CBE Integration
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-09-2026 at the NBB all 6 filings
Turnover
≈ €610,000
Estimated: probably between €370,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€69,704▲ 54.8%
2024 · €45,023
Working capital
€125,608▼ 48.8%
2024 · €245,117
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€99,743
▲ 86.1%
2025
20202025
Net result
€69,704
▲ 54.8%
2025
middle half of the sector
20202025
Equity
€63,580
▼ 32.3%
2025
lowest quarter of the sector
20202025
Total assets
€345,870
▼ 24.5%
2025
lowest quarter of the sector
20202025
Debt
€282,290
▼ 22.5%
2025
20202025
Working capital
€125,608
▼ 48.8%
2025
middle half of the sector
20202025
Solvency
18.4%
▼ 2.1pp
2025
middle half of the sector
20202025
Current ratio
1.63
▼ 0.54
2025
middle half of the sector
20202025
Return on assets (ROA)
20.2%
▲ 10.3pp
2025
highest quarter of the sector
20202025
Staff (FTE)
3.7
▲ 147%
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€29,535-€4,554€9,601▲ 111%€4,230▼ 55.9%€53,585▲ 13×€99,743▲ 86.1%
Net result-€29,552below the sector's middle half-€4,365within the sector's middle half€9,409within the sector's middle half▲ 116%€4,630within the sector's middle half▼ 50.8%€45,023within the sector's middle half▲ 872%€69,704within the sector's middle half▲ 54.8%
Equity€30,448within the sector's middle half-€34,813within the sector's middle half▲ 14.3%€44,222within the sector's middle half▲ 27.0%€48,852within the sector's middle half▲ 10.5%€93,875below the sector's middle half▲ 92.2%€63,580below the sector's middle half▼ 32.3%
Total assets€33,191below the sector's middle half-€85,865within the sector's middle half▲ 159%€63,379below the sector's middle half▼ 26.2%€173,013within the sector's middle half▲ 173%€458,125below the sector's middle half▲ 165%€345,870below the sector's middle half▼ 24.5%
Debt€2,742-€51,052▲ 19×€19,156▼ 62.5%€124,161▲ 548%€364,249▲ 193%€282,290▼ 22.5%
Working capital€28,949within the sector's middle half-€33,743within the sector's middle half▲ 16.6%€43,472within the sector's middle half▲ 28.8%€111,438above the sector's middle half▲ 156%€245,117within the sector's middle half▲ 120%€125,608within the sector's middle half▼ 48.8%
Solvency91.7%above the sector's middle half-40.5%within the sector's middle half▼ 51.2pp69.8%above the sector's middle half▲ 29.2pp28.2%within the sector's middle half▼ 41.5pp20.5%within the sector's middle half▼ 7.7pp18.4%within the sector's middle half▼ 2.1pp
Current ratio11.56above the sector's middle half-1.66within the sector's middle half▼ 9.893.27above the sector's middle half▲ 1.612.84within the sector's middle half▼ 0.422.17above the sector's middle half▼ 0.671.63within the sector's middle half▼ 0.54
Return on assets (ROA)-89.0%below the sector's middle half-5.1%within the sector's middle half▲ 94.1pp14.8%within the sector's middle half▲ 9.8pp2.7%within the sector's middle half▼ 12.2pp9.8%above the sector's middle half▲ 7.2pp20.2%above the sector's middle half▲ 10.3pp
Staff (FTE)0.81.5below the sector's middle half▲ 87.5%3.7within the sector's middle half▲ 147%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 86% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €345,870
Fixed assets
€19,824 ▲ 474%
Current assets
€326,046 ▼ 28.3%
Equity and liabilities €345,870
Equity
€63,580 ▼ 32.3%
Debt
€282,290 ▼ 22.5%
Debt's share of the balance-sheet total rises from 79.5% to 81.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€103,590▲
2024 · €54,376
Cash flow
€73,551▲
2024 · €45,814
Debt to equity
4.44▲
2024 · 3.88
ROE
109.6%▲
2024 · 48.0%
Interest coverage
47.38▼
2024 · 90.36
Debt ≤ 1 year
€200,438▼
2024 · €209,556
Debt > 1 year
€44,669▼
2024 · €48,750
Income taxes
€28,041▲
2024 · €8,315
Staff costs
€143,101▲
2024 · €45,531
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 3 | 4 |
| full-time | 1 | 3 | 4 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 0 | 3 | 4 |
| Average over the year, in full-time equivalents | 0.8 | 1.5 | 3.7 |
| On a permanent contract | 1 | 1 | 3 |
| Joined | 2 | 3 | 2 |
| Left | 1 | 1 | 1 |
| Training hours | - | 463 | 1,235 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €908 | €1,578 | €20,220 |
| Financial fixed assets | - | - | - | €1,500 | €0 |
| Depreciation and write-downs of the year | €374 | €374 | €495 | €791 | €3,847 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €95,000 | - |
| Remuneration, social security and pensions62 | - | - | €3,066 | €41,889 | €45,531 | €143,101 | ▲ 214% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,217 | €374 | €374 | €495 | €791 | €3,847 | ▲ 386% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2,452 | -€1,245 | €0 | - |
| Other operating charges640/8 | - | €460 | €871 | €649 | €4,903 | €10,572 | ▲ 116% |
