CLUSTER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 31 filings
Turnover
≈ €260,000
Estimated: probably between €170,000 and €450,000
Total assets
€155,151▲ 49.3%
2024 · €103,911
Net result
€57,614▲ 12.3%
2024 · €51,315
Working capital
€129,843▲ 79.8%
2024 · €72,229
In the rankings
#10 oldest company in Knokke-Heist, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€85,536
▲ 30.1%
2025
20182025
Net result
€57,614
▲ 12.3%
2025
highest quarter of the sector
20182025
Equity
€129,843
▲ 79.8%
2025
middle half of the sector
20182025
Total assets
€155,151
▲ 49.3%
2025
middle half of the sector
20182025
Debt
€25,308
▼ 20.1%
2025
20182025
Working capital
€129,843
▲ 79.8%
2025
highest quarter of the sector
20182025
Solvency
83.7%
▲ 14.2pp
2025
highest quarter of the sector
20182025
Current ratio
6.13
▲ 2.85
2025
highest quarter of the sector
20182025
Return on assets (ROA)
37.1%
▼ 12.2pp
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-€4,933--€7,146▼ 44.9%-€4,817▲ 32.6%-€1,254▲ 74.0%€2,680€1,760▼ 34.3%€65,767▲ 37×€85,536▲ 30.1%
Net result-€5,001--€7,298▼ 45.9%-€5,079within the sector's middle half▲ 30.4%-€1,522within the sector's middle half▲ 70.0%€2,526within the sector's middle half€1,722within the sector's middle half▼ 31.8%€51,315above the sector's middle half▲ 30×€57,614above the sector's middle half▲ 12.3%
Equity€30,565-€23,267▼ 23.9%€18,187within the sector's middle half▼ 21.8%€16,666within the sector's middle half▼ 8.4%€19,191within the sector's middle half▲ 15.2%€20,914within the sector's middle half▲ 9.0%€72,229within the sector's middle half▲ 245%€129,843within the sector's middle half▲ 79.8%
Total assets€33,932-€26,180▼ 22.8%€21,763below the sector's middle half▼ 16.9%€19,869below the sector's middle half▼ 8.7%€21,574below the sector's middle half▲ 8.6%€24,040below the sector's middle half▲ 11.4%€103,911within the sector's middle half▲ 332%€155,151within the sector's middle half▲ 49.3%
Debt€3,367-€2,914▼ 13.5%€3,575▲ 22.7%€3,203▼ 10.4%€2,382▼ 25.6%€3,127▲ 31.2%€31,682▲ 913%€25,308▼ 20.1%
Working capital€22,921-€19,277▼ 15.9%€17,851within the sector's middle half▼ 7.4%€16,395within the sector's middle half▼ 8.2%€19,191within the sector's middle half▲ 17.1%€20,914within the sector's middle half▲ 9.0%€72,229within the sector's middle half▲ 245%€129,843above the sector's middle half▲ 79.8%
Solvency90.1%-88.9%▼ 1.2pp83.6%above the sector's middle half▼ 5.3pp83.9%above the sector's middle half▲ 0.3pp89.0%above the sector's middle half▲ 5.1pp87.0%above the sector's middle half▼ 2.0pp69.5%within the sector's middle half▼ 17.5pp83.7%above the sector's middle half▲ 14.2pp
Current ratio7.81-7.62▼ 0.195.99above the sector's middle half▼ 1.626.12above the sector's middle half▲ 0.139.06above the sector's middle half▲ 2.947.69above the sector's middle half▼ 1.373.28within the sector's middle half▼ 4.416.13above the sector's middle half▲ 2.85
Return on assets (ROA)-14.7%--27.9%▼ 13.1pp-23.3%below the sector's middle half▲ 4.5pp-7.7%below the sector's middle half▲ 15.7pp11.7%within the sector's middle half▲ 19.4pp7.2%within the sector's middle half▼ 4.5pp49.4%above the sector's middle half▲ 42.2pp37.1%above the sector's middle half▼ 12.2pp
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 30% 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
Equity and liabilities €155,151
Equity
€129,843 ▲ 79.8%
Debt
€25,308 ▼ 20.1%
Debt's share of the balance-sheet total falls from 30.5% to 16.3%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.19▼
2024 · 0.44
ROE
44.4%▼
2024 · 71.0%
Debt ≤ 1 year
€25,308▼
2024 · €31,682
Income taxes
€29,045▲
2024 · €15,523
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 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,561 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,653 | €3,653 | €3,653 | €66 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,028 | €1,246 | €716 | €396 | €654 | ▲ 65.3% |
| Gross operating margin9900 | -€210 | -€2,456 | -€189 | -€159 | €3,926 | €2,476 | €66,163 | €86,189 | ▲ 30.3% |
| Operating profit (loss)9901 | -€4,933 | -€7,146 | -€4,817 | -€1,254 | €2,680 | €1,760 | €65,767 | €85,536 | ▲ 30.1% |
| Financial income75/76B | - | - | - | - | - | - | €1,115 | €1,211 | ▲ 8.6% |
| Recurring financial income75 | €4 | - | - | - | - | - | €1,115 | €1,211 | ▲ 8.6% |
| Financial charges65/66B | - | - | - | €34 | €43 | €37 | €44 | €87 | ▲ 101% |
