CALISOL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 30 days after the deadline Filed on 30 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00456247.
Annual accounts 2025 filed on 30-08-2026 at the NBB all 8 filings
Turnover
≈ €230,000
Estimated: probably between €180,000 and €320,000
Total assets
€129,075▼ 8.8%
2024 · €141,495
Net result
€38,805▲ 2.7%
2024 · €37,771
Working capital
€51,506▼ 40.8%
2024 · €87,034
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€50,299
▼ 4.3%
2025
20182025
Net result
€38,805
▲ 2.7%
2025
highest quarter of the sector
20182025
Equity
€50,244
▼ 45.1%
2025
middle half of the sector
20182025
Total assets
€129,075
▼ 8.8%
2025
middle half of the sector
20182025
Debt
€78,830
▲ 57.5%
2025
20182025
Working capital
€51,506
▼ 40.8%
2025
middle half of the sector
20182025
Solvency
38.9%
▼ 25.7pp
2025
middle half of the sector
20182025
Current ratio
1.68
▼ 1.12
2025
middle half of the sector
20182025
Return on assets (ROA)
30.1%
▲ 3.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,373-€65,928▲ 20×€27,651▼ 58.1%-€33,040-€10,703▲ 67.6%€20,906€52,566▲ 151%€50,299▼ 4.3%
Net result€2,601-€44,812▲ 17×€26,007above the sector's middle half▼ 42.0%-€33,432below the sector's middle half-€11,332below the sector's middle half▲ 66.1%€18,712within the sector's middle half€37,771above the sector's middle half▲ 102%€38,805above the sector's middle half▲ 2.7%
Equity€8,901-€53,713▲ 503%€79,720within the sector's middle half▲ 48.4%€46,288within the sector's middle half▼ 41.9%€34,956within the sector's middle half▼ 24.5%€53,668within the sector's middle half▲ 53.5%€91,439within the sector's middle half▲ 70.4%€50,244within the sector's middle half▼ 45.1%
Total assets€49,228-€82,654▲ 67.9%€148,000within the sector's middle half▲ 79.1%€106,286within the sector's middle half▼ 28.2%€103,731within the sector's middle half▼ 2.4%€104,456within the sector's middle half▲ 0.7%€141,495within the sector's middle half▲ 35.5%€129,075within the sector's middle half▼ 8.8%
Debt€40,327-€28,941▼ 28.2%€68,280▲ 136%€59,999▼ 12.1%€68,775▲ 14.6%€50,788▼ 26.2%€50,056▼ 1.4%€78,830▲ 57.5%
Working capital€7,642-€52,854▲ 592%€66,731within the sector's middle half▲ 26.3%€32,933within the sector's middle half▼ 50.6%€21,225within the sector's middle half▼ 35.6%€42,630within the sector's middle half▲ 101%€87,034within the sector's middle half▲ 104%€51,506within the sector's middle half▼ 40.8%
Solvency18.1%-65.0%▲ 46.9pp53.9%within the sector's middle half▼ 11.1pp43.5%within the sector's middle half▼ 10.3pp33.7%within the sector's middle half▼ 9.9pp51.4%within the sector's middle half▲ 17.7pp64.6%within the sector's middle half▲ 13.2pp38.9%within the sector's middle half▼ 25.7pp
Current ratio1.21-2.92▲ 1.712.39within the sector's middle half▼ 0.531.70within the sector's middle half▼ 0.691.34within the sector's middle half▼ 0.361.86within the sector's middle half▲ 0.532.80within the sector's middle half▲ 0.941.68within the sector's middle half▼ 1.12
Return on assets (ROA)5.3%-54.2%▲ 48.9pp17.6%above the sector's middle half▼ 36.6pp-31.5%below the sector's middle half▼ 49.0pp-10.9%below the sector's middle half▲ 20.5pp17.9%above the sector's middle half▲ 28.8pp26.7%above the sector's middle half▲ 8.8pp30.1%above the sector's middle half▲ 3.4pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 4% lower than 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 €129,075
