CHAMAREL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-06-2026 at the NBB all 6 filings
Turnover
€352,544
EBIT margin
-1.6%
Net result
€3,550▼ 29.0%
2024 · €4,998
Working capital
-€42,047▲ 7.3%
2024 · -€45,380
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€4,401
▼ 43.2%
2025
20202025
Net result
€3,550
▼ 29.0%
2025
middle half of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
-€46,458
▲ 7.1%
2025
lowest quarter of the sector
20202025
Total assets
€40,836
▲ 5.7%
2025
lowest quarter of the sector
20202025
Debt
€87,294
▼ 1.5%
2025
20202025
Working capital
-€42,047
▲ 7.3%
2025
lowest quarter of the sector
20202025
Solvency
-113.8%
▲ 15.7pp
2025
lowest quarter of the sector
20202025
Current ratio
0.45
▲ 0.03
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
8.7%
▼ 4.2pp
2025
middle half of the sector
20202025
Staff (FTE)
4.1
▼ 2.4%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€352,544
Operating result-€16,795--€10,015▲ 40.4%-€20,509▼ 105%-€5,554▲ 72.9%€7,751€4,401▼ 43.2%
Net result-€21,429below the sector's middle half--€12,336below the sector's middle half▲ 42.4%-€23,083below the sector's middle half▼ 87.1%-€8,157below the sector's middle half▲ 64.7%€4,998within the sector's middle half€3,550within the sector's middle half▼ 29.0%
EBIT margin-1.6%
Equity-€11,429below the sector's middle half--€23,766below the sector's middle half▼ 108%-€46,849below the sector's middle half▼ 97.1%-€55,006below the sector's middle half▼ 17.4%-€50,008below the sector's middle half▲ 9.1%-€46,458below the sector's middle half▲ 7.1%
Total assets€79,233within the sector's middle half-€66,833within the sector's middle half▼ 15.6%€49,794within the sector's middle half▼ 25.5%€45,628below the sector's middle half▼ 8.4%€38,627below the sector's middle half▼ 15.3%€40,836below the sector's middle half▲ 5.7%
Debt€90,662-€90,599▼ 0.1%€96,643▲ 6.7%€100,634▲ 4.1%€88,635▼ 11.9%€87,294▼ 1.5%
Working capital-€23,069within the sector's middle half--€25,999below the sector's middle half▼ 12.7%-€47,531below the sector's middle half▼ 82.8%-€48,863below the sector's middle half▼ 2.8%-€45,380below the sector's middle half▲ 7.1%-€42,047below the sector's middle half▲ 7.3%
Solvency-14.4%below the sector's middle half--35.6%below the sector's middle half▼ 21.1pp-94.1%below the sector's middle half▼ 58.5pp-120.6%below the sector's middle half▼ 26.5pp-129.5%below the sector's middle half▼ 8.9pp-113.8%below the sector's middle half▲ 15.7pp
Current ratio0.58within the sector's middle half-0.58within the sector's middle half=0.36below the sector's middle half▼ 0.220.42below the sector's middle half▲ 0.070.42below the sector's middle half▼ 0.010.45below the sector's middle half▲ 0.03
Return on assets (ROA)-27.0%below the sector's middle half--18.5%below the sector's middle half▲ 8.6pp-46.4%below the sector's middle half▼ 27.9pp-17.9%below the sector's middle half▲ 28.5pp12.9%within the sector's middle half▲ 30.8pp8.7%within the sector's middle half▼ 4.2pp
Staff (FTE)2.5within the sector's middle half-3.3▲ 32.0%4.2▲ 27.3%5.8▲ 38.1%4.2▼ 27.6%4.1▼ 2.4%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 43% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40,836
Fixed assets
€7,004 ▲ 13.9%
Current assets
€33,833 ▲ 4.2%
Equity and liabilities
Equity-€46,458
Debt€87,294
Equity is negative. Debt (€87,294) exceeds the balance-sheet total (€40,836).
