CUVELIER PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 20 filings
Turnover
€221,640▲ 46.3%
2024 · €151,506
EBIT margin
8.2%▲ 10.4pp
2024 · -2.1%
Net result
€15,210
2024 · -€3,804
Working capital
-€13,139▲ 55.6%
2024 · -€29,579
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€221,640
▲ 46.3%
2025
20182025
Operating result
€18,254
2025
20182025
Net result
€15,210
2025
middle half of the sector
20182025
EBIT margin
8.2%
▲ 10.4pp
2025
20182025
Equity
€589
2025
lowest quarter of the sector
20182025
Total assets
€89,953
▲ 13.4%
2025
lowest quarter of the sector
20182025
Debt
€89,364
▼ 4.9%
2025
20182025
Working capital
-€13,139
▲ 55.6%
2025
lowest quarter of the sector
20182025
Solvency
0.7%
▲ 19.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.84
▲ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
16.9%
▲ 21.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€74,245-€26,091▼ 64.9%€40,175▲ 54.0%€144,976▲ 261%€126,421▼ 12.8%€174,982▲ 38.4%€151,506▼ 13.4%€221,640▲ 46.3%
Operating result-€52,717-€550€12,277▲ 22×€14,104▲ 14.9%€12,353▼ 12.4%€12,764▲ 3.3%-€3,217€18,254
Net result-€53,595-€110€12,253within the sector's middle half▲ 111×€14,164within the sector's middle half▲ 15.6%€12,160within the sector's middle half▼ 14.1%€12,271within the sector's middle half▲ 0.9%-€3,804below the sector's middle half€15,210within the sector's middle half
EBIT margin-71.0%-2.1%▲ 73.1pp30.6%▲ 28.5pp9.7%▼ 20.8pp9.8%=7.3%▼ 2.5pp-2.1%▼ 9.4pp8.2%▲ 10.4pp
Equity-€61,774--€61,664▲ 0.2%-€49,411below the sector's middle half▲ 19.9%-€35,248below the sector's middle half▲ 28.7%-€23,087below the sector's middle half▲ 34.5%-€10,817below the sector's middle half▲ 53.1%-€14,621below the sector's middle half▼ 35.2%€589below the sector's middle half
Total assets€18,573-€16,292▼ 12.3%€31,139below the sector's middle half▲ 91.1%€46,334below the sector's middle half▲ 48.8%€55,542below the sector's middle half▲ 19.9%€81,862below the sector's middle half▲ 47.4%€79,316below the sector's middle half▼ 3.1%€89,953below the sector's middle half▲ 13.4%
Debt€80,347-€77,956▼ 3.0%€80,551▲ 3.3%€81,582▲ 1.3%€78,629▼ 3.6%€92,678▲ 17.9%€93,937▲ 1.4%€89,364▼ 4.9%
Working capital-€61,734--€61,664▲ 0.1%-€59,642below the sector's middle half▲ 3.3%-€42,586below the sector's middle half▲ 28.6%-€27,533below the sector's middle half▲ 35.3%-€31,008below the sector's middle half▼ 12.6%-€29,579below the sector's middle half▲ 4.6%-€13,139below the sector's middle half▲ 55.6%
Solvency-332.6%--378.5%▼ 45.9pp-158.7%below the sector's middle half▲ 219.8pp-76.1%below the sector's middle half▲ 82.6pp-41.6%below the sector's middle half▲ 34.5pp-13.2%below the sector's middle half▲ 28.4pp-18.4%below the sector's middle half▼ 5.2pp0.7%below the sector's middle half▲ 19.1pp
Current ratio0.23-0.21▼ 0.020.26below the sector's middle half▲ 0.050.48below the sector's middle half▲ 0.220.65below the sector's middle half▲ 0.170.62below the sector's middle half▼ 0.030.66below the sector's middle half▲ 0.040.84below the sector's middle half▲ 0.19
Return on assets (ROA)-288.6%-0.7%▲ 289.2pp39.3%above the sector's middle half▲ 38.7pp30.6%above the sector's middle half▼ 8.8pp21.9%above the sector's middle half▼ 8.7pp15.0%above the sector's middle half▼ 6.9pp-4.8%below the sector's middle half▼ 19.8pp16.9%above the sector's middle half▲ 21.7pp
Staff (FTE)0.6-0below the sector's middle half
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 a profit of €18,254, after a loss of €3,217 in 2024. It is the highest result since 2021.
