CHARCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-04-2026 PDF all 28 filings
Turnover
≈ €110,000
Estimated: probably between €50,000 and €260,000
Total assets
€135,043▲ 9.2%
2024 · €123,714
Net result
€2,537▼ 85.8%
2024 · €17,867
Working capital
€53,370▼ 19.2%
2024 · €66,015
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,036
▼ 82.5%
2025
20182025
Net result
€2,537
▼ 85.8%
2025
middle half of the sector
20182025
Equity
€93,127
▲ 2.8%
2025
middle half of the sector
20182025
Total assets
€135,043
▲ 9.2%
2025
middle half of the sector
20182025
Debt
€41,916
▲ 26.5%
2025
20182025
Working capital
€53,370
▼ 19.2%
2025
middle half of the sector
20182025
Solvency
69.0%
▼ 4.3pp
2025
middle half of the sector
20182025
Current ratio
2.39
▼ 0.60
2025
middle half of the sector
20182025
Return on assets (ROA)
1.9%
▼ 12.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€40,873-€6,177▼ 84.9%€29,192▲ 373%€62,764▲ 115%€4,614▼ 92.6%€20,161▲ 337%€28,743▲ 42.6%€5,036▼ 82.5%
Net result€32,380-€3,942▼ 87.8%€27,231above the sector's middle half▲ 591%€59,590above the sector's middle half▲ 119%€1,309within the sector's middle half▼ 97.8%€13,805within the sector's middle half▲ 955%€17,867within the sector's middle half▲ 29.4%€2,537within the sector's middle half▼ 85.8%
Equity€131,847-€35,789▼ 72.9%€48,020within the sector's middle half▲ 34.2%€57,610within the sector's middle half▲ 20.0%€58,919within the sector's middle half▲ 2.3%€72,723within the sector's middle half▲ 23.4%€90,590within the sector's middle half▲ 24.6%€93,127within the sector's middle half▲ 2.8%
Total assets€151,998-€54,047▼ 64.4%€155,237within the sector's middle half▲ 187%€136,157within the sector's middle half▼ 12.3%€94,336within the sector's middle half▼ 30.7%€98,463within the sector's middle half▲ 4.4%€123,714within the sector's middle half▲ 25.6%€135,043within the sector's middle half▲ 9.2%
Debt€20,151-€18,258▼ 9.4%€107,217▲ 487%€78,547▼ 26.7%€35,418▼ 54.9%€25,740▼ 27.3%€33,124▲ 28.7%€41,916▲ 26.5%
Working capital€117,958-€27,434▼ 76.7%-€46within the sector's middle half€14,818within the sector's middle half€18,372within the sector's middle half▲ 24.0%€40,314within the sector's middle half▲ 119%€66,015within the sector's middle half▲ 63.7%€53,370within the sector's middle half▼ 19.2%
Solvency86.7%-66.2%▼ 20.5pp30.9%within the sector's middle half▼ 35.3pp42.3%within the sector's middle half▲ 11.4pp62.5%within the sector's middle half▲ 20.1pp73.9%above the sector's middle half▲ 11.4pp73.2%above the sector's middle half▼ 0.6pp69.0%within the sector's middle half▼ 4.3pp
Current ratio6.85-2.50▼ 4.351.00within the sector's middle half▼ 1.501.19within the sector's middle half▲ 0.191.52within the sector's middle half▲ 0.332.57within the sector's middle half▲ 1.052.99within the sector's middle half▲ 0.432.39within the sector's middle half▼ 0.60
Return on assets (ROA)21.3%-7.3%▼ 14.0pp17.5%above the sector's middle half▲ 10.2pp43.8%above the sector's middle half▲ 26.2pp1.4%within the sector's middle half▼ 42.4pp14.0%within the sector's middle half▲ 12.6pp14.4%within the sector's middle half▲ 0.4pp1.9%within the sector's middle half▼ 12.6pp
above
within
below
The sector band is the middle half of the companies in Other manufacturing (NACE 32). 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 82% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €135,043
Fixed assets
