CABRI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 5 filings
Turnover
≈ €300,000
Estimated: probably between €260,000 and €360,000
Total assets
€219,882▲ 76.3%
2024 · €124,686
Net result
€118,774▲ 835%
2024 · €12,699
Working capital
€170,415▲ 56.4%
2024 · €108,956
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€175,395
▲ 845%
2025
20212025
Net result
€118,774
▲ 835%
2025
highest quarter of the sector
20212025
Equity
€173,451
▲ 67.5%
2025
middle half of the sector
20212025
Total assets
€219,882
▲ 76.3%
2025
middle half of the sector
20212025
Debt
€46,431
▲ 120%
2025
20212025
Working capital
€170,415
▲ 56.4%
2025
highest quarter of the sector
20212025
Solvency
78.9%
▼ 4.2pp
2025
highest quarter of the sector
20212025
Current ratio
4.69
▼ 4.98
2025
highest quarter of the sector
20212025
Return on assets (ROA)
54.0%
▲ 43.8pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€68,212-€25,707▼ 62.3%€27,248▲ 6.0%€18,553▼ 31.9%€175,395▲ 845%
Net result€48,878within the sector's middle half-€17,809within the sector's middle half▼ 63.6%€19,168within the sector's middle half▲ 7.6%€12,699within the sector's middle half▼ 33.8%€118,774above the sector's middle half▲ 835%
Equity€53,878within the sector's middle half-€71,687within the sector's middle half▲ 33.1%€90,855within the sector's middle half▲ 26.7%€103,554within the sector's middle half▲ 14.0%€173,451within the sector's middle half▲ 67.5%
Total assets€102,504within the sector's middle half-€117,562within the sector's middle half▲ 14.7%€125,180within the sector's middle half▲ 6.5%€124,686within the sector's middle half▼ 0.4%€219,882within the sector's middle half▲ 76.3%
Debt€48,626-€45,875▼ 5.7%€34,325▼ 25.2%€21,131▼ 38.4%€46,431▲ 120%
Working capital€75,214within the sector's middle half-€88,111within the sector's middle half▲ 17.1%€101,755within the sector's middle half▲ 15.5%€108,956within the sector's middle half▲ 7.1%€170,415above the sector's middle half▲ 56.4%
Solvency52.6%within the sector's middle half-61.0%within the sector's middle half▲ 8.4pp72.6%within the sector's middle half▲ 11.6pp83.1%above the sector's middle half▲ 10.5pp78.9%above the sector's middle half▼ 4.2pp
Current ratio5.77above the sector's middle half-5.25above the sector's middle half▼ 0.526.82above the sector's middle half▲ 1.579.67above the sector's middle half▲ 2.844.69above the sector's middle half▼ 4.98
Return on assets (ROA)47.7%above the sector's middle half-15.1%within the sector's middle half▼ 32.5pp15.3%within the sector's middle half▲ 0.2pp10.2%within the sector's middle half▼ 5.1pp54.0%above the sector's middle half▲ 43.8pp
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 9.5 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €219,882
Fixed assets
€3,270 ▲ 3.6%
Current assets
€216,612 ▲ 78.2%
Equity and liabilities €219,882
Equity
€173,451 ▲ 67.5%
Debt
€46,431 ▲ 120%
Debt's share of the balance-sheet total rises from 16.9% to 21.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€178,051▲
2024 · €21,342
Cash flow
€121,430▲
2024 · €15,488
Debt to equity
0.27▲
2024 · 0.20
ROE
68.5%▲
2024 · 12.3%
Interest coverage
over 100▲
2024 · 69.22
Debt ≤ 1 year
€46,197▲
2024 · €12,573
Debt > 1 year
€0▼
2024 · €8,280
Income taxes
€56,703▲
2024 · €5,606
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 | €13,438 | - | - | - | €2,260 |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | €510 |
| Depreciation and write-downs of the year | €1,915 | €2,789 | €2,789 | €2,789 | €2,656 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,915 | €2,789 | €2,789 | €2,789 | €2,656 | ▼ 4.8% |
| Other operating charges640/8 | €183 | €511 | €645 | €256 | €1,275 | ▲ 399% |
| Gross operating margin9900 | €70,310 | €29,007 | €30,682 | €21,598 | €179,326 | ▲ 730% |
| Operating profit (loss)9901 | €68,212 | €25,707 | €27,248 | €18,553 | €175,395 | ▲ 845% |
| Financial income75/76B | - | €53 | €77 | €60 | €382 | ▲ 531% |
