CAB GROUP
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 27 filings
Turnover
≈ €300,000
Estimated: probably between €110,000 and €780,000
EBIT margin
Not included in this filing
Net result
-€93,062▼ 469%
2024 · -€16,367
Working capital
€96,130▼ 47.6%
2024 · €183,504
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€92,530
▼ 502%
2025
20182025
Net result
-€93,062
▼ 469%
2025
lowest quarter of the sector
20182025
Equity
€117,689
▼ 44.2%
2025
middle half of the sector
20182025
Total assets
€137,542
▼ 49.7%
2025
lowest quarter of the sector
20182025
Debt
€19,853
▼ 68.3%
2025
20182025
Working capital
€96,130
▼ 47.6%
2025
middle half of the sector
20182025
Solvency
85.6%
▲ 8.5pp
2025
highest quarter of the sector
20182025
Current ratio
5.90
▲ 1.96
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-67.7%
▼ 61.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2
=
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-€7,539--€83,849▼ 1,012%-€270,868▼ 223%€18,161€10,418▼ 42.6%-€1,291-€15,366▼ 1,091%-€92,530▼ 502%
Net result-€8,066--€84,234▼ 944%-€271,245below the sector's middle half▼ 222%€17,853within the sector's middle half€9,435below the sector's middle half▼ 47.2%-€2,600below the sector's middle half-€16,367below the sector's middle half▼ 530%-€93,062below the sector's middle half▼ 469%
Equity€759,026-€674,792▼ 11.1%€202,430within the sector's middle half▼ 70.0%€220,283within the sector's middle half▲ 8.8%€229,718below the sector's middle half▲ 4.3%€227,118below the sector's middle half▼ 1.1%€210,751below the sector's middle half▼ 7.2%€117,689within the sector's middle half▼ 44.2%
Total assets€761,119-€685,913▼ 9.9%€470,318below the sector's middle half▼ 31.4%€300,278below the sector's middle half▼ 36.2%€334,150below the sector's middle half▲ 11.3%€313,911below the sector's middle half▼ 6.1%€273,382below the sector's middle half▼ 12.9%€137,542below the sector's middle half▼ 49.7%
Debt€2,093-€11,121▲ 431%€267,888▲ 24×€79,996▼ 70.1%€104,432▲ 30.5%€86,793▼ 16.9%€62,631▼ 27.8%€19,853▼ 68.3%
Working capital€759,026-€674,825▼ 11.1%€202,430within the sector's middle half▼ 70.0%€181,122within the sector's middle half▼ 10.5%€189,740within the sector's middle half▲ 4.8%€192,494within the sector's middle half▲ 1.5%€183,504within the sector's middle half▼ 4.7%€96,130within the sector's middle half▼ 47.6%
Solvency99.7%-98.4%▼ 1.3pp43.0%within the sector's middle half▼ 55.3pp73.4%above the sector's middle half▲ 30.3pp68.7%above the sector's middle half▼ 4.6pp72.4%above the sector's middle half▲ 3.6pp77.1%above the sector's middle half▲ 4.7pp85.6%above the sector's middle half▲ 8.5pp
Current ratio61.861.76within the sector's middle half▼ 60.103.27above the sector's middle half▲ 1.513.13above the sector's middle half▼ 0.133.38above the sector's middle half▲ 0.243.93above the sector's middle half▲ 0.555.90above the sector's middle half▲ 1.96
Return on assets (ROA)-1.1%--12.3%▼ 11.2pp-57.7%below the sector's middle half▼ 45.4pp5.9%within the sector's middle half▲ 63.6pp2.8%within the sector's middle half▼ 3.1pp-0.8%below the sector's middle half▼ 3.7pp-6.0%below the sector's middle half▼ 5.2pp-67.7%below the sector's middle half▼ 61.7pp
Staff (FTE)2below the sector's middle half2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €92,530, larger than the loss of €15,366 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €137,542
Fixed assets
€21,779 ▼ 20.2%
Current assets
€115,763 ▼ 53.0%
Equity and liabilities €137,542
Equity
€117,689 ▼ 44.2%