Large changes and their cause
- 2021 Turnover +261% on 2020. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €89,953
Fixed assets
€18,827 ▼ 18.5%
Current assets
€71,126 ▲ 26.5%
Equity and liabilities €89,953
Equity
€589
Debt
€89,364
Debt's share of the balance-sheet total is 99.3%.
Key figures and ratios
EBITDA
€24,956▲
2024 · €4,937
Cash flow
€21,913▲
2024 · €4,350
Quick ratio
0.77▲
2024 · 0.60
Interest coverage
47.74▲
2024 · 8.15
Debt ≤ 1 year
€84,266▼
2024 · €85,790
Debt > 1 year
€5,098▼
2024 · €8,146
Income taxes
€2,888
Customer credit
82 days▲
2024 · 74 days
Supplier credit
29 days▲
2024 · 19 days
The equity ratios are withheld because equity of €589 is too small for a meaningful ratio.
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 | - | - | €33,006 | - | €2,425 |
| Depreciation and write-downs of the year | €2,893 | €2,893 | €6,193 | €8,154 | €6,702 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €74,245 | €26,091 | €40,175 | €144,976 | €126,421 | €174,982 | €151,506 | €221,640 | ▲ 46.3% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €130,286 | €112,019 | €154,786 | €145,186 | €195,303 | ▲ 34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,711 | - | €1,339 | €2,893 | €2,893 | €6,193 | €8,154 | €6,702 | ▼ 17.8% |
| Other operating charges640/8 | - | - | - | €931 | €833 | €1,239 | €1,383 | €1,381 | ▼ 0.1% |
| Gross operating margin9900 | €15,194 | €2,319 | €15,194 | €17,928 | €16,078 | €20,196 | €6,320 | €26,337 | ▲ 317% |
| Operating profit (loss)9901 | -€52,717 | €550 | €12,277 | €14,104 | €12,353 | €12,764 | -€3,217 | €18,254 | - |
| Financial income75/76B | - | - | - | €198 | €5 | €23 | €19 | €368 | ▲ 19× |
| Recurring financial income75 | €108 | - | - | €198 | €5 | €23 | €19 | €368 | ▲ 19× |
| Financial charges65/66B | - | - | - | €139 | €198 | €516 | €606 | €523 | ▼ 13.7% |
| Recurring financial charges65 | €549 | €142 | €24 | €139 | €198 | €516 | €606 | €523 | ▼ 13.7% |
| Profit (loss) for the period before taxes9903 | -€53,159 | €407 | €12,253 | €14,164 | €12,160 | €12,271 | -€3,804 | €18,099 | - |
| Income taxes67/77 | €436 | €297 | - | - | - | - | - | €2,888 | - |
| Profit (loss) for the period9904 | -€53,595 | €110 | €12,253 | €14,164 | €12,160 | €12,271 | -€3,804 | €15,210 | - |
| Profit (loss) for the period to be appropriated9905 | -€53,595 | €110 | €12,253 | €14,164 | €12,160 | €12,271 | -€3,804 | €15,210 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €18,573 | €16,292 | €31,139 | €46,334 | €55,542 | €81,862 | €79,316 | €89,953 | ▲ 13.4% |
| Fixed assets21/28 | - | - | €10,231 | €7,338 | €4,446 | €31,259 | €23,104 | €18,827 | ▼ 18.5% |
| Tangible fixed assets22/27 | - | - | €10,231 | €7,338 | €4,446 | €31,259 | €23,104 | €18,827 | ▼ 18.5% |
| Furniture and vehicles24 | - | - | - | €7,338 | €4,446 | €31,259 | €23,104 | €18,827 | ▼ 18.5% |
| Current assets29/58 | €18,573 | €16,292 | €20,908 | €38,996 | €51,096 | €50,603 | €56,211 | €71,126 | ▲ 26.5% |
| Stocks and contracts in progress3 | €6,408 | €2,268 | - | €1,111 | - | €2,816 | €5,055 | €6,659 | ▲ 31.7% |
| Stocks30/36 | - | - | - | €1,111 | - | €2,816 | €5,055 | €6,659 | ▲ 31.7% |
| Amounts receivable within one year40/41 | €238 | €1,759 | €946 | €11,308 | €20,455 | €22,564 | €34,792 | €54,347 | ▲ 56.2% |
| Trade receivables40 | - | - | - | €11,203 | €15,313 | €18,731 | €30,663 | €50,059 | ▲ 63.3% |
