CU BRANDS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 4 filings
Equity
-€117,331
2024 · €95,895
Total assets
€337,520▼ 17.3%
2024 · €407,928
Net result
-€213,226▼ 32.9%
2024 · -€160,498
Working capital
€40,694▼ 87.0%
2024 · €311,885
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€202,135
▲ 13.8%
2025
20222025
Net result
-€213,226
▼ 32.9%
2025
lowest quarter of the sector
20222025
Equity
-€117,331
2025
lowest quarter of the sector
20222025
Total assets
€337,520
▼ 17.3%
2025
middle half of the sector
20222025
Debt
€454,851
▲ 45.8%
2025
20222025
Working capital
€40,694
▼ 87.0%
2025
middle half of the sector
20222025
Solvency
-34.8%
▼ 58.3pp
2025
lowest quarter of the sector
20222025
Current ratio
1.14
▼ 3.93
2025
middle half of the sector
20222025
Return on assets (ROA)
-63.2%
▼ 23.8pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
2.3
▲ 76.9%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€65,605--€335,971▼ 412%-€234,386▲ 30.2%-€202,135▲ 13.8%
Net result-€65,619below the sector's middle half--€335,986below the sector's middle half▼ 412%-€160,498below the sector's middle half▲ 52.2%-€213,226below the sector's middle half▼ 32.9%
Equity€234,381above the sector's middle half-€98,395above the sector's middle half▼ 58.0%€95,895above the sector's middle half▼ 2.5%-€117,331below the sector's middle half
Total assets€260,922within the sector's middle half-€235,832within the sector's middle half▼ 9.6%€407,928above the sector's middle half▲ 73.0%€337,520within the sector's middle half▼ 17.3%
Debt€26,541-€137,437▲ 418%€312,033▲ 127%€454,851▲ 45.8%
Working capital€234,381above the sector's middle half-€54,629within the sector's middle half▼ 76.7%€311,885above the sector's middle half▲ 471%€40,694within the sector's middle half▼ 87.0%
Solvency89.8%above the sector's middle half-41.7%within the sector's middle half▼ 48.1pp23.5%within the sector's middle half▼ 18.2pp-34.8%below the sector's middle half▼ 58.3pp
Current ratio9.83above the sector's middle half-1.40within the sector's middle half▼ 8.435.08above the sector's middle half▲ 3.681.14within the sector's middle half▼ 3.93
Return on assets (ROA)-25.1%below the sector's middle half--142.5%below the sector's middle half▼ 117.3pp-39.3%below the sector's middle half▲ 103.1pp-63.2%below the sector's middle half▼ 23.8pp
Staff (FTE)0.31.3▲ 333%2.3▲ 76.9%
above
within
below
The sector band is the middle half of the companies in Manufacture of beverages (NACE 11). 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 €202,135, smaller than the loss of €234,386 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €337,520
Fixed assets
€12,480 ▼ 36.2%
Current assets
€325,040 ▼ 16.3%
Equity and liabilities
Equity-€117,331
Debt€454,851
Equity is negative. Debt (€454,851) exceeds the balance-sheet total (€337,520).
Key figures and ratios
EBITDA
-€195,065▲
2024 · -€228,219
Cash flow
-€206,156▼
2024 · -€154,331
Quick ratio
0.68▼
2024 · 4.42
Interest coverage
-15.71▲
2024 · -30.28
Debt ≤ 1 year
€284,346▲
2024 · €76,494
Debt > 1 year
€170,505▼
2024 · €222,008
Income taxes
€292▲
2024 · €74
Staff costs
€85,005▲
2024 · €68,331
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 3 |
| full-time | 1 | 2 | 3 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 1 | 2 | 3 |
| Average over the year, in full-time equivalents | 0.3 | 1.3 | 2.3 |
| On a permanent contract | 1 | 2 | 2 |
| Joined | 1 | 4 | 1 |
| Left | 0 | 3 | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €21,778 | €4,701 | - |
| Intangible fixed assets | - | - | €2,250 | - |
| Financial fixed assets | - | €25,000 | - | - |
| Depreciation and write-downs of the year | - | €3,012 | €6,167 | €7,070 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €42,453 awarded · €29,953 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €31,840 | €19,340 |
| 2023 | 2 | €9,000 | €10,613 |
| 2022 | 1 | €1,613 | €0 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €11,854 | €68,331 | €85,005 | ▲ 24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €3,012 | €6,167 | €7,070 | ▲ 14.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1,068 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €265 | €3,377 | €597 | ▼ 82.3% |
