CARMEUSE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 12-06-2026 at the NBB all 39 filings
Turnover
€147.5m▼ 8.4%
2024 · €161.1m
EBIT margin
6.1%▼ 4.2pp
2024 · 10.2%
Net result
€4.4m▼ 59.3%
2024 · €10.8m
Working capital
-€23.0m▲ 59.9%
2024 · -€57.4m
In the rankings
#1 company by total assets in the province of Namur, Mining and quarrying sector#1 company by equity in the province of Namur, Mining and quarrying sector#1 employer in Andenne
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
€147.5m
▼ 8.4%
2025
20182025
Operating result
€9.0m
▼ 45.6%
2025
20182025
Net result
€4.4m
▼ 59.3%
2025
highest quarter of the sector
20182025
EBIT margin
6.1%
▼ 4.2pp
2025
20182025
Equity
€45.3m
▲ 10.8%
2025
highest quarter of the sector
20182025
Total assets
€163.7m
▲ 3.2%
2025
highest quarter of the sector
20182025
Debt
€101.7m
▲ 0.7%
2025
20182025
Working capital
-€23.0m
▲ 59.9%
2025
lowest quarter of the sector
20182025
Solvency
27.7%
▲ 1.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.63
▲ 0.27
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.7%
▼ 4.1pp
2025
middle half of the sector
20182025
Staff (FTE)
243.3
▼ 3.7%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Turnover€118.0m-€98.5m-€109.1m▲ 10.8%€147.1m▲ 34.8%€157.5m▲ 7.0%€161.1m▲ 2.3%€147.5m▼ 8.4%
Operating result€45.6m-€1.2m-€7.7m▲ 547%€16.3m▲ 113%€17.9m▲ 9.4%€16.5m▼ 7.9%€9.0m▼ 45.6%
Net result€37.0m-€1.2mabove the sector's middle half-€5.9mabove the sector's middle half▲ 411%€10.9mabove the sector's middle half▲ 82.8%€14.1mabove the sector's middle half▲ 30.1%€10.8mabove the sector's middle half▼ 23.4%€4.4mabove the sector's middle half▼ 59.3%
EBIT margin38.6%-1.2%-7.0%▲ 5.8pp11.1%▲ 4.1pp11.4%▲ 0.2pp10.2%▼ 1.1pp6.1%▼ 4.2pp
Equity€40.9m-€39.2mabove the sector's middle half-€45.2mabove the sector's middle half▲ 15.1%€46.0mabove the sector's middle half▲ 1.8%€60.1mabove the sector's middle half▲ 30.7%€40.9mabove the sector's middle half▼ 31.9%€45.3mabove the sector's middle half▲ 10.8%
Total assets€183.6m-€135.3mabove the sector's middle half-€141.0mabove the sector's middle half▲ 4.2%€160.7mabove the sector's middle half▲ 14.0%€174.9mabove the sector's middle half▲ 8.8%€158.7mabove the sector's middle half▼ 9.3%€163.7mabove the sector's middle half▲ 3.2%
Debt€114.9m-€67.6m-€67.4m▼ 0.3%€86.5m▲ 28.4%€97.1m▲ 12.2%€101.0m▲ 4.1%€101.7m▲ 0.7%
Working capital€10.6m--€10.5mbelow the sector's middle half--€20.5mbelow the sector's middle half▼ 96.1%-€34.2mbelow the sector's middle half▼ 66.6%-€32.9mbelow the sector's middle half▲ 3.6%-€57.4mbelow the sector's middle half▼ 74.3%-€23.0mbelow the sector's middle half▲ 59.9%
Solvency22.3%-29.0%within the sector's middle half-32.0%within the sector's middle half▲ 3.0pp28.6%within the sector's middle half▼ 3.4pp34.4%within the sector's middle half▲ 5.8pp25.8%below the sector's middle half▼ 8.6pp27.7%below the sector's middle half▲ 1.9pp
Current ratio1.13-0.76below the sector's middle half-0.59below the sector's middle half▼ 0.170.53below the sector's middle half▼ 0.060.61below the sector's middle half▲ 0.080.35below the sector's middle half▼ 0.250.63below the sector's middle half▲ 0.27
Return on assets (ROA)20.2%-0.9%within the sector's middle half-4.2%within the sector's middle half▲ 3.4pp6.8%within the sector's middle half▲ 2.5pp8.1%within the sector's middle half▲ 1.3pp6.8%within the sector's middle half▼ 1.3pp2.7%within the sector's middle half▼ 4.1pp
