CONSORTIUM CAIB
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-05-2026 PDF all 24 filings
Turnover
≈ €220,000
Estimated: probably between €120,000 and €420,000
EBIT margin
Not included in this filing
Net result
€20,667▲ 38.1%
2024 · €14,967
Working capital
€37,245▲ 124%
2024 · €16,641
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€31,577
▲ 35.8%
2025
20182025
Net result
€20,667
▲ 38.1%
2025
middle half of the sector
20182025
Equity
€115,893
▲ 20.6%
2025
lowest quarter of the sector
20182025
Total assets
€156,736
▲ 9.9%
2025
lowest quarter of the sector
20182025
Debt
€40,842
▼ 12.3%
2025
20182025
Working capital
€37,245
▲ 124%
2025
middle half of the sector
20182025
Solvency
73.9%
▲ 6.6pp
2025
highest quarter of the sector
20182025
Current ratio
2.26
▲ 0.66
2025
middle half of the sector
20182025
Return on assets (ROA)
13.2%
▲ 2.7pp
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-€16,216-€4,640€8,781▲ 89.2%€5,586▼ 36.4%€10,298▲ 84.3%-€3,195€23,245€31,577▲ 35.8%
Net result-€17,848-€2,552€10,280within the sector's middle half▲ 303%€1,586below the sector's middle half▼ 84.6%€4,872within the sector's middle half▲ 207%-€6,351below the sector's middle half€14,967within the sector's middle half€20,667within the sector's middle half▲ 38.1%
Equity€70,869-€73,421▲ 3.6%€83,701within the sector's middle half▲ 14.0%€85,287within the sector's middle half▲ 1.9%€89,128within the sector's middle half▲ 4.5%€81,977within the sector's middle half▼ 8.0%€96,085within the sector's middle half▲ 17.2%€115,893below the sector's middle half▲ 20.6%
Total assets€115,226-€119,293▲ 3.5%€134,234below the sector's middle half▲ 12.5%€132,128below the sector's middle half▼ 1.6%€117,941below the sector's middle half▼ 10.7%€114,877below the sector's middle half▼ 2.6%€142,638below the sector's middle half▲ 24.2%€156,736below the sector's middle half▲ 9.9%
Debt€44,356-€45,872▲ 3.4%€50,534▲ 10.2%€46,841▼ 7.3%€28,812▼ 38.5%€32,900▲ 14.2%€46,553▲ 41.5%€40,842▼ 12.3%
Working capital€16,027-€11,885▼ 25.8%€6,219within the sector's middle half▼ 47.7%€4,451within the sector's middle half▼ 28.4%€10,762within the sector's middle half▲ 142%€9,012within the sector's middle half▼ 16.3%€16,641within the sector's middle half▲ 84.7%€37,245within the sector's middle half▲ 124%
Solvency61.5%-61.5%=62.4%above the sector's middle half▲ 0.8pp64.5%above the sector's middle half▲ 2.2pp75.6%above the sector's middle half▲ 11.0pp71.4%above the sector's middle half▼ 4.2pp67.4%above the sector's middle half▼ 4.0pp73.9%above the sector's middle half▲ 6.6pp
Current ratio1.61-1.33▼ 0.291.20within the sector's middle half▼ 0.131.12within the sector's middle half▼ 0.081.41within the sector's middle half▲ 0.291.27within the sector's middle half▼ 0.131.60within the sector's middle half▲ 0.332.26within the sector's middle half▲ 0.66
Return on assets (ROA)-15.5%-2.1%▲ 17.6pp7.7%within the sector's middle half▲ 5.5pp1.2%within the sector's middle half▼ 6.5pp4.1%within the sector's middle half▲ 2.9pp-5.5%below the sector's middle half▼ 9.7pp10.5%above the sector's middle half▲ 16.0pp13.2%above the sector's middle half▲ 2.7pp
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 36% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €156,736
Fixed assets
€89,957 ▼ 8.5%
Current assets
€66,779 ▲ 50.5%
Equity and liabilities €156,736
Equity
€115,893 ▲ 20.6%
Debt
€40,842 ▼ 12.3%
Debt's share of the balance-sheet total falls from 32.6% to 26.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€45,794▲
