CDBV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-04-2026 PDF all 11 filings
Turnover
≈ €1.1m
Estimated: probably between €760,000 and €1.6m
EBIT margin
Not included in this filing
Net result
€148,939▲ 12.5%
2024 · €132,360
Working capital
-€1.1m▼ 16.8%
2024 · -€908,018
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€238,310
▲ 6.6%
2025
20182025
Net result
€148,939
▲ 12.5%
2025
highest quarter of the sector
20182025
Equity
€20,460
▼ 10.9%
2025
middle half of the sector
20182025
Total assets
€3.1m
▲ 6.8%
2025
highest quarter of the sector
20182025
Debt
€3.1m
▲ 7.0%
2025
20182025
Working capital
-€1.1m
▼ 16.8%
2025
lowest quarter of the sector
20182025
Solvency
0.7%
▼ 0.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.28
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.7%
▲ 0.2pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▲ 100%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.3m▲ 0.6%€0.5m▲ 35.5%€0.09m▼ 80.9%€0.2m▲ 92.3%€0.2m▲ 18.2%€0.2m▲ 10.4%€0.2m▲ 6.6%
Net result€0.2m-€0.3m▲ 12.3%€0.4mabove the sector's middle half▲ 35.7%€0.05mwithin the sector's middle half▼ 87.0%€0.1mwithin the sector's middle half▲ 177%€0.2mwithin the sector's middle half▲ 13.6%€0.1mwithin the sector's middle half▼ 12.7%€0.1mabove the sector's middle half▲ 12.5%
Equity€0.2m-€0.4m▲ 155%€0.4mwithin the sector's middle half▲ 0.1%€0.7mwithin the sector's middle half▲ 48.7%€0.4mwithin the sector's middle half▼ 47.4%€0.4mwithin the sector's middle half=€0.02mbelow the sector's middle half▼ 93.5%€0.02mwithin the sector's middle half▼ 10.9%
Total assets€0.9m-€1.5m▲ 68.3%€2.2mwithin the sector's middle half▲ 45.5%€2.8mwithin the sector's middle half▲ 31.0%€3.4mwithin the sector's middle half▲ 21.9%€3.2mwithin the sector's middle half▼ 8.2%€2.9mwithin the sector's middle half▼ 7.2%€3.1mabove the sector's middle half▲ 6.8%
Debt€0.7m-€1.0m▲ 46.7%€1.7m▲ 65.0%€2.2m▲ 26.3%€3.1m▲ 43.3%€2.8m▼ 9.1%€2.9m▲ 3.5%€3.1m▲ 7.0%
Working capital-€0.08m-€0.2m-€0.009mwithin the sector's middle half€0.2mwithin the sector's middle half-€0.4mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 34.4%-€0.9mbelow the sector's middle half▼ 84.4%-€1.1mbelow the sector's middle half▼ 16.8%
Solvency19.9%-30.2%▲ 10.3pp20.8%within the sector's middle half▼ 9.4pp23.6%within the sector's middle half▲ 2.8pp10.2%below the sector's middle half▼ 13.4pp11.1%below the sector's middle half▲ 0.9pp0.8%below the sector's middle half▼ 10.3pp0.7%below the sector's middle half▼ 0.1pp
Current ratio0.75-1.69▲ 0.950.98within the sector's middle half▼ 0.711.79within the sector's middle half▲ 0.800.60below the sector's middle half▼ 1.190.44below the sector's middle half▼ 0.150.30below the sector's middle half▼ 0.140.28below the sector's middle half▼ 0.03
Return on assets (ROA)27.5%-18.3%▼ 9.2pp17.1%above the sector's middle half▼ 1.2pp1.7%within the sector's middle half▼ 15.4pp3.9%within the sector's middle half▲ 2.2pp4.8%within the sector's middle half▲ 0.9pp4.5%within the sector's middle half▼ 0.3pp4.7%within the sector's middle half▲ 0.2pp
Staff (FTE)0.5-0.5=0.5below the sector's middle half=0.8below the sector's middle half▲ 60.0%0.6below the sector's middle half▼ 25.0%0.5below the sector's middle half▼ 16.7%0.5below the sector's middle half=1▲ 100%
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 7% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets
€2.7m ▲ 7.4%
Current assets
€402,789 ▲ 3.1%
Equity and liabilities €3.1m
Equity
€20,460 ▼ 10.9%
Debt
€3.1m ▲ 7.0%
