CAMI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 43 filings
Equity
-€194,783▼ 5.9%
2024 · -€183,994
Total assets
€70,747▼ 4.7%
2024 · €74,257
Net result
-€10,790▼ 40.9%
2024 · -€7,657
Working capital
-€264,103▼ 2.9%
2024 · -€256,540
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,479
▼ 40.3%
2025
20182025
Net result
-€10,790
▼ 40.9%
2025
lowest quarter of the sector
20182025
Equity
-€194,783
▼ 5.9%
2025
lowest quarter of the sector
20182025
Total assets
€70,747
▼ 4.7%
2025
lowest quarter of the sector
20182025
Debt
€265,530
▲ 2.8%
2025
20182025
Working capital
-€264,103
▼ 2.9%
2025
lowest quarter of the sector
20182025
Solvency
-275.3%
▼ 27.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.01
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-15.3%
▼ 4.9pp
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
Operating result-€10,817--€7,460▲ 31.0%-€5,742▲ 23.0%-€5,314▲ 7.5%-€8,630▼ 62.4%-€10,228▼ 18.5%-€7,467▲ 27.0%-€10,479▼ 40.3%
Net result-€10,900--€7,577▲ 30.5%-€5,873below the sector's middle half▲ 22.5%-€5,436below the sector's middle half▲ 7.4%-€8,764below the sector's middle half▼ 61.2%-€10,452below the sector's middle half▼ 19.3%-€7,657below the sector's middle half▲ 26.7%-€10,790below the sector's middle half▼ 40.9%
Equity-€138,235--€145,812▼ 5.5%-€151,685below the sector's middle half▼ 4.0%-€157,121below the sector's middle half▼ 3.6%-€165,885below the sector's middle half▼ 5.6%-€176,337below the sector's middle half▼ 6.3%-€183,994below the sector's middle half▼ 4.3%-€194,783below the sector's middle half▼ 5.9%
Total assets€37,986-€37,139▼ 2.2%€36,491below the sector's middle half▼ 1.7%€36,486below the sector's middle half=€81,389below the sector's middle half▲ 123%€77,510below the sector's middle half▼ 4.8%€74,257below the sector's middle half▼ 4.2%€70,747below the sector's middle half▼ 4.7%
Debt€176,221-€182,951▲ 3.8%€188,176▲ 2.9%€193,607▲ 2.9%€247,274▲ 27.7%€253,848▲ 2.7%€258,251▲ 1.7%€265,530▲ 2.8%
Working capital-€176,190--€180,825▼ 2.6%-€186,002below the sector's middle half▼ 2.9%-€190,741below the sector's middle half▼ 2.5%-€245,582below the sector's middle half▼ 28.8%-€252,110below the sector's middle half▼ 2.7%-€256,540below the sector's middle half▼ 1.8%-€264,103below the sector's middle half▼ 2.9%
Solvency-363.9%--392.6%▼ 28.7pp-415.7%below the sector's middle half▼ 23.1pp-430.6%below the sector's middle half▼ 15.0pp-203.8%below the sector's middle half▲ 226.8pp-227.5%below the sector's middle half▼ 23.7pp-247.8%below the sector's middle half▼ 20.3pp-275.3%below the sector's middle half▼ 27.5pp
Current ratio0.00-0.01▲ 0.010.01below the sector's middle half=0.01below the sector's middle half=0.01below the sector's middle half▼ 0.010.01below the sector's middle half=0.01below the sector's middle half=0.01below the sector's middle half=
Return on assets (ROA)-28.7%--20.4%▲ 8.3pp-16.1%below the sector's middle half▲ 4.3pp-14.9%below the sector's middle half▲ 1.2pp-10.8%below the sector's middle half▲ 4.1pp-13.5%below the sector's middle half▼ 2.7pp-10.3%below the sector's middle half▲ 3.2pp-15.3%below the sector's middle half▼ 4.9pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €10,479, larger than the loss of €7,467 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €70,747
Fixed assets
€69,320 ▼ 4.4%
Current assets
€1,427 ▼ 16.6%
Equity and liabilities
Equity-€194,783
Debt€265,530
Equity is negative. Debt (€265,530) exceeds the balance-sheet total (€70,747).
