ChEZANNE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00503773.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 22 filings
Turnover
≈ €14,000
Estimated: probably between €6,800 and €30,000
Total assets
€11,303▲ 10.6%
2024 · €10,216
Net result
€457
2024 · -€343
Working capital
-€29,223▲ 0.2%
2024 · -€29,279
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€525
2025
20182025
Net result
€457
2025
middle half of the sector
20182025
Equity
-€27,140
▲ 1.7%
2025
lowest quarter of the sector
20182025
Total assets
€11,303
▲ 10.6%
2025
lowest quarter of the sector
20182025
Debt
€38,443
▲ 1.7%
2025
20182025
Working capital
-€29,223
▲ 0.2%
2025
lowest quarter of the sector
20182025
Solvency
-240.1%
▲ 30.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.14
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.0%
▲ 7.4pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€11,482--€4,020▲ 65.0%-€2,424▲ 39.7%-€2,761▼ 13.9%-€7,730▼ 180%-€2,647▲ 65.8%-€293▲ 88.9%€525
Net result-€12,927--€4,797▲ 62.9%-€3,365below the sector's middle half▲ 29.9%-€4,043below the sector's middle half▼ 20.2%-€8,506below the sector's middle half▼ 110%-€2,919within the sector's middle half▲ 65.7%-€343within the sector's middle half▲ 88.3%€457within the sector's middle half
Equity-€3,623--€8,420▼ 132%-€11,785below the sector's middle half▼ 40.0%-€15,829below the sector's middle half▼ 34.3%-€24,335below the sector's middle half▼ 53.7%-€27,254below the sector's middle half▼ 12.0%-€27,597below the sector's middle half▼ 1.3%-€27,140below the sector's middle half▲ 1.7%
Total assets€21,208-€15,632▼ 26.3%€18,350below the sector's middle half▲ 17.4%€19,939below the sector's middle half▲ 8.7%€15,966below the sector's middle half▼ 19.9%€10,043below the sector's middle half▼ 37.1%€10,216below the sector's middle half▲ 1.7%€11,303below the sector's middle half▲ 10.6%
Debt€24,830-€24,052▼ 3.1%€30,136▲ 25.3%€35,767▲ 18.7%€40,300▲ 12.7%€37,297▼ 7.5%€37,813▲ 1.4%€38,443▲ 1.7%
Working capital-€7,950--€14,992▼ 88.6%-€18,893below the sector's middle half▼ 26.0%-€25,928below the sector's middle half▼ 37.2%-€30,379below the sector's middle half▼ 17.2%-€29,797below the sector's middle half▲ 1.9%-€29,279below the sector's middle half▲ 1.7%-€29,223below the sector's middle half▲ 0.2%
Solvency-17.1%--53.9%▼ 36.8pp-64.2%below the sector's middle half▼ 10.4pp-79.4%below the sector's middle half▼ 15.2pp-152.4%below the sector's middle half▼ 73.0pp-271.4%below the sector's middle half▼ 119.0pp-270.1%below the sector's middle half▲ 1.2pp-240.1%below the sector's middle half▲ 30.0pp
Current ratio0.43-0.18▼ 0.240.18below the sector's middle half=0.17below the sector's middle half▼ 0.020.14below the sector's middle half▼ 0.030.09below the sector's middle half▼ 0.040.11below the sector's middle half▲ 0.020.14below the sector's middle half▲ 0.03
Return on assets (ROA)-61.0%--30.7%▲ 30.3pp-18.3%below the sector's middle half▲ 12.4pp-20.3%below the sector's middle half▼ 1.9pp-53.3%below the sector's middle half▼ 33.0pp-29.1%below the sector's middle half▲ 24.2pp-3.4%within the sector's middle half▲ 25.7pp4.0%within the sector's middle half▲ 7.4pp
Staff (FTE)0.5-0.1▼ 80.0%0.1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 profit of €525, after a loss of €293 in 2024. It is the highest result since 2021.
