Croissant Development
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 12-10-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2026 is a loss of €508,972, larger than the loss of €31,389 in 2025. It is the lowest result since 2023.
- 2026 Net result -1,709% on 2025. The accounts now follow the abbreviated format, last year the full format.
Securities and guarantees
| Item | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|
| Mortgages, amount registered | - | €1.9m | €1.9m | €1.9m |
| Carrying value of the mortgaged assets | - | €971,190 | €1.7m | €2.1m |
Source: notes to the 2023 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Line | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|
| Other operating charges640/8 | €217,765 | €69,088 | €2,268 | €481,692 | ▲ 212× |
| Gross operating margin9900 | €172,626 | €52,304 | -€29,121 | -€27,280 | ▲ 6.3% |
| Operating profit (loss)9901 | -€45,139 | -€16,783 | -€31,389 | -€508,972 | ▼ 1,522% |
| Financial income75/76B | - | - | €3,615 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €3,615 | €0 | ▼ 100% |
| Financial charges65/66B | €2,797 | €446 | €385 | €452 | ▲ 17.6% |
| Recurring financial charges65 | €2,797 | €446 | €385 | €452 | ▲ 17.6% |
| Profit (loss) for the period before taxes9903 | -€47,936 | -€17,229 | -€28,158 | -€509,425 | ▼ 1,709% |
| Profit (loss) for the period9904 | -€47,936 | -€17,229 | -€28,158 | -€509,425 | ▼ 1,709% |
| Profit (loss) for the period to be appropriated9905 | -€47,936 | -€17,229 | -€28,158 | -€509,425 | ▼ 1,709% |
| Line | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.1m | €1.3m | €2.3m | €2.4m | ▲ 3.0% |
| Current assets29/58 | €1.1m | €1.3m | €2.3m | €2.4m | ▲ 3.0% |
| Stocks and contracts in progress3 | €0.7m | €1.0m | €1.7m | €2.1m | ▲ 24.9% |
| Stocks30/36 | €0.7m | €1.0m | €1.7m | €2.1m | ▲ 24.9% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.5m | €0.04m | ▼ 91.3% |
| Trade receivables40 | - | €0.2m | €0 | - | - |
| Other amounts receivable41 | €0.1m | €0.02m | €0.5m | €0.04m | ▼ 91.3% |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.1m | €0.2m | ▲ 72.7% |
| Deferred charges and accrued income490/1 | €0.008m | €0.008m | €0.008m | €0.008m | ▲ 0.8% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.1m | €1.3m | €2.3m | €2.4m | ▲ 3.0% |
| Equity10/15 | €0.002m | -€0.02m | -€0.04m | -€0.6m | ▼ 1,176% |
| Contributions10/11 | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | -€0.05m | -€0.07m | -€0.09m | -€0.6m | ▼ 546% |
| Amounts payable17/49 | €1.1m | €1.3m | €2.4m | €2.9m | ▲ 24.6% |
| Amounts payable after more than one year17 | €0.6m | €1.1m | €0.6m | €1.0m | ▲ 68.5% |
| Financial debts170/4 | €0.6m | €1.1m | €0.6m | €1.0m | ▲ 68.5% |
| Amounts payable within one year42/48 | €0.5m | €0.2m | €1.8m | €1.9m | ▲ 5.1% |
| Financial debts43 | - | - | €1.3m | €1.8m | ▲ 35.2% |
| Credit institutions430/8 | - | - | €1.3m | €1.8m | ▲ 35.2% |
| Trade debts44 | €0.5m | €0.2m | €0.1m | €0.1m | ▼ 21.4% |
| Suppliers440/4 | €0.5m | €0.2m | €0.1m | €0.1m | ▼ 21.4% |
| Taxes, remuneration and social security45 | - | - | €0.3m | €0 | ▼ 100% |
| Taxes450/3 | - | - | €0.3m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €0.003m | €0.006m | €0.008m | €0.1m | ▲ 13× |
| Line | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€47,936 | -€17,229 | -€28,158 | -€509,425 | ▼ 1,709% |
| Operating cash flow (approximation) | -€47,936 | -€17,229 | -€28,158 | -€509,425 | ▼ 1,709% |
| Change in cash | - | -€195,210 | €21,415 | €87,828 | ▲ 310% |
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, 490 companies had the same profile as Croissant Development has now. Two years later, 88.8% were still going and 6.7% had gone bankrupt.
- Small
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Croissant Development itself is lower: 0.4% within 12 months. It rests on far more data about Croissant Development than the profile alone.
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 490 companies, not a prediction for Croissant Development. 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.