Cu.be Solutions has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €138,465 and a net result of -€21,885. Equity has been growing by about 29% per year since 2018. Its solvency ranks better than 31% of 9,845 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Score breakdownraises riskLiquidity: current ratio 1.33, cash €169, halvedSize: 6.1 FTE, total assets €565,228Loss of €21,885 (financial year 2025)lowers riskFounded in 2000Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
65/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially stronger than 32% of micro companies in wholesale trade (NACE 46)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency49-3
equity 24.5% of total assets
Liquidity36-21
short-term debt 32.5% · cash 0.0%
Profitability48-40
return on assets -3.9%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
1.1%Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.4% (26,899 companies, NACE 46, micro)
Last 24 months12-2024: 0.5%01-2025: 0.5%● unchanged vs 12-202402-2025: 0.5%● unchanged vs 01-202503-2025: 0.5%● unchanged vs 02-202504-2025: 0.5%● unchanged vs 03-202505-2025: 0.5%● unchanged vs 04-202506-2025: 0.5%● unchanged vs 05-202507-2025: 0.7%▲ +0.2 percentage points vs 06-202508-2025: 0.1%▼ -0.6 percentage points vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-202512-2025: 0.1%● unchanged vs 11-202501-2026: 0.1%● unchanged vs 12-202502-2026: 0.1%● unchanged vs 01-2026lowest value03-2026: 0.1%● unchanged vs 02-202604-2026: 0.1%● unchanged vs 03-202605-2026: 0.1%● unchanged vs 04-202606-2026: 1.1%▲ +1.0 percentage point vs 05-2026highest value07-2026: 1.1%● unchanged vs 06-2026highest value08-2026: 1.1%● unchanged vs 07-2026highest value09-2026: 1.1%● unchanged vs 08-2026highest value10-2026: 1.1%● unchanged vs 09-2026highest value11-2026: 1.1%● unchanged vs 10-2026highest value
Credit of up to €9,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.33 (1.05 in 2024), below the usual 1.5. Short-term debt is 32.5% and cash 0% of total assets. 75.5% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, micro). It does better than 35% of them on solvency, 33% on liquidity, 37% on profitability and 23% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 38 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 June (4 of the last 5 accounts filed within 32 days either side of that date).
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
2021 to 2025, 5 financial years2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €8,189, after a profit of €135,894 in 2024.
Operating result-€8,1892025Net result-€21,8852025
Total assets€565,2282025Equity€138,4652025Debt€426,7622025
Working capital€60,0182025
Return on assets (ROA)-3.9%2025
Solvency24.5%2025
Current ratio1.332025
Staff (FTE)6.12025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
Net result€6,166-€18,321▲ 197%€4,387within the sector's middle half▼ 76.1%-€24,168below the sector's middle half€26,464within the sector's middle half€20,180within the sector's middle half▼ 23.7%€89,751above the sector's middle half▲ 345%-€21,885below the sector's middle half
Equity€25,416-€43,737▲ 72.1%€48,124within the sector's middle half▲ 10.0%€23,956within the sector's middle half▼ 50.2%€50,420within the sector's middle half▲ 110%€70,599within the sector's middle half▲ 40.0%€160,350within the sector's middle half▲ 127%€138,465within the sector's middle half▼ 13.6%
Total assets€425,363-€423,931▼ 0.3%€419,795above the sector's middle half▼ 1.0%€436,404above the sector's middle half▲ 4.0%€452,768above the sector's middle half▲ 3.7%€511,308above the sector's middle half▲ 12.9%€592,079above the sector's middle half▲ 15.8%€565,228within the sector's middle half▼ 4.5%
Working capital-€47,652--€35,637▲ 25.2%-€8,053within the sector's middle half▲ 77.4%-€36,151below the sector's middle half▼ 349%-€25,233below the sector's middle half▲ 30.2%-€44,457below the sector's middle half▼ 76.2%€11,610within the sector's middle half€60,018within the sector's middle half▲ 417%
