CARADCOM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 22 filings
Turnover
€21,435▼ 45.9%
2022 · €39,620
EBIT margin
-13.4%▼ 29.9pp
2022 · 16.5%
Net result
-€47,548▼ 104%
2024 · -€23,314
Working capital
-€52,336▼ 180%
2024 · -€18,673
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€47,996
▼ 135%
2025
20182025
Net result
-€47,548
▼ 104%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€227,031
2025
20182025
Total assets
€334,129
▲ 402%
2025
20182025
Debt
€107,098
▲ 44.0%
2025
20182025
Working capital
-€52,336
▼ 180%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€34,670-€40,740▲ 17.5%€38,090▼ 6.5%€38,560▲ 1.2%€39,620▲ 2.7%€21,435▼ 45.9%
Operating result-€2,387-€6,138€11,776▲ 91.9%€14,172▲ 20.3%€6,549▼ 53.8%-€2,876-€20,397▼ 609%-€47,996▼ 135%
Net result-€14,240-€3,224€9,977▲ 209%€13,112▲ 31.4%€2,734▼ 79.1%-€4,089-€23,314▼ 470%-€47,548▼ 104%
EBIT margin-6.9%-15.1%▲ 22.0pp30.9%▲ 15.9pp36.8%▲ 5.8pp16.5%▼ 20.2pp-13.4%▼ 29.9pp
Equity-€24,514--€21,289▲ 13.2%-€11,313▲ 46.9%€1,800€4,534▲ 152%€15,445▲ 241%-€7,869€227,031
Total assets€98,336-€86,467▼ 12.1%€87,180▲ 0.8%€87,718▲ 0.6%€69,189▼ 21.1%€75,324▲ 8.9%€66,503▼ 11.7%€334,129▲ 402%
Debt€122,849-€107,756▼ 12.3%€98,493▼ 8.6%€85,918▼ 12.8%€64,655▼ 24.7%€59,879▼ 7.4%€74,372▲ 24.2%€107,098▲ 44.0%
Working capital-€82,709--€78,567▲ 5.0%-€73,369▲ 6.6%-€64,555▲ 12.0%-€60,255▲ 6.7%€7,166-€18,673-€52,336▼ 180%
The operating result for 2025 is a loss of €47,996, larger than the loss of €20,397 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €334,129
Fixed assets
€315,181 ▲ 486%
Current assets
€18,948 ▲ 48.9%
Equity and liabilities €334,129
Equity
€227,031
Debt
€107,098
Debt's share of the balance-sheet total is 32.1%.
Key figures and ratios
EBITDA
-€16,963▼
2024 · -€15,143
Cash flow
-€16,516▲
2024 · -€18,059
Current ratio
0.27▼
2024 · 0.41
Debt to equity
0.47
ROE
-20.9%
ROA
-14.2%▲
2024 · -35.1%
Interest coverage
-179.50▼
2024 · -5.02
Debt ≤ 1 year
€71,284▲
2024 · €31,395
Debt > 1 year
€35,814▼
2024 · €42,977
Income taxes
€164
Supplier credit
312 days▲
2024 · 30 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €13,794 | €4,714 | - | - | - |
| Mortgages, amount registered | €126,000 | €126,000 | - | - | - |
| Carrying value of the mortgaged assets | €69,569 | €63,789 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,500 | - | - | - | €9,985 |
| Depreciation and write-downs of the year | €6,280 | €6,280 | €5,754 | €5,254 | €31,033 |
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 | €34,670 | €40,740 | €38,090 | €38,560 | €39,620 | €21,435 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €15,376 | €23,393 | €18,479 | €11,891 | €11,894 | = |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,307 | €12,092 | €5,780 | €6,280 | €6,280 | €5,754 | €5,254 | €31,033 | ▲ 491% |
| Other operating charges640/8 | - | - | - | €2,732 | €3,019 | €78 | €3,252 | €5,069 | ▲ 55.9% |
| Non-recurring operating charges66A | - | - | - | - | €379 | - | - | - | - |
| Gross operating margin9900 | €7,654 | €22,632 | €20,765 | €23,184 | €16,227 | €2,956 | -€11,891 | -€11,894 | = |
| Operating profit (loss)9901 | -€2,387 | €6,138 | €11,776 | €14,172 | €6,549 | -€2,876 | -€20,397 | -€47,996 | ▼ 135% |
| Financial income75/76B | - | - | - | - | - | €7 | €101 | €706 | ▲ 602% |
| Recurring financial income75 | - | - | - | - | - | €7 | €101 | €706 | ▲ 602% |
| Financial charges65/66B | - | - | - | €1,060 | €620 | €1,219 | €3,017 | €95 | ▼ 96.9% |
| Recurring financial charges65 | €2,853 | €2,173 | €1,800 | €1,060 | €620 | €1,219 | €3,017 | €95 | ▼ 96.9% |
| Profit (loss) for the period before taxes9903 | -€14,240 | €3,224 | €9,977 | €13,112 | €5,929 | -€4,089 | -€23,314 | -€47,384 | ▼ 103% |
| Income taxes67/77 | - | - | - | - | €3,195 | - | - | €164 | - |
| Profit (loss) for the period9904 | -€14,240 | €3,224 | €9,977 | €13,112 | €2,734 | -€4,089 | -€23,314 | -€47,548 | ▼ 104% |
| Profit (loss) for the period to be appropriated9905 | -€14,240 | €3,224 | €9,977 | €13,112 | €2,734 | -€4,089 | -€23,314 | -€47,548 | ▼ 104% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €98,336 | €86,467 | €87,180 | €87,718 | €69,189 | €75,324 | €66,503 | €334,129 | ▲ 402% |
