CHNOP
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 66 days after the deadline Filed on 5 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00546352.
Annual accounts 2025 filed on 05-10-2026 at the NBB all 26 filings
Turnover
≈ €170,000
Estimated: probably between €100,000 and €310,000
Total assets
€82,705▲ 73.4%
2024 · €47,694
Net result
€23,548▲ 41.5%
2024 · €16,640
Working capital
€49,793▲ 65.3%
2024 · €30,119
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€34,376
▲ 76.8%
2025
20182025
Net result
€23,548
▲ 41.5%
2025
highest quarter of the sector
20182025
Equity
€54,451
▲ 71.6%
2025
middle half of the sector
20182025
Total assets
€82,705
▲ 73.4%
2025
middle half of the sector
20182025
Debt
€28,254
▲ 77.1%
2025
20182025
Working capital
€49,793
▲ 65.3%
2025
middle half of the sector
20182025
Solvency
65.8%
▼ 0.7pp
2025
middle half of the sector
20182025
Current ratio
2.98
▲ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
28.5%
▼ 6.4pp
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-€955-€2,640-€8,253€8,132-€603-€15,150▼ 2,412%€19,446€34,376▲ 76.8%
Net result-€1,827-€1,088-€8,633below the sector's middle half€7,609within the sector's middle half-€1,043within the sector's middle half-€15,538below the sector's middle half▼ 1,390%€16,640within the sector's middle half€23,548above the sector's middle half▲ 41.5%
Equity€34,046-€35,134▲ 3.2%€26,501within the sector's middle half▼ 24.6%€33,310within the sector's middle half▲ 25.7%€31,467within the sector's middle half▼ 5.5%€15,929within the sector's middle half▼ 49.4%€31,736within the sector's middle half▲ 99.2%€54,451within the sector's middle half▲ 71.6%
Total assets€90,412-€40,455▼ 55.3%€38,074below the sector's middle half▼ 5.9%€60,791within the sector's middle half▲ 59.7%€35,827below the sector's middle half▼ 41.1%€20,058below the sector's middle half▼ 44.0%€47,694within the sector's middle half▲ 138%€82,705within the sector's middle half▲ 73.4%
Debt€56,366-€5,321▼ 90.6%€11,573▲ 117%€27,481▲ 137%€4,360▼ 84.1%€4,129▼ 5.3%€15,958▲ 286%€28,254▲ 77.1%
Working capital€18,574-€27,499▲ 48.1%€14,260within the sector's middle half▼ 48.1%€31,151within the sector's middle half▲ 118%€23,763within the sector's middle half▼ 23.7%€13,793within the sector's middle half▼ 42.0%€30,119within the sector's middle half▲ 118%€49,793within the sector's middle half▲ 65.3%
Solvency37.7%-86.8%▲ 49.2pp69.6%within the sector's middle half▼ 17.2pp54.8%within the sector's middle half▼ 14.8pp87.8%above the sector's middle half▲ 33.0pp79.4%above the sector's middle half▼ 8.4pp66.5%within the sector's middle half▼ 12.9pp65.8%within the sector's middle half▼ 0.7pp
Current ratio1.58-6.17▲ 4.592.96within the sector's middle half▼ 3.213.02within the sector's middle half▲ 0.066.45above the sector's middle half▲ 3.434.46above the sector's middle half▼ 1.992.89within the sector's middle half▼ 1.572.98within the sector's middle half▲ 0.09
Return on assets (ROA)-2.0%-2.7%▲ 4.7pp-22.7%below the sector's middle half▼ 25.4pp12.5%within the sector's middle half▲ 35.2pp-2.9%below the sector's middle half▼ 15.4pp-77.5%below the sector's middle half▼ 74.6pp34.9%above the sector's middle half▲ 112.4pp28.5%above the sector's middle half▼ 6.4pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 77% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €82,705