Solvency6.0%-10.3%▲ 4.3pp11.5%within the sector's middle half▲ 1.1pp5.5%below the sector's middle half▼ 6.0pp11.1%within the sector's middle half▲ 5.6pp13.8%within the sector's middle half▲ 2.7pp27.1%within the sector's middle half▲ 13.3pp24.5%within the sector's middle half▼ 2.6pp
Current ratio0.73-0.79▲ 0.060.94within the sector's middle half▲ 0.150.77below the sector's middle half▼ 0.180.86below the sector's middle half▲ 0.100.79below the sector's middle half▼ 0.071.05within the sector's middle half▲ 0.261.33within the sector's middle half▲ 0.27
Return on assets (ROA)1.4%-4.3%▲ 2.9pp1.0%within the sector's middle half▼ 3.3pp-5.5%below the sector's middle half▼ 6.6pp5.8%within the sector's middle half▲ 11.4pp3.9%within the sector's middle half▼ 1.9pp15.2%above the sector's middle half▲ 11.2pp-3.9%below the sector's middle half▼ 19.0pp
Staff (FTE)3.8-4.4▲ 15.8%5.8above the sector's middle half▲ 31.8%4.7▼ 19.0%4.5▼ 4.3%5▲ 11.1%6.2▲ 24.0%6.1within the sector's middle half▼ 1.6%
abovewithinbelowThe 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.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €565,228
56.9%
43.1%
Fixed assets€321,474 ▼ 12.3%
Current assets€243,753 ▲ 8.0%
Equity and liabilities €565,228
24.5%
75.5%
Equity€138,465 ▼ 13.6%
Debt€426,762 ▼ 1.2%
Debt's share of the balance-sheet total rises from 72.9% to 75.5%. Equity and debt are lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€46,933▼
2024 · €181,089
Cash flow
€33,237▼
2024 · €134,946
Debt to equity
3.08▲
2024 · 2.69
ROE
-15.8%▼
2024 · 56.0%
Interest coverage
4.04▼
2024 · 12.68
Debt ≤ 1 year
€183,735▼
2024 · €213,984
Debt > 1 year
€163,285▼
2024 · €215,431
Income taxes
€2,128▼
2024 · €33,168
Staff costs
€515,651▲
2024 · €425,470
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
4
4
5
6
9
full-time
4
4
5
3
6
part-time
-
-
0
3
3
in full-time equivalents
4
4
5
5.4
8.4
Average over the year, in full-time equivalents
4.7
4.5
5
6.2
6.1
On a permanent contract
4
4
5
6
9
Joined
1
1
2
4
5
Left
3
1
1
3
2
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€26,631
€3,610
€81,957
€70,231
€10,111
Intangible fixed assets
€28,678
-
-
-
-
Financial fixed assets
-
€1,402
-
-
€0
Depreciation and write-downs of the year
€20,505
€27,961
€33,666
€45,195
€55,122
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 55 lines
Balance sheetCode20242025
Assets
Total assets20/58€592,079€565,228▼
Fixed assets21/28€366,485€321,474▼
Intangible fixed assets21€9,297€3,561▼
Tangible fixed assets22/27€357,188€317,913▼
Land and buildings22€225,467€215,358▼
Plant, machinery and equipment23-€5,239
Furniture and vehicles24€122,917€94,061▼
Leasing and similar rights25€8,804€3,255▼
Financial fixed assets28€0-
Current assets29/58€225,594€243,753▲
Amounts receivable within one year40/41€109,235€233,360▲
Trade receivables40€86,830€233,360▲
Other amounts receivable41€22,405€0▼
Cash at bank and in hand54/58€108,314€169▼
Deferred charges and accrued income490/1€8,045€10,224▲
Equity and liabilities
Total equity and liabilities10/49€592,079€565,228▼
Equity10/15€160,350€138,465▼
Contributions10/11€32,063€32,063=
Reserves13€128,000€106,403▼
Distributable reserves133€128,000€106,403▼
Profit (loss) carried forward14€288€0▼
Amounts payable17/49€431,729€426,762▼
Amounts payable after more than one year17€215,431€163,285▼
Financial debts170/4€215,431€163,285▼
Amounts payable within one year42/48€213,984€183,735▼
Current portion of amounts payable after more than one year42€73,039€58,203▼
Financial debts43€50,000€30,020▼
Credit institutions430/8€50,000€30,020▼
Trade debts44€23,635€17,396▼
Suppliers440/4€23,635€17,396▼
Advances received on contracts in progress46€91€0▼
Taxes, remuneration and social security45€67,219€77,781▲
Taxes450/3€28,651€30,719▲
Remuneration and social security454/9€38,568€47,062▲
