CATALHAN
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 25-09-2026 at the NBB all 24 filings
Turnover
≈ €38,000
Estimated: probably between €25,000 and €61,000
Total assets
€301,391▼ 4.1%
2025 · €314,387
Net result
-€4,600▼ 655%
2025 · -€609
Working capital
-€195,956▼ 1.1%
2025 · -€193,874
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€980
2026
20192026
Net result
-€4,600
▼ 655%
2026
20192026
Equity
-€13,462
▼ 51.9%
2026
20192026
Total assets
€301,391
▼ 4.1%
2026
20192026
Debt
€314,853
▼ 2.6%
2026
20192026
Working capital
-€195,956
▼ 1.1%
2026
20192026
Solvency
-4.5%
▼ 1.6pp
2026
20192026
Current ratio
0.01
=
2026
20192026
Return on assets (ROA)
-1.5%
▼ 1.3pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€3,354-€2,905▼ 13.4%€5,512▲ 89.7%€7,950▲ 44.2%€7,724▼ 2.8%€4,461▼ 42.2%€4,222▼ 5.4%-€980
Net result-€1,826--€2,332▼ 27.7%€451within the sector's middle half€2,774within the sector's middle half▲ 516%€3,270within the sector's middle half▲ 17.9%€312within the sector's middle half▼ 90.5%-€609within the sector's middle half-€4,600▼ 655%
Equity-€12,727--€15,059▼ 18.3%-€14,608below the sector's middle half▲ 3.0%-€11,834below the sector's middle half▲ 19.0%-€8,565below the sector's middle half▲ 27.6%-€8,253below the sector's middle half▲ 3.6%-€8,862below the sector's middle half▼ 7.4%-€13,462▼ 51.9%
Total assets€357,164-€359,370▲ 0.6%€354,362below the sector's middle half▼ 1.4%€342,085below the sector's middle half▼ 3.5%€337,210below the sector's middle half▼ 1.4%€325,257below the sector's middle half▼ 3.5%€314,387within the sector's middle half▼ 3.3%€301,391▼ 4.1%
Debt€369,891-€374,429▲ 1.2%€368,970▼ 1.5%€353,919▼ 4.1%€345,775▼ 2.3%€333,510▼ 3.5%€323,249▼ 3.1%€314,853▼ 2.6%
Working capital-€186,947--€197,828▼ 5.8%-€194,752below the sector's middle half▲ 1.6%-€194,390below the sector's middle half▲ 0.2%-€198,435below the sector's middle half▼ 2.1%-€195,566below the sector's middle half▲ 1.4%-€193,874below the sector's middle half▲ 0.9%-€195,956▼ 1.1%
Solvency-3.6%--4.2%▼ 0.6pp-4.1%below the sector's middle half▲ 0.1pp-3.5%below the sector's middle half▲ 0.7pp-2.5%below the sector's middle half▲ 0.9pp-2.5%below the sector's middle half=-2.8%below the sector's middle half▼ 0.3pp-4.5%▼ 1.6pp
Current ratio0.00-0.00=0.00below the sector's middle half=0.00below the sector's middle half=0.00below the sector's middle half=0.01below the sector's middle half=0.01below the sector's middle half▲ 0.010.01=
Return on assets (ROA)-0.5%--0.6%▼ 0.1pp0.1%within the sector's middle half▲ 0.8pp0.8%within the sector's middle half▲ 0.7pp1.0%within the sector's middle half▲ 0.2pp0.1%within the sector's middle half▼ 0.9pp-0.2%within the sector's middle half▼ 0.3pp-1.5%▼ 1.3pp
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 2026 is a loss of €980, after a profit of €4,222 in 2025. It is the lowest result since 2022.
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.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €301,391
Fixed assets
€299,769 ▼ 3.9%
Current assets
€1,622 ▼ 32.0%
Equity and liabilities
Equity-€13,462
Debt€314,853
Equity is negative. Debt (€314,853) exceeds the balance-sheet total (€301,391).
