CREATEL
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00481662.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 36 filings
Turnover
≈ €260,000
Estimated: probably between €100,000 and €570,000
EBIT margin
Not included in this filing
Net result
-€294,631▼ 19,821%
2024 · -€1,479
Working capital
-€105,611
2024 · €196,409
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€286,890
2025
20182025
Net result
-€294,631
▼ 19,821%
2025
lowest quarter of the sector
20182025
Equity
-€85,137
2025
lowest quarter of the sector
20182025
Total assets
€550,691
▼ 13.6%
2025
lowest quarter of the sector
20182025
Debt
€635,828
▲ 48.7%
2025
20182025
Working capital
-€105,611
2025
lowest quarter of the sector
20182025
Solvency
-15.5%
▼ 48.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.83
▼ 0.65
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-53.5%
▼ 53.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4.4
▲ 46.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€24,814-€20,668▼ 16.7%€54,207▲ 162%€63,407▲ 17.0%€70,439▲ 11.1%€52,971▼ 24.8%€9,353▼ 82.3%-€286,890
Net result€8,285-€6,040▼ 27.1%€33,503within the sector's middle half▲ 455%€38,341within the sector's middle half▲ 14.4%€43,588within the sector's middle half▲ 13.7%€27,441within the sector's middle half▼ 37.0%-€1,479below the sector's middle half-€294,631below the sector's middle half▼ 19,821%
Equity€213,187-€219,226▲ 2.8%€252,729within the sector's middle half▲ 15.3%€291,070within the sector's middle half▲ 15.2%€334,658within the sector's middle half▲ 15.0%€210,974below the sector's middle half▼ 37.0%€209,494below the sector's middle half▼ 0.7%-€85,137below the sector's middle half
Total assets€564,992-€502,788▼ 11.0%€571,246below the sector's middle half▲ 13.6%€653,732below the sector's middle half▲ 14.4%€719,405below the sector's middle half▲ 10.0%€543,008below the sector's middle half▼ 24.5%€637,131below the sector's middle half▲ 17.3%€550,691below the sector's middle half▼ 13.6%
Debt€351,806-€283,562▼ 19.4%€318,517▲ 12.3%€362,662▲ 13.9%€384,747▲ 6.1%€332,034▼ 13.7%€427,637▲ 28.8%€635,828▲ 48.7%
Working capital€134,629-€138,588▲ 2.9%€194,114within the sector's middle half▲ 40.1%€210,969within the sector's middle half▲ 8.7%€273,421within the sector's middle half▲ 29.6%€197,311within the sector's middle half▼ 27.8%€196,409within the sector's middle half▼ 0.5%-€105,611below the sector's middle half
Solvency37.7%-43.6%▲ 5.9pp44.2%within the sector's middle half▲ 0.6pp44.5%within the sector's middle half▲ 0.3pp46.5%within the sector's middle half▲ 2.0pp38.9%within the sector's middle half▼ 7.7pp32.9%within the sector's middle half▼ 6.0pp-15.5%below the sector's middle half▼ 48.3pp
Current ratio1.40-1.50▲ 0.101.67within the sector's middle half▲ 0.171.61within the sector's middle half▼ 0.061.74within the sector's middle half▲ 0.131.60within the sector's middle half▼ 0.151.48within the sector's middle half▼ 0.120.83below the sector's middle half▼ 0.65
Return on assets (ROA)1.5%-1.2%▼ 0.3pp5.9%within the sector's middle half▲ 4.7pp5.9%within the sector's middle half=6.1%within the sector's middle half▲ 0.2pp5.1%within the sector's middle half▼ 1.0pp-0.2%below the sector's middle half▼ 5.3pp-53.5%below the sector's middle half▼ 53.3pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=3below the sector's middle half▲ 200%4.4within the sector's middle half▲ 46.7%
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 loss of €286,890, after a profit of €9,353 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €550,691
Fixed assets
€46,438 ▲ 50.9%
Current assets
€504,253 ▼ 16.8%
Equity and liabilities
Equity-€85,137
Debt€635,828
Equity is negative. Debt (€635,828) exceeds the balance-sheet total (€550,691).
