Equity
Equity fell by 51% in 2 years.
Equity fell by 51% in 2 years.
The accounts state no turnover.
Of this, €185,807 falls due within a year.
The 2023 accounts came 44 days late. The other four were filed on time.
Less equity than 80% of companies in warehousing and transport support. Sector median €294,322 · 889 companies.
The dashed line is the sector median: 0.9% across 2,306 companies (NACE 52, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 52, micro). It does better than 23% of them on solvency, 71% on liquidity, 25% on profitability and 51% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 3,274 companies had the same profile as Cassilon has now. Each dot stands for 9 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cassilon itself: 1.6% within 12 months.
The method was tested on the 497,447 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 3,274 companies, not a prediction for Cassilon. 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.
Liquidity is ample, with a current ratio of 1.57 (1.4 in 2024), above the usual 1.5. Short-term debt is 63.9% and cash 53.2% of total assets. However, 87.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 15 days before the deadline. In the sector (NACE 52), the median for financial year 2024 was 8 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Cassilon Antwerp | €0.3m | €2.5m | 12.8% | 1 |
| PGS Antwerp Antwerp | €0.5m | €0.9m | 57.5% | 1.6 |
| BALD SHIPPING BELGIUM Bruges | €0.6m | €0.5m | 17.4% | 1 |
| van Eupen Logistics Belgium Ixelles | €0.08m | €1.6m | -2941.9% | 3 |
| ALL-U-PACK Antwerp | €1.2m | €0.5m | 59.3% | 1 |
| Combined Logistic Services Antwerp | €0.7m | €0.4m | 83.3% | 0.1 |
| Charterra Antwerp | €0.5m | €0.4m | 23.6% | 2.2 |
These companies have the same main activity as Cassilon: logistics services (NACE 52250). They are comparable in size and age: total assets between €76,000 and €1.2m, founded between 2013 and 2022.
Cassilon files the abbreviated format. That format states no turnover. The gross margin rose from €21,638 in 2021 to €2.5m in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €4.3m. Estimated: probably between €2.9m and €7.1m.
Higher than 23% of 890 companies in 2025.
Higher than 54% of 867 companies in 2025.
Higher than 30% of 880 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half · Staff: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
290,911 | 332,735 | 448,791 | 403,399 | 343,429 | |
29/58 |
290,911 | 332,735 | 448,791 | 403,399 | 343,429 | |
40/41 |
96,406 | 257,554 | 243,253 | 271,670 | 293,189 | |
40 |
82,030 | 241,866 | 223,753 | 262,591 | 282,356 | |
41 |
14,376 | 15,688 | 19,500 | 9,079 | 10,833 | |
54/58 |
154,663 | 75,181 | 205,538 | 115,089 | 39,216 | |
490/1 |
39,842 | - | - | 16,640 | 11,024 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
290,911 | 332,735 | 448,791 | 403,399 | 343,429 | |
10/15 |
37,242 | 35,230 | 75,652 | 68,641 | 16,600 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
14 |
34,242 | 32,230 | 72,652 | 65,641 | 13,600 | |
17/49 |
253,669 | 297,505 | 373,139 | 334,758 | 326,829 | |
42/48 |
185,807 | 238,473 | 263,266 | 240,665 | 323,781 | |
44 |
174,812 | 226,817 | 250,550 | 223,318 | 319,248 | |
440/4 |
174,812 | 226,817 | 250,550 | 223,318 | 319,248 | |
45 |
10,995 | 11,656 | 12,716 | 17,347 | 4,533 | |
450/3 |
1,291 | 2,711 | 2,337 | 17,347 | 4,533 | |
454/9 |
9,705 | 8,944 | 10,379 | - | - | |
492/3 |
67,861 | 59,032 | 109,873 | 94,093 | 3,047 | |
| Income statement | ||||||
9900 |
2.5m | 2.2m | 2.5m | 54,316 | 21,638 | |
62 |
81,911 | 76,285 | 40,247 | - | - | |
631/4 |
- | - | - | 485 | - | |
640/8 |
2.4m | 2.2m | 2.5m | 622 | 101 | |
9901 |
3,867 | -38,846 | 18,388 | 53,209 | 21,537 | |
75/76B |
4,426 | 1,224 | 39 | 35,414 | 5,438 | |
75 |
4,426 | 1,224 | 39 | 35,414 | 5,438 | |
65/66B |
4,990 | 2,426 | 9,080 | 19,235 | 8,842 | |
65 |
4,990 | 2,426 | 9,080 | 19,235 | 8,842 | |
9903 |