| Gross operating margin9900 | -€65,605 | -€320,840 | -€155,443 | -€109,463 | ▲ 29.6% |
| Operating profit (loss)9901 | -€65,605 | -€335,971 | -€234,386 | -€202,135 | ▲ 13.8% |
| Financial income75/76B | €0 | €180 | €81,499 | €1,620 | ▼ 98.0% |
| Recurring financial income75 | €0 | €180 | €3,999 | €1,620 | ▼ 59.5% |
| Non-recurring financial income76B | - | - | €77,500 | €0 | ▼ 100% |
| Financial charges65/66B | €14 | €196 | €7,538 | €12,420 | ▲ 64.8% |
| Recurring financial charges65 | €14 | €196 | €7,538 | €12,420 | ▲ 64.8% |
| Profit (loss) for the period before taxes9903 | -€65,619 | -€335,986 | -€160,425 | -€212,935 | ▼ 32.7% |
| Income taxes67/77 | - | - | €74 | €292 | ▲ 296% |
| Profit (loss) for the period9904 | -€65,619 | -€335,986 | -€160,498 | -€213,226 | ▼ 32.9% |
| Profit (loss) for the period to be appropriated9905 | -€65,619 | -€335,986 | -€160,498 | -€213,226 | ▼ 32.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €260,922 | €235,832 | €407,928 | €337,520 | ▼ 17.3% |
| Fixed assets21/28 | - | €43,766 | €19,549 | €12,480 | ▼ 36.2% |
| Intangible fixed assets21 | - | - | €1,800 | €1,350 | ▼ 25.0% |
| Tangible fixed assets22/27 | - | €18,766 | €17,749 | €11,130 | ▼ 37.3% |
| Furniture and vehicles24 | - | €18,766 | €17,749 | €11,130 | ▼ 37.3% |
| Financial fixed assets28 | - | €25,000 | €0 | - | - |
| Current assets29/58 | €260,922 | €192,066 | €388,379 | €325,040 | ▼ 16.3% |
| Stocks and contracts in progress3 | - | €66,014 | €50,426 | €132,388 | ▲ 163% |
| Stocks30/36 | - | €66,014 | €50,426 | €132,388 | ▲ 163% |
| Amounts receivable within one year40/41 | €9,467 | €67,750 | €133,562 | €105,838 | ▼ 20.8% |
| Trade receivables40 | - | €34,168 | €97,956 | €78,841 | ▼ 19.5% |
| Other amounts receivable41 | €9,467 | €33,581 | €35,606 | €26,996 | ▼ 24.2% |
| Current investments50/53 | - | - | €160,171 | €40,199 | ▼ 74.9% |
| Cash at bank and in hand54/58 | €251,455 | €58,303 | €39,659 | €42,062 | ▲ 6.1% |
| Deferred charges and accrued income490/1 | - | - | €4,561 | €4,553 | ▼ 0.2% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €260,922 | €235,832 | €407,928 | €337,520 | ▼ 17.3% |
| Equity10/15 | €234,381 | €98,395 | €95,895 | -€117,331 | - |
| Contributions10/11 | €300,000 | €500,000 | €657,998 | €657,998 | = |
| Profit (loss) carried forward14 | -€65,619 | -€401,605 | -€562,104 | -€775,330 | ▼ 37.9% |
| Amounts payable17/49 | €26,541 | €137,437 | €312,033 | €454,851 | ▲ 45.8% |
| Amounts payable after more than one year17 | - | - | €222,008 | €170,505 | ▼ 23.2% |
| Financial debts170/4 | - | - | €222,008 | €170,505 | ▼ 23.2% |
| Amounts payable within one year42/48 | €26,541 | €137,437 | €76,494 | €284,346 | ▲ 272% |
| Current portion of amounts payable after more than one year42 | - | - | €18,842 | €51,503 | ▲ 173% |
| Trade debts44 | €26,541 | €133,298 | €51,042 | €216,474 | ▲ 324% |
| Suppliers440/4 | €26,541 | €133,298 | €51,042 | €216,474 | ▲ 324% |
| Taxes, remuneration and social security45 | - | €4,139 | €5,689 | €16,204 | ▲ 185% |
| Remuneration and social security454/9 | - | €4,139 | €5,689 | €16,204 | ▲ 185% |
| Other amounts payable47/48 | - | - | €921 | €165 | ▼ 82.1% |
| Accrued charges and deferred income492/3 | - | - | €13,532 | €0 | ▼ 100% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€65,619 | -€335,986 | -€160,498 | -€213,226 | ▼ 32.9% |
| + Depreciation and write-downs630 | - | €3,012 | €6,167 | €7,070 | ▲ 14.6% |
| Operating cash flow (approximation) | -€65,619 | -€332,974 | -€154,331 | -€206,156 | ▼ 33.6% |
| Investment in fixed assets (approximation) | - | - | €18,049 | €0 | ▼ 100% |
| Change in cash | - | -€193,152 | -€18,644 | €2,403 | - |
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, 7,639 companies had the same profile as CU BRANDS has now. Two years later, 84.8% were still going and 8.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
84.8%
was still going
5.6%
stopped otherwise
8.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CU BRANDS itself is lower: 1.4% within 12 months. It rests on far more data about CU BRANDS 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 7,639 companies, not a prediction for CU BRANDS. 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.