C.V.S.E.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-01-2026 PDF all 17 filings
Equity
€444,100▼ 4.2%
2024 · €463,668
Total assets
€462,148▼ 3.5%
2024 · €478,824
Net result
-€19,568▲ 9.1%
2024 · -€21,532
Working capital
€417,244▼ 1.5%
2024 · €423,404
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€19,790
▲ 7.2%
2025
20192025
Net result
-€19,568
▲ 9.1%
2025
lowest quarter of the sector
20192025
Equity
€444,100
▼ 4.2%
2025
highest quarter of the sector
20192025
Total assets
€462,148
▼ 3.5%
2025
highest quarter of the sector
20192025
Debt
€18,048
▲ 19.1%
2025
20192025
Working capital
€417,244
▼ 1.5%
2025
highest quarter of the sector
20192025
Solvency
96.1%
▼ 0.7pp
2025
highest quarter of the sector
20192025
Current ratio
24.12
▼ 4.82
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-4.2%
▲ 0.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€33,821-€51,466▲ 52.2%€94,967▲ 84.5%€50,042▼ 47.3%-€38,828-€21,332▲ 45.1%-€19,790▲ 7.2%
Net result€32,010-€47,576within the sector's middle half▲ 48.6%€78,420above the sector's middle half▲ 64.8%€37,559within the sector's middle half▼ 52.1%-€38,805below the sector's middle half-€21,532below the sector's middle half▲ 44.5%-€19,568below the sector's middle half▲ 9.1%
Equity€360,450-€408,026above the sector's middle half▲ 13.2%€486,446above the sector's middle half▲ 19.2%€524,005above the sector's middle half▲ 7.7%€485,199above the sector's middle half▼ 7.4%€463,668above the sector's middle half▼ 4.4%€444,100above the sector's middle half▼ 4.2%
Total assets€385,330-€431,145within the sector's middle half▲ 11.9%€530,846above the sector's middle half▲ 23.1%€531,558above the sector's middle half▲ 0.1%€497,545above the sector's middle half▼ 6.4%€478,824above the sector's middle half▼ 3.8%€462,148above the sector's middle half▼ 3.5%
Debt€24,880-€23,119▼ 7.1%€44,401▲ 92.1%€7,553▼ 83.0%€12,346▲ 63.5%€15,157▲ 22.8%€18,048▲ 19.1%
Working capital€333,225-€386,245above the sector's middle half▲ 15.9%€469,021above the sector's middle half▲ 21.4%€506,545above the sector's middle half▲ 8.0%€431,116above the sector's middle half▼ 14.9%€423,404above the sector's middle half▼ 1.8%€417,244above the sector's middle half▼ 1.5%
Solvency93.5%-94.6%above the sector's middle half▲ 1.1pp91.6%above the sector's middle half▼ 3.0pp98.6%above the sector's middle half▲ 6.9pp97.5%above the sector's middle half▼ 1.1pp96.8%above the sector's middle half▼ 0.7pp96.1%above the sector's middle half▼ 0.7pp
Current ratio14.39-17.71above the sector's middle half▲ 3.3111.56above the sector's middle half▼ 6.1468.06above the sector's middle half▲ 56.5035.92above the sector's middle half▼ 32.1428.93above the sector's middle half▼ 6.9924.12above the sector's middle half▼ 4.82
Return on assets (ROA)8.3%-11.0%within the sector's middle half▲ 2.7pp14.8%within the sector's middle half▲ 3.7pp7.1%within the sector's middle half▼ 7.7pp-7.8%below the sector's middle half▼ 14.9pp-4.5%below the sector's middle half▲ 3.3pp-4.2%below the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Veterinary activities (NACE 75). 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 loss of €19,790, smaller than the loss of €21,332 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €462,148
Fixed assets
€26,855 ▼ 33.3%
Current assets
