Equity
Equity fell by 52% in 3 years.
Equity fell by 52% in 3 years.
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Nine of the last ten came late. The 2019 accounts came latest: 88 days after the end of the period.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 55% of them on solvency, 21% on liquidity, 28% on profitability and 30% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,908 companies had the same profile as CBX has now. Each dot stands for 18 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CBX itself: 0.1% within 12 months.
The method was tested on the 497,447 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 6,908 companies, not a prediction for CBX. 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.
Liquidity is insufficient, with a current ratio of 0.27 (0.33 in 2024), below 1. Short-term debt is 39.1% and cash 7.3% of total assets. 39.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 34 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| CBX La Hulpe | €66,677 | €8,228 | 60.4% | - |
| JERVAN Zulte | €66,589 | €7,689 | 27.1% | - |
| Inspiration Works Sint-Genesius-Rode | €67,594 | €7,581 | 80.5% | - |
| KVMS Wervik | €66,365 | €7,327 | 68.8% | - |
| BUDGET-SMT Turnhout | €58,558 | €7,945 | 95.9% | - |
| JAILSNACK Beveren-Kruibeke-Zwijndrecht | €68,591 | €9,508 | 73.6% | - |
| PK Consult Vosselaar | €54,976 | €8,311 | 62.7% | - |
These companies have the same main activity as CBX: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €55,000 and €68,600, founded between 2011 and 2013.
CBX files the micro format. That format states no turnover. The gross margin fell from €19,803 in 2013 to €8,228 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €38,000. Estimated: probably between €18,000 and €76,000.
Higher than 55% of 39,368 companies in 2025.
Higher than 7% of 38,051 companies in 2025.
Higher than 12% of 38,523 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
66,677 | 79,152 | 160,096 | 154,043 | 117,914 | 118,094 | 106,270 | 90,738 | 87,923 | 33,730 | 15,877 | 8,589 | 20,478 | |
21/28 |
59,721 | 67,499 | 77,278 | 64,592 | 62,433 | 58,321 | 59,388 | 35,184 | 42,660 | 17,120 | 332 | 3,055 | 6,661 | |
21 |
- | - | - | - | 0 | 443 | 886 | - | - | - | - | - | - | |
22/27 |
59,021 | 66,799 | 76,553 | 63,867 | 61,708 | 57,154 | 58,478 | 35,159 | 42,635 | 17,095 | 307 | 3,030 | 6,636 | |
22 |
53,445 | 55,067 | 56,690 | 58,313 | 59,935 | 53,467 | 54,961 | 28,455 | 29,227 | - | - | - | - | |
24 |
5,576 | 11,731 | 19,863 | 5,555 | 1,772 | 3,686 | 3,517 | - | - | - | 307 | 614 | 1,804 | |
28 |
700 | 700 | 725 | 725 | 725 | 725 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | |
29/58 |