3,303 | -40,047 | 9,347 | 69,389 | 18,133 | |
67/77 |
1,291 | 374 | 2,337 | 17,347 | 4,533 | |
9904 |
2,012 | -40,422 | 7,011 | 52,041 | 13,600 | |
9905 |
2,012 | -40,422 | 7,011 | 52,041 | 13,600 | |
| Appropriation of the result | ||||||
9906 |
34,242 | 32,230 | 72,652 | 65,641 | 13,600 | |
14P |
32,230 | 72,652 | 65,641 | 13,600 | - | |
| Social balance sheet | ||||||
9087 |
1 | 1 | 1 | - | - | |
Hours worked1013 |
1,672 | 1,588 | 638 | - | - | |
| Document | ||||||
The notes to these accounts have 1 item. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 11-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-06-2026 | 2026-00157715 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00208209 | |
| 31-12-2023 | abbreviated format | 13-09-2024 | 2024-00464334 | |
| 30-09-2022 | micro format | 22-03-2023 | 2023-00044250 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20020101 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 79,482 | -130,357 | 90,449 | 75,873 | - | ||
| 105,104 | 94,262 | 185,525 | 162,734 | 19,647 | ||
| 12.8% | 10.6% | 16.9% | 17.0% | 4.8% | ||
| 1.57 | 1.40 | 1.70 | 1.68 | 1.06 | ||
| 6.81 | 8.44 | 4.93 | 4.88 | 19.69 | ||
| 5.4% | -114.7% | 9.3% | 75.8% | 81.9% | ||
| 0.7% | -12.1% | 1.6% | 12.9% | 4.0% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 1 |
| full-time | 1 | - | 1 |
| in full-time equivalents | 1 | - | 1 |
| 1 | 1 | 1 | |
| On a permanent contract | 1 | - | 1 |
| Joined | - | - | 1 |
| Left | - | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
The operating result for 2025 is a profit of €3,867, after a loss of €38,846 in 2024.
Debt's share of the balance-sheet total falls from 89.4% to 87.2%. Equity is higher and debt is lower.
Cassilon has no parent and no holdings in its annual accounts. Cassilon shares no director with another company.
| MANUPORT LOGISTICS
registered office since 01-01-1955 · founded in 1955 |
189 FTE (2025) 0404.534.540 |
| BPH WESTERLUND HOLDINGS
establishment since 02-11-2007 · founded in 2007 · negative equity (2025) · group Euroports Group |
total assets €233.9m (2025) 0893.224.104 |
| EUROPORTS TERMINALS ANTWERP
establishment since 01-01-2014 · founded in 2001 · group Euroports Group |
turnover €19.6m (2025) 0474.815.493 |
| MANUPORT ROAD TRANSPORT BELGIUM
registered office since 25-04-1995 · founded in 1995 · group MANUPORT LOGISTICS |
31 FTE (2025) 0455.096.284 |
| EUROPORTS STORAGE ANTWERP
establishment since 28-06-2001 · founded in 2001 · group Euroports Group |
16 FTE (2025) 0474.813.218 |
| EUROPORTS BELGIUM
establishment since 29-01-1992 · founded in 1991 · group Euroports Group |
77 FTE (2025) 0446.263.841 |
| EUROPORTS CONTAINERS 524
establishment since 21-03-1997 · founded in 1997 · group Euroports Group |
total assets €7.0m (2025) 0460.093.764 |
| FAST CUSTOMS
registered office since 13-12-1995 · founded in 1995 · group MANUPORT LOGISTICS |
18 FTE (2025) 0456.773.493 |
| Manuport Logistics Business Development
registered office since 08-07-2021 · founded in 2021 · group MANUPORT LOGISTICS · accounts filed late |
total assets €5.0m (2024) 0770.900.867 |
| Manuport Africa Logistics
registered office since 28-08-2020 · founded in 2020 · group MANUPORT LOGISTICS |
4.4 FTE (2025) 0753.430.969 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Cassilon was incorporated on 19 January 2020 as a private limited company.1 The registered office was moved to Antwerp in 2023.2 The board currently has 3 members. CASSELLS Susan Jane has served longest, since 2020.3 Total assets fell from €343,429 in 2021 to €290,911 in 2025 and headcount from 1 full-time equivalents in 2023 to 1 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Vosseschijnstraat 59 registered office 2030 Antwerp | 01-04-2020 | 2.299.045.401 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11807G1681/05D000 | 10.1 ha | 1 · 1.7 ha | 19.0 m · 3 |
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