Staff (FTE)322.1-263.5above the sector's middle half-249.4above the sector's middle half▼ 5.4%249.6above the sector's middle half▲ 0.1%248.4above the sector's middle half▼ 0.5%252.6above the sector's middle half▲ 1.7%243.3above the sector's middle half▼ 3.7%
above
within
below
The sector band is the middle half of the companies in Other mining and quarrying (NACE 08). 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 46% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €163.7m
Fixed assets
€124.7m ▼ 1.9%
Current assets
€39.0m ▲ 23.8%
Equity and liabilities €163.7m
Equity
€45.3m ▲ 10.8%
Provisions
€16.7m ▼ 0.3%
Debt
€101.7m ▲ 0.7%
Debt's share of the balance-sheet total falls from 63.7% to 62.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€22.1m▼
2024 · €27.4m
Cash flow
€17.6m▼
2024 · €21.8m
Quick ratio
0.40▲
2024 · 0.19
Debt to equity
2.24▼
2024 · 2.47
ROE
9.7%▼
2024 · 26.5%
Interest coverage
14.28▼
2024 · 25.28
Debt ≤ 1 year
€62.0m▼
2024 · €88.9m
Debt > 1 year
€39.2m▲
2024 · €12.0m
Income taxes
€2.0m▼
2024 · €3.5m
Customer credit
42 days▲
2024 · 34 days
Supplier credit
465 days▲
2024 · 417 days
Staff costs
€25.1m▲
2024 · €25.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 252 | 254 | 257 | 237 |
| full-time | 232 | 231 | 232 | 210 |
| part-time | 20 | 23 | 25 | 27 |
| in full-time equivalents | 245.6 | 246.9 | 249.3 | 230.3 |
| Average over the year, in full-time equivalents | 249.4 | 248.4 | 252.6 | 243.3 |
| On a permanent contract | 238 | 239 | 242 | 229 |
| Joined | 21 | 29 | 33 | 13 |
| Left | 33 | 28 | 30 | 33 |
| Agency workers, average number | 20.8 | 19.3 | 18.3 | 15.7 |
| Training hours | 5,413 | 6,198 | 7,412 | 6,923 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | - | - | - | €558,192 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20.7m | €22.5m | €15.5m | €12.2m | €11.0m |
| Intangible fixed assets | €28,329 | €58,155 | €71,450 | €2.0m | €1.0m |
| Financial fixed assets | €4 | - | - | €7,500 | - |
| Depreciation and write-downs of the year | €12.1m | €11.6m | €13.4m | €11.0m | €13.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €55,323 | €60,243 | €60,000 | €62,200 | €63,580 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
7 awards · 2023 to 2026
Raamovereenkomst voor aanneming van leveringen van kalkmelk voor slibbehandeling, voor een potentiële duur van 4 jaar: CSC 2473 - Lait de chaux (LTM) - 1
Fourniture de chaux vive
Raamovereenkomst voor levering van chemicaliën: ISVAG-2023/079 - 2
Raamovereenkomst voor levering van chemicaliën: ISVAG-2023/079 - 1
Raamovereenkomst voor levering van chemicaliën: ISVAG-2023/079 - 1
Show 2 more contracts
Fourniture de réactifs destinés au traitement de potabilisation d’eaux 2024 – 2028: Lot 11 – Lait de chaux vrac
Leveren calciumhydroxide
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €150.4m | - | €123.5m | €165.2m | €176.0m | €178.2m | €161.7m | ▼ 9.2% |
| Turnover70 | €118.0m | €98.5m | €109.1m | €147.1m | €157.5m | €161.1m | €147.5m | ▼ 8.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €0.3m | - | -€0.6m | €1.6m | €1.6m | -€1.2m | €0.2m | - |
| Own construction capitalised72 | €0.2m | - | - | - | - | - | - | - |
| Other operating income74 | €19.1m | - | €14.9m | €16.4m | €16.9m | €18.2m | €14.0m | ▼ 23.4% |
| Non-recurring operating income76A | €12.8m | - | - | - | - | - | - | - |
| Operating charges60/66A | €104.9m | - | €115.8m | €148.8m | €158.1m | €161.7m | €152.8m | ▼ 5.5% |
| Goods for resale, raw materials and consumables60 | €21.8m | - | €25.9m | €40.7m | €43.3m | €45.2m | €35.3m | ▼ 22.0% |
