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CWT International

Active
Public limited companyfounded 1996active for 30 yearsBolwerklaan 21, 1210 Sint-Joost-ten-Node, BelgiumKBO/BCE: BE 0457.855.638
Summary

The computed 12-month bankruptcy probability of CWT International is 8.9% (elevated). The 2024 annual accounts show negative equity (-€45.0m) and a net result of -€6.4m. Equity is shrinking by about 12% per year across the filed financial years. Its solvency ranks better than 5% of 193 sector peers (NACE 79, financial year 2024). The company has been active since 1996 and the Belgian Official Gazette contains no insolvency or warning signals.

Overview

Activity
Travel agency activities
NACE 79110
#8 company by total assets in the Brussels-Capital Region, Travel agencies sector1 site
Size
€2.8mturnover 2024
Equity
-€45.0m
Loss
-€6.4m
Financial health
30 Weak Checked score 2024
Bankruptcy probabilitywithin 12 months
8.9%
Structure
Parent
CWT ravel Holding INC
Holdings
3
Auditor: Deloitte Bedrijfsrevisoren/Réviseurs d’EntreprisesAccounts 70 days overdue
Why 30raises risk2 changes of registered office in 24 months1 financial year not filed after the legal deadline; latest accounts 315 days late; 3 of the last 3 lateLoss of €6.4m, the second in a row (financial year 2024)lowers riskFounded in 1996Show the evidence

Checked score

Score 2024
30 / 100
Weak
Probability in this band: 4.2% to 15.0%
Financially better than 10% of its sector peers (NACE 79, small)
Financial strength · tick = 2023
Weak
Solvency 0=
equity -548.5% of total assets
Liquidity 36-2
short-term debt 255.1% · cash 28.8%
Profitability 0=
return on assets -78.2%
Bankruptcy probability, 12 months
8.9% Elevated
0%0.5%1.5%4%10%≥ 25%

About 9 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (83 companies, NACE 79, small)
Last 24 months 11-2024: 3.2% 12-2024: 6.7%▲ +3.5 percentage points vs 11-2024 01-2025: 9.2%▲ +2.5 percentage points vs 12-2024highest value 02-2025: 9.2%● unchanged vs 01-2025highest value 03-2025: 9.2%● unchanged vs 02-2025highest value 04-2025: 8.5%▼ -0.7 percentage points vs 03-2025 05-2025: 8.5%● unchanged vs 04-2025 06-2025: 8.5%● unchanged vs 05-2025 07-2025: 8.5%● unchanged vs 06-2025 08-2025: 2.7%▼ -5.8 percentage points vs 07-2025lowest value 09-2025: 2.9%▲ +0.2 percentage points vs 08-2025 10-2025: 3.4%▲ +0.5 percentage points vs 09-2025 11-2025: 3.5%▲ +0.1 percentage points vs 10-2025 12-2025: 4.2%▲ +0.7 percentage points vs 11-2025 01-2026: 5.8%▲ +1.6 percentage points vs 12-2025 02-2026: 5.8%● unchanged vs 01-2026 03-2026: 5.8%● unchanged vs 02-2026 04-2026: 5.4%▼ -0.4 percentage points vs 03-2026 05-2026: 5.4%● unchanged vs 04-2026 06-2026: 5.4%● unchanged vs 05-2026 07-2026: 3.2%▼ -2.2 percentage points vs 06-2026 08-2026: 3.5%▲ +0.3 percentage points vs 07-2026 09-2026: 3.7%▲ +0.2 percentage points vs 08-2026 10-2026: 8.9%▲ +5.2 percentage points vs 09-2026
No credit on open account
Liquidity insufficient (current ratio 0.29, compared with 0.36 in 2023; short-term debt: 255.1% and cash: 28.8% of total assets), and equity is negative.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 (NACE 79, small): better than 2% on solvency, 27% on liquidity, 2% on profitability and 11% on growth.

The bankruptcy probability was computed on 08-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
−lowers risk+raises risk
raises risk · 2 changes of registered office in 24 months
Belgian Official Gazette
raises risk · 1 financial year not filed after the legal deadline; latest accounts 315 days late; 3 of the last 3 late
NBB · filings
raises risk · Loss of €6.4m, the second in a row (financial year 2024)
NBB · annual accounts
lowers risk · Founded in 1996
How long the company has existed counts in the probability; how much depends on the rest of its profile.
KBO
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024
Equity per financial year
18192021222324
2018 to 2024 · latest year -€45.0m
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 11-06-2026, 315 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now in a legal situation other than normal in the KBO (such as bankruptcy, liquidation or dissolution), against 1.66% of all filers.
NBB · 10 filings
Deviation from the deadline
2025
not confirmed
2024
315 days late
2023
345 days late
2022
436 days late
2021
268 days late
2020
293 days late
2019
550 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 6 accounts on average 368 days after the deadline; the sector median (NACE 79) for financial year 2024 is 7 days before the deadline, and 35% of those companies filed late.

Searched, nothing found (1)
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Registered officeRegistered-office move · Power of…
  2. Resignation: David Dos Santos Ferreira (director)Appointment: Jérôme Gandriaux (director)
  3. Annual accounts filedfinancial year 2024 · full…

Key points

  • Risk: Negative equityfinancial year 2024: debts exceed assets -€45.0m View
  • Risk: 5 loss-making years in a rowloss financial year 2024 -€6.4m View
  • Caution: Result fell in 2024from -€3.6m to -€6.4m ▼ 79.2% View
  • Caution: Among the weakest 5% on solvencysector median 28.9% · 193 companies -548.5% View
  • Caution: Board changedlatest change 10-07-2026 · 2 in office 1 joined · 2 left View
  • Caution: Accounts not fileddeadline was 31-07-2026 70 days late View
  • Controlled by CWT ravel Holding INCitself parent of 3 companies parent View

By topic

Financials

Financial year
2024
Turnover
€2.8m
Loss
-€6.4m
Solvency
-548.5%
Turnover▼ 16.0%
Net result
20182024
Go to Financials

Board & ownership

Board
2 members
Parent
CWT ravel Holding INC
Auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises
  • Benjamin Pascal GraulichDaily manager
  • Jérôme GandriauxDirector
Go to Board & ownership

Timeline

Events
66
Since
1997
  1. 02-02-2026Capital & shares · Amendment of the…
  2. 05-11-2025Resignation: Lauren Aste (director)
  3. 11-07-2025Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Travel agency activitiesNACE 79110
Founded
23-04-1996
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
2
Purpose
A)en Belgique et à l'étranger, tant pour son compte propre que pour compte de tiers ou en…
Go to Articles of association

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