CAST CONSULT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 18 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €390,000
Estimated: probably between €320,000 and €680,000
Total assets
€2.9m▲ 33.1%
2024 · €2.2m
Net result
€66,191▼ 24.3%
2024 · €87,487
Working capital
-€538,858
2024 · €27,405
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€137,679
▼ 6.4%
2025
20182025
Net result
€66,191
▼ 24.3%
2025
middle half of the sector
20182025
Equity
€1.8m
▲ 3.9%
2025
highest quarter of the sector
20182025
Total assets
€2.9m
▲ 33.1%
2025
highest quarter of the sector
20182025
Debt
€1.1m
▲ 154%
2025
20182025
Working capital
-€538,858
2025
lowest quarter of the sector
20182025
Solvency
60.5%
▼ 17.0pp
2025
middle half of the sector
20182025
Current ratio
0.49
▼ 0.60
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.3%
▼ 1.7pp
2025
lowest 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€0.1m-€0.1m▲ 3.8%€0.1m▼ 12.1%€0.1m▲ 41.5%€0.2m▲ 16.1%€0.2m▼ 3.3%€0.1m▼ 12.1%€0.1m▼ 6.4%
Net result€0.05m-€0.1m▲ 91.3%€0.08mabove the sector's middle half▼ 18.7%€0.09mabove the sector's middle half▲ 12.2%€0.1mabove the sector's middle half▲ 18.6%€0.1mabove the sector's middle half▼ 6.8%€0.09mabove the sector's middle half▼ 15.2%€0.07mwithin the sector's middle half▼ 24.3%
Equity€1.1m-€1.2m▲ 9.1%€1.3mabove the sector's middle half▲ 6.8%€1.4mabove the sector's middle half▲ 7.2%€1.5mabove the sector's middle half▲ 7.9%€1.6mabove the sector's middle half▲ 6.8%€1.7mabove the sector's middle half▲ 5.4%€1.8mabove the sector's middle half▲ 3.9%
Total assets€2.3m-€2.2m▼ 3.2%€2.1mabove the sector's middle half▼ 2.3%€2.1mabove the sector's middle half▲ 0.2%€2.2mabove the sector's middle half▲ 1.0%€2.2mabove the sector's middle half▲ 1.5%€2.2mabove the sector's middle half▲ 0.5%€2.9mabove the sector's middle half▲ 33.1%
Debt€1.0m-€0.9m▼ 16.3%€0.7m▼ 14.9%€0.7m▼ 11.3%€0.6m▼ 12.9%€0.5m▼ 11.3%€0.4m▼ 14.2%€1.1m▲ 154%
Working capital-€0.3m--€0.2m▲ 31.4%-€0.2mbelow the sector's middle half▲ 28.6%-€0.06mbelow the sector's middle half▲ 60.8%-€0.2mbelow the sector's middle half▼ 144%-€0.06mbelow the sector's middle half▲ 63.2%€0.03mwithin the sector's middle half-€0.5mbelow the sector's middle half
Solvency49.8%-56.1%▲ 6.3pp61.4%within the sector's middle half▲ 5.3pp65.6%within the sector's middle half▲ 4.3pp70.2%within the sector's middle half▲ 4.5pp73.8%within the sector's middle half▲ 3.7pp77.5%within the sector's middle half▲ 3.6pp60.5%within the sector's middle half▼ 17.0pp
Current ratio0.10-0.20▲ 0.100.36below the sector's middle half▲ 0.160.75below the sector's middle half▲ 0.380.44below the sector's middle half▼ 0.310.81below the sector's middle half▲ 0.371.08within the sector's middle half▲ 0.270.49below the sector's middle half▼ 0.60
Return on assets (ROA)2.4%-4.7%▲ 2.3pp3.9%within the sector's middle half▼ 0.8pp4.4%within the sector's middle half▲ 0.5pp5.1%within the sector's middle half▲ 0.8pp4.7%within the sector's middle half▼ 0.4pp4.0%within the sector's middle half▼ 0.7pp2.3%below the sector's middle half▼ 1.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 6% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€2.4m ▲ 31.8%
Current assets
€509,519 ▲ 39.4%
Equity and liabilities €2.9m
Equity
€1.8m ▲ 3.9%
Provisions
€57,983 ▼ 9.1%
Debt
€1.1m ▲ 154%
Debt's share of the balance-sheet total rises from 19.6% to 37.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€248,156▼
2024 · €250,080
Cash flow
