CL2
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 6 days after the deadline Filed on 6 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00384901.
Annual accounts 2025 filed on 06-08-2026 at the NBB all 11 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €220,000
Total assets
€518,807▼ 39.4%
2024 · €856,102
Net result
-€12,304▲ 71.5%
2024 · -€43,243
Working capital
-€33,180▼ 31.2%
2024 · -€25,282
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,922
▲ 84.3%
2025
20182025
Net result
-€12,304
▲ 71.5%
2025
lowest quarter of the sector
20182025
Equity
€322,171
▼ 3.7%
2025
highest quarter of the sector
20182025
Total assets
€518,807
▼ 39.4%
2025
highest quarter of the sector
20182025
Debt
€196,636
▼ 62.3%
2025
20182025
Working capital
-€33,180
▼ 31.2%
2025
lowest quarter of the sector
20182025
Solvency
62.1%
▲ 23.0pp
2025
middle half of the sector
20182025
Current ratio
0.79
▼ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-2.4%
▲ 2.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€40,637--€39,333▲ 3.2%-€40,151▼ 2.1%€77,351-€17,569€226,907-€44,019-€6,922▲ 84.3%
Net result-€33,608--€42,522▼ 26.5%-€43,042below the sector's middle half▼ 1.2%€74,714above the sector's middle half€1,742below the sector's middle half▼ 97.7%€201,669above the sector's middle half▲ 116×-€43,243below the sector's middle half-€12,304below the sector's middle half▲ 71.5%
Equity€185,157-€142,635▼ 23.0%€99,593within the sector's middle half▼ 30.2%€174,307within the sector's middle half▲ 75.0%€176,049within the sector's middle half▲ 1.0%€377,718above the sector's middle half▲ 115%€334,474above the sector's middle half▼ 11.4%€322,171above the sector's middle half▼ 3.7%
Total assets€749,382-€667,159▼ 11.0%€607,773above the sector's middle half▼ 8.9%€674,418above the sector's middle half▲ 11.0%€677,776above the sector's middle half▲ 0.5%€914,188above the sector's middle half▲ 34.9%€856,102above the sector's middle half▼ 6.4%€518,807above the sector's middle half▼ 39.4%
Debt€564,225-€524,524▼ 7.0%€508,180▼ 3.1%€500,111▼ 1.6%€501,727▲ 0.3%€536,471▲ 6.9%€521,628▼ 2.8%€196,636▼ 62.3%
Working capital€27,463--€41,027-€57,620below the sector's middle half▼ 40.4%€39,593within the sector's middle half€63,586within the sector's middle half▲ 60.6%€236,225above the sector's middle half▲ 272%-€25,282below the sector's middle half-€33,180below the sector's middle half▼ 31.2%
Solvency24.7%-21.4%▼ 3.3pp16.4%below the sector's middle half▼ 5.0pp25.8%within the sector's middle half▲ 9.5pp26.0%below the sector's middle half▲ 0.1pp41.3%within the sector's middle half▲ 15.3pp39.1%within the sector's middle half▼ 2.2pp62.1%within the sector's middle half▲ 23.0pp
Current ratio1.16-0.71▼ 0.450.58below the sector's middle half▼ 0.141.29within the sector's middle half▲ 0.711.43within the sector's middle half▲ 0.142.12within the sector's middle half▲ 0.700.94below the sector's middle half▼ 1.180.79below the sector's middle half▼ 0.15
Return on assets (ROA)-4.5%--6.4%▼ 1.9pp-7.1%below the sector's middle half▼ 0.7pp11.1%within the sector's middle half▲ 18.2pp0.3%below the sector's middle half▼ 10.8pp22.1%within the sector's middle half▲ 21.8pp-5.1%below the sector's middle half▼ 27.1pp-2.4%below the sector's middle half▲ 2.7pp
Staff (FTE)0.31▲ 233%1=1=
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 €6,922, smaller than the loss of €44,019 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 €518,807
Fixed assets
€391,457 ▼ 8.4%
Current assets
€127,349 ▼ 70.3%
Equity and liabilities €518,807
Equity
€322,171 ▼ 3.7%
Debt
€196,636 ▼ 62.3%
Debt's share of the balance-sheet total falls from 60.9% to 37.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,924▲
2024 · -€3,241
Cash flow
€28,542▲
2024 · -€2,465
Debt to equity
0.61▼
2024 · 1.56
