Cagima
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 49 filings
Turnover
≈ €370,000
Estimated: probably between €350,000 and €460,000
EBIT margin
Not included in this filing
Net result
-€65,882▲ 61.6%
2024 · -€171,737
Working capital
€64,003▲ 39.8%
2024 · €45,771
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€115,621
▲ 44.1%
2025
20182025
Net result
-€65,882
▲ 61.6%
2025
lowest quarter of the sector
20182025
Equity
€5.3m
▼ 1.2%
2025
highest quarter of the sector
20182025
Total assets
€6.4m
▼ 1.2%
2025
middle half of the sector
20182025
Debt
€202,383
▲ 25.0%
2025
20182025
Working capital
€64,003
▲ 39.8%
2025
middle half of the sector
20182025
Solvency
82.6%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
1.49
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.0%
▲ 1.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1.5
=
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-€0.1m--€0.2m▼ 50.8%-€0.3m▼ 82.2%-€0.2m▲ 24.6%-€0.2m▼ 4.2%-€0.2m▲ 4.8%-€0.2m▼ 0.5%-€0.1m▲ 44.1%
Net result-€0.06m-€0.8m€2.1mabove the sector's middle half▲ 143%€0.1mabove the sector's middle half▼ 93.6%-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 4.1%-€0.2mbelow the sector's middle half▼ 16.5%-€0.07mbelow the sector's middle half▲ 61.6%
Equity€2.5m-€3.3m▲ 33.1%€5.8mabove the sector's middle half▲ 73.4%€5.8mabove the sector's middle half▲ 1.1%€5.7mabove the sector's middle half▼ 2.6%€5.5mabove the sector's middle half▼ 2.6%€5.3mabove the sector's middle half▼ 3.1%€5.3mabove the sector's middle half▼ 1.2%
Total assets€5.2m-€6.2m▲ 20.2%€7.2mabove the sector's middle half▲ 15.8%€7.0mabove the sector's middle half▼ 3.3%€6.9mabove the sector's middle half▼ 1.8%€6.6mabove the sector's middle half▼ 3.5%€6.5mabove the sector's middle half▼ 2.2%€6.4mwithin the sector's middle half▼ 1.2%
Debt€2.3m-€2.3m▲ 1.6%€0.1m▼ 94.8%€0.09m▼ 29.5%€0.1m▲ 72.7%€0.09m▼ 35.8%€0.2m▲ 71.2%€0.2m▲ 25.0%
Working capital€0.5m-€1.7m▲ 265%€4.6mabove the sector's middle half▲ 167%€2.3mabove the sector's middle half▼ 48.9%€1.3mabove the sector's middle half▼ 42.8%€0.5mwithin the sector's middle half▼ 65.1%€0.05mwithin the sector's middle half▼ 90.2%€0.06mwithin the sector's middle half▲ 39.8%
Solvency48.1%-53.3%▲ 5.2pp79.8%above the sector's middle half▲ 26.5pp83.4%above the sector's middle half▲ 3.6pp82.7%above the sector's middle half▼ 0.7pp83.4%above the sector's middle half▲ 0.7pp82.7%above the sector's middle half▼ 0.8pp82.6%above the sector's middle half▼ 0.1pp
Current ratio1.21-1.74▲ 0.5451.47above the sector's middle half▲ 49.7382.62above the sector's middle half▲ 31.1439.90above the sector's middle half▼ 42.717.82above the sector's middle half▼ 32.081.39within the sector's middle half▼ 6.441.49within the sector's middle half▲ 0.10
Return on assets (ROA)-1.2%-13.6%▲ 14.8pp28.5%above the sector's middle half▲ 14.9pp1.9%within the sector's middle half▼ 26.6pp-2.2%below the sector's middle half▼ 4.1pp-2.2%below the sector's middle half=-2.7%below the sector's middle half▼ 0.4pp-1.0%within the sector's middle half▲ 1.6pp
Staff (FTE)1.5-1.5=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €115,621, smaller than the loss of €206,876 in 2024.
