CAPRE.2
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 67 days after the deadline Filed on 6 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00548421.
Annual accounts 2025 filed on 06-10-2026 at the NBB all 15 filings
Turnover
€89,208▲ 39.6%
2020 · €63,907
EBIT margin
-2.0%▼ 10.9pp
2020 · 8.9%
Net result
€4,683
2024 · -€10,149
Working capital
€30,846▲ 23.3%
2024 · €25,011
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€4,836
2025
20182025
Net result
€4,683
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€34,645
▲ 15.6%
2025
middle half of the sector
20182025
Total assets
€48,054
▼ 3.1%
2025
middle half of the sector
20182025
Debt
€13,409
▼ 31.8%
2025
20182025
Working capital
€30,846
▲ 23.3%
2025
highest quarter of the sector
20182025
Solvency
72.1%
▲ 11.7pp
2025
highest quarter of the sector
20182025
Current ratio
3.30
▲ 1.03
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.7%
▲ 30.2pp
2025
middle half of the sector
20182025
Staff (FTE)
2.5
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€102,312-€83,379▼ 18.5%€63,907▼ 23.4%€89,208
Operating result-€9,685-€901€5,691▲ 532%€16,397▲ 188%€7,671▼ 53.2%-€1,812-€9,973▼ 450%€4,836
Net result-€14,215-€841€5,631within the sector's middle half▲ 570%€16,297above the sector's middle half▲ 189%€7,571within the sector's middle half▼ 53.5%-€2,182within the sector's middle half-€10,149below the sector's middle half▼ 365%€4,683within the sector's middle half
EBIT margin-9.5%-1.1%▲ 10.5pp8.9%▲ 7.8pp-2.0%
Equity€11,955-€12,795▲ 7.0%€18,426within the sector's middle half▲ 44.0%€34,723within the sector's middle half▲ 88.4%€42,293within the sector's middle half▲ 21.8%€40,111within the sector's middle half▼ 5.2%€29,962within the sector's middle half▼ 25.3%€34,645within the sector's middle half▲ 15.6%
Total assets€27,480-€27,333▼ 0.5%€27,388within the sector's middle half▲ 0.2%€52,799within the sector's middle half▲ 92.8%€59,061within the sector's middle half▲ 11.9%€56,429within the sector's middle half▼ 4.5%€49,609within the sector's middle half▼ 12.1%€48,054within the sector's middle half▼ 3.1%
Debt€15,525-€14,537▼ 6.4%€8,962▼ 38.4%€18,076▲ 102%€16,767▼ 7.2%€16,318▼ 2.7%€19,647▲ 20.4%€13,409▼ 31.8%
Working capital€3,291-€7,564▲ 130%€15,359within the sector's middle half▲ 103%€28,452within the sector's middle half▲ 85.3%€33,360above the sector's middle half▲ 17.2%€32,812above the sector's middle half▼ 1.6%€25,011within the sector's middle half▼ 23.8%€30,846above the sector's middle half▲ 23.3%
Solvency43.5%-46.8%▲ 3.3pp67.3%above the sector's middle half▲ 20.5pp65.8%above the sector's middle half▼ 1.5pp71.6%above the sector's middle half▲ 5.8pp71.1%above the sector's middle half▼ 0.5pp60.4%above the sector's middle half▼ 10.7pp72.1%above the sector's middle half▲ 11.7pp
Current ratio1.21-1.52▲ 0.312.71above the sector's middle half▲ 1.192.57above the sector's middle half▼ 0.142.99above the sector's middle half▲ 0.423.01above the sector's middle half▲ 0.022.27within the sector's middle half▼ 0.743.30above the sector's middle half▲ 1.03
Return on assets (ROA)-51.7%-3.1%▲ 54.8pp20.6%above the sector's middle half▲ 17.5pp30.9%above the sector's middle half▲ 10.3pp12.8%above the sector's middle half▼ 18.0pp-3.9%within the sector's middle half▼ 16.7pp-20.5%below the sector's middle half▼ 16.6pp9.7%within the sector's middle half▲ 30.2pp
