CONWETHO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-04-2026 PDF all 36 filings
Turnover
€79,574▲ 1.4%
2024 · €78,481
EBIT margin
53.2%▲ 3.7pp
2024 · 49.5%
Net result
€17,066▲ 14.0%
2024 · €14,966
Working capital
-€987,956▲ 1.9%
2024 · -€1.0m
In the rankings
#6 oldest company in Puurs-Sint-Amands, Real estate sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€79,574
▲ 1.4%
2025
20192025
Operating result
€42,352
▲ 8.9%
2025
20192025
Net result
€17,066
▲ 14.0%
2025
middle half of the sector
20192025
EBIT margin
53.2%
▲ 3.7pp
2025
20192025
Equity
€532,618
▼ 54.7%
2025
middle half of the sector
20192025
Total assets
€1.9m
▼ 24.1%
2025
middle half of the sector
20192025
Debt
€1.4m
▲ 2.0%
2025
20192025
Working capital
-€987,956
▲ 1.9%
2025
lowest quarter of the sector
20192025
Solvency
27.5%
▼ 18.5pp
2025
middle half of the sector
20192025
Current ratio
0.30
▲ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.9%
▲ 0.3pp
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
Turnover€0.05m-€0.05m▼ 7.6%€0.05m=€0.05m=€0.008m▼ 83.3%€0.08m▲ 881%€0.08m▲ 1.4%
Operating result€0.07m-€0.07m▼ 7.9%€0.09m▲ 36.7%€0.01m▼ 85.4%€0.2m▲ 16×€0.04m▼ 81.8%€0.04m▲ 8.9%
Net result€0.03m-€0.03mwithin the sector's middle half▼ 11.9%€0.05mwithin the sector's middle half▲ 67.3%-€0.03mbelow the sector's middle half€0.2mabove the sector's middle half€0.01mwithin the sector's middle half▼ 92.5%€0.02mwithin the sector's middle half▲ 14.0%
EBIT margin136.7%-136.2%▼ 0.5pp186.3%▲ 50.1pp27.2%▼ 159.1pp2664.5%▲ 2637.3pp49.5%▼ 2615.0pp53.2%▲ 3.7pp
Equity€2.0m-€2.1mwithin the sector's middle half▲ 1.4%€0.4mwithin the sector's middle half▼ 81.0%€1.0mwithin the sector's middle half▲ 146%€1.2mwithin the sector's middle half▲ 20.7%€1.2mwithin the sector's middle half▲ 1.3%€0.5mwithin the sector's middle half▼ 54.7%
Total assets€2.7m-€2.8mwithin the sector's middle half▲ 0.8%€2.8mwithin the sector's middle half▲ 2.3%€2.4mwithin the sector's middle half▼ 15.9%€2.5mwithin the sector's middle half▲ 6.7%€2.6mwithin the sector's middle half▲ 1.0%€1.9mwithin the sector's middle half▼ 24.1%
Debt€0.7m-€0.7m▼ 1.0%€2.4m▲ 249%€1.4m▼ 41.9%€1.4m▼ 2.9%€1.4m▲ 0.8%€1.4m▲ 2.0%
Working capital€1.0m-€1.0mabove the sector's middle half▲ 2.1%-€0.6mbelow the sector's middle half-€1.3mbelow the sector's middle half▼ 106%-€1.0mbelow the sector's middle half▲ 17.4%-€1.0mbelow the sector's middle half▲ 3.6%-€1.0mbelow the sector's middle half▲ 1.9%
Solvency74.3%-74.7%above the sector's middle half▲ 0.4pp13.9%within the sector's middle half▼ 60.8pp40.6%within the sector's middle half▲ 26.7pp45.9%within the sector's middle half▲ 5.3pp46.0%within the sector's middle half▲ 0.1pp27.5%within the sector's middle half▼ 18.5pp
Current ratio2.46-2.49within the sector's middle half▲ 0.030.75within the sector's middle half▼ 1.750.10below the sector's middle half▼ 0.650.23below the sector's middle half▲ 0.130.26below the sector's middle half▲ 0.030.30below the sector's middle half▲ 0.03
Return on assets (ROA)1.1%-1.0%within the sector's middle half▼ 0.1pp1.6%within the sector's middle half▲ 0.6pp-1.3%within the sector's middle half▼ 2.9pp7.9%above the sector's middle half▲ 9.2pp0.6%within the sector's middle half▼ 7.3pp0.9%within the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 9% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Equity -55% on 2024. Partial demerger to MATHENCO, Official Gazette 19-06-2025.