€176,668▼
2024 · €190,533
Debt to equity
0.62▲
2024 · 0.25
ROE
3.7%▼
2024 · 5.1%
Interest coverage
5.54▼
2024 · 10.84
Debt ≤ 1 year
€1.0m▲
2024 · €338,150
Debt > 1 year
€10,010▼
2024 · €70,627
Income taxes
€32,578▼
2024 · €42,278
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 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €998,996 | €998,996 | €998,996 | €998,996 | €998,996 |
| Carrying value of the mortgaged assets | €1.9m | €2.0m | €1.9m | €1.8m | €2.4m |
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 | - | €184,449 | €8,000 | - | €692,985 |
| Depreciation and write-downs of the year | €92,708 | €97,121 | €102,899 | €103,046 | €110,477 |
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 | - | - | - | - | €35,765 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €91,508 | €91,508 | €92,390 | €92,708 | €97,121 | €102,899 | €103,046 | €110,477 | ▲ 7.2% |
| Other operating charges640/8 | - | - | - | €17,925 | €18,335 | €20,988 | €21,809 | €22,489 | ▲ 3.1% |
| Gross operating margin9900 | €229,810 | €230,609 | €218,551 | €259,690 | €288,454 | €291,107 | €271,889 | €270,644 | ▼ 0.5% |
| Operating profit (loss)9901 | €115,487 | €119,860 | €105,331 | €149,057 | €172,998 | €167,220 | €147,034 | €137,679 | ▼ 6.4% |
| Financial income75/76B | - | - | - | €2 | €0 | €44 | €1 | €57 | ▲ 90× |
| Recurring financial income75 | €0 | €0 | €1 | €2 | €0 | €44 | €1 | €57 | ▲ 90× |
| Financial charges65/66B | - | - | - | €16,607 | €15,248 | €20,210 | €23,068 | €44,764 | ▲ 94.1% |
| Recurring financial charges65 | €67,772 | €23,302 | €19,750 | €16,607 | €15,248 | €20,210 | €23,068 | €44,764 | ▲ 94.1% |
| Profit (loss) for the period before taxes9903 | €47,715 | €96,558 | €85,581 | €132,452 | €157,750 | €147,054 | €123,966 | €92,971 | ▼ 25.0% |
| Transfer from deferred taxes780 | - | - | - | €5,798 | €5,798 | €5,798 | €5,798 | €5,798 | = |
| Income taxes67/77 | €0 | - | €8,137 | €44,840 | €52,776 | €49,624 | €42,278 | €32,578 | ▼ 22.9% |
| Profit (loss) for the period9904 | €53,513 | €102,356 | €83,243 | €93,410 | €110,772 | €103,228 | €87,487 | €66,191 | ▼ 24.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €17,395 | €17,395 | €17,395 | €17,395 | €17,395 | = |
| Profit (loss) for the period to be appropriated9905 | €70,908 | €119,751 | €100,638 | €110,804 | €128,167 | €120,623 | €104,881 | €83,586 | ▼ 20.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.3m | €2.2m | €2.1m | €2.1m | €2.2m | €2.2m | €2.2m | €2.9m | ▲ 33.1% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €2.2m | €2.1m | €2.0m | €1.9m | €2.0m | €1.9m | €1.8m | €2.4m | ▲ 31.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.2m | €2.1m | €2.0m | €1.9m | €2.0m | €1.9m | €1.8m | €2.4m | ▲ 31.8% |
| Land and buildings22 | - | - | - | €1.9m | €2.0m | €1.9m | €1.8m | €2.4m | ▲ 31.9% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.007m | €0.005m | €0.003m | €0.001m | ▼ 49.3% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.04m | €0.06m | €0.09m | €0.2m | €0.1m | €0.3m | €0.4m | €0.5m | ▲ 39.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.03m | €0.05m | €0.06m | €0.02m | €0.03m | €0.05m | ▲ 80.3% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.02m | €0.007m | €0.01m | ▲ 45.1% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.02m | €376 | €0.02m | €0.04m | ▲ 94.2% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.04m | €0.06m | €0.1m | €0.06m | €0.2m | €0.3m | €0.5m | ▲ 37.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.005m | €0.003m | €0.002m | ▼ 42.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.3m | €2.2m | €2.1m | €2.1m | €2.2m | €2.2m | €2.2m | €2.9m | ▲ 33.1% |