€43,327 ▲ 76.3%
Current assets
€91,716 ▼ 7.5%
Equity and liabilities €135,043
Equity
€93,127 ▲ 2.8%
Debt
€41,916 ▲ 26.5%
Debt's share of the balance-sheet total rises from 26.8% to 31.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€13,364▼
2024 · €36,577
Cash flow
€10,865▼
2024 · €25,700
Quick ratio
2.34▼
2024 · 2.97
Debt to equity
0.45▲
2024 · 0.37
ROE
2.7%▼
2024 · 19.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€38,346▲
2024 · €33,124
Income taxes
€2,429▼
2024 · €10,815
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,845 | €5,616 | - | - | €27,079 |
| Depreciation and write-downs of the year | €8,118 | €7,861 | €8,138 | €7,833 | €8,328 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,885 | €7,622 | €5,648 | €8,118 | €7,861 | €8,138 | €7,833 | €8,328 | ▲ 6.3% |
| Other operating charges640/8 | - | - | - | €582 | €2,449 | - | €1,182 | €980 | ▼ 17.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €960 | - | - | - |
| Gross operating margin9900 | €53,379 | €15,721 | €41,960 | €71,464 | €14,924 | €29,258 | €37,758 | €14,344 | ▼ 62.0% |
| Operating profit (loss)9901 | €40,873 | €6,177 | €29,192 | €62,764 | €4,614 | €20,161 | €28,743 | €5,036 | ▼ 82.5% |
| Financial income75/76B | - | - | - | €691 | €550 | €284 | €47 | €0 | ▼ 100.0% |
| Recurring financial income75 | - | €222 | - | €691 | €550 | €284 | €47 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €337 | €1,677 | €481 | €108 | €70 | ▼ 35.0% |
| Recurring financial charges65 | €253 | €157 | €192 | €337 | €1,677 | €481 | €108 | €70 | ▼ 35.0% |
| Profit (loss) for the period before taxes9903 | €40,621 | €6,242 | €29,000 | €63,119 | €3,487 | €19,964 | €28,682 | €4,966 | ▼ 82.7% |
| Income taxes67/77 | €8,241 | €2,300 | €1,769 | €3,528 | €2,178 | €6,159 | €10,815 | €2,429 | ▼ 77.5% |
| Profit (loss) for the period9904 | €32,380 | €3,942 | €27,231 | €59,590 | €1,309 | €13,805 | €17,867 | €2,537 | ▼ 85.8% |
| Profit (loss) for the period to be appropriated9905 | €32,380 | €3,942 | €27,231 | €59,590 | €1,309 | €13,805 | €17,867 | €2,537 | ▼ 85.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151,998 | €54,047 | €155,237 | €136,157 | €94,336 | €98,463 | €123,714 | €135,043 | ▲ 9.2% |
| Fixed assets21/28 | €13,888 | €8,355 | €48,065 | €42,792 | €40,547 | €32,409 | €24,576 | €43,327 | ▲ 76.3% |
| Intangible fixed assets21 | €9,446 | €3,378 | €633 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,593 | €2,127 | €47,282 | €42,642 | €40,397 | €32,259 | €24,426 | €43,177 | ▲ 76.8% |
| Plant, machinery and equipment23 | - | - | - | €42,034 | €40,092 | €32,259 | €24,426 | €43,177 | ▲ 76.8% |
| Furniture and vehicles24 | - | - | - | €608 | €304 | - | - | - | - |
| Financial fixed assets28 | €2,850 | €2,850 | €150 | €150 | €150 | €150 | €150 | €150 | = |
| Current assets29/58 | €138,110 | €45,692 | €107,172 | €93,365 | €53,790 | €66,054 | €99,139 | €91,716 | ▼ 7.5% |
| Amounts receivable after more than one year29 | - | - | - | €16,936 | €3,653 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €16,936 | €3,653 | - | - | - | - |
| Stocks and contracts in progress3 | €29,385 | €5,050 | €5,870 | €7,875 | €13,125 | €8,125 | €857 | €2,163 | ▲ 152% |
| Stocks30/36 | - | - | - | €7,875 | €13,125 | €8,125 | €857 | €2,163 | ▲ 152% |
| Amounts receivable within one year40/41 | €20,658 | €11,406 | €24,672 | €37,930 | €17,114 | €27,249 | €44,420 | €33,072 | ▼ 25.5% |