- 2024 Net result -92% on 2023. The 2023 profit included a one-off income of €179,559.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€1.5m ▼ 30.6%
Current assets
€416,830 ▲ 16.1%
Equity and liabilities €1.9m
Equity
€532,618 ▼ 54.7%
Debt
€1.4m ▲ 2.0%
Debt's share of the balance-sheet total rises from 54.0% to 72.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€55,148▲
2024 · €52,520
Cash flow
€29,862▲
2024 · €28,603
Debt to equity
2.64▲
2024 · 1.17
ROE
3.2%▲
2024 · 1.3%
Interest coverage
2.21▼
2024 · 2.41
Debt ≤ 1 year
€1.4m▲
2024 · €1.4m
Income taxes
€5,643▼
2024 · €5,847
Customer credit
1101 days▲
2024 · 0 days
Supplier credit
702 days▲
2024 · 260 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €711,440 | - | - | - |
| Depreciation and write-downs of the year | €91,160 | €14,575 | €13,637 | €12,796 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €124,981 | €265,200 | €78,481 | €79,574 | ▲ 1.4% |
| Turnover70 | €51,946 | €48,000 | €48,000 | €48,000 | €8,000 | €78,481 | €79,574 | ▲ 1.4% |
| Other operating income74 | - | - | - | €76,981 | €77,641 | €0 | - | - |
| Non-recurring operating income76A | - | - | - | - | €179,559 | €0 | - | - |
| Operating charges60/66A | - | - | - | €111,926 | €52,040 | €39,598 | €37,221 | ▼ 6.0% |
| Services and other goods61 | - | - | - | €6,838 | €9,560 | €5,312 | €8,972 | ▲ 68.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,865 | €14,514 | €14,773 | €91,160 | €14,575 | €13,637 | €12,796 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €13,929 | €27,905 | €20,649 | €15,453 | ▼ 25.2% |
| Operating profit (loss)9901 | €71,028 | €65,386 | €89,414 | €13,055 | €213,160 | €38,883 | €42,352 | ▲ 8.9% |
| Financial income75/76B | - | - | - | €512 | €860 | €4,000 | €5,643 | ▲ 41.1% |
| Recurring financial income75 | €16,655 | €16,880 | €17,022 | €512 | €860 | €4,000 | €5,643 | ▲ 41.1% |
| Income from current assets751 | - | - | - | €512 | €860 | €4,000 | €5,643 | ▲ 41.1% |
| Financial charges65/66B | - | - | - | €43,931 | €7,464 | €22,070 | €25,286 | ▲ 14.6% |
| Recurring financial charges65 | €45,542 | €43,387 | €43,290 | €43,931 | €7,464 | €22,070 | €25,286 | ▲ 14.6% |
| Debt charges650 | €45,240 | €43,105 | €42,905 | €43,655 | €7,178 | €21,809 | €24,951 | ▲ 14.4% |
| Other financial charges652/9 | - | - | - | €276 | €286 | €261 | €335 | ▲ 28.2% |
| Profit (loss) for the period before taxes9903 | €42,141 | €38,879 | €63,145 | -€30,364 | €206,556 | €20,812 | €22,709 | ▲ 9.1% |
| Income taxes67/77 | €10,841 | €11,307 | €17,025 | €191 | €7,500 | €5,847 | €5,643 | ▼ 3.5% |
| Taxes670/3 | - | - | - | €191 | €7,500 | €5,847 | €5,700 | ▼ 2.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €57 | - |
| Profit (loss) for the period9904 | €31,300 | €27,573 | €46,120 | -€30,555 | €199,056 | €14,966 | €17,066 | ▲ 14.0% |
| Profit (loss) for the period to be appropriated9905 | €31,300 | €27,573 | €46,120 | -€30,555 | €199,056 | €14,966 | €17,066 | ▲ 14.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.7m | €2.8m | €2.8m | €2.4m | €2.5m | €2.6m | €1.9m | ▼ 24.1% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €2.2m | €2.2m | €2.2m | €1.5m | ▼ 30.6% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.0m | €2.2m | €2.2m | €2.2m | €1.5m | ▼ 30.6% |
| Land and buildings22 | - | - | - | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 4.3% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | €0.001m | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €0.6m | €0.6m | €0.6m | €0 | ▼ 100% |
| Financial fixed assets28 | €122 | €122 | €122 | €122 | €122 | €122 | €122 | ▼ 0.3% |