| Fixed assets21/28 | €95,462 | €81,630 | €75,850 | €71,069 | €64,789 | €59,035 | €53,781 | €315,181 | ▲ 486% |
| Tangible fixed assets22/27 | €94,962 | €81,130 | €75,350 | €70,569 | €64,289 | €58,535 | €53,281 | €314,681 | ▲ 491% |
| Land and buildings22 | - | - | - | €69,569 | €63,789 | €58,535 | €53,281 | €314,681 | ▲ 491% |
| Furniture and vehicles24 | - | - | - | €1,000 | €500 | - | - | - | - |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €2,874 | €4,837 | €11,331 | €16,649 | €4,400 | €16,289 | €12,723 | €18,948 | ▲ 48.9% |
| Cash at bank and in hand54/58 | €2,573 | €4,141 | €10,978 | €15,936 | €2,835 | €15,930 | €11,713 | €18,381 | ▲ 56.9% |
| Deferred charges and accrued income490/1 | - | - | - | €713 | €1,565 | €359 | €1,010 | €567 | ▼ 43.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €98,336 | €86,467 | €87,180 | €87,718 | €69,189 | €75,324 | €66,503 | €334,129 | ▲ 402% |
| Equity10/15 | -€24,514 | -€21,289 | -€11,313 | €1,800 | €4,534 | €15,445 | -€7,869 | €227,031 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €33,600 | €33,600 | €33,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €33,600 | €33,600 | €33,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €33,600 | €33,600 | €33,600 | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €256,771 | - |
| Reserves13 | €82 | €82 | €82 | €82 | €82 | €82 | €82 | €25,759 | ▲ 316× |
| Non-distributable reserves130/1 | - | - | - | €82 | €82 | €82 | €82 | €82 | = |
| Legal reserve130 | - | - | - | €82 | €82 | €82 | €82 | €82 | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €25,677 | - |
| Profit (loss) carried forward14 | -€43,195 | -€39,971 | -€29,994 | -€16,882 | -€14,148 | -€18,237 | -€41,550 | -€89,099 | ▼ 114% |
| Amounts payable17/49 | €122,849 | €107,756 | €98,493 | €85,918 | €64,655 | €59,879 | €74,372 | €107,098 | ▲ 44.0% |
| Amounts payable after more than one year17 | €37,266 | €24,352 | €13,794 | €4,714 | - | €50,756 | €42,977 | €35,814 | ▼ 16.7% |
| Financial debts170/4 | - | - | - | €4,714 | - | €50,756 | €42,977 | €35,814 | ▼ 16.7% |
| Amounts payable within one year42/48 | €85,583 | €83,404 | €84,700 | €81,204 | €64,655 | €9,123 | €31,395 | €71,284 | ▲ 127% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,804 | €4,714 | €4,244 | €7,780 | €7,163 | ▼ 7.9% |
| Trade debts44 | €9,389 | €8,072 | €9,886 | €9,759 | - | €1,607 | €985 | €10,179 | ▲ 934% |
| Suppliers440/4 | - | - | - | €9,759 | - | €1,607 | €985 | €10,179 | ▲ 934% |
| Other amounts payable47/48 | - | - | - | €61,641 | €59,941 | €3,272 | €22,631 | €53,943 | ▲ 138% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,240 | €3,224 | €9,977 | €13,112 | €2,734 | -€4,089 | -€23,314 | -€47,548 | ▼ 104% |
| + Depreciation and write-downs630 | €7,307 | €12,092 | €5,780 | €6,280 | €6,280 | €5,754 | €5,254 | €31,033 | ▲ 491% |
| Operating cash flow (approximation) | -€6,933 | €15,317 | €15,757 | €19,392 | €9,014 | €1,665 | -€18,059 | -€16,516 | ▲ 8.5% |
| Investment in fixed assets (approximation) | - | €1,740 | €0 | -€1,499 | €0 | -€0 | €0 | -€292,433 | - |
| Change in cash | - | €1,569 | €6,837 | €4,958 | -€13,101 | €13,095 | -€4,217 | €6,668 | - |
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, 5,831 companies had the same profile as CARADCOM has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CARADCOM itself is lower: 0.3% within 12 months. It rests on far more data about CARADCOM 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 5,831 companies, not a prediction for CARADCOM. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-07-2026 | 2026-00275111 | |
| 31-12-2024 | micro format | 20-08-2025 | 2025-00400002 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00413277 | |
| 31-12-2022 | full format | 08-10-2023 | 2023-00481173 | |
| 31-12-2021 | full format | 14-10-2022 | 2022-20461204 | |
| 31-12-2020 | full format | 05-11-2021 | 2021-77000155 | |
| 31-12-2019 | full format | 29-10-2020 | 2020-67600164 | |
| 31-12-2018 | full format | 22-01-2020 | 2020-02000503 | |
| 31-12-2017 | full format | 22-01-2020 | 2020-02000499 | |
| 31-12-2016 | full format | 22-01-2020 | 2020-02000436 |