Karus
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 19 filings
Turnover
€70.1m▲ 4.9%
2024 · €66.8m
EBIT margin
0.8%▲ 0.6pp
2024 · 0.3%
Net result
€1.8m▲ 25.5%
2024 · €1.4m
Working capital
€75.4m▲ 4.1%
2024 · €72.5m
In the rankings
#1 company by total assets in Merelbeke-Melle, Health and social work sector#1 company by equity in Merelbeke-Melle, Health and social work sector#2 employer in Merelbeke-Melle
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€70.1m
▲ 4.9%
2025
20182025
Operating result
€575,060
▲ 232%
2025
20182025
Net result
€1.8m
▲ 25.5%
2025
highest quarter of the sector
20182025
EBIT margin
0.8%
▲ 0.6pp
2025
20182025
Equity
€92.8m
▲ 1.2%
2025
highest quarter of the sector
20182025
Total assets
€147.1m
▼ 0.5%
2025
highest quarter of the sector
20182025
Debt
€53.4m
▼ 3.8%
2025
20182025
Working capital
€75.4m
▲ 4.1%
2025
highest quarter of the sector
20182025
Solvency
63.1%
▲ 1.1pp
2025
middle half of the sector
20182025
Current ratio
4.11
▲ 0.35
2025
middle half of the sector
20182025
Return on assets (ROA)
1.2%
▲ 0.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
639.3
=
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€44.9m-€44.9m=€46.4m▲ 3.3%€48.8m▲ 5.3%€54.7m▲ 12.0%€59.0m▲ 7.9%€66.8m▲ 13.2%€70.1m▲ 4.9%
Operating result€0.4m-€0.3m▼ 15.5%€1.1m▲ 220%€1.1m▲ 0.6%€0.9m▼ 20.1%€0.4m▼ 57.7%€0.2m▼ 52.5%€0.6m▲ 232%
Net result€0.7m-€2.4m▲ 224%€1.5mabove the sector's middle half▼ 36.3%€3.8mabove the sector's middle half▲ 150%-€1.8mbelow the sector's middle half€3.1mabove the sector's middle half€1.4mabove the sector's middle half▼ 55.5%€1.8mabove the sector's middle half▲ 25.5%
EBIT margin0.9%-0.7%▼ 0.1pp2.3%▲ 1.6pp2.2%▼ 0.1pp1.6%▼ 0.6pp0.6%▼ 1.0pp0.3%▼ 0.4pp0.8%▲ 0.6pp
Equity€82.8m-€84.5m▲ 2.1%€85.4mabove the sector's middle half▲ 1.0%€90.1mabove the sector's middle half▲ 5.6%€87.7mabove the sector's middle half▼ 2.7%€90.3mabove the sector's middle half▲ 3.0%€91.7mabove the sector's middle half▲ 1.6%€92.8mabove the sector's middle half▲ 1.2%
Total assets€123.4m-€123.6m▲ 0.1%€124.9mabove the sector's middle half▲ 1.0%€131.3mabove the sector's middle half▲ 5.1%€129.0mabove the sector's middle half▼ 1.7%€131.3mabove the sector's middle half▲ 1.8%€147.9mabove the sector's middle half▲ 12.6%€147.1mabove the sector's middle half▼ 0.5%
Debt€40.1m-€38.7m▼ 3.4%€39.3m▲ 1.5%€41.1m▲ 4.4%€41.3m▲ 0.6%€40.7m▼ 1.4%€55.5m▲ 36.1%€53.4m▼ 3.8%
Working capital€56.9m-€58.0m▲ 2.0%€62.4mabove the sector's middle half▲ 7.5%€67.5mabove the sector's middle half▲ 8.2%€66.2mabove the sector's middle half▼ 2.0%€70.2mabove the sector's middle half▲ 6.1%€72.5mabove the sector's middle half▲ 3.3%€75.4mabove the sector's middle half▲ 4.1%
Solvency67.1%-68.4%▲ 1.3pp68.4%within the sector's middle half=68.6%within the sector's middle half▲ 0.3pp67.9%within the sector's middle half▼ 0.7pp68.7%within the sector's middle half▲ 0.8pp62.0%within the sector's middle half▼ 6.8pp63.1%within the sector's middle half▲ 1.1pp
Current ratio6.73-6.16▼ 0.587.19above the sector's middle half▲ 1.046.99above the sector's middle half▼ 0.206.48above the sector's middle half▼ 0.526.70above the sector's middle half▲ 0.233.76within the sector's middle half▼ 2.944.11within the sector's middle half▲ 0.35
