CAFISCOM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 14 filings
Turnover
€110,226▲ 39.5%
2020 · €79,042
EBIT margin
3.5%▼ 12.1pp
2020 · 15.5%
Net result
€370▼ 96.3%
2024 · €10,019
Working capital
€27,162▲ 4.6%
2024 · €25,958
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€110,226
2025
20182025
Operating result
€3,806
▼ 75.4%
2025
20182025
Net result
€370
▼ 96.3%
2025
lowest quarter of the sector
20182025
EBIT margin
3.5%
2025
20182025
Equity
€43,589
▼ 1.0%
2025
middle half of the sector
20182025
Total assets
€116,469
▲ 11.2%
2025
middle half of the sector
20182025
Debt
€72,880
▲ 20.2%
2025
20182025
Working capital
€27,162
▲ 4.6%
2025
middle half of the sector
20182025
Solvency
37.4%
▼ 4.6pp
2025
middle half of the sector
20182025
Current ratio
1.68
▲ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
0.3%
▼ 9.3pp
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
Turnover€63,394-€75,148▲ 18.5%€79,042▲ 5.2%€110,226
Operating result€1,805-€6,119▲ 239%€12,255▲ 100%€17,494▲ 42.8%€21,963▲ 25.5%€35,250▲ 60.5%€15,444▼ 56.2%€3,806▼ 75.4%
Net result€890-€4,151▲ 366%€8,777within the sector's middle half▲ 111%€13,079within the sector's middle half▲ 49.0%€16,361within the sector's middle half▲ 25.1%€26,488within the sector's middle half▲ 61.9%€10,019below the sector's middle half▼ 62.2%€370below the sector's middle half▼ 96.3%
EBIT margin2.8%-8.1%▲ 5.3pp15.5%▲ 7.4pp3.5%
Equity€39,685-€43,835▲ 10.5%€52,612within the sector's middle half▲ 20.0%€50,691within the sector's middle half▼ 3.7%€67,052within the sector's middle half▲ 32.3%€78,540within the sector's middle half▲ 17.1%€44,052within the sector's middle half▼ 43.9%€43,589within the sector's middle half▼ 1.0%
Total assets€79,491-€62,887▼ 20.9%€69,545below the sector's middle half▲ 10.6%€81,915below the sector's middle half▲ 17.8%€80,766below the sector's middle half▼ 1.4%€105,028within the sector's middle half▲ 30.0%€104,700within the sector's middle half▼ 0.3%€116,469within the sector's middle half▲ 11.2%
Debt€39,806-€19,052▼ 52.1%€16,933▼ 11.1%€31,224▲ 84.4%€13,714▼ 56.1%€26,487▲ 93.1%€60,648▲ 129%€72,880▲ 20.2%
Working capital€35,690-€41,104▲ 15.2%€50,497within the sector's middle half▲ 22.9%€48,065within the sector's middle half▼ 4.8%€65,586within the sector's middle half▲ 36.5%€77,393within the sector's middle half▲ 18.0%€25,958within the sector's middle half▼ 66.5%€27,162within the sector's middle half▲ 4.6%
Solvency49.9%-69.7%▲ 19.8pp75.7%above the sector's middle half▲ 5.9pp61.9%within the sector's middle half▼ 13.8pp83.0%above the sector's middle half▲ 21.1pp74.8%within the sector's middle half▼ 8.2pp42.1%within the sector's middle half▼ 32.7pp37.4%within the sector's middle half▼ 4.6pp
Current ratio2.35-5.46▲ 3.125.75above the sector's middle half▲ 0.292.69within the sector's middle half▼ 3.075.78above the sector's middle half▲ 3.103.94within the sector's middle half▼ 1.841.55within the sector's middle half▼ 2.391.68within the sector's middle half▲ 0.13
Return on assets (ROA)1.1%-6.6%▲ 5.5pp12.6%within the sector's middle half▲ 6.0pp16.0%within the sector's middle half▲ 3.3pp20.3%within the sector's middle half▲ 4.3pp25.2%within the sector's middle half▲ 5.0pp9.6%within the sector's middle half▼ 15.7pp0.3%below the sector's middle half▼ 9.3pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 75% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €116,469
Fixed assets
