CLAREBOUT
ActiveSummary
CLAREBOUT has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €229.2m and a net result of €5.9m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 44% of 1,080 sector peers (NACE 73, financial year 2024). The computed 12-month bankruptcy probability is 1.3% (low).
Financials · financial year 2024, full format, standalone accounts
In the rankings
#1 company by total assets in West Flanders, Advertising and market research sector#1 company by equity in Heuvelland, Professional and technical services sector#3 oldest company in Heuvelland, Professional and technical services sector
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 29 October 2026.
Turnover
€794.6m▲ 36.9%
2023 · €580.5m
EBIT margin
1.1%▲ 0.8pp
2023 · 0.3%
Net result
€5.9m▼ 97.1%
2023 · €205.3m
Working capital
-€84.6m▼ 83.9%
2023 · -€46.0m
Trend over the years
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result recovers in 2024; 2024 is 5.5 times 2023 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€794.6m
2024
Operating result€8.9m
2024
Net result€5.9m
2024
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€591.7m
2024
Equity€229.2m
2024
Debt€362.5m
2024
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€84.6m
2024
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin1.1%
2024
Return on assets (ROA)1.0%
2024
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency38.7%
2024
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.69
2024
Average staff in full-time equivalents (FTE).
Staff (FTE)32.4
2024
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€274.1m-€361.6m▲ 31.9%€295.5m▼ 18.3%€321.3m▲ 8.7%€430.7m▲ 34.1%€580.5m▲ 34.8%€794.6m▲ 36.9%
Operating result€1.3m-€4.8m▲ 282%€1.8m▼ 62.6%-€2.5m€2.6m€1.6m▼ 37.5%€8.9m▲ 452%
Net result€0.4m-€3.0m▲ 690%€1.3mabove the sector's middle half▼ 55.4%-€2.2mbelow the sector's middle half€2.6mabove the sector's middle half€205.3mabove the sector's middle half▲ 79×€5.9mabove the sector's middle half▼ 97.1%
EBIT margin0.5%-1.3%▲ 0.9pp0.6%▼ 0.7pp-0.8%▼ 1.4pp0.6%▲ 1.4pp0.3%▼ 0.3pp1.1%▲ 0.8pp
Equity€13.3m-€16.3m▲ 22.5%€17.6mabove the sector's middle half▲ 8.2%€15.4mabove the sector's middle half▼ 12.5%€18.0mabove the sector's middle half▲ 16.8%€223.2mabove the sector's middle half▲ 12×€229.2mabove the sector's middle half▲ 2.7%
Total assets€111.8m-€137.1m▲ 22.7%€146.4mabove the sector's middle half▲ 6.8%€169.2mabove the sector's middle half▲ 15.6%€191.8mabove the sector's middle half▲ 13.4%€500.2mabove the sector's middle half▲ 161%€591.7mabove the sector's middle half▲ 18.3%
Debt€98.5m-€120.8m▲ 22.7%€128.8m▲ 6.6%€153.8m▲ 19.4%€173.9m▲ 13.1%€277.0m▲ 59.3%€362.5m▲ 30.9%
Working capital-€59.6m--€59.3m▲ 0.4%-€73.1mbelow the sector's middle half▼ 23.3%-€72.6mbelow the sector's middle half▲ 0.8%-€90.6mbelow the sector's middle half▼ 24.9%-€46.0mbelow the sector's middle half▲ 49.2%-€84.6mbelow the sector's middle half▼ 83.9%
Solvency11.9%-11.9%=12.0%below the sector's middle half▲ 0.2pp9.1%below the sector's middle half▼ 2.9pp9.4%below the sector's middle half▲ 0.3pp44.6%within the sector's middle half▲ 35.3pp38.7%within the sector's middle half▼ 5.9pp
Current ratio0.31-0.33▲ 0.010.29below the sector's middle half▼ 0.040.28below the sector's middle half▼ 0.010.34below the sector's middle half▲ 0.060.71below the sector's middle half▲ 0.370.69below the sector's middle half▼ 0.02
Return on assets (ROA)0.3%-2.2%▲ 1.8pp0.9%within the sector's middle half▼ 1.3pp-1.3%below the sector's middle half▼ 2.2pp1.4%within the sector's middle half▲ 2.7pp41.0%above the sector's middle half▲ 39.7pp1.0%within the sector's middle half▼ 40.0pp