| Recurring financial charges65 | €27 | €27 | €33 | €34 | €43 | €37 | €44 | €87 | ▲ 101% |
| Profit (loss) for the period before taxes9903 | -€4,957 | -€7,173 | -€4,850 | -€1,288 | €2,638 | €1,722 | €66,838 | €86,659 | ▲ 29.7% |
| Income taxes67/77 | €45 | €125 | €229 | €234 | €112 | - | €15,523 | €29,045 | ▲ 87.1% |
| Profit (loss) for the period9904 | -€5,001 | -€7,298 | -€5,079 | -€1,522 | €2,526 | €1,722 | €51,315 | €57,614 | ▲ 12.3% |
| Profit (loss) for the period to be appropriated9905 | -€5,001 | -€7,298 | -€5,079 | -€1,522 | €2,526 | €1,722 | €51,315 | €57,614 | ▲ 12.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €33,932 | €26,180 | €21,763 | €19,869 | €21,574 | €24,040 | €103,911 | €155,151 | ▲ 49.3% |
| Fixed assets21/28 | €7,644 | €3,990 | €337 | €271 | - | - | - | - | - |
| Tangible fixed assets22/27 | €7,637 | €3,984 | €330 | €264 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €264 | - | - | - | - | - |
| Financial fixed assets28 | €7 | €7 | €7 | €7 | - | - | - | - | - |
| Current assets29/58 | €26,288 | €22,190 | €21,426 | €19,598 | €21,574 | €24,040 | €103,911 | €155,151 | ▲ 49.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €118,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €118,000 | - |
| Amounts receivable within one year40/41 | €2,381 | €576 | €702 | €876 | €1,165 | €23,475 | €64,751 | €25,837 | ▼ 60.1% |
| Trade receivables40 | - | - | - | €858 | €1,165 | €8,470 | €48,400 | - | - |
| Other amounts receivable41 | - | - | - | €18 | - | €15,005 | €16,351 | €25,837 | ▲ 58.0% |
| Cash at bank and in hand54/58 | €23,907 | €21,299 | €20,400 | €18,389 | €20,408 | €565 | €38,047 | €10,103 | ▼ 73.4% |
| Deferred charges and accrued income490/1 | - | - | - | €333 | - | - | €1,113 | €1,211 | ▲ 8.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €33,932 | €26,180 | €21,763 | €19,869 | €21,574 | €24,040 | €103,911 | €155,151 | ▲ 49.3% |
| Equity10/15 | €30,565 | €23,267 | €18,187 | €16,666 | €19,191 | €20,914 | €72,229 | €129,843 | ▲ 79.8% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €22,000 | €22,000 | €22,000 | = |
| Reserves13 | €10,565 | €3,267 | €2,000 | €2,000 | €2,000 | - | €50,229 | €107,843 | ▲ 115% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €50,229 | €107,843 | ▲ 115% |
| Profit (loss) carried forward14 | - | - | -€3,813 | -€5,334 | -€2,809 | -€1,086 | - | - | - |
| Amounts payable17/49 | €3,367 | €2,914 | €3,575 | €3,203 | €2,382 | €3,127 | €31,682 | €25,308 | ▼ 20.1% |
| Amounts payable within one year42/48 | €3,367 | €2,913 | €3,575 | €3,202 | €2,382 | €3,127 | €31,682 | €25,308 | ▼ 20.1% |
| Trade debts44 | €974 | €521 | €1,066 | €576 | €850 | €2,615 | €2,044 | €1,719 | ▼ 15.9% |
| Suppliers440/4 | - | - | - | €576 | €850 | €2,615 | €2,044 | €1,719 | ▼ 15.9% |
| Taxes, remuneration and social security45 | - | - | - | €233 | €804 | €511 | €29,638 | €23,589 | ▼ 20.4% |
| Taxes450/3 | - | - | - | €233 | €804 | €511 | €29,638 | €23,589 | ▼ 20.4% |
| Other amounts payable47/48 | - | - | - | €2,393 | €729 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,001 | -€7,298 | -€5,079 | -€1,522 | €2,526 | €1,722 | €51,315 | €57,614 | ▲ 12.3% |
| + Depreciation and write-downs630 | €3,653 | €3,653 | €3,653 | €66 | - | - | - | - | - |
| Operating cash flow (approximation) | -€1,348 | -€3,645 | -€1,426 | -€1,455 | €2,526 | €1,722 | €51,315 | €57,614 | ▲ 12.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - | - | - | - |
| Change in cash | - | -€2,608 | -€898 | -€2,011 | €2,019 | -€19,843 | €37,482 | -€27,944 | - |
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 CLUSTER 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 CLUSTER 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 CLUSTER. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00323591 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00311913 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00277648 | |
| 31-12-2022 | micro format | 14-03-2023 | 2023-00039092 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20102477 | |
| 31-12-2020 | micro format | 27-05-2021 | 2021-15400593 | |
| 31-12-2019 | micro format | 03-06-2020 | 2020-14300336 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35000410 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-33800381 | |
| 31-12-2016 | micro format | 22-06-2017 | 2017-19900131 |