CARSAN
ActiveCARSAN has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €162k and a net result of €20k. Equity remains stable across the filed fiscal years (±0.5% per year). Its solvency ranks better than 70% of 13905 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
71
/ 100
Healthy▲ +7 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability61▲+27
Solvency64▲+1
Growth78▲+20
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity short (current ratio 0.44 against 0.24 in 2024), and 42.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
57.6%
Return on assets
7%
Age of the figures
8 mo
lowers risk · Growing equity
Equity grew over 2023-2025. Profits are largely retained rather than distributed.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €162k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
21 d early
2023
30 d late
2022
11 d late
2021
31 d late
2020
23 d early
2019
91 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€162k▲ 13.9%
2024 · €142k
2018: €145k
2019: €158k
2020: €183k
2021: €183k
2022: €164k
2023: €132k
2024: €142k
2018 → 2025
Total assets
€280k▲ 3.8%
2024 · €270k
2018: €171k
2019: €181k
2020: €203k
2021: €199k
2022: €178k
2023: €144k
2024: €270k
2018 → 2025
Net result
€20k▲ 103%
2024 · €10k
2018: €-4k
2019: €12k
2020: €25k
2021: €56
2022: €-19k
2023: €-32k
2024: €10k
2018 → 2025
Working capital
€-66k▲ 31.7%
2024 · €-96k
2018: €71k
2019: €71k
2020: €105k
2021: €114k
2022: €98k
2023: €23k
2024: €-96k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€183k-€164k▼ 10.3%€132k▼ 19.6%€142k▲ 7.4%€162k▲ 13.9%
Operating result€2k-€-18k€-32k▼ 75.7%€12k€25k▲ 103%
Net result€56-€-19k€-32k▼ 71.5%€10k€20k▲ 103%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 103% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €280k
Fixed assets
€228k▼ 4.6%
Current assets
€52k▲ 69.5%
Equity and liabilities €280k
Equity
€162k▲ 13.9%
Debt
€119k▼ 7.4%
The debt ratio falls from 47.5% to 42.4%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€36k▲
2024 · €28k
Cash flow
€31k▲
2024 · €26k
Solvency
57.6%▲
2024 · 52.5%
Current ratio
0.44▲
2024 · 0.24
Quick ratio
0.44▲
2024 · 0.24
Debt / equity
0.74▼
2024 · 0.90
ROE
12.2%▲
2024 · 6.9%
ROA
7.0%▲
2024 · 3.6%
Interest coverage
7.15▼
2024 · 11.60
Debt
€119k▼
2024 · €128k
Debt ≤ 1 year
€117k▼
2024 · €127k
Debt > 1 year
€1k▼
2024 · €2k
Staff costs
€11k▲
2024 · €11k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€270k€280k▲
Fixed assets21/28€239k€228k▼
Tangible fixed assets22/27€239k€228k▼
Land and buildings22€200k€193k▼
Plant, machinery and equipment23€40k€35k▼
Financial fixed assets28€120€120=
Current assets29/58€31k€52k▲
Amounts receivable after more than one year29€28k€28k=
Other amounts receivable291€28k€28k=
Amounts receivable within one year40/41€0-
Other amounts receivable41€0-
Cash at bank and in hand54/58€3k€24k▲
Deferred charges and accrued income490/1€380€0▼
Equity and liabilities
Total equity and liabilities10/49€270k€280k▲
Equity10/15€142k€162k▲
Contributions10/11€19k€19k=
Reserves13€123k€143k▲
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Tax-exempt reserves132€10k€10k=
Distributable reserves133€113k€133k▲
Profit (loss) carried forward14€0-
Amounts payable17/49€128k€119k▼
Amounts payable after more than one year17€2k€1k▼
Other amounts payable178/9€2k€1k▼
Amounts payable within one year42/48€127k€117k▼
Financial debts43€123k€113k▼
Credit institutions430/8€123k€113k▼
Trade debts44€2k€1k▼
Suppliers440/4€2k€1k▼
Taxes, remuneration and social security45€2k€4k▲
Remuneration and social security454/9€2k€4k▲
Income statement
Code20242025
Remuneration, social security and pensions62€11k€11k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16k€11k▼
Other operating charges640/8€5k€5k▲
Gross operating margin9900€45k€52k▲
Operating profit (loss)9901€12k€25k▲
Financial charges65/66B€2k€5k▲
Recurring financial charges65€2k€5k▲
Profit (loss) for the period before taxes9903€10k€20k▲
Profit (loss) for the period9904€10k€20k▲
Profit (loss) for the period to be appropriated9905€10k€20k▲
Appropriation of the result
Profit (loss) to be appropriated9906€36k€20k▼
Profit (loss) brought forward from the previous period14P€26k€0▼
Transfer to equity691/2€36k€20k▼
To other reserves6921€36k€20k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Equity above €150kEq €162k ▲13.9%
2 profitable years in a row build equity to €162k.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €10k
Net result €10k after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet €-32k
Net result drops to €-32k, the lowest in the series; recovery starts the following year.
11-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 11 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €25k ▲104%
Operating result €29k, net result €25k, both a record.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
31-12
Financial
Back to profitnet €12k
Net result €12k after one loss-making year.
31-12
Financial
Equity above €150kEq €158k ▲8.5%
Equity rises from €145k to €158k.
12-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 43 days late
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 57 days late
2017
06-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 37 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2022
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
19-01-2022
Resigned as Director
Location & real-estate footprint
Registered office, Middelkerke · 1 establishment unit since 1993
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Hofstraat 818434 MiddelkerkeGround area
1,083 m²
Building footprint
365 m²
Volume, LiDAR
1,641 m³
2 parcels, Flanders · tallest building 8.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CARSAN
since 19932.062.311.753
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35022A0133/00Y000 | Flanders | 891 m² | 1 · 182 m² | 7.1 m · 1 fl. |
| 35010B0081/00L000 | Flanders | 192 m² | 1 · 183 m² | 8.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Joboconstruct
BE 0668.950.008
Anzegem · Eq €162k
JB.C-REAL ESTATE
BE 0674.912.637
Waregem · Eq €162k
IMMAS
BE 0449.961.125
Schilde · Eq €162k
IMGOVA
BE 0444.871.890
Awans · Eq €162k
WATERPAS PROJECTS
BE 0897.322.155
Bilzen-Hoeselt · Eq €162k
Of 9,633 companies in sector 68121 we hold annual accounts for 7,327. 5,293 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded14-04-1993
Fiscal year end31-12
Activities, NACEBEL
68121Development of residential building projects
Sources
Crossroads Bank for EnterprisesNational Bank · 32 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.