2024 · €33,641
Cash flow
€34,884▲
2024 · €25,364
Quick ratio
2.01▲
2024 · 1.32
Debt to equity
0.35▼
2024 · 0.48
ROE
17.8%▲
2024 · 15.6%
Interest coverage
27.37▲
2024 · 21.13
Debt ≤ 1 year
€29,533▲
2024 · €27,725
Debt > 1 year
€11,309▼
2024 · €18,828
Income taxes
€10,272▲
2024 · €7,447
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,729 | €2,931 | €5,024 | €43,648 | €5,901 |
| Depreciation and write-downs of the year | €11,913 | €12,065 | €12,671 | €10,396 | €14,217 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €453 | - | €3,667 | €5,556 | €708 | ▼ 87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,699 | €6,259 | €10,776 | €11,913 | €12,065 | €12,671 | €10,396 | €14,217 | ▲ 36.7% |
| Other operating charges640/8 | - | - | - | €2,549 | €3,888 | €2,823 | €4,431 | €3,255 | ▼ 26.5% |
| Non-recurring operating charges66A | - | - | - | €1,079 | €579 | €309 | - | - | - |
| Gross operating margin9900 | €6,892 | €13,392 | €23,652 | €21,127 | €26,829 | €12,609 | €38,072 | €49,049 | ▲ 28.8% |
| Operating profit (loss)9901 | -€16,216 | €4,640 | €8,781 | €5,586 | €10,298 | -€3,195 | €23,245 | €31,577 | ▲ 35.8% |
| Financial income75/76B | - | - | - | €121 | €328 | €512 | €761 | €1,035 | ▲ 36.0% |
| Recurring financial income75 | €2,169 | €317 | €314 | €121 | €328 | €512 | €761 | €1,035 | ▲ 36.0% |
| Financial charges65/66B | - | - | - | €1,059 | €798 | €1,120 | €1,592 | €1,673 | ▲ 5.1% |
| Recurring financial charges65 | €1,566 | €1,205 | €1,377 | €1,059 | €798 | €1,120 | €1,592 | €1,673 | ▲ 5.1% |
| Profit (loss) for the period before taxes9903 | -€15,613 | €3,752 | €13,050 | €4,648 | €9,828 | -€3,803 | €22,414 | €30,939 | ▲ 38.0% |
| Income taxes67/77 | €2,236 | €1,200 | €2,770 | €3,062 | €4,956 | €2,549 | €7,447 | €10,272 | ▲ 37.9% |
| Profit (loss) for the period9904 | -€17,848 | €2,552 | €10,280 | €1,586 | €4,872 | -€6,351 | €14,967 | €20,667 | ▲ 38.1% |
| Profit (loss) for the period to be appropriated9905 | -€17,848 | €2,552 | €10,280 | €1,586 | €4,872 | -€6,351 | €14,967 | €20,667 | ▲ 38.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €115,226 | €119,293 | €134,234 | €132,128 | €117,941 | €114,877 | €142,638 | €156,736 | ▲ 9.9% |
| Fixed assets21/28 | €73,095 | €71,042 | €96,932 | €89,748 | €80,613 | €72,965 | €98,273 | €89,957 | ▼ 8.5% |
| Tangible fixed assets22/27 | €73,095 | €71,042 | €96,932 | €89,748 | €80,613 | €72,965 | €98,273 | €89,957 | ▼ 8.5% |
| Land and buildings22 | - | - | - | €43,893 | €43,893 | €43,893 | €43,893 | €43,893 | = |
| Plant, machinery and equipment23 | - | - | - | €1,683 | €841 | €2,916 | €2,268 | €1,620 | ▼ 28.6% |
| Furniture and vehicles24 | - | - | - | €22,611 | €15,277 | €7,944 | €36,489 | €30,843 | ▼ 15.5% |
| Other tangible fixed assets26 | - | - | - | €21,562 | €20,602 | €18,213 | €15,623 | €13,602 | ▼ 12.9% |
| Current assets29/58 | €42,131 | €48,251 | €37,303 | €42,380 | €37,328 | €41,912 | €44,365 | €66,779 | ▲ 50.5% |
| Stocks and contracts in progress3 | €11,495 | €10,464 | €11,498 | €12,049 | €9,004 | €9,519 | €7,783 | €7,465 | ▼ 4.1% |
| Stocks30/36 | - | - | - | €12,049 | €9,004 | €9,519 | €7,783 | €7,465 | ▼ 4.1% |
| Amounts receivable within one year40/41 | €20,308 | €33,498 | €14,357 | €20,988 | €17,340 | €28,164 | €24,394 | €25,031 | ▲ 2.6% |
| Trade receivables40 | - | - | - | €20,488 | €13,808 | €19,644 | €14,631 | €10,597 | ▼ 27.6% |
| Other amounts receivable41 | - | - | - | €500 | €3,532 | €8,520 | €9,763 | €14,434 | ▲ 47.8% |
