C2
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-04-2026 PDF all 32 filings
Equity
€208,281▲ 0.9%
2024 · €206,401
Total assets
€277,373▲ 1.9%
2024 · €272,163
Net result
€1,880▲ 233%
2024 · €565
Working capital
€208,681▲ 1.0%
2024 · €206,533
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,510
▼ 71.9%
2025
20182025
Net result
€1,880
▲ 233%
2025
lowest quarter of the sector
20182025
Equity
€208,281
▲ 0.9%
2025
middle half of the sector
20182025
Total assets
€277,373
▲ 1.9%
2025
middle half of the sector
20182025
Debt
€69,092
▲ 5.1%
2025
20182025
Working capital
€208,681
▲ 1.0%
2025
highest quarter of the sector
20182025
Solvency
75.1%
▼ 0.7pp
2025
middle half of the sector
20182025
Current ratio
4.04
▼ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▲ 0.5pp
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€38,716-€17,881▼ 53.8%€18,682▲ 4.5%€17,087▼ 8.5%€7,429▼ 56.5%€2,370▼ 68.1%-€4,368-€7,510▼ 71.9%
Net result€25,538-€13,550▼ 46.9%€19,221within the sector's middle half▲ 41.9%€13,375within the sector's middle half▼ 30.4%€8,856within the sector's middle half▼ 33.8%€5,960within the sector's middle half▼ 32.7%€565below the sector's middle half▼ 90.5%€1,880below the sector's middle half▲ 233%
Equity€172,134-€160,683▼ 6.7%€177,646within the sector's middle half▲ 10.6%€191,021within the sector's middle half▲ 7.5%€199,876within the sector's middle half▲ 4.6%€205,836within the sector's middle half▲ 3.0%€206,401within the sector's middle half▲ 0.3%€208,281within the sector's middle half▲ 0.9%
Total assets€325,466-€344,605▲ 5.9%€381,666within the sector's middle half▲ 10.8%€385,690within the sector's middle half▲ 1.1%€334,680within the sector's middle half▼ 13.2%€311,274within the sector's middle half▼ 7.0%€272,163within the sector's middle half▼ 12.6%€277,373within the sector's middle half▲ 1.9%
Debt€153,333-€183,922▲ 19.9%€204,020▲ 10.9%€194,669▼ 4.6%€134,803▼ 30.8%€105,438▼ 21.8%€65,762▼ 37.6%€69,092▲ 5.1%
Working capital€161,833-€149,306▼ 7.7%€178,593above the sector's middle half▲ 19.6%€180,458above the sector's middle half▲ 1.0%€199,803above the sector's middle half▲ 10.7%€206,404above the sector's middle half▲ 3.3%€206,533above the sector's middle half▲ 0.1%€208,681above the sector's middle half▲ 1.0%
Solvency52.9%-46.6%▼ 6.3pp46.5%within the sector's middle half▼ 0.1pp49.5%within the sector's middle half▲ 3.0pp59.7%within the sector's middle half▲ 10.2pp66.1%within the sector's middle half▲ 6.4pp75.8%within the sector's middle half▲ 9.7pp75.1%within the sector's middle half▼ 0.7pp
Current ratio2.33-1.92▼ 0.412.00within the sector's middle half▲ 0.081.96within the sector's middle half▼ 0.042.49within the sector's middle half▲ 0.532.98within the sector's middle half▲ 0.494.16within the sector's middle half▲ 1.184.04within the sector's middle half▼ 0.12
Return on assets (ROA)7.8%-3.9%▼ 3.9pp5.0%within the sector's middle half▲ 1.1pp3.5%within the sector's middle half▼ 1.6pp2.6%within the sector's middle half▼ 0.8pp1.9%within the sector's middle half▼ 0.7pp0.2%below the sector's middle half▼ 1.7pp0.7%below the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €7,510, larger than the loss of €4,368 in 2024. It is the lowest result since 2021.
