CORVAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-02-2026 PDF all 28 filings
Turnover
≈ €2.5m
Estimated: probably between €1.6m and €4.3m
Total assets
€2.0m▼ 1.8%
2024 · €2.0m
Net result
€54,860
2024 · -€162,999
Working capital
€497,194▼ 8.7%
2024 · €544,718
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€66,832
2025
20192025
Net result
€54,860
2025
middle half of the sector
20192025
Equity
€749,448
▲ 0.7%
2025
middle half of the sector
20192025
Total assets
€2.0m
▼ 1.8%
2025
middle half of the sector
20192025
Debt
€1.2m
▼ 3.2%
2025
20192025
Working capital
€497,194
▼ 8.7%
2025
middle half of the sector
20192025
Solvency
37.7%
▲ 0.9pp
2025
middle half of the sector
20192025
Current ratio
3.07
▼ 1.01
2025
middle half of the sector
20192025
Return on assets (ROA)
2.8%
▲ 10.8pp
2025
middle half of the sector
20192025
Staff (FTE)
4.1
▼ 10.9%
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
Operating result€0.08m-€0.05m▼ 39.3%€0.07m▲ 42.0%€0.2m▲ 211%€0.2m▼ 12.9%-€0.1m€0.07m
Net result€0.03m-€0.02mwithin the sector's middle half▼ 14.7%€0.06mwithin the sector's middle half▲ 164%€0.2mwithin the sector's middle half▲ 204%€0.1mwithin the sector's middle half▼ 37.0%-€0.2mbelow the sector's middle half€0.05mwithin the sector's middle half
Equity€0.5m-€0.5mwithin the sector's middle half▲ 4.5%€0.6mwithin the sector's middle half▲ 11.4%€0.8mwithin the sector's middle half▲ 31.2%€0.9mwithin the sector's middle half▲ 15.0%€0.7mwithin the sector's middle half▼ 18.0%€0.7mwithin the sector's middle half▲ 0.7%
Total assets€1.0m-€1.1mwithin the sector's middle half▲ 1.0%€1.4mwithin the sector's middle half▲ 33.0%€2.2mwithin the sector's middle half▲ 59.5%€2.2mwithin the sector's middle half▼ 0.8%€2.0mwithin the sector's middle half▼ 8.6%€2.0mwithin the sector's middle half▼ 1.8%
Debt€0.5m-€0.5m▼ 2.5%€0.8m▲ 55.6%€1.4m▲ 80.8%€1.3m▼ 9.4%€1.3m▼ 2.0%€1.2m▼ 3.2%
Working capital€0.3m-€0.3mwithin the sector's middle half▲ 0.5%€0.5mwithin the sector's middle half▲ 85.1%€0.6mwithin the sector's middle half▲ 19.9%€0.7mwithin the sector's middle half▲ 11.7%€0.5mwithin the sector's middle half▼ 17.1%€0.5mwithin the sector's middle half▼ 8.7%
Solvency49.6%-51.3%within the sector's middle half▲ 1.7pp43.0%within the sector's middle half▼ 8.3pp35.4%within the sector's middle half▼ 7.6pp41.0%within the sector's middle half▲ 5.6pp36.8%within the sector's middle half▼ 4.2pp37.7%within the sector's middle half▲ 0.9pp
Current ratio1.64-1.65within the sector's middle half▲ 0.013.19above the sector's middle half▲ 1.543.60above the sector's middle half▲ 0.414.24above the sector's middle half▲ 0.644.07above the sector's middle half▼ 0.173.07within the sector's middle half▼ 1.01
Return on assets (ROA)2.6%-2.2%within the sector's middle half▼ 0.4pp4.4%within the sector's middle half▲ 2.2pp8.4%within the sector's middle half▲ 4.0pp5.3%within the sector's middle half▼ 3.1pp-8.0%below the sector's middle half▼ 13.4pp2.8%within the sector's middle half▲ 10.8pp
Staff (FTE)5.6-6.3within the sector's middle half▲ 12.5%5.9within the sector's middle half▼ 6.3%6.4within the sector's middle half▲ 8.5%5.7within the sector's middle half▼ 10.9%4.6within the sector's middle half▼ 19.3%4.1within the sector's middle half▼ 10.9%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a profit of €66,832, after a loss of €149,973 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€1.3m ▼ 4.0%
Current assets
€737,707 ▲ 2.2%
Equity and liabilities €2.0m
Equity
€749,448 ▲ 0.7%
Debt
€1.2m ▼ 3.2%
