CASABLANCO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 20 filings
Turnover
≈ €5.4m
Estimated: probably between €3.6m and €8.8m
EBIT margin
Not included in this filing
Net result
€77,205
2024 · -€55,659
Working capital
€1.0m▲ 9.7%
2024 · €914,433
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€74,505
2025
20182025
Net result
€77,205
2025
middle half of the sector
20182025
Equity
€1.0m
▲ 8.2%
2025
middle half of the sector
20182025
Total assets
€2.1m
▲ 14.7%
2025
middle half of the sector
20182025
Debt
€995,690
▲ 24.8%
2025
20182025
Working capital
€1.0m
▲ 9.7%
2025
middle half of the sector
20182025
Solvency
49.2%
▼ 3.0pp
2025
middle half of the sector
20182025
Current ratio
2.02
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
3.7%
▲ 6.8pp
2025
middle half of the sector
20182025
Staff (FTE)
59.7
▼ 3.6%
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€0.01m-€0.03m▲ 154%€0.09m▲ 166%€0.06m▼ 28.6%€0.004m▼ 94.2%€0.02m▲ 581%-€0.06m€0.07m
Net result€0.01m--€0.06m€0.07mwithin the sector's middle half€0.07mwithin the sector's middle half▼ 9.3%€0.005mwithin the sector's middle half▼ 92.5%€0.03mwithin the sector's middle half▲ 492%-€0.06mbelow the sector's middle half€0.08mwithin the sector's middle half
Equity€0.9m-€0.8m▼ 7.3%€0.9mwithin the sector's middle half▲ 8.7%€1.0mwithin the sector's middle half▲ 7.3%€1.0mwithin the sector's middle half▲ 0.5%€1.0mwithin the sector's middle half▲ 3.0%€0.9mwithin the sector's middle half▼ 5.6%€1.0mwithin the sector's middle half▲ 8.2%
Total assets€1.4m-€1.5m▲ 6.5%€1.4mwithin the sector's middle half▼ 5.8%€1.7mwithin the sector's middle half▲ 24.8%€1.7mwithin the sector's middle half▼ 1.8%€1.9mwithin the sector's middle half▲ 10.3%€1.8mwithin the sector's middle half▼ 3.5%€2.1mwithin the sector's middle half▲ 14.7%
Debt€0.4m-€0.5m▲ 44.6%€0.3m▼ 32.1%€0.6m▲ 84.3%€0.7m▲ 5.4%€0.8m▲ 19.4%€0.8m▼ 0.2%€1.0m▲ 24.8%
Working capital€0.9m-€0.9m▲ 4.3%€1.0mwithin the sector's middle half▲ 12.1%€1.0mwithin the sector's middle half▲ 3.5%€1.0mwithin the sector's middle half▼ 2.4%€1.0mwithin the sector's middle half▼ 2.0%€0.9mwithin the sector's middle half▼ 7.7%€1.0mwithin the sector's middle half▲ 9.7%
Solvency64.5%-56.2%▼ 8.4pp64.8%within the sector's middle half▲ 8.7pp55.7%within the sector's middle half▼ 9.1pp57.0%within the sector's middle half▲ 1.3pp53.3%within the sector's middle half▼ 3.7pp52.1%within the sector's middle half▼ 1.1pp49.2%within the sector's middle half▼ 3.0pp
Current ratio3.50-2.77▼ 0.733.92within the sector's middle half▲ 1.152.63within the sector's middle half▼ 1.282.70within the sector's middle half▲ 0.072.31within the sector's middle half▼ 0.382.16within the sector's middle half▼ 0.152.02within the sector's middle half▼ 0.14
Return on assets (ROA)0.8%--4.4%▼ 5.2pp5.2%within the sector's middle half▲ 9.6pp3.8%within the sector's middle half▼ 1.4pp0.3%within the sector's middle half▼ 3.5pp1.6%within the sector's middle half▲ 1.3pp-3.1%below the sector's middle half▼ 4.6pp3.7%within the sector's middle half▲ 6.8pp
Staff (FTE)40-40.5▲ 1.3%39above the sector's middle half▼ 3.7%50.2above the sector's middle half▲ 28.7%50.2above the sector's middle half=51.6above the sector's middle half▲ 2.8%61.9above the sector's middle half▲ 20.0%59.7above the sector's middle half▼ 3.6%
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 a profit of €74,505, after a loss of €59,224 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€87,535 ▼ 20.4%
Current assets
€2.0m ▲ 17.0%
Equity and liabilities €2.1m
Equity
€1.0m ▲ 8.2%
Provisions
€60,806 ▼ 12.1%
Debt
€995,690 ▲ 24.8%
Debt's share of the balance-sheet total rises from 44.0% to 47.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€103,908▲
2024 · -€30,188
Cash flow
€106,608▲
2024 · -€26,622
Quick ratio
2.00▼
2024 · 2.15