Return on assets (ROA)0.6%-1.9%▲ 1.3pp1.2%below the sector's middle half▼ 0.7pp2.9%below the sector's middle half▲ 1.7pp-1.4%below the sector's middle half▼ 4.3pp2.4%below the sector's middle half▲ 3.8pp0.9%below the sector's middle half▼ 1.4pp1.2%below the sector's middle half▲ 0.2pp
Staff (FTE)619.8-603.9▼ 2.6%611.5above the sector's middle half▲ 1.3%638.3above the sector's middle half▲ 4.4%638.1above the sector's middle half=642.5above the sector's middle half▲ 0.7%639.6above the sector's middle half▼ 0.5%639.3above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 3.3 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2021 Net result +150% on 2020. Universality received from CENTRUM ONDERWEG, Official Gazette 08-01-2021. Branch of activity received from DE NIEUWE HORIZON, effective 01-01-2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €147.1m
Fixed assets
€47.4m ▼ 3.6%
Current assets
€99.7m ▲ 1.0%
Equity and liabilities €147.1m
Equity
€92.8m ▲ 1.2%
Provisions
€939,330 ▲ 19.7%
Debt
€53.4m ▼ 3.8%
Debt's share of the balance-sheet total falls from 37.5% to 36.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.7m▲
2024 · €4.4m
Cash flow
€5.9m▲
2024 · €5.6m
Quick ratio
4.10▲
2024 · 3.75
Debt to equity
0.57▼
2024 · 0.61
ROE
1.9%▲
2024 · 1.5%
Interest coverage
16.91▲
2024 · 16.31
Debt ≤ 1 year
€24.2m▼
2024 · €26.2m
Debt > 1 year
€28.9m▲
2024 · €28.5m
Customer credit
57 days▼
2024 · 70 days
Supplier credit
1263 days▼
2024 · 1658 days
Staff costs
€52.4m▲
2024 · €51.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 792 | 825 | 789 | 788 | 793 |
| full-time | 289 | 289 | 261 | 255 | 263 |
| part-time | 503 | 536 | 528 | 533 | 530 |
| in full-time equivalents | 643.7 | 663.7 | 636.2 | 638.7 | 645.1 |
| Average over the year, in full-time equivalents | 638.3 | 638.1 | 642.5 | 639.6 | 639.3 |
| On a permanent contract | 566 | 612 | 590 | 606 | 631 |
| Joined | 233 | 310 | 250 | 219 | 306 |
| Left | 208 | 277 | 286 | 220 | 301 |
| Agency workers, average number | - | 0.2 | 0.1 | 0.6 | - |
| Training hours | 8,049 | 8,481 | 9,840 | 5,660 | 5,513 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.4m | €1.3m | €1.2m | €1.1m | €1.0m |
| Debts guaranteed by Belgian public bodies | €3.1m | €2.7m | €2.3m | €1.9m | €1.7m |
| Mortgage mandates | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5.3m | €2.7m | €2.5m | €4.5m | €2.4m |
| Intangible fixed assets | €71,202 | €10,507 | €9,878 | €40,333 | - |
| Financial fixed assets | €5,000 | - | - | - | - |
| Depreciation and write-downs of the year | €4.4m | €4.5m | €4.3m | €4.2m | €4.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is NV Callens Vandelanotte.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €14,662 | €16,202 | €16,473 | €16,817 | €17,195 |
| Other work by the auditor | €6,555 | €7,000 | €3,420 | €1,438 | €563 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 45 entries · €11.0m awarded · €10.8m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 11 | €7.1m | €7.1m |
| 2024 | 13 | €1.3m | €1.3m |
| 2023 | 10 | €1.3m | €1.3m |
| 2022 | 11 | €1.2m | €1.2m |
Schemes
Show 15 more
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €56.9m | €63.7m | €69.0m | €77.3m | €83.3m | ▲ 7.9% |