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 €11,303
Fixed assets
€6,500 ▼ 1.8%
Current assets
€4,803 ▲ 33.6%
Equity and liabilities
Equity-€27,140
Debt€38,443
Equity is negative. Debt (€38,443) exceeds the balance-sheet total (€11,303).
Key figures and ratios
EBITDA
€644▲
2024 · €49
Cash flow
€576▲
2024 · -€2
Quick ratio
0.06▲
2024 · 0.03
Interest coverage
9.46▲
2024 · 0.97
Debt ≤ 1 year
€34,026▲
2024 · €32,875
Debt > 1 year
€4,417=
2024 · €4,417
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,000 | - | - | - | - |
| Depreciation and write-downs of the year | €3,413 | €3,559 | €3,304 | €341 | €119 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,100 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,409 | €3,001 | €2,930 | €3,413 | €3,559 | €3,304 | €341 | €119 | ▼ 65.1% |
| Other operating charges640/8 | - | - | - | €722 | €590 | €445 | €1,000 | €213 | ▼ 78.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €837 | - | - | - |
| Gross operating margin9900 | €2,863 | €3,945 | €2,207 | €1,373 | -€3,581 | €1,938 | €1,049 | €858 | ▼ 18.2% |
| Operating profit (loss)9901 | -€11,482 | -€4,020 | -€2,424 | -€2,761 | -€7,730 | -€2,647 | -€293 | €525 | - |
| Financial income75/76B | - | - | - | €1 | €0 | €0 | - | - | - |
| Recurring financial income75 | €18 | €160 | €0 | €1 | €0 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €1,283 | €776 | €272 | €50 | €68 | ▲ 35.1% |
| Recurring financial charges65 | €1,463 | €937 | €941 | €1,283 | €776 | €272 | €50 | €68 | ▲ 35.1% |
| Profit (loss) for the period before taxes9903 | -€12,927 | -€4,797 | -€3,365 | -€4,043 | -€8,506 | -€2,919 | -€343 | €457 | - |
| Income taxes67/77 | €0 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€12,927 | -€4,797 | -€3,365 | -€4,043 | -€8,506 | -€2,919 | -€343 | €457 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,927 | -€4,797 | -€3,365 | -€4,043 | -€8,506 | -€2,919 | -€343 | €457 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21,208 | €15,632 | €18,350 | €19,939 | €15,966 | €10,043 | €10,216 | €11,303 | ▲ 10.6% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €15,331 | €12,330 | €14,072 | €14,659 | €11,101 | €6,961 | €6,619 | €6,500 | ▼ 1.8% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €15,331 | €12,330 | €14,072 | €14,659 | €11,101 | €6,961 | €6,619 | €6,500 | ▼ 1.8% |
| Plant, machinery and equipment23 | - | - | - | €2,110 | €1,055 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €11,504 | €9,209 | €6,961 | €6,619 | €6,500 | ▼ 1.8% |
| Other tangible fixed assets26 | - | - | - | €1,046 | €837 | - | - | - | - |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €5,877 | €3,302 | €4,278 | €5,279 | €4,865 | €3,082 | €3,596 | €4,803 | ▲ 33.6% |
| Stocks and contracts in progress3 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | = |
| Stocks30/36 | - | - | - | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | = |
| Amounts receivable within one year40/41 | €238 | €353 | €1,008 | €2,631 | €1,175 | €482 | €182 | €182 | = |
| Trade receivables40 | - | - | - | - | €235 | €300 | - | - | - |
| Other amounts receivable41 | - | - | - | €2,631 | €940 | €182 | €182 | €182 | = |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,839 | - | €670 | - | €1,085 | - | €814 | €2,021 | ▲ 148% |
| Deferred charges and accrued income490/1 | - | - | - | €49 | €5 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21,208 | €15,632 | €18,350 | €19,939 | €15,966 | €10,043 | €10,216 | €11,303 | ▲ 10.6% |
| Equity10/15 | -€3,623 | -€8,420 | -€11,785 | -€15,829 | -€24,335 | -€27,254 | -€27,597 | -€27,140 | ▲ 1.7% |