| Current investments50/53 | €3,000 | €1,000 | €7,500 | €4,000 | €6,000 | €750 | €10,000 | €30,000 | ▲ 200% |
| Cash at bank and in hand54/58 | €2,988 | €1,624 | €2,372 | €3,859 | €2,995 | €1,653 | €145 | €2,107 | ▲ 15× |
| Deferred charges and accrued income490/1 | - | - | - | €1,484 | €1,989 | €1,826 | €2,043 | €2,176 | ▲ 6.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €115,226 | €119,293 | €134,234 | €132,128 | €117,941 | €114,877 | €142,638 | €156,736 | ▲ 9.9% |
| Equity10/15 | €70,869 | €73,421 | €83,701 | €85,287 | €89,128 | €81,977 | €96,085 | €115,893 | ▲ 20.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €51,359 | €51,359 | €61,359 | €66,359 | €66,359 | €61,359 | €71,359 | €81,359 | ▲ 14.0% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Distributable reserves133 | - | - | - | €60,000 | €60,000 | €56,859 | €66,859 | €76,859 | ▲ 15.0% |
| Profit (loss) carried forward14 | €918 | €3,470 | €3,750 | €335 | €4,177 | €2,026 | €6,134 | €15,942 | ▲ 160% |
| Amounts payable17/49 | €44,356 | €45,872 | €50,534 | €46,841 | €28,812 | €32,900 | €46,553 | €40,842 | ▼ 12.3% |
| Amounts payable after more than one year17 | €18,252 | €9,156 | €19,451 | €8,912 | €2,246 | - | €18,828 | €11,309 | ▼ 39.9% |
| Financial debts170/4 | - | - | - | €8,912 | €2,246 | - | €18,828 | €11,309 | ▼ 39.9% |
| Amounts payable within one year42/48 | €26,104 | €36,366 | €31,083 | €37,929 | €26,566 | €32,900 | €27,725 | €29,533 | ▲ 6.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,538 | €6,666 | €3,896 | €7,157 | €7,519 | ▲ 5.1% |
| Trade debts44 | €13,355 | €21,774 | €12,151 | €16,003 | €10,830 | €17,803 | €5,885 | €8,015 | ▲ 36.2% |
| Suppliers440/4 | - | - | - | €16,003 | €10,830 | €17,803 | €5,885 | €8,015 | ▲ 36.2% |
| Taxes, remuneration and social security45 | - | - | - | €4,289 | €8,270 | €10,401 | €13,824 | €13,140 | ▼ 4.9% |
| Taxes450/3 | - | - | - | €4,289 | €8,270 | €10,401 | €13,824 | €13,140 | ▼ 4.9% |
| Other amounts payable47/48 | - | - | - | €7,099 | €800 | €800 | €859 | €859 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,848 | €2,552 | €10,280 | €1,586 | €4,872 | -€6,351 | €14,967 | €20,667 | ▲ 38.1% |
| + Depreciation and write-downs630 | €8,699 | €6,259 | €10,776 | €11,913 | €12,065 | €12,671 | €10,396 | €14,217 | ▲ 36.7% |
| Operating cash flow (approximation) | -€9,150 | €8,811 | €21,056 | €13,499 | €16,937 | €6,320 | €25,364 | €34,884 | ▲ 37.5% |
| Investment in fixed assets (approximation) | - | -€4,207 | -€36,666 | -€4,729 | -€2,931 | -€5,024 | -€35,704 | -€5,901 | ▲ 83.5% |
| Change in cash | - | -€1,364 | €749 | €1,487 | -€865 | -€1,342 | -€1,507 | €1,962 | - |
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, 31,368 companies had the same profile as CONSORTIUM CAIB 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 CONSORTIUM CAIB itself: 0.3% 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 CONSORTIUM CAIB. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-05-2026 | 2026-00119900 | |
| 31-12-2024 | full format | 28-05-2025 | 2025-00111860 | |
| 31-12-2023 | full format | 07-08-2024 | 2024-00332984 | |
| 31-12-2022 | full format | 31-05-2023 | 2023-00101891 | |
| 31-12-2021 | full format | 01-07-2022 | 2022-20140912 | |
| 31-12-2020 | full format | 09-06-2021 | 2021-18400387 | |
| 31-12-2019 | full format | 20-05-2020 | 2020-12700082 | |
| 31-12-2018 | full format | 14-06-2019 | 2019-18800148 | |
| 31-12-2017 | full format | 13-07-2018 | 2018-32500184 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-20900169 |