Dr. Guy Cnockaert
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-01-2026 PDF all 21 filings
Turnover
≈ €280,000
Estimated: probably between €180,000 and €430,000
Total assets
€343,865▲ 6.9%
2024 · €321,667
Net result
€53,905▼ 34.3%
2024 · €82,022
Working capital
€169,770▲ 40.6%
2024 · €120,736
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€77,748
▼ 32.4%
2025
20192025
Net result
€53,905
▼ 34.3%
2025
20192025
Equity
€291,577
▲ 7.5%
2025
20192025
Total assets
€343,865
▲ 6.9%
2025
20192025
Debt
€52,288
▲ 3.8%
2025
20192025
Working capital
€169,770
▲ 40.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€52,161-€37,120▼ 28.8%€92,758▲ 150%€26,149▼ 71.8%€47,783▲ 82.7%€114,976▲ 141%€77,748▼ 32.4%
Net result€33,641-€21,079▼ 37.3%€64,062▲ 204%€16,272▼ 74.6%€33,776▲ 108%€82,022▲ 143%€53,905▼ 34.3%
Equity€168,312-€189,391▲ 12.5%€213,769▲ 12.9%€180,927▼ 15.4%€200,198▲ 10.7%€271,313▲ 35.5%€291,577▲ 7.5%
Total assets€207,221-€235,363▲ 13.6%€257,779▲ 9.5%€218,396▼ 15.3%€240,679▲ 10.2%€321,667▲ 33.6%€343,865▲ 6.9%
Debt€38,910-€45,972▲ 18.2%€44,010▼ 4.3%€37,469▼ 14.9%€40,481▲ 8.0%€50,354▲ 24.4%€52,288▲ 3.8%
Working capital€136,751-€177,331▲ 29.7%€207,502▲ 17.0%€174,905▼ 15.7%€168,538▼ 3.6%€120,736▼ 28.4%€169,770▲ 40.6%
The operating result for 2025 is 32% lower than in 2024.
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 €343,865
Fixed assets
€125,667 ▼ 18.4%
Current assets
€218,198 ▲ 30.1%
Equity and liabilities €343,865
Equity
€291,577 ▲ 7.5%
Debt
€52,288 ▲ 3.8%
Debt's share of the balance-sheet total falls from 15.7% to 15.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€109,641▼
2024 · €140,005
Cash flow
€85,797▼
2024 · €107,051
Current ratio
4.51▲
2024 · 3.57
Debt to equity
0.18▼
2024 · 0.19
ROE
18.5%▼
2024 · 30.2%
ROA
15.7%▼
2024 · 25.5%
Interest coverage
44.63▼
2024 · 69.83
Debt ≤ 1 year
€48,429▲
2024 · €46,940
Income taxes
€21,932▼
2024 · €31,189
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,259 | €32,613 | €144,189 | €3,568 |
| Depreciation and write-downs of the year | €5,341 | €6,416 | €25,030 | €31,893 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €294 awarded · €294 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,127 | €26,127 | €5,170 | €5,341 | €6,416 | €25,030 | €31,893 | ▲ 27.4% |
| Other operating charges640/8 | - | - | - | €216 | €217 | €220 | €231 | ▲ 5.0% |
| Gross operating margin9900 | €76,501 | €63,463 | €98,143 | €31,705 | €54,416 | €140,225 | €109,872 | ▼ 21.6% |
| Operating profit (loss)9901 | €52,161 | €37,120 | €92,758 | €26,149 | €47,783 | €114,976 | €77,748 | ▼ 32.4% |
| Financial income75/76B | - | - | - | €5 | - | €239 | €546 | ▲ 128% |
| Recurring financial income75 | - | €14 | €0 | €5 | - | €239 | €546 | ▲ 128% |
| Financial charges65/66B | - | - | - | €1,295 | €1,678 | €2,005 | €2,457 | ▲ 22.5% |
| Recurring financial charges65 | €1,546 | €3,918 | €1,149 | €1,295 | €1,678 | €2,005 | €2,457 | ▲ 22.5% |
| Profit (loss) for the period before taxes9903 | €50,615 | €33,216 | €91,609 | €24,858 | €46,105 | €113,210 | €75,837 | ▼ 33.0% |
| Income taxes67/77 | €16,974 | €12,137 | €27,547 | €8,586 | €12,329 | €31,189 | €21,932 | ▼ 29.7% |
| Profit (loss) for the period9904 | €33,641 | €21,079 | €64,062 | €16,272 | €33,776 | €82,022 | €53,905 | ▼ 34.3% |
| Profit (loss) for the period to be appropriated9905 | €33,641 | €21,079 | €64,062 | €16,272 | €33,776 | €82,022 | €53,905 | ▼ 34.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €207,221 | €235,363 | €257,779 | €218,396 | €240,679 | €321,667 | €343,865 | ▲ 6.9% |
| Fixed assets21/28 | €31,738 | €12,569 | €8,717 | €8,636 | €34,832 | €153,991 | €125,667 | ▼ 18.4% |