6,957 | 11,654 | 82,818 | 89,451 | 55,482 | 59,773 | 46,882 | 55,554 | 45,262 | 16,610 | 15,545 | 5,534 | 13,818 | |
40/41 |
1,045 | 4,468 | 56,668 | 24,264 | 20,141 | 20,790 | 11,830 | 39,638 | 20,593 | 2,754 | 45 | 244 | 7,369 | |
40 |
1,037 | 386 | 52,799 | 21,523 | 5,010 | 20,724 | 9,675 | 39,528 | 20,510 | 2,718 | - | - | 7,369 | |
41 |
8 | 4,082 | 3,869 | 2,741 | 15,131 | 66 | 2,156 | 110 | 83 | 36 | 45 | 244 | - | |
54/58 |
4,856 | 6,670 | 25,278 | 64,645 | 34,614 | 38,493 | 34,479 | 15,757 | 24,669 | 13,856 | 15,500 | 5,290 | 6,449 | |
490/1 |
1,055 | 516 | 872 | 542 | 727 | 490 | 572 | 160 | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
66,677 | 79,152 | 160,096 | 154,043 | 117,914 | 118,094 | 106,270 | 90,738 | 87,923 | 33,730 | 15,877 | 8,589 | 20,478 | |
10/15 |
40,283 | 43,625 | 74,705 | 84,154 | 49,744 | 51,943 | 43,368 | 32,377 | 21,146 | 8,027 | 4,101 | 2,743 | 11,612 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
11 |
- | - | - | - | - | 6,200 | - | - | - | - | - | - | - | |
1109/19 |
- | - | - | - | - | 6,200 | - | - | - | - | - | - | - | |
13 |
78,888 | 78,888 | 78,888 | 78,888 | 44,478 | 44,478 | 35,902 | 24,912 | 14,912 | 1,827 | 1,000 | 1,000 | 1,000 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,827 | 1,000 | 1,000 | 1,000 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
132 |
- | - | 6,837 | 6,837 | 6,837 | 6,837 | 6,837 | 6,837 | 6,837 | - | - | - | - | |
133 |
77,028 | 77,028 | 70,191 | 70,191 | 35,781 | 35,781 | 27,206 | 16,215 | 6,215 | - | - | - | - | |
14 |
-44,805 | -41,463 | -10,382 | -933 | -933 | 1,265 | 1,265 | 1,265 | 34 | 0 | -3,099 | -4,457 | 4,412 | |
17/49 |
26,395 | 35,528 | 85,391 | 69,889 | 68,170 | 66,151 | 62,902 | 58,361 | 66,777 | 25,703 | 11,775 | 5,847 | 8,867 | |
17 |
300 | 150 | - | - | - | 34,580 | 39,221 | 21,521 | 27,173 | 8,736 | - | 260 | 1,778 | |
170/4 |
- | - | - | - | - | 34,580 | 39,221 | 21,521 | 27,173 | 8,736 | - | 260 | 1,778 | |
178/9 |
300 | 150 | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
26,095 | 35,378 | 85,391 | 69,889 | 68,170 | 31,571 | 23,681 | 36,841 | 38,037 | 16,967 | 11,775 | 5,587 | 7,088 | |
42 |
- | - | - | 1,003 | 2,502 | 7,141 | 6,916 | 5,652 | 5,585 | 3,680 | 260 | 1,518 | 1,447 | |
44 |
16,643 | 9,137 | 15,134 | 2,303 | 4,296 | 1,503 | 4,957 | 14,340 | 697 | 897 | 189 | 1,336 | 181 | |
440/4 |
16,643 | 9,137 | 15,134 | 2,303 | 4,296 | 1,503 | 4,957 | 14,340 | 697 | 897 | 189 | 1,336 | 181 | |
45 |
2,878 | 140 | 24,623 | 19,021 | 9,256 | 15,004 | 6,941 | 11,139 | 8,726 | 3,275 | 1,407 | - | 4,346 | |
450/3 |
2,878 | 140 | 13,105 | 13,733 | 6,266 | 14,825 | 6,891 | 11,013 | 8,726 | 3,275 | 1,407 | - | 4,346 | |
454/9 |
