C-VIEW
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 16 filings
Equity
€4,923▼ 21.6%
2024 · €6,281
Total assets
€14,294▲ 0.7%
2024 · €14,194
Net result
-€1,358▼ 16.6%
2024 · -€1,164
Working capital
€4,923▼ 21.6%
2024 · €6,281
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,139
▼ 21.3%
2025
20182025
Net result
-€1,358
▼ 16.6%
2025
middle half of the sector
20182025
Equity
€4,923
▼ 21.6%
2025
lowest quarter of the sector
20182025
Total assets
€14,294
▲ 0.7%
2025
lowest quarter of the sector
20182025
Debt
€9,371
▲ 18.4%
2025
20182025
Working capital
€4,923
▼ 21.6%
2025
middle half of the sector
20182025
Solvency
34.4%
▼ 9.8pp
2025
middle half of the sector
20182025
Current ratio
1.53
▼ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
-9.5%
▼ 1.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,388-€14,619▼ 5.0%-€947-€1,204▼ 27.2%-€1,010▲ 16.1%-€1,035▼ 2.5%-€940▲ 9.3%-€1,139▼ 21.3%
Net result€15,794-€9,730▼ 38.4%-€1,774within the sector's middle half-€1,753below the sector's middle half▲ 1.2%-€1,194within the sector's middle half▲ 31.9%-€1,208within the sector's middle half▼ 1.2%-€1,164within the sector's middle half▲ 3.6%-€1,358within the sector's middle half▼ 16.6%
Equity€3,643-€13,373▲ 267%€11,599within the sector's middle half▼ 13.3%€9,846below the sector's middle half▼ 15.1%€8,653below the sector's middle half▼ 12.1%€7,445below the sector's middle half▼ 14.0%€6,281below the sector's middle half▼ 15.6%€4,923below the sector's middle half▼ 21.6%
Total assets€56,821-€58,016▲ 2.1%€60,856within the sector's middle half▲ 4.9%€51,981within the sector's middle half▼ 14.6%€30,334below the sector's middle half▼ 41.6%€28,874below the sector's middle half▼ 4.8%€14,194below the sector's middle half▼ 50.8%€14,294below the sector's middle half▲ 0.7%
Debt€53,178-€44,643▼ 16.0%€49,257▲ 10.3%€42,135▼ 14.5%€21,681▼ 48.5%€21,429▼ 1.2%€7,913▼ 63.1%€9,371▲ 18.4%
Working capital€56,393-€52,913▼ 6.2%€51,859within the sector's middle half▼ 2.0%€50,826within the sector's middle half▼ 2.0%€8,653within the sector's middle half▼ 83.0%€7,445within the sector's middle half▼ 14.0%€6,281within the sector's middle half▼ 15.6%€4,923within the sector's middle half▼ 21.6%
Solvency6.4%-23.1%▲ 16.6pp19.1%within the sector's middle half▼ 4.0pp18.9%within the sector's middle half▼ 0.1pp28.5%within the sector's middle half▲ 9.6pp25.8%within the sector's middle half▼ 2.7pp44.2%within the sector's middle half▲ 18.5pp34.4%within the sector's middle half▼ 9.8pp
Current ratio11.376.76above the sector's middle half▼ 4.6045.01above the sector's middle half▲ 38.241.40within the sector's middle half▼ 43.611.35within the sector's middle half▼ 0.051.79within the sector's middle half▲ 0.451.53within the sector's middle half▼ 0.27
Return on assets (ROA)27.8%-16.8%▼ 11.0pp-2.9%within the sector's middle half▼ 19.7pp-3.4%below the sector's middle half▼ 0.5pp-3.9%below the sector's middle half▼ 0.6pp-4.2%below the sector's middle half▼ 0.2pp-8.2%below the sector's middle half▼ 4.0pp-9.5%below the sector's middle half▼ 1.3pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 €1,139, larger than the loss of €940 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
Equity and liabilities €14,294
Equity
€4,923 ▼ 21.6%
Debt
€9,371 ▲ 18.4%
Debt's share of the balance-sheet total rises from 55.8% to 65.6%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
1.90▲
2024 · 1.26
ROE
-27.6%▼
2024 · -18.5%
Debt ≤ 1 year
€9,371▲
2024 · €7,913
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €663 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €387 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €15,735 | €15,696 | -€599 | -€857 | -€663 | -€648 | -€552 | -€740 | ▼ 33.9% |
| Operating profit (loss)9901 | €15,388 | €14,619 | -€947 | -€1,204 | -€1,010 | -€1,035 | -€940 | -€1,139 | ▼ 21.3% |
| Financial income75/76B | - | - | - | €324 | €98 | €40 | - | - | - |
| Recurring financial income75 | €1,629 | €434 | - | €324 | €98 | €40 | - | - | - |
