KARTHUIZER DEVELOPMENT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 05-01-2026 PDF all 14 filings
Turnover
≈ €90,000
Estimated: probably between €49,000 and €180,000
Total assets
€1.2m▼ 17.5%
2024 · €1.5m
Net result
€5,271
2024 · -€154,955
Working capital
€491,049▼ 50.2%
2024 · €985,760
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€30,894
2025
20192025
Net result
€5,271
2025
middle half of the sector
20192025
Equity
€489,956
▼ 50.2%
2025
middle half of the sector
20192025
Total assets
€1.2m
▼ 17.5%
2025
middle half of the sector
20192025
Debt
€741,091
▲ 46.1%
2025
20192025
Working capital
€491,049
▼ 50.2%
2025
highest quarter of the sector
20192025
Solvency
39.8%
▼ 26.2pp
2025
middle half of the sector
20192025
Current ratio
1.66
▼ 1.28
2025
middle half of the sector
20192025
Return on assets (ROA)
0.4%
▲ 10.8pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.5m▲ 139%€1.5m▲ 222%€0.4m▼ 76.5%-€0.04m-€0.2m▼ 281%€0.03m
Net result€0.01m-€0.2mabove the sector's middle half▲ 23×€1.1mabove the sector's middle half▲ 349%€0.3mabove the sector's middle half▼ 75.7%-€0.05mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 240%€0.005mwithin the sector's middle half
Equity€0.2m-€0.3mwithin the sector's middle half▲ 49.5%€1.4mwithin the sector's middle half▲ 346%€1.2mwithin the sector's middle half▼ 16.4%€1.1mwithin the sector's middle half▼ 3.8%€1.0mwithin the sector's middle half▼ 13.6%€0.5mwithin the sector's middle half▼ 50.2%
Total assets€4.3m-€2.7mwithin the sector's middle half▼ 37.3%€1.6mwithin the sector's middle half▼ 41.0%€1.6mwithin the sector's middle half▼ 2.0%€1.6mwithin the sector's middle half▲ 1.5%€1.5mwithin the sector's middle half▼ 6.4%€1.2mwithin the sector's middle half▼ 17.5%
Debt€4.1m-€2.4m▼ 41.8%€0.2m▼ 92.3%€0.4m▲ 110%€0.5m▲ 18.1%€0.5m▲ 11.7%€0.7m▲ 46.1%
Working capital€0.2m-€0.3mwithin the sector's middle half▲ 45.4%€1.4mabove the sector's middle half▲ 346%€1.2mabove the sector's middle half▼ 16.4%€1.1mabove the sector's middle half▼ 3.8%€1.0mabove the sector's middle half▼ 13.6%€0.5mabove the sector's middle half▼ 50.2%
Solvency4.9%-11.7%within the sector's middle half▲ 6.8pp88.5%above the sector's middle half▲ 76.8pp75.5%above the sector's middle half▼ 13.0pp71.5%above the sector's middle half▼ 4.0pp66.0%above the sector's middle half▼ 5.5pp39.8%within the sector's middle half▼ 26.2pp
Current ratio1.05-1.13within the sector's middle half▲ 0.088.78above the sector's middle half▲ 7.654.09above the sector's middle half▼ 4.693.52above the sector's middle half▼ 0.582.95above the sector's middle half▼ 0.571.66within the sector's middle half▼ 1.28
Return on assets (ROA)0.2%-9.0%above the sector's middle half▲ 8.8pp68.7%above the sector's middle half▲ 59.7pp17.0%above the sector's middle half▼ 51.7pp-2.9%below the sector's middle half▼ 19.9pp-10.4%below the sector's middle half▼ 7.5pp0.4%within the sector's middle half▲ 10.8pp
Staff (FTE)1-0.9below the sector's middle half▼ 10.0%0.8below the sector's middle half▼ 11.1%0.6within the sector's middle half▼ 25.0%0within the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a profit of €30,894, after a loss of €152,091 in 2024. It is the highest result since 2022.
