CASPIAN TRADITION
ActiveCASPIAN TRADITION has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.47M and a net result of €290k. Equity is growing by ~10% per year across the filed fiscal years. Its solvency ranks better than 22% of 4852 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
57
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability56▼-3
Solvency45▼-1
Growth77=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €140k at 30 days acceptable
Liquidity short (current ratio 0.91 against 0.99 in 2024; short-term debt: 50% and cash: 6.1% of total assets), and 80% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Ten signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← 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
20%
Return on assets
2.3%
Age of the figures
18 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 4852 sector peers (2025).
NBB · sector comparisonPosition among 4852 sector peers
Solvency
better than 22%
← weakest
strongest →
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 22-10-2025, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
29 d late
2023
30 d late
2022
30 d late
2021
30 d late
2020
12 d late
2019
1 d early
← before the deadline
after the deadline →
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 close21-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, full schema
Turnover
€17.77M▲ 11.9%
2024 · €15.88M
2019: €8.62M
2020: €9.28M
2021: €9.08M
2022: €12.30M
2023: €14.69M
2024: €15.88M
2019 → 2025
EBIT margin
3.6%▼ 1.0pp
2024 · 4.7%
2019: 2.5%
2020: 1.3%
2021: 5.0%
2022: 5.0%
2023: 6.4%
2024: 4.7%
2019 → 2025
Net result
€290k▼ 20.2%
2024 · €364k
2019: €97k
2020: €18k
2021: €197k
2022: €351k
2023: €578k
2024: €364k
2019 → 2025
Working capital
€-548k▼ 1,191%
2024 · €-42k
2019: €296k
2020: €-2.82M
2021: €-114k
2022: €-14k
2023: €170k
2024: €-42k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€9.08M-€12.30M▲ 35.5%€14.69M▲ 19.4%€15.88M▲ 8.1%€17.77M▲ 11.9%
Equity€1.75M-€1.92M▲ 9.5%€2.31M▲ 20.5%€2.37M▲ 2.3%€2.47M▲ 4.5%
Operating result€454k-€613k▲ 34.8%€947k▲ 54.5%€741k▼ 21.7%€645k▼ 13.0%
Net result€197k-€351k▲ 78.4%€578k▲ 64.7%€364k▼ 37.0%€290k▼ 20.2%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 13% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.40M
Fixed assets
€6.74M▲ 26.7%
Current assets
€5.65M▼ 6.2%
Equity and liabilities €12.40M
Equity
€2.47M▲ 4.5%
Debt
€9.92M▲ 10.4%
The debt ratio rises from 79.1% to 80.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.18M▲
2024 · €1.17M
Cash flow
€821k▲
2024 · €797k
Solvency
20.0%▼
2024 · 20.9%
Current ratio
0.91▼
2024 · 0.99
Quick ratio
0.36▼
2024 · 0.58
Debt / equity
4.01▲
2024 · 3.80
ROE
11.7%▼
2024 · 15.4%
ROA
2.3%▼
2024 · 3.2%
Interest coverage
4.76▼
2024 · 4.93
Debt
€9.92M▲
2024 · €8.99M
Debt ≤ 1 year
€6.20M▲
2024 · €6.07M
Debt > 1 year
€3.71M▲
2024 · €2.90M
Income taxes
€133k▼
2024 · €151k
Staff costs
€1.25M▼
2024 · €1.30M
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€11.35M€12.40M▲
Fixed assets21/28€5.32M€6.74M▲
Tangible fixed assets22/27€5.31M€6.73M▲
Land and buildings22€3.63M€3.46M▼
Plant, machinery and equipment23€1.21M€2.76M▲
Furniture and vehicles24€35k€110k▲
Leasing and similar rights25€350k€331k▼
Other tangible fixed assets26€89k€67k▼
Financial fixed assets28€8k€12k▲
Other financial fixed assets284/8€8k€12k▲
Amounts receivable and cash guarantees285/8€8k€12k▲
Current assets29/58€6.03M€5.65M▼
Stocks and contracts in progress3€2.52M€3.42M▲
Stocks30/36€2.52M€3.42M▲
Goods purchased for resale34€2.52M€3.42M▲
Amounts receivable within one year40/41€2.61M€1.41M▼
Trade receivables40€2.54M€1.32M▼
Other amounts receivable41€61k€88k▲
Cash at bank and in hand54/58€847k€760k▼
Deferred charges and accrued income490/1€59k€70k▲
Equity and liabilities
Total equity and liabilities10/49€11.35M€12.40M▲
Equity10/15€2.37M€2.47M▲
Contributions10/11€575k€575k=
Capital10€575k€575k=
Issued capital100€575k€575k=
Revaluation surpluses12€700k€700k=
Reserves13€134k€134k=
Non-distributable reserves130/1€58k€58k=
Legal reserve130€58k€58k=
Tax-exempt reserves132€75k€75k=
Distributable reserves133€1k€1k=
Profit (loss) carried forward14€891k€1.01M▲
Investment grants15€67k€58k▼
Amounts payable17/49€8.99M€9.92M▲
Amounts payable after more than one year17€2.90M€3.71M▲
Financial debts170/4€2.83M€3.64M▲
Leasing and similar obligations172€194k€458k▲
Credit institutions173€2.64M€3.18M▲
Other amounts payable178/9€71k€71k=
Amounts payable within one year42/48€6.07M€6.20M▲
