C.VAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 18 filings
Turnover
≈ €1.1m
Estimated: probably between €760,000 and €2.9m
EBIT margin
Not included in this filing
Net result
€31,598▼ 22.8%
2024 · €40,918
Working capital
-€75,787▼ 3.9%
2024 · -€72,966
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,045
▼ 19.1%
2025
20182025
Net result
€31,598
▼ 22.8%
2025
middle half of the sector
20182025
Equity
€266,105
▲ 8.8%
2025
middle half of the sector
20182025
Total assets
€857,232
▼ 2.8%
2025
middle half of the sector
20182025
Debt
€591,127
▼ 7.2%
2025
20182025
Working capital
-€75,787
▼ 3.9%
2025
lowest quarter of the sector
20182025
Solvency
31.0%
▲ 3.3pp
2025
middle half of the sector
20182025
Current ratio
0.77
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.7%
▼ 1.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1.6
▲ 6.7%
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€37,317--€1,009€41,483€78,374▲ 88.9%€101,960▲ 30.1%€87,121▼ 14.6%€66,778▼ 23.4%€54,045▼ 19.1%
Net result€14,683--€17,590€22,680within the sector's middle half€45,443within the sector's middle half▲ 100%€68,875within the sector's middle half▲ 51.6%€50,839within the sector's middle half▼ 26.2%€40,918within the sector's middle half▼ 19.5%€31,598within the sector's middle half▼ 22.8%
Equity€113,342-€95,752▼ 15.5%€118,432within the sector's middle half▲ 23.7%€163,875within the sector's middle half▲ 38.4%€167,250within the sector's middle half▲ 2.1%€218,089within the sector's middle half▲ 30.4%€244,507within the sector's middle half▲ 12.1%€266,105within the sector's middle half▲ 8.8%
Total assets€752,703-€684,501▼ 9.1%€736,139within the sector's middle half▲ 7.5%€816,010within the sector's middle half▲ 10.9%€839,720within the sector's middle half▲ 2.9%€867,335within the sector's middle half▲ 3.3%€881,605within the sector's middle half▲ 1.6%€857,232within the sector's middle half▼ 2.8%
Debt€639,360-€588,749▼ 7.9%€617,707▲ 4.9%€652,136▲ 5.6%€672,470▲ 3.1%€649,246▼ 3.5%€637,098▼ 1.9%€591,127▼ 7.2%
Working capital-€39,588--€80,746▼ 104%€4,337within the sector's middle half-€2,699below the sector's middle half-€7,806below the sector's middle half▼ 189%-€11,492below the sector's middle half▼ 47.2%-€72,966below the sector's middle half▼ 535%-€75,787below the sector's middle half▼ 3.9%
Solvency15.1%-14.0%▼ 1.1pp16.1%within the sector's middle half▲ 2.1pp20.1%within the sector's middle half▲ 4.0pp19.9%within the sector's middle half▼ 0.2pp25.1%within the sector's middle half▲ 5.2pp27.7%within the sector's middle half▲ 2.6pp31.0%within the sector's middle half▲ 3.3pp
Current ratio0.82-0.63▼ 0.191.02within the sector's middle half▲ 0.390.99below the sector's middle half▼ 0.030.97below the sector's middle half▼ 0.020.96below the sector's middle half▼ 0.010.78below the sector's middle half▼ 0.180.77below the sector's middle half=
Return on assets (ROA)2.0%--2.6%▼ 4.5pp3.1%within the sector's middle half▲ 5.7pp5.6%within the sector's middle half▲ 2.5pp8.2%within the sector's middle half▲ 2.6pp5.9%within the sector's middle half▼ 2.3pp4.6%within the sector's middle half▼ 1.2pp3.7%within the sector's middle half▼ 1.0pp
Staff (FTE)2.1-1.7▼ 19.0%2below the sector's middle half▲ 17.6%2.1below the sector's middle half▲ 5.0%1.2below the sector's middle half▼ 42.9%1.6below the sector's middle half▲ 33.3%1.5below the sector's middle half▼ 6.3%1.6within the sector's middle half▲ 6.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 19% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €857,232
Fixed assets
€597,908 ▼ 4.4%
Current assets
€259,324 ▲ 1.3%
Equity and liabilities €857,232
Equity
€266,105 ▲ 8.8%
Debt
€591,127 ▼ 7.2%
Debt's share of the balance-sheet total falls from 72.3% to 69.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€171,519▲
2024 · €161,876
Cash flow
€149,071▲
2024 · €136,016
Quick ratio
0.25▲
2024 · 0.18
Debt to equity
2.22▼
2024 · 2.61
ROE
11.9%▼
2024 · 16.7%
Interest coverage
12.35▲
2024 · 10.81
Debt ≤ 1 year
€335,111▲
2024 · €328,864
Debt > 1 year
€256,016▼
2024 · €308,234
Income taxes
€8,623▼
2024 · €10,895
Staff costs
€33,432▲
2024 · €27,357
