CHARMEZ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-06-2026 at the NBB all 17 filings
Turnover
≈ €190,000
Estimated: probably between €110,000 and €340,000
Total assets
€227,948▲ 7.0%
2024 · €212,991
Net result
€20,975▼ 33.6%
2024 · €31,602
Working capital
€197,033▲ 22.7%
2024 · €160,576
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,113
▼ 33.5%
2025
20182025
Net result
€20,975
▼ 33.6%
2025
20182025
Equity
€218,107
▲ 10.6%
2025
20182025
Total assets
€227,948
▲ 7.0%
2025
20182025
Debt
€9,842
▼ 37.9%
2025
20182025
Working capital
€197,033
▲ 22.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€35,808-€60,361▲ 68.6%€28,507▼ 52.8%€32,282▲ 13.2%€16,085▼ 50.2%€22,640▲ 40.8%€45,263▲ 99.9%€30,113▼ 33.5%
Net result€24,909-€42,651▲ 71.2%€19,170▼ 55.1%€21,495▲ 12.1%€9,849▼ 54.2%€15,019▲ 52.5%€31,602▲ 110%€20,975▼ 33.6%
Equity€160,524-€203,175▲ 26.6%€203,782▲ 0.3%€158,662▼ 22.1%€168,511▲ 6.2%€183,530▲ 8.9%€197,132▲ 7.4%€218,107▲ 10.6%
Total assets€208,062-€246,892▲ 18.7%€246,196▼ 0.3%€201,914▼ 18.0%€197,955▼ 2.0%€204,177▲ 3.1%€212,991▲ 4.3%€227,948▲ 7.0%
Debt€47,538-€43,717▼ 8.0%€42,414▼ 3.0%€43,253▲ 2.0%€29,444▼ 31.9%€20,648▼ 29.9%€15,859▼ 23.2%€9,842▼ 37.9%
Working capital€137,803-€166,265▲ 20.7%€167,332▲ 0.6%€119,697▼ 28.5%€132,364▲ 10.6%€150,799▲ 13.9%€160,576▲ 6.5%€197,033▲ 22.7%
The operating result for 2025 is 33% 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 €227,948
Fixed assets
€21,074 ▼ 42.4%
Current assets
€206,874 ▲ 17.3%
Equity and liabilities €227,948
Equity
€218,107 ▲ 10.6%
Debt
€9,842 ▼ 37.9%
Debt's share of the balance-sheet total falls from 7.4% to 4.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€45,596▼
2024 · €60,227
Cash flow
€36,457▼
2024 · €46,566
Current ratio
21.02▲
2024 · 11.13
Debt to equity
0.05▼
2024 · 0.08
ROE
9.6%▼
2024 · 16.0%
ROA
9.2%▼
2024 · 14.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€9,842▼
2024 · €15,859
Income taxes
€9,433▼
2024 · €13,814
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 | €41,194 | €5,516 | €9,124 | €12,461 | - |
| Depreciation and write-downs of the year | €22,496 | €20,387 | €21,608 | €14,964 | €15,482 |
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 | €14,187 | €21,129 | €19,536 | €22,496 | €20,387 | €21,608 | €14,964 | €15,482 | ▲ 3.5% |
| Other operating charges640/8 | - | - | - | €718 | €1,004 | €878 | €1,104 | €948 | ▼ 14.1% |
| Gross operating margin9900 | €50,703 | €82,606 | €48,663 | €55,497 | €37,476 | €45,126 | €61,332 | €46,544 | ▼ 24.1% |
| Operating profit (loss)9901 | €35,808 | €60,361 | €28,507 | €32,282 | €16,085 | €22,640 | €45,263 | €30,113 | ▼ 33.5% |
| Financial income75/76B | - | - | - | €29 | €0 | €190 | €469 | €564 | ▲ 20.4% |
| Recurring financial income75 | €75 | €100 | €206 | €29 | €0 | €190 | €469 | €564 | ▲ 20.4% |
| Financial charges65/66B | - | - | - | €710 | €533 | €412 | €316 | €269 | ▼ 14.6% |
| Recurring financial charges65 | €179 | €299 | €351 | €710 | €533 | €412 | €316 | €269 | ▼ 14.6% |
| Profit (loss) for the period before taxes9903 | €35,704 | €60,162 | €28,362 | €31,601 | €15,552 | €22,417 | €45,416 | €30,408 | ▼ 33.0% |
| Income taxes67/77 | €10,795 | €17,511 | €9,192 | €10,106 | €5,703 | €7,398 | €13,814 | €9,433 | ▼ 31.7% |
| Profit (loss) for the period9904 | €24,909 | €42,651 | €19,170 | €21,495 | €9,849 | €15,019 | €31,602 | €20,975 | ▼ 33.6% |
| Profit (loss) for the period to be appropriated9905 | €24,909 | €42,651 | €19,170 | €21,495 | €9,849 | €15,019 | €31,602 | €20,975 | ▼ 33.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €208,062 | €246,892 | €246,196 | €201,914 | €197,955 | €204,177 | €212,991 | €227,948 | ▲ 7.0% |
| Fixed assets21/28 | €35,293 | €58,685 | €47,716 | €66,414 | €51,543 | €39,059 | €36,556 | €21,074 | ▼ 42.4% |
| Tangible fixed assets22/27 | €35,293 | €58,685 | €47,716 | €66,414 | €51,543 | €39,059 | €36,556 | €21,074 | ▼ 42.4% |
| Land and buildings22 | - | - | - | €12,462 | €9,919 | €8,209 | €14,135 | €9,606 | ▼ 32.0% |
