CB LOGIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-12-2025 PDF all 27 filings
Turnover
≈ €260,000
Estimated: probably between €180,000 and €410,000
Total assets
€575,595▼ 7.8%
2024 · €624,273
Net result
€9,511▼ 70.7%
2024 · €32,431
Working capital
-€1,575▲ 95.4%
2024 · -€34,131
In the rankings
#7 company by equity in Vorst, Arts, sports and recreation sector#10 oldest company in Vorst, Arts, sports and recreation sector
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€16,590
▼ 63.0%
2025
20192025
Net result
€9,511
▼ 70.7%
2025
middle half of the sector
20192025
Equity
€432,214
▲ 2.3%
2025
highest quarter of the sector
20192025
Total assets
€575,595
▼ 7.8%
2025
highest quarter of the sector
20192025
Debt
€107,949
▼ 33.2%
2025
20192025
Working capital
-€1,575
▲ 95.4%
2025
middle half of the sector
20192025
Solvency
75.1%
▲ 7.4pp
2025
middle half of the sector
20192025
Current ratio
0.94
▲ 0.46
2025
middle half of the sector
20192025
Return on assets (ROA)
1.7%
▼ 3.5pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202320242025
Operating result€14,198-€35,864▲ 153%€62,425▲ 74.1%€115,581-€44,848▼ 61.2%€16,590▼ 63.0%
Net result€14,990-€31,519above the sector's middle half▲ 110%€50,419above the sector's middle half▲ 60.0%€85,253above the sector's middle half-€32,431above the sector's middle half▼ 62.0%€9,511within the sector's middle half▼ 70.7%
Equity€287,881-€300,600above the sector's middle half▲ 4.4%€333,019above the sector's middle half▲ 10.8%€400,272above the sector's middle half-€422,703above the sector's middle half▲ 5.6%€432,214above the sector's middle half▲ 2.3%
Total assets€609,861-€582,380above the sector's middle half▼ 4.5%€558,433above the sector's middle half▼ 4.1%€651,943above the sector's middle half-€624,273above the sector's middle half▼ 4.2%€575,595above the sector's middle half▼ 7.8%
Debt€251,805-€220,193▼ 12.6%€172,415▼ 21.7%€207,271-€161,654▼ 22.0%€107,949▼ 33.2%
Working capital-€167,583--€122,355below the sector's middle half▲ 27.0%-€76,973below the sector's middle half▲ 37.1%-€34,276below the sector's middle half--€34,131below the sector's middle half▲ 0.4%-€1,575within the sector's middle half▲ 95.4%
Solvency47.2%-51.6%within the sector's middle half▲ 4.4pp59.6%within the sector's middle half▲ 8.0pp61.4%within the sector's middle half-67.7%within the sector's middle half▲ 6.3pp75.1%within the sector's middle half▲ 7.4pp
Current ratio0.17-0.33below the sector's middle half▲ 0.160.47below the sector's middle half▲ 0.140.67below the sector's middle half-0.48below the sector's middle half▼ 0.190.94within the sector's middle half▲ 0.46
Return on assets (ROA)2.5%-5.4%within the sector's middle half▲ 3.0pp9.0%within the sector's middle half▲ 3.6pp13.1%within the sector's middle half-5.2%within the sector's middle half▼ 7.9pp1.7%within the sector's middle half▼ 3.5pp
Staff (FTE)0.8-0.8within the sector's middle half=0.8=1-1=1=
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 63% lower than in 2024 and the lowest since 2020. It is the second 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 €575,595
Fixed assets
€550,776 ▼ 7.0%
Current assets
€24,819 ▼ 22.6%
Equity and liabilities €575,595
Equity
€432,214 ▲ 2.3%
Provisions
€35,432 ▼ 11.2%
Debt
€107,949 ▼ 33.2%
Debt's share of the balance-sheet total falls from 25.9% to 18.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€58,979▼
