CDJ CONSULT
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 70 days after the deadline Filed on 9 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00552232.
Annual accounts 2025 filed on 09-10-2026 at the NBB all 16 filings
Turnover
≈ €150,000
Estimated: probably between €75,000 and €330,000
Total assets
€500,260▼ 12.3%
2024 · €570,720
Net result
-€5,320
2024 · €9,259
Working capital
€319,872▲ 0.8%
2024 · €317,293
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,098
2025
20182025
Net result
-€5,320
2025
lowest quarter of the sector
20182025
Equity
€381,052
▼ 1.4%
2025
middle half of the sector
20182025
Total assets
€500,260
▼ 12.3%
2025
middle half of the sector
20182025
Debt
€119,208
▼ 35.3%
2025
20182025
Working capital
€319,872
▲ 0.8%
2025
middle half of the sector
20182025
Solvency
76.2%
▲ 8.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.01
▲ 1.12
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-1.1%
▼ 2.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.08m-€0.02m-€0.07m-€0.06m▲ 11.7%-€0.08m▼ 30.8%€0.02m€0.02m▼ 1.8%-€0.001m
Net result-€0.09m-€0.02m-€0.03mbelow the sector's middle half-€0.004mbelow the sector's middle half▲ 86.8%-€0.09mbelow the sector's middle half▼ 2,323%€0.02mwithin the sector's middle half€0.009mwithin the sector's middle half▼ 41.2%-€0.005mbelow the sector's middle half
Equity€0.5m-€0.5m▲ 3.8%€0.5mwithin the sector's middle half▼ 5.6%€0.4mabove the sector's middle half▼ 0.8%€0.4mabove the sector's middle half▼ 19.1%€0.4mabove the sector's middle half▲ 4.4%€0.4mabove the sector's middle half▲ 2.5%€0.4mwithin the sector's middle half▼ 1.4%
Total assets€1.4m-€1.6m▲ 12.9%€0.9mwithin the sector's middle half▼ 45.4%€0.7mabove the sector's middle half▼ 18.4%€0.5mabove the sector's middle half▼ 24.5%€0.5mabove the sector's middle half▼ 1.5%€0.6mabove the sector's middle half▲ 8.9%€0.5mwithin the sector's middle half▼ 12.3%
Debt€0.9m-€1.1m▲ 17.3%€0.4m▼ 62.6%€0.3m▼ 37.7%€0.2m▼ 33.8%€0.1m▼ 13.8%€0.2m▲ 25.6%€0.1m▼ 35.3%
Working capital-€0.08m--€0.09m▼ 13.2%€0.4mabove the sector's middle half€0.4mabove the sector's middle half▼ 2.2%€0.3mabove the sector's middle half▼ 26.8%€0.3mabove the sector's middle half▲ 6.3%€0.3mabove the sector's middle half▼ 5.4%€0.3mwithin the sector's middle half▲ 0.8%
Solvency32.8%-30.2%▼ 2.6pp52.2%within the sector's middle half▲ 22.0pp63.4%above the sector's middle half▲ 11.3pp68.0%above the sector's middle half▲ 4.5pp72.0%above the sector's middle half▲ 4.0pp67.7%above the sector's middle half▼ 4.3pp76.2%above the sector's middle half▲ 8.5pp
Current ratio0.89-0.90▲ 0.012.07within the sector's middle half▲ 1.172.70within the sector's middle half▲ 0.632.86above the sector's middle half▲ 0.163.29above the sector's middle half▲ 0.432.89above the sector's middle half▼ 0.404.01above the sector's middle half▲ 1.12
Return on assets (ROA)-6.1%-1.1%▲ 7.2pp-3.1%below the sector's middle half▼ 4.2pp-0.5%within the sector's middle half▲ 2.6pp-16.1%below the sector's middle half▼ 15.6pp3.0%within the sector's middle half▲ 19.1pp1.6%within the sector's middle half▼ 1.4pp-1.1%below the sector's middle half▼ 2.7pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €1,098, after a profit of €20,253 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 €500,260
Fixed assets
€74,026 ▼ 13.3%
Current assets
€426,234 ▼ 12.2%
Equity and liabilities €500,260
Equity
€381,052 ▼ 1.4%
Debt
€119,208 ▼ 35.3%
Debt's share of the balance-sheet total falls from 32.3% to 23.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,692▼
2024 · €26,529
Cash flow
