CVR INSTRUMENTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 23 filings
Turnover
≈ €460,000
Estimated: probably between €230,000 and €820,000
Total assets
€456,885▲ 11.1%
2024 · €411,157
Net result
€42,006▼ 38.8%
2024 · €68,607
Working capital
€244,136▲ 5.4%
2024 · €231,703
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€59,021
▼ 37.1%
2025
20182025
Net result
€42,006
▼ 38.8%
2025
highest quarter of the sector
20182025
Equity
€284,925
▲ 6.7%
2025
highest quarter of the sector
20182025
Total assets
€456,885
▲ 11.1%
2025
highest quarter of the sector
20182025
Debt
€171,961
▲ 19.2%
2025
20182025
Working capital
€244,136
▲ 5.4%
2025
highest quarter of the sector
20182025
Solvency
62.4%
▼ 2.6pp
2025
middle half of the sector
20182025
Current ratio
2.42
▼ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
9.2%
▼ 7.5pp
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€2,717--€23,179€111,030€57,833▼ 47.9%€109,633▲ 89.6%€137,332▲ 25.3%€93,880▼ 31.6%€59,021▼ 37.1%
Net result€2,209--€25,224€89,839above the sector's middle half€44,320above the sector's middle half▼ 50.7%€83,929above the sector's middle half▲ 89.4%€104,220above the sector's middle half▲ 24.2%€68,607above the sector's middle half▼ 34.2%€42,006above the sector's middle half▼ 38.8%
Equity€9,607--€15,617€74,221within the sector's middle half€82,541within the sector's middle half▲ 11.2%€148,470within the sector's middle half▲ 79.9%€222,491above the sector's middle half▲ 49.9%€266,918above the sector's middle half▲ 20.0%€284,925above the sector's middle half▲ 6.7%
Total assets€22,401-€164,243▲ 633%€243,628within the sector's middle half▲ 48.3%€212,760within the sector's middle half▼ 12.7%€285,018within the sector's middle half▲ 34.0%€413,465above the sector's middle half▲ 45.1%€411,157above the sector's middle half▼ 0.6%€456,885above the sector's middle half▲ 11.1%
Debt€12,794-€179,861▲ 14×€169,406▼ 5.8%€130,219▼ 23.1%€136,548▲ 4.9%€190,974▲ 39.9%€144,238▼ 24.5%€171,961▲ 19.2%
Working capital€14,130--€27,661€59,122within the sector's middle half€74,854within the sector's middle half▲ 26.6%€141,408above the sector's middle half▲ 88.9%€219,573above the sector's middle half▲ 55.3%€231,703above the sector's middle half▲ 5.5%€244,136above the sector's middle half▲ 5.4%
Solvency42.9%--9.5%▼ 52.4pp30.5%within the sector's middle half▲ 40.0pp38.8%within the sector's middle half▲ 8.3pp52.1%within the sector's middle half▲ 13.3pp53.8%within the sector's middle half▲ 1.7pp64.9%within the sector's middle half▲ 11.1pp62.4%within the sector's middle half▼ 2.6pp
Current ratio2.71-0.84▼ 1.871.36within the sector's middle half▲ 0.521.57within the sector's middle half▲ 0.222.04within the sector's middle half▲ 0.462.15within the sector's middle half▲ 0.112.61within the sector's middle half▲ 0.462.42within the sector's middle half▼ 0.19
Return on assets (ROA)9.9%--15.4%▼ 25.2pp36.9%above the sector's middle half▲ 52.2pp20.8%above the sector's middle half▼ 16.0pp29.4%above the sector's middle half▲ 8.6pp25.2%above the sector's middle half▼ 4.2pp16.7%above the sector's middle half▼ 8.5pp9.2%within the sector's middle half▼ 7.5pp
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 37% lower than in 2024. It is the second fall 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €456,885
Fixed assets
€40,789 ▲ 15.8%
Current assets
€416,097 ▲ 10.7%
Equity and liabilities €456,885
Equity
€284,925 ▲ 6.7%
Debt
€171,961 ▲ 19.2%
