Castrum
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 36 filings
Equity
-€132,462▼ 409%
2024 · -€26,020
Total assets
€249,479▲ 17.9%
2024 · €211,641
Net result
-€106,442▼ 53.3%
2024 · -€69,456
Working capital
-€73,795
2024 · €41,285
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€93,399
▼ 54.1%
2025
20182025
Net result
-€106,442
▼ 53.3%
2025
lowest quarter of the sector
20182025
Equity
-€132,462
▼ 409%
2025
lowest quarter of the sector
20182025
Total assets
€249,479
▲ 17.9%
2025
middle half of the sector
20182025
Debt
€381,941
▲ 60.7%
2025
20182025
Working capital
-€73,795
2025
lowest quarter of the sector
20182025
Solvency
-53.1%
▼ 40.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.66
▼ 1.03
2025
middle half of the sector
20182025
Return on assets (ROA)
-42.7%
▼ 9.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Operating result-€1,293-€2,151--€15,252€106,245€43,627▼ 58.9%-€60,605-€93,399▼ 54.1%
Net result-€1,325-€974within the sector's middle half--€16,257below the sector's middle half€104,683within the sector's middle half€40,760within the sector's middle half▼ 61.1%-€69,456below the sector's middle half-€106,442below the sector's middle half▼ 53.3%
Equity-€86,723--€85,749below the sector's middle half--€102,006below the sector's middle half▼ 19.0%€2,677below the sector's middle half€43,437below the sector's middle half▲ 16×-€26,020below the sector's middle half-€132,462below the sector's middle half▼ 409%
Total assets€726-€17,812below the sector's middle half-€66,823below the sector's middle half▲ 275%€116,204below the sector's middle half▲ 73.9%€178,453below the sector's middle half▲ 53.6%€211,641below the sector's middle half▲ 18.6%€249,479within the sector's middle half▲ 17.9%
Debt€87,449-€103,560-€168,829▲ 63.0%€113,528▼ 32.8%€135,016▲ 18.9%€237,661▲ 76.0%€381,941▲ 60.7%
Working capital-€1,723--€4,918within the sector's middle half--€25,602within the sector's middle half▼ 421%€80,561within the sector's middle half€122,268within the sector's middle half▲ 51.8%€41,285within the sector's middle half▼ 66.2%-€73,795below the sector's middle half
Solvency-481.4%below the sector's middle half--152.7%below the sector's middle half▲ 328.8pp2.3%below the sector's middle half▲ 155.0pp24.3%within the sector's middle half▲ 22.0pp-12.3%below the sector's middle half▼ 36.6pp-53.1%below the sector's middle half▼ 40.8pp
Current ratio0.73within the sector's middle half-0.69within the sector's middle half▼ 0.043.98above the sector's middle half▲ 3.303.45above the sector's middle half▼ 0.531.69within the sector's middle half▼ 1.760.66within the sector's middle half▼ 1.03
Return on assets (ROA)5.5%above the sector's middle half--24.3%below the sector's middle half▼ 29.8pp90.1%above the sector's middle half▲ 114.4pp22.8%above the sector's middle half▼ 67.2pp-32.8%below the sector's middle half▼ 55.7pp-42.7%below the sector's middle half▼ 9.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €93,399, larger than the loss of €60,605 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €249,479
Fixed assets
€105,021 ▼ 5.3%
Current assets
€144,457 ▲ 43.3%
Equity and liabilities
Equity-€132,462
Debt€381,941
Equity is negative. Debt (€381,941) exceeds the balance-sheet total (€249,479).
