Cap.C
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 17-09-2026 at the NBB all 15 filings
Turnover
≈ €110,000
Estimated: probably between €85,000 and €140,000
Total assets
€121,199▼ 6.8%
2025 · €130,003
Net result
€31,353▲ 50.0%
2025 · €20,896
Working capital
€90,250▲ 67.7%
2025 · €53,825
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€47,235
▲ 43.9%
2026
20192026
Net result
€31,353
▲ 50.0%
2026
20192026
Equity
€101,262
▲ 44.8%
2026
20192026
Total assets
€121,199
▼ 6.8%
2026
20192026
Debt
€19,937
▼ 66.8%
2026
20192026
Working capital
€90,250
▲ 67.7%
2026
20192026
Solvency
83.6%
▲ 29.8pp
2026
20192026
Current ratio
5.72
▲ 3.81
2026
20192026
Return on assets (ROA)
25.9%
▲ 9.8pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€4,992--€41€11,993-€5,768€43,514€7,873▼ 81.9%€32,835▲ 317%€47,235▲ 43.9%
Net result€2,022--€1,612€8,093within the sector's middle half-€6,600below the sector's middle half€34,482within the sector's middle half€4,973within the sector's middle half▼ 85.6%€20,896within the sector's middle half▲ 320%€31,353▲ 50.0%
Equity€49,678-€48,066▼ 3.2%€56,159within the sector's middle half▲ 16.8%€49,559within the sector's middle half▼ 11.8%€84,040within the sector's middle half▲ 69.6%€89,013within the sector's middle half▲ 5.9%€69,909within the sector's middle half▼ 21.5%€101,262▲ 44.8%
Total assets€97,281-€90,500▼ 7.0%€96,721within the sector's middle half▲ 6.9%€82,009below the sector's middle half▼ 15.2%€99,245within the sector's middle half▲ 21.0%€103,088within the sector's middle half▲ 3.9%€130,003within the sector's middle half▲ 26.1%€121,199▼ 6.8%
Debt€47,604-€42,434▼ 10.9%€40,562▼ 4.4%€32,451▼ 20.0%€15,205▼ 53.1%€14,075▼ 7.4%€60,094▲ 327%€19,937▼ 66.8%
Working capital€26,727-€29,701▲ 11.1%€41,760within the sector's middle half▲ 40.6%€42,570within the sector's middle half▲ 1.9%€56,687within the sector's middle half▲ 33.2%€67,394within the sector's middle half▲ 18.9%€53,825within the sector's middle half▼ 20.1%€90,250▲ 67.7%
Solvency51.1%-53.1%▲ 2.0pp58.1%within the sector's middle half▲ 5.0pp60.4%within the sector's middle half▲ 2.4pp84.7%above the sector's middle half▲ 24.2pp86.3%above the sector's middle half▲ 1.7pp53.8%within the sector's middle half▼ 32.6pp83.6%▲ 29.8pp
Current ratio1.98-2.08▲ 0.102.22within the sector's middle half▲ 0.142.35within the sector's middle half▲ 0.134.94above the sector's middle half▲ 2.606.09above the sector's middle half▲ 1.141.91within the sector's middle half▼ 4.185.72▲ 3.81
Return on assets (ROA)2.1%--1.8%▼ 3.9pp8.4%within the sector's middle half▲ 10.1pp-8.0%below the sector's middle half▼ 16.4pp34.7%above the sector's middle half▲ 42.8pp4.8%within the sector's middle half▼ 29.9pp16.1%within the sector's middle half▲ 11.2pp25.9%▲ 9.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2026 is 44% higher than in 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
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
2026 in colour, 2025 as the grey bar beneath
Assets €121,199
Fixed assets
€11,837 ▼ 30.0%
Current assets
€109,362 ▼ 3.3%
Equity and liabilities €121,199
Equity
€101,262 ▲ 44.8%
Debt
€19,937 ▼ 66.8%
Debt's share of the balance-sheet total falls from 46.2% to 16.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€54,510▲
2025 · €39,619
Cash flow
€38,628▲
2025 · €27,680
Debt to equity
0.20▼
2025 · 0.86
ROE
31.0%▲
2025 · 29.9%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€19,112▼
2025 · €59,269
Income taxes
€15,561▲
2025 · €11,668
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €31,322 | €1,065 | €1,250 | €2,203 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €12,871 | €4,575 | €6,800 | €6,784 | €7,275 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,101 | €12,821 | €13,883 | €12,871 | €4,575 | €6,800 | €6,784 | €7,275 | ▲ 7.2% |
| Other operating charges640/8 | - | - | - | €1,218 | €661 | €758 | €651 | €632 | ▼ 2.9% |
| Gross operating margin9900 | €19,158 | €13,745 | €26,770 | €8,320 | €48,751 | €15,431 | €40,270 | €55,142 | ▲ 36.9% |
| Operating profit (loss)9901 | €4,992 | -€41 | €11,993 | -€5,768 | €43,514 | €7,873 | €32,835 | €47,235 | ▲ 43.9% |
| Financial income75/76B | - | - | - | €0 | €0 | - | - | - | - |
| Recurring financial income75 | €1 | €3 | €0 | €0 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €361 | €271 | €259 | €271 | €321 | ▲ 18.6% |
| Recurring financial charges65 | €499 | €479 | €252 | €361 | €271 | €259 | €271 | €321 | ▲ 18.6% |
| Profit (loss) for the period before taxes9903 | €4,494 | -€517 | €11,742 | -€6,130 | €43,244 | €7,614 | €32,564 | €46,914 | ▲ 44.1% |
| Income taxes67/77 | €2,472 | €1,095 | €3,648 | €471 | €8,762 | €2,641 | €11,668 | €15,561 | ▲ 33.4% |