Debt
€19,853 ▼ 68.3%
Debt's share of the balance-sheet total falls from 22.9% to 14.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€77,023▼
2024 · -€828
Cash flow
-€77,555▼
2024 · -€1,829
Quick ratio
3.99▲
2024 · 0.53
Debt to equity
0.17▼
2024 · 0.30
ROE
-79.1%▼
2024 · -7.8%
Interest coverage
-144.74▼
2024 · -0.79
Debt ≤ 1 year
€19,633▼
2024 · €62,592
Staff costs
€127,266▲
2024 · €112,517
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 | 2 | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 2 | - | - | - | - |
| Left | 0 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,000 | €28,471 | - | €1,370 | €10,000 |
| Depreciation and write-downs of the year | €2,755 | €12,235 | €15,027 | €14,538 | €15,507 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €26,131 | €104,049 | €77,445 | €112,517 | €127,266 | ▲ 13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €2,755 | €12,235 | €15,027 | €14,538 | €15,507 | ▲ 6.7% |
| Other operating charges640/8 | - | - | - | €438 | €498 | €1,058 | €25,841 | €1,188 | ▼ 95.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €25,577 | - | - | - |
| Gross operating margin9900 | -€6,671 | -€82,981 | -€17,607 | €47,485 | €127,199 | €117,817 | €137,530 | €51,430 | ▼ 62.6% |
| Operating profit (loss)9901 | -€7,539 | -€83,849 | -€270,868 | €18,161 | €10,418 | -€1,291 | -€15,366 | -€92,530 | ▼ 502% |
| Financial income75/76B | - | - | - | - | €0 | - | €41 | - | - |
| Recurring financial income75 | €159 | - | - | - | €0 | - | €41 | - | - |
| Financial charges65/66B | - | - | - | €308 | €983 | €1,309 | €1,042 | €532 | ▼ 48.9% |
| Recurring financial charges65 | €686 | €385 | €377 | €308 | €983 | €1,309 | €1,042 | €532 | ▼ 48.9% |
| Profit (loss) for the period before taxes9903 | -€8,066 | -€84,234 | -€271,245 | €17,853 | €9,435 | -€2,600 | -€16,367 | -€93,062 | ▼ 469% |
| Profit (loss) for the period9904 | -€8,066 | -€84,234 | -€271,245 | €17,853 | €9,435 | -€2,600 | -€16,367 | -€93,062 | ▼ 469% |
| Profit (loss) for the period to be appropriated9905 | -€8,066 | -€84,234 | -€271,245 | €17,853 | €9,435 | -€2,600 | -€16,367 | -€93,062 | ▼ 469% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €761,119 | €685,913 | €470,318 | €300,278 | €334,150 | €313,911 | €273,382 | €137,542 | ▼ 49.7% |
| Fixed assets21/28 | - | - | - | €39,245 | €55,481 | €40,454 | €27,286 | €21,779 | ▼ 20.2% |
| Tangible fixed assets22/27 | - | - | - | €39,245 | €55,481 | €40,454 | €27,286 | €21,779 | ▼ 20.2% |
| Plant, machinery and equipment23 | - | - | - | €6,469 | €4,136 | €1,803 | €1,330 | €8,517 | ▲ 540% |
| Furniture and vehicles24 | - | - | - | €32,775 | €51,345 | €38,650 | €25,956 | €13,262 | ▼ 48.9% |
| Current assets29/58 | €761,119 | €685,913 | €470,318 | €261,034 | €278,669 | €273,458 | €246,096 | €115,763 | ▼ 53.0% |
| Stocks and contracts in progress3 | €459,839 | €379,992 | €212,615 | €212,615 | €212,615 | €212,615 | €212,615 | €37,433 | ▼ 82.4% |
| Stocks30/36 | - | - | - | €212,615 | €212,615 | €212,615 | €212,615 | €37,433 | ▼ 82.4% |
| Amounts receivable within one year40/41 | €291,685 | €302,206 | €215,738 | €44,640 | €44,575 | €41,216 | €31,017 | €76,583 | ▲ 147% |
| Trade receivables40 | - | - | - | €35,905 | €34,575 | €41,216 | €31,017 | €76,583 | ▲ 147% |
| Other amounts receivable41 | - | - | - | €8,735 | €10,000 | - | - | - | - |
