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CDW HOLD

Active
Private limited companyfounded 2007active for 19 yearsBergstraat 12, 9921 Lievegem, BelgiumKBO/BCE: BE 0889.445.656

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 09-07-2026 at the NBB all 18 filings

Turnover
≈ €220,000
Estimated: probably between €180,000 and €290,000
Total assets
€1.9m▲ 7.7%
2024 · €1.8m
Net result
€57,210▼ 47.9%
2024 · €109,896
Working capital
-€2,578
2024 · €25,144
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 49% lower than in 2024 and the lowest since 2021. It is the second fall in a row.

Operating result€0.06m 2025 Net result€0.06m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€0.08m-€0.1m▲ 31.8%€0.2m▲ 40.1%€0.2m▲ 25.3%€0.1m▼ 45.4%€0.1m▲ 8.3%€0.1m▼ 0.8%€0.06m▼ 49.3%
Net result€0.04m-€0.06m▲ 44.0%€0.1mwithin the sector's middle half▲ 55.0%€0.1mwithin the sector's middle half▲ 26.0%€0.06mwithin the sector's middle half▼ 49.2%€0.07mwithin the sector's middle half▲ 14.2%€0.1mwithin the sector's middle half▲ 51.6%€0.06mwithin the sector's middle half▼ 47.9%
Equity€1.0m-€0.8m▼ 14.0%€0.9mwithin the sector's middle half▲ 12.0%€1.0mwithin the sector's middle half▲ 13.5%€1.1mwithin the sector's middle half▲ 6.0%€1.2mwithin the sector's middle half▲ 6.5%€1.3mwithin the sector's middle half▲ 9.3%€1.3mabove the sector's middle half▲ 1.3%
Total assets€1.5m-€1.5m▼ 2.2%€1.5mwithin the sector's middle half▲ 2.6%€1.7mwithin the sector's middle half▲ 12.9%€1.8mwithin the sector's middle half▲ 6.2%€1.7mwithin the sector's middle half▼ 6.7%€1.8mwithin the sector's middle half▲ 6.2%€1.9mwithin the sector's middle half▲ 7.7%
Debt€0.6m-€0.7m▲ 17.6%€0.6m▼ 10.0%€0.7m▲ 12.2%€0.7m▲ 6.5%€0.5m▼ 27.0%€0.5m▼ 0.7%€0.6m▲ 23.8%
Working capital-€0.1m--€0.3m▼ 136%-€0.2mbelow the sector's middle half▲ 40.9%-€0.06mwithin the sector's middle half▲ 69.0%-€0.08mbelow the sector's middle half▼ 48.7%-€0.04mwithin the sector's middle half▲ 57.8%€0.03mwithin the sector's middle half-€0.003mwithin the sector's middle half
Solvency62.7%-55.1%▼ 7.6pp60.2%within the sector's middle half▲ 5.1pp60.5%within the sector's middle half▲ 0.3pp60.4%within the sector's middle half▼ 0.1pp69.0%within the sector's middle half▲ 8.6pp71.0%within the sector's middle half▲ 2.0pp66.7%within the sector's middle half▼ 4.3pp
Current ratio0.44-0.22▼ 0.220.55below the sector's middle half▲ 0.330.82within the sector's middle half▲ 0.270.70within the sector's middle half▼ 0.120.73within the sector's middle half▲ 0.021.22within the sector's middle half▲ 0.500.98within the sector's middle half▼ 0.25
Return on assets (ROA)2.9%-4.3%▲ 1.4pp6.5%within the sector's middle half▲ 2.2pp7.3%within the sector's middle half▲ 0.8pp3.5%within the sector's middle half▼ 3.8pp4.3%within the sector's middle half▲ 0.8pp6.1%within the sector's middle half▲ 1.8pp2.9%within the sector's middle half▼ 3.1pp
above within below The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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.
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 €1.9m
Fixed assets €1.8m ▲ 10.0%
Current assets €109,180 ▼ 20.4%
Equity and liabilities €1.9m
Equity €1.3m ▲ 1.3%
Provisions €5,062 ▼ 6.3%
Debt €642,198 ▲ 23.8%
Debt's share of the balance-sheet total rises from 28.7% to 33.0%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€115,579▼
2024 · €157,674
Cash flow
€114,471▼
2024 · €152,489
Debt to equity
0.49▲
2024 · 0.40
ROE
4.4%▼
2024 · 8.6%
Interest coverage
8.07▼
2024 · 12.80
Debt ≤ 1 year
€111,758▼
2024 · €112,038
Debt > 1 year
€529,233▲
2024 · €406,581
Income taxes
€29,392▼
2024 · €36,993
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Comparable companies

