CUISIMAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 19 filings
Turnover
≈ €2.9m
Estimated: probably between €1.8m and €4.8m
EBIT margin
Not included in this filing
Net result
€127,651▲ 91.5%
2024 · €66,674
Working capital
€245,318▼ 22.3%
2024 · €315,906
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€186,703
▲ 135%
2025
20182025
Net result
€127,651
▲ 91.5%
2025
highest quarter of the sector
20182025
Equity
€317,158
▼ 24.4%
2025
middle half of the sector
20182025
Total assets
€1.1m
▲ 10.0%
2025
middle half of the sector
20182025
Debt
€770,702
▲ 35.2%
2025
20182025
Working capital
€245,318
▼ 22.3%
2025
middle half of the sector
20182025
Solvency
29.2%
▼ 13.2pp
2025
middle half of the sector
20182025
Current ratio
1.33
▼ 0.23
2025
middle half of the sector
20182025
Return on assets (ROA)
11.7%
▲ 5.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
5
▼ 7.4%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.009m▼ 45.4%€0.07m▲ 653%€0.2m▲ 141%€0.04m▼ 74.8%€0.08m▲ 93.9%€0.08m▲ 0.8%€0.2m▲ 135%
Net result€0.02m-€0.008m▼ 48.5%€0.04mwithin the sector's middle half▲ 419%€0.1mwithin the sector's middle half▲ 161%€0.06mwithin the sector's middle half▼ 44.1%€0.05mwithin the sector's middle half▼ 11.8%€0.07mwithin the sector's middle half▲ 23.9%€0.1mabove the sector's middle half▲ 91.5%
Equity€0.08m-€0.09m▲ 5.5%€0.1mbelow the sector's middle half▲ 46.1%€0.2mwithin the sector's middle half▲ 84.0%€0.3mwithin the sector's middle half▲ 25.5%€0.4mwithin the sector's middle half▲ 17.9%€0.4mwithin the sector's middle half▲ 18.8%€0.3mwithin the sector's middle half▼ 24.4%
Total assets€0.6m-€0.6m▼ 8.0%€0.5mbelow the sector's middle half▼ 18.0%€0.7mbelow the sector's middle half▲ 59.3%€1.1mwithin the sector's middle half▲ 50.4%€0.9mbelow the sector's middle half▼ 19.9%€1.0mbelow the sector's middle half▲ 11.3%€1.1mwithin the sector's middle half▲ 10.0%
Debt€0.5m-€0.5m▼ 10.2%€0.3m▼ 29.9%€0.5m▲ 49.7%€0.8m▲ 62.4%€0.5m▼ 33.9%€0.6m▲ 6.4%€0.8m▲ 35.2%
Working capital€0.3m-€0.2m▼ 17.4%€0.2mwithin the sector's middle half▼ 6.3%€0.3mwithin the sector's middle half▲ 21.3%€0.2mwithin the sector's middle half▼ 12.6%€0.3mwithin the sector's middle half▲ 3.6%€0.3mwithin the sector's middle half▲ 24.8%€0.2mwithin the sector's middle half▼ 22.3%
Solvency13.7%-15.7%▲ 2.0pp28.0%within the sector's middle half▲ 12.3pp32.3%within the sector's middle half▲ 4.3pp27.0%within the sector's middle half▼ 5.4pp39.7%within the sector's middle half▲ 12.7pp42.4%within the sector's middle half▲ 2.7pp29.2%within the sector's middle half▼ 13.2pp
Current ratio2.33-1.95▼ 0.382.12within the sector's middle half▲ 0.181.65within the sector's middle half▼ 0.481.30within the sector's middle half▼ 0.341.47within the sector's middle half▲ 0.171.55within the sector's middle half▲ 0.081.33within the sector's middle half▼ 0.23
Return on assets (ROA)2.5%-1.4%▼ 1.1pp9.0%within the sector's middle half▲ 7.6pp14.8%above the sector's middle half▲ 5.8pp5.5%within the sector's middle half▼ 9.3pp6.1%within the sector's middle half▲ 0.6pp6.7%within the sector's middle half▲ 0.7pp11.7%above the sector's middle half▲ 5.0pp
Staff (FTE)4.4-3▼ 31.8%2.5below the sector's middle half▼ 16.7%4.3within the sector's middle half▲ 72.0%7.3within the sector's middle half▲ 69.8%7within the sector's middle half▼ 4.1%5.4within the sector's middle half▼ 22.9%5within the sector's middle half▼ 7.4%
above
within
below
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 operating result for 2025 is 135% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€89,040 ▼ 14.0%
Current assets
€998,820 ▲ 12.8%
Equity and liabilities €1.1m
Equity
€317,158 ▼ 24.4%
Debt
€770,702 ▲ 35.2%
Debt's share of the balance-sheet total rises from 57.6% to 70.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€212,286▲
