CF-SYSTEM
InactiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 11 filings
Turnover
≈ €140,000
Estimated: probably between €87,000 and €270,000
EBIT margin
Not included in this filing
Net result
€33,709▲ 7.7%
2024 · €31,296
Working capital
€424,429▲ 8.6%
2024 · €390,720
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€46,609
▲ 46.5%
2025
20182025
Net result
€33,709
▲ 7.7%
2025
20182025
Equity
€424,429
▲ 8.6%
2025
20182025
Total assets
€446,706
▲ 13.5%
2025
20182025
Debt
€22,277
▲ 674%
2025
20182025
Working capital
€424,429
▲ 8.6%
2025
20182025
Staff (FTE)
0
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€140,197--€162,149▼ 15.7%€776,842€93,598▼ 88.0%-€119,244€62,229€31,821▼ 48.9%€46,609▲ 46.5%
Net result-€120,390--€149,134▼ 23.9%€779,820€106,819▼ 86.3%-€113,939€63,284€31,296▼ 50.5%€33,709▲ 7.7%
Equity-€248,142--€436,918▼ 76.1%€303,261€410,079▲ 35.2%€296,140▼ 27.8%€359,424▲ 21.4%€390,720▲ 8.7%€424,429▲ 8.6%
Total assets€245,524-€151,789▼ 38.2%€437,572▲ 188%€522,609▲ 19.4%€320,215▼ 38.7%€362,777▲ 13.3%€393,599▲ 8.5%€446,706▲ 13.5%
Debt€493,666-€588,706▲ 19.3%€134,312▼ 77.2%€112,530▼ 16.2%€24,074▼ 78.6%€3,353▼ 86.1%€2,879▼ 14.1%€22,277▲ 674%
Working capital-€139,463--€212,102▼ 52.1%€302,435€410,079▲ 35.6%€296,140▼ 27.8%€359,424▲ 21.4%€390,720▲ 8.7%€424,429▲ 8.6%
Staff (FTE)0.5-0.5=0.5=000
The operating result for 2025 is 46% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €446,706
Equity
€424,429 ▲ 8.6%
Debt
€22,277 ▲ 674%
Debt's share of the balance-sheet total rises from 0.7% to 5.0%. Equity and debt are higher.
Key figures and ratios
Current ratio
20.05
Quick ratio
20.03
Debt to equity
0.05▲
2024 · 0.01
ROE
7.9%▼
2024 · 8.0%
ROA
7.5%▼
2024 · 8.0%
Debt ≤ 1 year
€22,277▲
2024 · €2,879
Income taxes
€13,224
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €350,950 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €101,048 | €101,873 | €101,873 | €825 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €449 | €455 | €493 | €2,403 | €4,314 | ▲ 79.5% |
| Gross operating margin9900 | €13,003 | -€6,434 | €905,505 | €94,872 | -€118,789 | €62,723 | €34,224 | €50,923 | ▲ 48.8% |
| Operating profit (loss)9901 | -€140,197 | -€162,149 | €776,842 | €93,598 | -€119,244 | €62,229 | €31,821 | €46,609 | ▲ 46.5% |
| Financial income75/76B | - | - | - | €1,168 | €5,614 | €847 | €2,782 | €2,813 | ▲ 1.1% |
| Recurring financial income75 | €39,668 | €39,641 | €39,641 | €1,168 | €5,614 | €847 | €2,782 | €2,813 | ▲ 1.1% |
| Financial charges65/66B | - | - | - | -€29,645 | €309 | -€207 | €3,307 | €2,489 | ▼ 24.7% |
| Recurring financial charges65 | €19,469 | €26,271 | €36,363 | -€29,645 | €309 | -€207 | €3,307 | €2,489 | ▼ 24.7% |
| Profit (loss) for the period before taxes9903 | -€119,998 | -€148,779 | €780,120 | €124,411 | -€113,939 | €63,284 | €31,296 | €46,933 | ▲ 50.0% |
| Income taxes67/77 | €392 | €356 | €301 | €17,592 | - | - | - | €13,224 | - |
| Profit (loss) for the period9904 | -€120,390 | -€149,134 | €779,820 | €106,819 | -€113,939 | €63,284 | €31,296 | €33,709 | ▲ 7.7% |
| Profit (loss) for the period to be appropriated9905 | -€120,390 | -€149,134 | €779,820 | €106,819 | -€113,939 | €63,284 | €31,296 | €33,709 | ▲ 7.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €245,524 | €151,789 | €437,572 | €522,609 | €320,215 | €362,777 | €393,599 | €446,706 | ▲ 13.5% |
| Fixed assets21/28 | €220,837 | €121,439 | €825 | - | - | - | - | - | - |
| Intangible fixed assets21 | €220,837 | €119,789 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | €1,650 | €825 | - | - | - | - | - | - |
| Current assets29/58 | €24,687 | €30,349 | €436,747 | €522,609 | €320,215 | €362,777 | €393,599 | €446,706 | ▲ 13.5% |
