CPF
ActiveSummary
CPF has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €346,756 and a net result of -€137,121. Equity is growing by ~24.7% per year across the filed fiscal years. Its solvency ranks better than 25% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability8▼-59
Solvency47▼-5
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity short (current ratio 1.0 against 1.09 in 2024; short-term debt: 2.3% and cash: 0.4% of total assets), and 77.7% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€137,121
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 31896 sector peers (2025).
NBB · sector comparisonPosition among 31896 sector peers
Solvency
better than 25%
← weakest
strongest →
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
22 d early
2023
5 d early
2022
29 d late
2021
61 d late
2020
30 d late
2019
49 d late
← 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 20 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€346,756▼ 28.3%
2024 · €483,877
Total assets
€1.6m▼ 13.9%
2024 · €1.8m
Net result
-€137,121▼ 403%
2024 · -€27,237
Working capital
-€167
2024 · €17,159
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€517,866€25,956▼ 95.0%-€66,133-€29,012▲ 56.1%-€142,044▼ 390%
Net result€372,760€113,204▼ 69.6%€96,006▼ 15.2%-€27,237-€137,121▼ 403%
Equity€301,905€415,109▲ 37.5%€511,115▲ 23.1%€483,877▼ 5.3%€346,756▼ 28.3%
Total assets€2.2m▲ 27.8%€3.7m▲ 64.9%€3.8m▲ 5.1%€1.8m▼ 53.0%€1.6m▼ 13.9%
Debt€1.7m▼ 3.6%€3.1m▲ 76.6%€3.2m▲ 3.2%€1.2m▼ 63.1%€1.1m▼ 8.9%
Working capital-€171,063€1.9m€1.9m▲ 3.9%€17,159▼ 99.1%-€167
Staff (FTE)000
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2025 Net result -403% on 2024. The accounts now follow the micro schema, last year the abbreviated schema.
- 2024 Total assets -53% on 2023. Cause not known from the registers.
- 2022 Net result -70%, Total assets +65% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €142,044 in 2025 against €29,012 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.5m ▼ 4.5%
Current assets
€35,642 ▼ 83.4%
Equity and liabilities €1.6m
Equity
€346,756 ▼ 28.3%
Provisions
€140,766 ▼ 5.9%
Debt
€1.1m ▼ 8.9%
Debt's share of the balance-sheet total rises from 64.9% to 68.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€61,067▼
2024 · €48,472
Cash flow
-€56,145▼
2024 · €50,246
Current ratio
1.00▼
2024 · 1.09
Debt to equity
3.08▲
2024 · 2.42
ROE
-39.5%▼
2024 · -5.6%
ROA
-8.8%▼
2024 · -1.5%
Interest coverage
-18.34▼
2024 · 7.73
Debt ≤ 1 year
€35,809▼
2024 · €197,210
Debt > 1 year
€1.0m▲
2024 · €974,256
Income taxes
€608▼
2024 · €823
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,501 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 2,501 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €708,225 | €0 | €14,887 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,263 | €63,293 | €75,373 | €77,484 | €80,976 | ▲ 4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €24,074 | €0 | ▼ 100% |
| Other operating charges640/8 | €141,821 | €60,047 | €8,067 | €22,848 | €5,376 | ▼ 76.5% |
| Gross operating margin9900 | €679,949 | €149,296 | €17,307 | €95,394 | -€55,692 | ▼ 158% |
| Operating profit (loss)9901 | €517,866 | €25,956 | -€66,133 | -€29,012 | -€142,044 | ▼ 390% |
| Financial income75/76B | €84,150 | €84,150 | €170,160 | €15 | €8 | ▼ 50.2% |
| Recurring financial income75 | €84,150 | €84,150 | €170,160 | €15 | €8 | ▼ 50.2% |
| Financial charges65/66B | €52,516 | €4,683 | €7,050 | €6,270 | €3,330 | ▼ 46.9% |
| Recurring financial charges65 | €52,516 | €4,683 | €7,050 | €6,270 | €3,330 | ▼ 46.9% |
| Profit (loss) for the period before taxes9903 | €549,500 | €105,423 | €96,977 | -€35,267 | -€145,366 | ▼ 312% |
| Transfer from deferred taxes780 | €2,292 | €7,440 | €8,853 | €8,853 | €8,853 | = |
| Transfer to deferred taxes680 | €177,056 | €0 | - | - | - | - |
| Income taxes67/77 | €1,976 | -€342 | €9,824 | €823 | €608 | ▼ 26.2% |
| Profit (loss) for the period9904 | €372,760 | €113,204 | €96,006 | -€27,237 | -€137,121 | ▼ 403% |
| Transfer from tax-exempt reserves789 | €6,877 | €22,320 | €26,558 | €26,558 | €26,558 | = |
| Transfer to tax-exempt reserves689 | €531,169 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€151,531 | €135,524 | €122,564 | -€679 | -€110,563 | ▼ 16,185% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.2m | €3.7m | €3.8m | €1.8m | €1.6m | ▼ 13.9% |
| Fixed assets21/28 | €1.3m | €1.7m | €1.7m | €1.6m | €1.5m | ▼ 4.5% |
| Tangible fixed assets22/27 | €1.3m | €1.7m | €1.7m | €1.6m | €1.5m | ▼ 4.5% |
| Land and buildings22 | €1.3m | €1.7m | €1.7m | €1.6m | €1.5m | ▼ 4.8% |