2024 · €105,180
Cash flow
€153,234▲
2024 · €92,549
Quick ratio
0.93▲
2024 · 0.86
Debt to equity
2.43▲
2024 · 1.36
ROE
40.2%▲
2024 · 15.9%
Interest coverage
50.24▲
2024 · 24.18
Debt ≤ 1 year
€753,502▲
2024 · €569,951
Income taxes
€58,378▲
2024 · €21,161
Staff costs
€340,143▲
2024 · €318,941
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 5 | 6 | 5 |
| full-time | 7 | 8 | 5 | 6 | 4 |
| part-time | 1 | - | - | - | 1 |
| in full-time equivalents | 7.7 | 8 | 5 | 6 | 4.8 |
| Average over the year, in full-time equivalents | 4.3 | 7.3 | 4.6 | 5.4 | 5 |
| On a permanent contract | 3 | 3 | 4 | 5 | 5 |
| Joined | 17 | 22 | 7 | - | 1 |
| Left | 14 | 22 | 10 | - | 2 |
| Training hours | - | - | - | - | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,814 | €38,795 | €66,890 | - | €17,885 |
| Financial fixed assets | €280 | - | - | €28,413 | - |
| Depreciation and write-downs of the year | €8,964 | €7,491 | €22,098 | €25,875 | €25,583 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €174,766 | €314,322 | €293,670 | €318,941 | €340,143 | ▲ 6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,052 | €35,634 | €31,180 | €8,964 | €7,491 | €22,098 | €25,875 | €25,583 | ▼ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €25,430 | -€396 | -€25,034 | - | - |
| Other operating charges640/8 | - | - | - | €2,041 | €3,397 | €2,178 | €30,636 | €7,746 | ▼ 74.7% |
| Gross operating margin9900 | €203,570 | €156,877 | €227,001 | €346,828 | €391,226 | €396,228 | €429,724 | €560,175 | ▲ 30.4% |
| Operating profit (loss)9901 | €16,275 | €8,891 | €66,931 | €161,058 | €40,587 | €78,679 | €79,305 | €186,703 | ▲ 135% |
| Financial income75/76B | - | - | - | €3,391 | €48,730 | €1,664 | €12,879 | €3,550 | ▼ 72.4% |
| Recurring financial income75 | €8,086 | €5,357 | €2,743 | €3,391 | €48,730 | €1,664 | €12,879 | €3,550 | ▼ 72.4% |
| Financial charges65/66B | - | - | - | €3,608 | €3,874 | €3,593 | €4,349 | €4,225 | ▼ 2.8% |
| Recurring financial charges65 | €8,005 | €5,694 | €8,784 | €3,608 | €3,874 | €3,593 | €4,349 | €4,225 | ▼ 2.8% |
| Profit (loss) for the period before taxes9903 | €16,356 | €8,554 | €60,890 | €160,841 | €85,442 | €76,750 | €87,835 | €186,028 | ▲ 112% |
| Income taxes67/77 | €722 | €500 | €19,117 | €51,762 | €24,431 | €22,950 | €21,161 | €58,378 | ▲ 176% |
| Profit (loss) for the period9904 | €15,634 | €8,054 | €41,773 | €109,079 | €61,011 | €53,800 | €66,674 | €127,651 | ▲ 91.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,600 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €15,634 | €8,054 | €41,773 | €127,679 | €61,011 | €53,800 | €66,674 | €127,651 | ▲ 91.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.6m | €0.5m | €0.7m | €1.1m | €0.9m | €1.0m | €1.1m | ▲ 10.0% |
| Fixed assets21/28 | €0.09m | €0.06m | €0.03m | €0.02m | €0.06m | €0.1m | €0.1m | €0.09m | ▼ 14.0% |
| Tangible fixed assets22/27 | €0.08m | €0.05m | €0.02m | €0.02m | €0.05m | €0.09m | €0.07m | €0.06m | ▼ 11.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.008m | €0.005m | €0.02m | ▲ 262% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.005m | €0.05m | €0.04m | €0.03m | ▼ 32.0% |
| Other tangible fixed assets26 | - | - | - | €0.008m | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 42.4% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.009m | €0.009m | €0.009m | €0.009m | €0.04m | €0.03m | ▼ 18.0% |
| Current assets29/58 | €0.5m | €0.5m | €0.4m | €0.7m | €1.1m | €0.8m | €0.9m | €1.0m | ▲ 12.8% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €0.3m | €0.4m | €0.3m | ▼ 25.3% |
| Stocks30/36 | - | - | - | €0.4m | €0.5m | €0.3m | €0.4m | €0.3m | ▼ 25.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.05m | €0.1m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 5.4% |