Staff (FTE)22-22=23.2above the sector's middle half▲ 5.5%22.7above the sector's middle half▼ 2.2%22.5above the sector's middle half▼ 0.9%24.9above the sector's middle half▲ 10.7%32.4above the sector's middle half▲ 30.1%
above
within
below
the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2020 Net result -55% on 2019. Merger absorbing H.J.R. ITRACO, Official Gazette 02-08-2019, in the previous financial year; now counts for a full year for the first time.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €591.7m
Fixed assets
€403.8m ▲ 4.8%
Current assets
€187.8m ▲ 63.7%
Equity and liabilities €591.7m
Equity
€229.2m ▲ 2.7%
Debt
€362.5m ▲ 30.9%
Debt's share of the balance-sheet total rises from 55.4% to 61.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12.9m▲
2023 · €4.9m
Cash flow
€10.0m▼
2023 · €208.6m
Quick ratio
0.61▲
2023 · 0.54
Debt to equity
1.58▲
2023 · 1.24
ROE
2.6%▼
2023 · 92.0%
Interest coverage
2.23▲
2023 · 1.22
Debt ≤ 1 year
€272.4m▲
2023 · €160.7m
Debt > 1 year
€89.3m▼
2023 · €115.3m
Income taxes
€1.4m▲
2023 · €63,986
Staff costs
€2.8m▲
2023 · €2.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €326.7m | €431.5m | €581.2m | €794.8m | ▲ 36.8% |
| Turnover70 | €274.1m | €361.6m | €295.5m | €321.3m | €430.7m | €580.5m | €794.6m | ▲ 36.9% |
| Other operating income74 | - | - | - | €5.4m | €0.7m | €0.6m | €0.006m | ▼ 99.1% |
| Non-recurring operating income76A | - | - | - | €305 | €0.003m | €0.04m | €0.2m | ▲ 368% |
| Operating charges60/66A | - | - | - | €329.2m | €428.9m | €579.6m | €786.0m | ▲ 35.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €315.7m | €417.6m | €565.8m | €768.4m | ▲ 35.8% |
| Purchases600/8 | - | - | - | €316.3m | €421.5m | €570.4m | €763.4m | ▲ 33.8% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.6m | -€3.9m | -€4.6m | €5.1m | - |
| Services and other goods61 | - | - | - | €8.7m | €6.5m | €8.0m | €10.0m | ▲ 25.0% |
| Remuneration, social security and pensions62 | - | - | - | €1.5m | €1.6m | €2.0m | €2.8m | ▲ 38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2.5m | €2.5m | €2.9m | €2.9m | €2.9m | €3.3m | €4.1m | ▲ 22.4% |
| Other operating charges640/8 | - | - | - | €0.4m | €0.3m | €0.4m | €0.6m | ▲ 48.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.001m | - |
| Operating profit (loss)9901 | €1.3m | €4.8m | €1.8m | -€2.5m | €2.6m | €1.6m | €8.9m | ▲ 452% |
| Financial income75/76B | - | - | - | €1.4m | €1.7m | €208.0m | €4.6m | ▼ 97.8% |
| Recurring financial income75 | €0.05m | €0.5m | €0.5m | €1.4m | €1.6m | €208.0m | €4.6m | ▼ 97.8% |
| Income from financial fixed assets750 | - | - | - | €1.4m | €1.3m | €207.5m | €0.8m | ▼ 99.6% |
| Income from current assets751 | - | - | - | €67 | €0.06m | €0.5m | €2.2m | ▲ 329% |
| Other financial income752/9 | - | - | - | €0.02m | €0.3m | €0.04m | €1.5m | ▲ 41× |
| Non-recurring financial income76B | - | - | - | - | €0.06m | - | - | - |
| Financial charges65/66B | - | - | - | €1.3m | €1.3m | €4.3m | €6.1m | ▲ 40.7% |
| Recurring financial charges65 | €0.7m | €1.1m | €1.1m | €1.3m | €1.3m | €4.3m | €6.1m | ▲ 40.7% |
| Debt charges650 | €0.7m | €1.0m | €1.0m | €1.0m | €1.3m | €4.1m | €5.8m | ▲ 42.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | - | - | €0.2m | - |
| Other financial charges652/9 | - | - | - | €0.2m | €0.04m | €0.3m | €0.1m | ▼ 58.8% |
| Profit (loss) for the period before taxes9903 | €0.6m | €4.2m | €2.3m | -€2.3m | €2.9m | €205.3m | €7.3m | ▼ 96.4% |
