CONUS
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 11-11-2025 PDF all 6 filings
Turnover
≈ €190,000
Estimated: probably between €150,000 and €260,000
Total assets
€890,972▲ 9.0%
2023 · €817,033
Net result
€84,582▼ 13.1%
2023 · €97,326
Working capital
€855,076▲ 11.0%
2023 · €770,025
Multi-year overview
2019 to 2024, 6 financial yearsOperating result
€120,469
▼ 14.8%
2024
20192024
Net result
€84,582
▼ 13.1%
2024
highest quarter of the sector
20192024
Equity
€864,441
▲ 10.8%
2024
highest quarter of the sector
20192024
Total assets
€890,972
▲ 9.0%
2024
highest quarter of the sector
20192024
Debt
€26,531
▼ 28.6%
2024
20192024
Working capital
€855,076
▲ 11.0%
2024
highest quarter of the sector
20192024
Solvency
97.0%
▲ 1.6pp
2024
highest quarter of the sector
20192024
Current ratio
33.23
▲ 11.52
2024
highest quarter of the sector
20192024
Return on assets (ROA)
9.5%
▼ 2.4pp
2024
middle half of the sector
20192024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232024
Operating result€258,449-€233,341▼ 9.7%€224,397▼ 3.8%€213,641▼ 4.8%€141,431▼ 33.8%€120,469▼ 14.8%
Net result€186,132-€177,556above the sector's middle half▼ 4.6%€152,783above the sector's middle half▼ 14.0%€153,662above the sector's middle half▲ 0.6%€97,326above the sector's middle half▼ 36.7%€84,582above the sector's middle half▼ 13.1%
Equity€198,532-€376,088above the sector's middle half▲ 89.4%€528,871above the sector's middle half▲ 40.6%€682,533above the sector's middle half▲ 29.1%€779,859above the sector's middle half▲ 14.3%€864,441above the sector's middle half▲ 10.8%
Total assets€214,212-€397,919within the sector's middle half▲ 85.8%€622,151above the sector's middle half▲ 56.4%€774,654above the sector's middle half▲ 24.5%€817,033above the sector's middle half▲ 5.5%€890,972above the sector's middle half▲ 9.0%
Debt€15,680-€21,830▲ 39.2%€93,280▲ 327%€92,121▼ 1.2%€37,174▼ 59.6%€26,531▼ 28.6%
Working capital€197,356-€373,394above the sector's middle half▲ 89.2%€527,440above the sector's middle half▲ 41.3%€682,020above the sector's middle half▲ 29.3%€770,025above the sector's middle half▲ 12.9%€855,076above the sector's middle half▲ 11.0%
Solvency92.7%-94.5%above the sector's middle half▲ 1.8pp85.0%above the sector's middle half▼ 9.5pp88.1%above the sector's middle half▲ 3.1pp95.5%above the sector's middle half▲ 7.3pp97.0%above the sector's middle half▲ 1.6pp
Current ratio13.59-18.10above the sector's middle half▲ 4.526.65above the sector's middle half▼ 11.458.40above the sector's middle half▲ 1.7521.71above the sector's middle half▲ 13.3133.23above the sector's middle half▲ 11.52
Return on assets (ROA)86.9%-44.6%above the sector's middle half▼ 42.3pp24.6%above the sector's middle half▼ 20.1pp19.8%within the sector's middle half▼ 4.7pp11.9%within the sector's middle half▼ 7.9pp9.5%within the sector's middle half▼ 2.4pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 2024 is 15% lower than in 2023 and the lowest since 2020. It is the fourth fall in a row.
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
2024 in colour, 2023 as the grey bar beneath
Assets €890,972
Fixed assets
€9,364 ▼ 4.8%
Current assets
€881,607 ▲ 9.2%
Equity and liabilities €890,972
Equity
€864,441 ▲ 10.8%
Debt
€26,531 ▼ 28.6%
Debt's share of the balance-sheet total falls from 4.5% to 3.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€122,958▼
2023 · €143,487
Cash flow
€87,070▼
2023 · €99,381
Debt to equity
0.03▼
2023 · 0.05
ROE
9.8%▼
2023 · 12.5%
Interest coverage
over 100
2023 · over 100
Debt ≤ 1 year
€26,531▼
2023 · €37,174
Income taxes
€36,108▼
2023 · €44,013
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €11,377 | €2,008 |
| Financial fixed assets | - | - | - | €10 |
| Depreciation and write-downs of the year | €1,263 | €919 | €2,055 | €2,488 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,847 | €1,238 | €1,263 | €919 | €2,055 | €2,488 | ▲ 21.1% |
| Other operating charges640/8 | - | - | €198 | €619 | €614 | €387 | ▼ 36.9% |
| Gross operating margin9900 | €273,099 | €234,698 | €225,859 | €215,180 | €144,101 | €123,345 | ▼ 14.4% |
| Operating profit (loss)9901 | €258,449 | €233,341 | €224,397 | €213,641 | €141,431 | €120,469 | ▼ 14.8% |
| Financial income75/76B | - | - | €0 | €0 | €0 | €275 | ▲ 13,750× |