| Profit (loss) for the period9904 | €2,022 | -€1,612 | €8,093 | -€6,600 | €34,482 | €4,973 | €20,896 | €31,353 | ▲ 50.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €426 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,022 | -€1,612 | €8,093 | -€6,174 | €34,482 | €4,973 | €20,896 | €31,353 | ▲ 50.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €97,281 | €90,500 | €96,721 | €82,009 | €99,245 | €103,088 | €130,003 | €121,199 | ▼ 6.8% |
| Fixed assets21/28 | €43,277 | €33,359 | €20,685 | €7,814 | €28,178 | €22,444 | €16,909 | €11,837 | ▼ 30.0% |
| Tangible fixed assets22/27 | €43,202 | €33,284 | €20,610 | €7,739 | €28,103 | €22,369 | €16,834 | €11,762 | ▼ 30.1% |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | €1,179 | €762 | ▼ 35.3% |
| Furniture and vehicles24 | - | - | - | €7,739 | €28,103 | €22,369 | €15,656 | €11,000 | ▼ 29.7% |
| Financial fixed assets28 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | = |
| Current assets29/58 | €54,005 | €57,141 | €76,036 | €74,195 | €71,067 | €80,644 | €113,094 | €109,362 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €8,697 | €11,834 | €10,424 | €2,044 | €11,147 | €33,876 | €21,870 | €13,127 | ▼ 40.0% |
| Trade receivables40 | - | - | - | €2,044 | €11,147 | €33,876 | €21,870 | €13,127 | ▼ 40.0% |
| Cash at bank and in hand54/58 | €36,978 | €36,886 | €57,052 | €64,064 | €51,001 | €38,149 | €86,815 | €92,334 | ▲ 6.4% |
| Deferred charges and accrued income490/1 | - | - | - | €8,088 | €8,919 | €8,619 | €4,409 | €3,901 | ▼ 11.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €97,281 | €90,500 | €96,721 | €82,009 | €99,245 | €103,088 | €130,003 | €121,199 | ▼ 6.8% |
| Equity10/15 | €49,678 | €48,066 | €56,159 | €49,559 | €84,040 | €89,013 | €69,909 | €101,262 | ▲ 44.8% |
| Contributions10/11 | €6,200 | €0 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €42,287 | €42,287 | €42,287 | €41,860 | €71,860 | €76,833 | €57,729 | €89,082 | ▲ 54.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €40,000 | €70,000 | €76,833 | €57,729 | €89,082 | ▲ 54.3% |
| Profit (loss) carried forward14 | €1,191 | -€421 | €7,672 | €1,498 | €5,980 | €5,980 | €5,980 | €5,980 | = |
| Amounts payable17/49 | €47,604 | €42,434 | €40,562 | €32,451 | €15,205 | €14,075 | €60,094 | €19,937 | ▼ 66.8% |
| Amounts payable after more than one year17 | €20,326 | €12,520 | €4,636 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €27,278 | €27,439 | €34,276 | €31,626 | €14,380 | €13,250 | €59,269 | €19,112 | ▼ 67.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,636 | €0 | - | - | - | - |
| Trade debts44 | €430 | €0 | €367 | €1,739 | €4 | €1,363 | €312 | €5,116 | ▲ 16× |
| Suppliers440/4 | - | - | - | €1,739 | €4 | €1,363 | €312 | €5,116 | ▲ 16× |
| Taxes, remuneration and social security45 | - | - | - | €7,940 | €14,291 | €10,673 | €16,482 | €11,210 | ▼ 32.0% |
| Taxes450/3 | - | - | - | €5,467 | €14,291 | €7,975 | €16,482 | €11,210 | ▼ 32.0% |
| Remuneration and social security454/9 | - | - | - | €2,473 | €0 | €2,699 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €17,312 | €84 | €1,214 | €42,475 | €2,786 | ▼ 93.4% |
| Accrued charges and deferred income492/3 | - | - | - | €825 | €825 | €825 | €825 | €825 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,022 | -€1,612 | €8,093 | -€6,600 | €34,482 | €4,973 | €20,896 | €31,353 | ▲ 50.0% |
| + Depreciation and write-downs630 | €12,101 | €12,821 | €13,883 | €12,871 | €4,575 | €6,800 | €6,784 | €7,275 | ▲ 7.2% |
| Operating cash flow (approximation) | €14,123 | €11,209 | €21,977 | €6,270 | €39,057 | €11,772 | €27,680 | €38,628 | ▲ 39.5% |
| Investment in fixed assets (approximation) | - | -€2,903 | -€1,209 | €0 | -€24,939 | -€1,065 | -€1,250 | -€2,203 | ▼ 76.3% |
| Change in cash | - | -€92 | €20,166 | €7,011 | -€13,062 | -€12,852 | €48,666 | €5,519 | ▼ 88.7% |
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, 34,693 companies had the same profile as Cap.C has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Cap.C itself: < 0.1% 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 34,693 companies, not a prediction for Cap.C. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 17-09-2026 | 2026-00517221 | |
| 31-03-2025 | micro format | 19-09-2025 | 2025-00498939 | |
| 31-03-2024 | micro format | 24-09-2024 | 2024-00469590 | |
| 31-03-2023 | micro format | 26-09-2023 | 2023-00455067 | |
| 31-03-2022 | micro format | 20-09-2022 | 2022-20431492 | |
| 31-03-2021 | micro format | 19-10-2021 | 2021-72600112 | |
| 31-03-2020 | micro format | 07-10-2020 | 2020-60900341 | |
| 31-03-2019 | micro format | 28-10-2019 | 2019-72100209 | |
| 31-03-2018 | micro format | 22-10-2018 | 2018-69800406 | |
| 31-03-2017 | micro format | 24-09-2017 | 2017-63700519 |