These companies have the same main activity as CDW HOLD: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.7m and €2.2m, founded between 2004 and 2009.

CompanyFoundedTotal assetsEquityGross marginNet resultFTEFinancial year
CDW HOLD Lievegem2007€1.9m€1.3m€0.1m€0.06m-2025
Li.Bo. Management & Consultancy Gent2005€1.8m€1.6m€0.1m€0.08m-2026
Fedeco Immo Lochristi2005€1.8m€1.0m€0.2m€0.07m0.32025
VREYS BUSINESS PARTNERS Dendermonde2004€2.0m€0.3m€0.1m€0.07m0.22025
NITO Beveren-Kruibeke-Zwijndrecht2007€2.2m€2.2m€0.2m€0.09m-2025
ARTCOS Maarkedal2009€1.7m€0.6m€0.1m-€0.03m-2025
KEIBOS Wortegem-Petegem2004€1.8m€0.6m€0.1m€0.04m-2025

They were chosen from the 54,697 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 58 lines

Source: Annual accounts 2025 at the NBB, filed on 09-07-2026.

Balance sheet Code20242025
Assets
Total assets20/58€1.8m€1.9m▲
Fixed assets21/28€1.7m€1.8m▲
Tangible fixed assets22/27€0.5m€0.6m▲
Land and buildings22€0.4m€0.6m▲
Plant, machinery and equipment23-€0.006m
Furniture and vehicles24€0.08m€0.04m▼
Financial fixed assets28€1.2m€1.2m▲
Current assets29/58€0.1m€0.1m▼
Amounts receivable within one year40/41€0.09m€0.1m▲
Trade receivables40€0.02m€0.03m▲
Other amounts receivable41€0.07m€0.07m▲
Cash at bank and in hand54/58€0.04m€0.009m▼
Deferred charges and accrued income490/1-€185
Equity and liabilities
Total equity and liabilities10/49€1.8m€1.9m▲
Equity10/15€1.3m€1.3m▲
Contributions10/11€0.02m€0.02m=
Reserves13€1.3m€1.3m▲
Non-distributable reserves130/1€0.4m€0.4m▲
Reserves not available under the articles1311€0.02m€0.02m=
Other1319€0.4m€0.4m▲
Tax-exempt reserves132€0.02m€0.02m▼
Distributable reserves133€0.8m€0.9m▲
Provisions and deferred taxes16€0.005m€0.005m▼
Deferred taxes168€0.005m€0.005m▼
Amounts payable17/49€0.5m€0.6m▲
Amounts payable after more than one year17€0.4m€0.5m▲
Financial debts170/4€0.4m€0.5m▲
Amounts payable within one year42/48€0.1m€0.1m▼
Current portion of amounts payable after more than one year42€0.07m€0.08m▲
Trade debts44€0.01m€0.01m▼
Suppliers440/4€0.01m€0.01m▼
Taxes, remuneration and social security45€0.03m€0.02m▼
Taxes450/3€0.03m€0.02m▼
Remuneration and social security454/9€2-
Other amounts payable47/48€0.001m€0.001m=
Accrued charges and deferred income492/3-€0.001m
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.04m€0.06m▲
Other operating charges640/8€0.001m€0.002m▲
Non-recurring operating charges66A-€0.02m
Gross operating margin9900€0.2m€0.1m▼
Operating profit (loss)9901€0.1m€0.06m▼
Financial income75/76B€0.04m€0.04m▼
Recurring financial income75€0.04m€0.04m▼
Non-recurring financial income76B-€0.04m
Financial charges65/66B€0.01m€0.01m▲
Recurring financial charges65€0.01m€0.01m▲
Profit (loss) for the period before taxes9903€0.1m€0.09m▼
Transfer from deferred taxes780€337€337=
Income taxes67/77€0.04m€0.03m▼
Profit (loss) for the period9904€0.1m€0.06m▼
Transfer from tax-exempt reserves789€0.001m€0.001m▼
Profit (loss) for the period to be appropriated9905€0.1m€0.06m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.1m€0.06m▼
Transfer from equity791/2-€0.04m
Transfer to equity691/2€0.1m€0.06m▼
To other reserves6921€0.1m€0.06m▼
Profit to be distributed694/7€0.001m€0.04m▲
Directors or managers695€0.001m€0.04m▲