| Purchases600/8 | - | - | €25.9m | - | €44.1m | €46.0m | €34.6m | ▼ 24.7% |
| Change in stocks: decrease (increase)609 | -€0.1m | - | €0.08m | €2.2m | -€0.8m | -€0.8m | €0.7m | - |
| Services and other goods61 | €65.9m | - | €55.8m | €72.4m | €83.3m | €80.0m | €78.0m | ▼ 2.5% |
| Remuneration, social security and pensions62 | €24.0m | - | €20.7m | €23.0m | €24.4m | €25.1m | €25.1m | ▲ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16.1m | €13.2m | €12.1m | €11.6m | €13.4m | €11.0m | €13.2m | ▲ 20.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€0.1m | - | €0.03m | -€0.2m | €0.1m | -€0.2m | -€0.4m | ▼ 143% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€2.3m | - | €0.03m | -€0.2m | -€10.6m | -€1.0m | -€0.04m | ▲ 95.6% |
| Other operating charges640/8 | €1.2m | - | €1.3m | €1.5m | €2.1m | €1.6m | €1.7m | ▲ 3.9% |
| Non-recurring operating charges66A | -€21.8m | - | - | - | €2.0m | €0.03m | €176 | ▼ 99.4% |
| Operating profit (loss)9901 | €45.6m | €1.2m | €7.7m | €16.3m | €17.9m | €16.5m | €9.0m | ▼ 45.6% |
| Financial income75/76B | - | - | €0.07m | - | €0.002m | €0.005m | €0.009m | ▲ 76.7% |
| Recurring financial income75 | €1.2m | €1.3m | €0.06m | €0.8m | €0.002m | €0.005m | €0.009m | ▲ 76.7% |
| Income from current assets751 | €0.03m | - | €0.002m | €0.03m | €0 | €0.004m | - | - |
| Other financial income752/9 | €1.2m | - | €0.06m | €0.8m | €0.002m | €0.001m | €0.009m | ▲ 916% |
| Non-recurring financial income76B | - | - | €0.01m | - | - | - | - | - |
| Financial charges65/66B | €8.4m | - | €1.3m | €1.4m | €2.7m | €2.1m | €2.6m | ▲ 21.4% |
| Recurring financial charges65 | €8.4m | €1.3m | €1.3m | €1.4m | €2.1m | €2.1m | €2.6m | ▲ 21.4% |
| Debt charges650 | €1.2m | €0.7m | €0.7m | €0.7m | €1.3m | €1.1m | €1.5m | ▲ 42.9% |
| Other financial charges652/9 | €7.2m | - | €0.6m | €0.8m | €0.9m | €1.1m | €1.0m | ▼ 0.8% |
| Non-recurring financial charges66B | €0.002m | - | €0.002m | €0.002m | €0.5m | - | - | - |
| Profit (loss) for the period before taxes9903 | €38.4m | €1.2m | €6.5m | €15.7m | €15.2m | €14.3m | €6.4m | ▼ 55.6% |
| Income taxes67/77 | €1.4m | €0.05m | €0.5m | €4.9m | €1.1m | €3.5m | €2.0m | ▼ 44.2% |
| Taxes670/3 | €1.4m | - | €0.5m | €4.9m | €1.1m | €3.8m | €2.8m | ▼ 26.8% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.06m | €0.3m | €0.8m | ▲ 188% |
| Profit (loss) for the period9904 | €37.0m | €1.2m | €5.9m | €10.9m | €14.1m | €10.8m | €4.4m | ▼ 59.3% |
| Profit (loss) for the period to be appropriated9905 | €37.0m | €1.2m | €5.9m | €10.9m | €14.1m | €10.8m | €4.4m | ▼ 59.3% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €183.6m | €135.3m | €141.0m | €160.7m | €174.9m | €158.7m | €163.7m | ▲ 3.2% |
| Fixed assets21/28 | €93.5m | €102.9m | €111.6m | €122.6m | €124.2m | €127.2m | €124.7m | ▼ 1.9% |
| Intangible fixed assets21 | €0.08m | €0.04m | €0.06m | €0.3m | €0.7m | €4.6m | €3.9m | ▼ 15.9% |
| Tangible fixed assets22/27 | €92.9m | €101.7m | €110.4m | €121.1m | €122.9m | €121.9m | €120.2m | ▼ 1.4% |
| Land and buildings22 | €20.1m | - | €23.7m | €26.3m | €26.8m | €28.0m | €34.7m | ▲ 24.0% |
| Plant, machinery and equipment23 | €60.3m | - | €54.0m | €50.9m | €46.7m | €74.1m | €69.1m | ▼ 6.8% |
| Furniture and vehicles24 | €0.3m | - | €0.9m | €0.9m | €1.0m | €0.8m | €0.9m | ▲ 13.3% |
| Leasing and similar rights25 | €0.1m | - | €0.07m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 33.2% |