Debt's share of the balance-sheet total rises from 99.2% to 99.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€506,574▲
2024 · €492,883
Cash flow
€417,202▲
2024 · €401,643
ROE
728.0%▲
2024 · 576.7%
Interest coverage
14.71▼
2024 · 16.55
Debt ≤ 1 year
€1.5m▲
2024 · €1.3m
Debt > 1 year
€1.7m▲
2024 · €1.6m
Income taxes
€56,767▼
2024 · €66,721
Staff costs
€36,067▼
2024 · €36,509
A ratio outside any meaningful range has been withheld (balance sheet total €3.1m, equity €20,460).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 | 1 |
| part-time | 2 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.8 | 0.6 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 2 | 1 | 1 | 1 | 1 |
| Joined | 1 | 0 | - | - | - |
| Left | 0 | 1 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €817,982 | €833,247 | €136,093 | €40,351 | €456,840 |
| Depreciation and write-downs of the year | €134,826 | €232,066 | €267,196 | €269,283 | €268,264 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €14,278 | €55,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €37,568 | €31,367 | €36,291 | €36,509 | €36,067 | ▼ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €133,953 | €154,211 | €110,928 | €134,826 | €232,066 | €267,196 | €269,283 | €268,264 | ▼ 0.4% |
| Other operating charges640/8 | - | - | - | €1,127 | €2,240 | €2,552 | €10,410 | €1,220 | ▼ 88.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,901 | - | - |
| Gross operating margin9900 | €498,690 | €522,359 | €603,176 | €262,660 | €437,089 | €508,613 | €541,703 | €543,860 | ▲ 0.4% |
| Operating profit (loss)9901 | €342,030 | €344,168 | €466,321 | €89,139 | €171,416 | €202,574 | €223,600 | €238,310 | ▲ 6.6% |
| Financial income75/76B | - | - | - | €526 | €3 | €3,589 | €5,269 | €1,824 | ▼ 65.4% |
| Recurring financial income75 | €980 | €3,874 | €20 | €526 | €3 | €3,589 | €5,269 | €1,824 | ▼ 65.4% |
| Financial charges65/66B | - | - | - | €32,913 | €37,882 | €30,575 | €29,787 | €34,429 | ▲ 15.6% |
| Recurring financial charges65 | €8,487 | €14,985 | €20,197 | €32,913 | €37,882 | €30,575 | €29,787 | €34,429 | ▲ 15.6% |
| Profit (loss) for the period before taxes9903 | €334,523 | €333,057 | €446,144 | €56,752 | €133,537 | €175,589 | €199,082 | €205,706 | ▲ 3.3% |
| Income taxes67/77 | €92,032 | €60,830 | €76,717 | €8,548 | - | €23,916 | €66,721 | €56,767 | ▼ 14.9% |
| Profit (loss) for the period9904 | €242,490 | €272,227 | €369,426 | €48,204 | €133,537 | €151,673 | €132,360 | €148,939 | ▲ 12.5% |
| Profit (loss) for the period to be appropriated9905 | €242,490 | €272,227 | €369,426 | €48,204 | €133,537 | €151,673 | €132,360 | €148,939 | ▲ 12.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €1.5m | €2.2m | €2.8m | €3.4m | €3.2m | €2.9m | €3.1m | ▲ 6.8% |
| Fixed assets21/28 | €0.6m | €1.1m | €1.6m | €2.3m | €2.9m | €2.8m | €2.5m | €2.7m | ▲ 7.4% |
| Tangible fixed assets22/27 | €0.6m | €1.1m | €1.6m | €2.3m | €2.9m | €2.8m | €2.5m | €2.7m | ▲ 7.4% |
| Land and buildings22 | - | - | - | €1.7m | €2.0m | €1.9m | €1.9m | €2.1m | ▲ 15.0% |
| Plant, machinery and equipment23 | - | - | - | €0.5m | €0.9m | €0.7m | €0.6m | €0.5m | ▼ 14.2% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.1m | €0.08m | €0.08m | ▼ 2.2% |
| Financial fixed assets28 | €350 | €350 | €350 | €350 | €350 | €350 | €350 | €50 | ▼ 85.7% |
| Current assets29/58 | €0.2m | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▲ 3.1% |
| Amounts receivable within one year40/41 | - | €0.007m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.08m | ▼ 52.1% |
