CuNiCon
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €110,000
Estimated: probably between €64,000 and €190,000
Total assets
€364,383▲ 1.0%
2024 · €360,939
Net result
€5,514▼ 38.4%
2024 · €8,946
Working capital
-€190,066▼ 113%
2024 · -€89,250
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€18,074
▼ 16.6%
2025
20212025
Net result
€5,514
▼ 38.4%
2025
middle half of the sector
20212025
Equity
€100,922
▼ 25.1%
2025
middle half of the sector
20212025
Total assets
€364,383
▲ 1.0%
2025
middle half of the sector
20212025
Debt
€263,461
▲ 16.5%
2025
20212025
Working capital
-€190,066
▼ 113%
2025
lowest quarter of the sector
20212025
Solvency
27.7%
▼ 9.6pp
2025
middle half of the sector
20212025
Current ratio
0.26
▼ 0.34
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
1.5%
▼ 1.0pp
2025
middle half of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€49,080-€61,246▲ 24.8%€64,193▲ 4.8%€21,662▼ 66.3%€18,074▼ 16.6%
Net result€39,293above the sector's middle half-€43,389above the sector's middle half▲ 10.4%€41,074above the sector's middle half▼ 5.3%€8,946within the sector's middle half▼ 78.2%€5,514within the sector's middle half▼ 38.4%
Equity€41,293within the sector's middle half-€84,681within the sector's middle half▲ 105%€125,755within the sector's middle half▲ 48.5%€134,701below the sector's middle half▲ 7.1%€100,922within the sector's middle half▼ 25.1%
Total assets€77,492below the sector's middle half-€133,946within the sector's middle half▲ 72.9%€267,608within the sector's middle half▲ 99.8%€360,939below the sector's middle half▲ 34.9%€364,383within the sector's middle half▲ 1.0%
Debt€36,199-€49,264▲ 36.1%€141,853▲ 188%€226,238▲ 59.5%€263,461▲ 16.5%
Working capital€13,345within the sector's middle half-€50,049within the sector's middle half▲ 275%-€27,655below the sector's middle half-€89,250below the sector's middle half▼ 223%-€190,066below the sector's middle half▼ 113%
Solvency53.3%within the sector's middle half-63.2%within the sector's middle half▲ 9.9pp47.0%within the sector's middle half▼ 16.2pp37.3%within the sector's middle half▼ 9.7pp27.7%within the sector's middle half▼ 9.6pp
Current ratio1.49within the sector's middle half-2.08within the sector's middle half▲ 0.580.61below the sector's middle half▼ 1.460.60below the sector's middle half▼ 0.010.26below the sector's middle half▼ 0.34
Return on assets (ROA)50.7%above the sector's middle half-32.4%above the sector's middle half▼ 18.3pp15.3%above the sector's middle half▼ 17.0pp2.5%within the sector's middle half▼ 12.9pp1.5%within the sector's middle half▼ 1.0pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 17% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €364,383
Fixed assets
€296,395 ▲ 31.5%
Current assets
€67,988 ▼ 49.9%
Equity and liabilities €364,383
Equity
€100,922 ▼ 25.1%
Debt
€263,461 ▲ 16.5%
Debt's share of the balance-sheet total rises from 62.7% to 72.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€25,520▼
2024 · €33,262
Cash flow
€12,960▼
2024 · €20,546
Quick ratio
0.26▼
2024 · 0.60
Debt to equity
2.61▲
2024 · 1.68
ROE
5.5%▼
2024 · 6.6%
Interest coverage
3.31▼
2024 · 4.47
Debt ≤ 1 year
€258,054▲
2024 · €224,838
Income taxes
€5,253▼
2024 · €5,273
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €45,661 | €12,699 | - | €12,782 | €81,739 |
| Financial fixed assets | - | - | €200,000 | - | - |
| Depreciation and write-downs of the year | €8,510 | €12,488 | €13,194 | €11,600 | €7,447 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €10,438 | €0 | - | - | €22,338 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,510 | €12,488 | €13,194 | €11,600 | €7,447 | ▼ 35.8% |
| Other operating charges640/8 | €1,831 | €497 | €881 | €761 | €779 | ▲ 2.3% |
| Gross operating margin9900 | €59,421 | €74,231 | €78,268 | €34,023 | €26,299 | ▼ 22.7% |
| Operating profit (loss)9901 | €49,080 | €61,246 | €64,193 | €21,662 | €18,074 | ▼ 16.6% |
| Financial income75/76B | €6 | €0 | - | - | €399 | - |
| Recurring financial income75 | €6 | €0 | - | - | €399 | - |
