CAIMAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 25 filings
Turnover
≈ €130,000
Estimated: probably between €70,000 and €250,000
Total assets
€87,862▲ 22.6%
2024 · €71,637
Net result
€12,814▲ 74.1%
2024 · €7,359
Working capital
€67,971▲ 24.5%
2024 · €54,590
In the rankings
#6 oldest company in Berlare, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,343
▲ 70.9%
2025
20182025
Net result
€12,814
▲ 74.1%
2025
middle half of the sector
20182025
Equity
€62,178
▲ 21.7%
2025
middle half of the sector
20182025
Total assets
€87,862
▲ 22.6%
2025
middle half of the sector
20182025
Debt
€25,683
▲ 25.0%
2025
20182025
Working capital
€67,971
▲ 24.5%
2025
middle half of the sector
20182025
Solvency
70.8%
▼ 0.6pp
2025
middle half of the sector
20182025
Current ratio
6.80
▼ 4.57
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.6%
▲ 4.3pp
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€6,597-€728▼ 89.0%€13,945▲ 19×€10,247▼ 26.5%€11,023▲ 7.6%€3,774▼ 65.8%€10,145▲ 169%€17,343▲ 70.9%
Net result€6,242-€376▼ 94.0%€10,871within the sector's middle half▲ 29×€7,172within the sector's middle half▼ 34.0%€8,019within the sector's middle half▲ 11.8%€2,753below the sector's middle half▼ 65.7%€7,359within the sector's middle half▲ 167%€12,814within the sector's middle half▲ 74.1%
Equity€15,407-€15,783▲ 2.4%€26,654within the sector's middle half▲ 68.9%€33,826within the sector's middle half▲ 26.9%€41,845within the sector's middle half▲ 23.7%€44,598within the sector's middle half▲ 6.6%€51,097within the sector's middle half▲ 14.6%€62,178within the sector's middle half▲ 21.7%
Total assets€28,760-€43,877▲ 52.6%€60,258below the sector's middle half▲ 37.3%€62,714below the sector's middle half▲ 4.1%€60,757below the sector's middle half▼ 3.1%€61,971below the sector's middle half▲ 2.0%€71,637within the sector's middle half▲ 15.6%€87,862within the sector's middle half▲ 22.6%
Debt€13,352-€28,094▲ 110%€33,604▲ 19.6%€28,888▼ 14.0%€18,913▼ 34.5%€17,373▼ 8.1%€20,540▲ 18.2%€25,683▲ 25.0%
Working capital€13,602-€20,725▲ 52.4%€33,659within the sector's middle half▲ 62.4%€41,297within the sector's middle half▲ 22.7%€47,280within the sector's middle half▲ 14.5%€40,130within the sector's middle half▼ 15.1%€54,590within the sector's middle half▲ 36.0%€67,971within the sector's middle half▲ 24.5%
Solvency53.6%-36.0%▼ 17.6pp44.2%within the sector's middle half▲ 8.3pp53.9%within the sector's middle half▲ 9.7pp68.9%within the sector's middle half▲ 14.9pp72.0%within the sector's middle half▲ 3.1pp71.3%within the sector's middle half▼ 0.6pp70.8%within the sector's middle half▼ 0.6pp
Current ratio2.02-2.66▲ 0.642.98within the sector's middle half▲ 0.323.81within the sector's middle half▲ 0.8310.34above the sector's middle half▲ 6.5312.23above the sector's middle half▲ 1.8911.37above the sector's middle half▼ 0.866.80above the sector's middle half▼ 4.57
Return on assets (ROA)21.7%-0.9%▼ 20.8pp18.0%within the sector's middle half▲ 17.2pp11.4%within the sector's middle half▼ 6.6pp13.2%within the sector's middle half▲ 1.8pp4.4%within the sector's middle half▼ 8.8pp10.3%within the sector's middle half▲ 5.8pp14.6%within the sector's middle half▲ 4.3pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 71% higher than in 2024 and the highest since 2021. It is the second 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