Key figures and ratios
EBITDA
€6,455▼
2024 · €14,616
Cash flow
€5,604▼
2024 · €11,862
Quick ratio
0.29▼
2024 · 0.29
Interest coverage
7.59▲
2024 · 5.64
Debt ≤ 1 year
€75,880▼
2024 · €77,858
Debt > 1 year
€11,415▲
2024 · €10,777
Staff costs
€147,739▲
2024 · €142,860
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 5 | 4 | 4 |
| full-time | 4 | 5 | 4 | 4 | 4 |
| part-time | - | - | 1 | - | - |
| in full-time equivalents | 4 | 5 | 4.5 | 4 | 4 |
| Average over the year, in full-time equivalents | 3.3 | 4.2 | 5.8 | 4.2 | 4.1 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Joined | 2 | 1 | 4 | 1 | 1 |
| Left | 1 | 0 | 4 | 2 | 1 |
| Training hours | 609 | 1,370 | 2,841 | 1,105 | 1,445 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,573 | - | €3,377 | €5,926 |
| Depreciation and write-downs of the year | €15,976 | €14,845 | €13,700 | €6,864 | €2,054 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €352,544 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €231,468 | - | - | - |
| Remuneration, social security and pensions62 | - | €54,207 | €90,127 | €117,523 | €142,860 | €147,739 | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,535 | €15,976 | €14,845 | €13,700 | €6,864 | €2,054 | ▼ 70.1% |
| Other operating charges640/8 | - | €1,708 | €1,170 | €920 | €611 | €1,707 | ▲ 179% |
| Gross operating margin9900 | €42,830 | €61,875 | €85,632 | €126,589 | €158,087 | €155,901 | ▼ 1.4% |
| Operating profit (loss)9901 | -€16,795 | -€10,015 | -€20,509 | -€5,554 | €7,751 | €4,401 | ▼ 43.2% |
| Financial income75/76B | - | €9 | €1 | €0 | €1 | €0 | ▼ 96.1% |
| Recurring financial income75 | €3 | €9 | €1 | €0 | €1 | €0 | ▼ 96.1% |
| Financial charges65/66B | - | €2,330 | €2,575 | €2,603 | €2,590 | €850 | ▼ 67.2% |
| Recurring financial charges65 | €4,637 | €2,330 | €2,575 | €2,603 | €2,590 | €850 | ▼ 67.2% |
| Non-recurring financial charges66B | - | - | - | €2,603 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€21,429 | -€12,336 | -€23,083 | -€8,157 | €5,162 | €3,550 | ▼ 31.2% |
| Income taxes67/77 | - | - | - | - | €164 | - | - |
| Profit (loss) for the period9904 | -€21,429 | -€12,336 | -€23,083 | -€8,157 | €4,998 | €3,550 | ▼ 29.0% |
| Profit (loss) for the period to be appropriated9905 | -€21,429 | -€12,336 | -€23,083 | -€8,157 | €4,998 | €3,550 | ▼ 29.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €79,233 | €66,833 | €49,794 | €45,628 | €38,627 | €40,836 | ▲ 5.7% |
| Fixed assets21/28 | €47,583 | €31,607 | €23,335 | €9,636 | €6,149 | €7,004 | ▲ 13.9% |
| Intangible fixed assets21 | - | - | - | €0 | €0 | - | - |
| Tangible fixed assets22/27 | €47,283 | €31,307 | €23,035 | €9,336 | €5,849 | €6,704 | ▲ 14.6% |
| Plant, machinery and equipment23 | - | €27,500 | €18,038 | €6,206 | €1,011 | €5,684 | ▲ 462% |
| Furniture and vehicles24 | - | €3,807 | €4,997 | €3,130 | €4,838 | €1,019 | ▼ 78.9% |
| Financial fixed assets28 | €300 | €300 | €300 | €300 | €300 | €300 | = |
| Current assets29/58 | €31,650 | €35,227 | €26,459 | €35,992 | €32,478 | €33,833 | ▲ 4.2% |
| Stocks and contracts in progress3 | €5,298 | €8,013 | €9,336 | €9,143 | €9,797 | €12,086 | ▲ 23.4% |