€7,470▼
2024 · €15,535
Quick ratio
3.89▲
2024 · 2.82
Debt to equity
0.31▼
2024 · 0.48
ROE
-1.4%▼
2024 · 2.4%
Interest coverage
1.77▼
2024 · 2.47
Debt ≤ 1 year
€106,362▼
2024 · €168,063
Debt > 1 year
€12,206▼
2024 · €16,038
Income taxes
€132▼
2024 · €300
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,405 | €28,457 | €2,313 | €50,053 | €1,451 |
| Financial fixed assets | €725 | €1,850 | - | - | - |
| Depreciation and write-downs of the year | €2,414 | €2,408 | €4,630 | €6,276 | €12,790 |
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 | - | - | - | €61,101 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,530 | €24,610 | €1,156 | €2,414 | €2,408 | €4,630 | €6,276 | €12,790 | ▲ 104% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €36,122 | - | - |
| Other operating charges640/8 | - | - | - | €5,225 | €3,847 | €4,480 | €9,209 | €2,814 | ▼ 69.4% |
| Non-recurring operating charges66A | - | - | - | - | €61,101 | - | - | - | - |
| Gross operating margin9900 | -€52,335 | €46,617 | -€56,168 | -€56,956 | -€17,121 | €29,741 | €71,860 | €14,506 | ▼ 79.8% |
| Operating profit (loss)9901 | -€76,017 | €18,863 | -€73,129 | -€64,595 | -€84,477 | €20,632 | €20,253 | -€1,098 | - |
| Financial income75/76B | - | - | - | €61,101 | €4,751 | €255 | €46 | €2,503 | ▲ 54× |
| Recurring financial income75 | €20,141 | €11,096 | €1 | €0 | €4,751 | €255 | €46 | €2,503 | ▲ 54× |
| Non-recurring financial income76B | - | - | - | €61,101 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €14,785 | €5,300 | €4,772 | €10,740 | €6,593 | ▼ 38.6% |
| Recurring financial charges65 | €30,087 | €11,773 | €28,416 | €14,785 | €5,300 | €4,772 | €10,740 | €6,593 | ▼ 38.6% |
| Profit (loss) for the period before taxes9903 | -€85,964 | €18,186 | -€26,484 | -€18,278 | -€85,027 | €16,115 | €9,559 | -€5,188 | - |
| Income taxes67/77 | - | €760 | €119 | -€14,754 | €364 | €363 | €300 | €132 | ▼ 56.1% |
| Profit (loss) for the period9904 | -€85,964 | €17,426 | -€26,603 | -€3,524 | -€85,391 | €15,751 | €9,259 | -€5,320 | - |
| Profit (loss) for the period to be appropriated9905 | -€85,964 | €17,426 | -€26,603 | -€3,524 | -€85,391 | €15,751 | €9,259 | -€5,320 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.6m | €0.9m | €0.7m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 12.3% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.01m | €0.02m | €0.05m | €0.04m | €0.09m | €0.07m | ▼ 13.3% |
| Intangible fixed assets21 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 16.7% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.007m | €0.02m | €0.04m | €0.04m | €0.08m | €0.07m | ▼ 13.2% |
| Land and buildings22 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €148 | ▼ 74.6% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.002m | €0.003m | €0.006m | €0.005m | ▼ 16.6% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.008m | €0.007m | €0.05m | €0.04m | ▼ 16.2% |
| Assets under construction and advance payments27 | - | - | - | €0.005m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 5.7% |
| Financial fixed assets28 | - | - | - | €0.001m | €0.002m | - | - | - | - |
| Current assets29/58 | €0.6m | €0.8m | €0.9m | €0.7m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 12.2% |
| Stocks and contracts in progress3 | - | - | €0.03m | €0.04m | €0.05m | €0.05m | €0.01m | €0.01m | = |
| Stocks30/36 | - | - | - | €0.04m | €0.05m | €0.05m | €0.01m | €0.01m | = |
| Amounts receivable within one year40/41 | €0.4m | €0.6m | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 13.1% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.01m | €0.08m | €0.02m | ▼ 68.9% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 0.6% |