Large changes and their cause
- 2025 Net result +62% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.4m
Fixed assets
€6.2m ▼ 1.7%
Current assets
€195,019 ▲ 18.5%
Equity and liabilities €6.4m
Equity
€5.3m ▼ 1.2%
Provisions
€909,907 ▼ 5.2%
Debt
€202,383 ▲ 25.0%
Debt's share of the balance-sheet total rises from 2.5% to 3.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€140,774▲
2024 · €39,649
Cash flow
€190,513▲
2024 · €74,788
Debt to equity
0.04▲
2024 · 0.03
ROE
-1.2%▲
2024 · -3.2%
Interest coverage
over 100▲
2024 · 4.43
Debt ≤ 1 year
€131,016▲
2024 · €118,828
Debt > 1 year
€49,838▲
2024 · €28,238
Staff costs
€139,947▲
2024 · €134,875
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 | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
| Average over the year, in full-time equivalents | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2.3m | €1.1m | €825,056 | €471,347 | €150,314 |
| Depreciation and write-downs of the year | €150,054 | €198,533 | €226,687 | €246,525 | €256,396 |
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 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.05m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.03m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.04m | €0.05m | €0.05m | €0.05m | ▲ 8.7% |
| Gross operating margin9900 | €0.1m | €0.08m | -€0.01m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 49.8% |
| Operating profit (loss)9901 | -€0.1m | -€0.2m | -€0.3m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.1m | ▲ 44.1% |
| Financial income75/76B | - | - | - | €0.2m | €0.03m | €0.02m | €0.003m | €462 | ▼ 86.6% |
| Recurring financial income75 | €0.007m | €0.01m | €0.02m | €0.02m | €0.03m | €0.02m | €0.003m | €462 | ▼ 86.6% |
| Non-recurring financial income76B | - | - | - | €0.2m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.004m | €0.001m | €0.009m | €0.001m | ▼ 88.8% |
| Recurring financial charges65 | €385 | €256 | €0.008m | €0.02m | €0.004m | €0.001m | €0.009m | €0.001m | ▼ 88.8% |
| Profit (loss) for the period before taxes9903 | -€0.06m | €1.1m | €2.8m | €0.009m | -€0.2m | -€0.2m | -€0.2m | -€0.1m | ▲ 45.3% |
| Transfer from deferred taxes780 | - | - | - | €0.3m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 23.8% |
| Income taxes67/77 | - | €0.03m | €0.03m | €0.2m | - | - | - | - | - |
| Profit (loss) for the period9904 | -€0.06m | €0.8m | €2.1m | €0.1m | -€0.2m | -€0.1m | -€0.2m | -€0.07m | ▲ 61.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.7m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 23.8% |
| Profit (loss) for the period to be appropriated9905 | -€0.06m | €0.3m | -€0.2m | €0.9m | -€0.05m | -€0.03m | -€0.05m | €0.08m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.2m | €6.2m | €7.2m | €7.0m | €6.9m | €6.6m | €6.5m | €6.4m | ▼ 1.2% |
| Fixed assets21/28 | €2.5m | €2.2m | €2.6m | €4.6m | €5.5m | €6.1m | €6.3m | €6.2m | ▼ 1.7% |
| Tangible fixed assets22/27 | €2.1m | €1.9m | €2.6m | €4.6m | €5.5m | €6.1m | €6.3m | €6.2m | ▼ 1.7% |
| Land and buildings22 | - | - | - | €4.6m | €5.5m | €6.1m | €6.3m | €6.2m | ▼ 1.7% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.001m | €0.002m | ▲ 84.7% |
| Financial fixed assets28 | €0.3m | €0.3m | €0.001m | €0.001m | €240 | €240 | €240 | €240 | = |
| Current assets29/58 | €2.7m | €4.0m | €4.7m | €2.4m | €1.4m | €0.5m | €0.2m | €0.2m | ▲ 18.5% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.05m | €0.1m | €0.07m | €0.05m | €0.04m | €0.03m | ▼ 21.7% |
| Trade receivables40 | - | - | - | €0.08m | €0.03m | €0.05m | €0.03m | €0.02m | ▼ 23.5% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.004m | €0.005m | €0.005m | ▼ 10.5% |
