Cbiz
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 16 filings
Turnover
≈ €490,000
Estimated: probably between €340,000 and €640,000
Total assets
€635,160▼ 24.3%
2024 · €839,132
Net result
€158,492▼ 9.3%
2024 · €174,838
Working capital
€562,731▼ 18.0%
2024 · €686,062
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€237,032
▼ 7.5%
2025
20182025
Net result
€158,492
▼ 9.3%
2025
highest quarter of the sector
20182025
Equity
€598,596
▼ 16.6%
2025
highest quarter of the sector
20182025
Total assets
€635,160
▼ 24.3%
2025
highest quarter of the sector
20182025
Debt
€36,563
▼ 69.8%
2025
20182025
Working capital
€562,731
▼ 18.0%
2025
highest quarter of the sector
20182025
Solvency
94.2%
▲ 8.7pp
2025
highest quarter of the sector
20182025
Current ratio
16.39
▲ 9.73
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.0%
▲ 4.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▲ 42.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€46,020-€103,175▲ 124%€110,316▲ 6.9%€133,096▲ 20.6%€164,903▲ 23.9%€209,589▲ 27.1%€256,360▲ 22.3%€237,032▼ 7.5%
Net result€33,766-€70,417▲ 109%€75,071above the sector's middle half▲ 6.6%€132,337above the sector's middle half▲ 76.3%€112,651above the sector's middle half▼ 14.9%€135,755above the sector's middle half▲ 20.5%€174,838above the sector's middle half▲ 28.8%€158,492above the sector's middle half▼ 9.3%
Equity€117,523-€161,080▲ 37.1%€236,151above the sector's middle half▲ 46.6%€342,618above the sector's middle half▲ 45.1%€442,439above the sector's middle half▲ 29.1%€543,091above the sector's middle half▲ 22.7%€717,929above the sector's middle half▲ 32.2%€598,596above the sector's middle half▼ 16.6%
Total assets€133,769-€180,757▲ 35.1%€266,115within the sector's middle half▲ 47.2%€401,447above the sector's middle half▲ 50.9%€483,861above the sector's middle half▲ 20.5%€639,566above the sector's middle half▲ 32.2%€839,132above the sector's middle half▲ 31.2%€635,160above the sector's middle half▼ 24.3%
Debt€16,246-€19,677▲ 21.1%€29,963▲ 52.3%€58,829▲ 96.3%€41,423▼ 29.6%€96,475▲ 133%€121,203▲ 25.6%€36,563▼ 69.8%
Working capital€114,516-€158,955▲ 38.8%€225,310above the sector's middle half▲ 41.7%€333,114above the sector's middle half▲ 47.8%€429,148above the sector's middle half▲ 28.8%€529,571above the sector's middle half▲ 23.4%€686,062above the sector's middle half▲ 29.6%€562,731above the sector's middle half▼ 18.0%
Solvency87.9%-89.1%▲ 1.3pp88.7%above the sector's middle half▼ 0.4pp85.3%above the sector's middle half▼ 3.4pp91.4%above the sector's middle half▲ 6.1pp84.9%above the sector's middle half▼ 6.5pp85.6%above the sector's middle half▲ 0.6pp94.2%above the sector's middle half▲ 8.7pp
Current ratio8.05-9.08▲ 1.038.52above the sector's middle half▼ 0.566.66above the sector's middle half▼ 1.8611.36above the sector's middle half▲ 4.706.49above the sector's middle half▼ 4.876.66above the sector's middle half▲ 0.1716.39above the sector's middle half▲ 9.73
Return on assets (ROA)25.2%-39.0%▲ 13.7pp28.2%above the sector's middle half▼ 10.7pp33.0%above the sector's middle half▲ 4.8pp23.3%within the sector's middle half▼ 9.7pp21.2%within the sector's middle half▼ 2.1pp20.8%within the sector's middle half▼ 0.4pp25.0%within the sector's middle half▲ 4.1pp
Staff (FTE)0.71▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 8% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €635,160