- | - | 11,518 | 5,289 | 2,990 | 179 | 50 | 126 | - | - | - | - | - | |
47/48 |
6,574 | 26,101 | 45,633 | 47,560 | 52,115 | 7,924 | 4,868 | 5,710 | 23,029 | 9,116 | 9,919 | 2,733 | 1,113 | |
492/3 |
- | - | - | - | - | - | - | - | 1,567 | - | - | - | - | |
| Income statement | ||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | 9,663 | - | - | - | |
9900 |
8,228 | -11,440 | 18,799 | 80,623 | 55,742 | 60,473 | 44,957 | 43,253 | 38,067 | 14,445 | 4,591 | -3,468 | 19,803 | |
62 |
- | 8,010 | 19,885 | 19,211 | 18,616 | 15,964 | 15,628 | 17,237 | 4,405 | 420 | - | - | - | |
630 |
10,093 | 10,090 | 7,066 | 2,821 | 3,979 | 4,080 | 10,706 | 7,477 | 8,482 | 6,006 | 2,723 | 4,527 | 8,983 | |
640/8 |
1,166 | 919 | 919 | 683 | 115 | 1,685 | 517 | 235 | 4,757 | 2,533 | 182 | 608 | 1,437 | |
9901 |
-3,031 | -30,458 | -9,071 | 57,907 | 33,032 | 38,745 | 18,106 | 18,304 | 20,423 | 5,487 | 1,687 | -8,603 | 9,383 | |
75/76B |
0 | - | - | 120 | 9 | 16 | - | - | - | - | - | 4 | 4 | |
75 |
0 | - | - | 120 | 9 | 16 | - | - | - | - | - | 4 | 4 | |
65/66B |
135 | 125 | 247 | 156 | 34,980 | 26,436 | 2,226 | 1,093 | 472 | 308 | 328 | 257 | 796 | |
65 |
135 | 125 | 247 | 156 | 34,980 | 26,436 | 2,226 | 1,093 | 472 | 308 | 328 | 257 | 796 | |
9903 |
-3,166 | -30,584 | -9,318 | 57,871 | -1,939 | 12,325 | 15,881 | 17,211 | 19,951 | 5,179 | 1,359 | -8,856 | 8,591 | |
67/77 |
176 | 497 | 131 | 14,061 | 259 | 3,750 | 4,890 | 5,980 | 4,899 | 1,253 | - | 14 | 3,179 | |
9904 |
-3,342 | -31,081 | -9,449 | 43,810 | -2,199 | 8,575 | 10,991 | 11,231 | 15,052 | 3,926 | 1,359 | -8,869 | 5,412 | |
689 |
- | - | - | - | - | - | - | - | 6,837 | - | - | - | - | |
9905 |
-3,342 | -31,081 | -9,449 | 43,810 | -2,199 | 8,575 | 10,991 | 11,231 | 8,215 | 3,926 | 1,359 | -8,869 | 5,412 | |
| Appropriation of the result | ||||||||||||||
9906 |
-44,805 | -41,463 | -10,382 | 42,877 | -933 | 9,841 | 12,256 | 11,265 | 8,249 | 827 | -3,099 | -4,457 | 5,412 | |
14P |
-41,463 | -10,382 | -933 | -933 | 1,265 | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | 34,410 | - | 8,575 | 10,991 | 10,000 | 6,215 | 827 | - | - | 1,000 | |
6920 |
- | - | - | - | - | - | - | - | - | 827 | - | - | 1,000 | |
6921 |
- | - | - | 34,410 | - | 8,575 | 10,991 | 10,000 | 6,215 | - | - | - | - | |
694/7 |
- | - | - | 9,400 | - | - | - | - | 2,000 | - | - | - | - | |
695 |
- | - | - | 9,400 | - | - | - | - | 2,000 | - | - | - | - | |
| Social balance sheet | ||||||||||||||
9087 |
- | - | 1 | - | 1 | 0.5 | 0.5 | 0.5 | 0.2 | - | - | - | - | |
Hours worked1013 |
- | - | 881 | - | 888 | 766 | 847 | 960 | 402 | - | - | - | - | |
| Document | ||||||||||||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 24-08-2026.