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 | 3 | 3 | 3 | 4 | 5 |
| full-time | 2 | 1 | 1 | 1 | 1 |
| part-time | 1 | 2 | 2 | 3 | 4 |
| in full-time equivalents | 2.2 | 1.4 | 1.4 | 1.6 | 1.7 |
| Average over the year, in full-time equivalents | 2.1 | 1.2 | 1.6 | 1.5 | 1.6 |
| On a permanent contract | 1 | 1 | - | - | - |
| Joined | 2 | 2 | 4 | 1 | 3 |
| Left | 2 | 2 | 4 | 0 | 2 |
| Training hours | 24 | 78 | - | - | - |
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 | €379,001 | €321,827 | €250,182 | €219,798 | €188,645 |
| Mortgages, amount registered | €510,000 | €510,000 | €510,000 | €510,000 | €510,000 |
| Carrying value of the mortgaged assets | €395,202 | €394,945 | €374,052 | €353,508 | €335,181 |
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 | €67,997 | €137,299 | €92,007 | €167,210 | €116,101 |
| Intangible fixed assets | - | €1,600 | - | - | - |
| Depreciation and write-downs of the year | €62,634 | €67,534 | €78,079 | €95,098 | €117,473 |
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 | - | - | - | €5,500 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €59,347 | €42,487 | €66,623 | €27,357 | €33,432 | ▲ 22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,449 | €59,426 | €56,740 | €62,634 | €67,534 | €78,079 | €95,098 | €117,473 | ▲ 23.5% |
| Other operating charges640/8 | - | - | - | €8,161 | €8,600 | €12,146 | €9,142 | €11,698 | ▲ 28.0% |
| Gross operating margin9900 | €160,623 | €93,594 | €164,137 | €208,517 | €220,580 | €243,969 | €198,375 | €216,649 | ▲ 9.2% |
| Operating profit (loss)9901 | €37,317 | -€1,009 | €41,483 | €78,374 | €101,960 | €87,121 | €66,778 | €54,045 | ▼ 19.1% |
| Financial income75/76B | - | - | - | €19 | €16 | €81 | €10 | €64 | ▲ 536% |
| Recurring financial income75 | €9 | €60 | €16 | €19 | €16 | €81 | €10 | €64 | ▲ 536% |
| Financial charges65/66B | - | - | - | €16,803 | €17,621 | €22,641 | €14,974 | €13,889 | ▼ 7.2% |
| Recurring financial charges65 | €17,859 | €16,436 | €17,608 | €16,803 | €17,621 | €22,641 | €14,974 | €13,889 | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €19,467 | -€17,385 | €23,891 | €61,590 | €84,355 | €64,562 | €51,814 | €40,221 | ▼ 22.4% |
| Income taxes67/77 | €4,784 | €205 | €1,212 | €16,147 | €15,480 | €13,723 | €10,895 | €8,623 | ▼ 20.9% |
| Profit (loss) for the period9904 | €14,683 | -€17,590 | €22,680 | €45,443 | €68,875 | €50,839 | €40,918 | €31,598 | ▼ 22.8% |
| Profit (loss) for the period to be appropriated9905 | €14,683 | -€17,590 | €22,680 | €45,443 | €68,875 | €50,839 | €40,918 | €31,598 | ▼ 22.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €752,703 | €684,501 | €736,139 | €816,010 | €839,720 | €867,335 | €881,605 | €857,232 | ▼ 2.8% |
| Fixed assets21/28 | €567,797 | €546,766 | €502,974 | €508,337 | €564,262 | €568,255 | €625,707 | €597,908 | ▼ 4.4% |
| Intangible fixed assets21 | €10,400 | €7,800 | €5,200 | €2,600 | €1,460 | €926 | €393 | - | - |
| Tangible fixed assets22/27 | €557,273 | €538,842 | €497,650 | €505,613 | €562,678 | €567,205 | €625,190 | €597,784 | ▼ 4.4% |
| Land and buildings22 | - | - | - | €395,202 | €394,945 | €374,052 | €353,508 | €335,181 | ▼ 5.2% |
| Plant, machinery and equipment23 | - | - | - | €8,930 | €18,434 | €18,494 | €13,313 | €9,854 | ▼ 26.0% |
| Furniture and vehicles24 | - | - | - | €100,405 | €148,331 | €173,798 | €257,616 | €252,104 | ▼ 2.1% |
| Other tangible fixed assets26 | - | - | - | €1,076 | €968 | €861 | €753 | €645 | ▼ 14.3% |
| Financial fixed assets28 | €124 | €124 | €124 | €124 | €124 | €124 | €124 | €124 | = |
| Current assets29/58 | €184,905 | €137,735 | €233,165 | €307,673 | €275,458 | €299,080 | €255,898 | €259,324 | ▲ 1.3% |
| Stocks and contracts in progress3 | €110,778 | €92,087 | €97,272 | €146,996 | €158,158 | €187,315 | €198,153 | €177,194 | ▼ 10.6% |
| Stocks30/36 | - | - | - | €146,996 | €158,158 | €187,315 | €198,153 | €177,194 | ▼ 10.6% |
| Amounts receivable within one year40/41 | €43,642 | €28,347 | €43,216 | €33,873 | €23,870 | €30,191 | €22,948 | €20,184 | ▼ 12.0% |
| Trade receivables40 | - | - | - | €28,984 | €21,629 | €27,420 | €22,419 | €18,477 | ▼ 17.6% |
