CUMPS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-10-2025 PDF all 38 filings
Turnover
≈ €140,000
Estimated: probably between €92,000 and €180,000
Total assets
€103,727▲ 80.9%
2024 · €57,351
Net result
€26,281▲ 168%
2024 · €9,824
Working capital
€26,012▲ 2.1%
2024 · €25,481
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€32,214
▲ 200%
2025
20192025
Net result
€26,281
▲ 168%
2025
middle half of the sector
20192025
Equity
€56,196
▲ 40.8%
2025
middle half of the sector
20192025
Total assets
€103,727
▲ 80.9%
2025
middle half of the sector
20192025
Debt
€47,530
▲ 173%
2025
20192025
Working capital
€26,012
▲ 2.1%
2025
middle half of the sector
20192025
Solvency
54.2%
▼ 15.4pp
2025
middle half of the sector
20192025
Current ratio
1.81
▼ 1.23
2025
middle half of the sector
20192025
Return on assets (ROA)
25.3%
▲ 8.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€5,316-€5,601-€11,155€14,218€3,612▼ 74.6%€10,724▲ 197%€32,214▲ 200%
Net result-€5,357-€4,914within the sector's middle half-€11,312below the sector's middle half€13,952within the sector's middle half€3,389within the sector's middle half▼ 75.7%€9,824within the sector's middle half▲ 190%€26,281within the sector's middle half▲ 168%
Equity€19,148-€24,062within the sector's middle half▲ 25.7%€12,749below the sector's middle half▼ 47.0%€26,702within the sector's middle half▲ 109%€30,091within the sector's middle half▲ 12.7%€39,915within the sector's middle half▲ 32.6%€56,196within the sector's middle half▲ 40.8%
Total assets€42,250-€42,550below the sector's middle half▲ 0.7%€33,760below the sector's middle half▼ 20.7%€44,859below the sector's middle half▲ 32.9%€67,994within the sector's middle half▲ 51.6%€57,351below the sector's middle half▼ 15.7%€103,727within the sector's middle half▲ 80.9%
Debt€23,101-€18,488▼ 20.0%€21,011▲ 13.6%€18,157▼ 13.6%€37,903▲ 109%€17,436▼ 54.0%€47,530▲ 173%
Working capital€20,588-€28,512within the sector's middle half▲ 38.5%€17,200within the sector's middle half▼ 39.7%€26,652within the sector's middle half▲ 55.0%€28,234within the sector's middle half▲ 5.9%€25,481within the sector's middle half▼ 9.7%€26,012within the sector's middle half▲ 2.1%
Solvency45.3%-56.5%within the sector's middle half▲ 11.2pp37.8%within the sector's middle half▼ 18.8pp59.5%within the sector's middle half▲ 21.8pp44.3%within the sector's middle half▼ 15.3pp69.6%within the sector's middle half▲ 25.3pp54.2%within the sector's middle half▼ 15.4pp
Current ratio2.16-3.04within the sector's middle half▲ 0.882.04within the sector's middle half▼ 1.002.47within the sector's middle half▲ 0.432.58within the sector's middle half▲ 0.113.05within the sector's middle half▲ 0.471.81within the sector's middle half▼ 1.23
Return on assets (ROA)-12.7%-11.5%within the sector's middle half▲ 24.2pp-33.5%below the sector's middle half▼ 45.1pp31.1%above the sector's middle half▲ 64.6pp5.0%within the sector's middle half▼ 26.1pp17.1%within the sector's middle half▲ 12.1pp25.3%within the sector's middle half▲ 8.2pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 3 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €103,727
Fixed assets
€45,784 ▲ 136%
Current assets
€57,943 ▲ 52.8%
Equity and liabilities €103,727
Equity
€56,196 ▲ 40.8%
Debt
€47,530 ▲ 173%
Debt's share of the balance-sheet total rises from 30.4% to 45.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€41,392▲
2024 · €13,147
Cash flow
€35,460▲
2024 · €12,247
Debt to equity
0.85▲
2024 · 0.44
ROE
46.8%▲
2024 · 24.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€31,930▲
2024 · €12,436
Debt > 1 year
€15,600▲
2024 · €5,000
Income taxes
€5,641▲
2024 · €853
Staff costs
€6,508
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €24,230 | - | €35,528 |
| Depreciation and write-downs of the year | - | €2,423 | €2,423 | €9,178 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €6,508 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,044 | €3,880 | - | - | €2,423 | €2,423 | €9,178 | ▲ 279% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,745 | - | €2,104 | €260 | ▼ 87.7% |
| Other operating charges640/8 | - | - | - | €898 | €793 | €854 | €870 | ▲ 1.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €62 | - | - |
| Gross operating margin9900 | €1,956 | €20,548 | -€379 | €13,371 | €6,828 | €16,168 | €49,029 | ▲ 203% |
| Operating profit (loss)9901 | -€5,316 | €5,601 | -€11,155 | €14,218 | €3,612 | €10,724 | €32,214 | ▲ 200% |
| Financial income75/76B | - | - | - | €37 | €30 | €1 | €21 | ▲ 21× |
| Recurring financial income75 | €6 | €10 | €53 | €37 | €30 | €1 | €21 | ▲ 21× |
| Financial charges65/66B | - | - | - | €121 | €57 | €48 | €312 | ▲ 551% |
| Recurring financial charges65 | €225 | €165 | €40 | €121 | €57 | €48 | €312 | ▲ 551% |