2025 annual accounts filed 24 days after the deadline. Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00417321.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-08-2026 | 2026-00417321 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00279460 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00394878 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00360173 | |
| 31-12-2021 | micro format | 28-08-2022 | 2022-20329789 | |
| 31-12-2020 | micro format | 25-09-2021 | 2021-68300263 | |
| 31-12-2019 | micro format | 27-10-2020 | 2020-63200318 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-53600226 | |
| 31-12-2017 | micro format | 06-08-2018 | 2018-44200588 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51400319 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-55000577 | |
| 31-12-2014 | full format | 31-08-2015 | 2015-55900215 | |
| 31-12-2013 | full format | 29-08-2014 | 2014-53400251 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,062 | -20,368 | -2,006 | 60,729 | 37,011 | 42,825 | 28,812 | 25,781 | 28,905 | 11,492 | 4,410 | -4,076 | 18,366 | ||
| 6,751 | -20,991 | -2,383 | 46,631 | 1,781 | 12,655 | 21,697 | 18,708 | 23,534 | 9,932 | 4,081 | -4,342 | 14,395 | ||
| 2,315 | 599 | 19,751 | 4,981 | 35,000 | 3,013 | 34,910 | 0 | 34,022 | 23,251 | 0 | 921 | 15,644 | ||
| -1,814 | -18,608 | -39,367 | 30,032 | -3,880 | 4,014 | 18,723 | -8,913 | 10,813 | -1,644 | 10,210 | -1,158 | - | ||
| -19,138 | -23,724 | -2,572 | 19,562 | -12,688 | 28,201 | 23,200 | 18,714 | 7,225 | -357 | 3,769 | -52 | 6,729 | ||
| 60.4% | 55.1% | 46.7% | 54.6% | 42.2% | 44.0% | 40.8% | 35.7% | 24.1% | 23.8% | 25.8% | 31.9% | 56.7% | ||
| 0.27 | 0.33 | 0.97 | 1.28 | 0.81 | 1.89 | 1.98 | 1.51 | 1.19 | 0.98 | 1.32 | 0.99 | 1.95 | ||
| 0.66 | 0.81 | 1.14 | 0.83 | 1.37 | 1.27 | 1.45 | 1.80 | 3.16 | 3.20 | 2.87 | 2.13 | 0.76 | ||
| -8.3% | -71.2% | -12.6% | 52.1% | -4.4% | 16.5% | 25.3% | 34.7% | 71.2% | 48.9% | 33.1% | -323.4% | 46.6% | ||
| -5.0% | -39.3% | -5.9% | 28.4% | -1.9% | 7.3% | 10.3% | 12.4% | 17.1% | 11.6% | 8.6% | -103.3% | 26.4% | ||
| 52.31 | -162.43 | -8.13 | over 100 | 1.06 | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2024 | 31-12-2023 | 31-12-2021 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 |
| part-time | - | 1 | 1 |
| in full-time equivalents | - | 0.5 | 0.5 |
| - | 0.5 | 0.5 | |
| On a permanent contract | - | 1 | 1 |
| Joined | 0 | - | - |
| Left | 1 | - | - |
Source: social balance sheet in the 2021 to 2024 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,315 | €599 | €19,751 | €4,981 | €35,000 |
| €10,093 | €10,090 | €7,066 | €2,821 | €3,979 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €3,031, smaller than the loss of €30,458 in 2024.
Debt's share of the balance-sheet total falls from 44.9% to 39.6%. Equity and debt are lower.
CBX has no parent and no holdings in its annual accounts. Xavier Boumaza is the only director. CBX shares no director with another company.
| XAS
registered office since 20-03-2006 · founded in 2006 · negative equity (2025) |
total assets €461,724 (2025) 0879.445.451 |
| KBR International
registered office since 14-04-1999 · founded in 1999 |
total assets €97,862 (2025) 0465.278.811 |
| INTTRAD
registered office since 03-11-1988 |
founded in 1984 0426.455.847 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
CBX was incorporated on 1 March 2012.1 Xavier Boumaza is director of the company, appointed by deed of 26-02-2025.2 Total assets fell from €90,738 in 2018 to €66,677 in 2025 and headcount from 0.5 full-time equivalents in 2018 to 1 in 2023.3
| Establishment | Since | Unit number |
|---|---|---|
| Avenue Ernest Solvay 68 registered office 1310 La Hulpe | ||
| Joseph Jongenlaan 23 1180 Uccle | 07-03-2012 | 2.207.853.127 |
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25050E0036/00S003 | Wallonia | 446 m² | 1 · 59 m² | 12.0 m · 3 |
| 21616A0043/00W010 | Brussels | 288 m² | 1 · 87 m² | 13.2 m · 4 |
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