Equity
-€43,687
Debts exceed assets in financial year 2025.
CWT BELGIUM
Lifetime
20 annual accounts with figures on one time axis, 49 filings since 1977peak €453.4m (2008)
€7.3m▼ 6.7%
lowest -€7.3m (2023)
-€3.6m▼ €465,875
peak €10.7m (2008)
-€43,687▼ €3.6m
€4.1m▼ 3.3%
peak 516 FTE (2007)
118.3 FTE▼ 3.8%
Board6 names since 2019
2 directorsBenjamin Pascal Graulich and 1 other
Owners8 names in the annual accountsall names
100%CWT SAS and 1 other
Documentsfilings and deeds
09-07-202622 days before the deadline
2025financial year
Loss of €3.6mReappointment: Deloitte Réviseurs d'Entreprises (statutory au… 13-11Equity from €3.6m to -€43,687Cash from €57,057 to €84,616
Key points
from the 2025 annual accountsLosses
-€54.3m in 14 years
Every financial year from 2012 to 2025 closed with a loss. 2023 was the heaviest.
Staff
118.3 FTE from 516 in 2007
Between 2007 and 2025, 77% of the full-time equivalents disappeared.
Payment terms
307 days to suppliers
Customers pay 60 days earlier.
At the same address
148 companies
Position in the sector
-€3.6m
Lower net result than 95% of companies in travel agencies. Sector median €47,412 · 173 companies.
Checked score
32
Weak
Financially stronger than 9% of all companies
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
7.1% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 21 companies (NACE 79, medium-sized).
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 13.1%
01-2025: 13.1%● unchanged vs 12-2024
02-2025: 13.1%● unchanged vs 01-2025
03-2025: 13.0%▼ -0.1 percentage points vs 02-2025
04-2025: 13.1%▲ +0.1 percentage points vs 03-2025
05-2025: 13.1%● unchanged vs 04-2025
06-2025: 13.3%▲ +0.2 percentage points vs 05-2025
07-2025: 13.3%● unchanged vs 06-2025highest value
08-2025: 3.6%▼ -9.7 percentage points vs 07-2025
09-2025: 3.6%● unchanged vs 08-2025
10-2025: 3.6%● unchanged vs 09-2025
11-2025: 3.6%● unchanged vs 10-2025
12-2025: 3.6%● unchanged vs 11-2025
01-2026: 3.6%● unchanged vs 12-2025
02-2026: 3.5%▼ -0.1 percentage points vs 01-2026lowest value
03-2026: 3.5%● unchanged vs 02-2026
04-2026: 3.6%▲ +0.1 percentage points vs 03-2026
05-2026: 3.7%▲ +0.1 percentage points vs 04-2026
06-2026: 3.8%▲ +0.1 percentage points vs 05-2026
07-2026: 3.6%▼ -0.2 percentage points vs 06-2026
08-2026: 11.6%▲ +8.0 percentage points vs 07-2026
09-2026: 11.6%● unchanged vs 08-2026
10-2026: 7.1%▼ -4.5 percentage points vs 09-2026
11-2026: 7.1%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€43,687
Loss of €3.6m, the second in a row (financial year 2025)
Liquidity: current ratio 1.27, cash €84,616
1 change of registered office in 24 months
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (all companies). It does better than 10% of them on solvency, 11% on liquidity, 4% on profitability and 12% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 108 companies had the same profile as CWT BELGIUM has now. Each dot is one company, two years later.
80.6%
were still trading
11.1%
stopped another way
6.5%
went bankrupt
Another 1.9% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CWT BELGIUM itself: 7.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 108 companies, not a prediction for CWT BELGIUM. 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.
