Summary
CUIRASS is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.9m and a net result of -€31,871. Equity is growing by ~11.1% per year across the filed fiscal years. Its solvency ranks better than 95% of 2463 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
31 d late
2023
30 d late
2022
31 d late
2021
60 d late
2020
59 d late
2019
67 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 43 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€1.9m▼ 1.6%
2024 · €2.0m
Net result
-€31,871
2024 · €610,438
Total assets
€1.9m▼ 6.4%
2024 · €2.1m
Solvency
99.1%▲ 4.8pp
2024 · 94.3%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€957,775€0▼ 100%
Operating result€218,483▼ 1.3%€152,944▼ 30.0%€164,379▲ 7.5%€799,671▲ 386%-€61,482
Net result€148,179above the sector's middle half▼ 2.9%€102,623above the sector's middle half▼ 30.7%€109,649above the sector's middle half▲ 6.8%€610,438above the sector's middle half▲ 457%-€31,871below the sector's middle half
Equity€1.1mabove the sector's middle half▲ 15.1%€1.2mabove the sector's middle half▲ 9.1%€1.3mabove the sector's middle half▲ 8.9%€2.0mabove the sector's middle half▲ 45.4%€1.9mabove the sector's middle half▼ 1.6%
Total assets€1.2mabove the sector's middle half▲ 12.0%€1.3mabove the sector's middle half▲ 8.8%€1.4mabove the sector's middle half▲ 8.9%€2.1mabove the sector's middle half▲ 51.5%€1.9mabove the sector's middle half▼ 6.4%
Debt€22,726▼ 51.8%€22,100▼ 2.8%€23,967▲ 8.4%€117,476▲ 390%€17,690▼ 84.9%
Working capital€1.1mabove the sector's middle half▲ 14.2%€1.2mabove the sector's middle half▲ 9.5%€1.3mabove the sector's middle half▲ 9.2%€1.9mabove the sector's middle half▲ 42.4%€1.9mabove the sector's middle half▼ 1.0%
Solvency98.0%above the sector's middle half▲ 2.6pp98.2%above the sector's middle half▲ 0.2pp98.2%above the sector's middle half=94.3%above the sector's middle half▼ 3.9pp99.1%above the sector's middle half▲ 4.8pp
Current ratio50.06above the sector's middle half▲ 28.3556.22above the sector's middle half▲ 6.1656.62above the sector's middle half▲ 0.3917.16above the sector's middle half▼ 39.46
Return on assets (ROA)12.8%within the sector's middle half▼ 2.0pp8.2%within the sector's middle half▼ 4.7pp8.0%within the sector's middle half▼ 0.2pp29.5%above the sector's middle half▲ 21.5pp-1.6%below the sector's middle half▼ 31.1pp
Staff (FTE)0.30.8▲ 167%0.8=
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €61,482 after €799,671 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€42,884 ▼ 23.3%
Current assets
€1.9m ▼ 5.9%
Equity and liabilities €1.9m
Equity
€1.9m ▼ 1.6%
Debt
€17,690 ▼ 84.9%
Debt's share of the balance-sheet total falls from 5.7% to 0.9%. Equity and debt are lower.
Key figures and ratios
ROE
-1.7%▼
2024 · 31.2%
Debt ≤ 1 year
€17,690▼
2024 · €117,476
Income taxes
-€11,236▼
2024 · €201,733
A ratio outside any meaningful range has been withheld (balance sheet total €1.9m, equity €1.9m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €957,775 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €143,450 | €48,444 | ▼ 66.2% |
| Remuneration, social security and pensions62 | €10,351 | €40,588 | €46,462 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,256 | €2,865 | €2,910 | €14,653 | €13,038 | ▼ 11.0% |
| Gross operating margin9900 | €231,090 | €196,396 | €213,751 | €814,324 | -€48,444 | ▼ 106% |
| Operating profit (loss)9901 | €218,483 | €152,944 | €164,379 | €799,671 | -€61,482 | ▼ 108% |
| Financial income75/76B | €317 | €480 | €192 | €12,500 | €18,375 | ▲ 47.0% |
| Recurring financial income75 | €317 | €480 | €192 | €12,500 | €18,375 | ▲ 47.0% |
| Profit (loss) for the period before taxes9903 | €218,800 | €153,424 | €164,571 | €812,171 | -€43,107 | ▼ 105% |
| Income taxes67/77 | €70,622 | €50,800 | €54,921 | €201,733 | -€11,236 | ▼ 106% |
| Profit (loss) for the period9904 | €148,179 | €102,623 | €109,649 | €610,438 | -€31,871 | ▼ 105% |
| Profit (loss) for the period to be appropriated9905 | €148,179 | €102,623 | €109,649 | €610,438 | -€31,871 | ▼ 105% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.3m | €1.4m | €2.1m | €1.9m | ▼ 6.4% |
| Fixed assets21/28 | €16,451 | €13,586 | €10,676 | €55,923 | €42,884 | ▼ 23.3% |