€435,293 ▼ 0.7%
Equity and liabilities €462,148
Equity
€444,100 ▼ 4.2%
Debt
€18,048 ▲ 19.1%
Debt's share of the balance-sheet total rises from 3.2% to 3.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,969▲
2024 · -€7,513
Cash flow
-€5,747▲
2024 · -€7,713
Quick ratio
24.08▼
2024 · 28.93
Debt to equity
0.04▲
2024 · 0.03
ROE
-4.4%▲
2024 · -4.6%
Interest coverage
-38.15▲
2024 · -51.29
Debt ≤ 1 year
€18,048▲
2024 · €15,157
Income taxes
€165▼
2024 · €176
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,108 | €43,159 | - | €412 |
| Depreciation and write-downs of the year | €5,072 | €6,535 | €13,819 | €13,821 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €86 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,936 | €5,445 | €4,356 | €5,072 | €6,535 | €13,819 | €13,821 | = |
| Other operating charges640/8 | - | - | - | €641 | €525 | €639 | €673 | ▲ 5.3% |
| Non-recurring operating charges66A | - | - | - | - | €93 | - | - | - |
| Gross operating margin9900 | €51,729 | €57,523 | €100,337 | €55,755 | -€31,675 | -€6,874 | -€5,296 | ▲ 23.0% |
| Operating profit (loss)9901 | €33,821 | €51,466 | €94,967 | €50,042 | -€38,828 | -€21,332 | -€19,790 | ▲ 7.2% |
| Financial income75/76B | - | - | - | €7,442 | €3 | €123 | €543 | ▲ 343% |
| Recurring financial income75 | €8,209 | €10,502 | €19,706 | €7,442 | €3 | €123 | €543 | ▲ 343% |
| Financial charges65/66B | - | - | - | €1,383 | €173 | €146 | €156 | ▲ 6.8% |
| Recurring financial charges65 | €997 | €1,602 | €2,889 | €1,383 | €173 | €146 | €156 | ▲ 6.8% |
| Profit (loss) for the period before taxes9903 | €41,033 | €60,365 | €111,784 | €56,101 | -€38,999 | -€21,356 | -€19,403 | ▲ 9.1% |
| Income taxes67/77 | €9,023 | €12,790 | €33,365 | €18,542 | -€193 | €176 | €165 | ▼ 5.9% |
| Profit (loss) for the period9904 | €32,010 | €47,576 | €78,420 | €37,559 | -€38,805 | -€21,532 | -€19,568 | ▲ 9.1% |
| Profit (loss) for the period to be appropriated9905 | €48,579 | €47,576 | €93,765 | €37,559 | -€38,805 | -€21,532 | -€19,568 | ▲ 9.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €385,330 | €431,145 | €530,846 | €531,558 | €497,545 | €478,824 | €462,148 | ▼ 3.5% |
| Fixed assets21/28 | €27,226 | €21,780 | €17,424 | €17,460 | €54,083 | €40,264 | €26,855 | ▼ 33.3% |
| Tangible fixed assets22/27 | €27,226 | €21,780 | €17,424 | €17,460 | €54,083 | €40,264 | €26,855 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | - | €6,281 | €4,591 | €2,900 | €1,209 | ▼ 58.3% |
| Furniture and vehicles24 | - | - | - | - | €41,811 | €33,179 | €24,958 | ▼ 24.8% |
| Other tangible fixed assets26 | - | - | - | €11,179 | €7,682 | €4,185 | €688 | ▼ 83.6% |
| Current assets29/58 | €358,104 | €409,365 | €513,422 | €514,098 | €443,462 | €438,561 | €435,293 | ▼ 0.7% |
| Amounts receivable after more than one year29 | - | - | - | €272,000 | €272,000 | €272,000 | €272,000 | = |
| Other amounts receivable291 | - | - | - | €272,000 | €272,000 | €272,000 | €272,000 | = |
| Stocks and contracts in progress3 | €5,111 | €7,478 | €2,322 | - | - | - | €744 | - |
| Stocks30/36 | - | - | - | - | - | - | €744 | - |
| Amounts receivable within one year40/41 | €134,306 | €127,528 | €328,545 | €63,766 | €77,514 | €74,953 | €75,960 | ▲ 1.3% |
| Trade receivables40 | - | - | - | €93 | €1,882 | €1,924 | €3,146 | ▲ 63.5% |
