CHÀMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 21 filings
Turnover
≈ €2.2m
Estimated: probably between €1.4m and €3.6m
Total assets
€1.3m▼ 12.3%
2024 · €1.5m
Net result
€14,217▼ 19.2%
2024 · €17,604
Working capital
€644,137▲ 5.0%
2024 · €613,303
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€51,956
▼ 19.6%
2025
20182025
Net result
€14,217
▼ 19.2%
2025
middle half of the sector
20182025
Equity
€158,003
▲ 9.9%
2025
middle half of the sector
20182025
Total assets
€1.3m
▼ 12.3%
2025
middle half of the sector
20182025
Debt
€1.2m
▼ 14.6%
2025
20182025
Working capital
€644,137
▲ 5.0%
2025
middle half of the sector
20182025
Solvency
12.0%
▲ 2.4pp
2025
lowest quarter of the sector
20182025
Current ratio
2.07
▲ 0.34
2025
middle half of the sector
20182025
Return on assets (ROA)
1.1%
▼ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
8.2
=
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.1m▼ 36.2%€0.1m▲ 2.5%€0.09m▼ 39.8%-€0.3m-€0.05m▲ 81.9%€0.06m€0.05m▼ 19.6%
Net result€0.1m-€0.07m▼ 31.7%€0.08mwithin the sector's middle half▲ 15.2%€0.03mwithin the sector's middle half▼ 67.9%-€0.4mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 71.8%€0.02mwithin the sector's middle half€0.01mwithin the sector's middle half▼ 19.2%
Equity€0.5m-€0.5m▼ 5.4%€0.6mwithin the sector's middle half▲ 17.8%€0.6mwithin the sector's middle half▲ 4.9%€0.2mwithin the sector's middle half▼ 61.1%€0.1mbelow the sector's middle half▼ 44.4%€0.1mbelow the sector's middle half▲ 14.0%€0.2mwithin the sector's middle half▲ 9.9%
Total assets€1.8m-€2.1m▲ 11.6%€1.9mwithin the sector's middle half▼ 6.3%€1.8mwithin the sector's middle half▼ 8.9%€1.6mwithin the sector's middle half▼ 10.4%€1.7mwithin the sector's middle half▲ 6.7%€1.5mwithin the sector's middle half▼ 10.3%€1.3mwithin the sector's middle half▼ 12.3%
Debt€1.3m-€1.6m▲ 17.9%€1.4m▼ 13.6%€1.2m▼ 14.5%€1.3m▲ 15.0%€1.5m▲ 15.3%€1.4m▼ 12.3%€1.2m▼ 14.6%
Working capital€0.5m-€0.5m▲ 11.9%€0.6mwithin the sector's middle half▲ 6.9%€0.5mwithin the sector's middle half▼ 3.8%€0.7mwithin the sector's middle half▲ 20.4%€0.6mwithin the sector's middle half▼ 2.2%€0.6mwithin the sector's middle half▼ 4.9%€0.6mwithin the sector's middle half▲ 5.0%
Solvency27.2%-23.0%▼ 4.1pp29.0%within the sector's middle half▲ 5.9pp33.4%within the sector's middle half▲ 4.4pp14.5%below the sector's middle half▼ 18.9pp7.5%below the sector's middle half▼ 6.9pp9.6%below the sector's middle half▲ 2.0pp12.0%below the sector's middle half▲ 2.4pp
Current ratio1.36-1.36=1.44within the sector's middle half▲ 0.081.48within the sector's middle half▲ 0.041.77within the sector's middle half▲ 0.291.65within the sector's middle half▼ 0.121.73within the sector's middle half▲ 0.082.07within the sector's middle half▲ 0.34
Return on assets (ROA)5.8%-3.6%▼ 2.3pp4.4%within the sector's middle half▲ 0.8pp1.5%within the sector's middle half▼ 2.8pp-22.8%below the sector's middle half▼ 24.3pp-6.0%below the sector's middle half▲ 16.7pp1.2%within the sector's middle half▲ 7.2pp1.1%within the sector's middle half▼ 0.1pp
Staff (FTE)3.7-5.1▲ 37.8%5.5within the sector's middle half▲ 7.8%7.5within the sector's middle half▲ 36.4%7.6within the sector's middle half▲ 1.3%7within the sector's middle half▼ 7.9%8.2above the sector's middle half▲ 17.1%8.2above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 20% lower than 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 €1.3m
Fixed assets
€69,259 ▲ 42.1%
Current assets
€1.2m ▼ 14.1%
Equity and liabilities €1.3m
Equity
€158,003 ▲ 9.9%
Debt
€1.2m ▼ 14.6%
Debt's share of the balance-sheet total falls from 90.4% to 88.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€66,097▼
2024 · €79,910
Cash flow
€28,357▼
2024 · €32,871
Quick ratio
0.19▼
2024 · 0.39
Debt to equity
7.33▼
2024 · 9.43
ROE
9.0%▼
2024 · 12.2%
Interest coverage
1.28▼
2024 · 1.57
Debt ≤ 1 year
€602,651▼
2024 · €837,908
Debt > 1 year
€522,990▲
2024 · €500,856
Income taxes
€176▲
