CVM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00421758.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 8 filings
Turnover
€98,527▼ 2.5%
2018 · €101,103
EBIT margin
3.3%▼ 10.0pp
2018 · 13.3%
Net result
€6,969
2024 · -€6,455
Working capital
€15,940▲ 21.5%
2024 · €13,120
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€9,365
2025
20182025
Net result
€6,969
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€18,010
▼ 34.3%
2025
middle half of the sector
20182025
Total assets
€57,028
▼ 21.6%
2025
middle half of the sector
20182025
Debt
€39,018
▼ 13.9%
2025
20182025
Working capital
€15,940
▲ 21.5%
2025
middle half of the sector
20182025
Solvency
31.6%
▼ 6.1pp
2025
middle half of the sector
20182025
Current ratio
1.88
▲ 0.33
2025
middle half of the sector
20182025
Return on assets (ROA)
12.2%
▲ 21.1pp
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
Turnover€101,103-€98,527▼ 2.5%
Operating result€13,458-€3,268▼ 75.7%€15,440▲ 372%€4,927▼ 68.1%€10,482▲ 113%€6,776▼ 35.4%-€5,316€9,365
Net result€10,952-€2,951▼ 73.1%€15,338within the sector's middle half▲ 420%€3,744within the sector's middle half▼ 75.6%€7,212within the sector's middle half▲ 92.6%€3,482within the sector's middle half▼ 51.7%-€6,455below the sector's middle half€6,969within the sector's middle half
EBIT margin13.3%-3.3%▼ 10.0pp
Equity€13,152-€13,603▲ 3.4%€16,241within the sector's middle half▲ 19.4%€18,985within the sector's middle half▲ 16.9%€33,597within the sector's middle half▲ 77.0%€35,479within the sector's middle half▲ 5.6%€27,424within the sector's middle half▼ 22.7%€18,010within the sector's middle half▼ 34.3%
Total assets€25,540-€24,402▼ 4.5%€21,407below the sector's middle half▼ 12.3%€26,081below the sector's middle half▲ 21.8%€86,513within the sector's middle half▲ 232%€86,071within the sector's middle half▼ 0.5%€72,733within the sector's middle half▼ 15.5%€57,028within the sector's middle half▼ 21.6%
Debt€12,388-€10,799▼ 12.8%€5,166▼ 52.2%€7,096▲ 37.4%€52,916▲ 646%€50,593▼ 4.4%€45,309▼ 10.4%€39,018▼ 13.9%
Working capital€13,152-€13,603▲ 3.4%€16,241within the sector's middle half▲ 19.4%€18,985within the sector's middle half▲ 16.9%€26,905within the sector's middle half▲ 41.7%€7,912within the sector's middle half▼ 70.6%€13,120within the sector's middle half▲ 65.8%€15,940within the sector's middle half▲ 21.5%
Solvency51.5%-55.7%▲ 4.2pp75.9%above the sector's middle half▲ 20.1pp72.8%above the sector's middle half▼ 3.1pp38.8%within the sector's middle half▼ 34.0pp41.2%within the sector's middle half▲ 2.4pp37.7%within the sector's middle half▼ 3.5pp31.6%within the sector's middle half▼ 6.1pp
Current ratio2.06-2.26▲ 0.204.14above the sector's middle half▲ 1.883.68above the sector's middle half▼ 0.472.10within the sector's middle half▼ 1.571.27within the sector's middle half▼ 0.831.55within the sector's middle half▲ 0.281.88within the sector's middle half▲ 0.33
Return on assets (ROA)42.9%-12.1%▼ 30.8pp71.7%above the sector's middle half▲ 59.6pp14.4%within the sector's middle half▼ 57.3pp8.3%within the sector's middle half▼ 6.0pp4.0%within the sector's middle half▼ 4.3pp-8.9%below the sector's middle half▼ 12.9pp12.2%within the sector's middle half▲ 21.1pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 €9,365, after a loss of €5,316 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €57,028