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 €277,373
Equity
€208,281 ▲ 0.9%
Debt
€69,092 ▲ 5.1%
Debt's share of the balance-sheet total rises from 24.2% to 24.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€7,254▼
2024 · -€4,112
Cash flow
€2,136▲
2024 · €821
Debt to equity
0.33▲
2024 · 0.32
ROE
0.9%▲
2024 · 0.3%
Interest coverage
-22.45▼
2024 · -2.16
Debt ≤ 1 year
€68,692▲
2024 · €65,374
Income taxes
€1,315▲
2024 · €338
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 | €1,280 | - | - | - | - |
| Depreciation and write-downs of the year | €8,626 | €256 | €256 | €256 | €256 |
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 | - | - | - | €24,829 | €3,994 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,029 | €8,665 | €8,665 | €8,626 | €256 | €256 | €256 | €256 | = |
| Other operating charges640/8 | - | - | - | €1,939 | €983 | €1,780 | €387 | €974 | ▲ 151% |
| Non-recurring operating charges66A | - | - | - | €295 | - | - | €1,870 | €1,384 | ▼ 26.0% |
| Gross operating margin9900 | €43,107 | €33,136 | €31,534 | €27,946 | €8,668 | €4,406 | -€1,855 | -€4,896 | ▼ 164% |
| Operating profit (loss)9901 | €38,716 | €17,881 | €18,682 | €17,087 | €7,429 | €2,370 | -€4,368 | -€7,510 | ▼ 71.9% |
| Financial income75/76B | - | - | - | €9,178 | €8,310 | €8,310 | €7,176 | €11,028 | ▲ 53.7% |
| Recurring financial income75 | €9,494 | €8,823 | €13,597 | €9,178 | €8,310 | €8,310 | €7,176 | €7,236 | ▲ 0.8% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €3,792 | - |
| Financial charges65/66B | - | - | - | €3,464 | €2,571 | €1,201 | €1,905 | €323 | ▼ 83.0% |
| Recurring financial charges65 | €4,818 | €1,826 | €2,420 | €3,464 | €2,571 | €1,201 | €1,905 | €323 | ▼ 83.0% |
| Profit (loss) for the period before taxes9903 | €43,393 | €24,878 | €29,859 | €22,802 | €13,168 | €9,479 | €903 | €3,195 | ▲ 254% |
| Income taxes67/77 | €17,855 | €11,328 | €10,639 | €9,427 | €4,312 | €3,519 | €338 | €1,315 | ▲ 289% |
| Profit (loss) for the period9904 | €25,538 | €13,550 | €19,221 | €13,375 | €8,856 | €5,960 | €565 | €1,880 | ▲ 233% |
| Profit (loss) for the period to be appropriated9905 | €25,538 | €13,550 | €19,221 | €13,375 | €8,856 | €5,960 | €565 | €1,880 | ▲ 233% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €325,466 | €344,605 | €381,666 | €385,690 | €334,680 | €311,274 | €272,163 | €277,373 | ▲ 1.9% |
| Fixed assets21/28 | €41,999 | €33,335 | €24,670 | €17,030 | €768 | €512 | €256 | - | - |
| Tangible fixed assets22/27 | €41,999 | €33,335 | €24,670 | €17,030 | €768 | €512 | €256 | - | - |
| Furniture and vehicles24 | - | - | - | €17,030 | €768 | €512 | €256 | - | - |
| Current assets29/58 | €283,467 | €311,271 | €356,996 | €368,660 | €333,912 | €310,762 | €271,907 | €277,373 | ▲ 2.0% |
| Amounts receivable after more than one year29 | - | - | - | €335,853 | €305,000 | €305,000 | €270,000 | €270,000 | = |
| Other amounts receivable291 | - | - | - | €335,853 | €305,000 | €305,000 | €270,000 | €270,000 | = |
| Amounts receivable within one year40/41 | €64,987 | €99,836 | €152,909 | €32,099 | €24,255 | €5,392 | €388 | €7,372 | ▲ 19× |
| Trade receivables40 | - | - | - | €24,829 | €24,200 | €5,000 | - | €4,130 | - |
| Other amounts receivable41 | - | - | - | €7,270 | €55 | €392 | €388 | €3,242 | ▲ 736% |
| Cash at bank and in hand54/58 | - | - | - | - | €4,395 | €370 | €1,519 | €2 | ▼ 99.9% |
| Deferred charges and accrued income490/1 | - | - | - | €709 | €262 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €325,466 | €344,605 | €381,666 | €385,690 | €334,680 | €311,274 | €272,163 | €277,373 | ▲ 1.9% |