| Other amounts receivable41 | - | - | - | €4,889 | €2,242 | €2,772 | €529 | €1,707 | ▲ 222% |
| Cash at bank and in hand54/58 | €27,941 | €12,747 | €88,266 | €124,531 | €88,489 | €75,489 | €26,634 | €54,877 | ▲ 106% |
| Deferred charges and accrued income490/1 | - | - | - | €2,272 | €4,941 | €6,086 | €8,163 | €7,070 | ▼ 13.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €752,703 | €684,501 | €736,139 | €816,010 | €839,720 | €867,335 | €881,605 | €857,232 | ▼ 2.8% |
| Equity10/15 | €113,342 | €95,752 | €118,432 | €163,875 | €167,250 | €218,089 | €244,507 | €266,105 | ▲ 8.8% |
| Contributions10/11 | €25,000 | €25,000 | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €82,500 | €82,500 | €92,500 | €137,500 | €142,000 | €192,000 | €217,500 | €241,000 | ▲ 10.8% |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | - | - | - | - |
| Distributable reserves133 | - | - | - | €135,000 | €139,500 | €192,000 | €217,500 | €241,000 | ▲ 10.8% |
| Profit (loss) carried forward14 | €5,842 | -€11,748 | €932 | €1,375 | €250 | €1,089 | €2,007 | €105 | ▼ 94.8% |
| Amounts payable17/49 | €639,360 | €588,749 | €617,707 | €652,136 | €672,470 | €649,246 | €637,098 | €591,127 | ▼ 7.2% |
| Amounts payable after more than one year17 | €411,445 | €366,102 | €383,980 | €336,865 | €389,205 | €338,674 | €308,234 | €256,016 | ▼ 16.9% |
| Financial debts170/4 | - | - | - | €336,865 | €389,205 | €338,674 | €308,234 | €256,016 | ▼ 16.9% |
| Amounts payable within one year42/48 | €224,493 | €218,481 | €228,828 | €310,372 | €283,264 | €310,572 | €328,864 | €335,111 | ▲ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €66,712 | €87,548 | €100,862 | €104,746 | €110,723 | ▲ 5.7% |
| Financial debts43 | - | - | - | €140,000 | - | - | €8,240 | - | - |
| Credit institutions430/8 | - | - | - | €140,000 | - | - | €8,240 | - | - |
| Trade debts44 | €10,890 | €30,404 | €11,145 | €12,846 | €9,872 | €22,617 | €26,077 | €23,000 | ▼ 11.8% |
| Suppliers440/4 | - | - | - | €12,846 | €9,872 | €22,617 | €26,077 | €23,000 | ▼ 11.8% |
| Advances received on contracts in progress46 | - | - | - | €1,063 | €1,643 | €1,054 | €157 | €273 | ▲ 74.5% |
| Taxes, remuneration and social security45 | - | - | - | €18,620 | €14,457 | €13,991 | €6,347 | €22,678 | ▲ 257% |
| Taxes450/3 | - | - | - | €9,180 | €8,622 | €8,955 | €4,880 | €16,657 | ▲ 241% |
| Remuneration and social security454/9 | - | - | - | €9,440 | €5,835 | €5,036 | €1,467 | €6,021 | ▲ 310% |
| Other amounts payable47/48 | - | - | - | €71,130 | €169,744 | €172,048 | €183,296 | €178,437 | ▼ 2.7% |
| Accrued charges and deferred income492/3 | - | - | - | €4,899 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,683 | -€17,590 | €22,680 | €45,443 | €68,875 | €50,839 | €40,918 | €31,598 | ▼ 22.8% |
| + Depreciation and write-downs630 | €58,449 | €59,426 | €56,740 | €62,634 | €67,534 | €78,079 | €95,098 | €117,473 | ▲ 23.5% |
| Operating cash flow (approximation) | €73,133 | €41,836 | €79,420 | €108,076 | €136,409 | €128,918 | €136,016 | €149,071 | ▲ 9.6% |
| Investment in fixed assets (approximation) | - | -€38,395 | -€12,948 | -€67,997 | -€123,458 | -€82,072 | -€152,550 | -€89,674 | ▲ 41.2% |
| Change in cash | - | -€15,194 | €75,520 | €36,265 | -€36,043 | -€13,000 | -€48,855 | €28,243 | - |
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, 10,904 companies had the same profile as C.VAN has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of C.VAN itself: 0.2% 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 10,904 companies, not a prediction for C.VAN. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00206867 | |
| 31-12-2024 | full format | 16-06-2025 | 2025-00147126 | |
| 31-12-2023 | full format | 22-06-2024 | 2024-00163308 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00165455 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20134334 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-25400473 | |
| 31-12-2019 | full format | 30-06-2020 | 2020-23900136 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-24900081 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-26100121 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-25500111 |