CT & C
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 14 filings
Turnover
€2.4m▲ 32×
2019 · €75,851
EBIT margin
1.4%▲ 3.4pp
2019 · -1.9%
Net result
€4,148
2024 · -€8,571
Working capital
-€269,293▼ 12.9%
2024 · -€238,625
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€4,355
2025
20182025
Net result
€4,148
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€27,281
▲ 17.9%
2025
lowest quarter of the sector
20182025
Total assets
€440,160
▲ 12.5%
2025
middle half of the sector
20182025
Debt
€412,879
▲ 12.1%
2025
20182025
Working capital
-€269,293
▼ 12.9%
2025
lowest quarter of the sector
20182025
Solvency
6.2%
▲ 0.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.35
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.9%
▲ 3.1pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-€0.08m▼ 44.2%€2.4m▲ 32×
Operating result€0.004m--€0.001m€0.03m€0.01m▼ 63.1%€0.003m▼ 76.9%-€0.02m-€0.008m▲ 60.6%€0.004m
Net result€0.001m--€0.004m€0.006mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 89.2%-€0.002mbelow the sector's middle half-€0.02mbelow the sector's middle half▼ 795%-€0.009mbelow the sector's middle half▲ 60.4%€0.004mwithin the sector's middle half
EBIT margin2.6%--1.9%▼ 4.5pp1.4%▲ 3.4pp
Equity€0.03m-€0.03m▼ 13.6%€0.04mbelow the sector's middle half▲ 44.0%€0.05mbelow the sector's middle half▲ 29.4%€0.05mbelow the sector's middle half▼ 5.1%€0.02mbelow the sector's middle half▼ 47.7%€0.02mbelow the sector's middle half▼ 2.4%€0.03mbelow the sector's middle half▲ 17.9%
Total assets€1.4m-€1.4m▼ 2.8%€1.9mwithin the sector's middle half▲ 34.0%€1.9mwithin the sector's middle half▲ 2.6%€0.5mwithin the sector's middle half▼ 73.4%€0.5mwithin the sector's middle half▲ 4.0%€0.4mwithin the sector's middle half▼ 25.8%€0.4mwithin the sector's middle half▲ 12.5%
Debt€1.4m-€1.4m▼ 2.6%€1.8m▲ 33.9%€1.9m▲ 2.0%€0.5m▼ 75.2%€0.5m▲ 9.1%€0.4m▼ 26.9%€0.4m▲ 12.1%
Working capital-€1.3m--€1.2m▲ 2.1%-€0.7mbelow the sector's middle half▲ 40.8%-€0.3mbelow the sector's middle half▲ 58.2%-€0.3mbelow the sector's middle half▲ 8.7%-€0.3mbelow the sector's middle half▲ 3.0%-€0.2mbelow the sector's middle half▲ 11.8%-€0.3mbelow the sector's middle half▼ 12.9%
Solvency2.1%-1.8%▼ 0.2pp2.0%below the sector's middle half▲ 0.1pp2.5%below the sector's middle half▲ 0.5pp8.9%below the sector's middle half▲ 6.4pp4.5%below the sector's middle half▼ 4.4pp5.9%below the sector's middle half▲ 1.4pp6.2%below the sector's middle half▲ 0.3pp
Current ratio0.10-0.09=0.60below the sector's middle half▲ 0.510.84within the sector's middle half▲ 0.240.40below the sector's middle half▼ 0.440.46below the sector's middle half▲ 0.070.35below the sector's middle half▼ 0.110.35below the sector's middle half=
Return on assets (ROA)0.1%--0.3%▼ 0.4pp0.3%within the sector's middle half▲ 0.6pp0.6%within the sector's middle half▲ 0.3pp-0.5%below the sector's middle half▼ 1.0pp-4.1%below the sector's middle half▼ 3.6pp-2.2%below the sector's middle half▲ 1.9pp0.9%within the sector's middle half▲ 3.1pp
Staff (FTE)0.30.5below the sector's middle half▲ 66.7%0below the sector's middle half▼ 100%0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 €4,355, after a loss of €8,393 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €440,160
Fixed assets
€296,574 ▲ 13.3%
Current assets
€143,586 ▲ 10.8%
Equity and liabilities €440,160
Equity
€27,281 ▲ 17.9%
Debt
€412,879 ▲ 12.1%
Debt's share of the balance-sheet total falls from 94.1% to 93.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€20,537▼
2024 · €24,087
Cash flow
€20,330▼
2024 · €23,908
Quick ratio
0.06▲
2024 · 0.06
Debt to equity
15.13▼
2024 · 15.92
ROE
15.2%▲
2024 · -37.1%
Interest coverage
94.25▼
2024 · over 100
Debt ≤ 1 year
€412,879▲
2024 · €368,252
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,086 | €1,424 | €384 | - | €18,990 |
| Depreciation and write-downs of the year | €30,614 | €30,322 | €30,327 | €32,479 | €16,182 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.1m | €0.08m | €2.4m | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.09m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €290 | €9 | -€0.001m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.03m | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 50.2% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.005m | €0.003m | €0.003m | €0.002m | ▼ 12.6% |
| Non-recurring operating charges66A | - | - | - | €0.02m | €0.01m | - | - | - | - |
| Gross operating margin9900 | €0.04m | €0.04m | €0.08m | €0.07m | €0.05m | €0.01m | €0.03m | €0.02m | ▼ 14.5% |
| Operating profit (loss)9901 | €0.004m | -€0.001m | €0.03m | €0.01m | €0.003m | -€0.02m | -€0.008m | €0.004m | - |
| Financial income75/76B | - | - | - | €120 | €259 | €3 | €0 | €10 | ▲ 1,031× |