2024 · €174
Staff costs
€341,338▼
2024 · €345,353
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 | 8 | 7 | 7 | 8 | 7 |
| full-time | 8 | 7 | 6 | 8 | 6 |
| part-time | - | 0 | 1 | 0 | 1 |
| in full-time equivalents | 8 | 7 | 6.8 | 8 | 6.8 |
| Average over the year, in full-time equivalents | 7.5 | 7.6 | 7 | 8.2 | 8.2 |
| On a permanent contract | 8 | 7 | 7 | 8 | 7 |
| Joined | 2 | - | 2 | 4 | 4 |
| Left | 0 | - | 2 | 3 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €30,475 | €2,065 | €1,126 | €24,096 | €38,375 |
| Financial fixed assets | - | €6,250 | €2,500 | - | - |
| Depreciation and write-downs of the year | €17,644 | €15,572 | €15,295 | €15,267 | €14,140 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,080 awarded · €1,080 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,000 | €0 | - | - | €3,719 | - |
| Remuneration, social security and pensions62 | - | €196,774 | - | €320,601 | €317,442 | €330,954 | €345,353 | €341,338 | ▼ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,214 | €13,795 | €10,719 | €17,644 | €15,572 | €15,295 | €15,267 | €14,140 | ▼ 7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €34,144 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | €661 | - | €17,297 | €1,042 | €1,010 | €976 | €12,300 | ▲ 13× |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €3,392 | - |
| Gross operating margin9900 | €410,004 | €387,761 | €334,388 | €443,398 | €36,552 | €293,460 | €426,239 | €423,127 | ▼ 0.7% |
| Operating profit (loss)9901 | €223,124 | €142,387 | €145,932 | €87,856 | -€297,505 | -€53,800 | €64,643 | €51,956 | ▼ 19.6% |
| Financial income75/76B | - | €3,079 | - | €6,697 | €11,143 | €12,969 | €4,187 | €14,087 | ▲ 236% |
| Recurring financial income75 | €3,980 | €3,079 | €6,501 | €6,697 | €11,143 | €12,969 | €4,187 | €14,087 | ▲ 236% |
| Financial charges65/66B | - | €42,011 | - | €49,755 | €70,459 | €59,646 | €51,052 | €51,650 | ▲ 1.2% |
| Recurring financial charges65 | €65,783 | €42,011 | €35,816 | €49,755 | €70,459 | €59,646 | €51,052 | €51,650 | ▲ 1.2% |
| Profit (loss) for the period before taxes9903 | €161,321 | €103,455 | €116,617 | €44,798 | -€356,820 | -€100,478 | €17,779 | €14,393 | ▼ 19.0% |
| Income taxes67/77 | €54,219 | €30,286 | €32,349 | €17,720 | €133 | €164 | €174 | €176 | ▲ 1.0% |
| Profit (loss) for the period9904 | €107,102 | €73,169 | €84,268 | €27,079 | -€356,953 | -€100,642 | €17,604 | €14,217 | ▼ 19.2% |
| Profit (loss) for the period to be appropriated9905 | €107,102 | €73,169 | €84,268 | €27,079 | -€356,953 | -€100,642 | €17,604 | €14,217 | ▼ 19.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €2.1m | €1.9m | €1.8m | €1.6m | €1.7m | €1.5m | €1.3m | ▼ 12.3% |
| Fixed assets21/28 | €0.02m | €0.03m | €0.05m | €0.07m | €0.05m | €0.04m | €0.05m | €0.07m | ▲ 42.1% |
| Tangible fixed assets22/27 | €0.02m | €0.03m | €0.04m | €0.05m | €0.04m | €0.03m | €0.03m | €0.06m | ▲ 58.8% |
| Land and buildings22 | - | €0.02m | - | €0.008m | €0.004m | €345 | €100 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | €0.003m | - | €0.005m | €0.005m | €0.004m | €0.02m | €0.02m | ▼ 17.9% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.01m | €0.01m | €0.006m | ▼ 53.6% |
| Leasing and similar rights25 | - | - | - | €0.01m | €0.01m | €0.006m | €0 | €0.03m | - |
| Financial fixed assets28 | €0.004m | €0.007m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €1.8m | €2.0m | €1.9m | €1.7m | €1.5m | €1.6m | €1.5m | €1.2m | ▼ 14.1% |
| Stocks and contracts in progress3 | €1.1m | €1.4m | €1.3m | €1.2m | €1.2m | €1.3m | €1.1m | €1.1m | ▲ 0.8% |
| Stocks30/36 | - | €1.4m | - | €1.2m | €1.2m | €1.3m | €1.1m | €1.1m | ▲ 0.8% |
| Amounts receivable within one year40/41 | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | €0.2m | €0.3m | €0.07m | ▼ 77.7% |
| Trade receivables40 | - | €0.3m | - | €0.4m | €0.2m | €0.2m | €0.3m | €0.04m | ▼ 83.9% |
