CVM Management
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 2% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €181,640 | €176,749 | €1,556 |
| Depreciation and write-downs of the year | €18,902 | €65,354 | €72,485 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,902 | €65,354 | €72,485 | ▲ 10.9% |
| Other operating charges640/8 | €1,383 | €2,204 | €2,361 | ▲ 7.1% |
| Gross operating margin9900 | €141,470 | €281,031 | €292,750 | ▲ 4.2% |
| Operating profit (loss)9901 | €121,184 | €213,472 | €217,904 | ▲ 2.1% |
| Financial income75/76B | - | €0 | €2,316 | ▲ 231,569× |
| Recurring financial income75 | - | €0 | €2,316 | ▲ 231,569× |
| Financial charges65/66B | €919 | €558 | €7,415 | ▲ 13× |
| Recurring financial charges65 | €919 | €558 | €7,415 | ▲ 13× |
| Profit (loss) for the period before taxes9903 | €120,265 | €212,914 | €212,805 | ▼ 0.1% |
| Income taxes67/77 | €36,521 | €67,812 | €67,013 | ▼ 1.2% |
| Profit (loss) for the period9904 | €83,744 | €145,102 | €145,793 | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €83,744 | €145,102 | €145,793 | ▲ 0.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €457,237 | €468,844 | €520,989 | ▲ 11.1% |
| Fixed assets21/28 | €162,738 | €274,133 | €203,203 | ▼ 25.9% |
| Tangible fixed assets22/27 | €162,738 | €274,133 | €203,203 | ▼ 25.9% |
| Furniture and vehicles24 | €162,738 | €274,133 | €203,203 | ▼ 25.9% |
| Current assets29/58 | €294,499 | €194,712 | €317,786 | ▲ 63.2% |
| Amounts receivable within one year40/41 | €46,776 | €47,906 | €48,318 | ▲ 0.9% |
| Trade receivables40 | €46,753 | €47,796 | €48,208 | ▲ 0.9% |
| Other amounts receivable41 | €23 | €110 | €110 | = |
| Current investments50/53 | - | - | €250,552 | - |
| Cash at bank and in hand54/58 | €243,654 | €144,284 | €15,278 | ▼ 89.4% |
| Deferred charges and accrued income490/1 | €4,070 | €2,523 | €3,638 | ▲ 44.2% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €457,237 | €468,844 | €520,989 | ▲ 11.1% |
| Equity10/15 | €88,744 | €233,846 | €379,639 | ▲ 62.3% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €83,744 | €228,846 | €374,639 | ▲ 63.7% |
| Distributable reserves133 | €83,744 | €228,846 | €374,639 | ▲ 63.7% |
| Amounts payable17/49 | €368,493 | €234,998 | €141,351 | ▼ 39.9% |
| Amounts payable within one year42/48 | €368,493 | €234,998 | €141,351 | ▼ 39.9% |
| Trade debts44 | €6,650 | €5,009 | €4,600 | ▼ 8.2% |
| Suppliers440/4 | €6,650 | €5,009 | €4,600 | ▼ 8.2% |
| Taxes, remuneration and social security45 | €67,413 | €138,004 | €39,480 | ▼ 71.4% |
| Taxes450/3 | €63,437 | €134,004 | €35,480 | ▼ 73.5% |
| Remuneration and social security454/9 | €3,976 | €4,000 | €4,000 | = |
| Other amounts payable47/48 | €294,431 | €91,985 | €97,270 | ▲ 5.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €83,744 | €145,102 | €145,793 | ▲ 0.5% |
| + Depreciation and write-downs630 | €18,902 | €65,354 | €72,485 | ▲ 10.9% |
| Operating cash flow (approximation) | €102,646 | €210,457 | €218,278 | ▲ 3.7% |
| Investment in fixed assets (approximation) | - | -€176,749 | -€1,556 | ▲ 99.1% |
| Change in cash | - | -€99,370 | -€129,005 | ▼ 29.8% |
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, 3,127 companies had the same profile as CVM Management has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of CVM Management itself: 0.2% 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 3,127 companies, not a prediction for CVM Management. 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.