Debt's share of the balance-sheet total falls from 63.2% to 62.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€156,001▲
2024 · -€62,924
Cash flow
€144,030▲
2024 · -€75,950
Quick ratio
2.91▼
2024 · 3.49
Debt to equity
1.65▼
2024 · 1.72
ROE
7.3%▲
2024 · -21.9%
Interest coverage
13.29▲
2024 · -5.10
Debt ≤ 1 year
€240,512▲
2024 · €177,192
Debt > 1 year
€984,883▼
2024 · €1.0m
Income taxes
€824▼
2024 · €1,118
Staff costs
€332,093▼
2024 · €358,412
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 5 | 5 |
| full-time | 6 | 5 | 4 | 4 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 6.4 | 5.4 | 4.4 | 4.4 |
| Average over the year, in full-time equivalents | 6.4 | 5.7 | 4.6 | 4.1 |
| On a permanent contract | 7 | 6 | 5 | 5 |
| Joined | - | 0 | 0 | 1 |
| Left | - | 1 | 1 | 1 |
| Training hours | 12 | 12 | 12 | 12 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.1m | €1.0m | €1.1m | €984,883 |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | €1.3m | €1.3m | €1.3m | €1.3m |
| Carrying value of the mortgaged assets | €1.4m | €1.3m | €1.3m | €1.2m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €795,916 | €24,157 | €34,876 | €37,188 |
| Depreciation and write-downs of the year | €63,789 | €81,598 | €87,049 | €89,169 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €2,219 awarded · €1,437 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,607 | €825 |
| 2024 | 1 | €378 | €378 |
| 2023 | 1 | €234 | €234 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €413 | €190 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €422,286 | €423,914 | €358,412 | €332,093 | ▼ 7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,467 | €19,065 | €19,388 | €63,789 | €81,598 | €87,049 | €89,169 | ▲ 2.4% |
| Other operating charges640/8 | - | - | - | €2,180 | €9,208 | €5,736 | €11,595 | ▲ 102% |
| Gross operating margin9900 | €466,641 | €431,492 | €477,435 | €691,690 | €692,010 | €301,225 | €499,689 | ▲ 65.9% |
| Operating profit (loss)9901 | €75,762 | €46,001 | €65,325 | €203,435 | €177,291 | -€149,973 | €66,832 | - |
| Financial income75/76B | - | - | - | €946 | €873 | €433 | €588 | ▲ 36.0% |
| Recurring financial income75 | €1,327 | €1,515 | €2,135 | €946 | €873 | €433 | €588 | ▲ 36.0% |
| Financial charges65/66B | - | - | - | €9,435 | €12,835 | €12,341 | €11,735 | ▼ 4.9% |
| Recurring financial charges65 | €2,023 | €3,669 | €4,086 | €9,435 | €12,835 | €12,341 | €11,735 | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | €75,066 | €43,847 | €63,374 | €194,946 | €165,328 | -€161,882 | €55,685 | - |
| Income taxes67/77 | €47,674 | €20,488 | €1,706 | €7,239 | €47,086 | €1,118 | €824 | ▼ 26.2% |
| Profit (loss) for the period9904 | €27,391 | €23,358 | €61,668 | €187,707 | €118,242 | -€162,999 | €54,860 | - |
| Profit (loss) for the period to be appropriated9905 | €27,391 | €23,358 | €61,668 | €187,707 | €118,242 | -€162,999 | €54,860 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.1m | €1.4m | €2.2m | €2.2m | €2.0m | €2.0m | ▼ 1.8% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.7m | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 4.0% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.7m | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 4.0% |
| Land and buildings22 | - | - | - | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 3.9% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 12.2% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 26.8% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.03m | - |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | - | - | - | - |
