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CUIRASS

Active
Private limited companyfounded 2005active for 21 yearsBrusselsesteenweg 230, 9090 Merelbeke-Melle, BelgiumKBO/BCE: BE 0876.174.076
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 about 11% per year across the filed financial years. The company has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals.

Financials · financial year 2025, micro format

2025 annual accounts filed late (26 days) Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00425475.

Turnover
€0▼ 100%
2024 · €957,775
EBIT margin
83.5%
Net result
-€31,871
2024 · €610,438
Working capital
€1.9m▼ 1.0%
2024 · €1.9m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result turns negative in 2025: a loss of €61,482 after €799,671 in 2024, the lowest result in the available series.

What the company sold each financial year and what was left of it. A loss stands below the zero line.

Turnover€0 2025 Operating result-€0.06m 2025 Net result-€0.03m 2025

Use the arrow keys on the chart for the figures per year.

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€1.0m€0▼ 100%
Operating result€0.2m-€0.04m▼ 81.2%€0.2m▲ 445%€0.2m▼ 1.3%€0.2m▼ 30.0%€0.2m▲ 7.5%€0.8m▲ 386%-€0.06m
Net result€0.1m--€0.03m€0.2m€0.1m▼ 2.9%€0.1m▼ 30.7%€0.1m▲ 6.8%€0.6m▲ 457%-€0.03m
EBIT margin83.5%
Equity€1.2m-€0.8m▼ 28.5%€1.0m▲ 18.4%€1.1m▲ 15.1%€1.2m▲ 9.1%€1.3m▲ 8.9%€2.0m▲ 45.4%€1.9m▼ 1.6%
Total assets€1.2m-€1.2m▼ 3.0%€1.0m▼ 13.1%€1.2m▲ 12.0%€1.3m▲ 8.8%€1.4m▲ 8.9%€2.1m▲ 51.5%€1.9m▼ 6.4%
Debt€0.06m-€0.4m▲ 486%€0.05m▼ 86.7%€0.02m▼ 51.8%€0.02m▼ 2.8%€0.02m▲ 8.4%€0.1m▲ 390%€0.02m▼ 84.9%
Working capital€1.2m-€0.8m▼ 28.6%€1.0m▲ 18.3%€1.1m▲ 14.2%€1.2m▲ 9.5%€1.3m▲ 9.2%€1.9m▲ 42.4%€1.9m▼ 1.0%
Staff (FTE)0.30.8▲ 167%0.8=
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
2025 value · change against 2024
EBITDA
-€48,444▼
2024 · €814,324
Cash flow
-€18,833▼
2024 · €625,091
Debt to equity
0.01▼
2024 · 0.06
ROE
-1.7%▼
2024 · 31.2%
ROA
-1.6%▼
2024 · 29.5%
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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 36 lines
Balance sheet Code20242025
Assets
Total assets20/58€2.1m€1.9m▼
Fixed assets21/28€0.06m€0.04m▼
Tangible fixed assets22/27€0.06m€0.04m▼
Plant, machinery and equipment23€0.008m€0.007m▼
Furniture and vehicles24€0.05m€0.04m▼
Current assets29/58€2.0m€1.9m▼
Amounts receivable within one year40/41€0.4m€0.3m▼
Trade receivables40€0.4m€0.3m▼
Other amounts receivable41€0.003m€0.005m▲
Cash at bank and in hand54/58€1.7m€1.5m▼
Equity and liabilities
Total equity and liabilities10/49€2.1m€1.9m▼
Equity10/15€2.0m€1.9m▼
Contributions10/11€0.006m€0.006m=
Reserves13€1.9m€1.9m=
Distributable reserves133€1.9m€1.9m=
Profit (loss) carried forward14--€0.03m
Amounts payable17/49€0.1m€0.02m▼
Amounts payable within one year42/48€0.1m€0.02m▼
Trade debts44€0.07m€0.001m▼
Suppliers440/4€0.07m€0.001m▼
Taxes, remuneration and social security45€0.05m€0.02m▼
Taxes450/3€0.05m€0.02m▼
Income statement Code20242025
Turnover70€1.0m€0▼
Goods, raw materials, services and sundry goods60/61€0.1m€0.05m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.01m▼
Gross operating margin9900€0.8m-€0.05m▼
Operating profit (loss)9901€0.8m-€0.06m▼
Financial income75/76B€0.01m€0.02m▲
Recurring financial income75€0.01m€0.02m▲
Profit (loss) for the period before taxes9903€0.8m-€0.04m▼
Income taxes67/77€0.2m-€0.01m▼
Profit (loss) for the period9904€0.6m-€0.03m▼
Profit (loss) for the period to be appropriated9905€0.6m-€0.03m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.6m-€0.03m▼
Transfer to equity691/2€0.6m-
To the legal reserve6920€0.6m-

