CNCS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 6 filings
Turnover
≈ €1.1m
Estimated: probably between €820,000 and €1.6m
EBIT margin
Not included in this filing
Net result
€72,002
2024 · -€135,081
Working capital
-€84,501▲ 47.2%
2024 · -€160,063
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€104,114
2025
20202025
Net result
€72,002
2025
highest quarter of the sector
20202025
Equity
-€59,760
▲ 54.6%
2025
lowest quarter of the sector
20202025
Total assets
€701,237
=
2025
highest quarter of the sector
20202025
Debt
€760,997
▼ 8.7%
2025
20202025
Working capital
-€84,501
▲ 47.2%
2025
lowest quarter of the sector
20202025
Solvency
-8.5%
▲ 10.3pp
2025
lowest quarter of the sector
20202025
Current ratio
0.75
▲ 0.18
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
10.3%
▲ 29.5pp
2025
middle half of the sector
20202025
Staff (FTE)
1
=
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€2,042-€24,734▲ 12×€26,599▲ 7.5%-€7,497-€101,924▼ 1,260%€104,114
Net result€887within the sector's middle half-€16,772within the sector's middle half▲ 19×€14,657within the sector's middle half▼ 12.6%-€33,996below the sector's middle half-€135,081below the sector's middle half▼ 297%€72,002above the sector's middle half
Equity€5,887below the sector's middle half-€22,658below the sector's middle half▲ 285%€37,316below the sector's middle half▲ 64.7%€3,319within the sector's middle half▼ 91.1%-€131,762below the sector's middle half-€59,760below the sector's middle half▲ 54.6%
Total assets€216,262below the sector's middle half-€285,453below the sector's middle half▲ 32.0%€541,884within the sector's middle half▲ 89.8%€884,713above the sector's middle half▲ 63.3%€701,481above the sector's middle half▼ 20.7%€701,237above the sector's middle half=
Debt€210,376-€262,795▲ 24.9%€504,568▲ 92.0%€881,393▲ 74.7%€833,242▼ 5.5%€760,997▼ 8.7%
Working capital€25,737within the sector's middle half--€6,470below the sector's middle half€33,358within the sector's middle half-€12,116below the sector's middle half-€160,063below the sector's middle half▼ 1,221%-€84,501below the sector's middle half▲ 47.2%
Solvency2.7%below the sector's middle half-7.9%below the sector's middle half▲ 5.2pp6.9%below the sector's middle half▼ 1.1pp0.4%below the sector's middle half▼ 6.5pp-18.8%below the sector's middle half▼ 19.2pp-8.5%below the sector's middle half▲ 10.3pp
Current ratio1.34within the sector's middle half-0.96below the sector's middle half▼ 0.381.16within the sector's middle half▲ 0.190.97within the sector's middle half▼ 0.190.56below the sector's middle half▼ 0.400.75below the sector's middle half▲ 0.18
Return on assets (ROA)0.4%within the sector's middle half-5.9%within the sector's middle half▲ 5.5pp2.7%within the sector's middle half▼ 3.2pp-3.8%within the sector's middle half▼ 6.5pp-19.3%below the sector's middle half▼ 15.4pp10.3%within the sector's middle half▲ 29.5pp
Staff (FTE)1below the sector's middle half-1.5below the sector's middle half▲ 50.0%11=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 profit of €104,114, after a loss of €101,924 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €701,237
Fixed assets
€453,576 ▼ 8.2%
Current assets
€247,661 ▲ 19.4%
Equity and liabilities
Equity-€59,760
Debt€760,997
Equity is negative. Debt (€760,997) exceeds the balance-sheet total (€701,237).
