CARDO
ActiveSummary
CARDO has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €134k and a net result of €-10k. Equity is growing by ~12.6% per year across the filed fiscal years. Its solvency ranks better than 31% of 19913 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability43▲+43
Solvency70▲+1
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9k at 30 days acceptable
Liquidity ample (current ratio 1.78 against 1.84 in 2023; short-term debt: 13.5% and cash: 0.5% of total assets), but 54.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
45.3%
Return on assets
-3.5%
Age of the figures
21 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year €-10k
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
61 d late
2022
6 d early
2021
3 d early
2020
31 d late
2019
84 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€134k▼ 7.2%
2023 · €144k
2018: €24klowest in 7 years
2019: €41k▲ +68.5% vs 2018
2020: €182k▲ +343% vs 2019
2021: €157k▼ -14.1% vs 2020
2022: €195k▲ +24.5% vs 2021highest in 7 years
2023: €144k▼ -26.0% vs 2022
2024: €134k▼ -7.2% vs 2023
2018 → 2024
Total assets
€296k▼ 10.3%
2023 · €330k
2018: €369k
2019: €312k▼ -15.5% vs 2018
2020: €476k▲ +52.6% vs 2019
2021: €604k▲ +26.9% vs 2020highest in 7 years
2022: €398k▼ -34.1% vs 2021
2023: €330k▼ -17.1% vs 2022
2024: €296k▼ -10.3% vs 2023lowest in 7 years
2018 → 2024
Net result
€-10k▲ 79.5%
2023 · €-51k
2018: €-15k
2019: €17k▲ +210% vs 2018
2020: €141k▲ +742% vs 2019
2021: €204k▲ +44.2% vs 2020highest in 7 years
2022: €38k▼ -81.1% vs 2021
2023: €-51k▼ -232% vs 2022lowest in 7 years
2024: €-10k▲ +79.5% vs 2023
2018 → 2024
Working capital
€31k▼ 11.5%
2023 · €35k
2018: €117lowest in 7 years
2019: €30k▲ +25211% vs 2018
2020: €144k▲ +388% vs 2019highest in 7 years
2021: €28k▼ -80.6% vs 2020
2022: €76k▲ +170% vs 2021
2023: €35k▼ -53.4% vs 2022
2024: €31k▼ -11.5% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€182k-€157k▼ 14.1%€195k▲ 24.5%€144k▼ 26.0%€134k▼ 7.2%
2020: €182k
2021: €157k▼ -14.1% vs 2020
2022: €195k▲ +24.5% vs 2021highest in 5 years
2023: €144k▼ -26.0% vs 2022
2024: €134k▼ -7.2% vs 2023lowest in 5 years
Operating result€187k-€262k▲ 40.4%€54k▼ 79.2%€-45k€-6k▲ 87.7%
2020: €187k
2021: €262k▲ +40.4% vs 2020highest in 5 years
2022: €54k▼ -79.2% vs 2021
2023: €-45k▼ -183% vs 2022lowest in 5 years
2024: €-6k▲ +87.7% vs 2023
Net result€141k-€204k▲ 44.2%€38k▼ 81.1%€-51k€-10k▲ 79.5%
2020: €141k
2021: €204k▲ +44.2% vs 2020highest in 5 years
2022: €38k▼ -81.1% vs 2021
2023: €-51k▼ -232% vs 2022lowest in 5 years
2024: €-10k▲ +79.5% vs 2023
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6k in 2024 against €45k in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €296k
Fixed assets
€225k ▼ 11.0%
Current assets
€71k ▼ 7.8%
Equity and liabilities €296k
Equity
€134k ▼ 7.2%
Debt
€162k ▼ 12.6%
Debt's share of the balance-sheet total falls from 56.2% to 54.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25k▲
2023 · €-14k
Cash flow
€20k▲
2023 · €-19k
Current ratio
1.78▼
2023 · 1.84
Debt to equity
1.21▼
2023 · 1.29
ROE
-7.8%▲
2023 · -35.2%
ROA
-3.5%▲
2023 · -15.4%
Interest coverage
3.39▲
2023 · -1.78
Debt ≤ 1 year
€40k▼
2023 · €42k
Debt > 1 year
€122k▼
2023 · €143k
Income taxes
€540▲
2023 · €0
Staff costs
€25k▼
2023 · €39k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 50 lines
Balance sheet
Code20232024
Assets
Total assets20/58€330k€296k▼
Fixed assets21/28€252k€225k▼
Tangible fixed assets22/27€252k€224k▼
Land and buildings22€158k€146k▼
Plant, machinery and equipment23€82k€70k▼
Furniture and vehicles24€11k€8k▼
Financial fixed assets28€630€630=
Current assets29/58€77k€71k▼
Amounts receivable within one year40/41€58k€61k▲