| Recurring financial income75 | - | €53 | €77 | €60 | €382 | ▲ 531% |
| Financial charges65/66B | €633 | €711 | €487 | €308 | €300 | ▼ 2.8% |
| Recurring financial charges65 | €633 | €711 | €487 | €308 | €300 | ▼ 2.8% |
| Profit (loss) for the period before taxes9903 | €67,579 | €25,049 | €26,838 | €18,305 | €175,477 | ▲ 859% |
| Income taxes67/77 | €18,701 | €7,240 | €7,670 | €5,606 | €56,703 | ▲ 911% |
| Profit (loss) for the period9904 | €48,878 | €17,809 | €19,168 | €12,699 | €118,774 | ▲ 835% |
| Profit (loss) for the period to be appropriated9905 | €48,878 | €17,809 | €19,168 | €12,699 | €118,774 | ▲ 835% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €102,504 | €117,562 | €125,180 | €124,686 | €219,882 | ▲ 76.3% |
| Fixed assets21/28 | €11,523 | €8,734 | €5,945 | €3,157 | €3,270 | ▲ 3.6% |
| Tangible fixed assets22/27 | €11,523 | €8,734 | €5,945 | €3,157 | €2,760 | ▼ 12.6% |
| Furniture and vehicles24 | €11,523 | €8,734 | €5,945 | €3,157 | €2,760 | ▼ 12.6% |
| Financial fixed assets28 | - | - | - | - | €510 | - |
| Current assets29/58 | €90,981 | €108,828 | €119,235 | €121,529 | €216,612 | ▲ 78.2% |
| Amounts receivable within one year40/41 | €10,347 | €24,721 | €15,341 | €11,747 | €27,772 | ▲ 136% |
| Trade receivables40 | €10,280 | €23,239 | €13,896 | €9,734 | €26,633 | ▲ 174% |
| Other amounts receivable41 | €66 | €1,482 | €1,445 | €2,013 | €1,140 | ▼ 43.4% |
| Cash at bank and in hand54/58 | €80,634 | €83,992 | €103,798 | €109,681 | €188,113 | ▲ 71.5% |
| Deferred charges and accrued income490/1 | - | €116 | €96 | €101 | €726 | ▲ 616% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €102,504 | €117,562 | €125,180 | €124,686 | €219,882 | ▲ 76.3% |
| Equity10/15 | €53,878 | €71,687 | €90,855 | €103,554 | €173,451 | ▲ 67.5% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €48,878 | €66,687 | €85,855 | €98,554 | €168,451 | ▲ 70.9% |
| Distributable reserves133 | €48,878 | €66,687 | €85,855 | €98,554 | €168,451 | ▲ 70.9% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €48,626 | €45,875 | €34,325 | €21,131 | €46,431 | ▲ 120% |
| Amounts payable after more than one year17 | €32,275 | €24,415 | €16,417 | €8,280 | €0 | ▼ 100% |
| Financial debts170/4 | €32,275 | €24,415 | €16,417 | €8,280 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €15,767 | €20,717 | €17,480 | €12,573 | €46,197 | ▲ 267% |
| Current portion of amounts payable after more than one year42 | €7,725 | €7,860 | €7,998 | €8,138 | €8,280 | ▲ 1.7% |
| Trade debts44 | €1,444 | €1,494 | €5,337 | €3,126 | €771 | ▼ 75.3% |
| Suppliers440/4 | €1,444 | €1,494 | €5,337 | €3,126 | €771 | ▼ 75.3% |
| Taxes, remuneration and social security45 | €6,599 | €11,364 | €4,146 | €1,310 | €37,146 | ▲ 28× |
| Taxes450/3 | €6,599 | €11,364 | €4,146 | €1,310 | €37,146 | ▲ 28× |
| Accrued charges and deferred income492/3 | €583 | €743 | €427 | €278 | €234 | ▼ 15.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,878 | €17,809 | €19,168 | €12,699 | €118,774 | ▲ 835% |
| + Depreciation and write-downs630 | €1,915 | €2,789 | €2,789 | €2,789 | €2,656 | ▼ 4.8% |
| Operating cash flow (approximation) | €50,793 | €20,598 | €21,957 | €15,488 | €121,430 | ▲ 684% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€2,770 | - |
| Change in cash | - | €3,357 | €19,806 | €5,883 | €78,433 | ▲ 13× |
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 CABRI 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.
The bankruptcy probability of CABRI itself is lower: < 0.1% within 12 months. It rests on far more data about CABRI than the profile alone.
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 CABRI. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00311439 | |
| 31-12-2024 | micro format | 12-06-2025 | 2025-00137789 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00311610 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00184930 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20147846 |