The notes to these accounts have 15 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.

Line20182019202020212022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€18,327€18,328€15,847€25,041€20,768€25,087€42,593€57,261▲ 34.4%
Other operating charges640/8---€1,955€2,042€2,007€1,104€1,834▲ 66.1%
Non-recurring operating charges66A-------€22,361-
Gross operating margin9900€106,489€132,058€174,198€223,173€129,848€143,065€158,778€139,774▼ 12.0%
Operating profit (loss)9901€84,776€111,717€156,504€196,177€107,038€115,971€115,081€58,318▼ 49.3%
Financial income75/76B----€145€5,950€43,788€42,263▼ 3.5%
Recurring financial income75€264---€145€5,950€43,788€42,263▼ 3.5%
Non-recurring financial income76B-----€5,950-€42,263-
Financial charges65/66B---€15,987€14,525€12,444€12,317€14,316▲ 16.2%
Recurring financial charges65€8,089€7,807€12,483€15,987€14,525€12,444€12,317€14,316▲ 16.2%
Profit (loss) for the period before taxes9903€76,951€103,910€144,021€180,190€92,658€109,477€146,552€86,265▼ 41.1%
Transfer from deferred taxes780---€338€337€337€337€337=
Income taxes67/77€32,556€39,968€38,178€55,703€29,522€37,343€36,993€29,392▼ 20.5%
Profit (loss) for the period9904€44,395€63,942€99,093€124,825€63,473€72,471€109,896€57,210▼ 47.9%
Transfer from tax-exempt reserves789---€1,012€1,013€1,012€1,013€1,012▼ 0.1%
Profit (loss) for the period to be appropriated9905€44,395€63,942€78,844€125,837€64,486€73,483€110,909€58,222▼ 47.5%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€1.5m€1.5m€1.5m€1.7m€1.8m€1.7m€1.8m€1.9m▲ 7.7%
Fixed assets21/28€1.4m€1.4m€1.3m€1.5m€1.6m€1.6m€1.7m€1.8m▲ 10.0%
Tangible fixed assets22/27€0.3m€0.3m€0.2m€0.3m€0.4m€0.4m€0.5m€0.6m▲ 29.4%
Land and buildings22---€0.3m€0.4m€0.4m€0.4m€0.6m▲ 43.1%
Plant, machinery and equipment23-------€0.006m-
Furniture and vehicles24---€0.001m€0.004m€0.003m€0.08m€0.04m▼ 46.2%
Financial fixed assets28€1.1m€1.1m€1.1m€1.1m€1.2m€1.2m€1.2m€1.2m▲ 2.3%
Current assets29/58€0.1m€0.09m€0.2m€0.3m€0.2m€0.09m€0.1m€0.1m▼ 20.4%
Amounts receivable within one year40/41€0.09m€0.08m€0.2m€0.2m€0.2m€0.09m€0.09m€0.1m▲ 6.2%
Trade receivables40---€0.2m€0.1m€0.05m€0.02m€0.03m▲ 20.3%
Other amounts receivable41---€0.05m€0.04m€0.03m€0.07m€0.07m▲ 2.2%
Cash at bank and in hand54/58€0.008m€0.007m€0.05m€0.03m€0.02m€0.008m€0.04m€0.009m▼ 79.4%
Deferred charges and accrued income490/1----€0.001m--€185-
Equity and liabilities
Total equity and liabilities10/49€1.5m€1.5m€1.5m€1.7m€1.8m€1.7m€1.8m€1.9m▲ 7.7%
Equity10/15€1.0m€0.8m€0.9m€1.0m€1.1m€1.2m€1.3m€1.3m▲ 1.3%
Contributions10/11€0.2m€0.02m-€0.02m€0.02m€0.02m€0.02m€0.02m=
