CASTEL PROJECTS
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 19 filings
Turnover
≈ €2.3m
Estimated: probably between €1.4m and €3.8m
Total assets
€1.1m▲ 15.4%
2025 · €973,297
Net result
€206,960▲ 72.3%
2025 · €120,105
Working capital
€734,791▲ 30.9%
2025 · €561,263
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€289,337
▲ 62.8%
2026
20192026
Net result
€206,960
▲ 72.3%
2026
20192026
Equity
€856,063
▲ 31.9%
2026
20192026
Total assets
€1.1m
▲ 15.4%
2026
20192026
Debt
€267,281
▼ 17.6%
2026
20192026
Working capital
€734,791
▲ 30.9%
2026
20192026
Solvency
76.2%
▲ 9.5pp
2026
20192026
Current ratio
4.12
▲ 1.02
2026
20192026
Return on assets (ROA)
18.4%
▲ 6.1pp
2026
20192026
Staff (FTE)
2
▲ 25.0%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.1m-€0.04m▼ 60.4%€0.1m▲ 149%€0.1m▲ 8.4%€0.2m▲ 101%€0.1m▼ 44.0%€0.2m▲ 51.6%€0.3m▲ 62.8%
Net result€0.06m-€0.02m▼ 72.9%€0.07mwithin the sector's middle half▲ 300%€0.07mwithin the sector's middle half▲ 0.1%€0.1mwithin the sector's middle half▲ 100%€0.08mwithin the sector's middle half▼ 44.5%€0.1mwithin the sector's middle half▲ 54.0%€0.2m▲ 72.3%
Equity€0.2m-€0.2m▲ 9.5%€0.3mwithin the sector's middle half▲ 34.6%€0.3mwithin the sector's middle half▲ 20.3%€0.5mwithin the sector's middle half▲ 37.7%€0.5mwithin the sector's middle half▲ 17.3%€0.6mwithin the sector's middle half▲ 22.7%€0.9m▲ 31.9%
Total assets€0.7m-€0.7m▲ 0.3%€0.7mwithin the sector's middle half▲ 4.0%€0.7mwithin the sector's middle half▲ 1.8%€0.8mwithin the sector's middle half▲ 14.5%€0.8mwithin the sector's middle half▲ 5.0%€1.0mwithin the sector's middle half▲ 15.9%€1.1m▲ 15.4%
Debt€0.5m-€0.5m▼ 3.3%€0.4m▼ 9.5%€0.4m▼ 10.3%€0.3m▼ 6.0%€0.3m▼ 10.9%€0.3m▲ 4.2%€0.3m▼ 17.6%
Working capital€0.2m-€0.2m▲ 21.1%€0.3mwithin the sector's middle half▲ 31.4%€0.3mwithin the sector's middle half▼ 6.2%€0.4mwithin the sector's middle half▲ 36.6%€0.4mwithin the sector's middle half▲ 11.7%€0.6mwithin the sector's middle half▲ 37.7%€0.7m▲ 30.9%
Solvency28.1%-30.7%▲ 2.6pp39.7%within the sector's middle half▲ 9.0pp46.9%within the sector's middle half▲ 7.2pp56.4%within the sector's middle half▲ 9.5pp63.0%within the sector's middle half▲ 6.6pp66.7%within the sector's middle half▲ 3.7pp76.2%▲ 9.5pp
Current ratio1.98-2.34▲ 0.373.24above the sector's middle half▲ 0.902.30within the sector's middle half▼ 0.942.49within the sector's middle half▲ 0.192.68within the sector's middle half▲ 0.193.10within the sector's middle half▲ 0.414.12▲ 1.02
Return on assets (ROA)9.8%-2.7%▼ 7.2pp10.2%within the sector's middle half▲ 7.6pp10.0%within the sector's middle half▼ 0.2pp17.6%above the sector's middle half▲ 7.5pp9.3%within the sector's middle half▼ 8.3pp12.3%above the sector's middle half▲ 3.1pp18.4%▲ 6.1pp
Staff (FTE)0.9-1.1▲ 22.2%1below the sector's middle half▼ 9.1%1.3below the sector's middle half▲ 30.0%1.6within the sector's middle half▲ 23.1%1.6within the sector's middle half=1.6within the sector's middle half=2▲ 25.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is 63% higher than in 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.1m
Fixed assets
€153,002 ▲ 6.1%
Current assets
€970,341 ▲ 17.0%
Equity and liabilities €1.1m
Equity
€856,063 ▲ 31.9%
Debt
€267,281 ▼ 17.6%
Debt's share of the balance-sheet total falls from 33.3% to 23.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€321,962▲
2025 · €227,478
Cash flow
€239,585▲
2025 · €169,846
Quick ratio
3.66▲
2025 · 2.43
Debt to equity
