CLAIRBOIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 25 filings
Turnover
≈ €15,000
Estimated: probably between €7,200 and €30,000
Total assets
€68,886▲ 16.2%
2024 · €59,292
Net result
-€6,545▲ 87.5%
2024 · -€52,263
Working capital
€23,198▼ 11.6%
2024 · €26,244
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€1,255
▲ 97.8%
2025
20192025
Net result
-€6,545
▲ 87.5%
2025
lowest quarter of the sector
20192025
Equity
€30,896
▼ 17.5%
2025
middle half of the sector
20192025
Total assets
€68,886
▲ 16.2%
2025
lowest quarter of the sector
20192025
Debt
€37,991
▲ 73.9%
2025
20192025
Working capital
€23,198
▼ 11.6%
2025
middle half of the sector
20192025
Solvency
44.9%
▼ 18.3pp
2025
middle half of the sector
20192025
Current ratio
1.61
▼ 0.59
2025
middle half of the sector
20192025
Return on assets (ROA)
-9.5%
▲ 78.6pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€123,781-€138,152▲ 11.6%€145,343▲ 5.2%-€2,219-€62,115▼ 2,699%-€56,517▲ 9.0%-€1,255▲ 97.8%
Net result€123,609-€138,081above the sector's middle half▲ 11.7%€145,064above the sector's middle half▲ 5.1%€90below the sector's middle half▼ 99.9%-€58,221below the sector's middle half-€52,263below the sector's middle half▲ 10.2%-€6,545below the sector's middle half▲ 87.5%
Equity-€135,310-€2,771below the sector's middle half€147,835within the sector's middle half▲ 53×€147,925within the sector's middle half▲ 0.1%€89,704within the sector's middle half▼ 39.4%€37,440within the sector's middle half▼ 58.3%€30,896within the sector's middle half▼ 17.5%
Total assets€93,121-€185,564within the sector's middle half▲ 99.3%€211,870within the sector's middle half▲ 14.2%€232,115within the sector's middle half▲ 9.6%€112,113within the sector's middle half▼ 51.7%€59,292below the sector's middle half▼ 47.1%€68,886below the sector's middle half▲ 16.2%
Debt€228,431-€182,793▼ 20.0%€64,035▼ 65.0%€84,190▲ 31.5%€22,410▼ 73.4%€21,852▼ 2.5%€37,991▲ 73.9%
Working capital-€135,310-€2,771within the sector's middle half€147,835above the sector's middle half▲ 53×€130,933within the sector's middle half▼ 11.4%€76,210within the sector's middle half▼ 41.8%€26,244within the sector's middle half▼ 65.6%€23,198within the sector's middle half▼ 11.6%
Solvency-145.3%-1.5%below the sector's middle half▲ 146.8pp69.8%within the sector's middle half▲ 68.3pp63.7%within the sector's middle half▼ 6.0pp80.0%above the sector's middle half▲ 16.3pp63.1%within the sector's middle half▼ 16.9pp44.9%within the sector's middle half▼ 18.3pp
Current ratio0.41-1.02within the sector's middle half▲ 0.613.31within the sector's middle half▲ 2.292.56within the sector's middle half▼ 0.754.40within the sector's middle half▲ 1.852.20within the sector's middle half▼ 2.201.61within the sector's middle half▼ 0.59
Return on assets (ROA)132.7%-74.4%above the sector's middle half▼ 58.3pp68.5%above the sector's middle half▼ 5.9pp0.0%below the sector's middle half▼ 68.4pp-51.9%below the sector's middle half▼ 52.0pp-88.1%below the sector's middle half▼ 36.2pp-9.5%below the sector's middle half▲ 78.6pp
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 €1,255, smaller than the loss of €56,517 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 €68,886
Fixed assets
€7,698 ▼ 31.2%
Current assets
€61,189 ▲ 27.2%
Equity and liabilities €68,886
Equity
€30,896 ▼ 17.5%
Debt
€37,991 ▲ 73.9%
Debt's share of the balance-sheet total rises from 36.9% to 55.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€2,243▲
2024 · -€53,019
Cash flow
-€3,047▲
2024 · -€48,765
Debt to equity
1.23▲
2024 · 0.58
ROE
-21.2%▲
2024 · -139.6%
Interest coverage
6.79▲
2024 · -125.74
Debt ≤ 1 year
€37,991▲
2024 · €21,852
Income taxes
€7,073▲
2024 · €129
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €17,490 | - | - | - |
| Intangible fixed assets | - | - | €1,200 | - |
| Depreciation and write-downs of the year | €498 | €3,498 | €3,498 | €3,498 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €498 | €3,498 | €3,498 | €3,498 | = |
| Other operating charges640/8 | - | - | - | €754 | €775 | €4,179 | €961 | ▼ 77.0% |
| Gross operating margin9900 | €124,349 | €138,720 | €147,201 | -€967 | -€57,842 | -€48,840 | €3,204 | - |
| Operating profit (loss)9901 | €123,781 | €138,152 | €145,343 | -€2,219 | -€62,115 | -€56,517 | -€1,255 | ▲ 97.8% |
| Financial income75/76B | - | - | - | €2,606 | €4,524 | €4,805 | €2,114 | ▼ 56.0% |
