CALMAN
ActiveSummary
CALMAN has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €16.1m and a net result of €4.8m. Equity is growing by ~19.2% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+1
Solvency100=
Growth85=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €650,000 at 30 days acceptable
Liquidity ample (current ratio 2.07 against 2.54 in 2023; short-term debt: 10.5% and cash: 2.8% of total assets), and 10.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
89.1%
Return on assets
26.7%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
30 d early
2024
23 d early
2023
28 d early
2022
32 d early
2021
10 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 21 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror Which other companies belong to the same group?CALMAN · 4 companies
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Financials · fiscal year 2024, full schema, statutory accounts
Turnover
€6.8m▲ 60.9%
2023 · €4.2m
EBIT margin
66.3%▲ 12.8pp
2023 · 53.5%
Net result
€4.8m▲ 38.5%
2023 · €3.5m
Working capital
€2.0m▼ 20.5%
2023 · €2.5m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€1.3m▲ 419%€3.3m▲ 155%€2.3m▼ 31.1%€4.2m▲ 85.6%€6.8m▲ 60.9%
Operating result€17,681▼ 90.2%€1.4m▲ 7,903%€586,519▼ 58.5%€2.2m▲ 283%€4.5m▲ 99.5%
Net result€4.4m▲ 346%€2.2m▼ 51.4%€1.3m▼ 38.2%€3.5m▲ 161%€4.8m▲ 38.5%
EBIT margin1.4%▼ 71.5pp43.1%▲ 41.7pp25.9%▼ 17.1pp53.5%▲ 27.6pp66.3%▲ 12.8pp
Equity€10.1m▲ 78.0%€10.8m▲ 7.0%€10.9m▲ 0.3%€13.0m▲ 19.2%€16.1m▲ 24.3%
Total assets€11.3m▲ 1.7%€13.0m▲ 15.6%€12.9m▼ 1.0%€14.6m▲ 13.6%€18.1m▲ 23.4%
Debt€1.1m▼ 78.9%€2.2m▲ 91.9%€2.0m▼ 7.4%€1.6m▼ 18.2%€1.9m▲ 14.7%
Working capital€1.2m€1.4m▲ 12.4%€432,470▼ 69.1%€2.5m▲ 489%€2.0m▼ 20.5%
Staff (FTE)6.57.1▲ 9.2%7.8▲ 9.9%8.3▲ 6.4%10.7▲ 28.9%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 99% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €18.1m
Fixed assets
€14.1m ▲ 35.4%
Current assets
€3.9m ▼ 6.7%
Equity and liabilities €18.1m
Equity
€16.1m ▲ 24.3%
Provisions
€68,800 ▲ 75.6%
Debt
€1.9m ▲ 14.7%
Debt's share of the balance-sheet total falls from 11.3% to 10.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4.5m▲
2023 · €2.2m
Cash flow
€4.8m▲
2023 · €3.5m
Current ratio
2.07▼
2023 · 2.54
Debt to equity
0.12▼
2023 · 0.13
ROE
30.0%▲
2023 · 26.9%
ROA
26.7%▲
2023 · 23.8%
Interest coverage
376.37▼
2023 · 756.67
Debt ≤ 1 year
€1.9m▲
2023 · €1.6m
Income taxes
€703,567▲
2023 · €1,736
Staff costs
€1.1m▲
2023 · €746,608
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €3.3m | €2.3m | €4.2m | €7.1m | ▲ 67.7% |
| Turnover70 | €1.3m | €3.3m | €2.3m | €4.2m | €6.8m | ▲ 60.9% |
| Other operating income74 | - | €17,766 | €12,481 | €34,091 | €339,839 | ▲ 897% |
| Operating charges60/66A | - | €1.9m | €1.7m | €2.0m | €2.6m | ▲ 31.7% |
| Services and other goods61 | - | €1.3m | €1.0m | €1.2m | €1.5m | ▲ 23.5% |
| Remuneration, social security and pensions62 | - | €600,630 | €657,460 | €746,608 | €1.1m | ▲ 46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,607 | €14,679 | €5,464 | €488 | €1,363 | ▲ 179% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €7,539 | €284 | €36,248 | €29,617 | ▼ 18.3% |
| Other operating charges640/8 | - | €994 | €1,972 | €2,934 | €8,355 | ▲ 185% |
| Operating profit (loss)9901 | €17,681 | €1.4m | €586,519 | €2.2m | €4.5m | ▲ 99.5% |
| Financial income75/76B | - | €766,792 | €769,769 | €1.2m | €1.1m | ▼ 14.5% |
| Recurring financial income75 | €4.7m | €766,792 | €769,769 | €1.2m | €1.1m | ▼ 14.5% |
| Income from financial fixed assets750 | - | €746,400 | €749,400 | €1.2m | €1.0m | ▼ 18.7% |
| Income from current assets751 | - | €20,392 | €20,369 | €8,616 | €60,097 | ▲ 598% |
| Other financial income752/9 | - | - | €0 | €0 | €0 | ▲ 50.0% |
| Financial charges65/66B | - | €24,901 | €22,283 | €6,088 | €14,945 | ▲ 145% |
| Recurring financial charges65 | €323,382 | €24,901 | €22,283 | €6,088 | €14,945 | ▲ 145% |
