CORBEO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-04-2026 PDF all 30 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€0
Total assets
€3.1m▼ 12.6%
2024 · €3.5m
Net result
-€55,708
2024 · €26,816
Working capital
€1.6m▼ 10.5%
2024 · €1.8m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€18,208
▼ 87.9%
2025
20182025
Net result
-€55,708
2025
lowest quarter of the sector
20182025
Equity
€1.8m
▼ 3.0%
2025
highest quarter of the sector
20182025
Total assets
€3.1m
▼ 12.6%
2025
highest quarter of the sector
20182025
Debt
€1.3m
▼ 23.4%
2025
20182025
Working capital
€1.6m
▼ 10.5%
2025
highest quarter of the sector
20182025
Solvency
58.9%
▲ 5.8pp
2025
middle half of the sector
20182025
Current ratio
2.95
▼ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.8%
▼ 2.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
19
▼ 7.3%
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
Turnover€0-
Operating result€0.2m--€0.04m€0.4m€0.5m▲ 28.2%€0.3m▼ 47.1%€0.1m▼ 63.9%€0.2m▲ 53.0%€0.02m▼ 87.9%
Net result€0.08m--€0.1m€0.3mabove the sector's middle half€0.4mabove the sector's middle half▲ 27.8%€0.2mwithin the sector's middle half▼ 50.1%€0.03mwithin the sector's middle half▼ 84.0%€0.03mwithin the sector's middle half▼ 9.9%-€0.06mbelow the sector's middle half
Equity€1.2m-€1.1m▼ 10.2%€1.4mwithin the sector's middle half▲ 23.9%€1.7mabove the sector's middle half▲ 21.5%€1.8mabove the sector's middle half▲ 6.6%€1.8mabove the sector's middle half▲ 1.7%€1.9mabove the sector's middle half▲ 1.5%€1.8mabove the sector's middle half▼ 3.0%
Total assets€2.9m-€2.6m▼ 11.2%€3.0mabove the sector's middle half▲ 15.8%€3.9mabove the sector's middle half▲ 30.9%€4.3mabove the sector's middle half▲ 9.5%€3.6mabove the sector's middle half▼ 14.5%€3.5mwithin the sector's middle half▼ 4.1%€3.1mabove the sector's middle half▼ 12.6%
Debt€1.6m-€1.4m▼ 11.9%€1.6m▲ 9.6%€2.2m▲ 39.0%€2.5m▲ 11.7%€1.8m▼ 26.4%€1.6m▼ 9.7%€1.3m▼ 23.4%
Working capital€1.4m-€1.4m▼ 0.5%€1.5mabove the sector's middle half▲ 2.1%€2.0mabove the sector's middle half▲ 39.8%€2.3mabove the sector's middle half▲ 13.3%€1.7mabove the sector's middle half▼ 24.8%€1.8mabove the sector's middle half▲ 1.8%€1.6mabove the sector's middle half▼ 10.5%
Solvency43.2%-43.6%▲ 0.5pp46.7%within the sector's middle half▲ 3.0pp43.3%within the sector's middle half▼ 3.3pp42.2%within the sector's middle half▼ 1.1pp50.2%within the sector's middle half▲ 8.0pp53.1%within the sector's middle half▲ 2.9pp58.9%within the sector's middle half▲ 5.8pp
Current ratio2.48-2.93▲ 0.452.63within the sector's middle half▼ 0.312.97within the sector's middle half▲ 0.353.40within the sector's middle half▲ 0.432.96within the sector's middle half▼ 0.443.03within the sector's middle half▲ 0.072.95within the sector's middle half▼ 0.08
Return on assets (ROA)2.8%--5.0%▼ 7.8pp9.8%above the sector's middle half▲ 14.8pp9.6%within the sector's middle half▼ 0.2pp4.4%within the sector's middle half▼ 5.2pp0.8%within the sector's middle half▼ 3.6pp0.8%within the sector's middle half=-1.8%below the sector's middle half▼ 2.6pp
Staff (FTE)20.1-18.5▼ 8.0%16.8above the sector's middle half▼ 9.2%19.7above the sector's middle half▲ 17.3%20.8above the sector's middle half▲ 5.6%19above the sector's middle half▼ 8.7%20.5above the sector's middle half▲ 7.9%19above the sector's middle half▼ 7.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of textiles (NACE 13). 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 88% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets
€666,095 ▼ 22.4%
Current assets
€2.4m ▼ 9.3%
Equity and liabilities €3.1m
Equity
€1.8m ▼ 3.0%
Debt
€1.3m ▼ 23.4%
Debt's share of the balance-sheet total falls from 46.9% to 41.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€325,858▼
2024 · €451,792
Cash flow
€251,943▼
2024 · €328,324
Quick ratio
1.12▲
2024 · 0.85