Fixed assets
€7,783 ▲ 381%
Current assets
€74,922 ▲ 62.6%
Equity and liabilities €82,705
Equity
€54,451 ▲ 71.6%
Debt
€28,254 ▲ 77.1%
Debt's share of the balance-sheet total rises from 33.5% to 34.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€35,363▲
2024 · €20,405
Cash flow
€24,535▲
2024 · €17,599
Debt to equity
0.52▲
2024 · 0.50
ROE
43.2%▼
2024 · 52.4%
Interest coverage
18.89▲
2024 · 10.59
Debt ≤ 1 year
€25,129▲
2024 · €15,958
Income taxes
€8,972▲
2024 · €1,023
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €467 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,104 | - | - | €1,899 | €13,808 |
| Depreciation and write-downs of the year | €7,393 | €6,550 | €5,428 | €959 | €987 |
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 | €12,792 | €3,469 | €5,998 | €7,393 | €6,550 | €5,428 | €959 | €987 | ▲ 2.9% |
| Other operating charges640/8 | - | - | - | €970 | €973 | €1,422 | €966 | €7,115 | ▲ 637% |
| Gross operating margin9900 | €12,671 | €9,705 | -€843 | €16,495 | €6,920 | -€8,300 | €21,371 | €42,478 | ▲ 98.8% |
| Operating profit (loss)9901 | -€955 | €2,640 | -€8,253 | €8,132 | -€603 | -€15,150 | €19,446 | €34,376 | ▲ 76.8% |
| Financial income75/76B | - | - | - | - | - | - | €143 | €16 | ▼ 88.8% |
| Recurring financial income75 | €3 | - | - | - | - | - | €143 | €16 | ▼ 88.8% |
| Financial charges65/66B | - | - | - | €405 | €320 | €256 | €1,926 | €1,872 | ▼ 2.8% |
| Recurring financial charges65 | €607 | €621 | €411 | €405 | €320 | €256 | €1,926 | €1,872 | ▼ 2.8% |
| Profit (loss) for the period before taxes9903 | -€1,560 | €2,019 | -€8,664 | €7,727 | -€923 | -€15,406 | €17,663 | €32,520 | ▲ 84.1% |
| Income taxes67/77 | €267 | €931 | -€31 | €118 | €120 | €132 | €1,023 | €8,972 | ▲ 777% |
| Profit (loss) for the period9904 | -€1,827 | €1,088 | -€8,633 | €7,609 | -€1,043 | -€15,538 | €16,640 | €23,548 | ▲ 41.5% |
| Profit (loss) for the period to be appropriated9905 | -€1,827 | €1,088 | -€8,633 | €7,609 | -€1,043 | -€15,538 | €16,640 | €23,548 | ▲ 41.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €90,412 | €40,455 | €38,074 | €60,791 | €35,827 | €20,058 | €47,694 | €82,705 | ▲ 73.4% |
| Fixed assets21/28 | €39,542 | €7,635 | €16,544 | €14,255 | €7,704 | €2,277 | €1,617 | €7,783 | ▲ 381% |
| Tangible fixed assets22/27 | €39,462 | €7,555 | €16,463 | €14,175 | €7,624 | €2,197 | €1,537 | €7,703 | ▲ 401% |
| Plant, machinery and equipment23 | - | - | - | €4,653 | €2,119 | €418 | €1,537 | €2,103 | ▲ 36.8% |
| Furniture and vehicles24 | - | - | - | €9,522 | €5,505 | €1,779 | - | €5,600 | - |
| Other tangible fixed assets26 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €80 | €80 | €80 | €80 | €80 | €80 | €80 | €80 | = |
| Current assets29/58 | €50,870 | €32,820 | €21,530 | €46,536 | €28,123 | €17,781 | €46,077 | €74,922 | ▲ 62.6% |
| Amounts receivable within one year40/41 | €44,908 | €21,122 | €11,538 | €19,115 | €16,064 | €5,190 | €25,075 | €27,064 | ▲ 7.9% |
| Trade receivables40 | - | - | - | €18,861 | €14,573 | €4,427 | €21,927 | €24,891 | ▲ 13.5% |
| Other amounts receivable41 | - | - | - | €254 | €1,491 | €763 | €3,148 | €2,173 | ▼ 31.0% |
| Cash at bank and in hand54/58 | €5,961 | €11,698 | €9,992 | €27,012 | €11,272 | €12,591 | €20,728 | €47,593 | ▲ 130% |