Key figures and ratios
EBITDA
-€276,671▼
2024 · €12,214
Cash flow
-€284,412▼
2024 · €1,382
Quick ratio
0.37▼
2024 · 0.57
Interest coverage
-22.70▼
2024 · 1.03
Debt ≤ 1 year
€609,864▲
2024 · €409,939
Debt > 1 year
€25,964▲
2024 · €17,698
Income taxes
-€549▼
2024 · €169
Staff costs
€299,224▲
2024 · €174,368
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 1 | 1 | 1 | 4 | 4 |
| full-time | 1 | 1 | 1 | 3 | 3 |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 4 | 3.8 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 3 | 4.4 |
| On a permanent contract | 1 | 1 | 1 | 4 | 4 |
| Joined | - | - | - | 4 | 5 |
| Left | - | - | - | 0 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,852 | - | €16,728 | €36,656 | €25,874 |
| Depreciation and write-downs of the year | €9,154 | €4,466 | €2,474 | €2,861 | €10,219 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €63,208 | €64,587 | €66,418 | €174,368 | €299,224 | ▲ 71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,578 | €11,344 | €7,797 | €9,154 | €4,466 | €2,474 | €2,861 | €10,219 | ▲ 257% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€1,769 | -€2,232 | - | - |
| Other operating charges640/8 | - | - | - | €6,854 | €2,643 | €3,498 | €8,278 | €9,313 | ▲ 12.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €2,319 | - | - |
| Gross operating margin9900 | €95,986 | €95,568 | €115,436 | €142,622 | €142,134 | €123,593 | €194,947 | €31,866 | ▼ 83.7% |
| Operating profit (loss)9901 | €24,814 | €20,668 | €54,207 | €63,407 | €70,439 | €52,971 | €9,353 | -€286,890 | - |
| Financial income75/76B | - | - | - | €314 | €1 | €290 | €1,179 | €3,896 | ▲ 230% |
| Recurring financial income75 | €2,839 | €1,776 | €292 | €314 | €1 | €290 | €1,179 | €3,896 | ▲ 230% |
| Financial charges65/66B | - | - | - | €12,501 | €11,983 | €12,295 | €11,842 | €12,186 | ▲ 2.9% |
| Recurring financial charges65 | €12,584 | €12,117 | €12,755 | €12,501 | €11,983 | €12,295 | €11,842 | €12,186 | ▲ 2.9% |
| Profit (loss) for the period before taxes9903 | €15,069 | €10,328 | €41,744 | €51,220 | €58,456 | €40,966 | -€1,310 | -€295,180 | ▼ 22,433% |
| Income taxes67/77 | €6,783 | €4,288 | €8,241 | €12,879 | €14,868 | €13,525 | €169 | -€549 | - |
| Profit (loss) for the period9904 | €8,285 | €6,040 | €33,503 | €38,341 | €43,588 | €27,441 | -€1,479 | -€294,631 | ▼ 19,821% |
| Profit (loss) for the period to be appropriated9905 | €8,285 | €6,040 | €33,503 | €38,341 | €43,588 | €27,441 | -€1,479 | -€294,631 | ▼ 19,821% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €564,992 | €502,788 | €571,246 | €653,732 | €719,405 | €543,008 | €637,131 | €550,691 | ▼ 13.6% |
| Fixed assets21/28 | €95,133 | €89,482 | €87,880 | €98,578 | €78,870 | €15,953 | €30,783 | €46,438 | ▲ 50.9% |
| Tangible fixed assets22/27 | €17,963 | €12,312 | €10,710 | €21,408 | €1,700 | €15,953 | €30,783 | €46,438 | ▲ 50.9% |
| Furniture and vehicles24 | - | - | - | €20,964 | €1,371 | €15,739 | €30,685 | €46,389 | ▲ 51.2% |
| Other tangible fixed assets26 | - | - | - | €444 | €329 | €213 | €98 | €49 | ▼ 50.0% |
| Financial fixed assets28 | €77,170 | €77,170 | €77,170 | €77,170 | €77,170 | - | - | - | - |
| Current assets29/58 | €469,859 | €413,306 | €483,365 | €555,154 | €640,535 | €527,056 | €606,348 | €504,253 | ▼ 16.8% |
| Stocks and contracts in progress3 | €190,869 | €214,770 | €195,114 | €288,713 | €304,422 | €377,215 | €371,792 | €281,406 | ▼ 24.3% |
| Stocks30/36 | - | - | - | €288,713 | €304,422 | €377,215 | €371,792 | €281,406 | ▼ 24.3% |
| Amounts receivable within one year40/41 | €273,256 | €194,597 | €279,929 | €255,976 | €325,684 | €130,148 | €187,853 | €219,296 | ▲ 16.7% |
| Trade receivables40 | - | - | - | €167,515 | €254,326 | €109,995 | €164,541 | €188,604 | ▲ 14.6% |