| Equity10/15 | €172,134 | €160,683 | €177,646 | €191,021 | €199,876 | €205,836 | €206,401 | €208,281 | ▲ 0.9% |
| Contributions10/11 | €48,600 | €48,600 | - | €48,600 | €48,600 | €48,600 | €48,600 | €48,600 | = |
| Reserves13 | €66,122 | €79,671 | €96,634 | €110,009 | €118,864 | €124,824 | €125,389 | €127,269 | ▲ 1.5% |
| Non-distributable reserves130/1 | - | - | - | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | = |
| Reserves not available under the articles1311 | - | - | - | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | = |
| Distributable reserves133 | - | - | - | €105,149 | €114,004 | €119,964 | €120,529 | €122,409 | ▲ 1.6% |
| Profit (loss) carried forward14 | €57,412 | €32,412 | €32,412 | €32,412 | €32,412 | €32,412 | €32,412 | €32,412 | = |
| Amounts payable17/49 | €153,333 | €183,922 | €204,020 | €194,669 | €134,803 | €105,438 | €65,762 | €69,092 | ▲ 5.1% |
| Amounts payable after more than one year17 | €31,698 | €21,958 | €25,617 | €6,119 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €6,119 | - | - | - | - | - |
| Amounts payable within one year42/48 | €121,634 | €161,964 | €178,403 | €188,203 | €134,108 | €104,359 | €65,374 | €68,692 | ▲ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,186 | €7,803 | - | - | - | - |
| Financial debts43 | - | - | - | €8,945 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €8,945 | - | - | - | - | - |
| Trade debts44 | €56,260 | €72,852 | €80,571 | €44,795 | €18,754 | €7,798 | €13,482 | €17,969 | ▲ 33.3% |
| Suppliers440/4 | - | - | - | €44,795 | €18,754 | €7,798 | €13,482 | €17,969 | ▲ 33.3% |
| Taxes, remuneration and social security45 | - | - | - | €27,941 | €21,561 | €11,030 | €3,857 | €1,653 | ▼ 57.1% |
| Taxes450/3 | - | - | - | €27,941 | €21,561 | €11,030 | €3,857 | €1,653 | ▼ 57.1% |
| Other amounts payable47/48 | - | - | - | €86,336 | €85,991 | €85,531 | €48,036 | €49,071 | ▲ 2.2% |
| Accrued charges and deferred income492/3 | - | - | - | €348 | €695 | €1,079 | €387 | €400 | ▲ 3.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,538 | €13,550 | €19,221 | €13,375 | €8,856 | €5,960 | €565 | €1,880 | ▲ 233% |
| + Depreciation and write-downs630 | €1,029 | €8,665 | €8,665 | €8,626 | €256 | €256 | €256 | €256 | = |
| Operating cash flow (approximation) | €26,567 | €22,214 | €27,885 | €22,001 | €9,112 | €6,216 | €821 | €2,136 | ▲ 160% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€985 | €16,006 | €0 | €0 | - | - |
| Change in cash | - | - | - | - | - | -€4,024 | €1,149 | -€1,518 | - |
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, 17,041 companies had the same profile as C2 has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C2 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 17,041 companies, not a prediction for C2. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-04-2026 | 2026-00080351 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00323855 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00163897 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00287450 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20392355 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45100101 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-31000518 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42800528 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37900142 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-39000103 |