Debt to equity
0.70▼
2024 · 0.88
ROE
-3.1%▼
2024 · 1.4%
Interest coverage
3.62▼
2024 · 3.66
Debt ≤ 1 year
€808,967▼
2024 · €870,097
Debt > 1 year
€432,742▼
2024 · €757,396
Income taxes
€1,094▼
2024 · €13,724
Staff costs
€994,003▼
2024 · €1.1m
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 | 23 | 20 | 20 | 23 | 19 |
| full-time | 19 | 17 | 15 | 18 | 16 |
| part-time | 4 | 3 | 5 | 5 | 3 |
| in full-time equivalents | 22.1 | 19.4 | 18.3 | 21.5 | 18.1 |
| Average over the year, in full-time equivalents | 19.7 | 20.8 | 18.9 | 20.5 | 19 |
| On a permanent contract | 23 | 20 | 20 | 23 | 19 |
| Joined | 7 | 6 | 5 | 6 | 3 |
| Left | 3 | 9 | 5 | 3 | 7 |
| Training hours | 315 | 1,112 | 1,080 | 953 | 1,219 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.0m | €1.2m | €1.1m | €981,629 | €682,629 |
| Pledge on the business | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m |
| Carrying value of the other pledged assets | €332,615 | €292,957 | €349,114 | €260,803 | €78,745 |
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 | €404,874 | €458,033 | €310,954 | €133,918 | €68,723 |
| Intangible fixed assets | - | - | €17,517 | - | €71,782 |
| Depreciation and write-downs of the year | €197,559 | €254,619 | €303,828 | €301,508 | €307,650 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 11 entries · €137,118 awarded · €132,544 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €24,988 | €21,194 |
| 2024 | 4 | €44,211 | €43,754 |
| 2023 | 2 | €31,470 | €32,557 |
| 2022 | 2 | €36,449 | €35,039 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €92 | €0.01m | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | €0.009m | €0.007m | -€0.007m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.01m | €0.02m | ▲ 143% |
| Non-recurring operating charges66A | - | - | - | €0.003m | €57 | €0 | - | €0.009m | - |
| Gross operating margin9900 | €1.6m | €1.5m | €1.5m | €1.8m | €1.6m | €1.5m | €1.6m | €1.4m | ▼ 13.1% |
| Operating profit (loss)9901 | €0.2m | -€0.04m | €0.4m | €0.5m | €0.3m | €0.1m | €0.2m | €0.02m | ▼ 87.9% |
| Financial income75/76B | - | - | - | €0.04m | €0.03m | €0.04m | €0.01m | €0.02m | ▲ 27.6% |
| Recurring financial income75 | €0.07m | €0.02m | €0.02m | €0.04m | €0.03m | €0.04m | €0.01m | €0.02m | ▲ 27.6% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 26.9% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 26.9% |
| Profit (loss) for the period before taxes9903 | €0.1m | -€0.1m | €0.3m | €0.4m | €0.2m | €0.03m | €0.04m | -€0.05m | - |
| Income taxes67/77 | €0.03m | €0.003m | €0.02m | €0.07m | €0.005m | €0.004m | €0.01m | €0.001m | ▼ 92.0% |
| Profit (loss) for the period9904 | €0.08m | -€0.1m | €0.3m | €0.4m | €0.2m | €0.03m | €0.03m | -€0.06m | - |
| Profit (loss) for the period to be appropriated9905 | €0.08m | -€0.1m | €0.3m | €0.4m | €0.2m | €0.03m | €0.03m | -€0.06m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.9m | €2.6m | €3.0m | €3.9m | €4.3m | €3.6m | €3.5m | €3.1m | ▼ 12.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.5m | €0.4m | €0.6m | €0.8m | €1.0m | €1.0m | €0.9m | €0.7m | ▼ 22.4% |
| Intangible fixed assets21 | €0.2m | €0.09m | €0.02m | €0.009m | €0.003m | €0.02m | €0.01m | €0.07m | ▲ 473% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.6m | €0.8m | €1.0m | €1.0m | €0.8m | €0.6m | ▼ 29.7% |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 12.1% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.07m | €0.1m | €0.1m | €0.06m | ▼ 45.8% |
| Leasing and similar rights25 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.03m | ▼ 82.3% |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Financial fixed assets28 | €0.005m | €0.005m | €415 | €0 | - | - | - | - | - |
| Current assets29/58 | €2.4m | €2.2m | €2.3m | €3.1m | €3.3m | €2.6m | €2.6m | €2.4m | ▼ 9.3% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.004m | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.004m | €0 | - | - | - |