2024 · €84,280
Cash flow
€51,900▼
2024 · €71,863
Debt to equity
0.25▼
2024 · 0.38
ROE
2.2%▼
2024 · 7.7%
Interest coverage
30.40▼
2024 · 40.54
Debt ≤ 1 year
€26,394▼
2024 · €66,190
Debt > 1 year
€81,406▼
2024 · €90,021
Income taxes
€9,628▼
2024 · €14,822
Staff costs
€37,793▲
2024 · €33,682
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 0.8 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.8 | 0.8 | 0.8 |
| On a permanent contract | 1 | 1 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|
| Tangible fixed assets | €178,143 | €49,929 | €950 |
| Depreciation and write-downs of the year | €85,988 | €39,432 | €42,389 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €66,918 | €33,682 | €37,793 | ▲ 12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,189 | €42,953 | €42,983 | €85,988 | €39,432 | €42,389 | ▲ 7.5% |
| Other operating charges640/8 | - | - | - | €11,584 | €8,038 | €8,264 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | €1,192 | - | - | - |
| Gross operating margin9900 | €98,484 | €107,891 | €129,932 | €281,263 | €126,000 | €105,036 | ▼ 16.6% |
| Operating profit (loss)9901 | €14,198 | €35,864 | €62,425 | €115,581 | €44,848 | €16,590 | ▼ 63.0% |
| Financial income75/76B | - | - | - | €1 | - | €6 | - |
| Recurring financial income75 | - | - | €1 | €1 | - | €6 | - |
| Financial charges65/66B | - | - | - | €4,761 | €2,079 | €1,940 | ▼ 6.7% |
| Recurring financial charges65 | €1,961 | €2,126 | €1,450 | €4,761 | €2,079 | €1,940 | ▼ 6.7% |
| Profit (loss) for the period before taxes9903 | €12,237 | €33,738 | €60,976 | €110,821 | €42,769 | €14,656 | ▼ 65.7% |
| Transfer from deferred taxes780 | - | - | - | €8,600 | €4,484 | €4,483 | = |
| Income taxes67/77 | €5,835 | €10,807 | €19,145 | €34,168 | €14,822 | €9,628 | ▼ 35.0% |
| Profit (loss) for the period9904 | €14,990 | €31,519 | €50,419 | €85,253 | €32,431 | €9,511 | ▼ 70.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €16,701 | €8,708 | €8,707 | = |
| Profit (loss) for the period to be appropriated9905 | €28,509 | €46,764 | €67,097 | €101,954 | €41,139 | €18,218 | ▼ 55.7% |
| Line | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €609,861 | €582,380 | €558,433 | €651,943 | €624,273 | €575,595 | ▼ 7.8% |
| Fixed assets21/28 | €576,495 | €522,707 | €489,562 | €581,717 | €592,214 | €550,776 | ▼ 7.0% |
| Intangible fixed assets21 | €4,800 | €2,400 | - | - | - | - | - |
| Tangible fixed assets22/27 | €571,135 | €519,747 | €489,002 | €581,157 | €591,654 | €550,216 | ▼ 7.0% |
| Land and buildings22 | - | - | - | €569,022 | €547,979 | €517,651 | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | - | €2,390 | €1,791 | €1,191 | ▼ 33.5% |
| Furniture and vehicles24 | - | - | - | €9,745 | €41,884 | €31,374 | ▼ 25.1% |
| Financial fixed assets28 | €560 | €560 | €560 | €560 | €560 | €560 | = |
| Current assets29/58 | €33,366 | €59,673 | €68,871 | €70,226 | €32,059 | €24,819 | ▼ 22.6% |
| Amounts receivable within one year40/41 | €18,459 | €7,987 | €9,901 | €9,130 | €4,624 | €7,762 | ▲ 67.9% |
| Trade receivables40 | - | - | - | €9,130 | €4,225 | €1,500 | ▼ 64.5% |
| Other amounts receivable41 | - | - | - | - | €399 | €6,262 | ▲ 16× |
| Cash at bank and in hand54/58 | €12,849 | €49,483 | €57,054 | €57,284 | €25,230 | €15,931 | ▼ 36.9% |