| Recurring financial income75 | €1 | €15 | €0 | €0 | €0 | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | - | - | €275 | - |
| Financial charges65/66B | - | - | €139 | €155 | €92 | €54 | ▼ 41.3% |
| Recurring financial charges65 | €1,145 | €102 | €139 | €155 | €92 | €54 | ▼ 41.3% |
| Profit (loss) for the period before taxes9903 | €257,305 | €233,254 | €224,259 | €213,486 | €141,339 | €120,690 | ▼ 14.6% |
| Income taxes67/77 | €71,173 | €55,698 | €71,476 | €59,825 | €44,013 | €36,108 | ▼ 18.0% |
| Profit (loss) for the period9904 | €186,132 | €177,556 | €152,783 | €153,662 | €97,326 | €84,582 | ▼ 13.1% |
| Profit (loss) for the period to be appropriated9905 | €185,870 | €177,556 | €152,783 | €153,662 | €97,326 | €84,582 | ▼ 13.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €214,212 | €397,919 | €622,151 | €774,654 | €817,033 | €890,972 | ▲ 9.0% |
| Fixed assets21/28 | €1,176 | €2,694 | €1,431 | €512 | €9,834 | €9,364 | ▼ 4.8% |
| Tangible fixed assets22/27 | €1,171 | €2,689 | €1,426 | €507 | €9,829 | €9,349 | ▼ 4.9% |
| Furniture and vehicles24 | - | - | €1,426 | €507 | €3,469 | €2,644 | ▼ 23.8% |
| Other tangible fixed assets26 | - | - | - | - | €6,360 | €6,706 | ▲ 5.4% |
| Financial fixed assets28 | €5 | €5 | €5 | €5 | €5 | €15 | ▲ 200% |
| Current assets29/58 | €213,036 | €395,224 | €620,719 | €774,141 | €807,198 | €881,607 | ▲ 9.2% |
| Amounts receivable within one year40/41 | €26,145 | €30,423 | €29,374 | €17,889 | €34,219 | €62,296 | ▲ 82.0% |
| Trade receivables40 | - | - | €24,553 | €17,176 | €17,194 | €41,250 | ▲ 140% |
| Other amounts receivable41 | - | - | €4,821 | €713 | €17,025 | €21,045 | ▲ 23.6% |
| Cash at bank and in hand54/58 | €186,891 | €364,801 | €591,345 | €756,253 | €772,979 | €819,312 | ▲ 6.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €214,212 | €397,919 | €622,151 | €774,654 | €817,033 | €890,972 | ▲ 9.0% |
| Equity10/15 | €198,532 | €376,088 | €528,871 | €682,533 | €779,859 | €864,441 | ▲ 10.8% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €186,132 | €363,688 | €516,471 | €670,133 | €767,459 | €852,041 | ▲ 11.0% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | €262 | €262 | €262 | €262 | = |
| Distributable reserves133 | - | - | €514,349 | €668,011 | €765,337 | €849,919 | ▲ 11.1% |
| Amounts payable17/49 | €15,680 | €21,830 | €93,280 | €92,121 | €37,174 | €26,531 | ▼ 28.6% |
| Amounts payable within one year42/48 | €15,680 | €21,830 | €93,280 | €92,121 | €37,174 | €26,531 | ▼ 28.6% |
| Trade debts44 | €2,707 | €1,807 | €2,151 | €925 | €6,130 | €4,334 | ▼ 29.3% |
| Suppliers440/4 | - | - | €2,151 | €925 | €6,130 | €4,334 | ▼ 29.3% |
| Taxes, remuneration and social security45 | - | - | €86,930 | €82,730 | €19,443 | €10,041 | ▼ 48.4% |
| Taxes450/3 | - | - | €86,930 | €82,730 | €19,133 | €10,041 | ▼ 47.5% |
| Remuneration and social security454/9 | - | - | - | - | €310 | - | - |
| Other amounts payable47/48 | - | - | €4,198 | €8,465 | €11,601 | €12,155 | ▲ 4.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €186,132 | €177,556 | €152,783 | €153,662 | €97,326 | €84,582 | ▼ 13.1% |
| + Depreciation and write-downs630 | €2,847 | €1,238 | €1,263 | €919 | €2,055 | €2,488 | ▲ 21.1% |
| Operating cash flow (approximation) | €188,979 | €178,795 | €154,046 | €154,581 | €99,381 | €87,070 | ▼ 12.4% |
| Investment in fixed assets (approximation) | - | -€2,757 | €0 | €0 | -€11,377 | -€2,018 | ▲ 82.3% |
| Change in cash | - | €177,910 | €226,544 | €164,907 | €16,727 | €46,332 | ▲ 177% |
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, 6,782 companies had the same profile as CONUS has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of CONUS itself: 0.5% 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 6,782 companies, not a prediction for CONUS. 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 |
|---|---|---|---|---|
| 31-12-2024 | micro format | 11-11-2025 | 2025-00564973 | |
| 31-12-2023 | micro format | 11-11-2024 | 2024-00532156 | |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00477824 | |
| 31-12-2021 | micro format | 29-10-2022 | 2022-20477310 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-74100501 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46600301 |