| Stocks and contracts in progress3 | €1.6m | €1.6m | €1.3m | €2.1m | €2.4m | €1.8m | €1.9m | €1.5m | ▼ 21.5% |
| Stocks30/36 | - | - | - | €2.1m | €2.4m | €1.8m | €1.9m | €1.5m | ▼ 21.5% |
| Amounts receivable within one year40/41 | €0.6m | €0.5m | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | €0.7m | ▲ 29.8% |
| Trade receivables40 | - | - | - | €0.7m | €0.5m | €0.5m | €0.5m | €0.7m | ▲ 30.3% |
| Other amounts receivable41 | - | - | - | €0 | €0.04m | €0.03m | €0.02m | €0.02m | ▲ 19.1% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 27.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.9m | €2.6m | €3.0m | €3.9m | €4.3m | €3.6m | €3.5m | €3.1m | ▼ 12.6% |
| Equity10/15 | €1.2m | €1.1m | €1.4m | €1.7m | €1.8m | €1.8m | €1.9m | €1.8m | ▼ 3.0% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €1.1m | €1.0m | €1.3m | €1.6m | €1.7m | €1.7m | €1.8m | €1.7m | ▼ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €1.5m | €1.7m | €1.7m | €1.7m | €1.7m | ▼ 3.3% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €1.6m | €1.4m | €1.6m | €2.2m | €2.5m | €1.8m | €1.6m | €1.3m | ▼ 23.4% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.7m | €1.2m | €1.5m | €0.9m | €0.8m | €0.4m | ▼ 42.9% |
| Financial debts170/4 | - | - | - | €1.2m | €1.5m | €0.9m | €0.8m | €0.4m | ▼ 42.9% |
| Amounts payable within one year42/48 | €1.0m | €0.7m | €0.9m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 7.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 7.1% |
| Trade debts44 | €0.3m | €0.2m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.4% |
| Suppliers440/4 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.4% |
| Advances received on contracts in progress46 | - | - | - | €0.02m | €0.02m | €0.003m | €0.003m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 16.3% |
| Taxes450/3 | - | - | - | €0.1m | €0.09m | €0.06m | €0.05m | €0.06m | ▲ 2.5% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 23.3% |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.08m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.03m | €0.004m | €0.01m | €0.01m | ▲ 29.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €81,400 | -€127,793 | €292,229 | €373,439 | €186,296 | €29,751 | €26,816 | -€55,708 | - |
| + Depreciation and write-downs630 | €247,651 | €219,362 | €184,818 | €197,559 | €254,619 | €303,828 | €301,508 | €307,650 | ▲ 2.0% |
| Operating cash flow (approximation) | €329,051 | €91,568 | €477,047 | €570,998 | €440,915 | €333,579 | €328,324 | €251,943 | ▼ 23.3% |
| Investment in fixed assets (approximation) | - | -€130,764 | -€403,476 | -€402,269 | -€423,779 | -€328,471 | -€133,918 | -€115,009 | ▲ 14.1% |
| Change in cash | - | -€40,931 | €155,730 | -€60,887 | €27,079 | €23,055 | -€49,760 | €15,483 | - |
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, 8,617 companies had the same profile as CORBEO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CORBEO itself: 0.1% 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 8,617 companies, not a prediction for CORBEO. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-04-2026 | 2026-00075786 | |
| 31-12-2024 | abbreviated format | 14-04-2025 | 2025-00069302 | |
| 31-12-2023 | abbreviated format | 10-04-2024 | 2024-00061494 | |
| 31-12-2022 | abbreviated format | 04-04-2023 | 2023-00053275 | |
| 31-12-2021 | abbreviated format | 25-04-2022 | 2022-20007790 | |
| 31-12-2020 | abbreviated format | 12-04-2021 | 2021-10200018 | |
| 31-12-2019 | abbreviated format | 12-05-2020 | 2020-11900230 | |
| 31-12-2018 | abbreviated format | 25-03-2019 | 2019-07800500 | |
| 31-12-2017 | abbreviated format | 21-03-2018 | 2018-07300473 | |
| 31-12-2016 | abbreviated format | 28-03-2017 | 2017-07400366 |