2025 in colour, 2024 as the grey bar beneath
Assets €87,862
Fixed assets
€8,174 ▼ 30.6%
Current assets
€79,688 ▲ 33.1%
Equity and liabilities €87,862
Equity
€62,178 ▲ 21.7%
Debt
€25,683 ▲ 25.0%
Debt's share of the balance-sheet total rises from 28.7% to 29.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€23,634▲
2024 · €16,630
Cash flow
€19,105▲
2024 · €13,843
Quick ratio
6.60▼
2024 · 10.93
Debt to equity
0.41▲
2024 · 0.40
ROE
20.6%▲
2024 · 14.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€11,717▲
2024 · €5,266
Income taxes
€4,404▲
2024 · €2,672
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 | €344 | €4,911 | €17,503 | - | €2,683 |
| Depreciation and write-downs of the year | €3,202 | €3,202 | €5,254 | €6,485 | €6,291 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €3,393 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,272 | €3,825 | €3,522 | €3,202 | €3,202 | €5,254 | €6,485 | €6,291 | ▼ 3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €2,306 | - | - | - |
| Other operating charges640/8 | - | - | - | €520 | €521 | €557 | €565 | €563 | ▼ 0.3% |
| Gross operating margin9900 | €8,478 | €5,033 | €18,172 | €13,969 | €14,745 | €11,891 | €17,195 | €24,197 | ▲ 40.7% |
| Operating profit (loss)9901 | €6,597 | €728 | €13,945 | €10,247 | €11,023 | €3,774 | €10,145 | €17,343 | ▲ 70.9% |
| Financial income75/76B | - | - | - | €0 | €4 | €54 | €4 | €4 | ▼ 7.8% |
| Recurring financial income75 | €5 | - | €29 | €0 | €4 | €54 | €4 | €4 | ▼ 7.8% |
| Financial charges65/66B | - | - | - | €381 | €288 | €42 | €119 | €130 | ▲ 8.5% |
| Recurring financial charges65 | €360 | €352 | €358 | €381 | €288 | €42 | €119 | €130 | ▲ 8.5% |
| Profit (loss) for the period before taxes9903 | €6,242 | €376 | €13,617 | €9,865 | €10,739 | €3,785 | €10,030 | €17,218 | ▲ 71.7% |
| Income taxes67/77 | - | - | €2,746 | €2,693 | €2,720 | €1,032 | €2,672 | €4,404 | ▲ 64.8% |
| Profit (loss) for the period9904 | €6,242 | €376 | €10,871 | €7,172 | €8,019 | €2,753 | €7,359 | €12,814 | ▲ 74.1% |
| Profit (loss) for the period to be appropriated9905 | €6,242 | €376 | €10,871 | €7,172 | €8,019 | €2,753 | €7,359 | €12,814 | ▲ 74.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €28,760 | €43,877 | €60,258 | €62,714 | €60,757 | €61,971 | €71,637 | €87,862 | ▲ 22.6% |
| Fixed assets21/28 | €1,805 | €10,634 | €9,562 | €6,704 | €8,413 | €18,266 | €11,781 | €8,174 | ▼ 30.6% |
| Tangible fixed assets22/27 | €1,805 | €10,634 | €9,562 | €6,704 | €8,413 | €18,266 | €11,781 | €8,174 | ▼ 30.6% |
| Plant, machinery and equipment23 | - | - | - | €957 | €655 | €352 | €50 | - | - |
| Furniture and vehicles24 | - | - | - | €5,747 | €7,759 | €16,276 | €10,455 | €5,031 | ▼ 51.9% |
| Other tangible fixed assets26 | - | - | - | - | - | €1,637 | €1,276 | €3,143 | ▲ 146% |
| Current assets29/58 | €26,954 | €33,244 | €50,696 | €56,010 | €52,344 | €43,705 | €59,856 | €79,688 | ▲ 33.1% |
| Stocks and contracts in progress3 | - | - | - | - | - | €2,306 | €2,306 | €2,306 | = |
| Stocks30/36 | - | - | - | - | - | €2,306 | €2,306 | €2,306 | = |
| Amounts receivable within one year40/41 | €6,147 | €28,403 | €19,652 | €24,046 | €20,448 | €26,191 | €25,147 | €26,512 | ▲ 5.4% |
