CD - X
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00026996.
Annual accounts 2025 filed on 02-02-2026 PDF all 22 filings
Turnover
≈ €370,000
Estimated: probably between €280,000 and €740,000
Total assets
€1.3m▲ 2.7%
2024 · €1.2m
Net result
€71,501▲ 1.6%
2024 · €70,361
Working capital
€164,692▲ 612%
2024 · €23,124
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€140,172
▼ 3.3%
2025
20192025
Net result
€71,501
▲ 1.6%
2025
middle half of the sector
20192025
Equity
€783,586
▲ 10.0%
2025
highest quarter of the sector
20192025
Total assets
€1.3m
▲ 2.7%
2025
middle half of the sector
20192025
Debt
€491,071
▼ 7.2%
2025
20192025
Working capital
€164,692
▲ 612%
2025
middle half of the sector
20192025
Solvency
61.5%
▲ 4.1pp
2025
middle half of the sector
20192025
Current ratio
1.39
▲ 0.34
2025
middle half of the sector
20192025
Return on assets (ROA)
5.6%
▼ 0.1pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.1m▼ 57.4%€0.2m▲ 62.2%€0.2m▲ 20.4%€0.2m▼ 8.7%€0.1m▼ 19.2%€0.1m▼ 3.3%
Net result€0.07m-€0.06mwithin the sector's middle half▼ 13.9%€0.1mabove the sector's middle half▲ 90.2%€0.1mabove the sector's middle half▲ 10.9%€0.09mwithin the sector's middle half▼ 21.8%€0.07mwithin the sector's middle half▼ 25.7%€0.07mwithin the sector's middle half▲ 1.6%
Equity€1.1m-€1.1mabove the sector's middle half▲ 5.3%€0.7mwithin the sector's middle half▼ 41.8%€0.8mabove the sector's middle half▲ 18.2%€0.9mabove the sector's middle half▲ 12.0%€0.7mwithin the sector's middle half▼ 19.3%€0.8mabove the sector's middle half▲ 10.0%
Total assets€1.5m-€1.6mabove the sector's middle half▲ 4.3%€1.2mwithin the sector's middle half▼ 25.7%€1.3mwithin the sector's middle half▲ 12.0%€1.4mwithin the sector's middle half▲ 8.2%€1.2mwithin the sector's middle half▼ 14.0%€1.3mwithin the sector's middle half▲ 2.7%
Debt€0.4m-€0.5m▲ 1.9%€0.5m▲ 14.7%€0.5m▲ 4.1%€0.6m▲ 2.6%€0.5m▼ 5.6%€0.5m▼ 7.2%
Working capital€0.1m-€0.2mwithin the sector's middle half▲ 86.4%-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 49.1%€0.2mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 86.5%€0.2mwithin the sector's middle half▲ 612%
Solvency70.8%-71.4%above the sector's middle half▲ 0.7pp55.9%within the sector's middle half▼ 15.5pp59.0%within the sector's middle half▲ 3.1pp61.1%within the sector's middle half▲ 2.1pp57.4%within the sector's middle half▼ 3.8pp61.5%within the sector's middle half▲ 4.1pp
Current ratio1.30-1.55within the sector's middle half▲ 0.250.53below the sector's middle half▼ 1.020.78below the sector's middle half▲ 0.241.32within the sector's middle half▲ 0.541.05within the sector's middle half▼ 0.281.39within the sector's middle half▲ 0.34
Return on assets (ROA)4.3%-3.6%within the sector's middle half▼ 0.8pp9.2%within the sector's middle half▲ 5.6pp9.1%within the sector's middle half▼ 0.1pp6.6%within the sector's middle half▼ 2.5pp5.7%within the sector's middle half▼ 0.9pp5.6%within the sector's middle half▼ 0.1pp
Staff (FTE)0below the sector's middle half
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 3% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €1.3m
Fixed assets
€682,747 ▼ 5.3%
Current assets
€591,910 ▲ 13.8%
Equity and liabilities €1.3m
Equity
€783,586 ▲ 10.0%
Debt
€491,071 ▼ 7.2%
Debt's share of the balance-sheet total falls from 42.6% to 38.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€195,246▼
2024 · €198,250
Cash flow
€126,575▲
2024 · €123,719
Debt to equity
0.63▼
2024 · 0.74
ROE
9.1%▼
2024 · 9.9%
Interest coverage
5.32▲
2024 · 4.55
Debt ≤ 1 year
€427,218▼
2024 · €497,181
Income taxes
€32,149▲
2024 · €31,243
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €65,843 | €3,200 | €35,863 | €16,906 |
| Depreciation and write-downs of the year | €71,313 | €53,412 | €53,358 | €55,074 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €16,311 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €71,787 | €69,149 | €55,335 | €71,313 | €53,412 | €53,358 | €55,074 | ▲ 3.2% |
| Other operating charges640/8 | - | - | - | €6,717 | €29,514 | €6,477 | €6,326 | ▼ 2.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | - | - |
| Gross operating margin9900 | €320,094 | €176,581 | €226,476 | €274,405 | €262,254 | €204,727 | €201,572 | ▼ 1.5% |
| Operating profit (loss)9901 | €236,327 | €100,558 | €163,109 | €196,374 | €179,328 | €144,893 | €140,172 | ▼ 3.3% |
| Financial income75/76B | - | - | - | €0 | €0 | €273 | €149 | ▼ 45.2% |
| Recurring financial income75 | €134 | €21 | €7,618 | €0 | €0 | €273 | €149 | ▼ 45.2% |
