CAMPAGENT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-07-2026 at the NBB Annual accounts 2025 (PDF) all 38 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €1.4m
Estimated: probably between €1.1m and €1.7m
EBIT margin
Not included in this filing
Net result
-€52,272▼ 172%
2024 · -€19,249
Working capital
€380,378▼ 21.3%
2024 · €483,471
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€42,807
▼ 74.8%
2025
20182025
Net result
-€52,272
▼ 172%
2025
middle half of the sector
20182025
Equity
€705,850
▼ 6.9%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 2.1%
2025
lowest quarter of the sector
20182025
Debt
€373,814
▲ 8.3%
2025
20182025
Working capital
€380,378
▼ 21.3%
2025
middle half of the sector
20182025
Solvency
65.4%
▼ 3.3pp
2025
highest quarter of the sector
20182025
Current ratio
2.02
▼ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.8%
▼ 3.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
10
▲ 8.7%
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€0.1m-€0.2m▲ 9.5%-€0.05m€0.03m€0.04m▲ 68.4%€0.05m▲ 14.5%-€0.02m-€0.04m▼ 74.8%
Net result€0.09m-€0.07m▼ 15.1%-€0.04mwithin the sector's middle half€104within the sector's middle half€0.03mwithin the sector's middle half▲ 329×€0.06mwithin the sector's middle half▲ 64.3%-€0.02mwithin the sector's middle half-€0.05mwithin the sector's middle half▼ 172%
Equity€0.6m-€0.7m▲ 11.3%€0.7mwithin the sector's middle half▼ 5.9%€0.7mwithin the sector's middle half=€0.7mwithin the sector's middle half▲ 5.0%€0.8mwithin the sector's middle half▲ 8.8%€0.8mwithin the sector's middle half▼ 2.5%€0.7mwithin the sector's middle half▼ 6.9%
Total assets€1.2m-€1.1m▼ 9.0%€1.0mwithin the sector's middle half▼ 1.6%€0.9mwithin the sector's middle half▼ 13.4%€1.0mwithin the sector's middle half▲ 10.3%€1.1mwithin the sector's middle half▲ 12.8%€1.1mwithin the sector's middle half▼ 1.3%€1.1mbelow the sector's middle half▼ 2.1%
Debt€0.5m-€0.3m▼ 34.9%€0.4m▲ 7.8%€0.2m▼ 38.9%€0.3m▲ 26.7%€0.3m▲ 23.1%€0.3m▲ 1.2%€0.4m▲ 8.3%
Working capital€0.5m-€0.6m▲ 19.1%€0.6mabove the sector's middle half▼ 3.0%€0.6mabove the sector's middle half▲ 1.4%€0.6mabove the sector's middle half▲ 6.1%€0.6mabove the sector's middle half▼ 10.6%€0.5mabove the sector's middle half▼ 13.3%€0.4mwithin the sector's middle half▼ 21.3%
Solvency56.0%-68.5%▲ 12.5pp65.5%above the sector's middle half▼ 3.0pp75.7%above the sector's middle half▲ 10.1pp72.1%above the sector's middle half▼ 3.6pp69.5%above the sector's middle half▼ 2.5pp68.7%above the sector's middle half▼ 0.8pp65.4%above the sector's middle half▼ 3.3pp
Current ratio1.99-2.83▲ 0.842.67above the sector's middle half▼ 0.173.69above the sector's middle half▲ 1.023.25above the sector's middle half▼ 0.442.64above the sector's middle half▼ 0.622.40above the sector's middle half▼ 0.232.02within the sector's middle half▼ 0.38
Return on assets (ROA)7.5%-7.0%▼ 0.5pp-4.1%within the sector's middle half▼ 11.1pp0.0%within the sector's middle half▲ 4.1pp3.4%within the sector's middle half▲ 3.4pp5.0%within the sector's middle half▲ 1.6pp-1.7%within the sector's middle half▼ 6.8pp-4.8%below the sector's middle half▼ 3.1pp
Staff (FTE)9.6-9.7▲ 1.0%9.6within the sector's middle half▼ 1.0%7.3within the sector's middle half▼ 24.0%7.5within the sector's middle half▲ 2.7%8.3within the sector's middle half▲ 10.7%9.2within the sector's middle half▲ 10.8%10within the sector's middle half▲ 8.7%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 €42,807, larger than the loss of €24,494 in 2024. It is the lowest result since 2020.
