CMC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-01-2026 PDF all 14 filings
Turnover
≈ €930,000
Estimated: probably between €560,000 and €1.6m
Total assets
€758,626▼ 14.8%
2024 · €890,268
Net result
€75,031▲ 86.0%
2024 · €40,334
Working capital
-€87,280▲ 12.2%
2024 · -€99,445
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€120,466
▲ 71.5%
2025
20192025
Net result
€75,031
▲ 86.0%
2025
middle half of the sector
20192025
Equity
€251,081
▲ 42.6%
2025
middle half of the sector
20192025
Total assets
€758,626
▼ 14.8%
2025
middle half of the sector
20192025
Debt
€495,635
▼ 30.6%
2025
20192025
Working capital
-€87,280
▲ 12.2%
2025
lowest quarter of the sector
20192025
Solvency
33.1%
▲ 13.3pp
2025
middle half of the sector
20192025
Current ratio
0.52
▼ 0.05
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
9.9%
▲ 5.4pp
2025
middle half of the sector
20192025
Staff (FTE)
5.5
▼ 20.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.08m-€0.03m▼ 56.7%€0.08m▲ 140%€0.02m▼ 75.4%-€0.002m€0.07m€0.1m▲ 71.5%
Net result€0.03m-€0.003mwithin the sector's middle half▼ 91.1%€0.03mwithin the sector's middle half▲ 11×-€0.008mbelow the sector's middle half-€0.03mbelow the sector's middle half▼ 225%€0.04mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 86.0%
Equity€0.1m-€0.1mwithin the sector's middle half▲ 1.9%€0.2mwithin the sector's middle half▲ 19.3%€0.2mwithin the sector's middle half▼ 4.9%€0.1mwithin the sector's middle half▼ 16.9%€0.2mwithin the sector's middle half▲ 29.7%€0.3mwithin the sector's middle half▲ 42.6%
Total assets€1.1m-€1.0mwithin the sector's middle half▼ 5.4%€1.1mwithin the sector's middle half▲ 2.8%€1.0mwithin the sector's middle half▼ 7.5%€1.0mwithin the sector's middle half▼ 1.8%€0.9mwithin the sector's middle half▼ 6.9%€0.8mwithin the sector's middle half▼ 14.8%
Debt€0.9m-€0.9m▼ 6.5%€0.9m▲ 0.1%€0.8m▼ 8.0%€0.8m▲ 1.3%€0.7m▼ 13.0%€0.5m▼ 30.6%
Working capital-€0.2m--€0.07mbelow the sector's middle half▲ 67.2%-€0.04mbelow the sector's middle half▲ 48.2%-€0.06mbelow the sector's middle half▼ 67.3%-€0.08mbelow the sector's middle half▼ 34.2%-€0.1mbelow the sector's middle half▼ 21.5%-€0.09mbelow the sector's middle half▲ 12.2%
Solvency13.1%-14.1%below the sector's middle half▲ 1.0pp16.3%below the sector's middle half▲ 2.3pp16.8%within the sector's middle half▲ 0.5pp14.2%below the sector's middle half▼ 2.6pp19.8%within the sector's middle half▲ 5.6pp33.1%within the sector's middle half▲ 13.3pp
Current ratio0.24-0.55below the sector's middle half▲ 0.310.78below the sector's middle half▲ 0.230.59below the sector's middle half▼ 0.190.64below the sector's middle half▲ 0.050.57below the sector's middle half▼ 0.070.52below the sector's middle half▼ 0.05
Return on assets (ROA)2.7%-0.3%within the sector's middle half▼ 2.5pp2.8%within the sector's middle half▲ 2.5pp-0.9%below the sector's middle half▼ 3.7pp-2.9%below the sector's middle half▼ 2.0pp4.5%within the sector's middle half▲ 7.4pp9.9%within the sector's middle half▲ 5.4pp
Staff (FTE)5.7-7.2within the sector's middle half▲ 26.3%7.7within the sector's middle half▲ 6.9%6.5within the sector's middle half▼ 15.6%6.9within the sector's middle half▲ 6.2%6.9within the sector's middle half=5.5within the sector's middle half▼ 20.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 71% 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 abbreviated 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 €758,626
Fixed assets
€664,527 ▼ 12.3%
Current assets
€94,100 ▼ 28.9%
Equity and liabilities €758,626
Equity
€251,081 ▲ 42.6%
Provisions
€11,911
Debt
€495,635 ▼ 30.6%
Debt's share of the balance-sheet total falls from 80.2% to 65.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€173,986▲
2024 · €156,438
Cash flow
€128,552▲
