CARGO SECURING APPLICATIONS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-03-2026 PDF all 9 filings
Turnover
≈ €330,000
Estimated: probably between €220,000 and €520,000
Total assets
€406,650▲ 15.9%
2024 · €350,761
Net result
€69,109▲ 86.6%
2024 · €37,044
Working capital
€59,767▼ 13.1%
2024 · €68,816
In the rankings
#10 company by equity in Alveringem, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€96,321
▲ 84.9%
2025
20182025
Net result
€69,109
▲ 86.6%
2025
highest quarter of the sector
20182025
Equity
€195,354
▲ 54.7%
2025
highest quarter of the sector
20182025
Total assets
€406,650
▲ 15.9%
2025
highest quarter of the sector
20182025
Debt
€211,295
▼ 5.9%
2025
20182025
Working capital
€59,767
▼ 13.1%
2025
middle half of the sector
20182025
Solvency
48.0%
▲ 12.0pp
2025
middle half of the sector
20182025
Current ratio
1.28
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
17.0%
▲ 6.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,874-€10,185▲ 254%€23,421▲ 130%-€7,433€28,923€54,912▲ 89.9%€52,107▼ 5.1%€96,321▲ 84.9%
Net result€2,770-€10,091▲ 264%€23,281within the sector's middle half▲ 131%-€7,549below the sector's middle half€22,151within the sector's middle half€37,535above the sector's middle half▲ 69.4%€37,044above the sector's middle half▼ 1.3%€69,109above the sector's middle half▲ 86.6%
Equity€3,692-€13,783▲ 273%€37,064within the sector's middle half▲ 169%€29,515within the sector's middle half▼ 20.4%€51,666within the sector's middle half▲ 75.1%€89,201within the sector's middle half▲ 72.6%€126,245within the sector's middle half▲ 41.5%€195,354above the sector's middle half▲ 54.7%
Total assets€90,529-€114,441▲ 26.4%€148,784within the sector's middle half▲ 30.0%€164,104within the sector's middle half▲ 10.3%€229,881within the sector's middle half▲ 40.1%€311,083within the sector's middle half▲ 35.3%€350,761within the sector's middle half▲ 12.8%€406,650above the sector's middle half▲ 15.9%
Debt€86,837-€100,658▲ 15.9%€111,720▲ 11.0%€134,589▲ 20.5%€178,215▲ 32.4%€221,881▲ 24.5%€224,516▲ 1.2%€211,295▼ 5.9%
Working capital-€50,878--€33,195▲ 34.8%-€25,476below the sector's middle half▲ 23.3%-€24,399below the sector's middle half▲ 4.2%-€2,651within the sector's middle half▲ 89.1%€3,184within the sector's middle half€68,816within the sector's middle half▲ 22×€59,767within the sector's middle half▼ 13.1%
Solvency4.1%-12.0%▲ 8.0pp24.9%within the sector's middle half▲ 12.9pp18.0%within the sector's middle half▼ 6.9pp22.5%within the sector's middle half▲ 4.5pp28.7%within the sector's middle half▲ 6.2pp36.0%within the sector's middle half▲ 7.3pp48.0%within the sector's middle half▲ 12.0pp
Current ratio0.41-0.67▲ 0.260.77below the sector's middle half▲ 0.100.82below the sector's middle half▲ 0.050.99within the sector's middle half▲ 0.171.01within the sector's middle half▲ 0.031.31within the sector's middle half▲ 0.291.28within the sector's middle half▼ 0.02
Return on assets (ROA)3.1%-8.8%▲ 5.8pp15.6%above the sector's middle half▲ 6.8pp-4.6%below the sector's middle half▼ 20.2pp9.6%within the sector's middle half▲ 14.2pp12.1%within the sector's middle half▲ 2.4pp10.6%within the sector's middle half▼ 1.5pp17.0%above the sector's middle half▲ 6.4pp
above
within
below
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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 85% higher than in 2024 and the highest since 2021. It is a recovery 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