| Other amounts receivable41 | - | - | - | €105 | €5,142 | €3,833 | €4,129 | €4,288 | ▲ 3.9% |
| Cash at bank and in hand54/58 | €11,927 | €12,265 | €19,962 | €26,577 | €30,640 | €25,223 | €16,365 | €10,120 | ▼ 38.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €18,573 | €16,292 | €31,139 | €46,334 | €55,542 | €81,862 | €79,316 | €89,953 | ▲ 13.4% |
| Equity10/15 | -€61,774 | -€61,664 | -€49,411 | -€35,248 | -€23,087 | -€10,817 | -€14,621 | €589 | - |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€81,774 | -€81,664 | -€69,411 | -€55,248 | -€43,087 | -€30,817 | -€34,621 | -€19,411 | ▲ 43.9% |
| Amounts payable17/49 | €80,347 | €77,956 | €80,551 | €81,582 | €78,629 | €92,678 | €93,937 | €89,364 | ▼ 4.9% |
| Amounts payable after more than one year17 | - | - | - | - | - | €11,068 | €8,146 | €5,098 | ▼ 37.4% |
| Financial debts170/4 | - | - | - | - | - | €11,068 | €8,146 | €5,098 | ▼ 37.4% |
| Amounts payable within one year42/48 | €80,307 | €77,956 | €80,551 | €81,582 | €78,629 | €81,611 | €85,790 | €84,266 | ▼ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €2,800 | €2,921 | €3,048 | ▲ 4.3% |
| Trade debts44 | €322 | €860 | €3,739 | €1,451 | €496 | €3,345 | €7,606 | €15,711 | ▲ 107% |
| Suppliers440/4 | - | - | - | €1,451 | €496 | €3,345 | €7,606 | €15,711 | ▲ 107% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €2,485 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,573 | €2,419 | - | - | €2,888 | - |
| Taxes450/3 | - | - | - | €1,171 | - | - | - | €2,888 | - |
| Remuneration and social security454/9 | - | - | - | €2,403 | €2,419 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €76,557 | €75,714 | €75,465 | €75,263 | €60,134 | ▼ 20.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€53,595 | €110 | €12,253 | €14,164 | €12,160 | €12,271 | -€3,804 | €15,210 | - |
| + Depreciation and write-downs630 | €2,711 | - | €1,339 | €2,893 | €2,893 | €6,193 | €8,154 | €6,702 | ▼ 17.8% |
| Operating cash flow (approximation) | -€50,884 | €110 | €13,592 | €17,056 | €15,053 | €18,464 | €4,350 | €21,913 | ▲ 404% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | -€33,006 | €0 | -€2,425 | - |
| Change in cash | - | €338 | €7,697 | €6,615 | €4,063 | -€5,417 | -€8,858 | -€6,245 | ▲ 29.5% |
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, 931 companies had the same profile as CUVELIER PROJECTS has now. Two years later, 93.2% were still going and 1.9% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a profit of 5% of the balance sheet or more
93.2%
was still going
4.5%
stopped otherwise
1.9%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CUVELIER PROJECTS itself: 1.2% 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 931 companies, not a prediction for CUVELIER PROJECTS. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00282060 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00239832 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00189718 | |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00197321 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20201442 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37600303 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33500353 | |
| 31-12-2018 | micro format | 02-08-2019 | 2019-44600074 | |
| 31-12-2017 | abbreviated format | 10-07-2018 | 2018-31400342 | |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-33600117 |