| Other tangible fixed assets26 | - | - | €0.003m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Assets under construction and advance payments27 | €12.0m | - | €31.9m | €42.9m | €48.4m | €18.9m | €15.4m | ▼ 18.7% |
| Financial fixed assets28 | €0.5m | €1.1m | €1.1m | €1.1m | €0.6m | €0.6m | €0.6m | ▼ 0.1% |
| Affiliated companies280/1 | €0.001m | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 35.1% |
| Participating interests280 | €0.001m | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 35.1% |
| Companies linked by participating interests282/3 | €0.5m | - | €1.1m | €1.1m | €0.6m | €0.6m | €0.6m | = |
| Participating interests282 | €0.5m | - | €1.1m | €1.1m | €0.6m | €0.6m | €0.6m | = |
| Other financial fixed assets284/8 | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Shares284 | €0.004m | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Amounts receivable and cash guarantees285/8 | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €90.1m | €32.3m | €29.4m | €38.2m | €50.7m | €31.5m | €39.0m | ▲ 23.8% |
| Stocks and contracts in progress3 | €10.7m | €10.9m | €11.4m | €12.5m | €14.7m | €14.4m | €14.4m | = |
| Stocks30/36 | €10.7m | - | €11.4m | €12.5m | €14.7m | €14.4m | €14.4m | = |
| Raw materials and consumables30/31 | €5.4m | - | €7.4m | €6.8m | €7.0m | €8.0m | €7.7m | ▼ 3.3% |
| Finished goods33 | €5.3m | - | €3.9m | €5.5m | €7.5m | €6.3m | €6.5m | ▲ 4.0% |
| Goods purchased for resale34 | €0.07m | - | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 11.8% |
| Amounts receivable within one year40/41 | €78.0m | €20.4m | €16.9m | €24.7m | €34.8m | €15.9m | €23.2m | ▲ 45.3% |
| Trade receivables40 | €12.3m | - | €10.4m | €23.0m | €33.2m | €14.9m | €17.1m | ▲ 15.0% |
| Other amounts receivable41 | €65.7m | - | €6.5m | €1.6m | €1.7m | €1.1m | €6.1m | ▲ 460% |
| Current investments50/53 | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.2m | ▲ 18.9% |
| Other investments51/53 | €1.1m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.2m | ▲ 18.9% |
| Cash at bank and in hand54/58 | €0.06m | €0.03m | €0.06m | €0.007m | €0.1m | €0.03m | €0.04m | ▲ 44.1% |
| Deferred charges and accrued income490/1 | €0.2m | - | €0.01m | €0.02m | €0.06m | €0.2m | €0.2m | ▲ 49.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €183.6m | €135.3m | €141.0m | €160.7m | €174.9m | €158.7m | €163.7m | ▲ 3.2% |
| Equity10/15 | €40.9m | €39.2m | €45.2m | €46.0m | €60.1m | €40.9m | €45.3m | ▲ 10.8% |
| Contributions10/11 | €34.1m | €34.1m | €35.9m | €35.9m | €35.9m | €35.9m | €35.9m | = |
| Capital10 | €34.1m | - | €34.1m | €34.1m | €34.1m | €34.1m | €34.1m | = |
| Issued capital100 | €34.1m | - | €34.1m | €34.1m | €34.1m | €34.1m | €34.1m | = |
| Contributions outside capital11 | €1.8m | - | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Share premium1100/10 | - | - | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Reserves13 | €3.6m | €3.6m | €3.6m | €3.6m | €3.6m | €3.6m | €3.6m | = |
| Non-distributable reserves130/1 | - | - | €3.6m | €3.6m | €3.6m | €3.6m | €3.6m | = |
| Legal reserve130 | €3.6m | - | €3.6m | €3.6m | €3.6m | €3.6m | €3.6m | = |
| Tax-exempt reserves132 | - | - | - | - | €0 | €0 | €0 | - |
| Profit (loss) carried forward14 | €0.9m | -€0.4m | €5.6m | €6.4m | €20.6m | €1.4m | €5.8m | ▲ 318% |
| Investment grants15 | €0.4m | - | €0.06m | - | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €27.8m | €28.4m | €28.5m | €28.3m | €17.7m | €16.7m | €16.7m | ▼ 0.3% |
| Provisions for liabilities and charges160/5 | €27.8m | - | €28.5m | €28.3m | €17.7m | €16.7m | €16.7m | ▼ 0.3% |
