CASEBEL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-05-2026 PDF all 29 filings
Turnover
≈ €240,000
Estimated: probably between €190,000 and €290,000
EBIT margin
Not included in this filing
Net result
€83,024▲ 1.9%
2024 · €81,484
Working capital
€176,079▼ 6.7%
2024 · €188,725
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€108,186
▲ 2.4%
2025
20182025
Net result
€83,024
▲ 1.9%
2025
middle half of the sector
20182025
Equity
€247,646
▼ 10.4%
2025
middle half of the sector
20182025
Total assets
€420,886
▲ 7.7%
2025
lowest quarter of the sector
20182025
Debt
€173,240
▲ 51.1%
2025
20182025
Working capital
€176,079
▼ 6.7%
2025
middle half of the sector
20182025
Solvency
58.8%
▼ 11.8pp
2025
middle half of the sector
20182025
Current ratio
2.02
▼ 0.63
2025
middle half of the sector
20182025
Return on assets (ROA)
19.7%
▼ 1.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€61,758-€58,041▼ 6.0%€60,861▲ 4.9%€46,246▼ 24.0%€39,653▼ 14.3%€78,328▲ 97.5%€105,697▲ 34.9%€108,186▲ 2.4%
Net result€50,753-€48,969▼ 3.5%€49,055within the sector's middle half▲ 0.2%€38,524within the sector's middle half▼ 21.5%€33,166within the sector's middle half▼ 13.9%€61,855within the sector's middle half▲ 86.5%€81,484within the sector's middle half▲ 31.7%€83,024within the sector's middle half▲ 1.9%
Equity€122,713-€153,682▲ 25.2%€186,737within the sector's middle half▲ 21.5%€216,170within the sector's middle half▲ 15.8%€222,972within the sector's middle half▲ 3.1%€234,828within the sector's middle half▲ 5.3%€276,312within the sector's middle half▲ 17.7%€247,646within the sector's middle half▼ 10.4%
Total assets€174,666-€209,216▲ 19.8%€231,413below the sector's middle half▲ 10.6%€308,996within the sector's middle half▲ 33.5%€318,263below the sector's middle half▲ 3.0%€350,923below the sector's middle half▲ 10.3%€390,955below the sector's middle half▲ 11.4%€420,886below the sector's middle half▲ 7.7%
Debt€51,954-€55,534▲ 6.9%€44,676▼ 19.6%€92,826▲ 108%€95,291▲ 2.7%€116,095▲ 21.8%€114,643▼ 1.3%€173,240▲ 51.1%
Working capital€49,717-€69,905▲ 40.6%€113,139within the sector's middle half▲ 61.8%€119,355within the sector's middle half▲ 5.5%€125,942within the sector's middle half▲ 5.5%€142,170within the sector's middle half▲ 12.9%€188,725within the sector's middle half▲ 32.7%€176,079within the sector's middle half▼ 6.7%
Solvency70.3%-73.5%▲ 3.2pp80.7%above the sector's middle half▲ 7.2pp70.0%above the sector's middle half▼ 10.7pp70.1%above the sector's middle half▲ 0.1pp66.9%above the sector's middle half▼ 3.1pp70.7%above the sector's middle half▲ 3.8pp58.8%within the sector's middle half▼ 11.8pp
Current ratio1.97-2.33▲ 0.373.53above the sector's middle half▲ 1.203.14above the sector's middle half▼ 0.392.77above the sector's middle half▼ 0.372.35within the sector's middle half▼ 0.422.65within the sector's middle half▲ 0.292.02within the sector's middle half▼ 0.63
Return on assets (ROA)29.1%-23.4%▼ 5.7pp21.2%above the sector's middle half▼ 2.2pp12.5%within the sector's middle half▼ 8.7pp10.4%within the sector's middle half▼ 2.0pp17.6%within the sector's middle half▲ 7.2pp20.8%within the sector's middle half▲ 3.2pp19.7%within the sector's middle half▼ 1.1pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 2% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €420,886
Fixed assets
€71,567 ▼ 18.3%