Fixed assets
€35,866 ▲ 12.5%
Current assets
€599,294 ▼ 25.8%
Equity and liabilities €635,160
Equity
€598,596 ▼ 16.6%
Debt
€36,563 ▼ 69.8%
Debt's share of the balance-sheet total falls from 14.4% to 5.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€245,437▼
2024 · €261,339
Cash flow
€166,897▼
2024 · €179,817
Quick ratio
15.90▲
2024 · 6.66
Debt to equity
0.06▼
2024 · 0.17
ROE
26.5%▲
2024 · 24.4%
Interest coverage
60.36▼
2024 · over 100
Debt ≤ 1 year
€36,563▼
2024 · €121,203
Income taxes
€78,722▼
2024 · €87,383
Staff costs
€3,839▼
2024 · €8,104
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 0 | - |
| part-time | 1 | - |
| in full-time equivalents | 0.1 | - |
| Average over the year, in full-time equivalents | 0.1 | 0.1 |
| Joined | 1 | 1 |
| Left | 1 | 2 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,392 | €2,222 | - | €12,404 |
| Intangible fixed assets | - | - | - | €23,325 | - |
| Depreciation and write-downs of the year | €1,337 | €1,606 | €1,992 | €4,978 | €8,405 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €8,104 | €3,839 | ▼ 52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €882 | €882 | €1,677 | €1,337 | €1,606 | €1,992 | €4,978 | €8,405 | ▲ 68.8% |
| Other operating charges640/8 | - | - | - | €18,466 | €13,395 | €9,216 | €1,656 | €1,509 | ▼ 8.9% |
| Gross operating margin9900 | €54,195 | €110,402 | €123,489 | €152,898 | €179,904 | €220,797 | €271,099 | €250,785 | ▼ 7.5% |
| Operating profit (loss)9901 | €46,020 | €103,175 | €110,316 | €133,096 | €164,903 | €209,589 | €256,360 | €237,032 | ▼ 7.5% |
| Financial income75/76B | - | - | - | €49,623 | €6 | €78 | €7,111 | €4,249 | ▼ 40.3% |
| Recurring financial income75 | €940 | €396 | €407 | €49,623 | €6 | €78 | €7,111 | €4,249 | ▼ 40.3% |
| Financial charges65/66B | - | - | - | €2,227 | €2,047 | €2,550 | €1,251 | €4,066 | ▲ 225% |
| Recurring financial charges65 | €1,656 | €1,025 | €1,839 | €2,227 | €2,047 | €2,550 | €1,251 | €4,066 | ▲ 225% |
| Profit (loss) for the period before taxes9903 | €45,304 | €102,546 | €108,884 | €180,491 | €162,863 | €207,118 | €262,221 | €237,214 | ▼ 9.5% |
| Income taxes67/77 | €11,538 | €32,130 | €33,813 | €48,154 | €50,212 | €71,362 | €87,383 | €78,722 | ▼ 9.9% |
| Profit (loss) for the period9904 | €33,766 | €70,417 | €75,071 | €132,337 | €112,651 | €135,755 | €174,838 | €158,492 | ▼ 9.3% |
| Profit (loss) for the period to be appropriated9905 | €33,766 | €70,417 | €75,071 | €132,337 | €112,651 | €135,755 | €174,838 | €158,492 | ▼ 9.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €133,769 | €180,757 | €266,115 | €401,447 | €483,861 | €639,566 | €839,132 | €635,160 | ▼ 24.3% |
| Fixed assets21/28 | €3,007 | €2,125 | €10,841 | €9,504 | €13,291 | €13,520 | €31,867 | €35,866 | ▲ 12.5% |
| Intangible fixed assets21 | - | - | - | - | - | - | €20,716 | €16,051 | ▼ 22.5% |
| Tangible fixed assets22/27 | €2,507 | €1,625 | €10,841 | €9,504 | €13,291 | €13,520 | €11,151 | €19,815 | ▲ 77.7% |
| Plant, machinery and equipment23 | - | - | - | €5,794 | €5,097 | €4,400 | €3,702 | €6,869 | ▲ 85.5% |
| Furniture and vehicles24 | - | - | - | €3,710 | €8,194 | €9,121 | €7,449 | €12,946 | ▲ 73.8% |
| Financial fixed assets28 | €500 | €500 | - | - | - | - | - | - | - |
| Current assets29/58 | €130,762 | €178,632 | €255,273 | €391,943 | €470,571 | €626,046 | €807,266 | €599,294 | ▼ 25.8% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €17,990 | - |
