C4IT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 13 filings
Turnover
≈ €180,000
Estimated: probably between €160,000 and €230,000
EBIT margin
Not included in this filing
Net result
€65,808▼ 5.2%
2024 · €69,439
Working capital
€215,382▲ 23.4%
2024 · €174,581
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€89,226
▼ 5.0%
2025
20182025
Net result
€65,808
▼ 5.2%
2025
highest quarter of the sector
20182025
Equity
€229,774
▲ 21.3%
2025
highest quarter of the sector
20182025
Total assets
€264,072
▲ 24.3%
2025
middle half of the sector
20182025
Debt
€34,298
▲ 49.3%
2025
20182025
Working capital
€215,382
▲ 23.4%
2025
highest quarter of the sector
20182025
Solvency
87.0%
▼ 2.2pp
2025
highest quarter of the sector
20182025
Current ratio
7.28
▼ 1.32
2025
highest quarter of the sector
20182025
Return on assets (ROA)
24.9%
▼ 7.8pp
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-€30,120-€29,568€18,030▼ 39.0%€15,408▼ 14.5%€44,459▲ 189%€88,447▲ 98.9%€93,943▲ 6.2%€89,226▼ 5.0%
Net result-€30,939-€25,495€11,982within the sector's middle half▼ 53.0%€10,272within the sector's middle half▼ 14.3%€31,090within the sector's middle half▲ 203%€64,041above the sector's middle half▲ 106%€69,439above the sector's middle half▲ 8.4%€65,808above the sector's middle half▼ 5.2%
Equity€66,127-€91,623▲ 38.6%€103,605within the sector's middle half▲ 13.1%€113,877within the sector's middle half▲ 9.9%€131,968within the sector's middle half▲ 15.9%€120,023within the sector's middle half▼ 9.1%€189,462above the sector's middle half▲ 57.9%€229,774above the sector's middle half▲ 21.3%
Total assets€79,972-€100,919▲ 26.2%€123,689within the sector's middle half▲ 22.6%€136,962within the sector's middle half▲ 10.7%€160,837within the sector's middle half▲ 17.4%€162,686within the sector's middle half▲ 1.1%€212,433within the sector's middle half▲ 30.6%€264,072within the sector's middle half▲ 24.3%
Debt€13,844-€9,296▼ 32.9%€20,084▲ 116%€23,085▲ 14.9%€28,869▲ 25.1%€42,663▲ 47.8%€22,971▼ 46.2%€34,298▲ 49.3%
Working capital€64,498-€90,407▲ 40.2%€99,079within the sector's middle half▲ 9.6%€116,401within the sector's middle half▲ 17.5%€129,273above the sector's middle half▲ 11.1%€117,112within the sector's middle half▼ 9.4%€174,581above the sector's middle half▲ 49.1%€215,382above the sector's middle half▲ 23.4%
Solvency82.7%-90.8%▲ 8.1pp83.8%above the sector's middle half▼ 7.0pp83.1%above the sector's middle half▼ 0.6pp82.1%above the sector's middle half▼ 1.1pp73.8%within the sector's middle half▼ 8.3pp89.2%above the sector's middle half▲ 15.4pp87.0%above the sector's middle half▼ 2.2pp
Current ratio5.66-10.73▲ 5.075.93above the sector's middle half▼ 4.797.57above the sector's middle half▲ 1.645.48above the sector's middle half▼ 2.103.75within the sector's middle half▼ 1.738.60above the sector's middle half▲ 4.857.28above the sector's middle half▼ 1.32
Return on assets (ROA)-38.7%-25.3%▲ 64.0pp9.7%within the sector's middle half▼ 15.6pp7.5%within the sector's middle half▼ 2.2pp19.3%within the sector's middle half▲ 11.8pp39.4%above the sector's middle half▲ 20.0pp32.7%within the sector's middle half▼ 6.7pp24.9%within the sector's middle half▼ 7.8pp