Debt to equity
0.97▲
2024 · 0.84
ROE
7.6%▲
2024 · -5.9%
Interest coverage
over 100▲
2024 · -77.20
Debt ≤ 1 year
€987,267▲
2024 · €787,473
Income taxes
€838
Staff costs
€3.0m▲
2024 · €2.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 49 | 51 | 51 | 61 | 60 |
| full-time | 48 | 51 | 50 | 57 | 59 |
| part-time | 1 | - | 1 | 4 | 1 |
| in full-time equivalents | 48.9 | 51 | 50.8 | 59.3 | 59.8 |
| Average over the year, in full-time equivalents | 50.2 | 50.2 | 51.6 | 61.9 | 59.7 |
| On a permanent contract | 22 | 22 | 26 | 24 | 22 |
| Joined | 26 | 27 | 21 | 38 | 22 |
| Left | 18 | 25 | 21 | 28 | 23 |
| Training hours | 69,230 | 66,280 | 67,412 | 81,295 | 85,468 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,319 | €52,472 | €86,338 | €6,473 | €11,865 |
| Intangible fixed assets | €3,413 | €3,000 | €2,225 | €5,115 | - |
| Financial fixed assets | €1,026 | - | €566 | €1,403 | €20 |
| Depreciation and write-downs of the year | €12,007 | €21,554 | €30,428 | €29,037 | €29,403 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €258 | €370 | €0 | €0.003m | - |
| Remuneration, social security and pensions62 | - | - | - | €2.0m | €2.2m | €2.4m | €2.9m | €3.0m | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.02m | €0.01m | €0.02m | €0.03m | €0.03m | €0.03m | ▲ 1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.002m | €0.007m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.001m | €0.008m | €0.01m | €0.005m | ▼ 46.7% |
| Non-recurring operating charges66A | - | - | - | - | €0.004m | €0.009m | €0.004m | €0.01m | ▲ 178% |
| Gross operating margin9900 | €1.7m | €1.7m | €1.6m | €2.1m | €2.2m | €2.5m | €2.9m | €3.1m | ▲ 8.3% |
| Operating profit (loss)9901 | €0.01m | €0.03m | €0.09m | €0.06m | €0.004m | €0.02m | -€0.06m | €0.07m | - |
| Financial income75/76B | - | - | - | €0.005m | €0.002m | €0.005m | €0.004m | €0.004m | ▲ 0.6% |
| Recurring financial income75 | €0.002m | €0.002m | €0.001m | €0.002m | €0.002m | €0.005m | €0.004m | €0.004m | ▲ 0.6% |
| Non-recurring financial income76B | - | - | - | €0.003m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.002m | €0.001m | €476 | €391 | €442 | ▲ 13.0% |
| Recurring financial charges65 | €455 | €438 | €344 | €282 | €0.001m | €476 | €391 | €442 | ▲ 13.0% |
| Non-recurring financial charges66B | - | - | - | €0.002m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.03m | €0.07m | €0.07m | €0.005m | €0.03m | -€0.06m | €0.08m | - |
| Income taxes67/77 | - | - | - | - | - | - | - | €0.001m | - |
| Profit (loss) for the period9904 | €0.01m | -€0.06m | €0.07m | €0.07m | €0.005m | €0.03m | -€0.06m | €0.08m | - |
| Profit (loss) for the period to be appropriated9905 | €0.01m | -€0.06m | €0.07m | €0.07m | €0.005m | €0.03m | -€0.06m | €0.08m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.5m | €1.4m | €1.7m | €1.7m | €1.9m | €1.8m | €2.1m | ▲ 14.7% |
| Fixed assets21/28 | €0.2m | €0.08m | €0.05m | €0.07m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 20.4% |
| Intangible fixed assets21 | €0.001m | €0.001m | - | €0.002m | €0.003m | €0.002m | €0.004m | €0.002m | ▼ 58.9% |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.01m | €0.03m | €0.06m | €0.1m | €0.09m | €0.08m | ▼ 19.1% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | ▲ 9.1% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.009m | ▼ 56.6% |
| Other tangible fixed assets26 | - | - | - | - | - | €0.07m | €0.06m | €0.05m | ▼ 12.5% |
| Financial fixed assets28 | €0.1m | €0.04m | €0.04m | €0.04m | €0.04m | €0.01m | €0.01m | €0.009m | ▼ 16.9% |
| Current assets29/58 | €1.2m | €1.4m | €1.3m | €1.7m | €1.6m | €1.7m | €1.7m | €2.0m | ▲ 17.0% |
| Stocks and contracts in progress3 | €0.02m | €0.03m | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 7.9% |
| Stocks30/36 | - | - | - | €0.01m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 7.9% |