| Cash at bank and in hand54/58 | €9,595 | €3,715 | €41,965 | €3,779 | €21,405 | €19,553 | €2,389 | €1,672 | ▼ 30.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €74 | €74 | €74 | €74 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €761,119 | €685,913 | €470,318 | €300,278 | €334,150 | €313,911 | €273,382 | €137,542 | ▼ 49.7% |
| Equity10/15 | €759,026 | €674,792 | €202,430 | €220,283 | €229,718 | €227,118 | €210,751 | €117,689 | ▼ 44.2% |
| Contributions10/11 | €651,117 | €651,117 | - | €450,000 | €450,000 | €450,000 | €450,000 | €450,000 | = |
| Reserves13 | €18,485 | €18,485 | €18,485 | €18,485 | €18,485 | €18,485 | €18,485 | €18,485 | = |
| Non-distributable reserves130/1 | - | - | - | €18,485 | €18,485 | €18,485 | €18,485 | €18,485 | = |
| Reserves not available under the articles1311 | - | - | - | €18,485 | €18,485 | €18,485 | €18,485 | €18,485 | = |
| Profit (loss) carried forward14 | €89,425 | €5,191 | -€266,055 | -€248,202 | -€238,767 | -€241,366 | -€257,734 | -€350,796 | ▼ 36.1% |
| Amounts payable17/49 | €2,093 | €11,121 | €267,888 | €79,996 | €104,432 | €86,793 | €62,631 | €19,853 | ▼ 68.3% |
| Amounts payable after more than one year17 | - | - | - | - | €15,432 | €5,794 | - | - | - |
| Financial debts170/4 | - | - | - | - | €15,432 | €5,794 | - | - | - |
| Amounts payable within one year42/48 | €2,093 | €11,088 | €267,888 | €79,912 | €88,928 | €80,964 | €62,592 | €19,633 | ▼ 68.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €9,277 | €9,638 | €5,794 | - | - |
| Trade debts44 | €1,726 | €10,721 | - | €15,241 | €239 | €4,249 | €3,888 | €5,726 | ▲ 47.3% |
| Suppliers440/4 | - | - | - | €15,241 | €239 | €4,249 | €3,888 | €5,726 | ▲ 47.3% |
| Taxes, remuneration and social security45 | - | - | - | €4,671 | €19,413 | €7,077 | €12,910 | €13,907 | ▲ 7.7% |
| Taxes450/3 | - | - | - | €550 | €6,918 | €3,267 | €9,116 | €9,416 | ▲ 3.3% |
| Remuneration and social security454/9 | - | - | - | €4,121 | €12,495 | €3,810 | €3,794 | €4,491 | ▲ 18.4% |
| Other amounts payable47/48 | - | - | - | €60,000 | €60,000 | €60,000 | €40,000 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €84 | €71 | €35 | €39 | €220 | ▲ 466% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,066 | -€84,234 | -€271,245 | €17,853 | €9,435 | -€2,600 | -€16,367 | -€93,062 | ▼ 469% |
| + Depreciation and write-downs630 | - | - | - | €2,755 | €12,235 | €15,027 | €14,538 | €15,507 | ▲ 6.7% |
| Operating cash flow (approximation) | -€8,066 | -€84,234 | -€271,245 | €20,608 | €21,670 | €12,428 | -€1,829 | -€77,555 | ▼ 4,139% |
| Investment in fixed assets (approximation) | - | - | - | - | -€28,471 | €0 | -€1,370 | -€10,000 | ▼ 630% |
| Change in cash | - | -€5,880 | €38,250 | -€38,186 | €17,626 | -€1,852 | -€17,164 | -€717 | ▲ 95.8% |
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, 5,831 companies had the same profile as CAB GROUP has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAB GROUP itself: 2.0% 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 5,831 companies, not a prediction for CAB GROUP. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00236157 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00212147 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00198035 | |
| 31-12-2022 | full format | 12-06-2023 | 2023-00119257 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20380337 | |
| 31-12-2020 | full format | 26-08-2021 | 2021-54100355 | |
| 31-12-2019 | full format | 28-08-2020 | 2020-48500103 | |
| 31-12-2018 | full format | 23-12-2019 | 2019-77400132 | |
| 31-12-2017 | full format | 20-12-2018 | 2018-75200572 | |
| 31-12-2016 | full format | 06-07-2017 | 2017-28400268 |