| Trade receivables40 | - | - | - | €0.1m | €0.3m | €0.1m | €0.2m | €0.2m | ▲ 1.5% |
| Other amounts receivable41 | - | - | - | €0.004m | €0.03m | €0.03m | €0.02m | €0.009m | ▼ 60.7% |
| Cash at bank and in hand54/58 | €0.08m | €0.04m | €0.04m | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 86.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.02m | €0.02m | €0.02m | €0.002m | ▼ 86.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.6m | €0.5m | €0.7m | €1.1m | €0.9m | €1.0m | €1.1m | ▲ 10.0% |
| Equity10/15 | €0.08m | €0.09m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 24.4% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.02m | €0.02m | €0.06m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 36.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 36.0% |
| Profit (loss) carried forward14 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.1m | €0.1m | = |
| Investment grants15 | - | - | - | €0.001m | €0.001m | €383 | €191 | - | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.3m | €0.5m | €0.8m | €0.5m | €0.6m | €0.8m | ▲ 35.2% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.1m | €0.05m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.05m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.2m | €0.4m | €0.8m | €0.5m | €0.6m | €0.8m | ▲ 32.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.007m | - | - | - | - |
| Trade debts44 | €0.09m | €0.1m | €0.1m | €0.3m | €0.5m | €0.3m | €0.3m | €0.3m | ▲ 8.4% |
| Suppliers440/4 | - | - | - | €0.3m | €0.5m | €0.3m | €0.3m | €0.3m | ▲ 8.4% |
| Advances received on contracts in progress46 | - | - | - | - | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 49.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.07m | €0.1m | ▲ 63.0% |
| Taxes450/3 | - | - | - | €0.05m | €0.06m | €0.02m | €0.03m | €0.04m | ▲ 44.4% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.06m | €0.08m | €0.04m | €0.07m | ▲ 77.1% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.2m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.001m | €0.001m | €32 | €0.02m | ▲ 535× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,634 | €8,054 | €41,773 | €109,079 | €61,011 | €53,800 | €66,674 | €127,651 | ▲ 91.5% |
| + Depreciation and write-downs630 | €38,052 | €35,634 | €31,180 | €8,964 | €7,491 | €22,098 | €25,875 | €25,583 | ▼ 1.1% |
| Operating cash flow (approximation) | €53,686 | €43,688 | €72,953 | €118,043 | €68,502 | €75,898 | €92,549 | €153,234 | ▲ 65.6% |
| Investment in fixed assets (approximation) | - | -€2,927 | €229 | -€7,094 | -€38,795 | -€66,890 | -€28,413 | -€11,098 | ▲ 60.9% |
| Change in cash | - | -€36,964 | -€2,259 | €108,951 | €78,485 | €86,217 | -€40,137 | €238,618 | - |
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, 3,818 companies had the same profile as CUISIMAT has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CUISIMAT itself: 0.1% 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.
| 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 3,818 companies, not a prediction for CUISIMAT. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00238433 | |
| 31-12-2024 | full format | 14-08-2025 | 2025-00383973 | |
| 31-12-2023 | full format | 26-03-2024 | 2024-00056014 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00299472 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20425835 | |
| 31-12-2020 | full format | 23-06-2021 | 2021-24100204 | |
| 31-12-2019 | full format | 30-04-2020 | 2020-10700087 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-25000136 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-56400296 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-52000018 |