Cortado
ActiveCortado has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47k and a net result of €-20k. Equity is growing by ~16% per year across the filed fiscal years. Its solvency ranks better than 38% of 343 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
20
/ 100
Critical▼ -59 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-19
Solvency53▼-25
Growth52▼-26
Stability100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.87 against 1.68 in 2024), and 64.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 23
Relative position
BE, all sectors
reference
Sector 23
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
35.6%
Return on assets
-15.3%
Age of the figures
8 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-06-2026, 46 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
46 d early
2024
21 d early
2023
2 d early
2022
26 d early
2021
33 d early
2020
11 d late
2019
4 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
13-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€47k▼ 30.1%
2024 · €67k
2018: €21k
2019: €16k
2020: €39k
2021: €49k
2022: €52k
2023: €65k
2024: €67k
2018 → 2025
Total assets
€132k▼ 19.5%
2024 · €164k
2018: €54k
2019: €52k
2020: €71k
2021: €120k
2022: €175k
2023: €158k
2024: €164k
2018 → 2025
Net result
€-20k
2024 · €3k
2018: €-4k
2019: €-4k
2020: €23k
2021: €9k
2022: €23k
2023: €13k
2024: €3k
2018 → 2025
Working capital
€-3k
2024 · €18k
2018: €17k
2019: €12k
2020: €33k
2021: €22k
2022: €-9k
2023: €21k
2024: €18k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€49k-€52k▲ 6.8%€65k▲ 24.5%€67k▲ 3.9%€47k▼ 30.1%
Operating result€22k-€44k▲ 104%€27k▼ 38.5%€12k▼ 57.1%€-17k
Net result€9k-€23k▲ 145%€13k▼ 45.6%€3k▼ 80.2%€-20k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €17k after €12k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €132k
Fixed assets
€113k▼ 6.3%
Current assets
€19k▼ 56.3%
Equity and liabilities €132k
Equity
€47k▼ 30.1%
Debt
€85k▼ 12.2%
The debt ratio rises from 59.1% to 64.4%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€-8k▼
2024 · €21k
Cash flow
€-11k▼
2024 · €11k
Solvency
35.6%▼
2024 · 40.9%
Current ratio
0.87▼
2024 · 1.68
Quick ratio
0.87▼
2024 · 1.68
Debt / equity
1.81▲
2024 · 1.44
ROE
-43.0%▼
2024 · 3.8%
ROA
-15.3%▼
2024 · 1.5%
Interest coverage
-2.85▼
2024 · 7.59
Debt
€85k▼
2024 · €97k
Debt ≤ 1 year
€22k▼
2024 · €26k
Debt > 1 year
€63k▼
2024 · €71k
Income taxes
€392▼
2024 · €7k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€164k€132k▼
Fixed assets21/28€120k€113k▼
Tangible fixed assets22/27€120k€113k▼
Land and buildings22€104k€99k▼
Plant, machinery and equipment23€2k€3k▲
Furniture and vehicles24€5k€4k▼
Other tangible fixed assets26€9k€7k▼
Current assets29/58€43k€19k▼
Amounts receivable within one year40/41€36k€192▼
Trade receivables40€26k€192▼
Other amounts receivable41€10k-
Cash at bank and in hand54/58€6k-
Deferred charges and accrued income490/1€1k€19k▲
Equity and liabilities
Total equity and liabilities10/49€164k€132k▼
Equity10/15€67k€47k▼
Contributions10/11€6k€6k=
Reserves13€40k€40k=
Distributable reserves133€40k€40k=
Profit (loss) carried forward14€20k€322▼
Amounts payable17/49€97k€85k▼
Amounts payable after more than one year17€71k€63k▼
Financial debts170/4€71k€63k▼
Amounts payable within one year42/48€26k€22k▼
Current portion of amounts payable after more than one year42€7k€8k▲
Financial debts43€10k€3k▼
Credit institutions430/8€10k€3k▼
Trade debts44€8k€10k▲
Suppliers440/4€8k€10k▲
Taxes, remuneration and social security45€252€392▲
Taxes450/3€252€392▲
Other amounts payable47/48-€386
Income statement
Code20242025
Non-recurring operating income76A€5k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9k€9k▲
Other operating charges640/8€1k€763▼
Gross operating margin9900€22k€-7k▼
Operating profit (loss)9901€12k€-17k▼
Financial income75/76B€901€4▼
Recurring financial income75€901€4▼
Financial charges65/66B€3k€3k▲
Recurring financial charges65€3k€3k▲
Profit (loss) for the period before taxes9903€10k€-20k▼
Income taxes67/77€7k€392▼
Profit (loss) for the period9904€3k€-20k▼
Profit (loss) for the period to be appropriated9905€3k€-20k▼
Appropriation of the result
Profit (loss) to be appropriated9906€23k€322▼
Profit (loss) brought forward from the previous period14P€20k€20k=
Transfer to equity691/2€3k-
To other reserves6921€3k-
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-20k ▼902%
Net result drops to €-20k, the lowest in the series.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €23k ▲145%
Operating result €44k, net result €23k, both a record.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 11 days late
2020
31-12
Financial
Back to profitnet €23k
Net result €23k after 2 loss-making years.
04-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 4 days late
2019
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Antwerpen · 2 establishment units since 2003
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rijnkaai 182000 AntwerpenGround area
5,864 m²
Building footprint
1,123 m²
Volume, LiDAR
1,546 m³
2 parcels, Flanders · tallest building 18.8 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Rijnkaai 18, 2000 Antwerpen
since 20032.280.027.065
Lange Leemstraat 374D, 2018 Antwerpen
since 20242.365.506.138
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11806F1302/00K012 | Flanders | 4,342 m² | 1 · 124 m² | 7.3 m · 2 fl. |
| 11807G0126/02C019 | Flanders | 1,522 m² | 1 · 1,000 m² | 18.8 m |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Similar companies · same sector, comparable size
POTERIE DUBOIS
BE 0401.589.304
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TERRA PRODUCTS
BE 0431.451.050
Maldegem · Eq €108k
KERTODEC
BE 0438.665.870
Brasschaat · Eq €14k
POTERIE BIRON W.
BE 0446.664.412
Châtelet · Eq €293k
BELITA
BE 0451.645.163
Hasselt · Eq €312k
Of 103 companies in sector 23322 we hold annual accounts for 16. 6 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded26-08-2003
Fiscal year end31-12
Activities, NACEBEL
23322Manufacture of other non-metallic mineral products
23410Manufacture of ceramic household and ornamental articles
Sources
Crossroads Bank for EnterprisesNational Bank · 22 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.