| Tangible fixed assets22/27 | €16,451 | €13,586 | €10,676 | €55,923 | €42,884 | ▼ 23.3% |
| Plant, machinery and equipment23 | €15,583 | €13,297 | €10,676 | €7,906 | €6,846 | ▼ 13.4% |
| Furniture and vehicles24 | €868 | €289 | €0 | €48,017 | €36,038 | ▼ 24.9% |
| Current assets29/58 | €1.1m | €1.2m | €1.4m | €2.0m | €1.9m | ▼ 5.9% |
| Amounts receivable within one year40/41 | €264,871 | €302,213 | €339,420 | €354,100 | €347,608 | ▼ 1.8% |
| Trade receivables40 | €255,559 | €294,585 | €329,040 | €350,958 | €342,678 | ▼ 2.4% |
| Other amounts receivable41 | €9,312 | €7,628 | €10,380 | €3,142 | €4,930 | ▲ 56.9% |
| Current investments50/53 | - | - | €500,000 | - | - | - |
| Cash at bank and in hand54/58 | €872,749 | €940,268 | €517,488 | €1.7m | €1.5m | ▼ 6.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.4m | €2.1m | €1.9m | ▼ 6.4% |
| Equity10/15 | €1.1m | €1.2m | €1.3m | €2.0m | €1.9m | ▼ 1.6% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1.1m | €1.2m | €1.3m | €1.9m | €1.9m | = |
| Distributable reserves133 | €1.1m | €1.2m | €1.3m | €1.9m | €1.9m | = |
| Profit (loss) carried forward14 | - | - | - | - | -€31,871 | - |
| Amounts payable17/49 | €22,726 | €22,100 | €23,967 | €117,476 | €17,690 | ▼ 84.9% |
| Amounts payable within one year42/48 | €22,726 | €22,100 | €23,967 | €117,476 | €17,690 | ▼ 84.9% |
| Trade debts44 | €12,104 | €3,711 | €1,194 | €68,932 | €816 | ▼ 98.8% |
| Suppliers440/4 | €12,104 | €3,711 | €1,194 | €68,932 | €816 | ▼ 98.8% |
| Taxes, remuneration and social security45 | €10,622 | €18,389 | €22,773 | €48,544 | €16,874 | ▼ 65.2% |
| Taxes450/3 | €10,622 | €13,094 | €15,561 | €48,544 | €16,874 | ▼ 65.2% |
| Remuneration and social security454/9 | - | €5,295 | €7,212 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €148,179 | €102,623 | €109,649 | €610,438 | -€31,871 | ▼ 105% |
| + Depreciation and write-downs630 | €2,256 | €2,865 | €2,910 | €14,653 | €13,038 | ▼ 11.0% |
| Operating cash flow (approximation) | €150,434 | €105,488 | €112,559 | €625,091 | -€18,833 | ▼ 103% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€59,900 | €1 | ▲ 100% |
| Change in cash | - | €67,520 | -€422,781 | €1.1m | -€112,126 | ▼ 110% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
31-12
Financial
Weakest financial yearnet -€31,871
Net result drops to -€31,871, the lowest in the series.
31-12
Financial
Liquidity times 6current ratio 107.24
Current ratio from 17.16 to 107.24; short-term debt falls from €117,476 to €17,690.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-12
Financial
Highest result since 2018net €610,438 ▲457%
Operating result €799,671, net result €610,438, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 60 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 50.06
Current ratio from 21.71 to 50.06; short-term debt falls from €47,139 to €22,726.
31-12
Financial
Equity above €1mEq €1.1m ▲15.1%
2 profitable years in a row build equity to €1.1m.
28-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 59 days late
2020
31-12
Financial
Back to profitnet €152,674
Net result €152,674 after one loss-making year.
Show earlier events
31-12
Financial
Liquidity times 7current ratio 21.71
Current ratio from 3.32 to 21.71; short-term debt falls from €355,177 to €47,139.
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 67 days late
2019
16-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 47 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merelbeke-Melle · 1 establishment unit since 2005
Ground area
1,465 m²
Building footprint
218 m²
Volume, LiDAR
1,311 m³
Parcel 44040C0164/00P004, Flanders · tallest building 10.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
CUIRASS
since 20052.149.520.295
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44040C0164/00P004 | Flanders | 1,465 m² | 1 · 218 m² | 10.5 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 4,673 companies in sector 66220 we hold annual accounts for 3,222. 1,697 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-09-2005
Fiscal year end31-12
Activities, NACEBEL 2025
66220Insurance agents and brokers
58110Book publishing
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.