CAN
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00485936.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 6 filings
Turnover
≈ €350,000
Estimated: probably between €280,000 and €420,000
Total assets
€275,151▲ 15.9%
2024 · €237,461
Net result
-€21,123
2024 · €6,698
Working capital
€69,727▼ 18.5%
2024 · €85,557
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€47
▼ 99.8%
2025
20202025
Net result
-€21,123
2025
lowest quarter of the sector
20202025
Equity
€103,694
▼ 16.9%
2025
middle half of the sector
20202025
Total assets
€275,151
▲ 15.9%
2025
middle half of the sector
20202025
Debt
€171,458
▲ 52.2%
2025
20202025
Working capital
€69,727
▼ 18.5%
2025
middle half of the sector
20202025
Solvency
37.7%
▼ 14.9pp
2025
middle half of the sector
20202025
Current ratio
1.41
▼ 0.35
2025
middle half of the sector
20202025
Return on assets (ROA)
-7.7%
▼ 10.5pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
3
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€13,124-€27,863▲ 112%€22,364▼ 19.7%€75,049▲ 236%€26,597▼ 64.6%€47▼ 99.8%
Net result€13,084within the sector's middle half-€23,088within the sector's middle half▲ 76.5%€18,030within the sector's middle half▼ 21.9%€58,917above the sector's middle half▲ 227%€6,698within the sector's middle half▼ 88.6%-€21,123below the sector's middle half
Equity€18,084below the sector's middle half-€41,172within the sector's middle half▲ 128%€59,202within the sector's middle half▲ 43.8%€118,119within the sector's middle half▲ 99.5%€124,817within the sector's middle half▲ 5.7%€103,694within the sector's middle half▼ 16.9%
Total assets€36,134below the sector's middle half-€57,214below the sector's middle half▲ 58.3%€136,667within the sector's middle half▲ 139%€177,070within the sector's middle half▲ 29.6%€237,461within the sector's middle half▲ 34.1%€275,151within the sector's middle half▲ 15.9%
Debt€18,050-€16,042▼ 11.1%€77,465▲ 383%€58,951▼ 23.9%€112,644▲ 91.1%€171,458▲ 52.2%
Working capital€12,548within the sector's middle half-€35,580within the sector's middle half▲ 184%€49,743within the sector's middle half▲ 39.8%€90,225above the sector's middle half▲ 81.4%€85,557within the sector's middle half▼ 5.2%€69,727within the sector's middle half▼ 18.5%
Solvency50.0%within the sector's middle half-72.0%above the sector's middle half▲ 21.9pp43.3%within the sector's middle half▼ 28.6pp66.7%within the sector's middle half▲ 23.4pp52.6%within the sector's middle half▼ 14.1pp37.7%within the sector's middle half▼ 14.9pp
Current ratio1.70within the sector's middle half-3.22above the sector's middle half▲ 1.521.64within the sector's middle half▼ 1.582.53within the sector's middle half▲ 0.891.76within the sector's middle half▼ 0.771.41within the sector's middle half▼ 0.35
Return on assets (ROA)36.2%above the sector's middle half-40.4%above the sector's middle half▲ 4.1pp13.2%within the sector's middle half▼ 27.2pp33.3%above the sector's middle half▲ 20.1pp2.8%within the sector's middle half▼ 30.5pp-7.7%below the sector's middle half▼ 10.5pp
Staff (FTE)13
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 100% 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 €275,151
Fixed assets
€33,967 ▼ 13.5%
Current assets
€241,184 ▲ 21.7%
Equity and liabilities €275,151
Equity
€103,694 ▼ 16.9%
Debt
€171,458 ▲ 52.2%
Debt's share of the balance-sheet total rises from 47.4% to 62.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€8,480▼
2024 · €34,609
Cash flow
-€12,690▼
2024 · €14,709
Quick ratio
1.00▼
2024 · 1.49
Debt to equity
1.65▲
2024 · 0.90
ROE
-20.4%▼
2024 · 5.4%
Interest coverage
0.96▼
2024 · 3.30
Debt ≤ 1 year
€171,458▲
2024 · €112,644
Income taxes
€13,313▲
2024 · €10,000
Staff costs
€101,286▲
2024 · €72,923
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | - | 3 |
| full-time | - | 3 |
| in full-time equivalents | - | 3 |
| Average over the year, in full-time equivalents | 1 | 3 |
| On a permanent contract | - | 3 |
| Joined | - | 2 |
| Left | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,232 | €5,456 | €23,987 | €19,375 | €16,480 |
| Depreciation and write-downs of the year | €1,176 | €1,589 | €3,397 | €8,011 | €8,434 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €90 awarded · €90 paidAnnual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €9,006 | €30,719 | €94,216 | €72,923 | €101,286 | ▲ 38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,652 | €1,176 | €1,589 | €3,397 | €8,011 | €8,434 | ▲ 5.3% |
| Other operating charges640/8 | - | €1,591 | €4,529 | €3,158 | €3,123 | €3,035 | ▼ 2.8% |
| Gross operating margin9900 | €17,467 | €39,636 | €59,201 | €175,820 | €110,655 | €112,802 | ▲ 1.9% |
| Operating profit (loss)9901 | €13,124 | €27,863 | €22,364 | €75,049 | €26,597 | €47 | ▼ 99.8% |
| Financial income75/76B | - | €300 | €64 | €636 | €580 | €942 | ▲ 62.4% |