Key figures and ratios
EBITDA
€144,564▲
2024 · -€61,701
Cash flow
€112,452▲
2024 · -€94,858
Quick ratio
0.32▲
2024 · 0.16
Interest coverage
4.52▲
2024 · -1.88
Debt ≤ 1 year
€332,163▼
2024 · €367,517
Debt > 1 year
€421,789▼
2024 · €463,013
Income taxes
€265▼
2024 · €323
Staff costs
€40,836▲
2024 · €25,292
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 |
| full-time | - | 0 | 0 |
| part-time | - | 1 | 1 |
| in full-time equivalents | - | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 1.5 | 0.8 | 0.8 |
| On a permanent contract | - | - | 1 |
| Joined | - | 2 | 1 |
| Left | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €100,000 | €100,000 |
| Mortgage mandates | - | - | - | €340,000 | €340,000 |
| Carrying value of the mortgaged assets | - | - | - | €487,497 | €450,144 |
| Pledge on the business | - | - | €70,000 | €70,000 | €70,000 |
| Mandates to pledge the business | - | - | - | €70,000 | €70,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,805 | €195,833 | €361,218 | €25,571 | - |
| Intangible fixed assets | €2,380 | - | €0 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €12,800 | €17,755 | €40,874 | €40,223 | €40,450 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,755 | €0 | - | - |
| Remuneration, social security and pensions62 | - | €68,144 | €39,230 | €109 | €25,292 | €40,836 | ▲ 61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,210 | €12,800 | €17,755 | €40,874 | €40,223 | €40,450 | ▲ 0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,179 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €627 | €1,306 | €28,459 | €6,901 | €2,921 | ▼ 57.7% |
| Non-recurring operating charges66A | - | - | - | €41,738 | €10,000 | €0 | ▼ 100% |
| Gross operating margin9900 | €24,549 | €106,306 | €84,890 | €103,684 | -€18,329 | €188,322 | - |
| Operating profit (loss)9901 | €2,042 | €24,734 | €26,599 | -€7,497 | -€101,924 | €104,114 | - |
| Financial income75/76B | - | €10 | €2,827 | €2,809 | €21 | €138 | ▲ 557% |
| Recurring financial income75 | €110 | €10 | €2,827 | €2,809 | €21 | €138 | ▲ 557% |
| Financial charges65/66B | - | €6,211 | €13,230 | €29,100 | €32,855 | €31,986 | ▼ 2.6% |
| Recurring financial charges65 | €1,137 | €6,211 | €13,230 | €29,100 | €32,855 | €31,986 | ▼ 2.6% |
| Profit (loss) for the period before taxes9903 | €1,015 | €18,532 | €16,195 | -€33,788 | -€134,758 | €72,266 | - |
| Income taxes67/77 | €128 | €1,761 | €1,538 | €208 | €323 | €265 | ▼ 18.1% |
| Profit (loss) for the period9904 | €887 | €16,772 | €14,657 | -€33,996 | -€135,081 | €72,002 | - |
| Profit (loss) for the period to be appropriated9905 | €887 | €16,772 | €14,657 | -€33,996 | -€135,081 | €72,002 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €216,262 | €285,453 | €541,884 | €884,713 | €701,481 | €701,237 | = |
| Fixed assets21/28 | €115,650 | €118,035 | €296,113 | €525,373 | €494,026 | €453,576 | ▼ 8.2% |
| Intangible fixed assets21 | €4,660 | €5,691 | €4,184 | €2,677 | €1,170 | €158 | ▼ 86.5% |
| Tangible fixed assets22/27 | €110,626 | €111,981 | €291,566 | €522,696 | €492,855 | €453,418 | ▼ 8.0% |
| Furniture and vehicles24 | - | €2,720 | €1,992 | €4,186 | €5,358 | €3,273 | ▼ 38.9% |
| Other tangible fixed assets26 | - | €109,261 | €289,574 | €518,510 | €487,497 | €450,144 | ▼ 7.7% |
| Financial fixed assets28 | €363 | €363 | €363 | €0 | - | - | - |
| Current assets29/58 | €100,613 | €167,418 | €245,771 | €359,339 | €207,455 | €247,661 | ▲ 19.4% |
| Stocks and contracts in progress3 | €79,557 | €160,972 | €187,595 | €185,744 | €147,401 | €140,781 | ▼ 4.5% |
| Stocks30/36 | - | €160,972 | €187,595 | €185,744 | €147,401 | €140,781 | ▼ 4.5% |