€49,510 ▲ 56.4%
Current assets
€66,959 ▼ 8.3%
Equity and liabilities €116,469
Equity
€43,589 ▼ 1.0%
Debt
€72,880 ▲ 20.2%
Debt's share of the balance-sheet total rises from 57.9% to 62.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,671▼
2024 · €23,569
Cash flow
€6,235▼
2024 · €18,144
Debt to equity
1.67▲
2024 · 1.38
ROE
0.8%▼
2024 · 22.7%
Interest coverage
5.74▼
2024 · 19.94
Debt ≤ 1 year
€39,797▼
2024 · €47,081
Debt > 1 year
€33,051▲
2024 · €13,494
Income taxes
€1,934▼
2024 · €4,533
Customer credit
50 days
Supplier credit
1 day
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 | €1,090 | €738 | €578 | €38,604 | €54,936 |
| Depreciation and write-downs of the year | €4,164 | €4,621 | €745 | €8,125 | €5,865 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €63,394 | €75,148 | €79,042 | - | - | - | - | €110,226 | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €8,000 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €98,698 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,752 | €4,752 | €4,153 | €4,164 | €4,621 | €745 | €8,125 | €5,865 | ▼ 27.8% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €4,722 | - |
| Gross operating margin9900 | €6,905 | €11,219 | €16,756 | €22,006 | €26,931 | €36,380 | €23,956 | €14,793 | ▼ 38.3% |
| Operating profit (loss)9901 | €1,805 | €6,119 | €12,255 | €17,494 | €21,963 | €35,250 | €15,444 | €3,806 | ▼ 75.4% |
| Financial income75/76B | - | - | - | - | - | €109 | €290 | €182 | ▼ 37.2% |
| Recurring financial income75 | - | - | - | - | - | €109 | €290 | €182 | ▼ 37.2% |
| Financial charges65/66B | - | - | - | €187 | €384 | €483 | €1,182 | €1,684 | ▲ 42.5% |
| Recurring financial charges65 | €144 | €259 | €264 | €187 | €384 | €483 | €1,182 | €1,684 | ▲ 42.5% |
| Profit (loss) for the period before taxes9903 | €1,661 | €5,860 | €11,991 | €17,307 | €21,579 | €34,877 | €14,553 | €2,305 | ▼ 84.2% |
| Income taxes67/77 | €771 | €1,709 | €3,215 | €4,228 | €5,218 | €8,388 | €4,533 | €1,934 | ▼ 57.3% |
| Profit (loss) for the period9904 | €890 | €4,151 | €8,777 | €13,079 | €16,361 | €26,488 | €10,019 | €370 | ▼ 96.3% |
| Profit (loss) for the period to be appropriated9905 | €890 | €4,151 | €8,777 | €13,079 | €16,361 | €26,488 | €10,019 | €370 | ▼ 96.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €79,491 | €62,887 | €69,545 | €81,915 | €80,766 | €105,028 | €104,700 | €116,469 | ▲ 11.2% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | - | - |
| Fixed assets21/28 | €17,329 | €12,577 | €8,423 | €5,349 | €1,465 | €1,298 | €31,661 | €49,510 | ▲ 56.4% |
| Tangible fixed assets22/27 | €17,212 | €12,460 | €8,307 | €5,232 | €1,349 | €1,182 | €31,661 | €49,510 | ▲ 56.4% |
| Furniture and vehicles24 | - | - | - | €5,232 | €1,349 | €1,182 | €31,661 | €49,510 | ▲ 56.4% |
| Financial fixed assets28 | €117 | €117 | €117 | €117 | €117 | €117 | - | - | - |
| Current assets29/58 | €62,162 | €50,310 | €61,122 | €76,566 | €79,300 | €103,729 | €73,039 | €66,959 | ▼ 8.3% |
| Amounts receivable within one year40/41 | €3,896 | €16,674 | €20,103 | €14,073 | €17,128 | €28,826 | €24,686 | €23,170 | ▼ 6.1% |
| Trade receivables40 | - | - | - | €11,116 | €15,947 | €26,938 | €19,132 | €15,049 | ▼ 21.3% |
| Other amounts receivable41 | - | - | - | €2,957 | €1,180 | €1,888 | €5,554 | €8,121 | ▲ 46.2% |
