CORDIAL
ActiveSummary
CORDIAL has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €121,307 and a net result of €8,248. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 65% of 11547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-13
Solvency86▲+2
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 7.24 against 2.3 in 2024; short-term debt: 8.9% and cash: 59.5% of total assets), and 39.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
60.6%
Return on assets
4.1%
Age of the figures
15 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €121,307
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 26-02-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
on the day
2023
76 d late
2022
28 d late
2021
on the day
2020
2 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 18 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 26 February (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close30-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€121,307▲ 7.3%
2024 · €113,059
Total assets
€200,085▲ 3.8%
2024 · €192,670
Net result
€8,248▼ 48.4%
2024 · €15,976
Working capital
€111,766▲ 79.5%
2024 · €62,264
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€11,843▼ 64.7%€5,362▼ 54.7%-€44,385€16,943€14,538▼ 14.2%
Net result€16,632within the sector's middle half▼ 5.9%€2,048within the sector's middle half▼ 87.7%-€44,403below the sector's middle half€15,976within the sector's middle half€8,248within the sector's middle half▼ 48.4%
Equity€139,438within the sector's middle half▲ 13.5%€141,486within the sector's middle half▲ 1.5%€97,083within the sector's middle half▼ 31.4%€113,059within the sector's middle half▲ 16.5%€121,307within the sector's middle half▲ 7.3%
Total assets€244,017within the sector's middle half▼ 11.8%€255,156within the sector's middle half▲ 4.6%€191,281within the sector's middle half▼ 25.0%€192,670within the sector's middle half▲ 0.7%€200,085within the sector's middle half▲ 3.8%
Debt€104,579▼ 32.0%€113,670▲ 8.7%€94,199▼ 17.1%€79,611▼ 15.5%€78,778▼ 1.0%
Working capital€24,105within the sector's middle half▲ 405%€37,979within the sector's middle half▲ 57.6%€5,403within the sector's middle half▼ 85.8%€62,264within the sector's middle half▲ 1,052%€111,766within the sector's middle half▲ 79.5%
Solvency57.1%within the sector's middle half▲ 12.7pp55.5%within the sector's middle half▼ 1.7pp50.8%within the sector's middle half▼ 4.7pp58.7%within the sector's middle half▲ 7.9pp60.6%within the sector's middle half▲ 1.9pp
Current ratio1.23within the sector's middle half▲ 0.201.33within the sector's middle half▲ 0.101.06within the sector's middle half▼ 0.282.30within the sector's middle half▲ 1.247.24above the sector's middle half▲ 4.95
Return on assets (ROA)6.8%within the sector's middle half▲ 0.4pp0.8%within the sector's middle half▼ 6.0pp-23.2%below the sector's middle half▼ 24.0pp8.3%within the sector's middle half▲ 31.5pp4.1%within the sector's middle half▼ 4.2pp
Staff (FTE)4.1=4.1=4.3▲ 4.9%4.1▼ 4.7%4.2▲ 2.4%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 14% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €200,085
Fixed assets
€70,418 ▼ 14.5%
Current assets
€129,667 ▲ 17.5%
Equity and liabilities €200,085
Equity
€121,307 ▲ 7.3%
Debt
€78,778 ▼ 1.0%
Debt's share of the balance-sheet total falls from 41.3% to 39.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,938▼
2024 · €26,265
Cash flow
€15,648▼
2024 · €25,298
Debt to equity
0.65▼
2024 · 0.70
ROE
6.8%▼
2024 · 14.1%
Interest coverage
5.05▼
2024 · 27.15
Debt ≤ 1 year
€17,901▼
2024 · €48,047
Income taxes
€2,009
Staff costs
€101,467▲
2024 · €92,281
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,040 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €114,362 | €107,644 | €92,281 | €101,467 | ▲ 10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,983 | €11,827 | €11,827 | €9,321 | €7,400 | ▼ 20.6% |
| Other operating charges640/8 | - | €1,297 | €1,406 | €1,335 | €1,402 | ▲ 5.0% |
| Gross operating margin9900 | €89,692 | €132,848 | €76,491 | €119,881 | €124,807 | ▲ 4.1% |
| Operating profit (loss)9901 | €11,843 | €5,362 | -€44,385 | €16,943 | €14,538 | ▼ 14.2% |
| Financial income75/76B | - | €563 | - | €0 | €59 | ▲ 16,817% |
| Recurring financial income75 | €10,596 | €563 | - | €0 | €59 | ▲ 16,817% |
| Financial charges65/66B | - | €429 | €18 | €967 | €4,341 | ▲ 349% |
| Recurring financial charges65 | €526 | €429 | €18 | €967 | €4,341 | ▲ 349% |
| Profit (loss) for the period before taxes9903 | €21,913 | €5,497 | -€44,403 | €15,976 | €10,257 | ▼ 35.8% |
| Income taxes67/77 | €5,281 | €3,449 | - | - | €2,009 | - |
| Profit (loss) for the period9904 | €16,632 | €2,048 | -€44,403 | €15,976 | €8,248 | ▼ 48.4% |