| Equity10/15 | €1.1m | €1.2m | €1.3m | €1.4m | €1.5m | €1.6m | €1.7m | €1.8m | ▲ 3.9% |
| Contributions10/11 | €1.0m | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | ▲ 9.4% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.1% |
| Distributable reserves133 | - | - | - | €0.2m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 16.2% |
| Profit (loss) carried forward14 | -€0.2m | -€0.07m | €0 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.1m | €0.09m | €0.09m | €0.08m | €0.08m | €0.07m | €0.06m | €0.06m | ▼ 9.1% |
| Deferred taxes168 | - | - | - | €0.08m | €0.08m | €0.07m | €0.06m | €0.06m | ▼ 9.1% |
| Amounts payable17/49 | €1.0m | €0.9m | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | €1.1m | ▲ 154% |
| Amounts payable after more than one year17 | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | €0.07m | €0.01m | ▼ 85.8% |
| Financial debts170/4 | - | - | - | €0.4m | €0.3m | €0.2m | €0.07m | €0.01m | ▼ 85.8% |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €1.0m | ▲ 210% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.06m | ▼ 39.5% |
| Trade debts44 | €0.002m | €0.002m | €0.007m | €0.003m | €0.03m | €0.004m | €0.03m | €0.02m | ▼ 3.9% |
| Suppliers440/4 | - | - | - | €0.003m | €0.03m | €0.004m | €0.03m | €0.02m | ▼ 3.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 6.7% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 11.8% |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.004m | €0.005m | €0.006m | €0.006m | ▲ 9.6% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.9m | ▲ 402% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.04m | ▲ 72.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,513 | €102,356 | €83,243 | €93,410 | €110,772 | €103,228 | €87,487 | €66,191 | ▼ 24.3% |
| + Depreciation and write-downs630 | €91,508 | €91,508 | €92,390 | €92,708 | €97,121 | €102,899 | €103,046 | €110,477 | ▲ 7.2% |
| Operating cash flow (approximation) | €145,022 | €193,864 | €175,633 | €186,118 | €207,893 | €206,127 | €190,533 | €176,668 | ▼ 7.3% |
| Investment in fixed assets (approximation) | - | €0 | -€6,000 | €0 | -€184,449 | -€8,000 | €0 | -€692,985 | - |
| Change in cash | - | €20,357 | €23,728 | €72,349 | -€74,456 | €166,423 | €111,247 | €124,889 | ▲ 12.3% |
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, 6,049 companies had the same profile as CAST CONSULT has now. Two years later, 96.0% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
96.0%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of CAST CONSULT 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 6,049 companies, not a prediction for CAST CONSULT. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00348717 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00445338 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00412801 | |
| 31-12-2022 | micro format | 07-08-2023 | 2023-00315912 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20255515 | |
| 31-12-2020 | micro format | 20-05-2021 | 2021-14800165 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-18200329 | |
| 31-12-2018 | micro format | 16-05-2019 | 2019-13300453 | |
| 31-12-2017 | micro format | 14-05-2018 | 2018-12700227 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-34800237 |