CS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00036575.
Annual accounts 2025 filed on 03-02-2026 PDF all 9 filings
Turnover
€642,886▲ 16.7%
2019 · €550,970
EBIT margin
2.7%▲ 2.2pp
2019 · 0.5%
Net result
€8,185▼ 58.9%
2024 · €19,905
Working capital
€69,202▲ 14.6%
2024 · €60,376
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€14,186
▼ 52.6%
2025
20192025
Net result
€8,185
▼ 58.9%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€75,043
▲ 12.2%
2025
middle half of the sector
20192025
Total assets
€136,387
▲ 60.4%
2025
middle half of the sector
20192025
Debt
€61,343
▲ 238%
2025
20192025
Working capital
€69,202
▲ 14.6%
2025
middle half of the sector
20192025
Solvency
55.0%
▼ 23.6pp
2025
middle half of the sector
20192025
Current ratio
2.13
▼ 2.19
2025
middle half of the sector
20192025
Return on assets (ROA)
6.0%
▼ 17.4pp
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
Turnover€550,970-€642,886▲ 16.7%
Operating result€2,533-€17,146▲ 577%-€5,715-€4,237▲ 25.9%€50,233€29,920▼ 40.4%€14,186▼ 52.6%
Net result-€739-€9,375within the sector's middle half-€10,480below the sector's middle half-€7,933below the sector's middle half▲ 24.3%€31,120above the sector's middle half€19,905within the sector's middle half▼ 36.0%€8,185within the sector's middle half▼ 58.9%
EBIT margin0.5%-2.7%▲ 2.2pp
Equity€24,871-€34,246within the sector's middle half▲ 37.7%€23,767within the sector's middle half▼ 30.6%€15,834within the sector's middle half▼ 33.4%€46,954within the sector's middle half▲ 197%€66,859within the sector's middle half▲ 42.4%€75,043within the sector's middle half▲ 12.2%
Total assets€69,587-€183,953within the sector's middle half▲ 164%€102,191within the sector's middle half▼ 44.4%€59,590within the sector's middle half▼ 41.7%€84,451within the sector's middle half▲ 41.7%€85,032within the sector's middle half▲ 0.7%€136,387within the sector's middle half▲ 60.4%
Debt€44,716-€149,707▲ 235%€78,424▼ 47.6%€43,756▼ 44.2%€37,497▼ 14.3%€18,174▼ 51.5%€61,343▲ 238%
Working capital€7,065-€18,833within the sector's middle half▲ 167%€9,831within the sector's middle half▼ 47.8%€909within the sector's middle half▼ 90.8%€33,138within the sector's middle half▲ 36×€60,376within the sector's middle half▲ 82.2%€69,202within the sector's middle half▲ 14.6%
Solvency35.7%-18.6%within the sector's middle half▼ 17.1pp23.3%within the sector's middle half▲ 4.6pp26.6%within the sector's middle half▲ 3.3pp55.6%within the sector's middle half▲ 29.0pp78.6%above the sector's middle half▲ 23.0pp55.0%within the sector's middle half▼ 23.6pp
Current ratio1.27-1.15within the sector's middle half▼ 0.121.15within the sector's middle half=1.02within the sector's middle half▼ 0.131.88within the sector's middle half▲ 0.864.32above the sector's middle half▲ 2.442.13within the sector's middle half▼ 2.19
Return on assets (ROA)-1.1%-5.1%within the sector's middle half▲ 6.2pp-10.3%below the sector's middle half▼ 15.4pp-13.3%below the sector's middle half▼ 3.1pp36.8%above the sector's middle half▲ 50.2pp23.4%above the sector's middle half▼ 13.4pp6.0%within the sector's middle half▼ 17.4pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 53% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €136,387
Fixed assets
€5,842 ▼ 9.9%
Current assets
€130,545 ▲ 66.2%
Equity and liabilities €136,387
Equity
€75,043 ▲ 12.2%
Debt
€61,343 ▲ 238%
Debt's share of the balance-sheet total rises from 21.4% to 45.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€14,827▼
2024 · €30,561
Cash flow
€8,826▼
2024 · €20,546
Quick ratio
1.62▼
2024 · 2.78
Debt to equity
0.82▲
2024 · 0.27
ROE
10.9%▼
2024 · 29.8%
Interest coverage
4.32▼
2024 · 5.89
Debt ≤ 1 year
€61,343▲
2024 · €18,174
Income taxes
€2,686▼
2024 · €4,995
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €7,437 | - | - |
| Depreciation and write-downs of the year | €10,231 | €4,314 | €641 | €641 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €550,970 | €642,886 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,352 | €14,325 | €11,882 | €10,231 | €4,314 | €641 | €641 | = |
| Other operating charges640/8 | - | - | - | €691 | €3,499 | €1,161 | €1,815 | ▲ 56.4% |
| Gross operating margin9900 | €18,057 | €33,530 | €10,544 | €6,684 | €58,046 | €31,721 | €16,643 | ▼ 47.5% |
| Operating profit (loss)9901 | €2,533 | €17,146 | -€5,715 | -€4,237 | €50,233 | €29,920 | €14,186 | ▼ 52.6% |
| Financial income75/76B | - | - | - | €142 | €162 | €170 | €114 | ▼ 33.0% |
| Recurring financial income75 | €210 | €297 | €386 | €142 | €162 | €170 | €114 | ▼ 33.0% |
| Financial charges65/66B | - | - | - | €3,837 | €3,675 | €5,189 | €3,429 | ▼ 33.9% |
| Recurring financial charges65 | €3,522 | €4,108 | €2,979 | €3,837 | €3,675 | €5,189 | €3,429 | ▼ 33.9% |
| Profit (loss) for the period before taxes9903 | -€780 | €13,336 | -€8,307 | -€7,933 | €46,720 | €24,900 | €10,871 | ▼ 56.3% |