Turnover and EBIT margin are not published. The abbreviated 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
Equity and liabilities €1.2m
Equity
€489,956 ▼ 50.2%
Debt
€741,091 ▲ 46.1%
Debt's share of the balance-sheet total rises from 34.0% to 60.2%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
0.22▼
2024 · 0.88
Debt to equity
1.51▲
2024 · 0.52
ROE
1.1%▲
2024 · -15.7%
Debt ≤ 1 year
€739,997▲
2024 · €506,090
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.6 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.09m | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.003m | €0.003m | €0.002m | ▼ 43.9% |
| Gross operating margin9900 | €0.4m | €0.6m | €1.7m | €0.5m | -€0.04m | -€0.1m | €0.03m | - |
| Operating profit (loss)9901 | €0.2m | €0.5m | €1.5m | €0.4m | -€0.04m | -€0.2m | €0.03m | - |
| Financial income75/76B | - | - | - | €0.003m | €0.002m | €0.02m | €0 | ▼ 100% |
| Recurring financial income75 | €0.01m | €0.02m | €0.01m | €0.003m | €0.002m | €0.02m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €426 | €0.008m | €0.02m | €0.03m | ▲ 15.2% |
| Recurring financial charges65 | €0.2m | €0.1m | €0.06m | €426 | €0.008m | €0.02m | €0.03m | ▲ 15.2% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.4m | €1.5m | €0.4m | -€0.05m | -€0.2m | €0.005m | - |
| Income taxes67/77 | €0.005m | €0.1m | €0.4m | €0.1m | €0 | - | - | - |
| Profit (loss) for the period9904 | €0.01m | €0.2m | €1.1m | €0.3m | -€0.05m | -€0.2m | €0.005m | - |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.2m | €1.1m | €0.3m | -€0.05m | -€0.2m | €0.005m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.3m | €2.7m | €1.6m | €1.6m | €1.6m | €1.5m | €1.2m | ▼ 17.5% |
| Current assets29/58 | €4.3m | €2.7m | €1.6m | €1.6m | €1.6m | €1.5m | €1.2m | ▼ 17.5% |
| Stocks and contracts in progress3 | €2.3m | €1.4m | €1.2m | €1.3m | €1.6m | €1.0m | €1.1m | ▲ 2.2% |
| Stocks30/36 | - | - | - | €1.3m | €1.6m | €1.0m | €1.1m | ▲ 2.2% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.03m | €0.03m | €0.002m | €0.2m | ▲ 76× |
| Trade receivables40 | - | - | - | €0.005m | €0.002m | €0.002m | €0.004m | ▲ 108% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.03m | €0 | €0.1m | - |
| Current investments50/53 | €1.7m | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.08m | €1.1m | €0.2m | €0.2m | €0.01m | €0.4m | €0.01m | ▼ 97.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.3m | €2.7m | €1.6m | €1.6m | €1.6m | €1.5m | €1.2m | ▼ 17.5% |
| Equity10/15 | €0.2m | €0.3m | €1.4m | €1.2m | €1.1m | €1.0m | €0.5m | ▼ 50.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €1.3m | €1.1m | €1.1m | €0.9m | €0.4m | ▼ 54.0% |
| Amounts payable17/49 | €4.1m | €2.4m | €0.2m | €0.4m | €0.5m | €0.5m | €0.7m | ▲ 46.1% |
| Amounts payable within one year42/48 | €4.1m | €2.4m | €0.2m | €0.4m | €0.5m | €0.5m | €0.7m | ▲ 46.2% |
| Trade debts44 | €0.4m | €0.4m | €0.09m | €0.3m | €0.08m | €0.04m | €0.2m | ▲ 511% |
| Suppliers440/4 | - | - | - | €0.3m | €0.08m | €0.04m | €0.2m | ▲ 511% |
| Advances received on contracts in progress46 | - | - | - | - | €0.02m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.05m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.05m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €0.3m | €0.4m | €0.5m | ▲ 21.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 1.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.2m | €1.1m | €0.3m | -€0.05m | -€0.2m | €0.005m | - |
| + Depreciation and write-downs630 | €0.01m | €0 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €0.02m | €0.2m | €1.1m | €0.3m | -€0.05m | -€0.2m | €0.005m | - |
| Change in cash | - | €1.0m | -€0.9m | €0.02m | -€0.2m | €0.4m | -€0.4m | - |
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, 6,049 companies had the same profile as KARTHUIZER DEVELOPMENT has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of KARTHUIZER DEVELOPMENT 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 6,049 companies, not a prediction for KARTHUIZER DEVELOPMENT. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 05-01-2026 | 2026-00002581 | |
| 30-06-2024 | abbreviated format | 29-01-2025 | 2025-00027483 | |
| 30-06-2023 | abbreviated format | 12-01-2024 | 2024-00001791 | |
| 30-06-2022 | abbreviated format | 09-01-2023 | 2023-20556774 | |
| 30-06-2021 | abbreviated format | 25-01-2022 | 2022-01700525 | |
| 30-06-2020 | abbreviated format | 24-02-2021 | 2021-06000035 | |
| 30-06-2019 | abbreviated format | 08-01-2020 | 2020-00700463 | |
| 30-06-2018 | abbreviated format | 20-12-2018 | 2018-75300176 | |
| 30-06-2017 | abbreviated format | 09-01-2018 | 2018-00700166 | |
| 30-06-2016 | abbreviated format | 22-12-2016 | 2016-71000541 |