Camicasa
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 5 filings
Turnover
≈ €20,000
Estimated: probably between €6,600 and €33,000
Total assets
€64,492▼ 14.5%
2024 · €75,412
Net result
€810▼ 94.8%
2024 · €15,710
Working capital
€50,282▼ 11.4%
2024 · €56,756
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€1,553
▼ 92.9%
2025
20212025
Net result
€810
▼ 94.8%
2025
middle half of the sector
20212025
Equity
€55,946
▲ 1.5%
2025
middle half of the sector
20212025
Total assets
€64,492
▼ 14.5%
2025
lowest quarter of the sector
20212025
Debt
€8,546
▼ 57.9%
2025
20212025
Working capital
€50,282
▼ 11.4%
2025
middle half of the sector
20212025
Solvency
86.7%
▲ 13.6pp
2025
highest quarter of the sector
20212025
Current ratio
6.88
▲ 0.85
2025
highest quarter of the sector
20212025
Return on assets (ROA)
1.3%
▼ 19.6pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€5,287-€24,390▲ 361%€25,423▲ 4.2%€21,886▼ 13.9%€1,553▼ 92.9%
Net result€3,626within the sector's middle half-€17,101within the sector's middle half▲ 372%€18,199within the sector's middle half▲ 6.4%€15,710within the sector's middle half▼ 13.7%€810within the sector's middle half▼ 94.8%
Equity€4,126below the sector's middle half-€21,227within the sector's middle half▲ 414%€39,426within the sector's middle half▲ 85.7%€55,136within the sector's middle half▲ 39.8%€55,946within the sector's middle half▲ 1.5%
Total assets€11,438below the sector's middle half-€52,726below the sector's middle half▲ 361%€57,858below the sector's middle half▲ 9.7%€75,412below the sector's middle half▲ 30.3%€64,492below the sector's middle half▼ 14.5%
Debt€7,311-€31,499▲ 331%€18,431▼ 41.5%€20,276▲ 10.0%€8,546▼ 57.9%
Working capital€3,100within the sector's middle half-€21,964within the sector's middle half▲ 609%€38,802within the sector's middle half▲ 76.7%€56,756within the sector's middle half▲ 46.3%€50,282within the sector's middle half▼ 11.4%
Solvency36.1%within the sector's middle half-40.3%within the sector's middle half▲ 4.2pp68.1%above the sector's middle half▲ 27.9pp73.1%above the sector's middle half▲ 5.0pp86.7%above the sector's middle half▲ 13.6pp
Current ratio1.42within the sector's middle half-1.73within the sector's middle half▲ 0.313.11above the sector's middle half▲ 1.376.03above the sector's middle half▲ 2.936.88above the sector's middle half▲ 0.85
Return on assets (ROA)31.7%above the sector's middle half-32.4%above the sector's middle half▲ 0.7pp31.5%above the sector's middle half▼ 1.0pp20.8%above the sector's middle half▼ 10.6pp1.3%within the sector's middle half▼ 19.6pp
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 93% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €64,317
Fixed assets
€5,489 ▼ 21.4%
Current assets
€58,828 ▼ 13.5%
Equity and liabilities €64,492
Equity
€55,946 ▲ 1.5%
Debt
€8,546 ▼ 57.9%
Debt's share of the balance-sheet total falls from 26.9% to 13.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3,270▼
2024 · €22,590
Cash flow
€2,526▼
2024 · €16,413
Debt to equity
0.15▼
2024 · 0.37
ROE
1.4%▼
2024 · 28.5%
Interest coverage
18.46▼
2024 · over 100
Debt ≤ 1 year
€8,546▼
2024 · €11,276
Income taxes
€2,048▼
2024 · €7,607
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 | - | - | - | €7,460 | - |
| Depreciation and write-downs of the year | €83 | €191 | €225 | €704 | €1,717 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €83 | €191 | €225 | €704 | €1,717 | ▲ 144% |
| Other operating charges640/8 | - | €1,925 | €1,171 | €1,458 | €1,277 | ▼ 12.4% |
| Gross operating margin9900 | €5,370 | €26,506 | €26,818 | €24,048 | €4,547 | ▼ 81.1% |
| Operating profit (loss)9901 | €5,287 | €24,390 | €25,423 | €21,886 | €1,553 | ▼ 92.9% |
| Financial income75/76B | €127 | €825 | €1,028 | €1,523 | €1,482 | ▼ 2.7% |
