Constell8
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 7 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€691,817▲ 4.3%
2024 · -€722,608
Working capital
€3,333
2024 · -€114,993
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€785,257
▼ 6.5%
2025
20192025
Net result
-€691,817
▲ 4.3%
2025
lowest quarter of the sector
20192025
Equity
€542,818
▲ 16×
2025
middle half of the sector
20192025
Total assets
€1.6m
▲ 13.7%
2025
middle half of the sector
20192025
Debt
€1.0m
▼ 24.1%
2025
20192025
Working capital
€3,333
2025
middle half of the sector
20192025
Solvency
35.0%
▲ 32.4pp
2025
middle half of the sector
20192025
Current ratio
1.02
▲ 0.58
2025
middle half of the sector
20192025
Return on assets (ROA)
-44.6%
▲ 8.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0
▼ 100%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.09m--€0.1m▼ 52.9%-€0.1m▲ 6.5%-€0.3m▼ 169%-€0.4m▼ 7.3%-€0.7m▼ 107%-€0.8m▼ 6.5%
Net result-€0.09m--€0.1mbelow the sector's middle half▼ 29.3%-€0.07mbelow the sector's middle half▲ 37.0%-€0.3mbelow the sector's middle half▼ 308%-€0.3mbelow the sector's middle half▼ 19.7%-€0.7mbelow the sector's middle half▼ 110%-€0.7mbelow the sector's middle half▲ 4.3%
Equity€0.3m-€0.4mabove the sector's middle half▲ 8.7%€0.3mabove the sector's middle half▼ 16.5%€0.4mabove the sector's middle half▲ 24.4%-€0.02mbelow the sector's middle half€0.03mwithin the sector's middle half€0.5mwithin the sector's middle half▲ 16×
Total assets€0.4m-€0.9mabove the sector's middle half▲ 138%€1.2mabove the sector's middle half▲ 32.1%€1.1mabove the sector's middle half▼ 5.2%€1.3mabove the sector's middle half▲ 17.1%€1.4mabove the sector's middle half▲ 2.3%€1.6mwithin the sector's middle half▲ 13.7%
Debt€0.03m-€0.5m▲ 15×€0.9m▲ 66.8%€0.7m▼ 15.8%€1.4m▲ 81.8%€1.3m▼ 1.9%€1.0m▼ 24.1%
Working capital€0.08m-€0.08mabove the sector's middle half▲ 1.9%€0.2mabove the sector's middle half▲ 177%-€0.02mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 721%-€0.1mbelow the sector's middle half▲ 14.3%€0.003mwithin the sector's middle half
Solvency91.0%-41.6%within the sector's middle half▼ 49.4pp26.3%within the sector's middle half▼ 15.3pp34.5%within the sector's middle half▲ 8.2pp-1.6%below the sector's middle half▼ 36.2pp2.6%below the sector's middle half▲ 4.2pp35.0%within the sector's middle half▲ 32.4pp
Current ratio3.85-1.48within the sector's middle half▼ 2.374.13above the sector's middle half▲ 2.650.72below the sector's middle half▼ 3.410.23below the sector's middle half▼ 0.490.44below the sector's middle half▲ 0.211.02within the sector's middle half▲ 0.58
Return on assets (ROA)-22.6%--12.3%below the sector's middle half▲ 10.3pp-5.9%below the sector's middle half▲ 6.4pp-25.3%below the sector's middle half▼ 19.4pp-25.8%below the sector's middle half▼ 0.6pp-53.0%below the sector's middle half▼ 27.2pp-44.6%below the sector's middle half▲ 8.4pp
Staff (FTE)1.3-2within the sector's middle half▲ 53.8%2=2.6▲ 30.0%2.8▲ 7.7%2.1▼ 25.0%0below the sector's middle half▼ 100%
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 loss of €785,257, larger than the loss of €737,304 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Equity +1,454% on 2024. Capital increase of €465,077 (Official Gazette 30-01-2025). Capital increase of €789,265 (Official Gazette 30-01-2025).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€1.4m ▲ 8.1%
Current assets
€173,384 ▲ 91.2%
Equity and liabilities €1.6m
Equity
€542,818 ▲ 16×
Debt
€1.0m ▼ 24.1%
Debt's share of the balance-sheet total falls from 97.4% to 65.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€347,693▼
2024 · -€333,331
Cash flow
-€254,254▲
2024 · -€318,634
Quick ratio
1.00▲
2024 · 0.37
Debt to equity
1.86▼