The turnover shown is an estimate from the gross margin.
Staff figure correction
- 2019 The accounts state 5,776 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure shown is 9.7 FTE (source: social balance report).
- 2018 The accounts state 57,490 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure shown is 9.6 FTE (source: social balance report).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€325,471 ▲ 18.5%
Current assets
€754,193 ▼ 9.0%
Equity and liabilities €1.1m
Equity
€705,850 ▼ 6.9%
Debt
€373,814 ▲ 8.3%
Debt's share of the balance-sheet total rises from 31.3% to 34.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€6,914▼
2024 · €18,861
Cash flow
-€2,551▼
2024 · €24,106
Quick ratio
1.97▼
2024 · 2.36
Debt to equity
0.53▲
2024 · 0.46
ROE
-7.4%▼
2024 · -2.5%
Interest coverage
0.28▼
2024 · 0.65
Debt ≤ 1 year
€373,814▲
2024 · €345,109
Staff costs
€604,874▲
2024 · €564,200
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 9 | 9 | 11 | 15 |
| full-time | 4 | 5 | 6 | 6 | 8 |
| part-time | 6 | 4 | 3 | 5 | 7 |
| in full-time equivalents | 7.2 | 7.1 | 7.7 | 9.1 | 12.6 |
| Average over the year, in full-time equivalents | 7.3 | 7.5 | 8.3 | 9.2 | 10 |
| On a permanent contract | 7 | 7 | 9 | 11 | 14 |
| Joined | 26 | 60 | 194 | 119 | 107 |
| Left | 26 | 58 | 194 | 117 | 103 |
| Training hours | - | 38 | 212 | 216 | 111 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,095 | €23,506 | €152,877 | €151,156 | €101,126 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €32,261 | €25,273 | €23,618 | €43,355 | €49,720 |
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 | - | - | - | - | - | €813 | €0 | €679 | - |
| Remuneration, social security and pensions62 | - | - | - | €286,567 | €338,154 | €489,713 | €564,200 | €604,874 | ▲ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,216 | €34,294 | €35,643 | €32,261 | €25,273 | €23,618 | €43,355 | €49,720 | ▲ 14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €382 | -€128 | €0 | €399 | €3,629 | ▲ 810% |
| Other operating charges640/8 | - | - | - | €32,207 | €59,346 | €64,515 | €97,061 | €97,354 | ▲ 0.3% |
| Non-recurring operating charges66A | - | - | - | - | €38,421 | €0 | - | €2,240 | - |
| Gross operating margin9900 | €705,055 | €698,352 | €297,069 | €377,663 | €505,271 | €628,457 | €680,520 | €715,010 | ▲ 5.1% |
| Operating profit (loss)9901 | €144,727 | €158,545 | -€46,815 | €26,247 | €44,207 | €50,612 | -€24,494 | -€42,807 | ▼ 74.8% |
| Financial income75/76B | - | - | - | €3,440 | €4,990 | €29,981 | €34,554 | €14,885 | ▼ 56.9% |
| Recurring financial income75 | €3 | €42 | €85 | €3,440 | €4,990 | €29,981 | €34,554 | €14,885 | ▼ 56.9% |
| Financial charges65/66B | - | - | - | €29,582 | €15,024 | €24,438 | €29,310 | €24,350 | ▼ 16.9% |
| Recurring financial charges65 | €15,777 | €15,256 | €9,541 | €11,343 | €15,024 | €24,099 | €29,161 | €24,350 | ▼ 16.5% |
| Non-recurring financial charges66B | - | - | - | €18,240 | €0 | €339 | €148 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €114,010 | €134,094 | -€63,013 | €104 | €34,174 | €56,154 | -€19,249 | -€52,272 | ▼ 172% |
| Income taxes67/77 | €27,510 | €60,690 | -€20,401 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €86,500 | €73,404 | -€42,612 | €104 | €34,174 | €56,154 | -€19,249 | -€52,272 | ▼ 172% |
| Profit (loss) for the period to be appropriated9905 | €86,500 | €73,404 | -€42,612 | €104 | €34,174 | €56,154 | -€19,249 | -€52,272 | ▼ 172% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.0m | €0.9m | €1.0m | €1.1m | €1.1m | €1.1m | ▼ 2.1% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | €0.2m | €0.3m | €0.3m | ▲ 18.5% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | €0.2m | €0.3m | €0.3m | ▲ 18.5% |
| Land and buildings22 | - | - | - | €0.05m | €0.04m | €0.09m | €0.2m | €0.2m | ▲ 10.3% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.07m | €0.08m | €0.06m | ▼ 21.3% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €0.002m | €0.006m | €0.01m | ▲ 136% |