Credit verdict
No credit on open account
Liquidity is tight, with a current ratio of 1.27 (2.19 in 2024), below the usual 1.5. Short-term debt is 68.8% and cash 1.4% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€43,687
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-07-2026, 22 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
22 days early
2024
28 days early
2023
30 days early
2022
84 days late
2021
88 days late
2020
153 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 41 days after the deadline. In the sector (NACE 79), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 9 July (4 of the last 5 accounts filed within 106 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- CWT SAS 100%annual accounts 2025
- Global Business Travel Group, Inc. consolidatesannual accounts 2025
Recent changes
Registered office moved within Saint-Josse-ten-Noode
New registered office: Avenue du Boulevard 21 à 1210 Saint-Josse-ten-Noode · Previous registered office: Boulevard Saint-Lazare 4-10 à 1210 Saint-Josse-ten-Noode · Board meeting of 31-07-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0417290040
Reappointment: Deloitte Réviseurs d'Entreprises (statutory auditor)
Gazette deed
Capital contribution of €10,000,000
General meeting of 13-12-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CWT BELGIUM Saint-Josse-ten-Noode | €7.3m | -46.5% | -0.7% | 118.3 |
| JOKER - JONG TOERISME, JOKER - YOUTH TOURISM Mechelen | €19.1m | 0.2% | 20.3% | 90.5 |
| BCD Travel Belgium Antwerp | €12.6m | 4.5% | 33.1% | 134.9 |
| INTERNATIONAL COACH TRAFFIC Rijkevorsel | €14.3m | 4.7% | 28.1% | 63.9 |
| GENERALTOUR Herstal | €20.5m | 1.3% | 18.0% | 55.7 |
| GLOBAL BUSINESS TRAVEL Brussels | €24.7m | 5.2% | 25.6% | 144.1 |
| C J B L'AUTRE VOYAGE Ixelles | €2.4m | 5.5% | 38.6% | - |
Grey: the largest companies of the sector (travel agencies (NACE 79)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as CWT BELGIUM: travel agency activities (NACE 79110). They are comparable in size and age: total assets between €2m and €17m, founded between 1969 and 1998.
Official details
Source: KBO- Status
- Active since 19-04-1977Normal situation
- Registered office
- 150 active companies are registered at this address17 started in the 12 months before. Source: KBO register, as of 7 November 2026.
- Activity
- Travel agency activitiesNACE 79110
- Establishment units
- 2.149.461.6021210 Saint-Josse-ten-Noode, since 05-03-1985
- 2.282.438.3081040 Brussels, since 01-01-2019and 3 others
- Financial year end
- 31 December
- Peppol
- Reachable since 24-12-2025
Annual accounts 2025
- €6.0m▼ 40.9%
- Employeeson 31-12-2025
- 127▼ 1.6%
- Filing
- Filed on 09-07-2026, 22 days before the end of the filing period
Insights on CWT BELGIUM
CWT BELGIUM has existed since 1977. Turnover fell from €316.4m in 2010 to €24.3m in 2011.
Solvency fell in 2025 from 35.6% to -0.7% because of the loss.
CWT SAS holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CWT BELGIUM
- What is the company number of CWT BELGIUM?
- The company number of CWT BELGIUM is 0417.290.040. The VAT number is the same number with BE in front: BE 0417.290.040.
- Where is CWT BELGIUM based?
- The registered office is at Bolwerklaan 21, 1210 Saint-Josse-ten-Noode.Company details
- What does CWT BELGIUM do?
- According to the KBO register, the main activity is travel agency activities (NACE 79110).
- What is the legal form of CWT BELGIUM?
- CWT BELGIUM is a private limited company (BV).
- When was CWT BELGIUM founded?
- CWT BELGIUM was founded on 19-04-1977.
- Is CWT BELGIUM still active?
- Yes, CWT BELGIUM is an active enterprise in the KBO register.
- How many employees does CWT BELGIUM have?
- CWT BELGIUM had an average of 118.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of CWT BELGIUM?
- The turnover of CWT BELGIUM was €7.3m in financial year 2025, according to the filed annual accounts.
- Is CWT BELGIUM profitable?
- In financial year 2025, CWT BELGIUM made a loss of €3.6m.
- Where can I find the annual accounts of CWT BELGIUM?
- CWT BELGIUM filed 57 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CWT BELGIUM due?
- CWT BELGIUM must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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