| Debt charges650 | €323,342 | €20,841 | €21,112 | €2,968 | €11,906 | ▲ 301% |
| Other financial charges652/9 | - | €4,059 | €1,171 | €3,119 | €3,039 | ▼ 2.6% |
| Profit (loss) for the period before taxes9903 | €4.4m | €2.2m | €1.3m | €3.5m | €5.5m | ▲ 58.7% |
| Transfer from deferred taxes780 | - | €882 | €324 | - | - | - |
| Income taxes67/77 | €908 | €1,438 | €1,485 | €1,736 | €703,567 | ▲ 40,429% |
| Taxes670/3 | - | €1,438 | €1,485 | €1,736 | €703,567 | ▲ 40,429% |
| Profit (loss) for the period9904 | €4.4m | €2.2m | €1.3m | €3.5m | €4.8m | ▲ 38.5% |
| Transfer from tax-exempt reserves789 | - | €2,134 | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €999,997 | - |
| Profit (loss) for the period to be appropriated9905 | €4.4m | €2.2m | €1.3m | €3.5m | €3.8m | ▲ 9.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.3m | €13.0m | €12.9m | €14.6m | €18.1m | ▲ 23.4% |
| Formation expenses20 | €0 | €0 | €0 | €0 | - | - |
| Fixed assets21/28 | €9.5m | €9.4m | €10.4m | €10.4m | €14.1m | ▲ 35.4% |
| Tangible fixed assets22/27 | €20,143 | €5,464 | €0 | €4,112 | €15,702 | ▲ 282% |
| Furniture and vehicles24 | - | €5,464 | €0 | €0 | €5,778 | - |
| Other tangible fixed assets26 | - | - | - | €4,112 | €7,474 | ▲ 81.8% |
| Assets under construction and advance payments27 | - | - | - | - | €2,450 | - |
| Financial fixed assets28 | €9.4m | €9.4m | €10.4m | €10.4m | €14.1m | ▲ 35.3% |
| Affiliated companies280/1 | - | €9.4m | €10.4m | €10.4m | €12.2m | ▲ 16.7% |
| Participating interests280 | - | €9.4m | €10.4m | €10.4m | €12.2m | ▲ 16.7% |
| Other financial fixed assets284/8 | - | €266 | €266 | €266 | €1.9m | ▲ 732,277% |
| Amounts receivable and cash guarantees285/8 | - | €266 | €266 | €266 | €1.9m | ▲ 732,277% |
| Current assets29/58 | €1.8m | €3.6m | €2.5m | €4.2m | €3.9m | ▼ 6.7% |
| Amounts receivable after more than one year29 | - | - | - | €1.4m | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €1.4m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | €0 | - |
| Amounts receivable within one year40/41 | €1.8m | €2.2m | €2.1m | €1.5m | €1.8m | ▲ 20.0% |
| Trade receivables40 | - | €457,273 | €485,333 | €431,658 | €725,157 | ▲ 68.0% |
| Other amounts receivable41 | - | €1.8m | €1.6m | €1.1m | €1.1m | ▲ 1.3% |
| Current investments50/53 | - | €7,264 | €3,770 | €38,130 | €1.6m | ▲ 4,011% |
| Other investments51/53 | - | €7,264 | €3,770 | €38,130 | €1.6m | ▲ 4,011% |
| Cash at bank and in hand54/58 | €13,496 | €1.3m | €352,562 | €1.2m | €497,525 | ▼ 58.9% |
| Deferred charges and accrued income490/1 | - | €1,604 | €4,228 | €9,613 | €4,955 | ▼ 48.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.3m | €13.0m | €12.9m | €14.6m | €18.1m | ▲ 23.4% |
| Equity10/15 | €10.1m | €10.8m | €10.9m | €13.0m | €16.1m | ▲ 24.3% |
| Contributions10/11 | - | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Reserves13 | €152,384 | €150,683 | €150,683 | €150,683 | €1.2m | ▲ 664% |
| Tax-exempt reserves132 | - | - | - | - | €999,997 | - |
| Distributable reserves133 | - | €150,683 | €150,683 | €150,683 | €150,683 | = |
| Profit (loss) carried forward14 | €7.0m | €7.7m | €7.7m | €9.8m | €12.0m | ▲ 21.9% |
| Provisions and deferred taxes16 | €1,764 | €7,988 | €4,454 | €39,183 | €68,800 | ▲ 75.6% |
| Provisions for liabilities and charges160/5 | - | €7,665 | €4,454 | €39,183 | €68,800 | ▲ 75.6% |
| Pensions and similar obligations160 | - | €401 | €684 | €1,053 | €1,250 | ▲ 18.7% |
| Environmental obligations163 | - | €7,264 | €3,770 | €38,130 | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €67,550 | - |
| Deferred taxes168 | - | €324 | - | - | - | - |
| Amounts payable17/49 | €1.1m | €2.2m | €2.0m | €1.6m | €1.9m | ▲ 14.7% |
| Amounts payable after more than one year17 | €573,360 | - | - | - | - | - |
| Amounts payable within one year42/48 | €562,032 | €2.2m | €2.0m | €1.6m | €1.9m | ▲ 14.7% |
| Trade debts44 | €19,400 | €145,562 | €120,574 | €160,623 | €11,982 | ▼ 92.5% |