Key figures and ratios
EBITDA
€11,252▼
2025 · €16,454
Cash flow
€7,631▼
2025 · €11,623
Interest coverage
3.11▼
2025 · 4.25
Debt ≤ 1 year
€197,577▲
2025 · €196,260
Debt > 1 year
€116,798▼
2025 · €126,989
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 | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,423 | - | - | - |
| Depreciation and write-downs of the year | €11,804 | €11,936 | €12,232 | €12,232 | €12,232 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,535 | €10,630 | €11,729 | €11,804 | €11,936 | €12,232 | €12,232 | €12,232 | = |
| Other operating charges640/8 | - | - | - | €2,220 | €2,087 | €2,288 | €2,371 | €2,923 | ▲ 23.3% |
| Gross operating margin9900 | €15,864 | €15,556 | €19,340 | €21,973 | €21,747 | €18,981 | €18,825 | €14,175 | ▼ 24.7% |
| Operating profit (loss)9901 | €3,354 | €2,905 | €5,512 | €7,950 | €7,724 | €4,461 | €4,222 | -€980 | - |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €5,175 | €4,454 | €4,149 | €3,871 | €3,620 | ▼ 6.5% |
| Recurring financial charges65 | €5,180 | €5,238 | €5,061 | €5,175 | €4,454 | €4,149 | €3,871 | €3,620 | ▼ 6.5% |
| Profit (loss) for the period before taxes9903 | -€1,826 | -€2,332 | €451 | €2,774 | €3,270 | €312 | €351 | -€4,600 | - |
| Income taxes67/77 | - | - | - | - | - | - | €960 | - | - |
| Profit (loss) for the period9904 | -€1,826 | -€2,332 | €451 | €2,774 | €3,270 | €312 | -€609 | -€4,600 | ▼ 655% |
| Profit (loss) for the period to be appropriated9905 | -€1,826 | -€2,332 | €451 | €2,774 | €3,270 | €312 | -€609 | -€4,600 | ▼ 655% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €357,164 | €359,370 | €354,362 | €342,085 | €337,210 | €325,257 | €314,387 | €301,391 | ▼ 4.1% |
| Fixed assets21/28 | €357,113 | €359,255 | €353,783 | €341,979 | €336,465 | €324,233 | €312,001 | €299,769 | ▼ 3.9% |
| Tangible fixed assets22/27 | €357,113 | €359,255 | €353,783 | €341,979 | €336,465 | €324,233 | €312,001 | €299,769 | ▼ 3.9% |
| Land and buildings22 | - | - | - | €341,979 | €336,465 | €324,233 | €312,001 | €299,769 | ▼ 3.9% |
| Current assets29/58 | €51 | €115 | €579 | €106 | €745 | €1,024 | €2,386 | €1,622 | ▼ 32.0% |
| Amounts receivable within one year40/41 | €15 | €106 | - | - | - | - | - | €16 | - |
| Trade receivables40 | - | - | - | - | - | - | - | €16 | - |
| Cash at bank and in hand54/58 | €36 | €9 | €579 | €106 | €745 | €1,024 | €2,386 | €1,501 | ▼ 37.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €104 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €357,164 | €359,370 | €354,362 | €342,085 | €337,210 | €325,257 | €314,387 | €301,391 | ▼ 4.1% |
| Equity10/15 | -€12,727 | -€15,059 | -€14,608 | -€11,834 | -€8,565 | -€8,253 | -€8,862 | -€13,462 | ▼ 51.9% |
| Contributions10/11 | €138,000 | €138,000 | €138,000 | €138,000 | €138,000 | €138,000 | €138,000 | €138,000 | = |
| Capital10 | - | - | - | €138,000 | €138,000 | €138,000 | €138,000 | €138,000 | = |
| Issued capital100 | - | - | - | €138,000 | €138,000 | €138,000 | €138,000 | €138,000 | = |
| Profit (loss) carried forward14 | -€150,727 | -€153,059 | -€152,608 | -€149,834 | -€146,565 | -€146,253 | -€146,862 | -€151,462 | ▼ 3.1% |
| Amounts payable17/49 | €369,891 | €374,429 | €368,970 | €353,919 | €345,775 | €333,510 | €323,249 | €314,853 | ▼ 2.6% |
| Amounts payable after more than one year17 | €182,893 | €176,486 | €173,639 | €159,423 | €146,595 | €136,920 | €126,989 | €116,798 | ▼ 8.0% |
| Financial debts170/4 | - | - | - | €159,423 | €146,595 | €136,920 | €126,989 | €116,798 | ▼ 8.0% |
| Amounts payable within one year42/48 | €186,998 | €197,944 | €195,331 | €194,497 | €199,180 | €196,590 | €196,260 | €197,577 | ▲ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,217 | €12,828 | €9,675 | €9,930 | €10,192 | ▲ 2.6% |
| Trade debts44 | €512 | €8,267 | - | €829 | €278 | €987 | - | - | - |
| Suppliers440/4 | - | - | - | €829 | €278 | €987 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €283 | - | €63 | €21 | ▼ 66.7% |
| Taxes450/3 | - | - | - | - | €283 | - | €63 | €21 | ▼ 66.7% |
| Other amounts payable47/48 | - | - | - | €179,450 | €185,791 | €185,928 | €186,266 | €187,364 | ▲ 0.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €478 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,826 | -€2,332 | €451 | €2,774 | €3,270 | €312 | -€609 | -€4,600 | ▼ 655% |
| + Depreciation and write-downs630 | €10,535 | €10,630 | €11,729 | €11,804 | €11,936 | €12,232 | €12,232 | €12,232 | = |
| Operating cash flow (approximation) | €8,709 | €8,297 | €12,180 | €14,578 | €15,206 | €12,544 | €11,623 | €7,631 | ▼ 34.3% |
| Investment in fixed assets (approximation) | - | -€12,771 | -€6,257 | €0 | -€6,423 | €0 | €0 | €0 | - |
| Change in cash | - | -€26 | €570 | -€473 | €639 | €279 | €1,362 | -€885 | - |
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, 2,796 companies had the same profile as CATALHAN has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CATALHAN itself is lower: 0.4% within 12 months. It rests on far more data about CATALHAN than the profile alone.
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 2,796 companies, not a prediction for CATALHAN. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 25-09-2026 | 2026-00523455 | |
| 31-03-2025 | micro format | 28-10-2025 | 2025-00550666 | |
| 31-03-2024 | abbreviated format | 26-10-2024 | 2024-00515208 | |
| 31-03-2023 | abbreviated format | 16-11-2023 | 2023-00512151 | |
| 31-03-2022 | abbreviated format | 10-11-2022 | 2022-20518255 | |
| 31-03-2021 | abbreviated format | 26-11-2021 | 2021-78300141 | |
| 31-03-2020 | abbreviated format | 10-11-2020 | 2020-69300302 | |
| 31-03-2019 | abbreviated format | 23-10-2019 | 2019-71000032 | |
| 31-03-2017 | abbreviated format | 26-10-2017 | 2017-67700393 | |
| 31-03-2016 | abbreviated format | 27-10-2016 | 2016-66300151 |