Fixed assets
€2,239 ▼ 63.5%
Current assets
€126,835 ▼ 6.3%
Equity and liabilities €129,075
Equity
€50,244 ▼ 45.1%
Debt
€78,830 ▲ 57.5%
Debt's share of the balance-sheet total rises from 35.4% to 61.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€55,289▼
2024 · €59,400
Cash flow
€43,795▼
2024 · €44,606
Quick ratio
1.56▼
2024 · 2.60
Debt to equity
1.57▲
2024 · 0.55
ROE
77.2%▲
2024 · 41.3%
Interest coverage
24.54▼
2024 · 27.29
Debt ≤ 1 year
€75,329▲
2024 · €48,322
Income taxes
€9,241▼
2024 · €12,618
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €1,091 |
| Financial fixed assets | - | - | - | €1,100 | - |
| Depreciation and write-downs of the year | €6,970 | €6,970 | €6,889 | €6,834 | €4,990 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,631 | €2,785 | €2,021 | €6,970 | €6,970 | €6,889 | €6,834 | €4,990 | ▼ 27.0% |
| Other operating charges640/8 | - | - | - | €1,518 | €1,085 | €1,185 | €1,882 | €4,094 | ▲ 117% |
| Gross operating margin9900 | €8,847 | €69,921 | €30,325 | -€24,552 | -€2,648 | €28,980 | €61,283 | €59,383 | ▼ 3.1% |
| Operating profit (loss)9901 | €3,373 | €65,928 | €27,651 | -€33,040 | -€10,703 | €20,906 | €52,566 | €50,299 | ▼ 4.3% |
| Financial income75/76B | - | - | - | €302 | - | - | - | - | - |
| Recurring financial income75 | €329 | €3 | €6 | €302 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €540 | €460 | €2,026 | €2,176 | €2,253 | ▲ 3.5% |
| Recurring financial charges65 | €258 | €1,018 | €2,560 | €540 | €460 | €2,026 | €2,176 | €2,253 | ▲ 3.5% |
| Profit (loss) for the period before taxes9903 | €3,445 | €64,913 | €25,097 | -€33,278 | -€11,163 | €18,880 | €50,390 | €48,046 | ▼ 4.7% |
| Income taxes67/77 | €844 | €20,101 | -€909 | €155 | €169 | €168 | €12,618 | €9,241 | ▼ 26.8% |
| Profit (loss) for the period9904 | €2,601 | €44,812 | €26,007 | -€33,432 | -€11,332 | €18,712 | €37,771 | €38,805 | ▲ 2.7% |
| Profit (loss) for the period to be appropriated9905 | €2,601 | €44,812 | €26,007 | -€33,432 | -€11,332 | €18,712 | €37,771 | €38,805 | ▲ 2.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,228 | €82,654 | €148,000 | €106,286 | €103,731 | €104,456 | €141,495 | €129,075 | ▼ 8.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €5,102 | €2,317 | €33,302 | €26,332 | €19,362 | €12,473 | €6,139 | €2,239 | ▼ 63.5% |
| Tangible fixed assets22/27 | €5,012 | €2,227 | €32,612 | €25,642 | €18,672 | €11,783 | €4,949 | €1,049 | ▼ 78.8% |
| Plant, machinery and equipment23 | - | - | - | €190 | €55 | - | - | €1,049 | - |
| Furniture and vehicles24 | - | - | - | €25,452 | €18,618 | €11,783 | €4,949 | - | - |
| Financial fixed assets28 | €90 | €90 | €690 | €690 | €690 | €690 | €1,190 | €1,190 | = |
| Current assets29/58 | €44,125 | €80,337 | €114,698 | €79,954 | €84,368 | €91,983 | €135,356 | €126,835 | ▼ 6.3% |
| Stocks and contracts in progress3 | €435 | €435 | €1,319 | €2,847 | €2,847 | €10,219 | €9,763 | €9,196 | ▼ 5.8% |
| Stocks30/36 | - | - | - | €2,847 | €2,847 | €10,219 | €9,763 | €9,196 | ▼ 5.8% |
| Amounts receivable within one year40/41 | €30,155 | €42,116 | €30,658 | €26,442 | €18,851 | €19,871 | €76,740 | €50,170 | ▼ 34.6% |
| Trade receivables40 | - | - | - | €25,380 | €17,142 | €18,655 | €75,015 | €39,955 | ▼ 46.7% |
| Other amounts receivable41 | - | - | - | €1,062 | €1,709 | €1,216 | €1,725 | €10,215 | ▲ 492% |