| Other financial fixed assets284/8 | - | - | - | €122 | €122 | €122 | €122 | ▼ 0.3% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €122 | €122 | €122 | €122 | ▼ 0.3% |
| Current assets29/58 | €1.7m | €1.7m | €1.8m | €0.1m | €0.3m | €0.4m | €0.4m | ▲ 16.1% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | €0 | - | - |
| Amounts receivable within one year40/41 | €1.7m | €1.7m | €1.8m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 34.9% |
| Trade receivables40 | - | - | - | €0.005m | €0.002m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 34.9% |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.05m | €0.03m | €0.2m | €0.2m | €0.2m | ▼ 3.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.001m | €0.004m | ▲ 194% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.7m | €2.8m | €2.8m | €2.4m | €2.5m | €2.6m | €1.9m | ▼ 24.1% |
| Equity10/15 | €2.0m | €2.1m | €0.4m | €1.0m | €1.2m | €1.2m | €0.5m | ▼ 54.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 5.2% |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 5.2% |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 5.2% |
| Revaluation surpluses12 | - | - | - | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 24.3% |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.001m | ▼ 95.1% |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.001m | ▼ 86.5% |
| Legal reserve130 | - | - | - | €0.007m | €0.007m | €0.007m | €0.001m | ▼ 86.5% |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.01m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €1.9m | €2.0m | €0.3m | €0.3m | €0.5m | €0.5m | €0.02m | ▼ 96.7% |
| Amounts payable17/49 | €0.7m | €0.7m | €2.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▲ 2.0% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €2.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▲ 2.9% |
| Trade debts44 | €121 | €0.01m | €0.01m | €0 | €0.02m | €0.004m | €0.02m | ▲ 355% |
| Suppliers440/4 | - | - | - | €0 | €0.02m | €0.004m | €0.02m | ▲ 355% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.008m | €0 | - | - |
| Taxes450/3 | - | - | - | €0.02m | €0.008m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €1.4m | €1.3m | €1.4m | €1.4m | ▲ 1.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.002m | €0.01m | €0.001m | ▼ 91.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.03m | €0.05m | -€0.03m | €0.2m | €0.01m | €0.02m | ▲ 14.0% |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.01m | €0.09m | €0.01m | €0.01m | €0.01m | ▼ 6.2% |
| Operating cash flow (approximation) | €0.05m | €0.04m | €0.06m | €0.06m | €0.2m | €0.03m | €0.03m | ▲ 4.4% |
| Investment in fixed assets (approximation) | - | -€0.01m | €0 | -€1.3m | €0.005m | €0 | €0.7m | - |
| Change in cash | - | €0.002m | €0.03m | -€0.02m | €0.2m | -€0.01m | -€0.007m | ▲ 38.1% |
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, 4,685 companies had the same profile as CONWETHO has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of CONWETHO itself: 0.2% 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 4,685 companies, not a prediction for CONWETHO. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 28-04-2026 | 2026-00094486 | |
| 30-09-2024 | full format | 07-04-2025 | 2025-00066193 | |
| 30-09-2023 | full format | 22-04-2024 | 2024-00067514 | |
| 30-09-2022 | full format | 06-04-2023 | 2023-00055780 | |
| 30-09-2021 | full format | 24-03-2022 | 2022-08900010 | |
| 30-09-2020 | full format | 28-04-2021 | 2021-11800445 | |
| 30-09-2019 | full format | 09-01-2020 | 2020-00800223 | |
| 30-09-2018 | full format | 04-03-2019 | 2019-06500297 | |
| 30-09-2017 | full format | 11-04-2018 | 2018-09600065 | |
| 30-09-2016 | full format | 28-04-2017 | 2017-10500197 |