CUVELIER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 26 filings
Turnover
≈ €54,000
Estimated: probably between €28,000 and €100,000
Total assets
€40,290▲ 8.5%
2024 · €37,136
Net result
€3,235
2024 · -€2,794
Working capital
€21,711▲ 15.0%
2024 · €18,876
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,481
2025
20182025
Net result
€3,235
2025
middle half of the sector
20182025
Equity
€31,898
▲ 11.3%
2025
middle half of the sector
20182025
Total assets
€40,290
▲ 8.5%
2025
lowest quarter of the sector
20182025
Debt
€8,392
▼ 1.0%
2025
20182025
Working capital
€21,711
▲ 15.0%
2025
middle half of the sector
20182025
Solvency
79.2%
▲ 2.0pp
2025
highest quarter of the sector
20182025
Current ratio
3.65
▲ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
8.0%
▲ 15.6pp
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€33,358-€14,082▼ 57.8%-€3,803€18,455€19,547▲ 5.9%€2,751▼ 85.9%-€1,695€4,481
Net result€22,581-€9,830▼ 56.5%-€4,655below the sector's middle half€12,948within the sector's middle half€14,065within the sector's middle half▲ 8.6%€1,194within the sector's middle half▼ 91.5%-€2,794below the sector's middle half€3,235within the sector's middle half
Equity-€1,927-€7,903€3,249below the sector's middle half▼ 58.9%€16,197within the sector's middle half▲ 399%€30,262within the sector's middle half▲ 86.8%€31,457within the sector's middle half▲ 3.9%€28,663within the sector's middle half▼ 8.9%€31,898within the sector's middle half▲ 11.3%
Total assets€23,077-€18,689▼ 19.0%€18,800below the sector's middle half▲ 0.6%€34,245below the sector's middle half▲ 82.2%€42,808below the sector's middle half▲ 25.0%€43,242below the sector's middle half▲ 1.0%€37,136below the sector's middle half▼ 14.1%€40,290below the sector's middle half▲ 8.5%
Debt€25,004-€10,786▼ 56.9%€15,552▲ 44.2%€18,048▲ 16.1%€12,546▼ 30.5%€11,785▼ 6.1%€8,474▼ 28.1%€8,392▼ 1.0%
Working capital-€7,060-€5,319-€4,085within the sector's middle half-€9,849below the sector's middle half▼ 141%€5,539within the sector's middle half€19,433within the sector's middle half▲ 251%€18,876within the sector's middle half▼ 2.9%€21,711within the sector's middle half▲ 15.0%
Solvency-8.3%-42.3%▲ 50.6pp17.3%within the sector's middle half▼ 25.0pp47.3%within the sector's middle half▲ 30.0pp70.7%within the sector's middle half▲ 23.4pp72.7%within the sector's middle half▲ 2.1pp77.2%above the sector's middle half▲ 4.4pp79.2%above the sector's middle half▲ 2.0pp
Current ratio0.72-1.49▲ 0.780.74below the sector's middle half▼ 0.760.45below the sector's middle half▼ 0.281.44within the sector's middle half▲ 0.992.67within the sector's middle half▲ 1.223.23within the sector's middle half▲ 0.563.65within the sector's middle half▲ 0.42
Return on assets (ROA)97.9%-52.6%▼ 45.3pp-24.8%below the sector's middle half▼ 77.4pp37.8%above the sector's middle half▲ 62.6pp32.9%above the sector's middle half▼ 5.0pp2.8%within the sector's middle half▼ 30.1pp-7.5%below the sector's middle half▼ 10.3pp8.0%within the sector's middle half▲ 15.6pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 a profit of €4,481, after a loss of €1,695 in 2024.
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 €40,290
Fixed assets
€10,386 ▲ 6.1%
Current assets
€29,904 ▲ 9.3%
Equity and liabilities €40,290
Equity
€31,898 ▲ 11.3%
Debt
€8,392 ▼ 1.0%
Debt's share of the balance-sheet total falls from 22.8% to 20.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€8,284▲
2024 · €2,693
Cash flow
€7,038▲
2024 · €1,594
Debt to equity
0.26▼
2024 · 0.30
ROE
10.1%▲
2024 · -9.7%
Interest coverage
18.05▲
2024 · 5.11
Debt ≤ 1 year
€8,194▼
2024 · €8,474
Income taxes
€1,896▲
2024 · €633
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 | €584 | €868 | €10,427 | €2,036 | €4,402 |
| Financial fixed assets | €20,000 | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,871 | €1,894 | €3,346 | €4,388 | €3,803 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €900 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,759 | €2,549 | €4,063 | €1,871 | €1,894 | €3,346 | €4,388 | €3,803 | ▼ 13.3% |
| Other operating charges640/8 | - | - | - | €1,373 | €1,215 | €2,246 | €754 | €905 | ▲ 20.0% |
| Gross operating margin9900 | €42,700 | €17,238 | €865 | €21,699 | €22,656 | €8,343 | €3,448 | €9,189 | ▲ 167% |
| Operating profit (loss)9901 | €33,358 | €14,082 | -€3,803 | €18,455 | €19,547 | €2,751 | -€1,695 | €4,481 | - |
| Financial income75/76B | - | - | - | €38 | €63 | €0 | €61 | €1,109 | ▲ 18× |
| Recurring financial income75 | €6 | €0 | €0 | €38 | €63 | €0 | €61 | €1,109 | ▲ 18× |
| Financial charges65/66B | - | - | - | €904 | €557 | €272 | €527 | €459 | ▼ 12.9% |
| Recurring financial charges65 | €244 | €445 | €566 | €904 | €557 | €272 | €527 | €459 | ▼ 12.9% |
| Profit (loss) for the period before taxes9903 | €33,120 | €13,637 | -€4,370 | €17,590 | €19,053 | €2,480 | -€2,160 | €5,131 | - |