| Tangible fixed assets22/27 | €31,738 | €12,569 | €8,717 | €8,636 | €34,832 | €153,991 | €125,667 | ▼ 18.4% |
| Plant, machinery and equipment23 | - | - | - | €5,899 | €5,140 | €5,914 | €7,342 | ▲ 24.1% |
| Furniture and vehicles24 | - | - | - | €135 | €90 | €104,846 | €79,986 | ▼ 23.7% |
| Other tangible fixed assets26 | - | - | - | €2,602 | €29,602 | €43,231 | €38,339 | ▼ 11.3% |
| Current assets29/58 | €175,483 | €222,794 | €249,062 | €209,761 | €205,847 | €167,676 | €218,198 | ▲ 30.1% |
| Amounts receivable within one year40/41 | - | - | €844 | €3,041 | €6,048 | €36,980 | €49,844 | ▲ 34.8% |
| Other amounts receivable41 | - | - | - | €3,041 | €6,048 | €36,980 | €49,844 | ▲ 34.8% |
| Current investments50/53 | €9,696 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €165,681 | €220,935 | €248,219 | €203,709 | €196,600 | €126,018 | €163,150 | ▲ 29.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,010 | €3,199 | €4,677 | €5,205 | ▲ 11.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €207,221 | €235,363 | €257,779 | €218,396 | €240,679 | €321,667 | €343,865 | ▲ 6.9% |
| Equity10/15 | €168,312 | €189,391 | €213,769 | €180,927 | €200,198 | €271,313 | €291,577 | ▲ 7.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €149,712 | €170,791 | €195,169 | €162,327 | €181,598 | €252,713 | €272,977 | ▲ 8.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €160,467 | €181,598 | €252,713 | €272,977 | ▲ 8.0% |
| Amounts payable17/49 | €38,910 | €45,972 | €44,010 | €37,469 | €40,481 | €50,354 | €52,288 | ▲ 3.8% |
| Amounts payable within one year42/48 | €38,732 | €45,463 | €41,560 | €34,856 | €37,309 | €46,940 | €48,429 | ▲ 3.2% |
| Trade debts44 | €13,404 | €10,570 | €9,536 | €1,175 | €7,654 | €6,024 | €10,275 | ▲ 70.6% |
| Suppliers440/4 | - | - | - | €1,175 | €7,654 | €6,024 | €10,275 | ▲ 70.6% |
| Taxes, remuneration and social security45 | - | - | - | €1,939 | €3,784 | €11,645 | €6,037 | ▼ 48.2% |
| Taxes450/3 | - | - | - | €1,939 | €3,784 | €11,645 | €6,037 | ▼ 48.2% |
| Other amounts payable47/48 | - | - | - | €31,741 | €25,870 | €29,271 | €32,117 | ▲ 9.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,613 | €3,172 | €3,414 | €3,860 | ▲ 13.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,641 | €21,079 | €64,062 | €16,272 | €33,776 | €82,022 | €53,905 | ▼ 34.3% |
| + Depreciation and write-downs630 | €24,127 | €26,127 | €5,170 | €5,341 | €6,416 | €25,030 | €31,893 | ▲ 27.4% |
| Operating cash flow (approximation) | €57,767 | €47,206 | €69,233 | €21,613 | €40,192 | €107,051 | €85,797 | ▼ 19.9% |
| Investment in fixed assets (approximation) | - | -€6,958 | -€1,318 | -€5,259 | -€32,613 | -€144,189 | -€3,568 | ▲ 97.5% |
| Change in cash | - | €55,254 | €27,284 | -€44,510 | -€7,109 | -€70,581 | €37,131 | - |
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, 31,368 companies had the same profile as Dr. Guy Cnockaert has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Dr. Guy Cnockaert 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 31,368 companies, not a prediction for Dr. Guy Cnockaert. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 12-01-2026 | 2026-00007017 | |
| 30-06-2024 | micro format | 06-01-2025 | 2025-00000593 | |
| 30-06-2023 | micro format | 16-01-2024 | 2024-00002832 | |
| 30-06-2022 | micro format | 21-12-2022 | 2022-20545810 | |
| 30-06-2021 | micro format | 25-01-2022 | 2022-01900072 | |
| 30-06-2020 | micro format | 11-01-2021 | 2021-00700293 | |
| 30-06-2019 | micro format | 28-01-2020 | 2020-02600177 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-75000145 | |
| 30-06-2017 | micro format | 11-12-2017 | 2017-71800159 | |
| 30-06-2016 | abbreviated format | 03-01-2017 | 2017-00200120 |