Fixed assets
€23,004 ▼ 36.0%
Current assets
€34,024 ▼ 7.5%
Equity and liabilities €57,028
Equity
€18,010 ▼ 34.3%
Debt
€39,018 ▼ 13.9%
Debt's share of the balance-sheet total rises from 62.3% to 68.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€22,293▲
2024 · €7,612
Cash flow
€19,897▲
2024 · €6,473
Debt to equity
2.17▲
2024 · 1.65
ROE
38.7%▲
2024 · -23.5%
Interest coverage
35.10▲
2024 · 9.72
Debt ≤ 1 year
€18,084▼
2024 · €23,681
Debt > 1 year
€6,134▼
2024 · €13,828
Income taxes
€3,083▲
2024 · €356
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 | - | €38,431 | €25,548 | - | - |
| Depreciation and write-downs of the year | - | €3,203 | €11,917 | €12,928 | €12,928 |
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 | €101,103 | €98,527 | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €87,468 | €94,876 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €3,203 | €11,917 | €12,928 | €12,928 | = |
| Other operating charges640/8 | €177 | €563 | - | €994 | €901 | €1,825 | €1,530 | €1,101 | ▼ 28.0% |
| Gross operating margin9900 | €13,635 | €3,831 | €16,119 | €5,921 | €14,586 | €20,518 | €9,142 | €23,393 | ▲ 156% |
| Operating profit (loss)9901 | €13,458 | €3,268 | €15,440 | €4,927 | €10,482 | €6,776 | -€5,316 | €9,365 | - |
| Financial income75/76B | €4 | - | - | €21 | - | - | - | €1,323 | - |
| Recurring financial income75 | €4 | - | - | €21 | - | - | - | €1,323 | - |
| Financial charges65/66B | €10 | €67 | - | €107 | €797 | €1,025 | €783 | €635 | ▼ 18.9% |
| Recurring financial charges65 | €10 | €67 | €102 | €107 | €797 | €1,025 | €783 | €635 | ▼ 18.9% |
| Profit (loss) for the period before taxes9903 | €13,452 | €3,201 | €15,338 | €4,840 | €9,685 | €5,750 | -€6,099 | €10,053 | - |
| Income taxes67/77 | €2,500 | €250 | - | €1,096 | €2,473 | €2,269 | €356 | €3,083 | ▲ 766% |
| Profit (loss) for the period9904 | €10,952 | €2,951 | €15,338 | €3,744 | €7,212 | €3,482 | -€6,455 | €6,969 | - |
| Profit (loss) for the period to be appropriated9905 | €10,952 | €2,951 | €15,338 | €3,744 | €7,212 | €3,482 | -€6,455 | €6,969 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €25,540 | €24,402 | €21,407 | €26,081 | €86,513 | €86,071 | €72,733 | €57,028 | ▼ 21.6% |
| Fixed assets21/28 | - | - | - | - | €35,229 | €48,860 | €35,932 | €23,004 | ▼ 36.0% |
| Tangible fixed assets22/27 | - | - | - | - | €35,229 | €48,860 | €35,932 | €23,004 | ▼ 36.0% |
| Furniture and vehicles24 | - | - | - | - | €35,229 | €48,860 | €35,932 | €23,004 | ▼ 36.0% |
| Current assets29/58 | €25,540 | €24,402 | €21,407 | €26,081 | €51,284 | €37,211 | €36,801 | €34,024 | ▼ 7.5% |
| Amounts receivable after more than one year29 | - | - | - | €6,000 | €13,500 | €13,500 | €13,500 | - | - |
| Other amounts receivable291 | - | - | - | €6,000 | €13,500 | €13,500 | €13,500 | - | - |
| Amounts receivable within one year40/41 | €15,824 | €6,112 | €11,776 | €5,781 | €8,440 | €10,890 | €4,429 | €157 | ▼ 96.4% |
| Trade receivables40 | €11,795 | €6,110 | - | €4,595 | €8,440 | €10,890 | - | €157 | - |
| Other amounts receivable41 | €4,029 | €2 | - | €1,187 | - | - | €4,429 | - | - |
| Cash at bank and in hand54/58 | €9,366 | €17,512 | €8,938 | €13,584 | €27,047 | €9,396 | €16,204 | €17,723 | ▲ 9.4% |