2024 · €126,518
Quick ratio
0.34▼
2024 · 0.43
Debt to equity
1.97▼
2024 · 4.06
ROE
29.9%▲
2024 · 22.9%
Interest coverage
7.65▲
2024 · 6.68
Debt ≤ 1 year
€181,379▼
2024 · €231,714
Debt > 1 year
€314,076▼
2024 · €481,303
Income taxes
€11,390▲
2024 · €6,985
Staff costs
€214,975▼
2024 · €238,237
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 8 | 7 |
| full-time | 5 | 5 | 5 | 4 |
| part-time | 3 | 3 | 3 | 3 |
| in full-time equivalents | 6.9 | 7 | 7 | 5.6 |
| Average over the year, in full-time equivalents | 6.5 | 6.9 | 6.9 | 5.5 |
| On a permanent contract | 7 | 7 | 7 | 7 |
| Joined | 28 | 2 | 2 | 4 |
| Left | 30 | 2 | 2 | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €332,000 | €332,000 | - | €200,000 |
| Carrying value of the mortgaged assets | €582,232 | €560,784 | - | €422,188 |
| Pledge on the business | €200,000 | €200,000 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €43,624 | €5,019 | €36,126 | €10,493 |
| Depreciation and write-downs of the year | €80,675 | €82,632 | €86,184 | €53,520 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 3 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 2 | €3,000 | €3,000 |
| 2023 | 1 | €1,000 | €1,000 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €59,555 | - |
| Remuneration, social security and pensions62 | - | - | - | €214,874 | €226,742 | €238,237 | €214,975 | ▼ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €87,040 | €81,846 | €85,545 | €80,675 | €82,632 | €86,184 | €53,520 | ▼ 37.9% |
| Other operating charges640/8 | - | - | - | €4,790 | €2,867 | €2,979 | €3,767 | ▲ 26.5% |
| Gross operating margin9900 | €375,854 | €371,018 | €444,280 | €319,930 | €310,025 | €397,653 | €392,728 | ▼ 1.2% |
| Operating profit (loss)9901 | €76,591 | €33,195 | €79,718 | €19,592 | -€2,216 | €70,254 | €120,466 | ▲ 71.5% |
| Financial income75/76B | - | - | - | €143 | €1 | €499 | €615 | ▲ 23.2% |
| Recurring financial income75 | €376 | €19 | €303 | €143 | €1 | €499 | €615 | ▲ 23.2% |
| Financial charges65/66B | - | - | - | €27,513 | €25,339 | €23,433 | €22,748 | ▼ 2.9% |
| Recurring financial charges65 | €32,378 | €26,961 | €30,542 | €27,513 | €25,339 | €23,433 | €22,748 | ▼ 2.9% |
| Profit (loss) for the period before taxes9903 | €44,589 | €6,253 | €49,479 | -€7,778 | -€27,555 | €47,319 | €98,333 | ▲ 108% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €11,911 | - |
| Income taxes67/77 | €14,927 | €3,604 | €20,087 | €694 | - | €6,985 | €11,390 | ▲ 63.1% |
| Profit (loss) for the period9904 | €29,662 | €2,650 | €29,392 | -€8,472 | -€27,555 | €40,334 | €75,031 | ▲ 86.0% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €47,644 | - |
| Profit (loss) for the period to be appropriated9905 | €29,662 | €2,650 | €62,280 | -€8,472 | -€27,555 | €40,334 | €27,387 | ▼ 32.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.0m | €1.1m | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 14.8% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 12.3% |
| Intangible fixed assets21 | €0.02m | €0.008m | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 12.3% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 13.3% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.06m | €0.03m | €0.03m | ▼ 3.4% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.1m | €0.1m | €0.09m | ▼ 9.4% |
| Leasing and similar rights25 | - | - | - | €0.07m | €0.06m | €0.08m | €0.07m | ▼ 13.1% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €0.07m | €0.09m | €0.1m | €0.09m | €0.1m | €0.1m | €0.09m | ▼ 28.9% |
| Stocks and contracts in progress3 | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | ▼ 3.6% |
| Stocks30/36 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | ▼ 3.6% |
| Amounts receivable within one year40/41 | €0.009m | €0.02m | €0.04m | €0.03m | €0.06m | €0.01m | €0.01m | ▲ 15.2% |