| Other amounts receivable41 | - | €0.2m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 6.9% |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.07m | €0.1m | €0.08m | €0.03m | €0.02m | €0.04m | ▲ 145% |
| Deferred charges and accrued income490/1 | - | €0.003m | - | €0.009m | €0.004m | €0.009m | €0.01m | €0.007m | ▼ 34.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €2.1m | €1.9m | €1.8m | €1.6m | €1.7m | €1.5m | €1.3m | ▼ 12.3% |
| Equity10/15 | €0.5m | €0.5m | €0.6m | €0.6m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 9.9% |
| Contributions10/11 | €0.3m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | €155 | - | €155 | €155 | €155 | €155 | €155 | = |
| Distributable reserves133 | - | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.3m | €0.3m | -€0.02m | -€0.1m | -€0.1m | -€0.09m | ▲ 13.3% |
| Amounts payable17/49 | €1.3m | €1.6m | €1.4m | €1.2m | €1.3m | €1.5m | €1.4m | €1.2m | ▼ 14.6% |
| Amounts payable after more than one year17 | - | €0.09m | €0.06m | €0.03m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 4.4% |
| Financial debts170/4 | - | €0.09m | - | €0.03m | €0.08m | €0.04m | €0 | €0.02m | - |
| Other amounts payable178/9 | - | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 0.7% |
| Amounts payable within one year42/48 | €1.3m | €1.5m | €1.3m | €1.1m | €0.9m | €1.0m | €0.8m | €0.6m | ▼ 28.1% |
| Current portion of amounts payable after more than one year42 | - | €0.04m | - | €0.05m | €0.1m | €0.1m | €0.04m | €0.005m | ▼ 87.5% |
| Financial debts43 | - | €0.7m | - | €0.7m | €0.5m | €0.4m | €0.4m | €0.4m | = |
| Credit institutions430/8 | - | €0.4m | - | €0.7m | €0.5m | €0.4m | €0.4m | €0.4m | = |
| Other loans439 | - | €0.3m | - | - | - | - | - | - | - |
| Trade debts44 | €0.4m | €0.6m | €0.4m | €0.3m | €0.3m | €0.5m | €0.4m | €0.2m | ▼ 51.2% |
| Suppliers440/4 | - | €0.6m | - | €0.3m | €0.3m | €0.5m | €0.4m | €0.2m | ▼ 51.2% |
| Taxes, remuneration and social security45 | - | €0.1m | - | €0.08m | €0.04m | €0.04m | €0.05m | €0.05m | ▲ 2.8% |
| Taxes450/3 | - | €0.08m | - | €0.05m | €0.008m | €0.004m | €0.01m | €0.03m | ▲ 142% |
| Remuneration and social security454/9 | - | €0.02m | - | €0.03m | €0.03m | €0.04m | €0.03m | €0.02m | ▼ 44.8% |
| Other amounts payable47/48 | - | €0.04m | - | €0.04m | €0.01m | €0.01m | €0.01m | €0.009m | ▼ 2.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.009m | €0.02m | €0.02m | €0.03m | ▲ 86.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €107,102 | €73,169 | €84,268 | €27,079 | -€356,953 | -€100,642 | €17,604 | €14,217 | ▼ 19.2% |
| + Depreciation and write-downs630 | €19,214 | €13,795 | €10,719 | €17,644 | €15,572 | €15,295 | €15,267 | €14,140 | ▼ 7.4% |
| Operating cash flow (approximation) | €126,317 | €86,964 | €94,987 | €44,723 | -€341,381 | -€85,347 | €32,871 | €28,357 | ▼ 13.7% |
| Investment in fixed assets (approximation) | - | -€24,490 | -€28,970 | -€30,475 | -€1,840 | -€3,626 | -€24,096 | -€34,656 | ▼ 43.8% |
| Change in cash | - | €52,026 | -€47,961 | €52,841 | -€44,091 | -€49,674 | -€13,992 | €22,716 | - |
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, 3,984 companies had the same profile as CHÀMO has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHÀMO itself: 0.9% 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 3,984 companies, not a prediction for CHÀMO. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00221877 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00144042 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00168413 | |
| 31-12-2022 | abbreviated format | 15-06-2023 | 2023-00127510 | |
| 31-12-2021 | abbreviated format | 02-06-2022 | 2022-20043153 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-27000195 | |
| 31-12-2019 | abbreviated format | 20-07-2020 | 2020-32000386 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-21000022 | |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-40000195 | |
| 31-12-2016 | abbreviated format | 21-06-2017 | 2017-18900478 |