| Trade receivables40 | - | - | - | €23,060 | €8,997 | €14,034 | €22,012 | €20,650 | ▼ 6.2% |
| Other amounts receivable41 | - | - | - | €14,870 | €8,117 | €13,215 | €22,407 | €12,422 | ▼ 44.6% |
| Current investments50/53 | - | - | - | - | - | - | €8,000 | €41,792 | ▲ 422% |
| Cash at bank and in hand54/58 | €86,796 | €29,236 | €76,630 | €30,624 | €19,898 | €30,680 | €45,862 | €13,868 | ▼ 69.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €821 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151,998 | €54,047 | €155,237 | €136,157 | €94,336 | €98,463 | €123,714 | €135,043 | ▲ 9.2% |
| Equity10/15 | €131,847 | €35,789 | €48,020 | €57,610 | €58,919 | €72,723 | €90,590 | €93,127 | ▲ 2.8% |
| Contributions10/11 | €11,796 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €119,800 | €11,145 | €13,004 | €13,004 | €13,004 | €13,004 | €13,004 | €13,004 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €11,145 | €11,145 | €11,145 | €11,145 | €11,145 | = |
| Profit (loss) carried forward14 | €251 | €4,193 | €16,424 | €26,014 | €27,323 | €41,127 | €58,994 | €61,531 | ▲ 4.3% |
| Amounts payable17/49 | €20,151 | €18,258 | €107,217 | €78,547 | €35,418 | €25,740 | €33,124 | €41,916 | ▲ 26.5% |
| Amounts payable within one year42/48 | €20,151 | €18,258 | €107,217 | €78,547 | €35,418 | €25,740 | €33,124 | €38,346 | ▲ 15.8% |
| Trade debts44 | €18,159 | €13,917 | €70,455 | €24,498 | €31,278 | €14,516 | €13,985 | €13,025 | ▼ 6.9% |
| Suppliers440/4 | - | - | - | €24,498 | €31,278 | €14,516 | €13,985 | €13,025 | ▼ 6.9% |
| Taxes, remuneration and social security45 | - | - | - | €1,769 | €3,947 | €2,659 | €10,574 | €5,815 | ▼ 45.0% |
| Taxes450/3 | - | - | - | €1,769 | €3,947 | €2,659 | €10,574 | €5,815 | ▼ 45.0% |
| Other amounts payable47/48 | - | - | - | €52,280 | €192 | €8,564 | €8,564 | €19,506 | ▲ 128% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €3,569 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,380 | €3,942 | €27,231 | €59,590 | €1,309 | €13,805 | €17,867 | €2,537 | ▼ 85.8% |
| + Depreciation and write-downs630 | €8,885 | €7,622 | €5,648 | €8,118 | €7,861 | €8,138 | €7,833 | €8,328 | ▲ 6.3% |
| Operating cash flow (approximation) | €41,265 | €11,564 | €32,878 | €67,708 | €9,170 | €21,942 | €25,700 | €10,865 | ▼ 57.7% |
| Investment in fixed assets (approximation) | - | -€2,089 | -€45,358 | -€2,845 | -€5,616 | €0 | €0 | -€27,079 | - |
| Change in cash | - | -€57,560 | €47,394 | -€46,006 | -€10,727 | €10,783 | €15,181 | -€31,993 | - |
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, 17,041 companies had the same profile as CHARCO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHARCO itself: 0.3% 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 17,041 companies, not a prediction for CHARCO. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-04-2026 | 2026-00073214 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00434582 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00479240 | |
| 31-12-2022 | micro format | 08-10-2023 | 2023-00477860 | |
| 31-12-2021 | micro format | 10-11-2022 | 2022-20520419 | |
| 31-12-2020 | micro format | 31-10-2021 | 2021-76400510 | |
| 31-12-2019 | micro format | 26-11-2020 | 2020-72700387 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-20500157 | |
| 31-12-2017 | micro format | 08-06-2018 | 2018-16500257 | |
| 31-12-2016 | micro format | 08-08-2017 | 2017-41200072 |