| Cash at bank and in hand54/58 | €13,536 | €37,228 | €81,742 | €49,526 | €61,443 | €60,639 | €43,295 | €65,315 | ▲ 50.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,139 | €1,227 | €1,253 | €5,559 | €2,155 | ▼ 61.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,228 | €82,654 | €148,000 | €106,286 | €103,731 | €104,456 | €141,495 | €129,075 | ▼ 8.8% |
| Equity10/15 | €8,901 | €53,713 | €79,720 | €46,288 | €34,956 | €53,668 | €91,439 | €50,244 | ▼ 45.1% |
| Contributions10/11 | €6,300 | €6,300 | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Reserves13 | €131 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €2,470 | €45,553 | €71,560 | €38,128 | €26,796 | €45,508 | €83,279 | €42,084 | ▼ 49.5% |
| Amounts payable17/49 | €40,327 | €28,941 | €68,280 | €59,999 | €68,775 | €50,788 | €50,056 | €78,830 | ▲ 57.5% |
| Amounts payable after more than one year17 | €3,844 | €1,227 | €19,873 | €12,802 | €5,631 | - | - | - | - |
| Financial debts170/4 | - | - | - | €12,802 | €5,631 | - | - | - | - |
| Amounts payable within one year42/48 | €36,483 | €27,482 | €47,967 | €47,021 | €63,143 | €49,352 | €48,322 | €75,329 | ▲ 55.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,071 | €7,171 | €5,631 | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €5,023 | €5,000 | ▼ 0.5% |
| Credit institutions430/8 | - | - | - | - | - | - | €5,023 | €5,000 | ▼ 0.5% |
| Trade debts44 | €7,434 | €2,525 | €14,289 | €17,972 | €26,616 | €13,709 | €9,496 | €9,627 | ▲ 1.4% |
| Suppliers440/4 | - | - | - | €17,972 | €26,616 | €13,709 | €9,496 | €9,627 | ▲ 1.4% |
| Taxes, remuneration and social security45 | - | - | - | €9,784 | €4,724 | €4,282 | €12,046 | €16,050 | ▲ 33.2% |
| Taxes450/3 | - | - | - | €9,784 | €4,724 | €4,282 | €12,046 | €16,050 | ▲ 33.2% |
| Other amounts payable47/48 | - | - | - | €12,194 | €24,634 | €25,731 | €21,757 | €44,652 | ▲ 105% |
| Accrued charges and deferred income492/3 | - | - | - | €176 | - | €1,435 | €1,734 | €3,501 | ▲ 102% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,601 | €44,812 | €26,007 | -€33,432 | -€11,332 | €18,712 | €37,771 | €38,805 | ▲ 2.7% |
| + Depreciation and write-downs630 | €4,631 | €2,785 | €2,021 | €6,970 | €6,970 | €6,889 | €6,834 | €4,990 | ▼ 27.0% |
| Operating cash flow (approximation) | €7,232 | €47,597 | €28,028 | -€26,463 | -€4,362 | €25,601 | €44,606 | €43,795 | ▼ 1.8% |
| Investment in fixed assets (approximation) | - | €0 | -€33,005 | €0 | €0 | €0 | -€500 | -€1,091 | ▼ 118% |
| Change in cash | - | €23,692 | €44,514 | -€32,216 | €11,917 | -€804 | -€17,344 | €22,021 | - |
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 CALISOL 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 CALISOL itself is lower: 0.2% within 12 months. It rests on far more data about CALISOL 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 CALISOL. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-08-2026 | 2026-00456247 | |
| 31-12-2024 | micro format | 27-07-2025 | 2025-00313819 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00273381 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00394152 | |
| 31-12-2021 | micro format | 27-08-2022 | 2022-20348349 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-59200393 | |
| 31-12-2019 | micro format | 27-10-2020 | 2020-64000535 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45800450 |