Reserves13€0.7m€0.8m€0.9m€1.0m€1.1m€1.2m€1.3m€1.3m▲ 1.3%
Non-distributable reserves130/1---€0.2m€0.2m€0.3m€0.4m€0.4m▲ 3.8%
Reserves not available under the articles1311---€0.02m€0.02m€0.02m€0.02m€0.02m=
Other1319---€0.2m€0.2m€0.3m€0.4m€0.4m▲ 4.0%
Tax-exempt reserves132---€0.02m€0.02m€0.02m€0.02m€0.02m▼ 6.0%
Distributable reserves133---€0.8m€0.8m€0.8m€0.8m€0.9m▲ 0.3%
Provisions and deferred taxes16--€0.007m€0.006m€0.006m€0.006m€0.005m€0.005m▼ 6.3%
Deferred taxes168---€0.006m€0.006m€0.006m€0.005m€0.005m▼ 6.3%
Amounts payable17/49€0.6m€0.7m€0.6m€0.7m€0.7m€0.5m€0.5m€0.6m▲ 23.8%
Amounts payable after more than one year17€0.3m€0.3m€0.2m€0.4m€0.4m€0.4m€0.4m€0.5m▲ 30.2%
Financial debts170/4---€0.4m€0.4m€0.4m€0.4m€0.5m▲ 30.2%
Amounts payable within one year42/48€0.2m€0.4m€0.4m€0.3m€0.3m€0.1m€0.1m€0.1m▼ 0.2%
Current portion of amounts payable after more than one year42---€0.03m€0.04m€0.06m€0.07m€0.08m▲ 28.4%
Trade debts44€0.001m€0.005m€0.01m€0.03m€0.05m€0.02m€0.01m€0.01m▼ 18.1%
Suppliers440/4---€0.03m€0.05m€0.02m€0.01m€0.01m▼ 18.1%
Taxes, remuneration and social security45---€0.08m€0.09m€0.05m€0.03m€0.02m▼ 51.0%
Taxes450/3---€0.08m€0.09m€0.05m€0.03m€0.02m▼ 51.0%
Remuneration and social security454/9------€2--
Other amounts payable47/48---€0.2m€0.1m€0.003m€0.001m€0.001m=
Accrued charges and deferred income492/3-------€0.001m-
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€44,395€63,942€99,093€124,825€63,473€72,471€109,896€57,210▼ 47.9%
+ Depreciation and write-downs630€18,327€18,328€15,847€25,041€20,768€25,087€42,593€57,261▲ 34.4%
Operating cash flow (approximation)€62,722€82,270€114,940€149,866€84,241€97,558€152,489€114,471▼ 24.9%
Investment in fixed assets (approximation)-€0€83,001-€182,739-€190,448-€6,616-€104,975-€224,881▼ 114%
Change in cash--€1,616€44,858-€20,626-€7,474-€15,475€35,065-€34,050-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 18 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 09-07-2026 2026-00280210 NBB
31-12-2024 abbreviated format 05-07-2025 2025-00250483 PDF
31-12-2023 abbreviated format 09-07-2024 2024-00237211 PDF
31-12-2022 abbreviated format 06-09-2023 2023-00436545 PDF
31-12-2021 abbreviated format 16-06-2022 2022-20075186 PDF
31-12-2020 abbreviated format 01-09-2021 2021-65400119 PDF
31-12-2019 abbreviated format 26-08-2020 2020-45900178 PDF
31-12-2018 abbreviated format 10-07-2019 2019-31700265 PDF
31-12-2017 abbreviated format 10-07-2018 2018-31000263 PDF
31-12-2016 abbreviated format 08-06-2017 2017-16800305 PDF

Show all 18 filings

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