| Deferred charges and accrued income490/1 | €350 | €778 | - | €716 | €2,297 | €3,426 | €2,668 | €16,143 | ▲ 505% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €25,540 | €24,402 | €21,407 | €26,081 | €86,513 | €86,071 | €72,733 | €57,028 | ▼ 21.6% |
| Equity10/15 | €13,152 | €13,603 | €16,241 | €18,985 | €33,597 | €35,479 | €27,424 | €18,010 | ▼ 34.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €6,200 | €6,200 | - | - | - | - | - | - | - |
| Issued capital100 | €18,600 | €18,600 | - | - | - | - | - | - | - |
| Uncalled capital101 | €12,400 | €12,400 | - | - | - | - | - | - | - |
| Reserves13 | €1,000 | €1,150 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Legal reserve130 | €1,000 | €1,150 | - | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Profit (loss) carried forward14 | €5,952 | €6,253 | €8,181 | €10,925 | €13,137 | €15,019 | €6,964 | -€590 | - |
| Amounts payable17/49 | €12,388 | €10,799 | €5,166 | €7,096 | €52,916 | €50,593 | €45,309 | €39,018 | ▼ 13.9% |
| Amounts payable after more than one year17 | - | - | - | - | €28,537 | €21,294 | €13,828 | €6,134 | ▼ 55.6% |
| Financial debts170/4 | - | - | - | - | €28,537 | €21,294 | €13,828 | €6,134 | ▼ 55.6% |
| Amounts payable within one year42/48 | €12,388 | €10,799 | €5,166 | €7,096 | €24,379 | €29,299 | €23,681 | €18,084 | ▼ 23.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,028 | €7,243 | €7,465 | €7,694 | ▲ 3.1% |
| Trade debts44 | €3,888 | €2,341 | €2,943 | €2,181 | €2,554 | €3,512 | - | €981 | - |
| Suppliers440/4 | €3,888 | €2,341 | - | €2,181 | €2,554 | €3,512 | - | €981 | - |
| Taxes, remuneration and social security45 | €8,500 | €6,284 | - | €3,916 | €9,393 | €16,114 | €14,321 | €7,278 | ▼ 49.2% |
| Taxes450/3 | €8,500 | €6,284 | - | €3,916 | €9,393 | €16,114 | €14,321 | €7,278 | ▼ 49.2% |
| Other amounts payable47/48 | - | €2,174 | - | €999 | €5,403 | €2,430 | €1,894 | €2,131 | ▲ 12.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €7,800 | €14,800 | ▲ 89.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,952 | €2,951 | €15,338 | €3,744 | €7,212 | €3,482 | -€6,455 | €6,969 | - |
| + Depreciation and write-downs630 | - | - | - | - | €3,203 | €11,917 | €12,928 | €12,928 | = |
| Operating cash flow (approximation) | €10,952 | €2,951 | €15,338 | €3,744 | €10,415 | €15,398 | €6,473 | €19,897 | ▲ 207% |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€25,548 | €0 | €0 | - |
| Change in cash | - | €8,146 | -€8,574 | €4,646 | €13,463 | -€17,652 | €6,808 | €1,520 | ▼ 77.7% |
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, 26,972 companies had the same profile as CVM has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CVM itself: 0.5% 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 26,972 companies, not a prediction for CVM. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00421758 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00402589 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00358502 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00378368 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20310542 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53000032 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-51000203 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-53600442 |