| Trade receivables40 | - | - | - | €0.009m | €0.02m | €0.01m | €0.01m | ▲ 10.6% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.04m | €0.001m | €0.002m | ▲ 70.1% |
| Cash at bank and in hand54/58 | €0.04m | €0.04m | €0.06m | €0.03m | €0.05m | €0.08m | €0.04m | ▼ 51.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.009m | €0.01m | ▲ 12.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €1.1m | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 14.8% |
| Equity10/15 | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 42.6% |
| Contributions10/11 | €0.02m | €0 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.06m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 47.7% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.05m | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 17.4% |
| Profit (loss) carried forward14 | €0.06m | €0.06m | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.01m | - |
| Deferred taxes168 | - | - | - | - | - | - | €0.01m | - |
| Amounts payable17/49 | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | €0.5m | ▼ 30.6% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.5m | €0.3m | ▼ 34.7% |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.5m | €0.3m | ▼ 34.7% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 21.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.1m | €0.1m | €0.08m | ▼ 37.3% |
| Financial debts43 | - | - | - | €0.01m | €0.01m | - | - | - |
| Other loans439 | - | - | - | €0.01m | €0.01m | - | - | - |
| Trade debts44 | €0.03m | €0.02m | €0.03m | €0.05m | €0.08m | €0.06m | €0.05m | ▼ 12.6% |
| Suppliers440/4 | - | - | - | €0.05m | €0.08m | €0.06m | €0.05m | ▼ 12.6% |
| Advances received on contracts in progress46 | - | - | - | - | €334 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.03m | €0.04m | €0.05m | ▲ 10.2% |
| Taxes450/3 | - | - | - | €0.004m | €0.001m | €0.01m | €0.01m | ▲ 14.4% |
| Remuneration and social security454/9 | - | - | - | €0.009m | €0.03m | €0.03m | €0.03m | ▲ 8.5% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.009m | €0.006m | €0.005m | ▼ 16.9% |
| Accrued charges and deferred income492/3 | - | - | - | €11 | €453 | €0.001m | €179 | ▼ 85.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,662 | €2,650 | €29,392 | -€8,472 | -€27,555 | €40,334 | €75,031 | ▲ 86.0% |
| + Depreciation and write-downs630 | €87,040 | €81,846 | €85,545 | €80,675 | €82,632 | €86,184 | €53,520 | ▼ 37.9% |
| Operating cash flow (approximation) | €116,702 | €84,496 | €114,937 | €72,202 | €55,077 | €126,518 | €128,552 | ▲ 1.6% |
| Investment in fixed assets (approximation) | - | -€4,598 | -€69,813 | -€43,624 | -€5,019 | -€36,126 | €39,952 | - |
| Change in cash | - | €4,007 | €22,205 | -€36,248 | €25,209 | €26,058 | -€39,962 | - |
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, 34,693 companies had the same profile as CMC has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CMC itself: 0.7% 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 34,693 companies, not a prediction for CMC. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 13-01-2026 | 2026-00006688 | |
| 30-06-2024 | abbreviated format | 06-01-2025 | 2025-00002048 | |
| 30-06-2023 | abbreviated format | 11-01-2024 | 2024-00001805 | |
| 30-06-2022 | abbreviated format | 18-01-2023 | 2023-00001118 | |
| 30-06-2021 | abbreviated format | 15-12-2021 | 2021-80900080 | |
| 30-06-2020 | abbreviated format | 12-01-2021 | 2021-00800427 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-03600026 | |
| 30-06-2018 | abbreviated format | 19-02-2019 | 2019-05500023 | |
| 30-06-2017 | abbreviated format | 21-02-2018 | 2018-05300193 | |
| 30-06-2016 | abbreviated format | 16-12-2016 | 2016-70100068 |