| Deferred charges and accrued income490/1 | - | - | - | €409 | €787 | - | €274 | €265 | ▼ 3.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €90,412 | €40,455 | €38,074 | €60,791 | €35,827 | €20,058 | €47,694 | €82,705 | ▲ 73.4% |
| Equity10/15 | €34,046 | €35,134 | €26,501 | €33,310 | €31,467 | €15,929 | €31,736 | €54,451 | ▲ 71.6% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €21,498 | €21,498 | €21,498 | €21,498 | €21,498 | €21,498 | €31,498 | €41,498 | ▲ 31.7% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €19,639 | €19,639 | €21,498 | €31,498 | €41,498 | ▲ 31.7% |
| Profit (loss) carried forward14 | €6,351 | €7,439 | -€1,194 | €5,615 | €3,772 | -€11,766 | -€5,959 | €6,756 | - |
| Amounts payable17/49 | €56,366 | €5,321 | €11,573 | €27,481 | €4,360 | €4,129 | €15,958 | €28,254 | ▲ 77.1% |
| Amounts payable after more than one year17 | €24,070 | - | €4,076 | €1,376 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €1,376 | - | - | - | - | - |
| Amounts payable within one year42/48 | €32,296 | €5,321 | €7,270 | €15,385 | €4,360 | €3,988 | €15,958 | €25,129 | ▲ 57.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,700 | €1,376 | - | - | - | - |
| Trade debts44 | €12,943 | €3,001 | €606 | €7,211 | €211 | €13 | €689 | €2,201 | ▲ 219% |
| Suppliers440/4 | - | - | - | €7,211 | €211 | €13 | €689 | €2,201 | ▲ 219% |
| Taxes, remuneration and social security45 | - | - | - | €467 | €120 | €937 | €1,390 | €4,818 | ▲ 247% |
| Taxes450/3 | - | - | - | €467 | €120 | €937 | €1,390 | €4,818 | ▲ 247% |
| Other amounts payable47/48 | - | - | - | €5,007 | €2,653 | €3,038 | €13,879 | €18,110 | ▲ 30.5% |
| Accrued charges and deferred income492/3 | - | - | - | €10,720 | - | €141 | - | €3,125 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,827 | €1,088 | -€8,633 | €7,609 | -€1,043 | -€15,538 | €16,640 | €23,548 | ▲ 41.5% |
| + Depreciation and write-downs630 | €12,792 | €3,469 | €5,998 | €7,393 | €6,550 | €5,428 | €959 | €987 | ▲ 2.9% |
| Operating cash flow (approximation) | €10,965 | €4,557 | -€2,635 | €15,002 | €5,507 | -€10,110 | €17,599 | €24,535 | ▲ 39.4% |
| Investment in fixed assets (approximation) | - | €28,438 | -€14,906 | -€5,104 | €1 | -€1 | -€299 | -€7,153 | ▼ 2,292% |
| Change in cash | - | €5,737 | -€1,706 | €17,020 | -€15,740 | €1,319 | €8,137 | €26,865 | ▲ 230% |
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, 31,368 companies had the same profile as CHNOP has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHNOP itself: 0.2% 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 31,368 companies, not a prediction for CHNOP. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-10-2026 | 2026-00546352 | |
| 31-12-2024 | micro format | 12-10-2025 | 2025-00539930 | |
| 31-12-2023 | micro format | 21-10-2024 | 2024-00510440 | |
| 31-12-2022 | micro format | 06-10-2023 | 2023-00473801 | |
| 31-12-2021 | micro format | 11-10-2022 | 2022-20457777 | |
| 31-12-2020 | micro format | 17-11-2021 | 2021-77500150 | |
| 31-12-2019 | micro format | 23-12-2020 | 2020-77100435 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-19900248 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-25600380 | |
| 31-12-2016 | full format | 06-07-2017 | 2017-27200446 |