0.31▼
2025 · 0.50
ROE
24.2%▲
2025 · 18.5%
Interest coverage
over 100▲
2025 · 55.61
Debt ≤ 1 year
€235,550▼
2025 · €267,875
Income taxes
€81,522▲
2025 · €58,394
Staff costs
€118,131▲
2025 · €79,984
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 4 | 3 |
| full-time | 1 | - | - | 2 | 1 |
| part-time | 1 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.5 | 1.6 | 1.6 | 3.6 | 2.6 |
| Average over the year, in full-time equivalents | 1.3 | 1.6 | 1.6 | 1.6 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 3 |
| Joined | 1 | 4 | 1 | 4 | 2 |
| Left | 0 | 4 | 1 | 2 | 3 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €182,500 | €126,250 | €113,350 | €68,488 | €23,099 |
| Mortgages, amount registered | €175,000 | €175,000 | €175,000 | €175,000 | €175,000 |
| Carrying value of the mortgaged assets | €144,256 | €125,475 | €103,036 | €86,247 | €75,906 |
| Pledge on the business | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,000 | €13,896 | €55,550 | €4,340 | €42,238 |
| Depreciation and write-downs of the year | €52,127 | €44,233 | €53,045 | €49,741 | €32,625 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €149 awarded · €149 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €24,711 | €7,435 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €31,209 | €69,590 | €82,195 | €79,984 | €118,131 | ▲ 47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,130 | €46,502 | €53,599 | €52,127 | €44,233 | €53,045 | €49,741 | €32,625 | ▼ 34.4% |
| Other operating charges640/8 | - | - | - | €5,081 | €5,954 | €4,404 | €2,569 | €2,821 | ▲ 9.8% |
| Non-recurring operating charges66A | - | - | - | €884 | €3,054 | €1,195 | €1,196 | €769 | ▼ 35.7% |
| Gross operating margin9900 | €184,379 | €117,654 | €169,910 | €193,676 | €332,105 | €258,101 | €311,226 | €443,682 | ▲ 42.6% |
| Operating profit (loss)9901 | €97,755 | €38,719 | €96,247 | €104,374 | €209,276 | €117,262 | €177,736 | €289,337 | ▲ 62.8% |
| Financial income75/76B | - | - | - | - | €1,963 | €2,559 | €4,853 | €2,011 | ▼ 58.6% |
| Recurring financial income75 | €1,039 | €681 | €1,080 | - | €1,963 | €2,559 | €4,853 | €2,011 | ▼ 58.6% |
| Financial charges65/66B | - | - | - | €6,323 | €3,406 | €5,136 | €4,091 | €2,865 | ▼ 30.0% |
| Recurring financial charges65 | €8,527 | €8,297 | €8,673 | €6,323 | €3,406 | €5,136 | €4,091 | €2,865 | ▼ 30.0% |
| Profit (loss) for the period before taxes9903 | €90,266 | €31,103 | €88,653 | €98,051 | €207,832 | €114,685 | €178,499 | €288,483 | ▲ 61.6% |
| Income taxes67/77 | €25,521 | €13,583 | €18,628 | €27,933 | €67,259 | €36,708 | €58,394 | €81,522 | ▲ 39.6% |
| Profit (loss) for the period9904 | €64,745 | €17,520 | €70,025 | €70,117 | €140,573 | €77,977 | €120,105 | €206,960 | ▲ 72.3% |
| Profit (loss) for the period to be appropriated9905 | €64,745 | €17,520 | €70,025 | €70,117 | €140,573 | €77,977 | €120,105 | €206,960 | ▲ 72.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €1.0m | €1.1m | ▲ 15.4% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 6.1% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 6.1% |
| Land and buildings22 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.07m | ▼ 10.5% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.07m | €0.06m | €0.03m | €0.05m | ▲ 43.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.04m | €0.03m | €0.04m | ▲ 6.8% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €1.0m | ▲ 17.0% |
