CHERRY PICKING
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00380585.
Annual accounts 2025 filed on 03-08-2026 at the NBB all 19 filings
Turnover
≈ €5,900
Estimated: probably between €2,800 and €12,000
EBIT margin
Not included in this filing
Net result
-€3,352
2024 · €27,723
Working capital
€79,225▼ 0.8%
2024 · €79,864
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,982
2025
20182025
Net result
-€3,352
2025
lowest quarter of the sector
20182025
Equity
€82,934
▼ 3.9%
2025
middle half of the sector
20182025
Total assets
€88,409
▼ 8.7%
2025
middle half of the sector
20182025
Debt
€5,475
▼ 48.2%
2025
20182025
Working capital
€79,225
▼ 0.8%
2025
middle half of the sector
20182025
Solvency
93.8%
▲ 4.7pp
2025
highest quarter of the sector
20182025
Current ratio
15.59
▲ 7.03
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-3.8%
▼ 32.4pp
2025
lowest 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€19,326-€46,465▲ 140%€36,873▼ 20.6%-€4,224€16,667€15,923▼ 4.5%€39,444▲ 148%-€2,982
Net result€18,700-€35,621▲ 90.5%€24,486within the sector's middle half▼ 31.3%-€4,955below the sector's middle half€12,103within the sector's middle half€11,040within the sector's middle half▼ 8.8%€27,723within the sector's middle half▲ 151%-€3,352below the sector's middle half
Equity€200-€35,821▲ 179×€60,308within the sector's middle half▲ 68.4%€55,353within the sector's middle half▼ 8.2%€49,157within the sector's middle half▼ 11.2%€59,397within the sector's middle half▲ 20.8%€86,287within the sector's middle half▲ 45.3%€82,934within the sector's middle half▼ 3.9%
Total assets€9,410-€84,378▲ 797%€97,402within the sector's middle half▲ 15.4%€79,961below the sector's middle half▼ 17.9%€75,009below the sector's middle half▼ 6.2%€68,837below the sector's middle half▼ 8.2%€96,849within the sector's middle half▲ 40.7%€88,409within the sector's middle half▼ 8.7%
Debt€9,210-€48,557▲ 427%€37,095▼ 23.6%€24,609▼ 33.7%€25,851▲ 5.1%€9,440▼ 63.5%€10,562▲ 11.9%€5,475▼ 48.2%
Working capital-€419-€28,497€52,868within the sector's middle half▲ 85.5%€53,166within the sector's middle half▲ 0.6%€47,705within the sector's middle half▼ 10.3%€49,522within the sector's middle half▲ 3.8%€79,864within the sector's middle half▲ 61.3%€79,225within the sector's middle half▼ 0.8%
Solvency2.1%-42.5%▲ 40.3pp61.9%within the sector's middle half▲ 19.5pp69.2%within the sector's middle half▲ 7.3pp65.5%within the sector's middle half▼ 3.7pp86.3%above the sector's middle half▲ 20.8pp89.1%above the sector's middle half▲ 2.8pp93.8%above the sector's middle half▲ 4.7pp
Current ratio0.95-1.59▲ 0.632.43within the sector's middle half▲ 0.843.16within the sector's middle half▲ 0.742.85within the sector's middle half▼ 0.326.25above the sector's middle half▲ 3.408.56above the sector's middle half▲ 2.3215.59above the sector's middle half▲ 7.03
Return on assets (ROA)198.7%-42.2%▼ 156.5pp25.1%above the sector's middle half▼ 17.1pp-6.2%below the sector's middle half▼ 31.3pp16.1%within the sector's middle half▲ 22.3pp16.0%within the sector's middle half▼ 0.1pp28.6%within the sector's middle half▲ 12.6pp-3.8%below the sector's middle half▼ 32.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 loss of €2,982, after a profit of €39,444 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €88,409
Fixed assets
€3,754 ▼ 41.6%
Current assets
€84,656 ▼ 6.4%
Equity and liabilities €88,409
Equity
€82,934 ▼ 3.9%
Debt
€5,475 ▼ 48.2%
Debt's share of the balance-sheet total falls from 10.9% to 6.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€309▼
2024 · €42,896
Cash flow
-€62▼
2024 · €31,175
Debt to equity
0.07▼
2024 · 0.12
ROE
-4.0%▼
2024 · 32.1%
Interest coverage
2.27▼
2024 · over 100
Debt ≤ 1 year
€5,431▼
2024 · €10,562
Income taxes
€323▼
2024 · €11,505
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 | - | €587 | €9,770 | - | €622 |
| Depreciation and write-downs of the year | €1,549 | €1,321 | €728 | €3,452 | €3,290 |
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 | - | €2,487 | €2,992 | €1,549 | €1,321 | €728 | €3,452 | €3,290 | ▼ 4.7% |
| Other operating charges640/8 | - | - | - | €2,984 | €748 | €1,443 | €781 | €953 | ▲ 22.0% |
| Gross operating margin9900 | €20,197 | €49,801 | €40,920 | €310 | €18,736 | €18,093 | €43,677 | €1,261 | ▼ 97.1% |
| Operating profit (loss)9901 | €19,326 | €46,465 | €36,873 | -€4,224 | €16,667 | €15,923 | €39,444 | -€2,982 | - |
| Financial income75/76B | - | - | - | €13 | €0 | €145 | €0 | €88 | ▲ 4,422× |
| Recurring financial income75 | €35 | - | €9 | €13 | €0 | €145 | €0 | €88 | ▲ 4,422× |
| Financial charges65/66B | - | - | - | €289 | €287 | €177 | €217 | €136 | ▼ 37.3% |