| Recurring financial income75 | - | €66 | €68 | €2,606 | €4,524 | €4,805 | €2,114 | ▼ 56.0% |
| Financial charges65/66B | - | - | - | €277 | €469 | €422 | €331 | ▼ 21.6% |
| Recurring financial charges65 | €173 | €129 | €337 | €277 | €469 | €422 | €331 | ▼ 21.6% |
| Profit (loss) for the period before taxes9903 | €123,609 | €138,089 | €145,074 | €109 | -€58,060 | -€52,134 | €528 | - |
| Income taxes67/77 | - | €9 | €10 | €19 | €161 | €129 | €7,073 | ▲ 55× |
| Profit (loss) for the period9904 | €123,609 | €138,081 | €145,064 | €90 | -€58,221 | -€52,263 | -€6,545 | ▲ 87.5% |
| Profit (loss) for the period to be appropriated9905 | €123,609 | €138,081 | €145,064 | €90 | -€58,221 | -€52,263 | -€6,545 | ▲ 87.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €93,121 | €185,564 | €211,870 | €232,115 | €112,113 | €59,292 | €68,886 | ▲ 16.2% |
| Fixed assets21/28 | - | - | - | €16,992 | €13,494 | €11,196 | €7,698 | ▼ 31.2% |
| Intangible fixed assets21 | - | - | - | - | - | €1,200 | €1,200 | = |
| Tangible fixed assets22/27 | - | - | - | €16,992 | €13,494 | €9,996 | €6,498 | ▼ 35.0% |
| Furniture and vehicles24 | - | - | - | €16,992 | €13,494 | €9,996 | €6,498 | ▼ 35.0% |
| Current assets29/58 | €93,121 | €185,564 | €211,870 | €215,123 | €98,620 | €48,097 | €61,189 | ▲ 27.2% |
| Amounts receivable within one year40/41 | €13,965 | €18,165 | €33,785 | €161,424 | €80,964 | €47,343 | €58,843 | ▲ 24.3% |
| Trade receivables40 | - | - | - | €27,830 | €14,919 | - | €7,684 | - |
| Other amounts receivable41 | - | - | - | €133,594 | €66,045 | €47,343 | €51,160 | ▲ 8.1% |
| Cash at bank and in hand54/58 | €78,809 | €167,399 | €178,085 | €51,041 | €16,722 | €592 | €1,374 | ▲ 132% |
| Deferred charges and accrued income490/1 | - | - | - | €2,658 | €933 | €162 | €972 | ▲ 500% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €93,121 | €185,564 | €211,870 | €232,115 | €112,113 | €59,292 | €68,886 | ▲ 16.2% |
| Equity10/15 | -€135,310 | €2,771 | €147,835 | €147,925 | €89,704 | €37,440 | €30,896 | ▼ 17.5% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €9,973 | €9,973 | €127,835 | €127,925 | €69,704 | €17,440 | €10,896 | ▼ 37.5% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Tax-exempt reserves132 | - | - | - | €7,973 | €7,973 | €7,973 | €7,973 | = |
| Distributable reserves133 | - | - | - | €117,952 | €59,731 | €7,467 | €923 | ▼ 87.6% |
| Profit (loss) carried forward14 | -€165,282 | -€27,202 | - | - | - | - | - | - |
| Amounts payable17/49 | €228,431 | €182,793 | €64,035 | €84,190 | €22,410 | €21,852 | €37,991 | ▲ 73.9% |
| Amounts payable within one year42/48 | €228,431 | €182,793 | €64,035 | €84,190 | €22,410 | €21,852 | €37,991 | ▲ 73.9% |
| Trade debts44 | €66,270 | €62,607 | €48,875 | €74,048 | €16,669 | €2,213 | €8,458 | ▲ 282% |
| Suppliers440/4 | - | - | - | €74,048 | €16,669 | €2,213 | €8,458 | ▲ 282% |
| Taxes, remuneration and social security45 | - | - | - | €10,142 | €5,741 | €2,409 | €5,666 | ▲ 135% |
| Taxes450/3 | - | - | - | €10,142 | €5,741 | €2,409 | €5,666 | ▲ 135% |
| Other amounts payable47/48 | - | - | - | - | - | €17,230 | €23,867 | ▲ 38.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €123,609 | €138,081 | €145,064 | €90 | -€58,221 | -€52,263 | -€6,545 | ▲ 87.5% |
| + Depreciation and write-downs630 | - | - | - | €498 | €3,498 | €3,498 | €3,498 | = |
| Operating cash flow (approximation) | €123,609 | €138,081 | €145,064 | €588 | -€54,723 | -€48,765 | -€3,047 | ▲ 93.8% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | -€1,200 | €0 | - |
| Change in cash | - | €88,590 | €10,686 | -€127,044 | -€34,319 | -€16,130 | €782 | - |
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 CLAIRBOIS 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 CLAIRBOIS itself: 0.5% 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 CLAIRBOIS. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00025419 | |
| 30-06-2024 | micro format | 04-02-2025 | 2025-00027751 | |
| 30-06-2023 | micro format | 02-02-2024 | 2024-00023561 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00006448 | |
| 30-06-2021 | micro format | 04-02-2022 | 2022-04900155 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-02700594 | |
| 30-06-2019 | micro format | 10-02-2020 | 2020-04900308 | |
| 30-06-2018 | micro format | 09-01-2019 | 2019-01000521 | |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01500573 | |
| 30-06-2016 | full format | 30-01-2017 | 2017-02600168 |