2024 · 38.05
ROE
-127.4%
Interest coverage
-10.25▼
2024 · -5.95
Debt ≤ 1 year
€170,051▼
2024 · €205,676
Debt > 1 year
€800,000▼
2024 · €1.1m
Income taxes
-€71,715▼
2024 · €0
Staff costs
€284,716▲
2024 · €126,649
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 3 | 2 | 3 |
| full-time | 2 | 2 | 2 | 1 | 3 |
| part-time | 0 | 1 | 1 | 1 | 0 |
| in full-time equivalents | 2 | 2.8 | 2.8 | 1.8 | 3 |
| Average over the year, in full-time equivalents | 2 | 2.6 | 2.8 | 2.1 | 0 |
| On a permanent contract | 2 | 3 | 3 | 2 | 3 |
| Joined | - | 1 | - | 1 | 2 |
| Left | - | 0 | - | 2 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,866 | - | €5,447 | €7,714 |
| Intangible fixed assets | €394,700 | €409,146 | €503,858 | €377,852 | €521,181 |
| Financial fixed assets | - | - | - | €900 | €150 |
| Depreciation and write-downs of the year | €146,966 | €225,684 | €306,899 | €403,974 | €437,563 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €17 | - |
| Remuneration, social security and pensions62 | - | - | €113,221 | €154,109 | €188,075 | €126,649 | €284,716 | ▲ 125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,624 | €64,203 | €146,966 | €225,684 | €306,899 | €403,974 | €437,563 | ▲ 8.3% |
| Other operating charges640/8 | - | - | €852 | €1,189 | €1,300 | €3,554 | €21,956 | ▲ 518% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €737 | - |
| Gross operating margin9900 | -€37,881 | €53,785 | €137,784 | €48,873 | €139,855 | -€203,127 | -€40,284 | ▲ 80.2% |
| Operating profit (loss)9901 | -€86,249 | -€131,861 | -€123,254 | -€332,108 | -€356,419 | -€737,304 | -€785,257 | ▼ 6.5% |
| Financial income75/76B | - | - | €62,463 | €70,516 | €70,628 | €70,714 | €55,631 | ▼ 21.3% |
| Recurring financial income75 | - | €23,932 | €62,463 | €70,516 | €70,628 | €70,714 | €55,631 | ▼ 21.3% |
| Financial charges65/66B | - | - | €9,706 | €25,761 | €58,066 | €56,018 | €33,906 | ▼ 39.5% |
| Recurring financial charges65 | €309 | €3,948 | €9,706 | €25,761 | €58,066 | €56,018 | €33,906 | ▼ 39.5% |
| Profit (loss) for the period before taxes9903 | -€86,558 | -€111,877 | -€70,497 | -€287,353 | -€343,857 | -€722,608 | -€763,532 | ▼ 5.7% |
| Income taxes67/77 | - | - | - | - | €178 | €0 | -€71,715 | - |
| Profit (loss) for the period9904 | -€86,558 | -€111,877 | -€70,497 | -€287,353 | -€344,035 | -€722,608 | -€691,817 | ▲ 4.3% |
| Profit (loss) for the period to be appropriated9905 | -€86,558 | -€111,877 | -€70,497 | -€287,353 | -€344,035 | -€722,608 | -€691,817 | ▲ 4.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.4m | €0.9m | €1.2m | €1.1m | €1.3m | €1.4m | €1.6m | ▲ 13.7% |
| Formation expenses20 | €0.006m | €0.005m | €0.003m | €0.002m | €0.001m | €0 | €0.002m | - |
| Fixed assets21/28 | €0.3m | €0.7m | €0.9m | €1.1m | €1.3m | €1.3m | €1.4m | ▲ 8.1% |
| Intangible fixed assets21 | €0.3m | €0.6m | €0.9m | €1.1m | €1.3m | €1.3m | €1.4m | ▲ 8.1% |
| Tangible fixed assets22/27 | €0.008m | €0.02m | €0.02m | €0.02m | €0.009m | €0.007m | €0.008m | ▲ 10.6% |
| Plant, machinery and equipment23 | - | - | €0.002m | €0.003m | €0.002m | €0.005m | €0.001m | ▼ 68.5% |
| Furniture and vehicles24 | - | - | €0.01m | €0.01m | €0.008m | €0.003m | €0.006m | ▲ 156% |
| Financial fixed assets28 | - | €0.002m | €0 | - | - | €0.001m | €0.001m | ▲ 16.7% |
| Current assets29/58 | €0.1m | €0.2m | €0.3m | €0.04m | €0.04m | €0.09m | €0.2m | ▲ 91.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.01m | €0.003m | ▼ 81.0% |
| Stocks30/36 | - | - | - | - | - | €0.01m | €0.003m | ▼ 81.0% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.05m | €0.02m | €0.03m | €0.02m | €0.1m | ▲ 361% |
| Trade receivables40 | - | - | €0.02m | €0.006m | €0.03m | €0.008m | €0.009m | ▲ 13.7% |