| Gross operating margin9900 | -€27,624 | €5,388 | €13,913 | €49,714 | €103,565 | €257,264 | ▲ 148% |
| Operating profit (loss)9901 | -€29,535 | €4,554 | €9,601 | €4,230 | €53,585 | €99,743 | ▲ 86.1% |
| Financial income75/76B | - | - | €0 | €756 | €356 | €188 | ▼ 47.0% |
| Recurring financial income75 | - | - | €0 | €0 | €356 | €188 | ▼ 47.0% |
| Non-recurring financial income76B | - | - | - | €756 | €0 | - | - |
| Financial charges65/66B | - | €189 | €192 | €356 | €602 | €2,186 | ▲ 263% |
| Recurring financial charges65 | €17 | €189 | €192 | €356 | €602 | €2,186 | ▲ 263% |
| Profit (loss) for the period before taxes9903 | -€29,552 | €4,365 | €9,409 | €4,630 | €53,339 | €97,745 | ▲ 83.3% |
| Income taxes67/77 | - | - | - | - | €8,315 | €28,041 | ▲ 237% |
| Profit (loss) for the period9904 | -€29,552 | €4,365 | €9,409 | €4,630 | €45,023 | €69,704 | ▲ 54.8% |
| Profit (loss) for the period to be appropriated9905 | -€29,552 | €4,365 | €9,409 | €4,630 | €45,023 | €69,704 | ▲ 54.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €33,191 | €85,865 | €63,379 | €173,013 | €458,125 | €345,870 | ▼ 24.5% |
| Fixed assets21/28 | €1,500 | €1,125 | €751 | €1,165 | €3,451 | €19,824 | ▲ 474% |
| Intangible fixed assets21 | €1,021 | €771 | €520 | €269 | €18 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €478 | €355 | €231 | €895 | €1,933 | €18,324 | ▲ 848% |
| Furniture and vehicles24 | - | €355 | €231 | €895 | €1,933 | €18,324 | ▲ 848% |
| Financial fixed assets28 | - | - | - | - | €1,500 | €1,500 | = |
| Current assets29/58 | €31,691 | €84,740 | €62,628 | €171,848 | €454,674 | €326,046 | ▼ 28.3% |
| Amounts receivable within one year40/41 | €7,070 | €61,504 | €39,610 | €78,166 | €239,376 | €221,860 | ▼ 7.3% |
| Trade receivables40 | - | €61,504 | €37,904 | €76,666 | €239,026 | €220,074 | ▼ 7.9% |
| Other amounts receivable41 | - | - | €1,706 | €1,500 | €350 | €1,786 | ▲ 411% |
| Cash at bank and in hand54/58 | €24,621 | €23,034 | €22,406 | €89,256 | €116,086 | €92,353 | ▼ 20.4% |
| Deferred charges and accrued income490/1 | - | €202 | €612 | €4,426 | €99,211 | €11,832 | ▼ 88.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €33,191 | €85,865 | €63,379 | €173,013 | €458,125 | €345,870 | ▼ 24.5% |
| Equity10/15 | €30,448 | €34,813 | €44,222 | €48,852 | €93,875 | €63,580 | ▼ 32.3% |
| Contributions10/11 | - | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Profit (loss) carried forward14 | -€29,552 | -€25,187 | -€15,778 | -€11,148 | €33,875 | €3,580 | ▼ 89.4% |
| Amounts payable17/49 | €2,742 | €51,052 | €19,156 | €124,161 | €364,249 | €282,290 | ▼ 22.5% |
| Amounts payable after more than one year17 | - | - | - | €63,750 | €48,750 | €44,669 | ▼ 8.4% |
| Financial debts170/4 | - | - | - | €63,750 | €48,750 | €44,669 | ▼ 8.4% |
| Amounts payable within one year42/48 | €2,742 | €50,997 | €19,156 | €60,411 | €209,556 | €200,438 | ▼ 4.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,250 | €18,750 | €22,080 | ▲ 17.8% |
| Trade debts44 | €2,742 | €48,690 | €19,156 | €39,651 | €177,879 | €28,375 | ▼ 84.0% |
| Suppliers440/4 | - | €48,690 | €19,156 | €39,651 | €177,879 | €28,375 | ▼ 84.0% |
| Taxes, remuneration and social security45 | - | €2,307 | €0 | €9,509 | €12,927 | €49,983 | ▲ 287% |
| Taxes450/3 | - | €2,307 | €0 | €879 | €6,987 | €36,380 | ▲ 421% |
| Remuneration and social security454/9 | - | - | - | €8,630 | €5,940 | €13,603 | ▲ 129% |
| Other amounts payable47/48 | - | - | - | - | - | €100,000 | - |
| Accrued charges and deferred income492/3 | - | €55 | €0 | - | €105,943 | €37,183 | ▼ 64.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,552 | €4,365 | €9,409 | €4,630 | €45,023 | €69,704 | ▲ 54.8% |
| + Depreciation and write-downs630 | €1,217 | €374 | €374 | €495 | €791 | €3,847 | ▲ 386% |
| Operating cash flow (approximation) | -€28,335 | €4,740 | €9,783 | €5,124 | €45,814 | €73,551 | ▲ 60.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€908 | -€3,078 | -€20,220 | ▼ 557% |
| Change in cash | - | -€1,587 | -€628 | €66,850 | €26,830 | -€23,733 | - |
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, 6,713 companies had the same profile as CBE Integration has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CBE Integration itself is higher: 2.7% within 12 months. It rests on far more data about CBE Integration 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 6,713 companies, not a prediction for CBE Integration. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-09-2026 | 2026-00531435 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00473489 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00256412 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00188920 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20076349 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38000422 |