C5M
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 13-08-2026 at the NBB all 6 filings
Turnover
≈ €170,000
Estimated: probably between €150,000 and €220,000
Total assets
€79,335▲ 25.9%
2025 · €63,005
Net result
€70,987▲ 89.2%
2025 · €37,510
Working capital
€56,388▲ 43.0%
2025 · €39,446
Multi-year overview
2020 to 2026, 6 financial yearsOperating result
€77,331
▲ 57.3%
2026
20202026
Net result
€70,987
▲ 89.2%
2026
20202026
Equity
€57,123
▲ 38.9%
2026
20202026
Total assets
€79,335
▲ 25.9%
2026
20202026
Debt
€22,212
▲ 1.6%
2026
20202026
Working capital
€56,388
▲ 43.0%
2026
20202026
Solvency
72.0%
▲ 6.7pp
2026
20202026
Current ratio
3.54
▲ 0.73
2026
20202026
Return on assets (ROA)
89.5%
▲ 29.9pp
2026
20202026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020222023202420252026
Operating result€7,837-€5,721--€24,191€2,592€49,165▲ 19×€77,331▲ 57.3%
Net result€8,905within the sector's middle half-€6,865within the sector's middle half--€20,266below the sector's middle half€4,124within the sector's middle half€37,510within the sector's middle half▲ 810%€70,987▲ 89.2%
Equity€12,905below the sector's middle half-€19,769within the sector's middle half--€497below the sector's middle half€3,627below the sector's middle half€41,137within the sector's middle half▲ 11×€57,123▲ 38.9%
Total assets€26,606below the sector's middle half-€93,991within the sector's middle half-€69,980within the sector's middle half▼ 25.5%€90,756within the sector's middle half▲ 29.7%€63,005within the sector's middle half▼ 30.6%€79,335▲ 25.9%
Debt€13,701-€74,221-€70,477▼ 5.0%€87,129▲ 23.6%€21,868▼ 74.9%€22,212▲ 1.6%
Working capital€12,905within the sector's middle half-€32,459within the sector's middle half--€497below the sector's middle half€980below the sector's middle half€39,446within the sector's middle half▲ 40×€56,388▲ 43.0%
Solvency48.5%within the sector's middle half-21.0%below the sector's middle half--0.7%below the sector's middle half▼ 21.7pp4.0%below the sector's middle half▲ 4.7pp65.3%within the sector's middle half▲ 61.3pp72.0%▲ 6.7pp
Current ratio1.94within the sector's middle half-1.53within the sector's middle half-0.99below the sector's middle half▼ 0.531.01below the sector's middle half▲ 0.022.80within the sector's middle half▲ 1.793.54▲ 0.73
Return on assets (ROA)33.5%above the sector's middle half-7.3%within the sector's middle half--29.0%below the sector's middle half▼ 36.3pp4.5%within the sector's middle half▲ 33.5pp59.5%above the sector's middle half▲ 55.0pp89.5%▲ 29.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 2026 is 57% higher than in 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €79,335
Fixed assets
€735 ▼ 56.5%
Current assets
€78,600 ▲ 28.2%
Equity and liabilities €79,335
Equity
€57,123 ▲ 38.9%
Debt
€22,212 ▲ 1.6%
Debt's share of the balance-sheet total falls from 34.7% to 28.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€78,287▲
2025 · €50,120
Cash flow
€71,942▲
2025 · €38,465
Debt to equity
0.39▼
2025 · 0.53
ROE
124.3%▲
2025 · 91.2%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€22,212▲
2025 · €21,868
Income taxes
€6,018▼
2025 · €15,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-01-2022 | 31-01-2023 | 31-01-2024 | 31-01-2025 | 31-01-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,867 | - | - |
| Depreciation and write-downs of the year | - | - | €221 | €956 | €956 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €3,772 | €23,188 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €221 | €956 | €956 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0 | €5,250 | - | - | - |
| Other operating charges640/8 | - | €1,265 | €4,534 | €766 | - | €936 | - |
| Non-recurring operating charges66A | - | - | - | - | €1,600 | - | - |
| Gross operating margin9900 | €9,638 | €10,757 | €3,531 | €8,829 | €51,721 | €79,223 | ▲ 53.2% |
| Operating profit (loss)9901 | €7,837 | €5,721 | -€24,191 | €2,592 | €49,165 | €77,331 | ▲ 57.3% |
| Financial income75/76B | - | €1,291 | €4,111 | €3,658 | €3,498 | - | - |