Key figures and ratios
EBITDA
-€89,293▼
2024 · -€45,014
Cash flow
-€102,336▼
2024 · -€53,865
Quick ratio
0.30▼
2024 · 0.70
Interest coverage
-6.55▼
2024 · -4.42
Debt ≤ 1 year
€218,252▲
2024 · €59,515
Debt > 1 year
€163,489▼
2024 · €174,135
Income taxes
-€549▼
2024 · €549
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €120,060 | - |
| Depreciation and write-downs of the year | €2,341 | €2,250 | €15,591 | €4,106 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,880 | €1,516 | €2,341 | €2,250 | €15,591 | €4,106 | ▼ 73.7% |
| Other operating charges640/8 | - | - | - | €3,833 | €2,666 | €4,147 | €4,783 | ▲ 15.3% |
| Gross operating margin9900 | -€713 | €6,046 | -€12,857 | €112,419 | €48,542 | -€40,868 | -€84,510 | ▼ 107% |
| Operating profit (loss)9901 | -€1,293 | €2,151 | -€15,252 | €106,245 | €43,627 | -€60,605 | -€93,399 | ▼ 54.1% |
| Financial income75/76B | - | - | - | €0 | €0 | €1,873 | €31 | ▼ 98.3% |
| Recurring financial income75 | - | €18 | €50 | €0 | €0 | €1,873 | €31 | ▼ 98.3% |
| Financial charges65/66B | - | - | - | €1,563 | €383 | €10,175 | €13,624 | ▲ 33.9% |
| Recurring financial charges65 | €32 | €1,195 | €1,056 | €1,563 | €383 | €10,175 | €13,624 | ▲ 33.9% |
| Profit (loss) for the period before taxes9903 | -€1,325 | €974 | -€16,257 | €104,683 | €43,243 | -€68,907 | -€106,991 | ▼ 55.3% |
| Income taxes67/77 | - | - | - | - | €2,484 | €549 | -€549 | - |
| Profit (loss) for the period9904 | -€1,325 | €974 | -€16,257 | €104,683 | €40,760 | -€69,456 | -€106,442 | ▼ 53.3% |
| Profit (loss) for the period to be appropriated9905 | -€1,325 | €974 | -€16,257 | €104,683 | €40,760 | -€69,456 | -€106,442 | ▼ 53.3% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €726 | €17,812 | €66,823 | €116,204 | €178,453 | €211,641 | €249,479 | ▲ 17.9% |
| Fixed assets21/28 | - | €4,777 | €10,962 | €8,621 | €6,371 | €110,841 | €105,021 | ▼ 5.3% |
| Tangible fixed assets22/27 | - | €4,777 | €10,962 | €8,621 | €6,371 | €110,841 | €105,021 | ▼ 5.3% |
| Land and buildings22 | - | - | - | - | - | €95,000 | €95,000 | = |
| Plant, machinery and equipment23 | - | - | - | €383 | €77 | €1,551 | €1,385 | ▼ 10.7% |
| Furniture and vehicles24 | - | - | - | €8,238 | €6,295 | €4,352 | €1,098 | ▼ 74.8% |
| Leasing and similar rights25 | - | - | - | - | - | €9,938 | €7,538 | ▼ 24.1% |
| Current assets29/58 | €726 | €13,035 | €55,861 | €107,583 | €172,081 | €100,800 | €144,457 | ▲ 43.3% |
| Stocks and contracts in progress3 | - | - | €6,890 | €4,568 | €10,604 | €59,165 | €79,238 | ▲ 33.9% |
| Stocks30/36 | - | - | - | €4,568 | €10,604 | €59,165 | €79,238 | ▲ 33.9% |
| Amounts receivable within one year40/41 | €314 | €979 | €28,377 | €18,724 | €29,785 | €29,098 | €46,782 | ▲ 60.8% |
| Trade receivables40 | - | - | - | €18,724 | €21,554 | €3,559 | €43,709 | ▲ 12× |
| Other amounts receivable41 | - | - | - | €0 | €8,231 | €25,540 | €3,074 | ▼ 88.0% |
| Current investments50/53 | - | - | - | - | €100,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €412 | €10,706 | €20,594 | €84,156 | €31,197 | €12,098 | €18,170 | ▲ 50.2% |