| Transfer from deferred taxes780 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €10,539 | €3,807 | €285 | €4,642 | €4,988 | €1,286 | €633 | €1,896 | ▲ 199% |
| Profit (loss) for the period9904 | €22,581 | €9,830 | -€4,655 | €12,948 | €14,065 | €1,194 | -€2,794 | €3,235 | - |
| Profit (loss) for the period to be appropriated9905 | €22,581 | €9,830 | -€4,545 | €12,948 | €14,065 | €1,194 | -€2,794 | €3,235 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €23,077 | €18,689 | €18,800 | €34,245 | €42,808 | €43,242 | €37,136 | €40,290 | ▲ 8.5% |
| Fixed assets21/28 | €5,133 | €2,584 | €7,370 | €26,083 | €24,724 | €12,138 | €9,787 | €10,386 | ▲ 6.1% |
| Tangible fixed assets22/27 | €5,098 | €2,549 | €7,370 | €6,083 | €5,057 | €12,138 | €9,787 | €10,386 | ▲ 6.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | €8,773 | €7,822 | €5,711 | ▼ 27.0% |
| Furniture and vehicles24 | - | - | - | €6,083 | €5,057 | €3,365 | €1,965 | €4,675 | ▲ 138% |
| Financial fixed assets28 | €35 | €35 | - | €20,000 | €19,667 | €0 | - | - | - |
| Current assets29/58 | €17,944 | €16,105 | €11,430 | €8,162 | €18,085 | €31,104 | €27,350 | €29,904 | ▲ 9.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €19,667 | €0 | - | - |
| Other amounts receivable291 | - | - | - | - | - | €19,667 | €0 | - | - |
| Amounts receivable within one year40/41 | €17,417 | €12,397 | €10,692 | €3,279 | €4,406 | €2,036 | €27,128 | €28,498 | ▲ 5.0% |
| Trade receivables40 | - | - | - | €3,279 | €303 | €322 | €10,524 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0 | €4,103 | €1,714 | €16,605 | €28,498 | ▲ 71.6% |
| Cash at bank and in hand54/58 | - | €3,139 | - | €4,225 | €13,463 | €9,184 | €0 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €657 | €216 | €217 | €221 | €1,407 | ▲ 536% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €23,077 | €18,689 | €18,800 | €34,245 | €42,808 | €43,242 | €37,136 | €40,290 | ▲ 8.5% |
| Equity10/15 | -€1,927 | €7,903 | €3,249 | €16,197 | €30,262 | €31,457 | €28,663 | €31,898 | ▲ 11.3% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €278 | €278 | €168 | €168 | €168 | €168 | €168 | €3,403 | ▲ 20× |
| Non-distributable reserves130/1 | - | - | - | €168 | €168 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €168 | €168 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €168 | €168 | €3,403 | ▲ 20× |
| Profit (loss) carried forward14 | -€20,796 | -€10,966 | -€15,511 | -€2,563 | €11,503 | €12,697 | €9,903 | €9,903 | = |
| Amounts payable17/49 | €25,004 | €10,786 | €15,552 | €18,048 | €12,546 | €11,785 | €8,474 | €8,392 | ▼ 1.0% |
| Amounts payable within one year42/48 | €25,004 | €10,786 | €15,515 | €18,011 | €12,546 | €11,670 | €8,474 | €8,194 | ▼ 3.3% |
| Financial debts43 | - | - | - | €539 | €101 | €638 | €3,027 | €554 | ▼ 81.7% |
| Credit institutions430/8 | - | - | - | €539 | €101 | €638 | €3,027 | €554 | ▼ 81.7% |
| Trade debts44 | €2,495 | €1,831 | €1,316 | €553 | €1,278 | €1,398 | €653 | €599 | ▼ 8.4% |
| Suppliers440/4 | - | - | - | €553 | €1,278 | €1,398 | €653 | €599 | ▼ 8.4% |
| Taxes, remuneration and social security45 | - | - | - | €14,737 | €11,166 | €8,371 | €4,793 | €7,041 | ▲ 46.9% |
| Taxes450/3 | - | - | - | €12,423 | €8,465 | €8,371 | €4,793 | €7,041 | ▲ 46.9% |
| Remuneration and social security454/9 | - | - | - | €2,314 | €2,701 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €2,181 | €0 | €1,263 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €37 | €0 | €115 | €0 | €199 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,581 | €9,830 | -€4,655 | €12,948 | €14,065 | €1,194 | -€2,794 | €3,235 | - |
| + Depreciation and write-downs630 | €8,759 | €2,549 | €4,063 | €1,871 | €1,894 | €3,346 | €4,388 | €3,803 | ▼ 13.3% |
| Operating cash flow (approximation) | €31,340 | €12,379 | -€591 | €14,819 | €15,959 | €4,540 | €1,594 | €7,038 | ▲ 341% |
| Investment in fixed assets (approximation) | - | €0 | -€8,849 | -€20,584 | -€534 | €9,240 | -€2,036 | -€4,402 | ▼ 116% |
| Change in cash | - | - | - | - | €9,237 | -€4,279 | -€9,184 | - | - |
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 CUVELIER 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 CUVELIER itself: 0.3% 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 CUVELIER. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00141177 | |
| 31-12-2024 | micro format | 23-08-2025 | 2025-00407699 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00449662 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00351625 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20106321 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-55100552 | |
| 31-12-2019 | micro format | 23-09-2020 | 2020-55000316 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60300029 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-58800354 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-50000189 |