CHAD
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-04-2026 PDF all 23 filings
Turnover
≈ €750,000
Estimated: probably between €580,000 and €1.2m
Total assets
€725,769▲ 6.0%
2024 · €684,547
Net result
€54,870▲ 27×
2024 · €2,068
Working capital
€278,521▲ 33.8%
2024 · €208,137
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€60,551
2025
20192025
Net result
€54,870
▲ 27×
2025
middle half of the sector
20192025
Equity
€346,539
▲ 7.7%
2025
middle half of the sector
20192025
Total assets
€725,769
▲ 6.0%
2025
middle half of the sector
20192025
Debt
€379,231
▲ 4.5%
2025
20192025
Working capital
€278,521
▲ 33.8%
2025
middle half of the sector
20192025
Solvency
47.7%
▲ 0.8pp
2025
middle half of the sector
20192025
Current ratio
1.84
▲ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
7.6%
▲ 7.3pp
2025
middle half of the sector
20192025
Staff (FTE)
2.4
▲ 9.1%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.005m--€0.02m€0.2m€0.01m▼ 91.5%€0.04m▲ 143%-€0.001m€0.06m
Net result€0.006m--€0.02mbelow the sector's middle half€0.2mabove the sector's middle half€0.01mwithin the sector's middle half▼ 92.7%€0.03mwithin the sector's middle half▲ 154%€0.002mwithin the sector's middle half▼ 92.9%€0.05mwithin the sector's middle half▲ 27×
Equity€0.3m-€0.3mwithin the sector's middle half▼ 12.5%€0.3mwithin the sector's middle half▲ 24.3%€0.3mwithin the sector's middle half▼ 5.0%€0.3mwithin the sector's middle half▼ 1.6%€0.3mwithin the sector's middle half▲ 0.6%€0.3mwithin the sector's middle half▲ 7.7%
Total assets€0.8m-€1.0mwithin the sector's middle half▲ 21.1%€1.1mwithin the sector's middle half▲ 18.7%€1.1mwithin the sector's middle half▼ 3.2%€0.9mwithin the sector's middle half▼ 15.2%€0.7mwithin the sector's middle half▼ 27.1%€0.7mwithin the sector's middle half▲ 6.0%
Debt€0.5m-€0.7m▲ 43.0%€0.8m▲ 16.5%€0.8m▼ 2.4%€0.6m▼ 20.9%€0.4m▼ 41.4%€0.4m▲ 4.5%
Working capital€0.2m-€0.2mwithin the sector's middle half▼ 28.2%€0.2mwithin the sector's middle half▲ 9.4%€0.2mwithin the sector's middle half▼ 13.0%€0.2mwithin the sector's middle half▲ 8.8%€0.2mwithin the sector's middle half▲ 12.3%€0.3mwithin the sector's middle half▲ 33.8%
Solvency39.5%-28.6%within the sector's middle half▼ 11.0pp29.9%within the sector's middle half▲ 1.3pp29.3%within the sector's middle half▼ 0.6pp34.0%within the sector's middle half▲ 4.7pp47.0%within the sector's middle half▲ 12.9pp47.7%within the sector's middle half▲ 0.8pp
Current ratio1.65-1.34within the sector's middle half▼ 0.311.30within the sector's middle half▼ 0.041.25within the sector's middle half▼ 0.061.32within the sector's middle half▲ 0.071.58within the sector's middle half▲ 0.261.84within the sector's middle half▲ 0.25
Return on assets (ROA)0.7%--2.0%below the sector's middle half▼ 2.7pp13.7%above the sector's middle half▲ 15.7pp1.0%within the sector's middle half▼ 12.7pp3.1%within the sector's middle half▲ 2.1pp0.3%within the sector's middle half▼ 2.8pp7.6%within the sector's middle half▲ 7.3pp
Staff (FTE)1.8-0.5below the sector's middle half▼ 72.2%0.7below the sector's middle half▲ 40.0%0.2below the sector's middle half▼ 71.4%1.5within the sector's middle half▲ 650%2.2within the sector's middle half▲ 46.7%2.4within the sector's middle half▲ 9.1%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €60,551, after a loss of €721 in 2024.