Debt's share of the balance-sheet total rises from 35.1% to 37.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€82,591▼
2024 · €107,637
Cash flow
€65,577▼
2024 · €82,365
Quick ratio
2.32▼
2024 · 2.52
Debt to equity
0.60▲
2024 · 0.54
ROE
14.7%▼
2024 · 25.7%
Interest coverage
79.91▼
2024 · 95.48
Debt ≤ 1 year
€171,961▲
2024 · €144,238
Income taxes
€16,445▼
2024 · €24,292
Staff costs
€1,743▲
2024 · €250
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 | - | €3,386 | €719 | €46,272 | €29,144 |
| Depreciation and write-downs of the year | €10,462 | €4,012 | €4,862 | €13,758 | €23,571 |
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 | - | - | - | - | - | - | €3,058 | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €250 | €1,743 | ▲ 597% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €9,454 | €9,544 | €10,462 | €4,012 | €4,862 | €13,758 | €23,571 | ▲ 71.3% |
| Other operating charges640/8 | - | - | - | €1,734 | €2,866 | €2,959 | €3,074 | €3,610 | ▲ 17.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €127 | - |
| Gross operating margin9900 | €3,822 | -€12,217 | €122,129 | €70,029 | €116,511 | €145,154 | €110,961 | €88,071 | ▼ 20.6% |
| Operating profit (loss)9901 | €2,717 | -€23,179 | €111,030 | €57,833 | €109,633 | €137,332 | €93,880 | €59,021 | ▼ 37.1% |
| Financial income75/76B | - | - | - | €0 | €5 | €0 | €147 | €464 | ▲ 216% |
| Recurring financial income75 | €69 | - | - | €0 | €5 | €0 | €147 | €464 | ▲ 216% |
| Financial charges65/66B | - | - | - | €2,572 | €1,129 | €1,473 | €1,127 | €1,034 | ▼ 8.3% |
| Recurring financial charges65 | €448 | €1,237 | €2,635 | €2,547 | €1,129 | €1,473 | €1,127 | €1,034 | ▼ 8.3% |
| Non-recurring financial charges66B | - | - | - | €25 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €7,129 | -€24,416 | €108,221 | €55,261 | €108,510 | €135,859 | €92,899 | €58,452 | ▼ 37.1% |
| Income taxes67/77 | €4,920 | €808 | €18,382 | €10,941 | €24,581 | €31,639 | €24,292 | €16,445 | ▼ 32.3% |
| Profit (loss) for the period9904 | €2,209 | -€25,224 | €89,839 | €44,320 | €83,929 | €104,220 | €68,607 | €42,006 | ▼ 38.8% |
| Profit (loss) for the period to be appropriated9905 | €2,209 | -€25,224 | €89,839 | €44,320 | €83,929 | €104,220 | €68,607 | €42,006 | ▼ 38.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22,401 | €164,243 | €243,628 | €212,760 | €285,018 | €413,465 | €411,157 | €456,885 | ▲ 11.1% |
| Fixed assets21/28 | - | €23,352 | €18,149 | €7,688 | €7,062 | €2,919 | €35,215 | €40,789 | ▲ 15.8% |
| Tangible fixed assets22/27 | - | €23,352 | €18,149 | €7,688 | €7,062 | €2,919 | €35,215 | €40,789 | ▲ 15.8% |
| Furniture and vehicles24 | - | - | - | €7,688 | €7,062 | €2,919 | €35,215 | €40,789 | ▲ 15.8% |
| Current assets29/58 | €22,401 | €140,891 | €225,478 | €205,073 | €277,956 | €410,546 | €375,942 | €416,097 | ▲ 10.7% |
| Stocks and contracts in progress3 | €2,699 | €4,713 | €8,439 | €9,065 | €10,808 | €12,152 | €13,051 | €16,749 | ▲ 28.3% |
| Stocks30/36 | - | - | - | €9,065 | €10,808 | €12,152 | €13,051 | €16,749 | ▲ 28.3% |
| Amounts receivable within one year40/41 | €8,768 | €125,296 | €189,600 | €168,598 | €200,590 | €227,026 | €161,306 | €232,137 | ▲ 43.9% |
| Trade receivables40 | - | - | - | €160,750 | €194,676 | €227,026 | €161,061 | €228,201 | ▲ 41.7% |
| Other amounts receivable41 | - | - | - | €7,848 | €5,915 | - | €245 | €3,936 | ▲ 16× |