| Other amounts receivable41 | - | - | - | €63,674 | €75,632 | €73,029 | €72,815 | ▼ 0.3% |
| Current investments50/53 | €63,174 | €48,174 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €154,782 | €225,449 | €181,807 | €177,604 | €92,522 | €90,658 | €85,357 | ▼ 5.8% |
| Deferred charges and accrued income490/1 | - | - | - | €728 | €1,426 | €949 | €1,231 | ▲ 29.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €385,330 | €431,145 | €530,846 | €531,558 | €497,545 | €478,824 | €462,148 | ▼ 3.5% |
| Equity10/15 | €360,450 | €408,026 | €486,446 | €524,005 | €485,199 | €463,668 | €444,100 | ▼ 4.2% |
| Contributions10/11 | €21,930 | €21,930 | - | €21,930 | €21,930 | €21,930 | €21,930 | = |
| Reserves13 | €169,108 | €169,108 | €243,763 | €128,193 | €128,193 | €128,193 | €128,193 | = |
| Non-distributable reserves130/1 | - | - | - | €2,193 | €2,193 | €2,193 | €2,193 | = |
| Reserves not available under the articles1311 | - | - | - | €2,193 | €2,193 | €2,193 | €2,193 | = |
| Distributable reserves133 | - | - | - | €126,000 | €126,000 | €126,000 | €126,000 | = |
| Profit (loss) carried forward14 | €169,413 | €216,988 | €220,753 | €373,882 | €335,076 | €313,545 | €293,977 | ▼ 6.2% |
| Amounts payable17/49 | €24,880 | €23,119 | €44,401 | €7,553 | €12,346 | €15,157 | €18,048 | ▲ 19.1% |
| Amounts payable within one year42/48 | €24,880 | €23,119 | €44,401 | €7,553 | €12,346 | €15,157 | €18,048 | ▲ 19.1% |
| Trade debts44 | €11,430 | €9,019 | €5,897 | €1,134 | €1,704 | €1,658 | €2,284 | ▲ 37.7% |
| Suppliers440/4 | - | - | - | €1,134 | €1,704 | €1,658 | €2,284 | ▲ 37.7% |
| Taxes, remuneration and social security45 | - | - | - | €6,419 | €147 | €527 | €304 | ▼ 42.3% |
| Taxes450/3 | - | - | - | €6,419 | €147 | €527 | €304 | ▼ 42.3% |
| Other amounts payable47/48 | - | - | - | - | €10,495 | €12,971 | €15,460 | ▲ 19.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,010 | €47,576 | €78,420 | €37,559 | -€38,805 | -€21,532 | -€19,568 | ▲ 9.1% |
| + Depreciation and write-downs630 | €16,936 | €5,445 | €4,356 | €5,072 | €6,535 | €13,819 | €13,821 | = |
| Operating cash flow (approximation) | €48,946 | €53,021 | €82,776 | €42,631 | -€32,270 | -€7,713 | -€5,747 | ▲ 25.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€5,108 | -€43,159 | €0 | -€412 | - |
| Change in cash | - | €70,666 | -€43,642 | -€4,203 | -€85,082 | -€1,865 | -€5,301 | ▼ 184% |
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, 2,686 companies had the same profile as C.V.S.E. has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C.V.S.E. 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 2,686 companies, not a prediction for C.V.S.E.. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 20-01-2026 | 2026-00010290 | |
| 30-06-2024 | micro format | 29-11-2024 | 2024-00606355 | |
| 30-06-2023 | micro format | 22-12-2023 | 2023-00534809 | |
| 30-06-2022 | micro format | 16-12-2022 | 2022-20546886 | |
| 30-06-2021 | micro format | 20-12-2021 | 2021-80800302 | |
| 30-06-2020 | micro format | 23-12-2020 | 2020-77000518 | |
| 30-06-2019 | micro format | 15-01-2020 | 2020-01300388 | |
| 30-06-2018 | micro format | 26-12-2018 | 2018-75800220 | |
| 30-06-2017 | micro format | 20-12-2017 | 2017-72900438 | |
| 30-06-2016 | full format | 30-01-2017 | 2017-02900285 |