| Recurring financial income75 | €127 | €825 | €1,028 | €1,523 | €1,482 | ▼ 2.7% |
| Financial charges65/66B | €29 | €182 | €77 | €93 | €177 | ▲ 91.4% |
| Recurring financial charges65 | €29 | €182 | €77 | €93 | €177 | ▲ 91.4% |
| Profit (loss) for the period before taxes9903 | €5,385 | €25,033 | €26,374 | €23,317 | €2,858 | ▼ 87.7% |
| Income taxes67/77 | €1,758 | €7,932 | €8,175 | €7,607 | €2,048 | ▼ 73.1% |
| Profit (loss) for the period9904 | €3,626 | €17,101 | €18,199 | €15,710 | €810 | ▼ 94.8% |
| Profit (loss) for the period to be appropriated9905 | €3,626 | €17,101 | €18,199 | €15,710 | €810 | ▼ 94.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11,438 | €52,726 | €57,858 | €75,412 | €64,492 | ▼ 14.5% |
| Formation expenses20 | €1,040 | €849 | €624 | €399 | €175 | ▼ 56.2% |
| Fixed assets21/28 | - | - | - | €6,981 | €5,489 | ▼ 21.4% |
| Tangible fixed assets22/27 | - | - | - | €6,981 | €5,489 | ▼ 21.4% |
| Furniture and vehicles24 | - | - | - | €6,981 | €5,489 | ▼ 21.4% |
| Current assets29/58 | €10,398 | €51,877 | €57,234 | €68,032 | €58,828 | ▼ 13.5% |
| Amounts receivable within one year40/41 | €7,990 | €19,176 | €29,199 | €46,468 | €44,967 | ▼ 3.2% |
| Trade receivables40 | €294 | - | - | €10,890 | €4,106 | ▼ 62.3% |
| Other amounts receivable41 | €7,696 | €19,176 | €29,199 | €35,578 | €40,861 | ▲ 14.8% |
| Cash at bank and in hand54/58 | €2,408 | €32,135 | €26,266 | €20,194 | €9,375 | ▼ 53.6% |
| Deferred charges and accrued income490/1 | - | €566 | €1,768 | €1,370 | €4,487 | ▲ 228% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11,438 | €52,726 | €57,858 | €75,412 | €64,492 | ▼ 14.5% |
| Equity10/15 | €4,126 | €21,227 | €39,426 | €55,136 | €55,946 | ▲ 1.5% |
| Contributions10/11 | €500 | €500 | €500 | €500 | €500 | = |
| Reserves13 | €3,626 | €20,727 | €38,926 | €54,636 | €54,636 | = |
| Distributable reserves133 | €3,626 | €20,727 | €38,926 | €54,636 | €54,636 | = |
| Profit (loss) carried forward14 | - | - | - | - | €810 | - |
| Amounts payable17/49 | €7,311 | €31,499 | €18,431 | €20,276 | €8,546 | ▼ 57.9% |
| Amounts payable within one year42/48 | €7,298 | €29,913 | €18,431 | €11,276 | €8,546 | ▼ 24.2% |
| Trade debts44 | - | €1,662 | €3,041 | €2,466 | €7,939 | ▲ 222% |
| Suppliers440/4 | - | €1,662 | €3,041 | €2,466 | €7,939 | ▲ 222% |
| Taxes, remuneration and social security45 | €7,298 | €28,251 | €15,390 | €8,810 | €607 | ▼ 93.1% |
| Taxes450/3 | €7,298 | €25,851 | €15,390 | €8,810 | €607 | ▼ 93.1% |
| Remuneration and social security454/9 | - | €2,400 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €0 | - |
| Accrued charges and deferred income492/3 | €13 | €1,585 | - | €9,000 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,626 | €17,101 | €18,199 | €15,710 | €810 | ▼ 94.8% |
| + Depreciation and write-downs630 | €83 | €191 | €225 | €704 | €1,717 | ▲ 144% |
| Operating cash flow (approximation) | €3,710 | €17,292 | €18,424 | €16,413 | €2,526 | ▼ 84.6% |
| Investment in fixed assets (approximation) | - | - | - | - | -€225 | - |
| Change in cash | - | €29,728 | -€5,869 | -€6,072 | -€10,819 | ▼ 78.2% |
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, 5,047 companies had the same profile as Camicasa has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Camicasa itself is lower: 0.2% within 12 months. It rests on far more data about Camicasa 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 5,047 companies, not a prediction for Camicasa. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00357427 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00389971 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00213505 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00380600 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20292003 |