| Financial charges65/66B | - | - | - | €805 | €282 | €213 | €225 | €219 | ▼ 2.7% |
| Recurring financial charges65 | €1,154 | €932 | €827 | €805 | €282 | €213 | €225 | €219 | ▼ 2.7% |
| Profit (loss) for the period before taxes9903 | €15,862 | €14,121 | -€1,774 | -€1,685 | -€1,194 | -€1,208 | -€1,164 | -€1,358 | ▼ 16.6% |
| Income taxes67/77 | €68 | €4,391 | - | €68 | - | - | - | - | - |
| Profit (loss) for the period9904 | €15,794 | €9,730 | -€1,774 | -€1,753 | -€1,194 | -€1,208 | -€1,164 | -€1,358 | ▼ 16.6% |
| Profit (loss) for the period to be appropriated9905 | €15,794 | €9,730 | -€1,774 | -€1,753 | -€1,194 | -€1,208 | -€1,164 | -€1,358 | ▼ 16.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €56,821 | €58,016 | €60,856 | €51,981 | €30,334 | €28,874 | €14,194 | €14,294 | ▲ 0.7% |
| Current assets29/58 | €56,821 | €58,016 | €60,856 | €51,981 | €30,334 | €28,874 | €14,194 | €14,294 | ▲ 0.7% |
| Amounts receivable within one year40/41 | €51,016 | €52,897 | €56,104 | €47,187 | €25,564 | €24,186 | €14,186 | €14,256 | ▲ 0.5% |
| Other amounts receivable41 | - | - | - | €47,187 | €25,564 | €24,186 | €14,186 | €14,256 | ▲ 0.5% |
| Cash at bank and in hand54/58 | €110 | €19 | €85 | - | €5 | €21 | €8 | €37 | ▲ 397% |
| Deferred charges and accrued income490/1 | - | - | - | €4,795 | €4,765 | €4,667 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €56,821 | €58,016 | €60,856 | €51,981 | €30,334 | €28,874 | €14,194 | €14,294 | ▲ 0.7% |
| Equity10/15 | €3,643 | €13,373 | €11,599 | €9,846 | €8,653 | €7,445 | €6,281 | €4,923 | ▼ 21.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €2,108 | €2,108 | €2,108 | €2,108 | €2,108 | €2,108 | €2,108 | €2,108 | = |
| 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 | - | - | - | €248 | €248 | €248 | €248 | €248 | = |
| Profit (loss) carried forward14 | -€10,865 | -€1,135 | -€2,909 | -€4,662 | -€5,855 | -€7,063 | -€8,227 | -€9,585 | ▼ 16.5% |
| Amounts payable17/49 | €53,178 | €44,643 | €49,257 | €42,135 | €21,681 | €21,429 | €7,913 | €9,371 | ▲ 18.4% |
| Amounts payable after more than one year17 | €50,000 | €36,000 | €36,000 | €36,000 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €36,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €428 | €5,103 | €8,997 | €1,155 | €21,681 | €21,429 | €7,913 | €9,371 | ▲ 18.4% |
| Financial debts43 | - | - | - | €24 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €24 | - | - | - | - | - |
| Trade debts44 | €359 | €643 | €4,606 | €1,131 | €968 | €972 | €387 | €400 | ▲ 3.2% |
| Suppliers440/4 | - | - | - | €1,131 | €968 | €972 | €387 | €400 | ▲ 3.2% |
| Other amounts payable47/48 | - | - | - | - | €20,713 | €20,457 | €7,526 | €8,971 | ▲ 19.2% |
| Accrued charges and deferred income492/3 | - | - | - | €4,980 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,794 | €9,730 | -€1,774 | -€1,753 | -€1,194 | -€1,208 | -€1,164 | -€1,358 | ▼ 16.6% |
| Operating cash flow (approximation) | €15,794 | €9,730 | -€1,774 | -€1,753 | -€1,194 | -€1,208 | -€1,164 | -€1,358 | ▼ 16.6% |
| Change in cash | - | -€91 | €67 | - | - | €16 | -€13 | €30 | - |
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, 6,908 companies had the same profile as C-VIEW has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C-VIEW itself: 0.5% 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 6,908 companies, not a prediction for C-VIEW. 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 | 16-06-2026 | 2026-00169899 | |
| 31-12-2024 | micro format | 18-08-2025 | 2025-00381992 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00358274 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00442081 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20427102 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-51900057 | |
| 31-12-2019 | micro format | 08-09-2020 | 2020-53000119 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-55700127 | |
| 31-12-2017 | micro format | 07-08-2018 | 2018-45300267 | |
| 31-12-2016 | abbreviated format | 05-08-2017 | 2017-43000324 |