| Stocks30/36 | - | €8,013 | €9,336 | €9,143 | €9,797 | €12,086 | ▲ 23.4% |
| Amounts receivable within one year40/41 | €5,875 | €1,886 | €1,348 | €340 | - | €303 | - |
| Trade receivables40 | - | €425 | €1,055 | €52 | - | €303 | - |
| Other amounts receivable41 | - | €1,461 | €293 | €287 | - | - | - |
| Cash at bank and in hand54/58 | €19,926 | €24,244 | €15,078 | €25,574 | €22,351 | €20,554 | ▼ 8.0% |
| Deferred charges and accrued income490/1 | - | €1,084 | €697 | €936 | €330 | €890 | ▲ 169% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €79,233 | €66,833 | €49,794 | €45,628 | €38,627 | €40,836 | ▲ 5.7% |
| Equity10/15 | -€11,429 | -€23,766 | -€46,849 | -€55,006 | -€50,008 | -€46,458 | ▲ 7.1% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€21,429 | -€33,766 | -€56,849 | -€65,006 | -€60,008 | -€56,458 | ▲ 5.9% |
| Amounts payable17/49 | €90,662 | €90,599 | €96,643 | €100,634 | €88,635 | €87,294 | ▼ 1.5% |
| Amounts payable after more than one year17 | €35,943 | €29,373 | €22,653 | €15,778 | €10,777 | €11,415 | ▲ 5.9% |
| Financial debts170/4 | - | €29,373 | €22,653 | €15,778 | €10,777 | €11,415 | ▲ 5.9% |
| Amounts payable within one year42/48 | €54,719 | €61,226 | €73,990 | €84,855 | €77,858 | €75,880 | ▼ 2.5% |
| Current portion of amounts payable after more than one year42 | - | €6,570 | €6,720 | €6,874 | €5,002 | €4,189 | ▼ 16.3% |
| Financial debts43 | - | - | - | €2,119 | - | - | - |
| Credit institutions430/8 | - | - | - | €2,119 | - | - | - |
| Trade debts44 | €3,579 | €374 | €4,270 | - | €9,159 | €10,836 | ▲ 18.3% |
| Suppliers440/4 | - | €374 | €4,270 | - | €9,159 | €10,836 | ▲ 18.3% |
| Taxes, remuneration and social security45 | - | €10,791 | €19,177 | €30,839 | €22,931 | €24,110 | ▲ 5.1% |
| Taxes450/3 | - | €529 | - | - | €9,745 | €9,147 | ▼ 6.1% |
| Remuneration and social security454/9 | - | €10,261 | €19,177 | €30,839 | €13,186 | €14,963 | ▲ 13.5% |
| Other amounts payable47/48 | - | €43,492 | €43,822 | €45,023 | €40,767 | €36,745 | ▼ 9.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,429 | -€12,336 | -€23,083 | -€8,157 | €4,998 | €3,550 | ▼ 29.0% |
| + Depreciation and write-downs630 | €26,535 | €15,976 | €14,845 | €13,700 | €6,864 | €2,054 | ▼ 70.1% |
| Operating cash flow (approximation) | €5,106 | €3,640 | -€8,239 | €5,543 | €11,862 | €5,604 | ▼ 52.8% |
| Investment in fixed assets (approximation) | - | €0 | -€6,573 | €0 | -€3,377 | -€2,909 | ▲ 13.9% |
| Change in cash | - | €4,318 | -€9,166 | €10,496 | -€3,223 | -€1,797 | ▲ 44.3% |
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, 2,180 companies had the same profile as CHAMAREL has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHAMAREL itself: 2.6% 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 2,180 companies, not a prediction for CHAMAREL. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-06-2026 | 2026-00178974 | |
| 31-12-2024 | micro format | 24-09-2025 | 2025-00500907 | |
| 31-12-2023 | micro format | 17-02-2025 | 2025-00035106 | |
| 31-12-2022 | micro format | 27-01-2025 | 2025-00013040 | |
| 31-12-2021 | micro format | 25-10-2022 | 2022-20471233 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63300175 |