| Recurring financial income75 | - | €300 | €64 | €636 | €580 | €942 | ▲ 62.4% |
| Financial charges65/66B | - | €5,075 | €1,755 | €2,489 | €10,479 | €8,799 | ▼ 16.0% |
| Recurring financial charges65 | €40 | €5,075 | €1,755 | €2,489 | €10,479 | €8,799 | ▼ 16.0% |
| Profit (loss) for the period before taxes9903 | €13,084 | €23,088 | €20,673 | €73,196 | €16,698 | -€7,811 | - |
| Income taxes67/77 | - | - | €2,643 | €14,279 | €10,000 | €13,313 | ▲ 33.1% |
| Profit (loss) for the period9904 | €13,084 | €23,088 | €18,030 | €58,917 | €6,698 | -€21,123 | - |
| Profit (loss) for the period to be appropriated9905 | €13,084 | €23,088 | €18,030 | €58,917 | €6,698 | -€21,123 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €36,134 | €57,214 | €136,667 | €177,070 | €237,461 | €275,151 | ▲ 15.9% |
| Fixed assets21/28 | €5,536 | €5,592 | €9,459 | €27,894 | €39,260 | €33,967 | ▼ 13.5% |
| Tangible fixed assets22/27 | €5,536 | €5,592 | €9,459 | €27,894 | €39,260 | €33,967 | ▼ 13.5% |
| Land and buildings22 | - | - | - | - | €13,551 | €11,742 | ▼ 13.4% |
| Plant, machinery and equipment23 | - | €5,592 | €8,632 | €10,515 | €9,154 | €5,621 | ▼ 38.6% |
| Furniture and vehicles24 | - | - | €827 | €17,379 | €16,555 | €10,336 | ▼ 37.6% |
| Other tangible fixed assets26 | - | - | - | - | - | €6,268 | - |
| Current assets29/58 | €30,598 | €51,622 | €127,208 | €149,176 | €198,201 | €241,184 | ▲ 21.7% |
| Amounts receivable after more than one year29 | - | - | €46,667 | €38,267 | €29,867 | - | - |
| Trade receivables290 | - | - | €46,667 | €38,267 | €29,867 | - | - |
| Stocks and contracts in progress3 | - | - | €56,151 | €24,846 | €30,580 | €69,397 | ▲ 127% |
| Stocks30/36 | - | - | - | €24,846 | €30,580 | €69,397 | ▲ 127% |
| Contracts in progress37 | - | - | €56,151 | - | - | - | - |
| Amounts receivable within one year40/41 | €30,375 | €51,622 | €18,241 | €82,210 | €136,754 | €151,049 | ▲ 10.5% |
| Trade receivables40 | - | €27,436 | €3,992 | €52,404 | €104,529 | €123,126 | ▲ 17.8% |
| Other amounts receivable41 | - | €24,186 | €14,249 | €29,806 | €32,225 | €27,923 | ▼ 13.3% |
| Cash at bank and in hand54/58 | €223 | - | €533 | €3,853 | €999 | €14,556 | ▲ 15× |
| Deferred charges and accrued income490/1 | - | - | €5,616 | - | - | €6,182 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €36,134 | €57,214 | €136,667 | €177,070 | €237,461 | €275,151 | ▲ 15.9% |
| Equity10/15 | €18,084 | €41,172 | €59,202 | €118,119 | €124,817 | €103,694 | ▼ 16.9% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €13,084 | €36,172 | €54,202 | €113,119 | €119,817 | €98,694 | ▼ 17.6% |
| Distributable reserves133 | - | €36,172 | €54,202 | €113,119 | €119,817 | €98,694 | ▼ 17.6% |
| Amounts payable17/49 | €18,050 | €16,042 | €77,465 | €58,951 | €112,644 | €171,458 | ▲ 52.2% |
| Amounts payable within one year42/48 | €18,050 | €16,042 | €77,465 | €58,951 | €112,644 | €171,458 | ▲ 52.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €6,460 | - | - |
| Financial debts43 | - | €1,526 | - | - | €49,362 | €55,144 | ▲ 11.7% |
| Credit institutions430/8 | - | - | - | - | €49,362 | €49,280 | ▼ 0.2% |
| Other loans439 | - | €1,526 | - | - | - | €5,864 | - |
| Trade debts44 | €2,157 | €13,192 | €57,325 | €28,797 | €52,866 | €112,584 | ▲ 113% |
| Suppliers440/4 | - | €13,192 | €57,325 | €28,797 | €52,866 | €112,584 | ▲ 113% |
| Taxes, remuneration and social security45 | - | €1,324 | €1,417 | €24,302 | €3,931 | €3,654 | ▼ 7.0% |
| Taxes450/3 | - | €262 | €315 | €3,106 | €2,511 | - | - |
| Remuneration and social security454/9 | - | €1,062 | €1,102 | €21,196 | €1,421 | €3,654 | ▲ 157% |
| Other amounts payable47/48 | - | - | €18,723 | €5,852 | €25 | €75 | ▲ 200% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,084 | €23,088 | €18,030 | €58,917 | €6,698 | -€21,123 | - |
| + Depreciation and write-downs630 | €1,652 | €1,176 | €1,589 | €3,397 | €8,011 | €8,434 | ▲ 5.3% |
| Operating cash flow (approximation) | €14,736 | €24,264 | €19,619 | €62,314 | €14,709 | -€12,690 | - |
| Investment in fixed assets (approximation) | - | -€1,232 | -€5,456 | -€21,832 | -€19,378 | -€3,140 | ▲ 83.8% |
| Change in cash | - | - | - | €3,320 | -€2,854 | €13,557 | - |
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, 3,440 companies had the same profile as CAN has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAN itself: 2.1% 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 3,440 companies, not a prediction for CAN. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00485936 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00172893 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00178097 | |
| 31-12-2022 | micro format | 30-05-2023 | 2023-00102898 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20298652 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52100567 |