Staff (FTE)1.3-2.5
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 profit of €4,836, after a loss of €9,973 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €48,054
Fixed assets
€3,799 ▼ 23.3%
Current assets
€44,255 ▼ 0.9%
Equity and liabilities €48,054
Equity
€34,645 ▲ 15.6%
Debt
€13,409 ▼ 31.8%
Debt's share of the balance-sheet total falls from 39.6% to 27.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6,891▲
2024 · -€7,625
Cash flow
€6,738▲
2024 · -€7,801
Quick ratio
3.23▲
2024 · 2.22
Debt to equity
0.39▼
2024 · 0.66
ROE
13.5%▲
2024 · -33.9%
Interest coverage
45.13▲
2024 · -43.25
Debt ≤ 1 year
€13,409▼
2024 · €19,647
Staff costs
€40,159▲
2024 · €27,071
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 2 |
| part-time | 2 |
| in full-time equivalents | 0.7 |
| Average over the year, in full-time equivalents | 0.9 |
| On a permanent contract | 2 |
| Joined | 1 |
| Left | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,206 | €3,868 | €1,156 | - | €900 |
| Depreciation and write-downs of the year | €2,003 | €1,205 | €2,790 | €2,348 | €2,055 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €102,312 | €83,379 | €63,907 | - | - | €89,208 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €78,978 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €3,313 | €1,803 | €8,878 | €27,071 | €40,159 | ▲ 48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,293 | €3,433 | €3,221 | €2,003 | €1,205 | €2,790 | €2,348 | €2,055 | ▼ 12.5% |
| Other operating charges640/8 | - | - | - | €171 | €201 | €373 | €86 | €3,185 | ▲ 37× |
| Gross operating margin9900 | €39,884 | €30,961 | €17,433 | €21,884 | €10,879 | €10,229 | €19,531 | €50,235 | ▲ 157% |
| Operating profit (loss)9901 | -€9,685 | €901 | €5,691 | €16,397 | €7,671 | -€1,812 | -€9,973 | €4,836 | - |
| Financial charges65/66B | - | - | - | €100 | €100 | €100 | €176 | €153 | ▼ 13.4% |
| Recurring financial charges65 | €31 | €60 | €60 | €100 | €100 | €100 | €176 | €153 | ▼ 13.4% |
| Profit (loss) for the period before taxes9903 | -€9,715 | €841 | €5,631 | €16,297 | €7,571 | -€1,912 | -€10,149 | €4,683 | - |
| Income taxes67/77 | €4,499 | - | - | - | - | €270 | - | - | - |
| Profit (loss) for the period9904 | -€14,215 | €841 | €5,631 | €16,297 | €7,571 | -€2,182 | -€10,149 | €4,683 | - |
| Profit (loss) for the period to be appropriated9905 | -€14,215 | €841 | €5,631 | €16,297 | €7,571 | -€2,182 | -€10,149 | €4,683 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €27,480 | €27,333 | €27,388 | €52,799 | €59,061 | €56,429 | €49,609 | €48,054 | ▼ 3.1% |
| Fixed assets21/28 | €8,664 | €5,231 | €3,068 | €6,271 | €8,934 | €7,300 | €4,951 | €3,799 | ▼ 23.3% |
| Intangible fixed assets21 | - | - | - | €0 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €7,614 | €4,181 | €2,018 | €5,221 | €7,884 | €6,250 | €3,901 | €2,749 | ▼ 29.5% |
| Plant, machinery and equipment23 | - | - | - | €3,565 | €6,228 | €4,603 | €2,979 | €1,354 | ▼ 54.5% |
| Furniture and vehicles24 | - | - | - | €1,656 | €1,656 | €1,647 | €923 | €1,395 | ▲ 51.2% |
| Financial fixed assets28 | €1,050 | €1,050 | €1,050 | €1,050 | €1,050 | €1,050 | €1,050 | €1,050 | = |
| Current assets29/58 | €18,816 | €22,102 | €24,320 | €46,528 | €50,127 | €49,130 | €44,658 | €44,255 | ▼ 0.9% |
| Stocks and contracts in progress3 | €1,030 | €850 | €575 | €575 | €575 | €575 | €985 | €996 | ▲ 1.1% |