| Income taxes67/77 | €0.3m | €1.2m | €0.9m | -€0.1m | €0.3m | €0.06m | €1.4m | ▲ 22× |
| Taxes670/3 | - | - | - | €0.007m | €0.3m | €0.9m | €1.4m | ▲ 62.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.1m | - | €0.8m | - | - |
| Profit (loss) for the period9904 | €0.4m | €3.0m | €1.3m | -€2.2m | €2.6m | €205.3m | €5.9m | ▼ 97.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.7m | €0.7m | - | €1.0m | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.9m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | - | €3.7m | €0.8m | -€1.5m | €2.5m | €205.3m | €6.9m | ▼ 96.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €111.8m | €137.1m | €146.4m | €169.2m | €191.8m | €500.2m | €591.7m | ▲ 18.3% |
| Fixed assets21/28 | €84.8m | €108.5m | €117.2m | €141.4m | €145.1m | €385.5m | €403.8m | ▲ 4.8% |
| Intangible fixed assets21 | €0.03m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tangible fixed assets22/27 | €52.0m | €68.0m | €73.7m | €66.6m | €66.4m | €85.9m | €90.9m | ▲ 5.8% |
| Land and buildings22 | - | - | - | €61.9m | €60.9m | €79.3m | €87.7m | ▲ 10.6% |
| Plant, machinery and equipment23 | - | - | - | €1.6m | €1.4m | €1.3m | €1.5m | ▲ 17.1% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 4.1% |
| Leasing and similar rights25 | - | - | - | €1.9m | €1.7m | €1.5m | €1.4m | ▼ 5.3% |
| Assets under construction and advance payments27 | - | - | - | €1.0m | €2.2m | €3.6m | €0.05m | ▼ 98.7% |
| Financial fixed assets28 | €32.7m | €40.5m | €43.4m | €74.7m | €78.7m | €299.5m | €312.9m | ▲ 4.5% |
| Affiliated companies280/1 | - | - | - | €42.2m | €45.2m | €214.1m | €212.4m | ▼ 0.8% |
| Participating interests280 | - | - | - | €42.2m | €45.2m | €214.1m | €212.4m | ▼ 0.8% |
| Companies linked by participating interests282/3 | - | - | - | €15.9m | €15.9m | €47.4m | €52.4m | ▲ 10.6% |
| Participating interests282 | - | - | - | €10.9m | €10.9m | €42.4m | €47.4m | ▲ 11.8% |
| Amounts receivable283 | - | - | - | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Other financial fixed assets284/8 | - | - | - | €16.6m | €17.6m | €38.0m | €48.1m | ▲ 26.6% |
| Shares284 | - | - | - | €15.1m | €16.1m | €36.5m | €45.8m | ▲ 25.5% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €1.5m | €1.5m | €1.5m | €2.3m | ▲ 50.9% |
| Current assets29/58 | €27.0m | €28.6m | €29.2m | €27.8m | €46.7m | €114.7m | €187.8m | ▲ 63.7% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.9m | - | €0.4m | - |
| Other amounts receivable291 | - | - | - | - | €0.9m | - | €0.4m | - |
| Stocks and contracts in progress3 | €15.5m | €15.8m | €18.5m | €19.1m | €22.9m | €27.5m | €22.5m | ▼ 18.4% |
| Stocks30/36 | - | - | - | €19.1m | €22.9m | €27.5m | €22.5m | ▼ 18.4% |
| Goods purchased for resale34 | - | - | - | €19.1m | €22.9m | €27.5m | €22.5m | ▼ 18.4% |
| Amounts receivable within one year40/41 | €8.1m | €9.0m | €8.2m | €6.5m | €8.3m | €76.2m | €125.4m | ▲ 64.6% |
| Trade receivables40 | - | - | - | €2.4m | €3.6m | €66.1m | €67.6m | ▲ 2.4% |
| Other amounts receivable41 | - | - | - | €4.1m | €4.7m | €10.1m | €57.8m | ▲ 471% |
| Current investments50/53 | - | - | - | - | €8.4m | €8.4m | €36.0m | ▲ 330% |
| Own shares50 | - | - | - | - | €8.4m | €8.4m | €8.4m | = |
| Other investments51/53 | - | - | - | - | - | - | €27.6m | - |
| Cash at bank and in hand54/58 | €3.1m | €3.7m | €2.1m | €1.8m | €5.4m | €2.2m | €2.3m | ▲ 6.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.5m | €0.7m | €0.4m | €1.3m | ▲ 179% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €111.8m | €137.1m | €146.4m | €169.2m | €191.8m | €500.2m | €591.7m | ▲ 18.3% |