| Furniture and vehicles24 | €947 | €0 | - | €15,220 | €19,736 | ▲ 29.7% |
| Current assets29/58 | €887,796 | €1.9m | €2.2m | €214,369 | €35,642 | ▼ 83.4% |
| Amounts receivable after more than one year29 | €805,000 | €1.7m | €5,000 | €0 | - | - |
| Other amounts receivable291 | €805,000 | €1.7m | €5,000 | €0 | - | - |
| Amounts receivable within one year40/41 | €5,339 | €11,666 | €114,354 | €200,637 | €27,743 | ▼ 86.2% |
| Trade receivables40 | €5,339 | €1,310 | €94,240 | €197,538 | €27,743 | ▼ 86.0% |
| Other amounts receivable41 | - | €10,356 | €20,114 | €3,099 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €74,891 | €229,882 | €2.1m | €12,221 | €6,351 | ▼ 48.0% |
| Deferred charges and accrued income490/1 | €2,566 | €2,701 | €2,496 | €1,511 | €1,548 | ▲ 2.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.2m | €3.7m | €3.8m | €1.8m | €1.6m | ▼ 13.9% |
| Equity10/15 | €301,905 | €415,109 | €511,115 | €483,877 | €346,756 | ▼ 28.3% |
| Contributions10/11 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €524,292 | €501,972 | €475,413 | €448,855 | €422,296 | ▼ 5.9% |
| Tax-exempt reserves132 | €524,292 | €501,972 | €475,413 | €448,855 | €422,296 | ▼ 5.9% |
| Profit (loss) carried forward14 | -€372,387 | -€236,863 | -€114,299 | -€114,978 | -€225,540 | ▼ 96.2% |
| Provisions and deferred taxes16 | €174,764 | €167,324 | €158,471 | €149,618 | €140,766 | ▼ 5.9% |
| Deferred taxes168 | €174,764 | €167,324 | €158,471 | €149,618 | €140,766 | ▼ 5.9% |
| Amounts payable17/49 | €1.7m | €3.1m | €3.2m | €1.2m | €1.1m | ▼ 8.9% |
| Amounts payable after more than one year17 | €682,119 | €3.0m | €2.9m | €974,256 | €1.0m | ▲ 5.9% |
| Financial debts170/4 | €682,119 | €3.0m | €2.9m | €974,256 | €1.0m | ▲ 5.9% |
| Amounts payable within one year42/48 | €1.1m | €86,935 | €257,377 | €197,210 | €35,809 | ▼ 81.8% |
| Trade debts44 | €2,906 | €2,141 | €645 | €26,964 | €31,353 | ▲ 16.3% |
| Suppliers440/4 | €2,906 | €2,141 | €645 | €26,964 | €31,353 | ▲ 16.3% |
| Advances received on contracts in progress46 | €48,000 | €76,000 | €244,000 | €168,000 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €19,198 | €8,794 | €12,732 | €2,246 | €3,202 | ▲ 42.5% |
| Taxes450/3 | €19,198 | €8,794 | €12,732 | €2,246 | €3,202 | ▲ 42.5% |
| Other amounts payable47/48 | €988,755 | €0 | - | - | €1,254 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €372,760 | €113,204 | €96,006 | -€27,237 | -€137,121 | ▼ 403% |
| + Depreciation and write-downs630 | €20,263 | €63,293 | €75,373 | €77,484 | €80,976 | ▲ 4.5% |
| Operating cash flow (approximation) | €393,023 | €176,497 | €171,379 | €50,246 | -€56,145 | ▼ 212% |
| Investment in fixed assets (approximation) | - | -€441,927 | -€18,257 | -€16,708 | -€9,497 | ▲ 43.2% |
| Change in cash | - | €154,991 | €1.8m | -€2.1m | -€5,870 | ▲ 99.7% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€137,121
Net result drops to -€137,121, the lowest in the series.
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €500,000Eq €511,115 ▲23.1%
3 profitable years in a row build equity to €511,115.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
31-12
Financial
Liquidity times 27current ratio 22.42
Current ratio from 0.84 to 22.42; short-term debt falls from €1.1m to €86,935.
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 61 days late
2021
31-12
Financial
Back to profitnet €372,760
Net result €372,760 after 2 loss-making years.
31-12
Financial
Equity above €200,000Eq €301,905
Equity rises from -€70,856 to €301,905.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
18-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 49 days late
Show earlier events
2019
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 26 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Kapellen · 1 establishment unit since 2006
Ground area
348 m²
Building footprint
223 m²
Volume, LiDAR
2,017 m³
Parcel 11902G0018/00M002, Flanders · tallest building 10.0 m, ±3 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Circle Property Fund
since 20062.154.936.261
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11902G0018/00M002 | Flanders | 348 m² | 1 · 223 m² | 10.0 m · 3 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.
Recognitions · licences · registrations
Legal Entity Identifier
8945007NLX8GPY70QD57
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 37,293 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
Founded10-05-2006
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0881224214
Registered
07-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.