| Current assets29/58 | €0.7m | €0.7m | €0.7m | €0.8m | €0.9m | €0.7m | €0.7m | ▲ 2.2% |
| Stocks and contracts in progress3 | €0.03m | €0.03m | €0.03m | €0.2m | €0.06m | €0.1m | €0.04m | ▼ 63.8% |
| Stocks30/36 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Contracts in progress37 | - | - | - | €0.1m | €0.04m | €0.08m | €0.01m | ▼ 84.3% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.2m | €0.2m | ▲ 4.9% |
| Trade receivables40 | - | - | - | €0.2m | €0.4m | €0.2m | €0.2m | ▲ 4.9% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.003m | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | ▲ 16.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.002m | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.4m | €2.2m | €2.2m | €2.0m | €2.0m | ▼ 1.8% |
| Equity10/15 | €0.5m | €0.5m | €0.6m | €0.8m | €0.9m | €0.7m | €0.7m | ▲ 0.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €0.004m | €0.004m | €0.04m | €0.2m | €0.3m | €0.1m | €0.1m | ▲ 3.6% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.8m | €1.4m | €1.3m | €1.3m | €1.2m | ▼ 3.2% |
| Amounts payable after more than one year17 | €0.02m | €0.01m | €0.4m | €1.0m | €1.1m | €1.0m | €1.0m | ▼ 3.8% |
| Financial debts170/4 | - | - | - | €1.0m | €1.1m | €1.0m | €1.0m | ▼ 3.8% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 35.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.07m | ▲ 10.5% |
| Trade debts44 | €0.06m | €0.07m | €0.1m | €0.08m | €0.04m | €0.05m | €0.04m | ▼ 20.8% |
| Suppliers440/4 | - | - | - | €0.08m | €0.04m | €0.05m | €0.04m | ▼ 20.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.09m | €0.06m | €0.07m | ▲ 29.2% |
| Taxes450/3 | - | - | - | - | €0.02m | €0.005m | €0.02m | ▲ 209% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.07m | €0.05m | €0.06m | ▲ 12.1% |
| Other amounts payable47/48 | - | - | - | €0.009m | €0.009m | €0.009m | €0.06m | ▲ 545% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.02m | €0.08m | €0.01m | ▼ 82.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,391 | €23,358 | €61,668 | €187,707 | €118,242 | -€162,999 | €54,860 | - |
| + Depreciation and write-downs630 | €55,467 | €19,065 | €19,388 | €63,789 | €81,598 | €87,049 | €89,169 | ▲ 2.4% |
| Operating cash flow (approximation) | €82,859 | €42,424 | €81,056 | €251,496 | €199,840 | -€75,950 | €144,030 | - |
| Investment in fixed assets (approximation) | - | -€32,248 | -€322,252 | -€795,916 | -€19,157 | -€34,876 | -€37,188 | ▼ 6.6% |
| Change in cash | - | €43,253 | -€34,204 | €37,249 | €36,200 | €66,356 | €73,356 | ▲ 10.5% |
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, 17,041 companies had the same profile as CORVAN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CORVAN 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 17,041 companies, not a prediction for CORVAN. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 09-02-2026 | 2026-00035539 | |
| 30-09-2024 | abbreviated format | 03-04-2025 | 2025-00063049 | |
| 30-09-2023 | abbreviated format | 19-03-2024 | 2024-00045551 | |
| 30-09-2022 | abbreviated format | 17-04-2023 | 2023-00059970 | |
| 30-09-2021 | abbreviated format | 24-03-2022 | 2022-08600004 | |
| 30-09-2020 | abbreviated format | 24-03-2021 | 2021-08300324 | |
| 30-09-2019 | abbreviated format | 16-04-2020 | 2020-09200401 | |
| 30-09-2018 | abbreviated format | 01-04-2019 | 2019-08900074 | |
| 30-09-2017 | abbreviated format | 21-03-2018 | 2018-07200571 | |
| 30-09-2016 | abbreviated format | 06-04-2017 | 2017-09000183 |