| Recurring financial income75 | €1,080 | €1,291 | €4,111 | €3,658 | €3,498 | - | - |
| Financial charges65/66B | - | €147 | €186 | €155 | €152 | €327 | ▲ 114% |
| Recurring financial charges65 | €12 | €147 | €186 | €155 | €152 | €327 | ▲ 114% |
| Profit (loss) for the period before taxes9903 | €8,905 | €6,865 | -€20,266 | €6,095 | €52,510 | €77,004 | ▲ 46.6% |
| Income taxes67/77 | - | - | - | €1,971 | €15,000 | €6,018 | ▼ 59.9% |
| Profit (loss) for the period9904 | €8,905 | €6,865 | -€20,266 | €4,124 | €37,510 | €70,987 | ▲ 89.2% |
| Profit (loss) for the period to be appropriated9905 | €8,905 | €6,865 | -€20,266 | €4,124 | €37,510 | €70,987 | ▲ 89.2% |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €26,606 | €93,991 | €69,980 | €90,756 | €63,005 | €79,335 | ▲ 25.9% |
| Fixed assets21/28 | - | - | €0 | €2,647 | €1,691 | €735 | ▼ 56.5% |
| Tangible fixed assets22/27 | - | - | €0 | €2,647 | €1,691 | €735 | ▼ 56.5% |
| Furniture and vehicles24 | - | - | €0 | €2,647 | €1,691 | €735 | ▼ 56.5% |
| Current assets29/58 | €26,606 | €93,991 | €69,980 | €88,109 | €61,314 | €78,600 | ▲ 28.2% |
| Amounts receivable within one year40/41 | €25,480 | €35,831 | €69,335 | €86,178 | €61,219 | €77,335 | ▲ 26.3% |
| Trade receivables40 | - | €9,863 | €16,095 | €10,099 | €7,227 | €4,501 | ▼ 37.7% |
| Other amounts receivable41 | - | €25,968 | €53,241 | €76,079 | €53,993 | €72,834 | ▲ 34.9% |
| Cash at bank and in hand54/58 | €1,125 | €58,159 | €645 | €291 | €94 | €782 | ▲ 728% |
| Deferred charges and accrued income490/1 | - | - | - | €1,641 | €0 | €483 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €26,606 | €93,991 | €69,980 | €90,756 | €63,005 | €79,335 | ▲ 25.9% |
| Equity10/15 | €12,905 | €19,769 | -€497 | €3,627 | €41,137 | €57,123 | ▲ 38.9% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Capital10 | - | €4,000 | €4,000 | €4,000 | - | - | - |
| Issued capital100 | - | €4,000 | €4,000 | €4,000 | - | - | - |
| Profit (loss) carried forward14 | €8,905 | €15,769 | -€4,497 | -€373 | €37,137 | €53,123 | ▲ 43.0% |
| Amounts payable17/49 | €13,701 | €74,221 | €70,477 | €87,129 | €21,868 | €22,212 | ▲ 1.6% |
| Amounts payable within one year42/48 | €13,701 | €61,531 | €70,477 | €87,129 | €21,868 | €22,212 | ▲ 1.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €15,000 | - | - |
| Trade debts44 | €13,701 | €53,719 | €61,874 | €78,106 | €4,325 | €2,740 | ▼ 36.6% |
| Suppliers440/4 | - | €53,719 | €61,874 | €78,106 | €4,325 | €2,740 | ▼ 36.6% |
| Taxes, remuneration and social security45 | - | €7,812 | €8,603 | €9,023 | €2,543 | €16,500 | ▲ 549% |
| Taxes450/3 | - | €6,158 | €8,603 | €8,959 | €2,543 | €16,500 | ▲ 549% |
| Remuneration and social security454/9 | - | €1,654 | €0 | €64 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0 | - | €2,972 | - |
| Accrued charges and deferred income492/3 | - | €12,690 | €0 | - | - | - | - |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,905 | €6,865 | -€20,266 | €4,124 | €37,510 | €70,987 | ▲ 89.2% |
| + Depreciation and write-downs630 | - | - | - | €221 | €956 | €956 | = |
| Operating cash flow (approximation) | €8,905 | €6,865 | -€20,266 | €4,345 | €38,465 | €71,942 | ▲ 87.0% |
| Investment in fixed assets (approximation) | - | - | - | -€2,867 | €0 | €0 | - |
| Change in cash | - | - | -€57,515 | -€354 | -€196 | €687 | - |
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, 26,972 companies had the same profile as C5M has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of C5M itself: 0.6% 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 26,972 companies, not a prediction for C5M. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-01-2026 | micro format | 13-08-2026 | 2026-00403064 | |
| 31-01-2025 | micro format | 13-08-2025 | 2025-00374073 | |
| 31-01-2024 | micro format | 24-09-2024 | 2024-00469800 | |
| 31-01-2023 | micro format | 26-09-2023 | 2023-00454335 | |
| 31-01-2022 | micro format | 26-09-2022 | 2022-20435492 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48000249 |