| Stocks30/36 | - | - | - | - | - | - | - | €17,990 | - |
| Amounts receivable within one year40/41 | €48,548 | €66,700 | €55,616 | €129,877 | €121,734 | €175,934 | €271,471 | €46,177 | ▼ 83.0% |
| Trade receivables40 | - | - | - | €89,049 | €58,116 | €62,557 | €103,638 | €37,177 | ▼ 64.1% |
| Other amounts receivable41 | - | - | - | €40,828 | €63,618 | €113,378 | €167,834 | €9,000 | ▼ 94.6% |
| Current investments50/53 | €35,940 | €42,225 | €43,549 | €43,790 | €72,790 | €308,790 | €394,789 | €437,052 | ▲ 10.7% |
| Cash at bank and in hand54/58 | €46,275 | €69,707 | €156,109 | €218,276 | €276,047 | €141,322 | €141,005 | €98,074 | ▼ 30.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €133,769 | €180,757 | €266,115 | €401,447 | €483,861 | €639,566 | €839,132 | €635,160 | ▼ 24.3% |
| Equity10/15 | €117,523 | €161,080 | €236,151 | €342,618 | €442,439 | €543,091 | €717,929 | €598,596 | ▼ 16.6% |
| Contributions10/11 | €15,000 | €15,000 | - | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Reserves13 | €102,523 | €146,080 | €221,151 | €327,618 | €427,439 | €528,091 | €702,929 | €583,596 | ▼ 17.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €325,758 | €425,579 | €526,231 | €701,069 | €581,736 | ▼ 17.0% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €16,246 | €19,677 | €29,963 | €58,829 | €41,423 | €96,475 | €121,203 | €36,563 | ▼ 69.8% |
| Amounts payable within one year42/48 | €16,246 | €19,677 | €29,963 | €58,829 | €41,423 | €96,475 | €121,203 | €36,563 | ▼ 69.8% |
| Trade debts44 | €2,056 | €4,810 | €16,150 | €21,096 | €7,711 | €50,833 | €40,385 | €36,563 | ▼ 9.5% |
| Suppliers440/4 | - | - | - | €21,096 | €7,711 | €50,833 | €40,385 | €36,563 | ▼ 9.5% |
| Taxes, remuneration and social security45 | - | - | - | €37,733 | €33,712 | €45,642 | €80,818 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €37,733 | €33,712 | €45,642 | €80,818 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,766 | €70,417 | €75,071 | €132,337 | €112,651 | €135,755 | €174,838 | €158,492 | ▼ 9.3% |
| + Depreciation and write-downs630 | €882 | €882 | €1,677 | €1,337 | €1,606 | €1,992 | €4,978 | €8,405 | ▲ 68.8% |
| Operating cash flow (approximation) | €34,647 | €71,298 | €76,748 | €133,675 | €114,257 | €137,747 | €179,817 | €166,897 | ▼ 7.2% |
| Investment in fixed assets (approximation) | - | €0 | -€10,392 | €0 | -€5,392 | -€2,222 | -€23,325 | -€12,404 | ▲ 46.8% |
| Change in cash | - | €23,432 | €86,402 | €62,167 | €57,771 | -€134,725 | -€317 | -€42,931 | ▼ 13,436% |
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 Cbiz 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 Cbiz 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 Cbiz. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00238654 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00204842 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00157953 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00160258 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20097664 | |
| 31-12-2020 | micro format | 01-09-2021 | 2021-65400022 | |
| 31-12-2019 | abbreviated format | 15-07-2020 | 2020-30400563 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-39200369 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-23200184 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-22300402 |