| Financial charges65/66B | €312 | €437 | €3,194 | €7,443 | €7,706 | ▲ 3.5% |
| Recurring financial charges65 | €312 | €437 | €3,194 | €7,443 | €7,706 | ▲ 3.5% |
| Profit (loss) for the period before taxes9903 | €48,773 | €60,809 | €60,999 | €14,219 | €10,766 | ▼ 24.3% |
| Income taxes67/77 | €9,481 | €17,420 | €19,925 | €5,273 | €5,253 | ▼ 0.4% |
| Profit (loss) for the period9904 | €39,293 | €43,389 | €41,074 | €8,946 | €5,514 | ▼ 38.4% |
| Profit (loss) for the period to be appropriated9905 | €39,293 | €43,389 | €41,074 | €8,946 | €5,514 | ▼ 38.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €77,492 | €133,946 | €267,608 | €360,939 | €364,383 | ▲ 1.0% |
| Fixed assets21/28 | €37,152 | €37,363 | €224,169 | €225,351 | €296,395 | ▲ 31.5% |
| Tangible fixed assets22/27 | €37,152 | €37,363 | €24,169 | €25,351 | €96,395 | ▲ 280% |
| Furniture and vehicles24 | €37,152 | €25,307 | €13,383 | €3,249 | €78,119 | ▲ 24× |
| Other tangible fixed assets26 | - | €12,056 | €10,786 | €22,103 | €18,276 | ▼ 17.3% |
| Financial fixed assets28 | - | - | €200,000 | €200,000 | €200,000 | = |
| Current assets29/58 | €40,340 | €96,583 | €43,439 | €135,588 | €67,988 | ▼ 49.9% |
| Stocks and contracts in progress3 | €225 | €480 | €508 | €490 | €472 | ▼ 3.7% |
| Stocks30/36 | €225 | €480 | €508 | €490 | €472 | ▼ 3.7% |
| Amounts receivable within one year40/41 | €5,245 | €11,864 | €13,695 | €2,227 | €17,282 | ▲ 676% |
| Trade receivables40 | €5,245 | €11,864 | €13,695 | €0 | €15,433 | - |
| Other amounts receivable41 | - | - | - | €2,227 | €1,849 | ▼ 17.0% |
| Cash at bank and in hand54/58 | €34,870 | €84,238 | €29,236 | €131,720 | €48,115 | ▼ 63.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,151 | €2,120 | ▲ 84.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €77,492 | €133,946 | €267,608 | €360,939 | €364,383 | ▲ 1.0% |
| Equity10/15 | €41,293 | €84,681 | €125,755 | €134,701 | €100,922 | ▼ 25.1% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €39,293 | €82,681 | €123,755 | €132,701 | €98,922 | ▼ 25.5% |
| Distributable reserves133 | €39,293 | €82,681 | €123,755 | €132,701 | €98,922 | ▼ 25.5% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €36,199 | €49,264 | €141,853 | €226,238 | €263,461 | ▲ 16.5% |
| Amounts payable after more than one year17 | €8,974 | €2,256 | €70,381 | €0 | - | - |
| Financial debts170/4 | €8,974 | €2,256 | €70,381 | €0 | - | - |
| Amounts payable within one year42/48 | €26,995 | €46,533 | €71,094 | €224,838 | €258,054 | ▲ 14.8% |
| Current portion of amounts payable after more than one year42 | €6,641 | €6,718 | €21,174 | €0 | - | - |
| Trade debts44 | €1,361 | €11,552 | €18,648 | €2,284 | €2,130 | ▼ 6.8% |
| Suppliers440/4 | €1,361 | €11,552 | €18,648 | €2,284 | €2,130 | ▼ 6.8% |
| Taxes, remuneration and social security45 | €13,130 | €22,095 | €24,175 | €4,580 | €3,280 | ▼ 28.4% |
| Taxes450/3 | €11,130 | €19,769 | €22,175 | €2,580 | €567 | ▼ 78.0% |
| Remuneration and social security454/9 | €2,000 | €2,327 | €2,000 | €2,000 | €2,713 | ▲ 35.6% |
| Other amounts payable47/48 | €5,864 | €6,168 | €7,097 | €217,974 | €252,645 | ▲ 15.9% |
| Accrued charges and deferred income492/3 | €230 | €475 | €378 | €1,400 | €5,407 | ▲ 286% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,293 | €43,389 | €41,074 | €8,946 | €5,514 | ▼ 38.4% |
| + Depreciation and write-downs630 | €8,510 | €12,488 | €13,194 | €11,600 | €7,447 | ▼ 35.8% |
| Operating cash flow (approximation) | €47,802 | €55,877 | €54,268 | €20,546 | €12,960 | ▼ 36.9% |
| Investment in fixed assets (approximation) | - | -€12,699 | -€200,000 | -€12,782 | -€78,490 | ▼ 514% |
| Change in cash | - | €49,368 | -€55,003 | €102,484 | -€83,605 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00222595 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00185155 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00393447 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00180329 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20158392 |