| Current investments50/53 | €0.03m | €0.03m | €0.03m | €0.03m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.4m | €0.2m | €0.1m | €0.1m | €0.06m | €0.05m | ▼ 7.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €0.001m | ▼ 29.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.6m | €0.9m | €0.7m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 12.3% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.4% |
| Contributions10/11 | €0.3m | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Contributions outside capital11 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Other1109/19 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.02m | €0.04m | €0.01m | €0.009m | -€0.08m | -€0.06m | -€0.05m | -€0.06m | ▼ 10.4% |
| Amounts payable17/49 | €0.9m | €1.1m | €0.4m | €0.3m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 35.3% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | - | - | - | - | €0.02m | €0.01m | ▼ 23.9% |
| Financial debts170/4 | - | - | - | - | - | - | €0.02m | €0.01m | ▼ 23.9% |
| Amounts payable within one year42/48 | €0.7m | €0.9m | €0.4m | €0.3m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 36.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.004m | €0.004m | ▲ 4.6% |
| Trade debts44 | €0.2m | €0.05m | €0.06m | €0.07m | €0.07m | €0.06m | €0.07m | €0.007m | ▼ 89.7% |
| Suppliers440/4 | - | - | - | €0.07m | €0.07m | €0.06m | €0.07m | €0.007m | ▼ 89.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.008m | €0.001m | €0.005m | €0.005m | ▲ 3.3% |
| Taxes450/3 | - | - | - | €0.01m | €0.008m | €0.001m | €0.005m | €0.005m | ▲ 3.3% |
| Remuneration and social security454/9 | - | - | - | €0.006m | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.1m | €0.08m | €0.09m | €0.09m | ▼ 3.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €165 | €47 | €247 | €0.001m | ▲ 159% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€85,964 | €17,426 | -€26,603 | -€3,524 | -€85,391 | €15,751 | €9,259 | -€5,320 | - |
| + Depreciation and write-downs630 | €20,530 | €24,610 | €1,156 | €2,414 | €2,408 | €4,630 | €6,276 | €12,790 | ▲ 104% |
| Operating cash flow (approximation) | -€65,434 | €42,036 | -€25,447 | -€1,110 | -€82,983 | €20,381 | €15,535 | €7,470 | ▼ 51.9% |
| Investment in fixed assets (approximation) | - | -€14,384 | €760,376 | -€11,130 | -€29,648 | -€463 | -€50,053 | -€1,451 | ▲ 97.1% |
| Change in cash | - | -€57,334 | €240,860 | -€157,656 | -€137,897 | €7,513 | -€59,953 | -€4,582 | ▲ 92.4% |
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, 2,686 companies had the same profile as CDJ CONSULT has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CDJ CONSULT itself: 0.4% 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 2,686 companies, not a prediction for CDJ CONSULT. 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 | abbreviated format | 09-10-2026 | 2026-00552232 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00509602 | |
| 31-12-2023 | micro format | 27-09-2024 | 2024-00497716 | |
| 31-12-2022 | micro format | 07-10-2023 | 2023-00478040 | |
| 31-12-2021 | micro format | 10-10-2022 | 2022-20459036 | |
| 31-12-2020 | abbreviated format | 28-10-2021 | 2021-74600431 | |
| 31-12-2019 | abbreviated format | 04-11-2020 | 2020-68600384 | |
| 31-12-2018 | abbreviated format | 06-10-2019 | 2019-68700346 | |
| 31-12-2017 | abbreviated format | 26-09-2018 | 2018-65800041 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-37300031 |