Current portion of amounts payable after more than one year42€594k€556k▼
Financial debts43€2.45M€3.15M▲
Credit institutions430/8€2.45M€3.15M▲
Trade debts44€2.41M€2.00M▼
Suppliers440/4€2.41M€2.00M▼
Taxes, remuneration and social security45€201k€229k▲
Taxes450/3€38k€89k▲
Remuneration and social security454/9€162k€139k▼
Other amounts payable47/48€414k€268k▼
Accrued charges and deferred income492/3€8k€9k▲
Income statement
Code20242025
Operating income70/76A€16.27M€18.14M▲
Turnover70€15.88M€17.77M▲
Other operating income74€387k€371k▼
Non-recurring operating income76A€2k€109▼
Operating charges60/66A€15.53M€17.49M▲
Goods for resale, raw materials and consumables60€10.95M€12.50M▲
Purchases600/8€9.75M€13.02M▲
Change in stocks: decrease (increase)609€1.21M€-521k▼
Services and other goods61€2.28M€2.46M▲
Remuneration, social security and pensions62€1.30M€1.25M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€433k€530k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-336k€-410k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€40k-
Other operating charges640/8€849k€1.13M▲
Non-recurring operating charges66A€6k€28k▲
Operating profit (loss)9901€741k€645k▼
Financial income75/76B€30k€73k▲
Recurring financial income75€30k€73k▲
Other financial income752/9€30k€73k▲
Financial charges65/66B€256k€294k▲
Recurring financial charges65€256k€294k▲
Debt charges650€238k€247k▲
Other financial charges652/9€18k€47k▲
Profit (loss) for the period before taxes9903€515k€424k▼
Income taxes67/77€151k€133k▼
Taxes670/3€156k€134k▼
Tax adjustments and reversals of tax provisions77€5k€319▼
Profit (loss) for the period9904€364k€290k▼
Profit (loss) for the period to be appropriated9905€364k€290k▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.19M€1.18M▼
Profit (loss) brought forward from the previous period14P€827k€891k▲
Profit to be distributed694/7€300k€174k▼
Return on contributions (dividend)694€300k€174k▼
Social balance
Average headcount (FTE)908717.113.8▼
The notes to these accounts (72 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
2025
22-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
29-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2023
30-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
31-03
Financial
Highest result since 2019net €578k ▲64.7%
Operating result €947k, net result €578k, both a record.
31-03
Financial
Equity above €2MEq €2.31M ▲20.5%
5 profitable years in a row build equity to €2.31M.
2022
30-11
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2020
12-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 12 days late
31-03
Financial
Weakest financial yearnet €18k ▼81.8%
Net result drops to €18k, the lowest in the series; recovery starts the following year.
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
30-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2017
30-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2016
02-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
8 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, Waterloo · 2 establishment units since 1995
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.
Avenue des Pâquerettes 551410 WaterlooGround area
12.1 ha
Building footprint
7,650 m²
Volume, LiDAR
74,235 m³
2 parcels, Brussels, Wallonia · tallest building 11.7 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
CASPIAN TRADITION
since 19952.071.035.221
La Maison du caviar Caspian
since 20112.200.303.557
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21813E0110/00G002 | Brussels | 12.0 ha | 1 · 6,817 m² | 11.7 m · 3 fl. |
| 25762F0043/00T003 | Wallonia | 1,433 m² | 1 · 832 m² | 6.3 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.
Recognitions · licences · registrations
Food safety, FASFC
2 sitesBrussel2.200.303.557
Waterloo2.071.035.221
Legal Entity Identifier
549300X2YYYCKZRPLC59
Similar companies · same sector, comparable size
Haerts-Moeyaert
BE 0456.791.707
Zedelgem · Eq €2.34M
GRANDES MAREES
BE 0421.382.351
Brussel · Eq €2.31M
DE JAGER
BE 0412.563.071
Antwerpen · Eq €2.16M
Galana Seafood
BE 0802.126.553
Waregem · Eq €2.12M
VAN BIESEN - PIETERS
BE 0441.074.539
Sint-Gillis-Waas · Eq €2.90M
Of 232 companies in sector 46323 we hold annual accounts for 156. 85 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-03-1995
Fiscal year end31-03
Activities, NACEBEL
46323Wholesale trade
51381
46494Wholesale of non-electrical household articles
51471
Sources
Crossroads Bank for EnterprisesNational Bank · 30 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.