| Financial charges65/66B | - | - | - | €20,616 | €39,224 | €43,561 | €36,672 | ▼ 15.8% |
| Recurring financial charges65 | €136,455 | €16,788 | €18,699 | €20,616 | €35,626 | €43,561 | €36,672 | ▼ 15.8% |
| Non-recurring financial charges66B | - | - | - | - | €3,598 | - | - | - |
| Profit (loss) for the period before taxes9903 | €100,007 | €83,791 | €152,028 | €175,758 | €140,104 | €101,604 | €103,649 | ▲ 2.0% |
| Income taxes67/77 | €33,408 | €26,435 | €42,914 | €54,711 | €45,433 | €31,243 | €32,149 | ▲ 2.9% |
| Profit (loss) for the period9904 | €66,599 | €57,356 | €109,114 | €121,047 | €94,671 | €70,361 | €71,501 | ▲ 1.6% |
| Profit (loss) for the period to be appropriated9905 | €66,599 | €57,356 | €109,114 | €121,047 | €94,671 | €70,361 | €71,501 | ▲ 1.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.6m | €1.2m | €1.3m | €1.4m | €1.2m | €1.3m | ▲ 2.7% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.9m | €0.7m | €0.7m | €0.7m | ▼ 5.3% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.9m | €0.9m | €0.7m | €0.7m | €0.7m | ▼ 5.3% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.6m | €0.6m | ▼ 5.3% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.007m | €0.004m | ▼ 47.6% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.04m | €0.03m | €0.02m | ▼ 6.4% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.03m | €0.07m | €0.07m | = |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €0.6m | €0.7m | €0.3m | €0.4m | €0.7m | €0.5m | €0.6m | ▲ 13.8% |
| Amounts receivable within one year40/41 | €0.1m | €0.08m | €0.2m | €0.1m | €0.3m | €0.2m | €0.05m | ▼ 76.3% |
| Trade receivables40 | - | - | - | €0.1m | €0.3m | €0.2m | €0.03m | ▼ 83.9% |
| Other amounts receivable41 | - | - | - | - | €0.007m | €0.02m | €0.02m | ▼ 1.4% |
| Cash at bank and in hand54/58 | €0.4m | €0.6m | €0.04m | €0.3m | €0.4m | €0.3m | €0.5m | ▲ 72.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | €0.002m | €0.005m | ▲ 144% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.6m | €1.2m | €1.3m | €1.4m | €1.2m | €1.3m | ▲ 2.7% |
| Equity10/15 | €1.1m | €1.1m | €0.7m | €0.8m | €0.9m | €0.7m | €0.8m | ▲ 10.0% |
| Contributions10/11 | €0.6m | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Reserves13 | €0.5m | €0.5m | €0.7m | €0.8m | €0.9m | €0.7m | €0.8m | ▲ 10.1% |
| Distributable reserves133 | - | - | - | €0.8m | €0.9m | €0.7m | €0.8m | ▲ 10.1% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 7.2% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 14.1% |
| Trade debts44 | €0.006m | €0.004m | €0.005m | €0.005m | €0.004m | €0.005m | €0.02m | ▲ 194% |
| Suppliers440/4 | - | - | - | €0.005m | €0.004m | €0.005m | €0.02m | ▲ 194% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.06m | €0.05m | €0.02m | ▼ 54.1% |
| Taxes450/3 | - | - | - | €0.04m | €0.06m | €0.05m | €0.02m | ▼ 54.1% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 12.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.03m | €0.03m | €0.06m | ▲ 99.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,599 | €57,356 | €109,114 | €121,047 | €94,671 | €70,361 | €71,501 | ▲ 1.6% |
| + Depreciation and write-downs630 | €71,787 | €69,149 | €55,335 | €71,313 | €53,412 | €53,358 | €55,074 | ▲ 3.2% |
| Operating cash flow (approximation) | €138,386 | €126,505 | €164,449 | €192,361 | €148,083 | €123,719 | €126,575 | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | -€18,012 | -€66,509 | -€65,843 | €132,182 | -€35,863 | -€16,906 | ▲ 52.9% |
| Change in cash | - | €176,898 | -€563,143 | €216,872 | €172,070 | -€113,379 | €226,184 | - |
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, 20,136 companies had the same profile as CD - X has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of CD - X 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 20,136 companies, not a prediction for CD - X. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 02-02-2026 | 2026-00026996 | |
| 30-06-2024 | abbreviated format | 27-02-2025 | 2025-00040108 | |
| 30-06-2023 | abbreviated format | 31-01-2024 | 2024-00021792 | |
| 30-06-2022 | abbreviated format | 07-02-2023 | 2023-00024097 | |
| 30-06-2021 | abbreviated format | 24-02-2022 | 2022-06300042 | |
| 30-06-2020 | abbreviated format | 26-02-2021 | 2021-06300205 | |
| 30-06-2019 | abbreviated format | 25-02-2020 | 2020-05600085 | |
| 30-06-2018 | abbreviated format | 08-02-2019 | 2019-04700544 | |
| 30-06-2017 | abbreviated format | 21-12-2017 | 2017-72800249 | |
| 30-06-2016 | abbreviated format | 07-02-2017 | 2017-04000392 |