CFO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 22 filings
Every figure per financial year
The operating result for 2025 is a loss of €2,377, larger than the loss of €1,780 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €185 | €227 | €205 | - | - | - |
| Gross operating margin9900 | €114,160 | €45,304 | -€8,859 | -€9,077 | -€11,699 | -€10,248 | -€1,780 | -€2,377 | ▼ 33.5% |
| Operating profit (loss)9901 | €114,146 | €45,146 | -€9,024 | -€9,262 | -€11,925 | -€10,453 | -€1,780 | -€2,377 | ▼ 33.5% |
| Financial income75/76B | - | - | - | €23 | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | €23 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €184 | €65 | €66 | €71 | €185 | ▲ 161% |
| Recurring financial charges65 | €226 | €207 | €220 | €184 | €65 | €66 | €71 | €185 | ▲ 161% |
| Profit (loss) for the period before taxes9903 | €113,920 | €44,939 | -€9,244 | -€9,423 | -€11,990 | -€10,519 | -€1,851 | -€2,562 | ▼ 38.4% |
| Income taxes67/77 | €8,380 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €105,540 | €44,939 | -€9,244 | -€9,423 | -€11,990 | -€10,519 | -€1,851 | -€2,562 | ▼ 38.4% |
| Profit (loss) for the period to be appropriated9905 | €105,540 | €44,939 | -€9,244 | -€9,423 | -€11,990 | -€10,519 | -€1,851 | -€2,562 | ▼ 38.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €136,739 | €184,546 | €169,454 | €162,509 | €152,901 | €146,258 | €141,409 | €137,299 | ▼ 2.9% |
| Current assets29/58 | €136,739 | €184,546 | €169,454 | €162,509 | €152,901 | €146,258 | €141,409 | €137,299 | ▼ 2.9% |
| Amounts receivable within one year40/41 | €16,358 | €309 | €646 | €1,090 | €451 | €102 | - | - | - |
| Other amounts receivable41 | - | - | - | €1,090 | €451 | €102 | - | - | - |
| Cash at bank and in hand54/58 | €120,381 | €184,237 | €168,808 | €161,418 | €152,450 | €146,156 | €141,409 | €137,299 | ▼ 2.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €136,739 | €184,546 | €169,454 | €162,509 | €152,901 | €146,258 | €141,409 | €137,299 | ▼ 2.9% |
| Equity10/15 | €91,893 | €136,832 | €127,588 | €118,165 | €106,175 | €95,655 | €93,804 | €91,242 | ▼ 2.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €85,660 | €85,660 | €85,660 | €85,660 | €85,660 | €85,660 | €85,660 | €85,660 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €83,800 | €83,800 | €85,660 | €85,660 | €85,660 | = |
| Profit (loss) carried forward14 | €33 | €44,972 | €35,728 | €26,305 | €14,315 | €3,795 | €1,944 | -€618 | - |
| Amounts payable17/49 | €44,845 | €47,714 | €41,866 | €44,344 | €46,726 | €50,603 | €47,605 | €46,057 | ▼ 3.3% |
| Amounts payable within one year42/48 | €44,845 | €47,714 | €41,866 | €44,344 | €46,726 | €50,603 | €47,605 | €46,057 | ▼ 3.3% |
| Trade debts44 | €531 | €426 | €24 | €822 | €164 | €814 | €313 | €437 | ▲ 39.6% |
| Suppliers440/4 | - | - | - | €822 | €164 | €814 | €313 | €437 | ▲ 39.6% |
| Other amounts payable47/48 | - | - | - | €43,522 | €46,563 | €49,789 | €47,292 | €45,620 | ▼ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €105,540 | €44,939 | -€9,244 | -€9,423 | -€11,990 | -€10,519 | -€1,851 | -€2,562 | ▼ 38.4% |
| Operating cash flow (approximation) | €105,540 | €44,939 | -€9,244 | -€9,423 | -€11,990 | -€10,519 | -€1,851 | -€2,562 | ▼ 38.4% |
| Change in cash | - | €63,856 | -€15,429 | -€7,389 | -€8,969 | -€6,294 | -€4,747 | -€4,110 | ▲ 13.4% |
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, 12,322 companies had the same profile as CFO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CFO 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 12,322 companies, not a prediction for CFO. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00201070 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00158206 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00170341 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235577 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20228453 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37100473 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-36800386 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-28700405 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-22200591 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-33800287 |