| Income taxes67/77 | -€41 | €3,961 | €2,172 | - | €15,600 | €4,995 | €2,686 | ▼ 46.2% |
| Profit (loss) for the period9904 | -€739 | €9,375 | -€10,480 | -€7,933 | €31,120 | €19,905 | €8,185 | ▼ 58.9% |
| Profit (loss) for the period to be appropriated9905 | -€739 | €9,375 | -€10,480 | -€7,933 | €31,120 | €19,905 | €8,185 | ▼ 58.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €69,587 | €183,953 | €102,191 | €59,590 | €84,451 | €85,032 | €136,387 | ▲ 60.4% |
| Fixed assets21/28 | €36,450 | €37,038 | €25,156 | €14,925 | €13,816 | €6,483 | €5,842 | ▼ 9.9% |
| Tangible fixed assets22/27 | €32,400 | €32,988 | €21,106 | €10,875 | €9,766 | €2,433 | €1,792 | ▼ 26.3% |
| Furniture and vehicles24 | - | - | - | €10,875 | €6,692 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €3,074 | €2,433 | €1,792 | ▼ 26.3% |
| Financial fixed assets28 | €4,050 | €4,050 | €4,050 | €4,050 | €4,050 | €4,050 | €4,050 | = |
| Current assets29/58 | €33,137 | €146,916 | €77,035 | €44,665 | €70,635 | €78,550 | €130,545 | ▲ 66.2% |
| Stocks and contracts in progress3 | - | €24,980 | €31,016 | €23,376 | €25,419 | €28,010 | €31,282 | ▲ 11.7% |
| Stocks30/36 | - | - | - | €23,376 | €25,419 | €28,010 | €31,282 | ▲ 11.7% |
| Amounts receivable within one year40/41 | €23,807 | €102,053 | €24,976 | €18,944 | €17,598 | €13,343 | €59,988 | ▲ 350% |
| Trade receivables40 | - | - | - | €9,246 | €12,905 | €11,630 | €55,342 | ▲ 376% |
| Other amounts receivable41 | - | - | - | €9,698 | €4,693 | €1,713 | €4,645 | ▲ 171% |
| Cash at bank and in hand54/58 | €8,118 | €18,309 | €19,432 | €1,295 | €26,399 | €35,355 | €37,075 | ▲ 4.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,049 | €1,219 | €1,842 | €2,200 | ▲ 19.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €69,587 | €183,953 | €102,191 | €59,590 | €84,451 | €85,032 | €136,387 | ▲ 60.4% |
| Equity10/15 | €24,871 | €34,246 | €23,767 | €15,834 | €46,954 | €66,859 | €75,043 | ▲ 12.2% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €971 | €971 | €971 | €971 | €971 | €971 | €971 | = |
| Non-distributable reserves130/1 | - | - | - | €971 | €971 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €971 | €971 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €971 | €971 | = |
| Profit (loss) carried forward14 | €17,701 | €27,076 | €16,596 | €8,663 | €39,783 | €59,688 | €67,873 | ▲ 13.7% |
| Amounts payable17/49 | €44,716 | €149,707 | €78,424 | €43,756 | €37,497 | €18,174 | €61,343 | ▲ 238% |
| Amounts payable after more than one year17 | €18,643 | €21,624 | €11,220 | - | - | - | - | - |
| Amounts payable within one year42/48 | €26,073 | €128,083 | €67,204 | €43,756 | €37,497 | €18,174 | €61,343 | ▲ 238% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,220 | - | - | - | - |
| Financial debts43 | - | - | - | €900 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €900 | - | - | - | - |
| Trade debts44 | €9,376 | €111,579 | €51,846 | €30,978 | €19,223 | €12,882 | €56,461 | ▲ 338% |
| Suppliers440/4 | - | - | - | €30,978 | €19,223 | €12,882 | €56,461 | ▲ 338% |
| Taxes, remuneration and social security45 | - | - | - | - | €17,581 | €4,705 | €3,998 | ▼ 15.0% |
| Taxes450/3 | - | - | - | - | €17,581 | €2,705 | €3,998 | ▲ 47.8% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,000 | - | - |
| Other amounts payable47/48 | - | - | - | €657 | €693 | €587 | €884 | ▲ 50.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€739 | €9,375 | -€10,480 | -€7,933 | €31,120 | €19,905 | €8,185 | ▼ 58.9% |
| + Depreciation and write-downs630 | €14,352 | €14,325 | €11,882 | €10,231 | €4,314 | €641 | €641 | = |
| Operating cash flow (approximation) | €13,613 | €23,700 | €1,402 | €2,298 | €35,434 | €20,546 | €8,826 | ▼ 57.0% |
| Investment in fixed assets (approximation) | - | -€14,913 | €0 | €0 | -€3,205 | €6,692 | €0 | ▼ 100% |
| Change in cash | - | €10,190 | €1,123 | -€18,137 | €25,103 | €8,956 | €1,721 | ▼ 80.8% |
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, 34,693 companies had the same profile as CS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CS itself: 0.2% 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 34,693 companies, not a prediction for CS. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 03-02-2026 | 2026-00036575 | |
| 30-06-2024 | micro format | 04-02-2025 | 2025-00029021 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00018240 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00010054 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04300482 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04600406 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-04000558 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-03900439 | |
| 30-06-2017 | abbreviated format | 30-01-2018 | 2018-03400048 |