| Profit (loss) for the period to be appropriated9905 | €16,632 | €2,048 | -€44,403 | €15,976 | €8,248 | ▼ 48.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €244,017 | €255,156 | €191,281 | €192,670 | €200,085 | ▲ 3.8% |
| Fixed assets21/28 | €115,333 | €103,506 | €91,680 | €82,358 | €70,418 | ▼ 14.5% |
| Intangible fixed assets21 | €4,000 | €2,000 | - | - | - | - |
| Tangible fixed assets22/27 | €106,792 | €96,966 | €87,139 | €77,818 | €70,418 | ▼ 9.5% |
| Land and buildings22 | - | €92,618 | €85,218 | €77,818 | €70,418 | ▼ 9.5% |
| Plant, machinery and equipment23 | - | €350 | €31 | - | - | - |
| Furniture and vehicles24 | - | €3,998 | €1,891 | - | - | - |
| Financial fixed assets28 | €4,541 | €4,541 | €4,541 | €4,541 | - | - |
| Current assets29/58 | €128,684 | €151,649 | €99,601 | €110,312 | €129,667 | ▲ 17.5% |
| Stocks and contracts in progress3 | €7,412 | €10,959 | €18,615 | €7,960 | - | - |
| Stocks30/36 | - | €10,959 | €18,615 | €7,960 | - | - |
| Amounts receivable within one year40/41 | €68,489 | €81,711 | €18,946 | €6,304 | €10,566 | ▲ 67.6% |
| Trade receivables40 | - | €79,987 | €17,223 | - | - | - |
| Other amounts receivable41 | - | €1,723 | €1,723 | €6,304 | €10,566 | ▲ 67.6% |
| Cash at bank and in hand54/58 | €52,783 | €57,370 | €62,040 | €91,738 | €119,101 | ▲ 29.8% |
| Deferred charges and accrued income490/1 | - | €1,610 | - | €4,309 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €244,017 | €255,156 | €191,281 | €192,670 | €200,085 | ▲ 3.8% |
| Equity10/15 | €139,438 | €141,486 | €97,083 | €113,059 | €121,307 | ▲ 7.3% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €118,978 | €121,026 | €76,623 | €92,599 | €100,847 | ▲ 8.9% |
| Amounts payable17/49 | €104,579 | €113,670 | €94,199 | €79,611 | €78,778 | ▼ 1.0% |
| Amounts payable within one year42/48 | €104,579 | €113,670 | €94,199 | €48,047 | €17,901 | ▼ 62.7% |
| Trade debts44 | €32,812 | €15,302 | €39,224 | €3,048 | €9,867 | ▲ 224% |
| Suppliers440/4 | - | €15,302 | €39,224 | €3,048 | €9,867 | ▲ 224% |
| Taxes, remuneration and social security45 | - | €77,246 | €30,599 | €20,343 | €3,708 | ▼ 81.8% |
| Taxes450/3 | - | €34,752 | €19,264 | €20,343 | €2,347 | ▼ 88.5% |
| Remuneration and social security454/9 | - | €42,494 | €11,335 | - | €1,361 | - |
| Other amounts payable47/48 | - | €21,122 | €24,376 | €24,656 | €4,326 | ▼ 82.5% |
| Accrued charges and deferred income492/3 | - | - | - | €31,564 | €60,876 | ▲ 92.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,632 | €2,048 | -€44,403 | €15,976 | €8,248 | ▼ 48.4% |
| + Depreciation and write-downs630 | €9,983 | €11,827 | €11,827 | €9,321 | €7,400 | ▼ 20.6% |
| Operating cash flow (approximation) | €26,615 | €13,874 | -€32,576 | €25,298 | €15,648 | ▼ 38.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €4,541 | - |
| Change in cash | - | €4,587 | €4,670 | €29,697 | €27,363 | ▼ 7.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
30-06
Financial
Liquidity triplescurrent ratio 7.24
Current ratio from 2.30 to 7.24; short-term debt falls from €48,047 to €17,901.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Back to profitnet €15,976
Net result €15,976 after one loss-making year.
30-06
Financial
Liquidity doublescurrent ratio 2.30
Current ratio from 1.06 to 2.30; short-term debt falls from €94,199 to €48,047.
30-06
Financial
Equity above €100,000Eq €113,059 ▲16.5%
Equity rises from €97,083 to €113,059.
16-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 76 days late
2023
30-06
Financial
Weakest financial yearnet -€44,403
Net result drops to -€44,403, the lowest in the series; recovery starts the following year.
28-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Highest result since 2019net €17,668 ▲55.5%
Operating result €33,554, net result €17,668, both a record.
Show earlier events
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
15-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tienen · 1 establishment unit since 2003
Ground area
3,425 m²
Building footprint
1,209 m²
Volume, LiDAR
37,805 m³
Parcel 24593H0080/00P004, Flanders · tallest building 33.4 m, ±11 floors. Linked by address, not a title deed.
1 establishment unit
Kabbeekvest-Breughelhof 41, 3300 Tienen
since 20032.131.916.577
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24593H0080/00P004 | Flanders | 3,425 m² | 1 · 1,209 m² | 33.4 m · 11 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,742 companies in sector 46150 we hold annual accounts for 759. 585 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-05-2003
Fiscal year end30-06
Activities, NACEBEL 2025
46150Agents in the wholesale of furniture, household goods and hardware
46494Wholesale of non-electrical household articles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0480237991
Also
9925:BE0480237991
Registered
23-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.