| Amounts receivable within one year40/41 | €18,690 | €2,389 | €39,418 | €155,145 | €52,027 | €78,123 | ▲ 50.2% |
| Trade receivables40 | - | €2,153 | €36,780 | €154,379 | €52,027 | €48,497 | ▼ 6.8% |
| Other amounts receivable41 | - | €236 | €2,638 | €766 | €0 | €29,627 | - |
| Cash at bank and in hand54/58 | €1,494 | €3,541 | €14,910 | €17,995 | €4,812 | €25,963 | ▲ 440% |
| Deferred charges and accrued income490/1 | - | €516 | €3,848 | €456 | €3,215 | €2,793 | ▼ 13.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €216,262 | €285,453 | €541,884 | €884,713 | €701,481 | €701,237 | = |
| Equity10/15 | €5,887 | €22,658 | €37,316 | €3,319 | -€131,762 | -€59,760 | ▲ 54.6% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €887 | €17,658 | €32,316 | €32,316 | €32,316 | €32,316 | = |
| Distributable reserves133 | - | €17,658 | €32,316 | €32,316 | €32,316 | €32,316 | = |
| Profit (loss) carried forward14 | - | - | - | -€33,996 | -€169,078 | -€97,076 | ▲ 42.6% |
| Amounts payable17/49 | €210,376 | €262,795 | €504,568 | €881,393 | €833,242 | €760,997 | ▼ 8.7% |
| Amounts payable after more than one year17 | €135,500 | €88,906 | €292,155 | €508,604 | €463,013 | €421,789 | ▼ 8.9% |
| Financial debts170/4 | - | €39,406 | €218,655 | €408,604 | €363,013 | €321,789 | ▼ 11.4% |
| Other amounts payable178/9 | - | €49,500 | €73,500 | €100,000 | €100,000 | €100,000 | = |
| Amounts payable within one year42/48 | €74,876 | €173,888 | €212,413 | €371,455 | €367,517 | €332,163 | ▼ 9.6% |
| Current portion of amounts payable after more than one year42 | - | €10,463 | €26,791 | €46,695 | €48,374 | €44,110 | ▼ 8.8% |
| Financial debts43 | - | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Credit institutions430/8 | - | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Trade debts44 | €58,616 | €20,017 | €55,531 | €132,732 | €50,294 | €76,790 | ▲ 52.7% |
| Suppliers440/4 | - | €20,017 | €55,531 | €132,732 | €50,294 | €76,790 | ▲ 52.7% |
| Advances received on contracts in progress46 | - | - | - | - | €3,025 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | €16,870 | €3,298 | €25,013 | €33,723 | €48,961 | ▲ 45.2% |
| Taxes450/3 | - | €8,512 | €3,298 | €25,013 | €27,153 | €42,317 | ▲ 55.8% |
| Remuneration and social security454/9 | - | €8,358 | - | - | €6,570 | €6,645 | ▲ 1.1% |
| Other amounts payable47/48 | - | €1,538 | €1,794 | €42,014 | €107,101 | €37,301 | ▼ 65.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,334 | €2,711 | €7,045 | ▲ 160% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €887 | €16,772 | €14,657 | -€33,996 | -€135,081 | €72,002 | - |
| + Depreciation and write-downs630 | €3,210 | €12,800 | €17,755 | €40,874 | €40,223 | €40,450 | ▲ 0.6% |
| Operating cash flow (approximation) | €4,096 | €29,572 | €32,412 | €6,878 | -€94,858 | €112,452 | - |
| Investment in fixed assets (approximation) | - | -€15,185 | -€195,833 | -€270,135 | -€8,875 | €0 | - |
| Change in cash | - | €2,047 | €11,368 | €3,085 | -€13,183 | €21,151 | - |
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, 2,180 companies had the same profile as CNCS has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CNCS itself is lower: 0.8% within 12 months. It rests on far more data about CNCS than the profile alone.
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 2,180 companies, not a prediction for CNCS. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00215717 | |
| 31-12-2024 | micro format | 19-08-2025 | 2025-00387180 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00417189 | |
| 31-12-2022 | full format | 31-10-2023 | 2023-00505031 | |
| 31-12-2021 | full format | 27-04-2022 | 2022-20009436 | |
| 31-12-2020 | full format | 20-08-2021 | 2021-51300542 |