| Pensions and similar obligations160 | €0.8m | - | €0.2m | €0.1m | €0.03m | €0.3m | €0.3m | ▼ 0.3% |
| Environmental obligations163 | €24.4m | - | €25.0m | €25.2m | €16.6m | €16.3m | €16.4m | ▲ 0.7% |
| Other liabilities and charges164/5 | €2.6m | - | €3.2m | €2.9m | €1.1m | €0.2m | €0.02m | ▼ 88.2% |
| Amounts payable17/49 | €114.9m | €67.6m | €67.4m | €86.5m | €97.1m | €101.0m | €101.7m | ▲ 0.7% |
| Amounts payable after more than one year17 | €35.0m | €23.3m | €16.5m | €13.9m | €13.3m | €12.0m | €39.2m | ▲ 227% |
| Financial debts170/4 | €34.7m | - | €16.5m | €13.9m | €13.3m | €12.0m | €39.2m | ▲ 227% |
| Unsubordinated bonds171 | €34.7m | - | €6.5m | €3.9m | €1.3m | - | - | - |
| Other loans174 | - | - | €10.0m | €10.0m | €12.0m | €12.0m | €39.2m | ▲ 227% |
| Other amounts payable178/9 | €0.4m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €79.5m | €42.8m | €49.9m | €72.3m | €83.6m | €88.9m | €62.0m | ▼ 30.2% |
| Current portion of amounts payable after more than one year42 | €6.6m | - | €6.6m | €2.6m | €2.6m | €1.3m | - | - |
| Financial debts43 | - | - | - | - | €0 | €0 | €12.0m | - |
| Other loans439 | - | - | - | - | €0 | €0 | €12.0m | - |
| Trade debts44 | €27.4m | €31.5m | €38.8m | €49.4m | €52.5m | €51.7m | €45.0m | ▼ 12.9% |
| Suppliers440/4 | €27.4m | - | €38.8m | €49.4m | €52.5m | €51.7m | €45.0m | ▼ 12.9% |
| Taxes, remuneration and social security45 | €4.1m | - | €4.4m | €10.3m | €9.5m | €5.7m | €5.1m | ▼ 10.9% |
| Taxes450/3 | €0.07m | - | €0.4m | €5.1m | €3.8m | €0.1m | €0.07m | ▼ 23.1% |
| Remuneration and social security454/9 | €4.0m | - | €4.0m | €5.2m | €5.7m | €5.6m | €5.0m | ▼ 10.7% |
| Other amounts payable47/48 | €41.4m | - | €0.09m | €10.1m | €19.0m | €30.3m | €242 | ▼ 100.0% |
| Accrued charges and deferred income492/3 | €0.4m | - | €1.0m | €0.3m | €0.2m | €0.1m | €0.5m | ▲ 316% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37.0m | €1.2m | €5.9m | €10.9m | €14.1m | €10.8m | €4.4m | ▼ 59.3% |
| + Depreciation and write-downs630 | €16.1m | €13.2m | €12.1m | €11.6m | €13.4m | €11.0m | €13.2m | ▲ 20.3% |
| Operating cash flow (approximation) | €53.1m | €14.3m | €18.0m | €22.5m | €27.6m | €21.8m | €17.6m | ▼ 19.3% |
| Investment in fixed assets (approximation) | - | - | -€20.7m | -€22.6m | -€15.1m | -€13.9m | -€10.7m | ▲ 23.0% |
| Change in cash | - | - | €0.03m | -€0.06m | €0.09m | -€0.07m | €0.01m | - |
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, 733 companies had the same profile as CARMEUSE has now. Two years later, 97.3% were still going and 1.0% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
97.3%
was still going
1.4%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CARMEUSE itself: 0.4% 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 733 companies, not a prediction for CARMEUSE. 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 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 12-06-2026 | 2026-00169889 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00273059 | |
| 31-12-2023 | full format | 17-11-2025 | 2025-00568719 | |
| 31-12-2022 | full format | 14-07-2023 | 2023-00248608 | |
| 31-12-2021 | full format | 25-08-2022 | 2022-20328446 | |
| 31-12-2020 | full format | 20-07-2021 | 2021-38200145 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57500233 | |
| 31-12-2018 | full format | 09-08-2019 | 2019-45400415 | |
| 31-12-2017 | full format | 18-07-2018 | 2018-34300240 | |
| 31-12-2016 | full format | 05-07-2017 | 2017-29400005 |