| Stocks30/36 | - | - | - | €575 | €575 | €575 | €985 | €996 | ▲ 1.1% |
| Amounts receivable within one year40/41 | €11,085 | €15,878 | €15,316 | €15,672 | €14,605 | €20,199 | €22,244 | €23,533 | ▲ 5.8% |
| Other amounts receivable41 | - | - | - | €15,672 | €14,605 | €20,199 | €22,244 | €23,533 | ▲ 5.8% |
| Cash at bank and in hand54/58 | €6,701 | €5,374 | €8,429 | €30,281 | €34,947 | €28,356 | €21,429 | €19,563 | ▼ 8.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €163 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €27,480 | €27,333 | €27,388 | €52,799 | €59,061 | €56,429 | €49,609 | €48,054 | ▼ 3.1% |
| Equity10/15 | €11,955 | €12,795 | €18,426 | €34,723 | €42,293 | €40,111 | €29,962 | €34,645 | ▲ 15.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,978 | €18,978 | €18,978 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €378 | €378 | €378 | €378 | €378 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €378 | €378 | - | - | - | - |
| Legal reserve130 | - | - | - | €378 | €378 | - | - | - | - |
| Profit (loss) carried forward14 | -€7,024 | -€6,183 | -€552 | €15,744 | €23,315 | €21,133 | €10,984 | €15,667 | ▲ 42.6% |
| Amounts payable17/49 | €15,525 | €14,537 | €8,962 | €18,076 | €16,767 | €16,318 | €19,647 | €13,409 | ▼ 31.8% |
| Amounts payable within one year42/48 | €15,525 | €14,537 | €8,962 | €18,076 | €16,767 | €16,318 | €19,647 | €13,409 | ▼ 31.8% |
| Trade debts44 | €3,052 | €3,398 | €3,090 | €4,229 | €1,752 | €492 | €2,063 | €3,940 | ▲ 91.0% |
| Suppliers440/4 | - | - | - | €4,229 | €1,752 | €492 | €2,063 | €3,940 | ▲ 91.0% |
| Taxes, remuneration and social security45 | - | - | - | €13,847 | €15,015 | €15,826 | €17,584 | €9,468 | ▼ 46.2% |
| Taxes450/3 | - | - | - | €2,095 | €2,393 | €2,108 | €1,419 | - | - |
| Remuneration and social security454/9 | - | - | - | €11,752 | €12,622 | €13,717 | €16,165 | €9,468 | ▼ 41.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,215 | €841 | €5,631 | €16,297 | €7,571 | -€2,182 | -€10,149 | €4,683 | - |
| + Depreciation and write-downs630 | €4,293 | €3,433 | €3,221 | €2,003 | €1,205 | €2,790 | €2,348 | €2,055 | ▼ 12.5% |
| Operating cash flow (approximation) | -€9,921 | €4,273 | €8,852 | €18,300 | €8,776 | €608 | -€7,801 | €6,738 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,058 | -€5,206 | -€3,868 | -€1,156 | €0 | -€903 | - |
| Change in cash | - | -€1,327 | €3,055 | €21,852 | €4,666 | -€6,591 | -€6,927 | -€1,866 | ▲ 73.1% |
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 CAPRE.2 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 CAPRE.2 itself: 0.2% 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 CAPRE.2. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-10-2026 | 2026-00548421 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00326874 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00298598 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00319780 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20156778 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70000478 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46700037 | |
| 31-12-2018 | micro format | 02-08-2019 | 2019-44100162 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-57800059 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59000311 |