| Assets under construction and advance payments27 | - | - | - | - | €0.008m | €0.05m | €382 | €0.04m | ▲ 109× |
| Financial fixed assets28 | €149 | €149 | €149 | €149 | €149 | €149 | €149 | €149 | = |
| Current assets29/58 | €1.0m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | €0.8m | €0.8m | ▼ 9.0% |
| Stocks and contracts in progress3 | €0.008m | €0.01m | €0.01m | €0.008m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 5.1% |
| Stocks30/36 | - | - | - | €0.008m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 5.1% |
| Amounts receivable within one year40/41 | €1.0m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | €0.8m | €0.7m | ▼ 9.5% |
| Trade receivables40 | - | - | - | €0.04m | €0.006m | €0.03m | €0.03m | €0.07m | ▲ 102% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 14.4% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.004m | €0.005m | €0.001m | €0.002m | €0.008m | €0.004m | €0.006m | €0.009m | ▲ 48.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.01m | €0.003m | €0.006m | €0.004m | ▼ 28.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.0m | €0.9m | €1.0m | €1.1m | €1.1m | €1.1m | ▼ 2.1% |
| Equity10/15 | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | ▼ 6.9% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Tax-exempt reserves132 | - | - | - | - | €92 | €92 | €92 | €92 | = |
| Distributable reserves133 | - | - | - | €92 | - | - | - | - | - |
| Profit (loss) carried forward14 | €0.01m | €0.08m | €0.04m | €0.04m | €0.07m | €0.1m | €0.1m | €0.06m | ▼ 45.5% |
| Amounts payable17/49 | €0.5m | €0.3m | €0.4m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 8.3% |
| Amounts payable within one year42/48 | €0.5m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 8.3% |
| Trade debts44 | €0.5m | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 27.5% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 27.5% |
| Advances received on contracts in progress46 | - | - | - | - | €0.006m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.07m | €0.05m | €0.07m | ▲ 38.2% |
| Taxes450/3 | - | - | - | - | - | €0.003m | €105 | €58 | ▼ 45.1% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.04m | €0.07m | €0.05m | €0.07m | ▲ 38.4% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.06m | €0.06m | €0.06m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,500 | €73,404 | -€42,612 | €104 | €34,174 | €56,154 | -€19,249 | -€52,272 | ▼ 172% |
| + Depreciation and write-downs630 | €36,216 | €34,294 | €35,643 | €32,261 | €25,273 | €23,618 | €43,355 | €49,720 | ▲ 14.7% |
| Operating cash flow (approximation) | €122,717 | €107,698 | -€6,969 | €32,365 | €59,446 | €79,772 | €24,106 | -€2,551 | - |
| Investment in fixed assets (approximation) | - | -€15,507 | -€15,359 | -€14,095 | -€23,506 | -€152,538 | -€98,226 | -€100,541 | ▼ 2.4% |
| Change in cash | - | €1,080 | -€4,460 | €1,244 | €6,037 | -€4,423 | €2,102 | €2,813 | ▲ 33.8% |
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, 8,617 companies had the same profile as CAMPAGENT has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAMPAGENT itself: 0.3% 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 8,617 companies, not a prediction for CAMPAGENT. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00330360 | |
| 31-12-2025 | abbreviated format | 09-06-2026 | 2026-00153480 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00142320 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00291656 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00258212 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20086891 | |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44800217 | |
| 31-12-2019 | abbreviated format | 04-12-2020 | 2020-74700291 | |
| 31-12-2018 | abbreviated format | 30-09-2019 | 2019-67000255 | |
| 31-12-2017 | abbreviated format | 10-09-2019 | 2019-63800559 |