ROE
-3.8%▲
2024 · -12.9%
Interest coverage
5.90▲
2024 · -0.51
Debt ≤ 1 year
€160,529▼
2024 · €454,211
Debt > 1 year
€34,484▼
2024 · €65,553
Income taxes
-€369▼
2024 · €991
Staff costs
€44,995▲
2024 · €44,380
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.3 | 1 | 1 | 1 |
| On a permanent contract | - | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €27,500 | €100,000 | €100,000 |
| Carrying value of the mortgaged assets | - | - | €54,799 | €44,757 | €34,715 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,705 | €6,957 | €44,093 | €0 | €3,131 |
| Financial fixed assets | - | - | - | - | €2,000 |
| Depreciation and write-downs of the year | €37,820 | €38,332 | €42,886 | €40,778 | €40,846 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €9,527 | €43,513 | €44,380 | €44,995 | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,089 | €40,654 | €40,851 | €37,820 | €38,332 | €42,886 | €40,778 | €40,846 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €11,731 | €6,807 | €32,644 | €10,429 | €5,630 | ▼ 46.0% |
| Gross operating margin9900 | €4,619 | €8,241 | €6,843 | €126,903 | €37,097 | €345,950 | €51,568 | €84,548 | ▲ 64.0% |
| Operating profit (loss)9901 | -€40,637 | -€39,333 | -€40,151 | €77,351 | -€17,569 | €226,907 | -€44,019 | -€6,922 | ▲ 84.3% |
| Financial income75/76B | - | - | - | - | €24,000 | €4,436 | €8,178 | - | - |
| Recurring financial income75 | - | - | €11 | - | €24,000 | €4,436 | €8,178 | - | - |
| Financial charges65/66B | - | - | - | €2,437 | €4,078 | €9,473 | €6,411 | €5,750 | ▼ 10.3% |
| Recurring financial charges65 | €19,166 | €2,677 | €2,509 | €2,437 | €4,078 | €9,473 | €6,411 | €5,750 | ▼ 10.3% |
| Profit (loss) for the period before taxes9903 | -€32,832 | -€42,009 | -€42,650 | €74,914 | €2,353 | €221,871 | -€42,252 | -€12,672 | ▲ 70.0% |
| Income taxes67/77 | €776 | €513 | €393 | €200 | €611 | €20,201 | €991 | -€369 | - |
| Profit (loss) for the period9904 | -€33,608 | -€42,522 | -€43,042 | €74,714 | €1,742 | €201,669 | -€43,243 | -€12,304 | ▲ 71.5% |
| Profit (loss) for the period to be appropriated9905 | -€33,608 | -€42,522 | -€43,042 | €74,714 | €1,742 | €201,669 | -€43,243 | -€12,304 | ▲ 71.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €749,382 | €667,159 | €607,773 | €674,418 | €677,776 | €914,188 | €856,102 | €518,807 | ▼ 39.4% |
| Formation expenses20 | - | - | - | - | - | €0 | - | - | - |
| Fixed assets21/28 | €551,036 | €565,337 | €529,435 | €497,320 | €465,944 | €467,951 | €427,173 | €391,457 | ▼ 8.4% |
| Tangible fixed assets22/27 | €551,036 | €565,337 | €529,435 | €497,320 | €465,944 | €467,951 | €427,173 | €389,457 | ▼ 8.8% |
| Land and buildings22 | - | - | - | €495,474 | €464,098 | €467,859 | €427,173 | €386,486 | ▼ 9.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €1,846 | €1,846 | €92 | €0 | €2,971 | - |
| Financial fixed assets28 | - | - | - | - | - | €0 | - | €2,000 | - |
| Current assets29/58 | €198,347 | €101,822 | €78,337 | €177,098 | €211,831 | €446,237 | €428,929 | €127,349 | ▼ 70.3% |
| Amounts receivable within one year40/41 | €3,158 | €9,240 | €13,437 | €22,147 | €6,788 | €45,747 | €62,996 | €66,494 | ▲ 5.6% |
| Trade receivables40 | - | - | - | €22,132 | €6,788 | €44,150 | €61,045 | €58,329 | ▼ 4.4% |
| Other amounts receivable41 | - | - | - | €15 | - | €1,597 | €1,952 | €8,165 | ▲ 318% |
| Current investments50/53 | - | - | - | - | - | €303,105 | €307,493 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €179,099 | €89,954 | €57,783 | €154,589 | €203,733 | €97,386 | €53,381 | €55,680 | ▲ 4.3% |
| Deferred charges and accrued income490/1 | - | - | - | €362 | €1,310 | €0 | €5,059 | €5,175 | ▲ 2.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €749,382 | €667,159 | €607,773 | €674,418 | €677,776 | €914,188 | €856,102 | €518,807 | ▼ 39.4% |
