CLAEYS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 24 filings
Turnover
≈ €300,000
Estimated: probably between €150,000 and €540,000
Total assets
€236,026▲ 6.5%
2024 · €221,590
Net result
€17,272▲ 4.4%
2024 · €16,550
Working capital
€115,992▲ 51.0%
2024 · €76,809
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,610
▲ 17.2%
2025
20182025
Net result
€17,272
▲ 4.4%
2025
middle half of the sector
20182025
Equity
€148,840
▲ 13.1%
2025
middle half of the sector
20182025
Total assets
€236,026
▲ 6.5%
2025
middle half of the sector
20182025
Debt
€87,185
▼ 3.2%
2025
20182025
Working capital
€115,992
▲ 51.0%
2025
middle half of the sector
20182025
Solvency
63.1%
▲ 3.7pp
2025
middle half of the sector
20182025
Current ratio
2.36
▲ 0.50
2025
middle half of the sector
20182025
Return on assets (ROA)
7.3%
▼ 0.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,150-€43,136▲ 71.5%€55,331▲ 28.3%-€19,573-€11,022▲ 43.7%€16,154€24,418▲ 51.2%€28,610▲ 17.2%
Net result€18,503-€32,288▲ 74.5%€34,418above the sector's middle half▲ 6.6%-€24,052below the sector's middle half-€14,759below the sector's middle half▲ 38.6%€10,187within the sector's middle half€16,550within the sector's middle half▲ 62.5%€17,272within the sector's middle half▲ 4.4%
Equity€76,937-€109,224▲ 42.0%€143,642within the sector's middle half▲ 31.5%€119,590within the sector's middle half▼ 16.7%€104,831within the sector's middle half▼ 12.3%€115,018within the sector's middle half▲ 9.7%€131,569within the sector's middle half▲ 14.4%€148,840within the sector's middle half▲ 13.1%
Total assets€150,392-€235,154▲ 56.4%€204,879within the sector's middle half▼ 12.9%€219,982within the sector's middle half▲ 7.4%€225,504within the sector's middle half▲ 2.5%€234,254within the sector's middle half▲ 3.9%€221,590within the sector's middle half▼ 5.4%€236,026within the sector's middle half▲ 6.5%
Debt€73,455-€125,930▲ 71.4%€61,237▼ 51.4%€100,392▲ 63.9%€120,673▲ 20.2%€119,236▼ 1.2%€90,021▼ 24.5%€87,185▼ 3.2%
Working capital-€5,341--€28,699▼ 437%€7,848within the sector's middle half-€29,304below the sector's middle half-€8,132below the sector's middle half▲ 72.2%€32,724within the sector's middle half€76,809within the sector's middle half▲ 135%€115,992within the sector's middle half▲ 51.0%
Solvency51.2%-46.4%▼ 4.7pp70.1%above the sector's middle half▲ 23.7pp54.4%within the sector's middle half▼ 15.7pp46.5%within the sector's middle half▼ 7.9pp49.1%within the sector's middle half▲ 2.6pp59.4%within the sector's middle half▲ 10.3pp63.1%within the sector's middle half▲ 3.7pp
Current ratio0.91-0.75▼ 0.161.13within the sector's middle half▲ 0.390.68below the sector's middle half▼ 0.460.92below the sector's middle half▲ 0.241.31within the sector's middle half▲ 0.391.85within the sector's middle half▲ 0.542.36within the sector's middle half▲ 0.50
Return on assets (ROA)12.3%-13.7%▲ 1.4pp16.8%above the sector's middle half▲ 3.1pp-10.9%below the sector's middle half▼ 27.7pp-6.5%below the sector's middle half▲ 4.4pp4.3%within the sector's middle half▲ 10.9pp7.5%within the sector's middle half▲ 3.1pp7.3%within the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 17% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €236,026
Fixed assets
€34,529 ▼ 36.9%
Current assets
€201,497 ▲ 20.8%
Equity and liabilities €236,026
Equity
€148,840 ▲ 13.1%
Debt
€87,185 ▼ 3.2%
Debt's share of the balance-sheet total falls from 40.6% to 36.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€55,840▼
2024 · €56,284
Cash flow
€44,503▼
2024 · €48,416
Debt to equity
0.59▼
2024 · 0.68
ROE
11.6%▼
2024 · 12.6%
Interest coverage
14.43▲
2024 · 10.35
Debt ≤ 1 year
€85,505▼
2024 · €90,021
Income taxes
€7,469▲
2024 · €2,427
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 | €69,637 | €18,652 | €1,472 | €10,061 | €7,000 |
| Depreciation and write-downs of the year | €49,793 | €41,930 | €41,103 | €31,865 | €27,231 |
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 | - | - | - | €932 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,543 | €40,469 | €43,540 | €49,793 | €41,930 | €41,103 | €31,865 | €27,231 | ▼ 14.5% |
| Other operating charges640/8 | - | - | - | €50 | €913 | €1,772 | €1,756 | €1,868 | ▲ 6.4% |
| Gross operating margin9900 | €52,745 | €83,655 | €98,921 | €30,270 | €31,820 | €59,030 | €58,039 | €57,709 | ▼ 0.6% |
| Operating profit (loss)9901 | €25,150 | €43,136 | €55,331 | -€19,573 | -€11,022 | €16,154 | €24,418 | €28,610 | ▲ 17.2% |
| Financial income75/76B | - | - | - | €169 | - | - | - | - | - |
| Recurring financial income75 | €2 | - | - | €169 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,088 | €3,201 | €5,433 | €5,440 | €3,869 | ▼ 28.9% |
| Recurring financial charges65 | €2,211 | €1,908 | €3,998 | €2,088 | €3,201 | €5,433 | €5,440 | €3,869 | ▼ 28.9% |
| Profit (loss) for the period before taxes9903 | €22,941 | €41,228 | €51,333 | -€21,492 | -€14,224 | €10,722 | €18,978 | €24,741 | ▲ 30.4% |