2025 in colour, 2024 as the grey bar beneath
Assets €406,650
Fixed assets
€135,588 ▲ 136%
Current assets
€271,062 ▼ 7.6%
Equity and liabilities €406,650
Equity
€195,354 ▲ 54.7%
Debt
€211,295 ▼ 5.9%
Debt's share of the balance-sheet total falls from 64.0% to 52.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€129,977▲
2024 · €80,695
Cash flow
€102,766▲
2024 · €65,632
Quick ratio
1.20▼
2024 · 1.23
Debt to equity
1.08▼
2024 · 1.78
ROE
35.4%▲
2024 · 29.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€211,295▼
2024 · €224,516
Income taxes
€29,858▲
2024 · €18,716
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €17,500 | €46,239 | - | €111,815 |
| Intangible fixed assets | €3,203 | €9,481 | - | - |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €20,299 | €24,020 | €28,588 | €33,657 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,360 | €11,302 | €14,476 | €17,751 | €20,299 | €24,020 | €28,588 | €33,657 | ▲ 17.7% |
| Other operating charges640/8 | - | - | - | - | €640 | €748 | €718 | €3,587 | ▲ 400% |
| Gross operating margin9900 | €13,686 | €22,114 | €38,531 | €10,955 | €49,862 | €79,681 | €81,413 | €133,565 | ▲ 64.1% |
| Operating profit (loss)9901 | €2,874 | €10,185 | €23,421 | -€7,433 | €28,923 | €54,912 | €52,107 | €96,321 | ▲ 84.9% |
| Financial income75/76B | - | - | - | - | €0 | €63 | €3,844 | €2,941 | ▼ 23.5% |
| Recurring financial income75 | €19 | €99 | €47 | €57 | €0 | €63 | €3,844 | €2,941 | ▼ 23.5% |
| Financial charges65/66B | - | - | - | - | €220 | €178 | €191 | €295 | ▲ 54.5% |
| Recurring financial charges65 | €122 | €193 | €187 | €173 | €220 | €178 | €191 | €295 | ▲ 54.5% |
| Profit (loss) for the period before taxes9903 | €2,770 | €10,091 | €23,281 | -€7,549 | €28,702 | €54,798 | €55,760 | €98,967 | ▲ 77.5% |
| Income taxes67/77 | - | - | - | - | €6,551 | €17,263 | €18,716 | €29,858 | ▲ 59.5% |
| Profit (loss) for the period9904 | €2,770 | €10,091 | €23,281 | -€7,549 | €22,151 | €37,535 | €37,044 | €69,109 | ▲ 86.6% |
| Profit (loss) for the period to be appropriated9905 | €2,770 | €10,091 | €23,281 | -€7,549 | €22,151 | €37,535 | €37,044 | €69,109 | ▲ 86.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €90,529 | €114,441 | €148,784 | €164,104 | €229,881 | €311,083 | €350,761 | €406,650 | ▲ 15.9% |
| Fixed assets21/28 | €54,570 | €46,978 | €62,540 | €53,914 | €54,317 | €86,018 | €57,429 | €135,588 | ▲ 136% |
| Intangible fixed assets21 | - | - | €3,906 | €3,084 | €5,437 | €11,400 | €6,617 | €2,065 | ▼ 68.8% |
| Tangible fixed assets22/27 | €53,610 | €46,018 | €57,675 | €49,870 | €47,920 | €73,657 | €49,853 | €132,562 | ▲ 166% |
| Plant, machinery and equipment23 | - | - | - | - | €47,920 | €66,357 | €44,317 | €128,791 | ▲ 191% |
| Furniture and vehicles24 | - | - | - | - | - | €7,301 | €5,536 | €3,771 | ▼ 31.9% |
| Financial fixed assets28 | €960 | €960 | €960 | €960 | €960 | €960 | €960 | €960 | = |
| Current assets29/58 | €35,958 | €67,463 | €86,244 | €110,191 | €175,564 | €225,065 | €293,332 | €271,062 | ▼ 7.6% |
| Stocks and contracts in progress3 | €1,950 | €7,611 | €7,153 | €29,391 | €63,173 | €32,000 | €17,402 | €18,491 | ▲ 6.3% |
| Stocks30/36 | - | - | - | - | €63,173 | €32,000 | €17,402 | €18,491 | ▲ 6.3% |
| Amounts receivable within one year40/41 | €12,832 | €6,161 | €11,870 | €18,741 | €40,396 | €63,230 | €61,072 | €27,215 | ▼ 55.4% |