| Recurring financial charges65 | €129 | €303 | €189 | €289 | €287 | €177 | €217 | €136 | ▼ 37.3% |
| Profit (loss) for the period before taxes9903 | €19,232 | €46,162 | €36,692 | -€4,500 | €16,380 | €15,891 | €39,227 | -€3,029 | - |
| Income taxes67/77 | €532 | €10,541 | €12,206 | €455 | €4,277 | €4,852 | €11,505 | €323 | ▼ 97.2% |
| Profit (loss) for the period9904 | €18,700 | €35,621 | €24,486 | -€4,955 | €12,103 | €11,040 | €27,723 | -€3,352 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €1,402 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,700 | €35,621 | €27,592 | -€3,552 | €12,103 | €11,040 | €27,723 | -€3,352 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9,410 | €84,378 | €97,402 | €79,961 | €75,009 | €68,837 | €96,849 | €88,409 | ▼ 8.7% |
| Fixed assets21/28 | €620 | €7,325 | €7,440 | €2,186 | €1,452 | €9,875 | €6,422 | €3,754 | ▼ 41.6% |
| Tangible fixed assets22/27 | €620 | €7,325 | €7,440 | €2,186 | €1,452 | €9,875 | €6,422 | €3,754 | ▼ 41.6% |
| Furniture and vehicles24 | - | - | - | €2,186 | €1,452 | €9,875 | €6,422 | €3,754 | ▼ 41.6% |
| Current assets29/58 | €8,790 | €77,053 | €89,963 | €77,775 | €73,556 | €58,962 | €90,426 | €84,656 | ▼ 6.4% |
| Amounts receivable within one year40/41 | €735 | €72 | €16,916 | €0 | €2,242 | €18,727 | €0 | €25,116 | - |
| Trade receivables40 | - | - | - | €0 | - | €8,250 | €0 | €13,621 | - |
| Other amounts receivable41 | - | - | - | €0 | €2,242 | €10,477 | €0 | €11,494 | - |
| Cash at bank and in hand54/58 | €6,424 | €74,286 | €60,290 | €74,570 | €67,914 | €36,746 | €86,790 | €55,700 | ▼ 35.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,205 | €3,400 | €3,489 | €3,636 | €3,840 | ▲ 5.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9,410 | €84,378 | €97,402 | €79,961 | €75,009 | €68,837 | €96,849 | €88,409 | ▼ 8.7% |
| Equity10/15 | €200 | €35,821 | €60,308 | €55,353 | €49,157 | €59,397 | €86,287 | €82,934 | ▼ 3.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €6,368 | €6,368 | €30,854 | €30,854 | €42,957 | €53,197 | €80,087 | €80,087 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €28,994 | €41,097 | €53,197 | €80,087 | €80,087 | = |
| Profit (loss) carried forward14 | -€12,368 | €23,253 | €23,253 | €18,299 | €0 | €0 | €0 | -€3,352 | - |
| Amounts payable17/49 | €9,210 | €48,557 | €37,095 | €24,609 | €25,851 | €9,440 | €10,562 | €5,475 | ▼ 48.2% |
| Amounts payable within one year42/48 | €9,209 | €48,556 | €37,095 | €24,609 | €25,851 | €9,440 | €10,562 | €5,431 | ▼ 48.6% |
| Trade debts44 | €1,071 | €4,353 | €1,129 | €909 | €2,261 | €2,753 | €191 | €1,112 | ▲ 481% |
| Suppliers440/4 | - | - | - | €909 | €2,261 | €2,753 | €191 | €1,112 | ▲ 481% |
| Taxes, remuneration and social security45 | - | - | - | €23,700 | €9,767 | €6,127 | €7,649 | €4,319 | ▼ 43.5% |
| Taxes450/3 | - | - | - | €23,273 | €9,767 | €3,627 | €7,649 | €1,769 | ▼ 76.9% |
| Remuneration and social security454/9 | - | - | - | €427 | €0 | €2,500 | €0 | €2,550 | - |
| Other amounts payable47/48 | - | - | - | €0 | €13,823 | €560 | €2,722 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €44 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,700 | €35,621 | €24,486 | -€4,955 | €12,103 | €11,040 | €27,723 | -€3,352 | - |
| + Depreciation and write-downs630 | - | €2,487 | €2,992 | €1,549 | €1,321 | €728 | €3,452 | €3,290 | ▼ 4.7% |
| Operating cash flow (approximation) | €18,700 | €38,108 | €27,478 | -€3,406 | €13,424 | €11,768 | €31,175 | -€62 | - |
| Investment in fixed assets (approximation) | - | -€9,192 | -€3,106 | €3,704 | -€587 | -€9,150 | €0 | -€622 | - |
| Change in cash | - | €67,862 | -€13,996 | €14,280 | -€6,656 | -€31,168 | €50,044 | -€31,090 | - |
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, 12,322 companies had the same profile as CHERRY PICKING has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHERRY PICKING 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 12,322 companies, not a prediction for CHERRY PICKING. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-08-2026 | 2026-00380585 | |
| 31-12-2024 | micro format | 09-05-2025 | 2025-00095369 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00227688 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178603 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20202024 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-40200256 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-51100033 | |
| 31-12-2018 | full format | 20-08-2019 | 2019-47700491 | |
| 31-12-2017 | full format | 03-08-2018 | 2018-44200521 | |
| 31-12-2016 | full format | 23-08-2017 | 2017-50800286 |