| Income taxes67/77 | €4,438 | €8,940 | €16,915 | €2,561 | €535 | €535 | €2,427 | €7,469 | ▲ 208% |
| Profit (loss) for the period9904 | €18,503 | €32,288 | €34,418 | -€24,052 | -€14,759 | €10,187 | €16,550 | €17,272 | ▲ 4.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €12,312 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,503 | €32,288 | €34,418 | -€11,741 | -€14,759 | €10,187 | €16,550 | €17,272 | ▲ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €150,392 | €235,154 | €204,879 | €219,982 | €225,504 | €234,254 | €221,590 | €236,026 | ▲ 6.5% |
| Fixed assets21/28 | €97,689 | €150,339 | €138,690 | €158,534 | €135,257 | €95,626 | €54,759 | €34,529 | ▼ 36.9% |
| Tangible fixed assets22/27 | €97,689 | €150,339 | €138,690 | €158,534 | €135,257 | €95,626 | €54,759 | €34,529 | ▼ 36.9% |
| Land and buildings22 | - | - | - | €15,551 | €12,553 | €9,772 | €15,424 | €12,794 | ▼ 17.0% |
| Plant, machinery and equipment23 | - | - | - | €11,891 | €25,292 | €21,222 | €17,383 | €16,795 | ▼ 3.4% |
| Furniture and vehicles24 | - | - | - | €131,092 | €97,412 | €64,632 | €21,953 | €4,939 | ▼ 77.5% |
| Current assets29/58 | €52,703 | €84,815 | €66,189 | €61,448 | €90,247 | €138,628 | €166,830 | €201,497 | ▲ 20.8% |
| Amounts receivable within one year40/41 | €11,457 | €42,489 | €5,268 | €22,433 | €35,399 | €32,601 | €26,120 | €13,869 | ▼ 46.9% |
| Trade receivables40 | - | - | - | €22,404 | €34,073 | €31,269 | €25,701 | €13,450 | ▼ 47.7% |
| Other amounts receivable41 | - | - | - | €29 | €1,326 | €1,332 | €418 | €418 | = |
| Cash at bank and in hand54/58 | €33,060 | €28,638 | €42,690 | €11,442 | €40,187 | €100,009 | €126,322 | €170,650 | ▲ 35.1% |
| Deferred charges and accrued income490/1 | - | - | - | €27,573 | €14,661 | €6,018 | €14,389 | €16,978 | ▲ 18.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €150,392 | €235,154 | €204,879 | €219,982 | €225,504 | €234,254 | €221,590 | €236,026 | ▲ 6.5% |
| Equity10/15 | €76,937 | €109,224 | €143,642 | €119,590 | €104,831 | €115,018 | €131,569 | €148,840 | ▲ 13.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €49,359 | €81,646 | €116,064 | €103,753 | €103,753 | €103,753 | €112,969 | €130,240 | ▲ 15.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €101,893 | €101,893 | €103,753 | €112,969 | €130,240 | ▲ 15.3% |
| Profit (loss) carried forward14 | €8,978 | €8,978 | €8,978 | -€2,763 | -€17,521 | -€7,334 | €0 | - | - |
| Amounts payable17/49 | €73,455 | €125,930 | €61,237 | €100,392 | €120,673 | €119,236 | €90,021 | €87,185 | ▼ 3.2% |
| Amounts payable after more than one year17 | €12,000 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €58,044 | €113,514 | €58,341 | €90,752 | €98,379 | €105,904 | €90,021 | €85,505 | ▼ 5.0% |
| Trade debts44 | €11,693 | €22,846 | €7,856 | €8,829 | €5,706 | €12,457 | €20,632 | €8,426 | ▼ 59.2% |
| Suppliers440/4 | - | - | - | €8,829 | €5,706 | €12,457 | €20,632 | €8,426 | ▼ 59.2% |
| Taxes, remuneration and social security45 | - | - | - | €23,101 | €10,334 | €10,337 | €11,382 | €20,275 | ▲ 78.1% |
| Taxes450/3 | - | - | - | €23,101 | €10,334 | €10,337 | €11,382 | €20,275 | ▲ 78.1% |
| Other amounts payable47/48 | - | - | - | €58,823 | €82,339 | €83,111 | €58,008 | €56,804 | ▼ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | €9,640 | €22,294 | €13,332 | €0 | €1,680 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,503 | €32,288 | €34,418 | -€24,052 | -€14,759 | €10,187 | €16,550 | €17,272 | ▲ 4.4% |
| + Depreciation and write-downs630 | €27,543 | €40,469 | €43,540 | €49,793 | €41,930 | €41,103 | €31,865 | €27,231 | ▼ 14.5% |
| Operating cash flow (approximation) | €46,046 | €72,757 | €77,958 | €25,740 | €27,171 | €51,290 | €48,416 | €44,503 | ▼ 8.1% |
| Investment in fixed assets (approximation) | - | -€93,119 | -€31,891 | -€69,637 | -€18,652 | -€1,472 | €9,001 | -€7,000 | - |
| Change in cash | - | -€4,422 | €14,052 | -€31,248 | €28,746 | €59,821 | €26,313 | €44,329 | ▲ 68.5% |
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 CLAEYS 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 CLAEYS 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 31,368 companies, not a prediction for CLAEYS. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00304388 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00248171 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00262163 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00294183 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20243335 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60400350 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-36900332 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-24300202 | |
| 31-12-2017 | micro format | 05-04-2018 | 2018-09100591 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36400074 |