| Trade receivables40 | - | - | - | - | €40,396 | €60,513 | €58,657 | €26,191 | ▼ 55.3% |
| Other amounts receivable41 | - | - | - | - | €0 | €2,717 | €2,414 | €1,023 | ▼ 57.6% |
| Current investments50/53 | - | - | - | - | - | - | €160,000 | €150,000 | ▼ 6.3% |
| Cash at bank and in hand54/58 | €20,672 | €53,158 | €66,664 | €62,058 | €71,282 | €129,056 | €50,277 | €73,475 | ▲ 46.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €712 | €779 | €4,581 | €1,882 | ▼ 58.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €90,529 | €114,441 | €148,784 | €164,104 | €229,881 | €311,083 | €350,761 | €406,650 | ▲ 15.9% |
| Equity10/15 | €3,692 | €13,783 | €37,064 | €29,515 | €51,666 | €89,201 | €126,245 | €195,354 | ▲ 54.7% |
| Contributions10/11 | €30,000 | €30,000 | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | - | - | €7,064 | €0 | €21,666 | €59,201 | €96,245 | €165,354 | ▲ 71.8% |
| Distributable reserves133 | - | - | - | - | €21,666 | €59,201 | €96,245 | €165,354 | ▲ 71.8% |
| Profit (loss) carried forward14 | -€26,308 | -€16,217 | €0 | -€485 | €0 | - | - | - | - |
| Amounts payable17/49 | €86,837 | €100,658 | €111,720 | €134,589 | €178,215 | €221,881 | €224,516 | €211,295 | ▼ 5.9% |
| Amounts payable within one year42/48 | €86,837 | €100,658 | €111,720 | €134,589 | €178,215 | €221,881 | €224,516 | €211,295 | ▼ 5.9% |
| Financial debts43 | - | - | - | - | €70 | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €70 | €0 | - | - | - |
| Trade debts44 | €3,728 | €3,950 | €4,639 | €18,492 | €30,443 | €64,656 | €56,338 | €34,841 | ▼ 38.2% |
| Suppliers440/4 | - | - | - | - | €30,443 | €64,656 | €56,338 | €34,841 | ▼ 38.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €7,190 | €6,255 | €5,043 | €2,229 | ▼ 55.8% |
| Taxes450/3 | - | - | - | - | €7,190 | €6,255 | €5,043 | €2,229 | ▼ 55.8% |
| Other amounts payable47/48 | - | - | - | - | €140,511 | €150,971 | €163,136 | €174,226 | ▲ 6.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,770 | €10,091 | €23,281 | -€7,549 | €22,151 | €37,535 | €37,044 | €69,109 | ▲ 86.6% |
| + Depreciation and write-downs630 | €10,360 | €11,302 | €14,476 | €17,751 | €20,299 | €24,020 | €28,588 | €33,657 | ▲ 17.7% |
| Operating cash flow (approximation) | €13,130 | €21,393 | €37,757 | €10,203 | €42,450 | €61,555 | €65,632 | €102,766 | ▲ 56.6% |
| Investment in fixed assets (approximation) | - | -€3,710 | -€30,038 | -€9,125 | -€20,703 | -€55,721 | €0 | -€111,815 | - |
| Change in cash | - | €32,486 | €13,506 | -€4,606 | €9,224 | €57,774 | -€78,779 | €23,198 | - |
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 CARGO SECURING APPLICATIONS 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 CARGO SECURING APPLICATIONS 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 CARGO SECURING APPLICATIONS. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-03-2026 | 2026-00050588 | |
| 31-12-2024 | micro format | 08-04-2025 | 2025-00066094 | |
| 31-12-2023 | micro format | 14-02-2024 | 2024-00031690 | |
| 31-12-2022 | micro format | 22-02-2023 | 2023-00031126 | |
| 31-12-2021 | micro format | 11-03-2022 | 2022-07600484 | |
| 31-12-2020 | micro format | 18-03-2021 | 2021-07900133 | |
| 31-12-2019 | micro format | 17-02-2020 | 2020-05100250 | |
| 31-12-2018 | micro format | 08-03-2019 | 2019-06900560 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-24800117 |