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 5% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €264,072
Fixed assets
€14,392 ▼ 3.3%
Current assets
€249,679 ▲ 26.4%
Equity and liabilities €264,072
Equity
€229,774 ▲ 21.3%
Debt
€34,298 ▲ 49.3%
Debt's share of the balance-sheet total rises from 10.8% to 13.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€91,234▼
2024 · €95,702
Cash flow
€67,816▼
2024 · €71,198
Debt to equity
0.15▲
2024 · 0.12
ROE
28.6%▼
2024 · 36.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€34,298▲
2024 · €22,971
Income taxes
€25,916▼
2024 · €26,902
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 | €1,113 | €1,735 | €991 | €13,729 | €1,519 |
| Depreciation and write-downs of the year | €2,784 | €1,894 | €775 | €1,759 | €2,008 |
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 | €779 | €413 | €1,685 | €2,784 | €1,894 | €775 | €1,759 | €2,008 | ▲ 14.2% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | -€28,994 | €30,334 | €20,063 | €18,540 | €46,701 | €89,607 | €96,089 | €91,634 | ▼ 4.6% |
| Operating profit (loss)9901 | -€30,120 | €29,568 | €18,030 | €15,408 | €44,459 | €88,447 | €93,943 | €89,226 | ▼ 5.0% |
| Financial income75/76B | - | - | - | €4 | - | €1,334 | €2,482 | €2,542 | ▲ 2.4% |
| Recurring financial income75 | €64 | €43 | €47 | €4 | - | €1,334 | €2,482 | €2,542 | ▲ 2.4% |
| Financial charges65/66B | - | - | - | €111 | €153 | €84 | €84 | €44 | ▼ 47.1% |
| Recurring financial charges65 | €599 | €324 | €177 | €111 | €153 | €84 | €84 | €44 | ▼ 47.1% |
| Profit (loss) for the period before taxes9903 | -€30,655 | €29,288 | €17,900 | €15,301 | €44,306 | €89,697 | €96,341 | €91,724 | ▼ 4.8% |
| Income taxes67/77 | €284 | €3,792 | €5,918 | €5,029 | €13,215 | €25,656 | €26,902 | €25,916 | ▼ 3.7% |
| Profit (loss) for the period9904 | -€30,939 | €25,495 | €11,982 | €10,272 | €31,090 | €64,041 | €69,439 | €65,808 | ▼ 5.2% |
| Profit (loss) for the period to be appropriated9905 | -€30,939 | €25,495 | €11,982 | €10,272 | €31,090 | €64,041 | €69,439 | €65,808 | ▼ 5.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €79,972 | €100,919 | €123,689 | €136,962 | €160,837 | €162,686 | €212,433 | €264,072 | ▲ 24.3% |
| Fixed assets21/28 | €1,629 | €1,216 | €4,526 | €2,854 | €2,695 | €2,911 | €14,881 | €14,392 | ▼ 3.3% |
| Tangible fixed assets22/27 | €1,629 | €1,216 | €4,526 | €2,854 | €2,695 | €2,911 | €14,881 | €14,392 | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €995 | €624 | €1,203 | €620 | €1,791 | ▲ 189% |
| Furniture and vehicles24 | - | - | - | €868 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €991 | €2,071 | €1,708 | €14,261 | €12,601 | ▼ 11.6% |
| Current assets29/58 | €78,342 | €99,703 | €119,164 | €134,108 | €158,142 | €159,775 | €197,552 | €249,679 | ▲ 26.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €60,000 | €60,000 | €60,000 | = |
| Other amounts receivable291 | - | - | - | - | - | €60,000 | €60,000 | €60,000 | = |
| Amounts receivable within one year40/41 | €16,177 | €28,817 | €35,968 | €35,005 | €31,339 | €65,600 | €97,234 | €49,277 | ▼ 49.3% |
| Trade receivables40 | - | - | - | €28,798 | €31,339 | €35,100 | €40,482 | €33,879 | ▼ 16.3% |
| Other amounts receivable41 | - | - | - | €6,207 | - | €30,501 | €56,752 | €15,398 | ▼ 72.9% |
