | ▼ 46.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €2.5m | €2.9m | €3.3m | €3.7m | €10.0m | €10.3m | €9.9m | ▼ 4.0% |
| Fixed assets21/28 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €0.02m | €0.09m | €0.07m | ▼ 24.9% |
| Tangible fixed assets22/27 | €425 | €0.002m | €0.002m | €0.001m | €0.02m | €0.02m | €0.09m | €0.07m | ▼ 24.9% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.02m | €0.02m | €0.09m | €0.07m | ▼ 24.9% |
| Financial fixed assets28 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | - | - | - | - |
| Current assets29/58 | €0.3m | €0.9m | €1.2m | €1.6m | €2.0m | €9.9m | €10.2m | €9.9m | ▼ 3.8% |
| Amounts receivable within one year40/41 | €0.01m | €0.004m | €69 | €0.001m | €0.002m | €0.009m | €0.04m | €0.04m | ▲ 9.3% |
| Trade receivables40 | - | - | - | €246 | - | €0.001m | €0.02m | €0.02m | = |
| Other amounts receivable41 | - | - | - | €0.001m | €0.002m | €0.008m | €0.02m | €0.02m | ▲ 19.1% |
| Current investments50/53 | - | €0.1m | €0.2m | €0.2m | €0.2m | €9.2m | €10.1m | €9.7m | ▼ 4.0% |
| Cash at bank and in hand54/58 | €0.3m | €0.7m | €1.0m | €1.4m | €1.8m | €0.04m | €0.1m | €0.1m | ▼ 1.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.007m | €0.7m | €0.009m | €0.02m | ▲ 114% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €2.5m | €2.9m | €3.3m | €3.7m | €10.0m | €10.3m | €9.9m | ▼ 4.0% |
| Equity10/15 | €1.8m | €2.3m | €2.7m | €3.2m | €3.6m | €9.4m | €9.7m | €8.9m | ▼ 8.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.8m | €2.3m | €2.7m | €3.2m | €3.6m | €9.3m | €9.7m | €8.8m | ▼ 8.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €3.2m | €3.6m | €9.3m | €9.7m | €8.8m | ▼ 8.5% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.1m | €0.08m | €0.03m | €0.6m | €0.6m | €1.1m | ▲ 64.6% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.05m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.08m | €0.07m | €0.08m | €0.03m | €0.6m | €0.6m | €1.0m | ▲ 63.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | - | - | - | - | - |
| Trade debts44 | €0.002m | €0.002m | €0.005m | €0.002m | €0.003m | €0.01m | €0.002m | €0.002m | ▼ 30.2% |
| Suppliers440/4 | - | - | - | €0.002m | €0.003m | €0.01m | €0.002m | €0.002m | ▼ 30.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.6m | €0.6m | €0.04m | ▼ 94.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.6m | €0.6m | €0.03m | ▼ 94.8% |
| Remuneration and social security454/9 | - | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | ▲ 1.0% |
| Other amounts payable47/48 | - | - | - | €0.02m | - | €0.003m | €0.005m | €1.0m | ▲ 219× |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €104 | €108 | €150 | €0.008m | ▲ 52× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.5m | €0.6m | €0.4m | €0.5m | €0.7m | €5.7m | €0.3m | €0.2m | ▼ 46.8% |
| + Depreciation and write-downs630 | €0.001m | €428 | €0.001m | €0.001m | €0.006m | €0.01m | €0.02m | €0.02m | ▲ 7.0% |
| Operating cash flow (approximation) | €0.5m | €0.6m | €0.4m | €0.5m | €0.7m | €5.7m | €0.4m | €0.2m | ▼ 43.8% |
| Investment in fixed assets (approximation) | - | -€0.002m | -€0.001m | €0 | -€0.03m | €1.7m | -€0.09m | €0 | - |
| Change in cash | - | €0.4m | €0.3m | €0.4m | €0.4m | -€1.8m | €0.08m | -€0.002m | - |
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, 544 companies had the same profile as C-Tec² has now. Two years later, 93.6% were still going and 0.2% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.6%
was still going
5.9%
stopped otherwise
0.2%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C-Tec² 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 544 companies, not a prediction for C-Tec². 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-07-2026 | 2026-00267918 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00193076 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00196928 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00186441 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20147868 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-27500024 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-21700381 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-25700267 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-26200185 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34800329 |