Cartel
ActiveSummary
Cartel has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €998,156 and a net result of €701,157. Equity is growing by ~121.4% per year across the filed fiscal years. Its solvency ranks better than 71% of 391 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+17
Solvency85▲+36
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 2.52 against 1.41 in 2024; short-term debt: 38.2% and cash: 8.5% of total assets), and 39.7% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 59
Relative position
BE, all sectors
reference
Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
60.3%
Return on assets
42.4%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
on the day
2024
63 d late
2023
40 d early
2022
2 d late
2021
10 d early
2020
18 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 1 day before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 41% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close26-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€998,156▲ 236%
2024 · €296,999
Total assets
€1.7m▲ 31.4%
2024 · €1.3m
Net result
€701,157▲ 374%
2024 · €148,061
Working capital
€959,792▲ 164%
2024 · €363,318
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€6,029€79,621€104,632▲ 31.4%€201,971▲ 93.0%€1.1m▲ 440%
Net result-€7,026€65,369€71,847▲ 9.9%€148,061▲ 106%€701,157▲ 374%
Equity€11,722▼ 37.5%€77,091▲ 558%€148,938▲ 93.2%€296,999▲ 99.4%€998,156▲ 236%
Total assets€145,580▲ 439%€931,100▲ 540%€1.3m▲ 36.4%€1.3m▼ 0.8%€1.7m▲ 31.4%
Debt€133,858▲ 1,517%€854,009▲ 538%€1.1m▲ 31.2%€962,270▼ 14.1%€656,350▼ 31.8%
Working capital€64,172▲ 706%€64,310▲ 0.2%€137,285▲ 113%€363,318▲ 165%€959,792▲ 164%
Staff (FTE)0.9
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 440% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€63,326 ▲ 502%
Current assets
€1.6m ▲ 27.4%
Equity and liabilities €1.7m
Equity
€998,156 ▲ 236%
Debt
€656,350 ▼ 31.8%
Debt's share of the balance-sheet total falls from 76.4% to 39.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.1m▲
2024 · €203,100
Cash flow
€703,616▲
2024 · €149,189
Current ratio
2.52▲
2024 · 1.41
Debt to equity
0.66▼
2024 · 3.24
ROE
70.2%▲
2024 · 49.9%
ROA
42.4%▲
2024 · 11.8%
Interest coverage
38.14▲
2024 · 32.65
Debt ≤ 1 year
€631,387▼
2024 · €885,426
Income taxes
€366,212▲
2024 · €50,000
Staff costs
€29,426▼
2024 · €40,001
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €28,519 | €44,682 | €40,001 | €29,426 | ▼ 26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €564 | €1,128 | €1,128 | €1,128 | €2,459 | ▲ 118% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €2,000 | -€2,000 | - | - | - |
| Other operating charges640/8 | - | €449 | €886 | €930 | €1,194 | ▲ 28.4% |
| Gross operating margin9900 | -€5,364 | €111,717 | €149,328 | €244,032 | €1.1m | ▲ 361% |
| Operating profit (loss)9901 | -€6,029 | €79,621 | €104,632 | €201,971 | €1.1m | ▲ 440% |
| Financial income75/76B | - | €8,982 | €196 | €2,310 | €4,984 | ▲ 116% |
| Recurring financial income75 | €3 | €2,891 | €196 | €2,310 | €4,984 | ▲ 116% |
| Non-recurring financial income76B | - | €6,091 | - | - | - | - |
| Financial charges65/66B | - | €953 | €5,446 | €6,220 | €28,674 | ▲ 361% |
| Recurring financial charges65 | €1,001 | €953 | €5,446 | €6,220 | €28,674 | ▲ 361% |
| Profit (loss) for the period before taxes9903 | -€7,026 | €87,650 | €99,382 | €198,061 | €1.1m | ▲ 439% |
| Income taxes67/77 | - | €22,282 | €27,535 | €50,000 | €366,212 | ▲ 632% |
| Profit (loss) for the period9904 | -€7,026 | €65,369 | €71,847 | €148,061 | €701,157 | ▲ 374% |
| Profit (loss) for the period to be appropriated9905 | -€7,026 | €65,369 | €71,847 | €148,061 | €701,157 | ▲ 374% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €145,580 | €931,100 | €1.3m | €1.3m | €1.7m | ▲ 31.4% |
| Fixed assets21/28 | €12,868 | €12,781 | €11,653 | €10,524 | €63,326 | ▲ 502% |
| Intangible fixed assets21 | €2,649 | €2,649 | €2,649 | €2,649 | €2,649 | = |
| Tangible fixed assets22/27 | €10,061 | €8,933 | €7,804 | €6,676 | €59,478 | ▲ 791% |
| Plant, machinery and equipment23 | - | €8,933 | €7,804 | €6,676 | €5,548 | ▼ 16.9% |
| Furniture and vehicles24 | - | - | - | - | €7,345 | - |
| Other tangible fixed assets26 | - | - | - | - | €46,586 | - |
| Financial fixed assets28 | €159 | €1,200 | €1,200 | €1,200 | €1,200 | = |
| Current assets29/58 | €132,711 | €918,319 | €1.3m | €1.2m | €1.6m | ▲ 27.4% |
| Amounts receivable after more than one year29 | - | €192,182 | €365,300 | €238,993 | €235,314 | ▼ 1.5% |
| Trade receivables290 | - | €65,000 | €149,146 | - | - | - |