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 €725,769
Fixed assets
€114,079 ▼ 4.2%
Current assets
€611,691 ▲ 8.2%
Equity and liabilities €725,769
Equity
€346,539 ▲ 7.7%
Debt
€379,231 ▲ 4.5%
Debt's share of the balance-sheet total falls from 53.0% to 52.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€133,812▲
2024 · €82,494
Cash flow
€128,132▲
2024 · €85,284
Quick ratio
1.74▲
2024 · 1.30
Debt to equity
1.09▼
2024 · 1.13
ROE
15.8%▲
2024 · 0.6%
Interest coverage
56.30▲
2024 · 33.37
Debt ≤ 1 year
€333,170▼
2024 · €357,336
Debt > 1 year
€5,849▲
2024 · €0
Income taxes
€11,360▲
2024 · €1,686
Staff costs
€138,847▲
2024 · €118,150
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 3 | 3 | 3 |
| full-time | - | 2 | 2 | 2 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.2 | 2.2 | 2.4 | 2.4 |
| Average over the year, in full-time equivalents | 0.2 | 1.5 | 2.2 | 2.4 |
| On a permanent contract | 1 | 3 | 3 | 3 |
| Joined | - | 2 | - | - |
| Left | - | 0 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €202,289 | €99,046 | €35,615 | €28,780 |
| Pledge on other assets, amount secured | - | €144,000 | €144,000 | - |
| Carrying value of the other pledged assets | - | €49,937 | €20,537 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €56,160 | €5,574 | €12,688 | €68,266 |
| Financial fixed assets | - | - | €18,608 | - |
| Depreciation and write-downs of the year | €106,401 | €88,808 | €83,215 | €73,262 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,802 awarded · €2,802 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,098 | €1,098 |
| 2024 | 1 | €571 | €571 |
| 2023 | 1 | €374 | €374 |
| 2022 | 1 | €759 | €759 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,500 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €14,906 | €84,364 | €118,150 | €138,847 | ▲ 17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €129,397 | €91,523 | €130,903 | €106,401 | €88,808 | €83,215 | €73,262 | ▼ 12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €4,016 | €6,260 | €4,750 | €4,619 | ▼ 2.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €39,300 | - |
| Gross operating margin9900 | €215,491 | €112,498 | €326,181 | €140,078 | €215,239 | €205,394 | €316,578 | ▲ 54.1% |
| Operating profit (loss)9901 | €4,796 | -€19,697 | €173,568 | €14,756 | €35,807 | -€721 | €60,551 | - |
| Financial income75/76B | - | - | - | €4,581 | €5,366 | €6,948 | €8,056 | ▲ 15.9% |
| Recurring financial income75 | €5,963 | €5,948 | €5,535 | €4,581 | €5,366 | €6,948 | €8,056 | ▲ 15.9% |
| Financial charges65/66B | - | - | - | €5,012 | €5,436 | €2,472 | €2,377 | ▼ 3.9% |
| Recurring financial charges65 | €4,312 | €5,308 | €5,502 | €5,012 | €5,436 | €2,472 | €2,377 | ▼ 3.9% |
| Profit (loss) for the period before taxes9903 | €6,447 | -€19,057 | €173,601 | €14,325 | €35,737 | €3,755 | €66,230 | ▲ 18× |
| Income taxes67/77 | €790 | €200 | €16,814 | €2,920 | €6,772 | €1,686 | €11,360 | ▲ 574% |
| Profit (loss) for the period9904 | €5,657 | -€19,257 | €156,787 | €11,405 | €28,964 | €2,068 | €54,870 | ▲ 27× |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €5,657 | -€19,257 | €196,494 | €11,405 | €28,964 | €2,068 | €54,870 | ▲ 27× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.8m | €1.0m | €1.1m | €1.1m | €0.9m | €0.7m | €0.7m | ▲ 6.0% |
| Fixed assets21/28 | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 4.2% |
| Tangible fixed assets22/27 | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 5.0% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.06m | €0.06m | €0.02m | ▼ 74.2% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.06m | €0.04m | €0.08m | ▲ 98.2% |
| Leasing and similar rights25 | - | - | - | €0.08m | €0.06m | €0 | - | - |
| Financial fixed assets28 | €405 | €405 | €405 | €405 | €405 | €0.02m | €0.02m | = |