| Other amounts receivable41 | - | - | - | €88,461 | €71,358 | €20,153 | €23,312 | €30,692 | ▲ 31.7% |
| Cash at bank and in hand54/58 | €1,450 | €1,289 | €3,734 | €4,083 | €2,133 | €6,787 | €989 | €318 | ▼ 67.8% |
| Deferred charges and accrued income490/1 | - | - | - | €6,383 | €8,295 | €12,905 | €45,714 | €3,233 | ▼ 92.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €564,992 | €502,788 | €571,246 | €653,732 | €719,405 | €543,008 | €637,131 | €550,691 | ▼ 13.6% |
| Equity10/15 | €213,187 | €219,226 | €252,729 | €291,070 | €334,658 | €210,974 | €209,494 | -€85,137 | - |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Non-distributable reserves130/1 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Profit (loss) carried forward14 | €145,016 | €151,055 | €184,558 | €222,899 | €266,487 | €142,804 | €141,324 | -€153,307 | - |
| Amounts payable17/49 | €351,806 | €283,562 | €318,517 | €362,662 | €384,747 | €332,034 | €427,637 | €635,828 | ▲ 48.7% |
| Amounts payable after more than one year17 | €3,562 | - | - | €1,348 | - | - | €17,698 | €25,964 | ▲ 46.7% |
| Financial debts170/4 | - | - | - | €1,348 | - | - | €17,698 | €25,964 | ▲ 46.7% |
| Amounts payable within one year42/48 | €335,231 | €274,718 | €289,251 | €344,184 | €367,113 | €329,745 | €409,939 | €609,864 | ▲ 48.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,823 | €1,348 | - | €8,613 | €114,826 | ▲ 13× |
| Financial debts43 | - | - | - | €70,000 | €80,000 | €56,906 | €97,297 | €100,250 | ▲ 3.0% |
| Credit institutions430/8 | - | - | - | €70,000 | €80,000 | €56,906 | €97,297 | €100,250 | ▲ 3.0% |
| Trade debts44 | €110,221 | €121,120 | €127,763 | €195,228 | €185,178 | €159,126 | €220,496 | €256,284 | ▲ 16.2% |
| Suppliers440/4 | - | - | - | €195,228 | €185,178 | €159,126 | €220,496 | €256,284 | ▲ 16.2% |
| Taxes, remuneration and social security45 | - | - | - | €31,834 | €67,292 | €56,716 | €31,490 | €39,203 | ▲ 24.5% |
| Taxes450/3 | - | - | - | €25,179 | €60,130 | €49,096 | €10,772 | €21,852 | ▲ 103% |
| Remuneration and social security454/9 | - | - | - | €6,655 | €7,161 | €7,621 | €20,718 | €17,351 | ▼ 16.3% |
| Other amounts payable47/48 | - | - | - | €34,299 | €33,297 | €56,998 | €52,043 | €99,301 | ▲ 90.8% |
| Accrued charges and deferred income492/3 | - | - | - | €17,130 | €17,634 | €2,289 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,285 | €6,040 | €33,503 | €38,341 | €43,588 | €27,441 | -€1,479 | -€294,631 | ▼ 19,821% |
| + Depreciation and write-downs630 | €10,578 | €11,344 | €7,797 | €9,154 | €4,466 | €2,474 | €2,861 | €10,219 | ▲ 257% |
| Operating cash flow (approximation) | €18,863 | €17,383 | €41,299 | €47,495 | €48,054 | €29,915 | €1,382 | -€284,412 | - |
| Investment in fixed assets (approximation) | - | -€5,692 | -€6,195 | -€19,852 | €15,242 | €60,444 | -€17,691 | -€25,874 | ▼ 46.3% |
| Change in cash | - | -€160 | €2,445 | €348 | -€1,950 | €4,654 | -€5,798 | -€671 | ▲ 88.4% |
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, 6,619 companies had the same profile as CREATEL has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CREATEL itself: 5.5% 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 6,619 companies, not a prediction for CREATEL. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-08-2026 | 2026-00481662 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00288728 | |
| 31-12-2023 | full format | 07-08-2024 | 2024-00333778 | |
| 31-12-2022 | full format | 18-07-2023 | 2023-00258200 | |
| 31-12-2021 | full format | 11-07-2022 | 2022-20196003 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-42700465 | |
| 31-12-2019 | full format | 10-11-2020 | 2020-70000364 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-44100017 | |
| 31-12-2017 | full format | 19-06-2018 | 2018-22200195 | |
| 31-12-2016 | full format | 28-06-2017 | 2017-26500438 |