| Other amounts receivable291 | - | €127,182 | €216,154 | €238,993 | €235,314 | ▼ 1.5% |
| Stocks and contracts in progress3 | - | €6,938 | €35,421 | €35,421 | €0 | ▼ 100% |
| Stocks30/36 | - | €6,938 | €35,421 | €35,421 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €105,625 | €582,237 | €743,273 | €659,948 | €1.2m | ▲ 83.9% |
| Trade receivables40 | - | €294,590 | €533,700 | €400,235 | €801,456 | ▲ 100% |
| Other amounts receivable41 | - | €287,647 | €209,573 | €259,713 | €412,398 | ▲ 58.8% |
| Cash at bank and in hand54/58 | €27,086 | €136,811 | €113,746 | €314,382 | €141,384 | ▼ 55.0% |
| Deferred charges and accrued income490/1 | - | €151 | €258 | - | €628 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €145,580 | €931,100 | €1.3m | €1.3m | €1.7m | ▲ 31.4% |
| Equity10/15 | €11,722 | €77,091 | €148,938 | €296,999 | €998,156 | ▲ 236% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €18,600 | €18,600 | €18,600 | - | - |
| Issued capital100 | - | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €7 | €1,860 | €1,860 | €1,860 | €703,017 | ▲ 37,697% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Legal reserve130 | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0 | - |
| Distributable reserves133 | - | - | - | - | €703,017 | - |
| Profit (loss) carried forward14 | -€6,885 | €56,631 | €128,478 | €276,539 | €276,539 | = |
| Amounts payable17/49 | €133,858 | €854,009 | €1.1m | €962,270 | €656,350 | ▼ 31.8% |
| Amounts payable after more than one year17 | €65,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €68,540 | €854,009 | €1.1m | €885,426 | €631,387 | ▼ 28.7% |
| Trade debts44 | €26,368 | €245,260 | €339,168 | €50,160 | €89,500 | ▲ 78.4% |
| Suppliers440/4 | - | €245,260 | €339,168 | €50,160 | €89,500 | ▲ 78.4% |
| Taxes, remuneration and social security45 | - | €32,455 | €34,534 | €89,509 | €367,652 | ▲ 311% |
| Taxes450/3 | - | €26,130 | €29,797 | €80,780 | €362,217 | ▲ 348% |
| Remuneration and social security454/9 | - | €6,325 | €4,737 | €8,729 | €5,436 | ▼ 37.7% |
| Other amounts payable47/48 | - | €576,294 | €747,011 | €745,757 | €174,235 | ▼ 76.6% |
| Accrued charges and deferred income492/3 | - | - | - | €76,844 | €24,962 | ▼ 67.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,026 | €65,369 | €71,847 | €148,061 | €701,157 | ▲ 374% |
| + Depreciation and write-downs630 | €564 | €1,128 | €1,128 | €1,128 | €2,459 | ▲ 118% |
| Operating cash flow (approximation) | -€6,462 | €66,497 | €72,975 | €149,189 | €703,616 | ▲ 372% |
| Investment in fixed assets (approximation) | - | -€1,041 | €0 | €0 | -€55,261 | - |
| Change in cash | - | €109,725 | -€23,065 | €200,636 | -€172,998 | ▼ 186% |
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
Next filing, fiscal year 2026, expected by
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Highest result since 2020net €701,157 ▲374%
Operating result €1.1m, net result €701,157, both a record.
31-03
Financial
Equity above €500,000Eq €998,156 ▲236%
4 profitable years in a row build equity to €998,156.
02-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 63 days late
2024
31-03
Financial
Equity above €200,000Eq €296,999 ▲99.4%
3 profitable years in a row build equity to €296,999.
2023
21-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Equity above €100,000Eq €148,938 ▲93.2%
2 profitable years in a row build equity to €148,938.
2022
02-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
31-03
Financial
Back to profitnet €65,369
Net result €65,369 after one loss-making year.
2021
21-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Weakest financial yearnet -€7,026
Net result drops to -€7,026, the lowest in the series; recovery starts the following year.
2020
13-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Antwerpen · 1 establishment unit since 2019
Ground area
1,172 m²
Building footprint
372 m²
Volume, LiDAR
6,110 m³
Parcel 11811L3668/00M003, Flanders · tallest building 19.3 m, ±6 floors. Linked by address, not a title deed.
20
companies at this address
See who is registered here
1 establishment unit
Vlaamsekaai 35, 2000 Antwerpen
since 20192.318.304.156
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11811L3668/00M003 | Flanders | 1,172 m² | 1 · 372 m² | 19.3 m · 6 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 1,319 companies in sector 59111 we hold annual accounts for 687. 239 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
Founded21-02-2019
Fiscal year end31-03
Activities, NACEBEL 2025
59111Production of cinema films
90202Performing arts by artistic ensembles
Scores and ratios are computed by Checked and are not a credit decision.