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20182019202020212022202320242025Change
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€1,967€1,534€1,192€2,256€2,865€2,910€14,653€13,038▼ 11.0%
Other operating charges640/8-€183,853-------
Gross operating margin9900€218,052€225,991€222,645€231,090€196,396€213,751€814,324-€48,444-
Operating profit (loss)9901€216,085€40,604€221,452€218,483€152,944€164,379€799,671-€61,482-
Financial income75/76B-€4,745-€317€480€192€12,500€18,375▲ 47.0%
Recurring financial income75€4,416€4,745€4,867€317€480€192€12,500€18,375▲ 47.0%
Profit (loss) for the period before taxes9903€220,502€45,349€226,319€218,800€153,424€164,571€812,171-€43,107-
Income taxes67/77€80,809€70,780€73,645€70,622€50,800€54,921€201,733-€11,236-
Profit (loss) for the period9904€139,693-€25,431€152,674€148,179€102,623€109,649€610,438-€31,871-
Profit (loss) for the period to be appropriated9905€139,693-€25,431€152,674€148,179€102,623€109,649€610,438-€31,871-
Line20182019202020212022202320242025Change
Assets
Total assets20/58€1.2m€1.2m€1.0m€1.2m€1.3m€1.4m€2.1m€1.9m▼ 6.4%
Fixed assets21/28€0.007m€0.005m€0.007m€0.02m€0.01m€0.01m€0.06m€0.04m▼ 23.3%
Tangible fixed assets22/27€0.007m€0.005m€0.007m€0.02m€0.01m€0.01m€0.06m€0.04m▼ 23.3%
Plant, machinery and equipment23-€0.003m-€0.02m€0.01m€0.01m€0.008m€0.007m▼ 13.4%
Furniture and vehicles24-€0.002m-€0.001m€289€0€0.05m€0.04m▼ 24.9%
Current assets29/58€1.2m€1.2m€1.0m€1.1m€1.2m€1.4m€2.0m€1.9m▼ 5.9%
Amounts receivable within one year40/41€0.3m€0.2m€0.2m€0.3m€0.3m€0.3m€0.4m€0.3m▼ 1.8%
Trade receivables40-€0.2m-€0.3m€0.3m€0.3m€0.4m€0.3m▼ 2.4%
Other amounts receivable41-€0.002m-€0.009m€0.008m€0.01m€0.003m€0.005m▲ 56.9%
Current investments50/53-----€0.5m---
Cash at bank and in hand54/58€0.9m€1.0m€0.8m€0.9m€0.9m€0.5m€1.7m€1.5m▼ 6.7%
Equity and liabilities
Total equity and liabilities10/49€1.2m€1.2m€1.0m€1.2m€1.3m€1.4m€2.1m€1.9m▼ 6.4%
Equity10/15€1.2m€0.8m€1.0m€1.1m€1.2m€1.3m€2.0m€1.9m▼ 1.6%
Contributions10/11€0.3m€0.006m-€0.006m€0.006m€0.006m€0.006m€0.006m=
Reserves13€0.8m€0.8m€1.0m€1.1m€1.2m€1.3m€1.9m€1.9m=
Distributable reserves133-€0.8m-€1.1m€1.2m€1.3m€1.9m€1.9m=
Profit (loss) carried forward14--------€0.03m-
Amounts payable17/49€0.06m€0.4m€0.05m€0.02m€0.02m€0.02m€0.1m€0.02m▼ 84.9%
Amounts payable within one year42/48€0.06m€0.4m€0.05m€0.02m€0.02m€0.02m€0.1m€0.02m▼ 84.9%
Trade debts44€0.02m€0.01m€0.02m€0.01m€0.004m€0.001m€0.07m€0.001m▼ 98.8%
Suppliers440/4-€0.01m-€0.01m€0.004m€0.001m€0.07m€0.001m▼ 98.8%
Taxes, remuneration and social security45-€0.03m-€0.01m€0.02m€0.02m€0.05m€0.02m▼ 65.2%
Taxes450/3-€0.03m-€0.01m€0.01m€0.02m€0.05m€0.02m▼ 65.2%
Remuneration and social security454/9----€0.005m€0.007m---
Other amounts payable47/48-€0.3m-------
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.1m-€0.03m€0.2m€0.1m€0.1m€0.1m€0.6m-€0.03m-
+ Depreciation and write-downs630€0.002m€0.002m€0.001m€0.002m€0.003m€0.003m€0.01m€0.01m▼ 11.0%
Operating cash flow (approximation)€0.1m-€0.02m€0.2m€0.2m€0.1m€0.1m€0.6m-€0.02m-
Investment in fixed assets (approximation)-€1-€0.003m-€0.01m€0€0-€0.06m€1-
Change in cash-€0.1m-€0.2m€0.08m€0.07m-€0.4m€1.1m-€0.1m-

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Latest 10 of 20 filings with the National Bank
Financial year Type Filed Reference
31-12-2025 micro format 26-08-2026 2026-00425475
31-12-2024 micro format 31-08-2025 2025-00454801
31-12-2023 micro format 30-08-2024 2024-00427036
31-12-2022 micro format 31-08-2023 2023-00389726
31-12-2021 micro format 29-09-2022 2022-20439641
31-12-2020 micro format 28-09-2021 2021-68500530
31-12-2019 micro format 06-10-2020 2020-58900106
31-12-2018 micro format 16-09-2019 2019-64100470
31-12-2017 micro format 30-08-2018 2018-53200270
31-12-2016 micro format 31-08-2017 2017-52500328

Show all 20 filings

Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.