| Trade receivables40 | - | - | - | €0.01m | €0.1m | €0.2m | €0.2m | - | - |
| Other amounts receivable41 | - | - | - | €0.1m | - | - | - | €0.08m | - |
| Cash at bank and in hand54/58 | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.2m | €0.2m | €0.3m | ▲ 51.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 21.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €1.5m | €2.2m | €2.8m | €3.4m | €3.2m | €2.9m | €3.1m | ▲ 6.8% |
| Equity10/15 | €0.2m | €0.4m | €0.4m | €0.7m | €0.4m | €0.4m | €0.02m | €0.02m | ▼ 10.9% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Other1109/19 | - | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.3m | €0.001m | €0.001m | €0.002m | - | - |
| Amounts payable17/49 | €0.7m | €1.0m | €1.7m | €2.2m | €3.1m | €2.8m | €2.9m | €3.1m | ▲ 7.0% |
| Amounts payable after more than one year17 | €0.4m | €0.8m | €1.2m | €1.9m | €2.2m | €1.9m | €1.6m | €1.7m | ▲ 2.4% |
| Financial debts170/4 | - | - | - | €1.9m | €2.2m | €1.9m | €1.6m | €1.7m | ▲ 2.4% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.5m | €0.3m | €0.9m | €0.9m | €1.3m | €1.5m | ▲ 12.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 39.8% |
| Trade debts44 | €0.005m | - | €0.07m | €0.08m | €0.05m | €0.03m | €0.02m | €0.06m | ▲ 125% |
| Suppliers440/4 | - | - | - | €0.07m | €0.04m | €0.03m | €0.02m | €0.06m | ▲ 125% |
| Bills of exchange payable441 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.2m | €0.08m | €0.2m | €0.09m | ▼ 47.4% |
| Taxes450/3 | - | - | - | €0.003m | €0.2m | €0.08m | €0.2m | €0.08m | ▼ 47.3% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.005m | €0.005m | €0.005m | €0.002m | ▼ 51.8% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.4m | €0.4m | €0.8m | €0.9m | ▲ 10.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.002m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €242,490 | €272,227 | €369,426 | €48,204 | €133,537 | €151,673 | €132,360 | €148,939 | ▲ 12.5% |
| + Depreciation and write-downs630 | €133,953 | €154,211 | €110,928 | €134,826 | €232,066 | €267,196 | €269,283 | €268,264 | ▼ 0.4% |
| Operating cash flow (approximation) | €376,443 | €426,438 | €480,354 | €183,030 | €365,603 | €418,869 | €401,643 | €417,202 | ▲ 3.9% |
| Investment in fixed assets (approximation) | - | -€627,781 | -€629,351 | -€812,311 | -€833,247 | -€136,093 | -€38,450 | -€456,540 | ▼ 1,087% |
| Change in cash | - | €122,156 | €44,414 | -€9,150 | -€780 | -€204,817 | €9,995 | €104,937 | ▲ 950% |
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, 1,375 companies had the same profile as CDBV has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CDBV itself is lower: 0.1% within 12 months. It rests on far more data about CDBV 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 1,375 companies, not a prediction for CDBV. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-04-2026 | 2026-00085906 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00445974 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00420080 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00396314 | |
| 31-12-2021 | full format | 01-08-2022 | 2022-20254498 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-64600517 | |
| 31-12-2019 | micro format | 14-09-2020 | 2020-53100175 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-48900393 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-55900593 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48700374 |