| Equity10/15 | €185,157 | €142,635 | €99,593 | €174,307 | €176,049 | €377,718 | €334,474 | €322,171 | ▼ 3.7% |
| Contributions10/11 | €194,567 | €194,567 | - | €194,567 | €194,567 | €194,567 | €194,567 | €194,567 | = |
| Reserves13 | €135,000 | €135,000 | €135,000 | €135,000 | €135,000 | €175,000 | €135,000 | €125,000 | ▼ 7.4% |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Distributable reserves133 | - | - | - | €130,000 | €130,000 | €170,000 | €130,000 | €120,000 | ▼ 7.7% |
| Profit (loss) carried forward14 | -€144,410 | -€186,932 | -€229,974 | -€155,260 | -€153,518 | €8,151 | €4,908 | €2,604 | ▼ 46.9% |
| Amounts payable17/49 | €564,225 | €524,524 | €508,180 | €500,111 | €501,727 | €536,471 | €521,628 | €196,636 | ▼ 62.3% |
| Amounts payable after more than one year17 | €373,782 | €364,493 | €355,042 | €345,425 | €335,640 | €325,683 | €65,553 | €34,484 | ▼ 47.4% |
| Financial debts170/4 | - | - | - | €95,425 | €85,640 | €75,683 | €65,553 | €34,484 | ▼ 47.4% |
| Other amounts payable178/9 | - | - | - | €250,000 | €250,000 | €250,000 | €0 | - | - |
| Amounts payable within one year42/48 | €170,883 | €142,850 | €135,957 | €137,505 | €148,245 | €210,012 | €454,211 | €160,529 | ▼ 64.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,617 | €9,785 | €9,956 | €10,131 | €6,909 | ▼ 31.8% |
| Financial debts43 | - | - | - | - | - | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0 | - | - | - |
| Trade debts44 | €36,919 | €8,155 | €4,347 | €2,150 | €3,828 | €480 | €2,547 | €246 | ▼ 90.4% |
| Suppliers440/4 | - | - | - | €2,150 | €3,828 | €480 | €2,547 | €246 | ▼ 90.4% |
| Taxes, remuneration and social security45 | - | - | - | €4,884 | €12,298 | €55,772 | €52,722 | €17,555 | ▼ 66.7% |
| Taxes450/3 | - | - | - | €4,884 | €5,162 | €45,888 | €39,236 | €7,619 | ▼ 80.6% |
| Remuneration and social security454/9 | - | - | - | - | €7,136 | €9,884 | €13,486 | €9,937 | ▼ 26.3% |
| Other amounts payable47/48 | - | - | - | €120,854 | €122,334 | €143,804 | €388,811 | €135,819 | ▼ 65.1% |
| Accrued charges and deferred income492/3 | - | - | - | €17,181 | €17,841 | €775 | €1,864 | €1,622 | ▼ 13.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€33,608 | -€42,522 | -€43,042 | €74,714 | €1,742 | €201,669 | -€43,243 | -€12,304 | ▲ 71.5% |
| + Depreciation and write-downs630 | €36,089 | €40,654 | €40,851 | €37,820 | €38,332 | €42,886 | €40,778 | €40,846 | ▲ 0.2% |
| Operating cash flow (approximation) | €2,480 | -€1,868 | -€2,191 | €112,534 | €40,074 | €244,555 | -€2,465 | €28,542 | - |
| Investment in fixed assets (approximation) | - | -€54,955 | -€4,950 | -€5,705 | -€6,957 | -€44,893 | €0 | -€5,131 | - |
| Change in cash | - | -€89,145 | -€32,170 | €96,805 | €49,145 | -€106,347 | -€44,005 | €2,300 | - |
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, 6,908 companies had the same profile as CL2 has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CL2 itself is lower: 0.1% within 12 months. It rests on far more data about CL2 than the profile alone.
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 6,908 companies, not a prediction for CL2. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-08-2026 | 2026-00384901 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00373029 | |
| 31-12-2023 | micro format | 02-08-2024 | 2024-00322865 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00168343 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20416089 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65800415 | |
| 31-12-2019 | micro format | 15-09-2020 | 2020-53300471 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45800303 | |
| 31-12-2017 | micro format | 06-09-2018 | 2018-62300009 | |
| 31-12-2016 | micro format | 21-06-2017 | 2017-19300241 |