| Equity10/15 | €13.3m | €16.3m | €17.6m | €15.4m | €18.0m | €223.2m | €229.2m | ▲ 2.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €13.2m | €16.2m | €17.5m | €15.3m | €17.9m | €223.2m | €229.1m | ▲ 2.7% |
| Non-distributable reserves130/1 | - | - | - | €0.7m | €9.1m | €9.1m | €9.1m | = |
| Legal reserve130 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Own shares acquired1312 | - | - | - | - | €8.4m | €8.4m | €8.4m | = |
| Tax-exempt reserves132 | - | - | - | €0.9m | €1.0m | €1.0m | - | - |
| Distributable reserves133 | - | - | - | €13.7m | €7.8m | €213.1m | €220.0m | ▲ 3.3% |
| Amounts payable17/49 | €98.5m | €120.8m | €128.8m | €153.8m | €173.9m | €277.0m | €362.5m | ▲ 30.9% |
| Amounts payable after more than one year17 | €11.5m | €32.4m | €26.0m | €53.0m | €35.9m | €115.3m | €89.3m | ▼ 22.6% |
| Financial debts170/4 | - | - | - | €38.4m | €35.1m | €114.7m | €88.9m | ▼ 22.5% |
| Subordinated loans170 | - | - | - | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Leasing and similar obligations172 | - | - | - | €1.3m | €0.8m | €0.4m | €0.2m | ▼ 45.6% |
| Credit institutions173 | - | - | - | €33.2m | €26.2m | €108.3m | €84.8m | ▼ 21.7% |
| Other loans174 | - | - | - | - | €4.2m | €2.1m | - | - |
| Other amounts payable178/9 | - | - | - | €14.6m | €0.8m | €0.6m | €0.4m | ▼ 33.3% |
| Amounts payable within one year42/48 | €86.5m | €87.9m | €102.3m | €100.4m | €137.3m | €160.7m | €272.4m | ▲ 69.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9.2m | €23.2m | €26.0m | €25.9m | ▼ 0.1% |
| Trade debts44 | €79.7m | €77.5m | €91.3m | €87.3m | €109.6m | €118.8m | €241.9m | ▲ 104% |
| Suppliers440/4 | - | - | - | €87.3m | €109.6m | €118.8m | €241.9m | ▲ 104% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.9m | €2.1m | €1.6m | ▼ 27.4% |
| Taxes450/3 | - | - | - | €0.09m | €0.6m | €1.7m | €1.1m | ▼ 34.7% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 3.7% |
| Other amounts payable47/48 | - | - | - | €3.6m | €3.6m | €13.8m | €3.0m | ▼ 78.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.4m | €0.7m | €0.9m | €0.8m | ▼ 12.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €3.0m | €1.3m | -€2.2m | €2.6m | €205.3m | €5.9m | ▼ 97.1% |
| + Depreciation and write-downs630 | €2.5m | €2.5m | €2.9m | €2.9m | €2.9m | €3.3m | €4.1m | ▲ 22.4% |
| Operating cash flow (approximation) | €2.9m | €5.5m | €4.2m | €0.7m | €5.5m | €208.6m | €10.0m | ▼ 95.2% |
| Investment in fixed assets (approximation) | - | -€26.3m | -€11.5m | -€27.0m | -€6.6m | -€243.7m | -€22.4m | ▲ 90.8% |
| Change in cash | - | €0.6m | -€1.5m | -€0.4m | €3.7m | -€3.2m | €0.1m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 43 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | full format | 01-07-2025 | 2025-00218719 |
| 31-12-2023 | full format | 27-08-2024 | 2024-00386630 |
| 31-12-2022 | full format | 25-08-2023 | 2023-00362937 |
| 31-12-2021 | full format | 25-08-2022 | 2022-20326742 |
| 31-12-2020 | full format | 25-08-2021 | 2021-53100324 |
| 31-12-2019 | full format | 25-08-2020 | 2020-44600548 |
| 31-12-2018 | full format | 27-08-2019 | 2019-53800226 |
| 31-12-2018 | consolidated | 27-08-2019 | 2019-54000006 |
| 31-12-2017 | consolidated | 26-07-2018 | 2018-38700186 |
| 31-12-2017 | full format | 25-07-2018 | 2018-38600044 |
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Of the 2,644 active companies whose main activity is market research and public opinion polling (NACE 73200), figures are known for 1,785. 40 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.