Current assets
€349,319 ▲ 15.1%
Equity and liabilities €420,886
Equity
€247,646 ▼ 10.4%
Debt
€173,240 ▲ 51.1%
Debt's share of the balance-sheet total rises from 29.3% to 41.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€124,206▲
2024 · €121,809
Cash flow
€99,043▲
2024 · €97,596
Debt to equity
0.70▲
2024 · 0.41
ROE
33.5%▲
2024 · 29.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€173,240▲
2024 · €114,643
Income taxes
€32,442▲
2024 · €30,982
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €49,883 | €37,091 | €24,144 | €11,041 | - |
| Carrying value of the other pledged assets | €66,548 | €52,628 | €38,708 | €24,789 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €70,775 | €9,879 | - | - | - |
| Depreciation and write-downs of the year | €10,468 | €22,610 | €17,476 | €16,112 | €16,019 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,336 | €14,917 | €14,058 | €10,468 | €22,610 | €17,476 | €16,112 | €16,019 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €3,956 | €1,280 | €896 | €1,427 | €1,467 | ▲ 2.8% |
| Gross operating margin9900 | €70,722 | €75,136 | €75,995 | €60,670 | €63,542 | €96,700 | €123,236 | €125,673 | ▲ 2.0% |
| Operating profit (loss)9901 | €61,758 | €58,041 | €60,861 | €46,246 | €39,653 | €78,328 | €105,697 | €108,186 | ▲ 2.4% |
| Financial income75/76B | - | - | - | €7,133 | €6,634 | €7,383 | €7,490 | €7,490 | = |
| Recurring financial income75 | €7,704 | €7,704 | €6,420 | €7,133 | €6,634 | €7,383 | €7,490 | €7,490 | = |
| Financial charges65/66B | - | - | - | €529 | €806 | €693 | €722 | €211 | ▼ 70.7% |
| Recurring financial charges65 | €662 | €1,206 | €352 | €529 | €806 | €693 | €722 | €211 | ▼ 70.7% |
| Profit (loss) for the period before taxes9903 | €68,800 | €64,539 | €66,929 | €52,851 | €45,481 | €85,019 | €112,466 | €115,465 | ▲ 2.7% |
| Income taxes67/77 | €18,047 | €15,569 | €17,874 | €14,327 | €12,315 | €23,163 | €30,982 | €32,442 | ▲ 4.7% |
| Profit (loss) for the period9904 | €50,753 | €48,969 | €49,055 | €38,524 | €33,166 | €61,855 | €81,484 | €83,024 | ▲ 1.9% |
| Profit (loss) for the period to be appropriated9905 | €50,753 | €48,969 | €49,055 | €38,524 | €33,166 | €61,855 | €81,484 | €83,024 | ▲ 1.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €174,666 | €209,216 | €231,413 | €308,996 | €318,263 | €350,923 | €390,955 | €420,886 | ▲ 7.7% |
| Fixed assets21/28 | €73,663 | €86,928 | €73,598 | €133,906 | €121,174 | €103,698 | €87,587 | €71,567 | ▼ 18.3% |
| Tangible fixed assets22/27 | €15,170 | €28,435 | €15,105 | €75,412 | €62,681 | €45,205 | €29,093 | €13,074 | ▼ 55.1% |
| Furniture and vehicles24 | - | - | - | €75,412 | €62,681 | €45,205 | €29,093 | €13,074 | ▼ 55.1% |
| Financial fixed assets28 | €58,493 | €58,493 | €58,493 | €58,493 | €58,493 | €58,493 | €58,493 | €58,493 | = |
| Current assets29/58 | €101,003 | €122,288 | €157,815 | €175,090 | €197,089 | €247,224 | €303,368 | €349,319 | ▲ 15.1% |
| Amounts receivable within one year40/41 | €72,088 | €79,145 | €72,915 | €66,550 | €79,650 | €96,800 | €186,227 | €123,500 | ▼ 33.7% |
| Trade receivables40 | - | - | - | €66,550 | €78,650 | €96,800 | €121,227 | €121,000 | ▼ 0.2% |
| Other amounts receivable41 | - | - | - | - | €1,000 | - | €65,000 | €2,500 | ▼ 96.2% |