| Contributions10/11 | €40,000 | €40,000 | - | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Reserves13 | €14,068 | €14,068 | €14,068 | €14,068 | €14,068 | €14,068 | €14,068 | €14,068 | = |
| Non-distributable reserves130/1 | - | - | - | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Reserves not available under the articles1311 | - | - | - | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Distributable reserves133 | - | - | - | €10,068 | €10,068 | €10,068 | €10,068 | €10,068 | = |
| Profit (loss) carried forward14 | -€57,690 | -€62,488 | -€65,853 | -€69,896 | -€78,402 | -€81,322 | -€81,665 | -€81,208 | ▲ 0.6% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €24,830 | €24,052 | €30,136 | €35,767 | €40,300 | €37,297 | €37,813 | €38,443 | ▲ 1.7% |
| Amounts payable after more than one year17 | €10,759 | €5,333 | €4,417 | €4,417 | €5,057 | €4,417 | €4,417 | €4,417 | = |
| Financial debts170/4 | - | - | - | €4,417 | €5,057 | €4,417 | €4,417 | €4,417 | = |
| Amounts payable within one year42/48 | €13,827 | €18,294 | €23,171 | €31,207 | €35,243 | €32,880 | €32,875 | €34,026 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €583 | €3,077 | €1,222 | €583 | €583 | = |
| Financial debts43 | - | - | - | €4,478 | - | €134 | - | €860 | - |
| Credit institutions430/8 | - | - | - | €4,478 | - | €134 | - | €860 | - |
| Trade debts44 | €1,789 | €3,327 | €3,023 | €1,718 | €3,029 | €746 | €222 | €600 | ▲ 170% |
| Suppliers440/4 | - | - | - | €1,718 | €3,029 | €746 | €222 | €600 | ▲ 170% |
| Taxes, remuneration and social security45 | - | - | - | €3,326 | €1,070 | €179 | €288 | €257 | ▼ 10.8% |
| Taxes450/3 | - | - | - | €2,396 | €112 | €179 | €288 | €257 | ▼ 10.8% |
| Remuneration and social security454/9 | - | - | - | €930 | €958 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €21,102 | €28,067 | €30,599 | €31,783 | €31,727 | ▼ 0.2% |
| Accrued charges and deferred income492/3 | - | - | - | €143 | - | - | €520 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,927 | -€4,797 | -€3,365 | -€4,043 | -€8,506 | -€2,919 | -€343 | €457 | - |
| + Depreciation and write-downs630 | €2,409 | €3,001 | €2,930 | €3,413 | €3,559 | €3,304 | €341 | €119 | ▼ 65.1% |
| Operating cash flow (approximation) | -€10,518 | -€1,797 | -€435 | -€631 | -€4,947 | €384 | -€2 | €576 | - |
| Investment in fixed assets (approximation) | - | €0 | -€4,672 | -€4,000 | €0 | €837 | €0 | €0 | - |
| Change in cash | - | - | - | - | - | - | - | €1,207 | - |
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, 1,449 companies had the same profile as ChEZANNE has now. Two years later, 92.3% were still going and 2.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
92.3%
was still going
4.8%
stopped otherwise
2.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ChEZANNE itself: 0.7% 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 1,449 companies, not a prediction for ChEZANNE. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00503773 | |
| 31-12-2024 | micro format | 31-12-2025 | 2026-00004985 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00496437 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00436267 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20349310 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62200090 | |
| 31-12-2019 | micro format | 27-10-2020 | 2020-64000155 | |
| 31-12-2018 | micro format | 26-09-2019 | 2019-67100320 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-49800355 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-54600149 |