| Plant, machinery and equipment23 | - | - | - | €9,734 | €10,399 | €12,618 | €10,654 | €6,165 | ▼ 42.1% |
| Furniture and vehicles24 | - | - | - | €44,218 | €31,225 | €18,232 | €11,767 | €5,302 | ▼ 54.9% |
| Current assets29/58 | €172,769 | €188,207 | €198,480 | €135,501 | €146,412 | €165,119 | €176,435 | €206,874 | ▲ 17.3% |
| Amounts receivable within one year40/41 | €23,053 | €33,045 | €22,607 | €11,807 | €14,660 | €18,595 | €9,034 | €18,943 | ▲ 110% |
| Other amounts receivable41 | - | - | - | €11,807 | €14,660 | €18,595 | €9,034 | €18,943 | ▲ 110% |
| Current investments50/53 | €100,793 | €110,878 | €110,981 | €82,747 | €82,747 | €82,879 | €100,207 | €130,646 | ▲ 30.4% |
| Cash at bank and in hand54/58 | €26,450 | €17,485 | €40,656 | €17,401 | €21,945 | €49,787 | €42,541 | €53,821 | ▲ 26.5% |
| Deferred charges and accrued income490/1 | - | - | - | €23,546 | €27,059 | €13,858 | €24,653 | €3,464 | ▼ 85.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €208,062 | €246,892 | €246,196 | €201,914 | €197,955 | €204,177 | €212,991 | €227,948 | ▲ 7.0% |
| Equity10/15 | €160,524 | €203,175 | €203,782 | €158,662 | €168,511 | €183,530 | €197,132 | €218,107 | ▲ 10.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €151,579 | €194,230 | €194,837 | €149,716 | €159,566 | €174,584 | €188,187 | €209,161 | ▲ 11.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €147,856 | €157,706 | €172,724 | €186,327 | €207,301 | ▲ 11.3% |
| Profit (loss) carried forward14 | €2,745 | €2,745 | €2,745 | €2,745 | €2,745 | €2,745 | €2,745 | €2,745 | = |
| Amounts payable17/49 | €47,538 | €43,717 | €42,414 | €43,253 | €29,444 | €20,648 | €15,859 | €9,842 | ▼ 37.9% |
| Amounts payable after more than one year17 | €12,572 | €21,775 | €11,266 | €27,449 | €15,396 | €6,327 | - | - | - |
| Financial debts170/4 | - | - | - | €27,449 | €15,396 | €6,327 | - | - | - |
| Amounts payable within one year42/48 | €34,966 | €21,942 | €31,148 | €15,804 | €14,048 | €14,320 | €15,859 | €9,842 | ▼ 37.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,949 | €12,053 | €9,069 | €6,327 | - | - |
| Trade debts44 | €1,448 | €478 | €10,222 | €1,706 | €1,010 | €3,750 | €2,356 | €2,070 | ▼ 12.1% |
| Suppliers440/4 | - | - | - | €1,706 | €1,010 | €3,750 | €2,356 | €2,070 | ▼ 12.1% |
| Taxes, remuneration and social security45 | - | - | - | €2,150 | €985 | €1,502 | €7,176 | €7,771 | ▲ 8.3% |
| Taxes450/3 | - | - | - | €2,150 | €985 | €1,502 | €7,176 | €7,771 | ▲ 8.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,909 | €42,651 | €19,170 | €21,495 | €9,849 | €15,019 | €31,602 | €20,975 | ▼ 33.6% |
| + Depreciation and write-downs630 | €14,187 | €21,129 | €19,536 | €22,496 | €20,387 | €21,608 | €14,964 | €15,482 | ▲ 3.5% |
| Operating cash flow (approximation) | €39,096 | €63,780 | €38,706 | €43,991 | €30,236 | €36,627 | €46,566 | €36,457 | ▼ 21.7% |
| Investment in fixed assets (approximation) | - | -€44,521 | -€8,567 | -€41,194 | -€5,516 | -€9,124 | -€12,461 | €0 | - |
| Change in cash | - | -€8,965 | €23,171 | -€23,255 | €4,545 | €27,841 | -€7,246 | €11,280 | - |
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, 34,693 companies had the same profile as CHARMEZ has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CHARMEZ 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 34,693 companies, not a prediction for CHARMEZ. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-06-2026 | 2026-00208808 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00425674 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00180473 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00158027 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20139506 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27700175 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22900268 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47700261 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48000483 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25300455 |