| Profit (loss) for the period before taxes9903 | -€5,535 | €5,446 | -€11,143 | €14,134 | €3,585 | €10,677 | €31,922 | ▲ 199% |
| Income taxes67/77 | -€178 | €533 | €169 | €182 | €195 | €853 | €5,641 | ▲ 561% |
| Profit (loss) for the period9904 | -€5,357 | €4,914 | -€11,312 | €13,952 | €3,389 | €9,824 | €26,281 | ▲ 168% |
| Profit (loss) for the period to be appropriated9905 | -€5,357 | €4,914 | -€11,312 | €13,952 | €3,389 | €9,824 | €26,281 | ▲ 168% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €42,250 | €42,550 | €33,760 | €44,859 | €67,994 | €57,351 | €103,727 | ▲ 80.9% |
| Fixed assets21/28 | €3,929 | €50 | €50 | €50 | €21,857 | €19,434 | €45,784 | ▲ 136% |
| Tangible fixed assets22/27 | €3,880 | - | - | - | €21,807 | €19,384 | €45,734 | ▲ 136% |
| Furniture and vehicles24 | - | - | - | - | - | - | €28,773 | - |
| Other tangible fixed assets26 | - | - | - | - | €21,807 | €19,384 | €16,961 | ▼ 12.5% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €38,320 | €42,501 | €33,710 | €44,809 | €46,138 | €37,917 | €57,943 | ▲ 52.8% |
| Amounts receivable within one year40/41 | €36,044 | €37,871 | €15,843 | €27,243 | €31,618 | €11,029 | €26,420 | ▲ 140% |
| Trade receivables40 | - | - | - | €24,826 | €29,440 | €9,339 | €7,483 | ▼ 19.9% |
| Other amounts receivable41 | - | - | - | €2,417 | €2,178 | €1,690 | €18,937 | ▲ 11× |
| Cash at bank and in hand54/58 | €1,396 | €3,848 | €17,022 | €16,687 | €13,612 | €25,939 | €28,568 | ▲ 10.1% |
| Deferred charges and accrued income490/1 | - | - | - | €880 | €907 | €949 | €2,954 | ▲ 211% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €42,250 | €42,550 | €33,760 | €44,859 | €67,994 | €57,351 | €103,727 | ▲ 80.9% |
| Equity10/15 | €19,148 | €24,062 | €12,749 | €26,702 | €30,091 | €39,915 | €56,196 | ▲ 40.8% |
| Contributions10/11 | €6,205 | - | - | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Reserves13 | €12,943 | €17,856 | €9,660 | €9,660 | €23,886 | €33,710 | €49,991 | ▲ 48.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €7,800 | €7,800 | €7,800 | €7,800 | = |
| Distributable reserves133 | - | - | - | - | €14,226 | €24,050 | €40,331 | ▲ 67.7% |
| Profit (loss) carried forward14 | - | - | -€3,116 | €10,836 | - | - | - | - |
| Amounts payable17/49 | €23,101 | €18,488 | €21,011 | €18,157 | €37,903 | €17,436 | €47,530 | ▲ 173% |
| Amounts payable after more than one year17 | €5,369 | €4,500 | €4,500 | - | €20,000 | €5,000 | €15,600 | ▲ 212% |
| Financial debts170/4 | - | - | - | - | - | - | €15,600 | - |
| Other amounts payable178/9 | - | - | - | - | €20,000 | €5,000 | - | - |
| Amounts payable within one year42/48 | €17,733 | €13,988 | €16,511 | €18,157 | €17,903 | €12,436 | €31,930 | ▲ 157% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €4,331 | - |
| Trade debts44 | €11,071 | €3,132 | €7,337 | €9,394 | €7,476 | €1,742 | €5,708 | ▲ 228% |
| Suppliers440/4 | - | - | - | €9,394 | €7,476 | €1,742 | €5,708 | ▲ 228% |
| Advances received on contracts in progress46 | - | - | - | €5,749 | €5,599 | €5,599 | €5,599 | = |
| Taxes, remuneration and social security45 | - | - | - | €2,295 | €490 | €969 | €6,293 | ▲ 550% |
| Taxes450/3 | - | - | - | €295 | €490 | €969 | €5,641 | ▲ 482% |
| Remuneration and social security454/9 | - | - | - | €2,000 | - | - | €652 | - |
| Other amounts payable47/48 | - | - | - | €721 | €4,339 | €4,126 | €10,000 | ▲ 142% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,357 | €4,914 | -€11,312 | €13,952 | €3,389 | €9,824 | €26,281 | ▲ 168% |
| + Depreciation and write-downs630 | €4,044 | €3,880 | - | - | €2,423 | €2,423 | €9,178 | ▲ 279% |
| Operating cash flow (approximation) | -€1,314 | €8,793 | -€11,312 | €13,952 | €5,812 | €12,247 | €35,460 | ▲ 190% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€24,230 | €0 | -€35,528 | - |
| Change in cash | - | €2,452 | €13,174 | -€335 | -€3,075 | €12,327 | €2,629 | ▼ 78.7% |
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, 31,368 companies had the same profile as CUMPS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CUMPS 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 31,368 companies, not a prediction for CUMPS. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 30-10-2025 | 2025-00561816 | |
| 31-03-2024 | micro format | 08-10-2024 | 2024-00499075 | |
| 31-03-2023 | micro format | 04-10-2023 | 2023-00469921 | |
| 31-03-2022 | micro format | 02-11-2022 | 2022-20481120 | |
| 31-03-2021 | micro format | 30-09-2021 | 2021-69500471 | |
| 31-03-2020 | micro format | 02-11-2020 | 2020-67700305 | |
| 31-03-2019 | micro format | 28-10-2019 | 2019-71600072 | |
| 31-03-2018 | micro format | 26-10-2018 | 2018-70400204 | |
| 31-03-2017 | micro format | 20-10-2017 | 2017-67500579 | |
| 31-03-2016 | full format | 18-11-2016 | 2016-68100126 |