Trade receivables40€12k€6k▼
Other amounts receivable41€45k€54k▲
Cash at bank and in hand54/58€6k€1k▼
Deferred charges and accrued income490/1€14k€9k▼
Equity and liabilities
Total equity and liabilities10/49€330k€296k▼
Equity10/15€144k€134k▼
Contributions10/11€19k€19k=
Reserves13€3k€3k=
Non-distributable reserves130/1€2k€0▼
Reserves not available under the articles1311€2k€0▼
Tax-exempt reserves132€1k€1k=
Distributable reserves133-€2k
Profit (loss) carried forward14€122k€112k▼
Amounts payable17/49€185k€162k▼
Amounts payable after more than one year17€143k€122k▼
Financial debts170/4€143k€122k▼
Amounts payable within one year42/48€42k€40k▼
Current portion of amounts payable after more than one year42€21k€22k▲
Financial debts43-€6k
Credit institutions430/8-€6k
Trade debts44€6k€6k▼
Suppliers440/4€6k€6k▼
Taxes, remuneration and social security45€15k€7k▼
Taxes450/3€8k€2k▼
Remuneration and social security454/9€7k€5k▼
Accrued charges and deferred income492/3-€219
Income statement
Code20232024
Remuneration, social security and pensions62€39k€25k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€32k€30k▼
Other operating charges640/8€2k€4k▲
Gross operating margin9900€27k€54k▲
Operating profit (loss)9901€-45k€-6k▲
Financial income75/76B€2k€3k▲
Recurring financial income75€2k€3k▲
Financial charges65/66B€8k€7k▼
Recurring financial charges65€8k€7k▼
Profit (loss) for the period before taxes9903€-51k€-10k▲
Income taxes67/77€0€540▲
Profit (loss) for the period9904€-51k€-10k▲
Profit (loss) for the period to be appropriated9905€-51k€-10k▲
Appropriation of the result
Profit (loss) to be appropriated9906€122k€112k▼
Profit (loss) brought forward from the previous period14P€173k€122k▼
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €10k | €14k | €39k | €25k | ▼ 35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32k | €44k | €39k | €32k | €30k | ▼ 4.3% |
| Other operating charges640/8 | - | €7k | €2k | €2k | €4k | ▲ 105% |
| Non-recurring operating charges66A | - | €3k | €0 | - | - | - |
| Gross operating margin9900 | €231k | €326k | €109k | €27k | €54k | ▲ 97.5% |
| Operating profit (loss)9901 | €187k | €262k | €54k | €-45k | €-6k | ▲ 87.7% |
| Financial income75/76B | - | €2k | €2k | €2k | €3k | ▲ 47.4% |
| Recurring financial income75 | €4k | €2k | €2k | €2k | €3k | ▲ 47.4% |
| Financial charges65/66B | - | €8k | €8k | €8k | €7k | ▼ 4.4% |
| Recurring financial charges65 | €7k | €8k | €8k | €8k | €7k | ▼ 4.4% |
| Profit (loss) for the period before taxes9903 | €184k | €256k | €49k | €-51k | €-10k | ▲ 80.6% |
| Income taxes67/77 | €42k | €52k | €10k | €0 | €540 | - |
| Profit (loss) for the period9904 | €141k | €204k | €38k | €-51k | €-10k | ▲ 79.5% |
| Profit (loss) for the period to be appropriated9905 | €141k | €204k | €38k | €-51k | €-10k | ▲ 79.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €476k | €604k | €398k | €330k | €296k | ▼ 10.3% |
| Fixed assets21/28 | €255k | €314k | €284k | €252k | €225k | ▼ 11.0% |
| Tangible fixed assets22/27 | €254k | €313k | €283k | €252k | €224k | ▼ 11.0% |
| Land and buildings22 | - | €183k | €170k | €158k | €146k | ▼ 7.6% |
| Plant, machinery and equipment23 | - | €108k | €95k | €82k | €70k | ▼ 14.7% |
| Furniture and vehicles24 | - | €22k | €18k | €11k | €8k | ▼ 33.0% |
| Financial fixed assets28 | €630 | €630 | €630 | €630 | €630 | = |
| Current assets29/58 | €221k | €290k | €114k | €77k | €71k | ▼ 7.8% |
| Amounts receivable within one year40/41 | €41k | €63k | €38k | €58k | €61k | ▲ 5.7% |
| Trade receivables40 | - | €37k | €0 | €12k | €6k | ▼ 47.9% |
| Other amounts receivable41 | - | €27k | €38k | €45k | €54k | ▲ 20.1% |