| Cash at bank and in hand54/58 | €28,615 | €42,222 | €83,269 | €105,550 | €116,272 | €149,948 | €116,105 | €224,714 | ▲ 93.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,990 | €1,167 | €477 | €1,036 | €1,104 | ▲ 6.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €174,666 | €209,216 | €231,413 | €308,996 | €318,263 | €350,923 | €390,955 | €420,886 | ▲ 7.7% |
| Equity10/15 | €122,713 | €153,682 | €186,737 | €216,170 | €222,972 | €234,828 | €276,312 | €247,646 | ▼ 10.4% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €87,315 | €127,315 | €167,315 | €196,747 | €203,549 | €215,405 | €256,889 | €228,223 | ▼ 11.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €194,887 | €201,689 | €215,405 | €256,889 | €228,223 | ▼ 11.2% |
| Profit (loss) carried forward14 | €16,806 | €7,776 | €831 | €831 | €831 | €831 | €831 | €831 | = |
| Amounts payable17/49 | €51,954 | €55,534 | €44,676 | €92,826 | €95,291 | €116,095 | €114,643 | €173,240 | ▲ 51.1% |
| Amounts payable after more than one year17 | €667 | €3,151 | - | €37,091 | €24,144 | €11,041 | - | - | - |
| Financial debts170/4 | - | - | - | €37,091 | €24,144 | €11,041 | - | - | - |
| Amounts payable within one year42/48 | €51,287 | €52,383 | €44,676 | €55,735 | €71,147 | €105,055 | €114,643 | €173,240 | ▲ 51.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,792 | €12,947 | €13,103 | €11,041 | - | - |
| Trade debts44 | €76 | €4,849 | €494 | €464 | €734 | €1,355 | €82 | €667 | ▲ 716% |
| Suppliers440/4 | - | - | - | €464 | €734 | €1,355 | €82 | €667 | ▲ 716% |
| Taxes, remuneration and social security45 | - | - | - | €30,827 | €27,315 | €39,067 | €62,083 | €172,573 | ▲ 178% |
| Taxes450/3 | - | - | - | €30,827 | €27,315 | €36,217 | €62,083 | €59,380 | ▼ 4.4% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,850 | - | €113,193 | - |
| Other amounts payable47/48 | - | - | - | €11,651 | €30,151 | €51,529 | €41,438 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €50,753 | €48,969 | €49,055 | €38,524 | €33,166 | €61,855 | €81,484 | €83,024 | ▲ 1.9% |
| + Depreciation and write-downs630 | €8,336 | €14,917 | €14,058 | €10,468 | €22,610 | €17,476 | €16,112 | €16,019 | ▼ 0.6% |
| Operating cash flow (approximation) | €59,089 | €63,886 | €63,113 | €48,991 | €55,776 | €79,331 | €97,596 | €99,043 | ▲ 1.5% |
| Investment in fixed assets (approximation) | - | -€28,182 | -€729 | -€70,775 | -€9,879 | €0 | €0 | €0 | - |
| Change in cash | - | €13,606 | €41,047 | €22,281 | €10,722 | €33,675 | -€33,843 | €108,609 | - |
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, 31,368 companies had the same profile as CASEBEL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CASEBEL 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 31,368 companies, not a prediction for CASEBEL. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-05-2026 | 2026-00117776 | |
| 31-12-2024 | full format | 23-06-2025 | 2025-00165215 | |
| 31-12-2023 | full format | 21-08-2024 | 2024-00355622 | |
| 31-12-2022 | full format | 22-06-2023 | 2023-00146640 | |
| 31-12-2021 | full format | 05-08-2022 | 2022-20271234 | |
| 31-12-2020 | full format | 23-06-2021 | 2021-23200265 | |
| 31-12-2019 | full format | 19-06-2020 | 2020-18400048 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-23400258 | |
| 31-12-2017 | full format | 27-07-2018 | 2018-39000156 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-39500415 |