| Trade receivables40 | - | - | - | €22,522 | €19,866 | €23,948 | €24,398 | €26,286 | ▲ 7.7% |
| Other amounts receivable41 | - | - | - | €1,524 | €582 | €2,243 | €750 | €226 | ▼ 69.9% |
| Cash at bank and in hand54/58 | €19,976 | €3,225 | €29,824 | €31,428 | €30,688 | €14,233 | €31,311 | €49,177 | ▲ 57.1% |
| Deferred charges and accrued income490/1 | - | - | - | €537 | €1,208 | €974 | €1,092 | €1,693 | ▲ 55.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €28,760 | €43,877 | €60,258 | €62,714 | €60,757 | €61,971 | €71,637 | €87,862 | ▲ 22.6% |
| Equity10/15 | €15,407 | €15,783 | €26,654 | €33,826 | €41,845 | €44,598 | €51,097 | €62,178 | ▲ 21.7% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €210 | €210 | €6,654 | €13,826 | €21,845 | €24,598 | €31,097 | €42,178 | ▲ 35.6% |
| Distributable reserves133 | - | - | - | €13,826 | €21,845 | €24,598 | €31,097 | €42,178 | ▲ 35.6% |
| Profit (loss) carried forward14 | -€4,803 | -€4,427 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €13,352 | €28,094 | €33,604 | €28,888 | €18,913 | €17,373 | €20,540 | €25,683 | ▲ 25.0% |
| Amounts payable within one year42/48 | €13,352 | €12,519 | €17,037 | €14,713 | €5,064 | €3,575 | €5,266 | €11,717 | ▲ 123% |
| Trade debts44 | €2,388 | €2,253 | €3,742 | €545 | €181 | €760 | €739 | €977 | ▲ 32.2% |
| Suppliers440/4 | - | - | - | €545 | €181 | €760 | €739 | €977 | ▲ 32.2% |
| Taxes, remuneration and social security45 | - | - | - | €2,713 | €2,496 | €1,822 | €2,838 | €8,218 | ▲ 190% |
| Taxes450/3 | - | - | - | €2,713 | €2,496 | €1,822 | €2,838 | €3,668 | ▲ 29.2% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €4,550 | - |
| Other amounts payable47/48 | - | - | - | €11,454 | €2,387 | €992 | €1,689 | €2,523 | ▲ 49.4% |
| Accrued charges and deferred income492/3 | - | - | - | €14,175 | €13,849 | €13,798 | €15,274 | €13,966 | ▼ 8.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,242 | €376 | €10,871 | €7,172 | €8,019 | €2,753 | €7,359 | €12,814 | ▲ 74.1% |
| + Depreciation and write-downs630 | €1,272 | €3,825 | €3,522 | €3,202 | €3,202 | €5,254 | €6,485 | €6,291 | ▼ 3.0% |
| Operating cash flow (approximation) | €7,514 | €4,201 | €14,393 | €10,374 | €11,220 | €8,007 | €13,843 | €19,105 | ▲ 38.0% |
| Investment in fixed assets (approximation) | - | -€12,654 | -€2,450 | -€344 | -€4,911 | -€15,107 | €0 | -€2,683 | - |
| Change in cash | - | -€16,751 | €26,599 | €1,604 | -€739 | -€16,455 | €17,078 | €17,866 | ▲ 4.6% |
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, 31,368 companies had the same profile as CAIMAN has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAIMAN 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 31,368 companies, not a prediction for CAIMAN. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00229749 | |
| 31-12-2024 | micro format | 26-05-2025 | 2025-00105984 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00172581 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00181733 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20053736 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23200382 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23100131 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20300417 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-22600117 | |
| 31-12-2016 | micro format | 14-06-2017 | 2017-17700389 |