Key figures and ratios
EBITDA
-€7,252▼
2024 · -€4,240
Cash flow
-€7,563▼
2024 · -€4,430
Interest coverage
-23.33▼
2024 · -17.71
Debt ≤ 1 year
€265,530▲
2024 · €258,251
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | €48,400 | - | - | - |
| Depreciation and write-downs of the year | €697 | €2,323 | €3,923 | €3,227 | €3,227 |
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 | €2,941 | €2,941 | €697 | €697 | €2,323 | €3,923 | €3,227 | €3,227 | = |
| Other operating charges640/8 | - | - | - | €1,783 | €2,791 | €917 | €420 | €3,444 | ▲ 720% |
| Gross operating margin9900 | -€6,020 | -€2,817 | -€4,421 | -€2,833 | -€3,515 | -€5,388 | -€3,820 | -€3,809 | ▲ 0.3% |
| Operating profit (loss)9901 | -€10,817 | -€7,460 | -€5,742 | -€5,314 | -€8,630 | -€10,228 | -€7,467 | -€10,479 | ▼ 40.3% |
| Financial income75/76B | - | - | - | - | - | - | €50 | - | - |
| Recurring financial income75 | €40 | - | - | - | - | - | €50 | - | - |
| Financial charges65/66B | - | - | - | €123 | €134 | €224 | €240 | €311 | ▲ 29.8% |
| Recurring financial charges65 | €123 | €117 | €131 | €123 | €134 | €224 | €240 | €311 | ▲ 29.8% |
| Profit (loss) for the period before taxes9903 | -€10,900 | -€7,577 | -€5,873 | -€5,436 | -€8,764 | -€10,452 | -€7,657 | -€10,790 | ▼ 40.9% |
| Profit (loss) for the period9904 | -€10,900 | -€7,577 | -€5,873 | -€5,436 | -€8,764 | -€10,452 | -€7,657 | -€10,790 | ▼ 40.9% |
| Profit (loss) for the period to be appropriated9905 | -€10,900 | -€7,577 | -€5,873 | -€5,436 | -€8,764 | -€10,452 | -€7,657 | -€10,790 | ▼ 40.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €37,986 | €37,139 | €36,491 | €36,486 | €81,389 | €77,510 | €74,257 | €70,747 | ▼ 4.7% |
| Fixed assets21/28 | €37,955 | €35,013 | €34,317 | €33,620 | €79,697 | €75,773 | €72,547 | €69,320 | ▼ 4.4% |
| Tangible fixed assets22/27 | €37,955 | €35,013 | €34,317 | €33,620 | €79,697 | €75,773 | €72,547 | €69,320 | ▼ 4.4% |
| Land and buildings22 | - | - | - | €33,620 | €79,697 | €75,773 | €72,547 | €69,320 | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | - | - | €0 | €0 | €0 | - |
| Current assets29/58 | €31 | €2,126 | €2,174 | €2,866 | €1,693 | €1,737 | €1,711 | €1,427 | ▼ 16.6% |
| Cash at bank and in hand54/58 | €31 | €975 | €1,289 | €1,916 | €751 | €710 | €697 | €305 | ▼ 56.2% |
| Deferred charges and accrued income490/1 | - | - | - | €950 | €942 | €1,028 | €1,014 | €1,121 | ▲ 10.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €37,986 | €37,139 | €36,491 | €36,486 | €81,389 | €77,510 | €74,257 | €70,747 | ▼ 4.7% |
| Equity10/15 | -€138,235 | -€145,812 | -€151,685 | -€157,121 | -€165,885 | -€176,337 | -€183,994 | -€194,783 | ▼ 5.9% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€158,686 | -€166,263 | -€172,136 | -€177,573 | -€186,336 | -€196,788 | -€204,445 | -€215,235 | ▼ 5.3% |
| Amounts payable17/49 | €176,221 | €182,951 | €188,176 | €193,607 | €247,274 | €253,848 | €258,251 | €265,530 | ▲ 2.8% |
| Amounts payable within one year42/48 | €176,221 | €182,951 | €188,176 | €193,607 | €247,274 | €253,848 | €258,251 | €265,530 | ▲ 2.8% |
| Trade debts44 | €143 | - | €425 | €957 | €1,424 | €2,197 | - | €154 | - |
| Suppliers440/4 | - | - | - | €957 | €1,424 | €2,197 | - | €154 | - |
| Other amounts payable47/48 | - | - | - | €192,651 | €245,851 | €251,651 | €258,251 | €265,376 | ▲ 2.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,900 | -€7,577 | -€5,873 | -€5,436 | -€8,764 | -€10,452 | -€7,657 | -€10,790 | ▼ 40.9% |
| + Depreciation and write-downs630 | €2,941 | €2,941 | €697 | €697 | €2,323 | €3,923 | €3,227 | €3,227 | = |
| Operating cash flow (approximation) | -€7,959 | -€4,635 | -€5,176 | -€4,740 | -€6,440 | -€6,529 | -€4,430 | -€7,563 | ▼ 70.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€48,400 | €0 | €0 | €0 | - |
| Change in cash | - | €943 | €315 | €626 | -€1,165 | -€41 | -€13 | -€392 | ▼ 3,008% |
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, 6,619 companies had the same profile as CAMI has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAMI itself: 1.8% 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 6,619 companies, not a prediction for CAMI. 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 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00222299 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00430549 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00162745 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00405440 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20084314 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-26500356 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-21000120 | |
| 31-12-2018 | abbreviated format | 21-06-2019 | 2019-20800404 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-26000074 | |
| 31-12-2016 | abbreviated format | 07-07-2017 | 2017-29300461 |