Other amounts payable47/48-€336
Accrued charges and deferred income492/3€2,313€79,742▲
Income statementCode20242025
Remuneration, social security and pensions62€425,470€515,651▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€45,195€55,122▲
Other operating charges640/8€7,158€7,353▲
Gross operating margin9900€613,717€569,936▼
Operating profit (loss)9901€135,894-€8,189▼
Financial income75/76B€1,311€48▼
Recurring financial income75€1,311€48▼
Financial charges65/66B€14,286€11,616▼
Recurring financial charges65€14,286€11,616▼
Profit (loss) for the period before taxes9903€122,919-€19,757▼
Income taxes67/77€33,168€2,128▼
Profit (loss) for the period9904€89,751-€21,885▼
Profit (loss) for the period to be appropriated9905€89,751-€21,885▼
Appropriation of the result
Profit (loss) to be appropriated9906€90,081-€21,597▼
Profit (loss) brought forward from the previous period14P€330€288▼
Transfer from equity791/2-€21,597
Transfer to equity691/2€89,794€0▼
To other reserves6921€89,794€0▼
Social balance sheet
Average headcount (FTE)9087-6.1
The notes to these accounts have 20 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
The figures are counted, not predicted. They describe the group, not Cu.be Solutions.
In July 2024, 2,450 companies had the same profile as Cu.be Solutions has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
Micro
20 years or older
solvency 10 to 30%
a small loss
93.3%was still going
5.1%stopped otherwise
1.5%went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cu.be Solutions itself: 1.1% 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 2,450 companies, not a prediction for Cu.be Solutions. 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.
Director · since 04-12-2025 · term without a fixed end · Public limited company · permanent representative: Ruth De Wulf · also on the board of 6 other companies · listed in the 2025 annual accounts, filed on 27-05-2026
Director · since 04-12-2025 · term without a fixed end · Public limited company · permanent representative: Kenneth Depuydt · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 27-05-2026
Director · since 04-12-2025 · term without a fixed end · Private limited company · permanent representative: Koen Mortelmans · listed in the 2025 annual accounts, filed on 27-05-2026
Director · since 04-12-2025 · term without a fixed end · Private limited company · permanent representative: Jef Van Hyfte · listed in the 2025 annual accounts, filed on 27-05-2026
Current
Permanent representatives 4
JV
Jef Van Hyfte
Permanent representative · appointed in the act of 20-01-2026 · for StratiGen Consulting
Current
KD
Kenneth Depuydt
Permanent representative · appointed in the act of 20-01-2026 · for CREAFUND ASSET MANAGEMENT
Current
KM
Koen Mortelmans
Permanent representative · appointed in the act of 20-01-2026 · for GudiKo
Current
RD
Ruth De Wulf
Permanent representative · appointed in the act of 20-01-2026 · for CREAFUND
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Other provision, “bijzonder verslag bestuurders over voorstel wijziging voorwerp, voorzitter” (deed in Dutch)
Amendment of the articles, 4
Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
Other provision, 3375, 1:5
Other provision, 12-12-2023
Other provision, “geen boekhoudkundig of financieel effect splitsing,geen beoordelingsverslag revisor/accountant vereist, artikel 5:102,2e lid WVV” (deed in Dutch)
Other provision, “verzaking formaliteiten en termijnen terbeschikkingstelling verslag, artikelen 5:102,2e lid in fine en 5:84 WVV” (deed in Dutch)
Kind of shares, 3375, “artikelen 5 en 10 nieuwe statuten” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 5 December 2000, Cu.be Solutions was incorporated.1In 2023 the company took the name Cu.be Solutions.2Total assets went from €425,363 in 2018 to €565,228 in 2025 and headcount from 3.8 to 6.1 full-time equivalents.3