| Other amounts receivable41 | - | - | €0.03m | €0.01m | €0.006m | €0.02m | €0.1m | ▲ 528% |
| Cash at bank and in hand54/58 | €0.09m | €0.2m | €0.2m | €0.02m | €0.008m | €0.05m | €0.06m | ▲ 13.7% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.001m | €193 | €0.001m | €0.004m | ▲ 254% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.4m | €0.9m | €1.2m | €1.1m | €1.3m | €1.4m | €1.6m | ▲ 13.7% |
| Equity10/15 | €0.3m | €0.4m | €0.3m | €0.4m | -€0.02m | €0.03m | €0.5m | ▲ 16× |
| Contributions10/11 | €0.2m | €0.2m | €0.3m | €0.8m | €0.8m | €1.6m | €2.9m | ▲ 78.2% |
| Capital10 | - | - | €0.2m | €0.3m | €0.3m | €1.1m | €2.4m | ▲ 113% |
| Issued capital100 | - | - | €0.2m | €0.3m | €0.3m | €1.1m | €2.4m | ▲ 113% |
| Contributions outside capital11 | - | - | €0.1m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Share premium1100/10 | - | - | €0.1m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | -€0.09m | -€0.2m | -€0.3m | -€0.6m | -€0.9m | -€1.6m | -€2.3m | ▼ 42.6% |
| Investment grants15 | - | - | €0.3m | €0.2m | €0.1m | €0.05m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.03m | €0.5m | €0.9m | €0.7m | €1.4m | €1.3m | €1.0m | ▼ 24.1% |
| Amounts payable after more than one year17 | - | €0.4m | €0.8m | €0.7m | €1.2m | €1.1m | €0.8m | ▼ 24.0% |
| Financial debts170/4 | - | - | €0.8m | €0.7m | €1.2m | €1.1m | €0.8m | ▼ 24.0% |
| Amounts payable within one year42/48 | €0.03m | €0.2m | €0.07m | €0.06m | €0.2m | €0.2m | €0.2m | ▼ 17.3% |
| Current portion of amounts payable after more than one year42 | - | - | €0 | - | €0.03m | €0.1m | €0.07m | ▼ 29.6% |
| Financial debts43 | - | - | - | - | - | €0.002m | €0 | ▼ 100% |
| Other loans439 | - | - | - | - | - | €0.002m | €0 | ▼ 100% |
| Trade debts44 | €0.02m | €0.02m | €0.06m | €0.04m | €0.1m | €0.09m | €0.05m | ▼ 41.3% |
| Suppliers440/4 | - | - | €0.06m | €0.04m | €0.1m | €0.09m | €0.05m | ▼ 41.3% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.05m | ▲ 272% |
| Taxes450/3 | - | - | - | - | €178 | €218 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.05m | ▲ 278% |
| Other amounts payable47/48 | - | - | €110 | €110 | €110 | €110 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €0.04m | €0.03m | €0.03m | €0.07m | €0.04m | ▼ 46.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€86,558 | -€111,877 | -€70,497 | -€287,353 | -€344,035 | -€722,608 | -€691,817 | ▲ 4.3% |
| + Depreciation and write-downs630 | €6,624 | €64,203 | €146,966 | €225,684 | €306,899 | €403,974 | €437,563 | ▲ 8.3% |
| Operating cash flow (approximation) | -€79,934 | -€47,674 | €76,469 | -€61,669 | -€37,135 | -€318,634 | -€254,254 | ▲ 20.2% |
| Investment in fixed assets (approximation) | - | -€450,045 | -€393,923 | -€417,334 | -€505,181 | -€384,750 | -€540,475 | ▼ 40.5% |
| Change in cash | - | €138,902 | €16,130 | -€222,579 | -€13,934 | €43,929 | €7,107 | ▼ 83.8% |
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, 224 companies had the same profile as Constell8 has now. Two years later, 88.4% were still going and 4.0% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.4%
was still going
7.1%
stopped otherwise
4.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Constell8 itself: 1.5% 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 224 companies, not a prediction for Constell8. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00369364 | |
| 31-12-2024 | micro format | 06-08-2025 | 2025-00368144 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00243296 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00294001 | |
| 31-12-2021 | micro format | 27-10-2022 | 2022-20479463 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-51200509 | |
| 31-12-2019 | micro format | 19-10-2020 | 2020-62000273 |