| Deferred charges and accrued income490/1 | - | - | - | €135 | €496 | €439 | €266 | ▼ 39.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €726 | €17,812 | €66,823 | €116,204 | €178,453 | €211,641 | €249,479 | ▲ 17.9% |
| Equity10/15 | -€86,723 | -€85,749 | -€102,006 | €2,677 | €43,437 | -€26,020 | -€132,462 | ▼ 409% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,859 | €1,859 | €0 | - | €24,837 | €24,837 | €24,837 | = |
| Distributable reserves133 | - | - | - | - | €24,837 | €24,837 | €24,837 | = |
| Profit (loss) carried forward14 | -€107,182 | -€106,208 | -€120,606 | -€15,923 | €0 | -€69,456 | -€175,898 | ▼ 153% |
| Amounts payable17/49 | €87,449 | €103,560 | €168,829 | €113,528 | €135,016 | €237,661 | €381,941 | ▲ 60.7% |
| Amounts payable after more than one year17 | €85,000 | €85,000 | €85,000 | €85,000 | €85,000 | €174,135 | €163,489 | ▼ 6.1% |
| Financial debts170/4 | - | - | - | €85,000 | €85,000 | €174,135 | €163,489 | ▼ 6.1% |
| Amounts payable within one year42/48 | €2,449 | €17,952 | €81,463 | €27,023 | €49,813 | €59,515 | €218,252 | ▲ 267% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €10,186 | €10,646 | ▲ 4.5% |
| Trade debts44 | €1,537 | €6,439 | €24,494 | €17,514 | €41,919 | €6,329 | €77,844 | ▲ 12× |
| Suppliers440/4 | - | - | - | €17,514 | €41,919 | €6,329 | €77,844 | ▲ 12× |
| Taxes, remuneration and social security45 | - | - | - | €5,932 | €2,484 | €0 | €21 | - |
| Taxes450/3 | - | - | - | €5,932 | €2,484 | €0 | €21 | - |
| Other amounts payable47/48 | - | - | - | €3,577 | €5,411 | €43,000 | €129,741 | ▲ 202% |
| Accrued charges and deferred income492/3 | - | - | - | €1,505 | €203 | €4,011 | €199 | ▼ 95.0% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,325 | €974 | -€16,257 | €104,683 | €40,760 | -€69,456 | -€106,442 | ▼ 53.3% |
| + Depreciation and write-downs630 | - | €1,880 | €1,516 | €2,341 | €2,250 | €15,591 | €4,106 | ▼ 73.7% |
| Operating cash flow (approximation) | -€1,325 | €2,854 | -€14,741 | €107,024 | €43,009 | -€53,865 | -€102,336 | ▼ 90.0% |
| Investment in fixed assets (approximation) | - | - | -€7,700 | €0 | €0 | -€120,060 | €1,713 | - |
| Change in cash | - | - | €9,888 | €63,562 | -€52,959 | -€19,099 | €6,072 | - |
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, 6,619 companies had the same profile as Castrum has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Castrum itself: 1.8% 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 6,619 companies, not a prediction for Castrum. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00089766 | |
| 30-09-2024 | abbreviated format | 14-04-2025 | 2025-00068654 | |
| 30-09-2023 | abbreviated format | 30-04-2024 | 2024-00075004 | |
| 30-09-2022 | abbreviated format | 21-04-2023 | 2023-00062508 | |
| 30-09-2021 | abbreviated format | 08-03-2022 | 2022-07200106 | |
| 30-09-2020 | abbreviated format | 03-03-2021 | 2021-06700245 | |
| 31-12-2018 | abbreviated format | 08-04-2019 | 2019-09400282 | |
| 31-12-2017 | abbreviated format | 20-07-2018 | 2018-34900483 | |
| 31-12-2016 | abbreviated format | 13-07-2017 | 2017-32500360 | |
| 31-12-2015 | abbreviated format | 10-08-2016 | 2016-40800128 |