CDL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 21 filings
Turnover
≈ €70,000
Estimated: probably between €50,000 and €94,000
Total assets
€99,187▲ 7.9%
2024 · €91,931
Net result
€11,895▼ 45.1%
2024 · €21,672
Working capital
€33,794▼ 40.0%
2024 · €56,357
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,677
▼ 41.1%
2025
20182025
Net result
€11,895
▼ 45.1%
2025
lowest quarter of the sector
20182025
Equity
€72,439
▲ 19.6%
2025
middle half of the sector
20182025
Total assets
€99,187
▲ 7.9%
2025
middle half of the sector
20182025
Debt
€26,748
▼ 14.8%
2025
20182025
Working capital
€33,794
▼ 40.0%
2025
middle half of the sector
20182025
Solvency
73.0%
▲ 7.2pp
2025
middle half of the sector
20182025
Current ratio
2.26
▼ 0.53
2025
middle half of the sector
20182025
Return on assets (ROA)
12.0%
▼ 11.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,159-€6,154▼ 56.5%-€875-€5,042▼ 476%-€5,334▼ 5.8%€2,922€33,412▲ 11×€19,677▼ 41.1%
Net result€7,480-€2,457▼ 67.2%-€1,605below the sector's middle half-€5,709below the sector's middle half▼ 256%-€6,112below the sector's middle half▼ 7.1%€524below the sector's middle half€21,672within the sector's middle half▲ 41×€11,895below the sector's middle half▼ 45.1%
Equity€49,317-€51,774▲ 5.0%€50,169within the sector's middle half▼ 3.1%€44,460within the sector's middle half▼ 11.4%€38,348within the sector's middle half▼ 13.7%€38,872within the sector's middle half▲ 1.4%€60,544within the sector's middle half▲ 55.8%€72,439within the sector's middle half▲ 19.6%
Total assets€62,109-€70,946▲ 14.2%€90,315below the sector's middle half▲ 27.3%€80,084below the sector's middle half▼ 11.3%€77,943below the sector's middle half▼ 2.7%€69,774below the sector's middle half▼ 10.5%€91,931within the sector's middle half▲ 31.8%€99,187within the sector's middle half▲ 7.9%
Debt€12,791-€19,172▲ 49.9%€40,146▲ 109%€35,624▼ 11.3%€39,595▲ 11.1%€30,902▼ 22.0%€31,386▲ 1.6%€26,748▼ 14.8%
Working capital€42,067-€17,900▼ 57.4%-€2,225below the sector's middle half€8,904below the sector's middle half€19,971within the sector's middle half▲ 124%€27,590within the sector's middle half▲ 38.2%€56,357within the sector's middle half▲ 104%€33,794within the sector's middle half▼ 40.0%
Solvency79.4%-73.0%▼ 6.4pp55.5%within the sector's middle half▼ 17.4pp55.5%within the sector's middle half=49.2%within the sector's middle half▼ 6.3pp55.7%within the sector's middle half▲ 6.5pp65.9%within the sector's middle half▲ 10.1pp73.0%within the sector's middle half▲ 7.2pp
Current ratio4.29-1.93▼ 2.360.94below the sector's middle half▼ 0.991.25within the sector's middle half▲ 0.311.50within the sector's middle half▲ 0.251.89within the sector's middle half▲ 0.392.80within the sector's middle half▲ 0.902.26within the sector's middle half▼ 0.53
Return on assets (ROA)12.0%-3.5%▼ 8.6pp-1.8%below the sector's middle half▼ 5.2pp-7.1%below the sector's middle half▼ 5.4pp-7.8%below the sector's middle half▼ 0.7pp0.8%below the sector's middle half▲ 8.6pp23.6%within the sector's middle half▲ 22.8pp12.0%within the sector's middle half▼ 11.6pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 41% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €99,187
Fixed assets
€38,645 ▲ 823%
Current assets
€60,541 ▼ 31.0%
Equity and liabilities €99,187
Equity
€72,439 ▲ 19.6%
Debt
€26,748 ▼ 14.8%
Debt's share of the balance-sheet total falls from 34.1% to 27.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,313▼
2024 · €40,507
Cash flow
€18,531▼
2024 · €28,767
Debt to equity
0.37▼
2024 · 0.52
ROE
16.4%▼
2024 · 35.8%
Interest coverage
97.33▼
2024 · over 100
Debt ≤ 1 year
€26,748▼
2024 · €31,386
Income taxes
€7,632▼
2024 · €11,751
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 | - | - | - | - | €41,094 |
| Depreciation and write-downs of the year | €17,178 | €17,178 | €7,095 | €7,095 | €6,636 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,625 | €13,708 | €16,616 | €17,178 | €17,178 | €7,095 | €7,095 | €6,636 | ▼ 6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €1,355 | - | - |
| Other operating charges640/8 | - | - | - | €942 | €988 | €1,017 | €1,055 | €2,102 | ▲ 99.3% |
| Gross operating margin9900 | €18,908 | €21,575 | €19,399 | €13,078 | €12,833 | €11,034 | €42,917 | €28,415 | ▼ 33.8% |
| Operating profit (loss)9901 | €14,159 | €6,154 | -€875 | -€5,042 | -€5,334 | €2,922 | €33,412 | €19,677 | ▼ 41.1% |
| Financial income75/76B | - | - | - | €340 | €1 | €4 | €290 | €120 | ▼ 58.7% |
| Recurring financial income75 | €0 | - | - | €340 | €1 | €4 | €290 | €120 | ▼ 58.7% |
| Financial charges65/66B | - | - | - | €337 | €556 | €104 | €279 | €270 | ▼ 3.0% |