| Amounts receivable within one year40/41 | €0.6m | €0.9m | €0.8m | €1.0m | €0.9m | €1.1m | €1.1m | €1.4m | ▲ 33.9% |
| Trade receivables40 | - | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.9m | ▲ 173% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.5m | €0.7m | €0.7m | €0.5m | ▼ 27.0% |
| Cash at bank and in hand54/58 | €0.6m | €0.5m | €0.5m | €0.7m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 13.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.02m | €0.03m | €0.02m | €0.04m | ▲ 55.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.5m | €1.4m | €1.7m | €1.7m | €1.9m | €1.8m | €2.1m | ▲ 14.7% |
| Equity10/15 | €0.9m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | €0.9m | €1.0m | ▲ 8.2% |
| Reserves13 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 0.8% |
| Profit (loss) carried forward14 | €0.04m | -€0.02m | €0.05m | €0.1m | €0.08m | €0.08m | €0.03m | €0.1m | ▲ 241% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.1m | €0.06m | €0.08m | €0.07m | €0.06m | ▼ 12.1% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.1m | €0.06m | €0.08m | €0.07m | €0.06m | ▼ 12.1% |
| Environmental obligations163 | - | - | - | - | - | - | €0 | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.1m | €0.06m | €0.08m | €0.07m | €0.06m | ▼ 12.1% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.3m | €0.6m | €0.7m | €0.8m | €0.8m | €1.0m | ▲ 24.8% |
| Amounts payable within one year42/48 | €0.3m | €0.5m | €0.3m | €0.6m | €0.6m | €0.8m | €0.8m | €1.0m | ▲ 25.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €0.009m | €0.006m | €0.009m | €0.005m | €0.005m | = |
| Other loans439 | - | - | - | €0.009m | €0.006m | €0.009m | €0.005m | €0.005m | = |
| Trade debts44 | €0.1m | €0.2m | €0.1m | €0.3m | €0.2m | €0.3m | €0.1m | €0.2m | ▲ 96.0% |
| Suppliers440/4 | - | - | - | €0.3m | €0.2m | €0.3m | €0.1m | €0.2m | ▲ 96.0% |
| Advances received on contracts in progress46 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 3.0% |
| Taxes450/3 | - | - | - | €0.01m | €0.009m | - | €0.05m | €0.05m | ▲ 5.9% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 2.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.07m | €0.05m | €0.01m | €0.008m | ▼ 20.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,619 | -€64,902 | €72,244 | €65,505 | €4,944 | €29,265 | -€55,659 | €77,205 | - |
| + Depreciation and write-downs630 | €29,389 | €24,039 | €22,266 | €12,007 | €21,554 | €30,428 | €29,037 | €29,403 | ▲ 1.3% |
| Operating cash flow (approximation) | €41,007 | -€40,863 | €94,510 | €77,512 | €26,498 | €59,692 | -€26,622 | €106,608 | - |
| Investment in fixed assets (approximation) | - | €85,418 | €9,462 | -€31,311 | -€53,341 | -€66,784 | -€5,818 | -€6,955 | ▼ 19.5% |
| Change in cash | - | -€122,743 | €16,156 | €170,472 | -€7,220 | €1,390 | -€43,656 | -€82,569 | ▼ 89.1% |
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, 1,887 companies had the same profile as CASABLANCO has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of CASABLANCO 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 1,887 companies, not a prediction for CASABLANCO. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00232801 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00339705 | |
| 31-12-2023 | abbreviated format | 21-08-2024 | 2024-00358262 | |
| 31-12-2022 | abbreviated format | 03-08-2023 | 2023-00312249 | |
| 31-12-2021 | abbreviated format | 21-02-2023 | 2023-00030929 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-58200176 | |
| 31-12-2019 | abbreviated format | 23-09-2020 | 2020-55400074 | |
| 31-12-2018 | abbreviated format | 21-08-2019 | 2019-47900139 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-53100381 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-49200477 |