| Suppliers440/4 | - | €145,562 | €120,574 | €160,623 | €11,982 | ▼ 92.5% |
| Taxes, remuneration and social security45 | - | €75,845 | €77,519 | €91,338 | €199,944 | ▲ 119% |
| Taxes450/3 | - | €7,386 | €7,576 | €1,736 | €64,977 | ▲ 3,643% |
| Remuneration and social security454/9 | - | €68,459 | €69,943 | €89,602 | €134,967 | ▲ 50.6% |
| Other amounts payable47/48 | - | €2.0m | €1.8m | €1.4m | €1.7m | ▲ 20.2% |
| Accrued charges and deferred income492/3 | - | €48 | €0 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.4m | €2.2m | €1.3m | €3.5m | €4.8m | ▲ 38.5% |
| + Depreciation and write-downs630 | €24,607 | €14,679 | €5,464 | €488 | €1,363 | ▲ 179% |
| Operating cash flow (approximation) | €4.5m | €2.2m | €1.3m | €3.5m | €4.8m | ▲ 38.6% |
| Investment in fixed assets (approximation) | - | €0 | -€1.0m | -€4,600 | -€3.7m | ▼ 80,320% |
| Change in cash | - | €1.3m | -€977,278 | €857,185 | -€712,221 | ▼ 183% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · unclassified schema
01-07
State Gazette act
Board meeting · General meeting
Director reappointment · Mandate compensation
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2019net €4.8m ▲38.5%
Operating result €4.5m, net result €4.8m, both a record.
10-10
State Gazette act
Director appointment · Permanent representative
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity doublescurrent ratio 2.54
Current ratio from 1.21 to 2.54; short-term debt falls from €2.0m to €1.6m.
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
Show earlier events
2022
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated · 10 days late
10-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 10 days late
2020
31-12
Financial
Liquidity quadruplescurrent ratio 3.21
Current ratio from 0.86 to 3.21; short-term debt falls from €5.4m to €562,032.
31-12
Financial
Equity above €10mEq €10.1m ▲78%
2 profitable years in a row build equity to €10.1m.
07-07
State Gazette act
General meeting · Director resignation
Director appointment · Board meeting
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waregem · 1 establishment unit since 2019
Ground area
3.1 ha
Building footprint
1.5 ha
Volume, LiDAR
157,591 m³
Parcel 34453F0803/00H000, Flanders · tallest building 35.7 m, ±4 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
CALMAN
since 20192.295.736.810
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34453F0803/00H000 | Flanders | 3.1 ha | 1 · 1.5 ha | 35.7 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Heads the group
CALMAN
4 companies
Group, risk and exposure
Owners and holdings
7 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 7
-
100%
- Optimum Environmental & Energy TechnologiesNLsubsidiarySourceown accounts 2025Equity €33,792Result €457,911100%
-
99.95%
-
60%
-
100%
-
100%
- Equity €67,650Result -€1.1m50%
According to the 2025 annual accounts of CALMAN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
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Shareholding
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Ownership & control
1 board mandateCALMANBE 0736.497.343
controls
Where this company holds controlsubsidiary per the LEI register3
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 15,694 EUR awarded · 15,977 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 7,040 EUR | 6,813 EUR |
| 2024 | 1 | 4,480 EUR | 5,237 EUR |
| 2023 | 1 | 2,946 EUR | 2,926 EUR |
| 2022 | 1 | 1,228 EUR | 1,001 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
875500JYDC6GC1N3VY37
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 4,178 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-09-2019
Fiscal year end31-12
Activities, NACEBEL 2025
70100Activities of head offices
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0736497343
Also
9925:BE0736497343
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.