| Recurring financial charges65 | €143 | €122 | €159 | €337 | €556 | €104 | €279 | €270 | ▼ 3.0% |
| Profit (loss) for the period before taxes9903 | €14,017 | €6,031 | -€1,034 | -€5,039 | -€5,889 | €2,822 | €33,423 | €19,526 | ▼ 41.6% |
| Income taxes67/77 | €6,537 | €3,574 | €572 | €670 | €223 | €2,298 | €11,751 | €7,632 | ▼ 35.1% |
| Profit (loss) for the period9904 | €7,480 | €2,457 | -€1,605 | -€5,709 | -€6,112 | €524 | €21,672 | €11,895 | ▼ 45.1% |
| Profit (loss) for the period to be appropriated9905 | €7,480 | €2,457 | -€1,605 | -€5,709 | -€6,112 | €524 | €21,672 | €11,895 | ▼ 45.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €62,109 | €70,946 | €90,315 | €80,084 | €77,943 | €69,774 | €91,931 | €99,187 | ▲ 7.9% |
| Fixed assets21/28 | €7,250 | €33,874 | €52,734 | €35,556 | €18,377 | €11,282 | €4,187 | €38,645 | ▲ 823% |
| Tangible fixed assets22/27 | €7,250 | €33,874 | €52,734 | €35,556 | €18,377 | €11,282 | €4,187 | €38,645 | ▲ 823% |
| Furniture and vehicles24 | - | - | - | €35,556 | €18,377 | €11,282 | €4,187 | €38,645 | ▲ 823% |
| Current assets29/58 | €54,859 | €37,071 | €37,581 | €44,529 | €59,566 | €58,492 | €87,743 | €60,541 | ▼ 31.0% |
| Amounts receivable within one year40/41 | €29,024 | €21,568 | €27,679 | €12,781 | €22,788 | €41,366 | €34,003 | €49,129 | ▲ 44.5% |
| Trade receivables40 | - | - | - | €10,541 | €20,650 | €40,366 | €26,200 | €41,248 | ▲ 57.4% |
| Other amounts receivable41 | - | - | - | €2,240 | €2,139 | €1,000 | €7,803 | €7,881 | ▲ 1.0% |
| Cash at bank and in hand54/58 | €22,556 | €13,776 | €8,682 | €30,366 | €29,727 | €8,928 | €45,136 | €6,389 | ▼ 85.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,382 | €7,051 | €8,199 | €8,605 | €5,023 | ▼ 41.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €62,109 | €70,946 | €90,315 | €80,084 | €77,943 | €69,774 | €91,931 | €99,187 | ▲ 7.9% |
| Equity10/15 | €49,317 | €51,774 | €50,169 | €44,460 | €38,348 | €38,872 | €60,544 | €72,439 | ▲ 19.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €22,860 | €27,860 | €27,860 | €27,860 | €19,748 | €20,000 | €41,500 | €53,300 | ▲ 28.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €26,000 | €17,888 | €20,000 | €41,500 | €53,300 | ▲ 28.4% |
| Profit (loss) carried forward14 | €7,857 | €5,314 | €3,709 | -€2,000 | - | €272 | €444 | €539 | ▲ 21.3% |
| Amounts payable17/49 | €12,791 | €19,172 | €40,146 | €35,624 | €39,595 | €30,902 | €31,386 | €26,748 | ▼ 14.8% |
| Amounts payable within one year42/48 | €12,791 | €19,172 | €39,806 | €35,624 | €39,595 | €30,902 | €31,386 | €26,748 | ▼ 14.8% |
| Trade debts44 | €688 | €921 | €4,218 | €894 | €3,486 | €7,726 | €1,654 | €1,967 | ▲ 18.9% |
| Suppliers440/4 | - | - | - | €894 | €3,486 | €7,726 | €1,654 | €1,967 | ▲ 18.9% |
| Taxes, remuneration and social security45 | - | - | - | €15,510 | €14,278 | €21,632 | €21,828 | €18,766 | ▼ 14.0% |
| Taxes450/3 | - | - | - | €14,110 | €13,278 | €16,132 | €18,404 | €14,919 | ▼ 18.9% |
| Remuneration and social security454/9 | - | - | - | €1,400 | €1,000 | €5,500 | €3,424 | €3,848 | ▲ 12.4% |
| Other amounts payable47/48 | - | - | - | €19,220 | €21,831 | €1,545 | €7,904 | €6,015 | ▼ 23.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,480 | €2,457 | -€1,605 | -€5,709 | -€6,112 | €524 | €21,672 | €11,895 | ▼ 45.1% |
| + Depreciation and write-downs630 | €3,625 | €13,708 | €16,616 | €17,178 | €17,178 | €7,095 | €7,095 | €6,636 | ▼ 6.5% |
| Operating cash flow (approximation) | €11,105 | €16,165 | €15,011 | €11,469 | €11,066 | €7,619 | €28,767 | €18,531 | ▼ 35.6% |
| Investment in fixed assets (approximation) | - | -€40,333 | -€35,475 | €0 | €0 | €0 | €0 | -€41,094 | - |
| Change in cash | - | -€8,780 | -€5,095 | €21,684 | -€639 | -€20,799 | €36,208 | -€38,747 | - |
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, 31,368 companies had the same profile as CDL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CDL 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 31,368 companies, not a prediction for CDL. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00219462 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00180184 | |
| 31-12-2023 | micro format | 29-06-2024 | 2024-00182444 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00167268 | |
| 31-12-2021 | micro format | 02-07-2022 | 2022-20120878 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-31400109 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-21300074 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-26100315 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-21400301 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-21800287 |