| Stocks and contracts in progress3 | - | - | €9,760 | €22,050 | €20,014 | €25,215 | €22,978 | €481 | ▼ 97.9% |
| Stocks30/36 | - | - | - | €22,050 | €20,014 | €25,215 | €22,978 | €481 | ▼ 97.9% |
| Amounts receivable within one year40/41 | €2,257 | €835 | €163,781 | €340,041 | €178,988 | €281,325 | €319,368 | €358,085 | ▲ 12.1% |
| Trade receivables40 | - | - | - | €112,587 | €3,267 | €2,039 | €32,108 | €69,134 | ▲ 115% |
| Other amounts receivable41 | - | - | - | €227,454 | €175,721 | €279,286 | €287,260 | €288,951 | ▲ 0.6% |
| Cash at bank and in hand54/58 | €4,607 | €5,920 | €239,330 | €154,234 | €114,928 | €51,059 | €51,253 | €88,140 | ▲ 72.0% |
| Deferred charges and accrued income490/1 | - | - | - | €6,284 | €6,284 | €5,179 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €245,524 | €151,789 | €437,572 | €522,609 | €320,215 | €362,777 | €393,599 | €446,706 | ▲ 13.5% |
| Equity10/15 | -€248,142 | -€436,918 | €303,261 | €410,079 | €296,140 | €359,424 | €390,720 | €424,429 | ▲ 8.6% |
| Contributions10/11 | €201,504 | €201,504 | €201,504 | €201,504 | €201,504 | €201,504 | €201,504 | €201,504 | = |
| Capital10 | - | - | - | €201,504 | €201,504 | €201,504 | €201,504 | €201,504 | = |
| Issued capital100 | - | - | - | €201,504 | €201,504 | €201,504 | €201,504 | €201,504 | = |
| Reserves13 | - | - | €20,150 | €20,150 | €20,150 | €157,920 | €189,216 | €222,925 | ▲ 17.8% |
| Non-distributable reserves130/1 | - | - | - | €20,150 | €20,150 | €20,150 | €20,150 | €20,150 | = |
| Legal reserve130 | - | - | - | €20,150 | €20,150 | €20,150 | €20,150 | €20,150 | = |
| Distributable reserves133 | - | - | - | - | - | €137,770 | €169,066 | €202,775 | ▲ 19.9% |
| Profit (loss) carried forward14 | -€528,929 | -€678,063 | €81,606 | €188,425 | €74,486 | €0 | - | - | - |
| Amounts payable17/49 | €493,666 | €588,706 | €134,312 | €112,530 | €24,074 | €3,353 | €2,879 | €22,277 | ▲ 674% |
| Amounts payable after more than one year17 | €329,516 | €346,255 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €164,150 | €242,451 | €134,312 | €112,530 | €24,074 | €3,353 | €2,879 | €22,277 | ▲ 674% |
| Trade debts44 | €42,379 | €16,040 | €132,684 | €112,530 | €23,205 | €3,304 | €2,879 | €8,697 | ▲ 202% |
| Suppliers440/4 | - | - | - | €112,530 | €23,205 | €3,304 | €2,879 | €8,697 | ▲ 202% |
| Taxes, remuneration and social security45 | - | - | - | - | €869 | €49 | €0 | €13,580 | - |
| Taxes450/3 | - | - | - | - | €869 | €49 | €0 | €13,580 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€120,390 | -€149,134 | €779,820 | €106,819 | -€113,939 | €63,284 | €31,296 | €33,709 | ▲ 7.7% |
| + Depreciation and write-downs630 | €101,048 | €101,873 | €101,873 | €825 | - | - | - | - | - |
| Operating cash flow (approximation) | -€19,342 | -€47,261 | €881,693 | €107,644 | -€113,939 | €63,284 | €31,296 | €33,709 | ▲ 7.7% |
| Investment in fixed assets (approximation) | - | -€2,475 | €18,741 | - | - | - | - | - | - |
| Change in cash | - | €1,313 | €233,410 | -€85,096 | -€39,306 | -€63,870 | €194 | €36,887 | ▲ 190× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00204272 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00127730 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00233229 | |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00112806 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20234118 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-41500422 | |
| 31-12-2019 | abbreviated format | 08-06-2020 | 2020-15000085 | |
| 31-12-2018 | abbreviated format | 04-06-2019 | 2019-15200473 | |
| 31-12-2017 | abbreviated format | 08-06-2018 | 2018-16500164 | |
| 31-12-2016 | abbreviated format | 20-06-2017 | 2017-18400379 |