| Current investments50/53 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | - | - | - |
| Cash at bank and in hand54/58 | €2.5m | €3.5m | €4.3m | €2.0m | €1.0m | €0.3m | €0.1m | €0.2m | ▲ 35.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | ▼ 21.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.2m | €6.2m | €7.2m | €7.0m | €6.9m | €6.6m | €6.5m | €6.4m | ▼ 1.2% |
| Equity10/15 | €2.5m | €3.3m | €5.8m | €5.8m | €5.7m | €5.5m | €5.3m | €5.3m | ▼ 1.2% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €2.2m | €2.9m | €5.5m | €4.7m | €4.6m | €4.5m | €4.4m | €4.2m | ▼ 3.5% |
| Non-distributable reserves130/1 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Legal reserve130 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Tax-exempt reserves132 | - | - | - | €3.3m | €3.2m | €3.0m | €2.9m | €2.8m | ▼ 5.2% |
| Distributable reserves133 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Profit (loss) carried forward14 | -€0.06m | - | -€0.2m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 15.4% |
| Provisions and deferred taxes16 | €0.4m | €0.6m | €1.3m | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 5.2% |
| Deferred taxes168 | - | - | - | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 5.2% |
| Amounts payable17/49 | €2.3m | €2.3m | €0.1m | €0.09m | €0.1m | €0.09m | €0.2m | €0.2m | ▲ 25.0% |
| Amounts payable after more than one year17 | €0.02m | €0.01m | €0.01m | €0.04m | €0.02m | €0.02m | €0.03m | €0.05m | ▲ 76.5% |
| Other amounts payable178/9 | - | - | - | €0.04m | €0.02m | €0.02m | €0.03m | €0.05m | ▲ 76.5% |
| Amounts payable within one year42/48 | €2.2m | €2.3m | €0.09m | €0.03m | €0.03m | €0.07m | €0.1m | €0.1m | ▲ 10.3% |
| Trade debts44 | €0.06m | €0.06m | €0.02m | €0.01m | €0.02m | €0.05m | €0.1m | €0.01m | ▼ 86.2% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.05m | €0.1m | €0.01m | ▼ 86.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 3.6% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 3.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.1m | €0.01m | €0.01m | €0.02m | ▲ 45.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.06m | €0.8m | €2.1m | €0.1m | -€0.2m | -€0.1m | -€0.2m | -€0.07m | ▲ 61.6% |
| + Depreciation and write-downs630 | €0.1m | €0.05m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 4.0% |
| Operating cash flow (approximation) | €0.04m | €0.9m | €2.2m | €0.3m | €0.04m | €0.08m | €0.07m | €0.2m | ▲ 155% |
| Investment in fixed assets (approximation) | - | €0.2m | -€0.4m | -€2.2m | -€1.1m | -€0.8m | -€0.5m | -€0.2m | ▲ 68.1% |
| Change in cash | - | €1.1m | €0.8m | -€2.3m | -€0.9m | -€0.7m | -€0.2m | €0.04m | - |
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, 12,322 companies had the same profile as Cagima has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cagima 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 12,322 companies, not a prediction for Cagima. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 06-07-2026 | 2026-00256596 | |
| 31-12-2024 | abbreviated format | 21-08-2025 | 2025-00389619 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00417105 | |
| 31-12-2022 | abbreviated format | 28-08-2023 | 2023-00361780 | |
| 31-12-2021 | abbreviated format | 27-08-2022 | 2022-20328930 | |
| 31-12-2020 | abbreviated format | 03-08-2021 | 2021-45500112 | |
| 31-12-2019 | abbreviated format | 10-06-2020 | 2020-15800448 | |
| 31-12-2018 | abbreviated format | 28-08-2019 | 2019-53100218 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-57000227 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-34500289 |