| Current assets29/58 | €0.6m | €0.7m | €0.8m | €0.9m | €0.8m | €0.6m | €0.6m | ▲ 8.2% |
| Stocks and contracts in progress3 | €0.2m | €0.1m | €0.2m | €0.3m | €0.09m | €0.1m | €0.03m | ▼ 68.1% |
| Stocks30/36 | - | - | - | €0.2m | €0.06m | €0.06m | €0.03m | ▼ 42.9% |
| Contracts in progress37 | - | - | - | €0.1m | €0.03m | €0.04m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.3m | €0.6m | €0.6m | €0.5m | €0.6m | €0.4m | €0.5m | ▲ 14.8% |
| Trade receivables40 | - | - | - | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 4.8% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 25.7% |
| Cash at bank and in hand54/58 | €0.08m | €0.03m | €0.06m | €0.03m | €0.1m | €0.03m | €0.09m | ▲ 156% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.007m | €0.007m | ▼ 11.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.8m | €1.0m | €1.1m | €1.1m | €0.9m | €0.7m | €0.7m | ▲ 6.0% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 7.7% |
| Contributions10/11 | €0.03m | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 8.5% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 8.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.5m | €0.7m | €0.8m | €0.8m | €0.6m | €0.4m | €0.4m | ▲ 4.5% |
| Amounts payable after more than one year17 | €0.1m | €0.2m | €0.2m | €0.1m | €0.04m | €0 | €0.006m | - |
| Financial debts170/4 | - | - | - | €0.1m | €0.04m | €0 | €0.006m | - |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.6m | €0.7m | €0.6m | €0.4m | €0.3m | ▼ 6.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.06m | €0.04m | €0.02m | ▼ 35.6% |
| Financial debts43 | - | - | - | €0.002m | €0 | €0.004m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.002m | €0 | €0.004m | €0 | ▼ 100% |
| Trade debts44 | €0.3m | €0.4m | €0.4m | €0.6m | €0.5m | €0.3m | €0.3m | ▼ 15.0% |
| Suppliers440/4 | - | - | - | €0.6m | €0.5m | €0.3m | €0.3m | ▼ 15.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.02m | €0.007m | €0.02m | ▲ 140% |
| Taxes450/3 | - | - | - | €0.001m | €0.02m | €0.001m | €0.003m | ▲ 198% |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0.004m | €0.006m | €0.01m | ▲ 129% |
| Other amounts payable47/48 | - | - | - | €0.005m | €0.03m | €0 | €0.03m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.006m | €0.04m | ▲ 626% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,657 | -€19,257 | €156,787 | €11,405 | €28,964 | €2,068 | €54,870 | ▲ 27× |
| + Depreciation and write-downs630 | €129,397 | €91,523 | €130,903 | €106,401 | €88,808 | €83,215 | €73,262 | ▼ 12.0% |
| Operating cash flow (approximation) | €135,053 | €72,266 | €287,690 | €117,806 | €117,772 | €85,284 | €128,132 | ▲ 50.2% |
| Investment in fixed assets (approximation) | - | -€185,998 | -€177,154 | -€56,160 | -€5,574 | -€31,296 | -€68,266 | ▼ 118% |
| Change in cash | - | -€58,844 | €31,398 | -€22,179 | €64,219 | -€65,203 | €52,519 | - |
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 CHAD 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 CHAD itself: 0.2% 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 CHAD. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 15-04-2026 | 2026-00079803 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00082174 | |
| 30-09-2023 | abbreviated format | 29-04-2024 | 2024-00072141 | |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00070013 | |
| 30-09-2021 | abbreviated format | 29-03-2022 | 2022-08800365 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12900536 | |
| 30-09-2019 | abbreviated format | 29-04-2020 | 2020-10400159 | |
| 30-09-2018 | abbreviated format | 18-04-2019 | 2019-10000587 | |
| 30-09-2017 | abbreviated format | 20-04-2018 | 2018-10100574 | |
| 30-09-2016 | abbreviated format | 10-04-2017 | 2017-09100121 |