| Stocks and contracts in progress3 | €0.06m | €0.03m | €0.04m | €0.1m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 39.2% |
| Stocks30/36 | - | - | - | €0.1m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 39.2% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 47.5% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 27.2% |
| Other amounts receivable41 | - | - | - | €0.005m | - | €0.003m | - | €0.04m | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 25.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 18.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €1.0m | €1.1m | ▲ 15.4% |
| Equity10/15 | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | €0.5m | €0.6m | €0.9m | ▲ 31.9% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 32.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 32.8% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 17.6% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.2m | €0.1m | €0.09m | €0.07m | €0.02m | - | - |
| Financial debts170/4 | - | - | - | €0.1m | €0.09m | €0.07m | €0.02m | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 12.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.04m | €0.04m | €0.05m | €0.02m | ▼ 49.1% |
| Trade debts44 | €0.1m | €0.08m | €0.03m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 12.3% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 12.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.07m | €0.03m | €0.07m | €0.05m | ▼ 30.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.07m | €0.02m | €0.07m | €0.03m | ▼ 46.9% |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.007m | €0.01m | €0.008m | €0.02m | ▲ 99.0% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 13.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.01m | - | €0.03m | €0.03m | ▼ 4.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64,745 | €17,520 | €70,025 | €70,117 | €140,573 | €77,977 | €120,105 | €206,960 | ▲ 72.3% |
| + Depreciation and write-downs630 | €48,130 | €46,502 | €53,599 | €52,127 | €44,233 | €53,045 | €49,741 | €32,625 | ▼ 34.4% |
| Operating cash flow (approximation) | €112,875 | €64,022 | €123,624 | €122,245 | €184,806 | €131,022 | €169,846 | €239,585 | ▲ 41.1% |
| Investment in fixed assets (approximation) | - | -€32,835 | -€46,337 | -€4,000 | -€7,837 | -€52,985 | -€3,928 | -€41,469 | ▼ 956% |
| Change in cash | - | -€20,639 | -€32,458 | €33,447 | €67,329 | €94,983 | €92,716 | €105,356 | ▲ 13.6% |
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, 34,693 companies had the same profile as CASTEL PROJECTS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CASTEL PROJECTS 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 34,693 companies, not a prediction for CASTEL PROJECTS. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | abbreviated format | 30-10-2026 | 2026-00597466 | |
| 30-06-2025 | abbreviated format | 23-09-2025 | 2025-00501323 | |
| 30-06-2024 | abbreviated format | 09-09-2024 | 2024-00459074 | |
| 30-06-2023 | abbreviated format | 10-11-2023 | 2023-00510885 | |
| 30-06-2022 | abbreviated format | 17-11-2022 | 2022-20522398 | |
| 30-06-2021 | abbreviated format | 25-01-2022 | 2022-01700399 | |
| 30-06-2020 | abbreviated format | 11-09-2020 | 2020-52600126 | |
| 30-06-2019 | abbreviated format | 06-12-2019 | 2019-75500103 | |
| 30-06-2018 | abbreviated format | 21-09-2018 | 2018-63900493 | |
| 30-06-2017 | abbreviated format | 06-12-2017 | 2017-71200492 |