| Recurring financial income75 | €23 | €14 | €26 | €120 | €259 | €3 | €0 | €10 | ▲ 1,031× |
| Financial charges65/66B | - | - | - | €0.002m | €0.002m | €359 | €179 | €218 | ▲ 21.9% |
| Recurring financial charges65 | €0.002m | €0.003m | €0.03m | €0.002m | €0.002m | €359 | €179 | €218 | ▲ 21.9% |
| Profit (loss) for the period before taxes9903 | €0.001m | -€0.004m | €0.006m | €0.01m | €0.001m | -€0.02m | -€0.009m | €0.004m | - |
| Income taxes67/77 | - | - | €103 | - | €0.004m | - | - | - | - |
| Profit (loss) for the period9904 | €0.001m | -€0.004m | €0.006m | €0.01m | -€0.002m | -€0.02m | -€0.009m | €0.004m | - |
| Profit (loss) for the period to be appropriated9905 | €0.001m | -€0.004m | €0.006m | €0.01m | -€0.002m | -€0.02m | -€0.009m | €0.004m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.9m | €1.9m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 12.5% |
| Fixed assets21/28 | €1.3m | €1.3m | €0.8m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 13.3% |
| Tangible fixed assets22/27 | €1.3m | €1.3m | €0.8m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 13.3% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 6.8% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.008m | €0.002m | €0.001m | ▼ 49.0% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.02m | - |
| Current assets29/58 | €0.1m | €0.1m | €1.1m | €1.6m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 10.8% |
| Stocks and contracts in progress3 | €0.03m | €0.07m | €1.0m | €0.2m | €0.2m | €0.07m | €0.1m | €0.1m | ▲ 9.3% |
| Stocks30/36 | - | - | - | €0.2m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Contracts in progress37 | - | - | - | - | €0.1m | €0.06m | €0.1m | €0.1m | ▲ 10.3% |
| Amounts receivable within one year40/41 | €0.08m | €0.02m | €0.05m | €0.09m | €0.03m | €0.1m | €0.02m | €0.02m | ▲ 22.0% |
| Trade receivables40 | - | - | - | €0.09m | €0.03m | €0.1m | €0.02m | €0.02m | = |
| Other amounts receivable41 | - | - | - | €0.002m | €30 | €223 | €0.001m | €0.005m | ▲ 418% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.09m | €1.3m | €0.002m | €0.01m | €0.004m | €0.004m | ▼ 2.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.9m | €1.9m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 12.5% |
| Equity10/15 | €0.03m | €0.03m | €0.04m | €0.05m | €0.05m | €0.02m | €0.02m | €0.03m | ▲ 17.9% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.03m | -€0.02m | -€0.004m | -€0.007m | -€0.03m | -€0.03m | -€0.02m | ▲ 14.4% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.8m | €1.9m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 12.1% |
| Amounts payable within one year42/48 | €1.4m | €1.4m | €1.8m | €1.9m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 12.1% |
| Trade debts44 | €0.01m | €0.007m | €0.1m | €0.1m | €0.004m | - | €170 | €263 | ▲ 55.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.004m | - | €170 | €263 | ▲ 55.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.002m | €0.003m | €0.002m | €0.002m | = |
| Taxes450/3 | - | - | - | - | - | €0.001m | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Other amounts payable47/48 | - | - | - | €1.7m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 12.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.001m | -€0.004m | €0.006m | €0.01m | -€0.002m | -€0.02m | -€0.009m | €0.004m | - |
| + Depreciation and write-downs630 | €0.04m | €0.03m | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 50.2% |
| Operating cash flow (approximation) | €0.04m | €0.03m | €0.03m | €0.04m | €0.03m | €0.009m | €0.02m | €0.02m | ▼ 15.0% |
| Investment in fixed assets (approximation) | - | -€0.002m | €0.5m | €0.4m | -€0.001m | -€384 | €0 | -€0.05m | - |
| Change in cash | - | €0.008m | €0.06m | €1.2m | -€1.3m | €0.01m | -€0.008m | -€100 | ▲ 98.8% |
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, 1,375 companies had the same profile as CT & C has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CT & C itself is lower: 0.2% within 12 months. It rests on far more data about CT & C 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 1,375 companies, not a prediction for CT & C. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00348268 | |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00330695 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00300731 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00265634 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20245044 | |
| 31-12-2020 | abbreviated format | 23-07-2021 | 2021-38500578 | |
| 31-12-2019 | abbreviated format | 28-07-2020 | 2020-34600042 | |
| 31-12-2018 | abbreviated format | 24-07-2019 | 2019-36500269 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-39200308 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-47100469 |