| Deferred charges and accrued income490/1 | - | - | - | €3,812 | €2,205 | €1,126 | ▼ 48.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €609,861 | €582,380 | €558,433 | €651,943 | €624,273 | €575,595 | ▼ 7.8% |
| Equity10/15 | €287,881 | €300,600 | €333,019 | €400,272 | €422,703 | €432,214 | ▲ 2.3% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €236,923 | €249,178 | €281,500 | €348,699 | €370,991 | €380,484 | ▲ 2.6% |
| Tax-exempt reserves132 | - | - | - | €91,940 | €83,232 | €74,525 | ▼ 10.5% |
| Distributable reserves133 | - | - | - | €256,759 | €287,759 | €305,959 | ▲ 6.3% |
| Profit (loss) carried forward14 | €32,366 | €32,830 | €32,927 | €32,981 | €33,120 | €33,138 | ▲ 0.1% |
| Provisions and deferred taxes16 | €70,175 | €61,587 | €52,999 | €44,400 | €39,916 | €35,432 | ▼ 11.2% |
| Deferred taxes168 | - | - | - | €44,400 | €39,916 | €35,432 | ▼ 11.2% |
| Amounts payable17/49 | €251,805 | €220,193 | €172,415 | €207,271 | €161,654 | €107,949 | ▼ 33.2% |
| Amounts payable after more than one year17 | €49,792 | €37,427 | €24,885 | €98,494 | €90,021 | €81,406 | ▼ 9.6% |
| Financial debts170/4 | - | - | - | €98,494 | €90,021 | €81,406 | ▼ 9.6% |
| Amounts payable within one year42/48 | €200,949 | €182,028 | €145,844 | €104,502 | €66,190 | €26,394 | ▼ 60.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,980 | €8,473 | €8,614 | ▲ 1.7% |
| Trade debts44 | €6,145 | €7,405 | €3,384 | €7,227 | €6,746 | €6,482 | ▼ 3.9% |
| Suppliers440/4 | - | - | - | €7,227 | €6,746 | €6,482 | ▼ 3.9% |
| Taxes, remuneration and social security45 | - | - | - | €23,098 | €9,479 | €11,298 | ▲ 19.2% |
| Taxes450/3 | - | - | - | €11,958 | €2,454 | €4,103 | ▲ 67.2% |
| Remuneration and social security454/9 | - | - | - | €11,140 | €7,025 | €7,195 | ▲ 2.4% |
| Other amounts payable47/48 | - | - | - | €62,197 | €41,492 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €4,275 | €5,443 | €149 | ▼ 97.3% |
| Line | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,990 | €31,519 | €50,419 | €85,253 | €32,431 | €9,511 | ▼ 70.7% |
| + Depreciation and write-downs630 | €47,189 | €42,953 | €42,983 | €85,988 | €39,432 | €42,389 | ▲ 7.5% |
| Operating cash flow (approximation) | €62,179 | €74,472 | €93,402 | €171,241 | €71,863 | €51,900 | ▼ 27.8% |
| Investment in fixed assets (approximation) | - | €10,835 | -€9,838 | - | -€49,929 | -€951 | ▲ 98.1% |
| Change in cash | - | €36,634 | €7,571 | - | -€32,054 | -€9,299 | ▲ 71.0% |
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, 17,041 companies had the same profile as CB LOGIC has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CB LOGIC 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 17,041 companies, not a prediction for CB LOGIC. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 24-12-2025 | 2025-00590416 | |
| 31-05-2024 | micro format | 31-12-2024 | 2024-00627779 | |
| 31-05-2023 | micro format | 03-01-2024 | 2024-00541890 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06600141 | |
| 30-06-2020 | micro format | 02-02-2021 | 2021-04500272 | |
| 30-06-2019 | micro format | 29-11-2019 | 2019-74800565 | |
| 30-06-2018 | micro format | 29-11-2018 | 2018-73200450 | |
| 30-06-2017 | micro format | 30-11-2017 | 2017-71100266 | |
| 30-06-2016 | full format | 30-11-2016 | 2016-68800559 | |
| 30-06-2015 | full format | 14-01-2016 | 2016-01600089 |