| Cash at bank and in hand54/58 | €99k | €167k | €58k | €6k | €1k | ▼ 73.0% |
| Deferred charges and accrued income490/1 | - | €60k | €18k | €14k | €9k | ▼ 37.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €476k | €604k | €398k | €330k | €296k | ▼ 10.3% |
| Equity10/15 | €182k | €157k | €195k | €144k | €134k | ▼ 7.2% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €3k | €3k | €3k | €3k | €3k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €0 | ▼ 100% |
| Tax-exempt reserves132 | - | €1k | €1k | €1k | €1k | = |
| Distributable reserves133 | - | - | - | - | €2k | - |
| Profit (loss) carried forward14 | €161k | €135k | €173k | €122k | €112k | ▼ 8.5% |
| Amounts payable17/49 | €294k | €447k | €203k | €185k | €162k | ▼ 12.6% |
| Amounts payable after more than one year17 | €213k | €185k | €165k | €143k | €122k | ▼ 15.1% |
| Financial debts170/4 | - | €185k | €165k | €143k | €122k | ▼ 15.1% |
| Amounts payable within one year42/48 | €77k | €262k | €38k | €42k | €40k | ▼ 4.8% |
| Current portion of amounts payable after more than one year42 | - | €27k | €21k | €21k | €22k | ▲ 2.2% |
| Financial debts43 | - | - | - | - | €6k | - |
| Credit institutions430/8 | - | - | - | - | €6k | - |
| Trade debts44 | €14k | €35k | €8k | €6k | €6k | ▼ 1.8% |
| Suppliers440/4 | - | €35k | €8k | €6k | €6k | ▼ 1.8% |
| Taxes, remuneration and social security45 | - | €35k | €10k | €15k | €7k | ▼ 54.0% |
| Taxes450/3 | - | €29k | €7k | €8k | €2k | ▼ 73.3% |
| Remuneration and social security454/9 | - | €6k | €2k | €7k | €5k | ▼ 33.7% |
| Other amounts payable47/48 | - | €165k | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €0 | - | - | €219 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €141k | €204k | €38k | €-51k | €-10k | ▲ 79.5% |
| + Depreciation and write-downs630 | €32k | €44k | €39k | €32k | €30k | ▼ 4.3% |
| Operating cash flow (approximation) | €173k | €247k | €78k | €-19k | €20k | ▲ 203% |
| Investment in fixed assets (approximation) | - | €-103k | €-9k | €0 | €-2k | - |
| Change in cash | - | €68k | €-109k | €-52k | €-4k | ▲ 92.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-12
Financial
Weakest financial yearnet €-51k
Net result drops to €-51k, the lowest in the series; recovery starts the following year.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity triplescurrent ratio 2.97
Current ratio from 1.11 to 2.97; short-term debt falls from €262k to €38k.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €204k ▲44.2%
Operating result €262k, net result €204k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Equity above €150kEq €182k ▲343%
2 profitable years in a row build equity to €182k.
23-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 84 days late
07-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 160 days late
2019
31-12
Financial
Back to profitnet €17k
Net result €17k after one loss-making year.
Show earlier events
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
2016
09-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 40 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2003
Ground area
1,788 m²
Building footprint
228 m²
Volume, LiDAR
1,231 m³
Parcel 57050A0569/00G000, Wallonia · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CARDO
since 20032.191.353.328
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57050A0569/00G000 | Wallonia | 1,788 m² | 1 · 228 m² | 7.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 16,625 companies in sector 86220 we hold annual accounts for 7,979. 6,654 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
86210General medical practice
86220Specialist medical practice
Scores and ratios are computed by Checked and are not a credit decision.