| Cash at bank and in hand54/58 | €55,597 | €33,276 | €38,636 | €59,574 | €61,518 | €74,232 | €41,726 | €43,043 | ▲ 3.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,919 | €654 | €671 | €6,627 | €746 | ▼ 88.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €79,491 | €62,887 | €69,545 | €81,915 | €80,766 | €105,028 | €104,700 | €116,469 | ▲ 11.2% |
| Equity10/15 | €39,685 | €43,835 | €52,612 | €50,691 | €67,052 | €78,540 | €44,052 | €43,589 | ▼ 1.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €14,260 | €5,000 | €5,000 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €10,000 | €20,019 | €20,019 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €10,000 | €20,019 | €20,019 | = |
| Profit (loss) carried forward14 | €25,425 | €29,575 | €38,352 | €36,431 | €52,792 | €54,280 | €19,032 | €18,570 | ▼ 2.4% |
| Amounts payable17/49 | €39,806 | €19,052 | €16,933 | €31,224 | €13,714 | €26,487 | €60,648 | €72,880 | ▲ 20.2% |
| Amounts payable after more than one year17 | €13,333 | €9,845 | €6,309 | €2,723 | - | - | €13,494 | €33,051 | ▲ 145% |
| Financial debts170/4 | - | - | - | €2,723 | - | - | €13,494 | €33,051 | ▲ 145% |
| Amounts payable within one year42/48 | €26,473 | €9,206 | €10,625 | €28,502 | €13,714 | €26,337 | €47,081 | €39,797 | ▼ 15.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,741 | €3,999 | €2,577 | €8,667 | €11,049 | ▲ 27.5% |
| Trade debts44 | €4,112 | €1,982 | €3,320 | €341 | €292 | €358 | €6,576 | €203 | ▼ 96.9% |
| Suppliers440/4 | - | - | - | €341 | €292 | €358 | €6,576 | €203 | ▼ 96.9% |
| Taxes, remuneration and social security45 | - | - | - | €8,420 | €9,423 | €8,402 | €7,122 | €8,200 | ▲ 15.1% |
| Taxes450/3 | - | - | - | €5,329 | €6,456 | €7,379 | €5,322 | €5,540 | ▲ 4.1% |
| Remuneration and social security454/9 | - | - | - | €3,091 | €2,967 | €1,023 | €1,800 | €2,660 | ▲ 47.8% |
| Other amounts payable47/48 | - | - | - | €15,000 | - | €15,000 | €24,715 | €20,346 | ▼ 17.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €151 | €74 | €32 | ▼ 56.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €890 | €4,151 | €8,777 | €13,079 | €16,361 | €26,488 | €10,019 | €370 | ▼ 96.3% |
| + Depreciation and write-downs630 | €4,752 | €4,752 | €4,153 | €4,164 | €4,621 | €745 | €8,125 | €5,865 | ▼ 27.8% |
| Operating cash flow (approximation) | €5,642 | €8,903 | €12,930 | €17,243 | €20,982 | €27,233 | €18,144 | €6,235 | ▼ 65.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,090 | -€738 | -€578 | -€38,488 | -€23,714 | ▲ 38.4% |
| Change in cash | - | -€22,321 | €5,360 | €20,938 | €1,944 | €12,714 | -€32,506 | €1,318 | - |
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, 10,904 companies had the same profile as CAFISCOM has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CAFISCOM 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 10,904 companies, not a prediction for CAFISCOM. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-06-2026 | 2026-00176623 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00156832 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00141271 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00135515 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20244951 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27000262 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-20700520 | |
| 31-12-2018 | micro format | 21-06-2019 | 2019-20400459 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-20900432 | |
| 31-12-2016 | micro format | 19-06-2017 | 2017-18000265 |