| Cash at bank and in hand54/58 | €10,934 | €10,882 | €27,439 | €27,409 | €62,799 | €171,369 | €201,584 | €166,336 | ▼ 17.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €3,759 | - | - | €875 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22,401 | €164,243 | €243,628 | €212,760 | €285,018 | €413,465 | €411,157 | €456,885 | ▲ 11.1% |
| Equity10/15 | €9,607 | -€15,617 | €74,221 | €82,541 | €148,470 | €222,491 | €266,918 | €284,925 | ▲ 6.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €1 | €1,861 | €1,861 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €11,860 | €21,860 | €70,000 | €112,000 | ▲ 60.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | €10,000 | €20,000 | €70,000 | €112,000 | ▲ 60.0% |
| Profit (loss) carried forward14 | €1,547 | -€23,677 | €66,161 | €74,481 | €130,410 | €200,630 | €195,057 | €171,064 | ▼ 12.3% |
| Amounts payable17/49 | €12,794 | €179,861 | €169,406 | €130,219 | €136,548 | €190,974 | €144,238 | €171,961 | ▲ 19.2% |
| Amounts payable after more than one year17 | €4,523 | €11,309 | €3,050 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €8,271 | €168,552 | €166,356 | €130,219 | €136,548 | €190,974 | €144,238 | €171,961 | ▲ 19.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,050 | €6,000 | €6,000 | - | - | - |
| Trade debts44 | €1,534 | €99,491 | €97,710 | €88,329 | €90,033 | €127,129 | €79,918 | €121,641 | ▲ 52.2% |
| Suppliers440/4 | - | - | - | €88,329 | €90,033 | €127,060 | €79,918 | €121,641 | ▲ 52.2% |
| Bills of exchange payable441 | - | - | - | - | - | €69 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €15,422 | €24,767 | €37,757 | €32,735 | €19,025 | ▼ 41.9% |
| Taxes450/3 | - | - | - | €15,202 | €24,327 | €35,237 | €30,635 | €16,925 | ▼ 44.8% |
| Remuneration and social security454/9 | - | - | - | €220 | €440 | €2,520 | €2,100 | €2,100 | = |
| Other amounts payable47/48 | - | - | - | €17,417 | €15,749 | €20,088 | €31,585 | €31,295 | ▼ 0.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,209 | -€25,224 | €89,839 | €44,320 | €83,929 | €104,220 | €68,607 | €42,006 | ▼ 38.8% |
| + Depreciation and write-downs630 | - | €9,454 | €9,544 | €10,462 | €4,012 | €4,862 | €13,758 | €23,571 | ▲ 71.3% |
| Operating cash flow (approximation) | €2,209 | -€15,770 | €99,383 | €54,782 | €87,940 | €109,083 | €82,365 | €65,577 | ▼ 20.4% |
| Investment in fixed assets (approximation) | - | - | -€4,341 | €0 | -€3,386 | -€719 | -€46,054 | -€29,144 | ▲ 36.7% |
| Change in cash | - | -€53 | €16,557 | -€29 | €35,390 | €108,570 | €30,215 | -€35,248 | - |
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, 20,136 companies had the same profile as CVR INSTRUMENTS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of CVR INSTRUMENTS itself: < 0.1% 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 20,136 companies, not a prediction for CVR INSTRUMENTS. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00278573 | |
| 31-12-2024 | micro format | 26-05-2025 | 2025-00107842 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00155154 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00317171 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20293363 | |
| 31-12-2020 | micro format | 01-08-2021 | 2021-44700291 | |
| 31-12-2019 | micro format | 08-09-2020 | 2020-51700253 | |
| 31-12-2018 | micro format | 27-09-2019 | 2019-66300186 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59200313 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-45800548 |