| Current investments50/53 | - | - | - | - | - | - | - | €116,875 | - |
| Cash at bank and in hand54/58 | €61,315 | €70,027 | €82,313 | €96,986 | €125,860 | €30,504 | €35,315 | €18,585 | ▼ 47.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,117 | €943 | €3,671 | €5,003 | €4,942 | ▼ 1.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €79,972 | €100,919 | €123,689 | €136,962 | €160,837 | €162,686 | €212,433 | €264,072 | ▲ 24.3% |
| Equity10/15 | €66,127 | €91,623 | €103,605 | €113,877 | €131,968 | €120,023 | €189,462 | €229,774 | ▲ 21.3% |
| Contributions10/11 | €6,220 | €6,220 | - | €6,220 | €6,220 | €6,220 | €6,220 | €6,220 | = |
| Reserves13 | €90,846 | €116,342 | €128,324 | €138,596 | €156,686 | €144,742 | €214,181 | €254,493 | ▲ 18.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €136,736 | €154,826 | €144,742 | €214,181 | €254,493 | ▲ 18.8% |
| Profit (loss) carried forward14 | -€30,939 | -€30,939 | -€30,939 | -€30,939 | -€30,939 | -€30,939 | -€30,939 | -€30,939 | = |
| Amounts payable17/49 | €13,844 | €9,296 | €20,084 | €23,085 | €28,869 | €42,663 | €22,971 | €34,298 | ▲ 49.3% |
| Amounts payable within one year42/48 | €13,844 | €9,296 | €20,084 | €17,707 | €28,869 | €42,663 | €22,971 | €34,298 | ▲ 49.3% |
| Trade debts44 | - | €76 | €3,785 | €5,040 | €5,607 | €1,891 | €1,088 | €1,644 | ▲ 51.1% |
| Suppliers440/4 | - | - | - | €5,040 | €5,607 | €1,891 | €1,088 | €1,644 | ▲ 51.1% |
| Taxes, remuneration and social security45 | - | - | - | €12,667 | €19,243 | €40,772 | €21,883 | €32,654 | ▲ 49.2% |
| Taxes450/3 | - | - | - | €12,667 | €19,243 | €40,772 | €21,883 | €32,654 | ▲ 49.2% |
| Other amounts payable47/48 | - | - | - | - | €4,019 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €5,378 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,939 | €25,495 | €11,982 | €10,272 | €31,090 | €64,041 | €69,439 | €65,808 | ▼ 5.2% |
| + Depreciation and write-downs630 | €779 | €413 | €1,685 | €2,784 | €1,894 | €775 | €1,759 | €2,008 | ▲ 14.2% |
| Operating cash flow (approximation) | -€30,160 | €25,909 | €13,667 | €13,057 | €32,985 | €64,816 | €71,198 | €67,816 | ▼ 4.7% |
| Investment in fixed assets (approximation) | - | €0 | -€4,994 | -€1,113 | -€1,735 | -€991 | -€13,729 | -€1,519 | ▲ 88.9% |
| Change in cash | - | €8,712 | €12,286 | €14,673 | €28,874 | -€95,356 | €4,811 | -€16,730 | - |
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, 34,693 companies had the same profile as C4IT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of C4IT 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 34,693 companies, not a prediction for C4IT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00195960 | |
| 31-12-2024 | micro format | 11-06-2025 | 2025-00130239 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00169924 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00239440 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20097916 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-25800346 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-19600149 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-24000093 | |
| 31-12-2017 | full format | 09-07-2018 | 2018-29900085 | |
| 31-12-2016 | micro format | 19-06-2017 | 2017-18000135 |