| Turnover70 | €44.9m | €44.9m | €46.4m | €48.8m | €54.7m | €59.0m | €66.8m | €70.1m | ▲ 4.9% |
| Own construction capitalised72 | - | - | - | - | - | - | €0.005m | €0.05m | ▲ 921% |
| Membership fees, donations, legacies and grants73 | - | - | - | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | ▲ 8.0% |
| Other operating income74 | - | - | - | €6.9m | €7.5m | €8.5m | €9.1m | €9.4m | ▲ 2.8% |
| Non-recurring operating income76A | - | - | - | €0.4m | €0.6m | €0.7m | €0.5m | €2.9m | ▲ 464% |
| Operating charges60/66A | - | - | - | €55.8m | €62.8m | €68.6m | €77.1m | €82.8m | ▲ 7.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €3.1m | €3.6m | €4.8m | €3.4m | €3.6m | ▲ 6.0% |
| Purchases600/8 | - | - | - | €3.1m | €3.6m | €4.8m | €3.4m | €3.6m | ▲ 6.2% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.01m | -€0.03m | €0.01m | €0.02m | €0.01m | ▼ 39.6% |
| Services and other goods61 | - | - | - | €7.0m | €7.7m | €8.7m | €16.6m | €20.8m | ▲ 25.1% |
| Remuneration, social security and pensions62 | - | - | - | €40.9m | €46.2m | €49.2m | €51.1m | €52.4m | ▲ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4.5m | €4.4m | €4.3m | €4.4m | €4.5m | €4.3m | €4.2m | €4.2m | ▼ 0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.006m | -€0.003m | -€0.008m | €0.04m | €0.004m | ▼ 88.5% |
| Other operating charges640/8 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 1.5% |
| Non-recurring operating charges66A | - | - | - | €0.1m | €0.5m | €0.9m | €0.9m | €1.3m | ▲ 43.7% |
| Operating profit (loss)9901 | €0.4m | €0.3m | €1.1m | €1.1m | €0.9m | €0.4m | €0.2m | €0.6m | ▲ 232% |
| Financial income75/76B | - | - | - | €3.2m | €1.2m | €1.1m | €1.3m | €1.7m | ▲ 25.7% |
| Recurring financial income75 | €1.6m | €1.9m | €1.2m | €3.2m | €1.2m | €1.1m | €1.3m | €1.7m | ▲ 25.7% |
| Income from current assets751 | - | - | - | €2.5m | €0.5m | €0.5m | €0.7m | €1.1m | ▲ 42.9% |
| Other financial income752/9 | - | - | - | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | ▲ 4.1% |
| Non-recurring financial income76B | - | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.5m | €3.8m | -€1.7m | €0.1m | €0.5m | ▲ 330% |
| Recurring financial charges65 | €1.2m | €0.2m | €0.8m | €0.5m | €3.8m | -€1.7m | €0.1m | €0.5m | ▲ 330% |
| Debt charges650 | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 4.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | -€0.2m | €2.9m | -€2.2m | -€0.4m | -€0.003m | ▲ 99.3% |
| Other financial charges652/9 | - | - | - | €0.3m | €0.6m | €0.2m | €0.2m | €0.2m | ▼ 4.3% |
| Non-recurring financial charges66B | - | - | - | €0.01m | €142 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.8m | €2.0m | €1.5m | €3.8m | -€1.8m | €3.1m | €1.4m | €1.8m | ▲ 25.5% |
| Profit (loss) for the period9904 | €0.7m | €2.4m | €1.5m | €3.8m | -€1.8m | €3.1m | €1.4m | €1.8m | ▲ 25.5% |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €2.4m | €1.5m | €3.8m | -€1.8m | €3.1m | €1.4m | €1.8m | ▲ 25.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €123.4m | €123.6m | €124.9m | €131.3m | €129.0m | €131.3m | €147.9m | €147.1m | ▼ 0.5% |
| Formation expenses20 | €0.01m | €0.006m | €0.005m | €0.003m | €0.002m | €0 | €0 | €0 | - |
| Fixed assets21/28 | €56.6m | €54.3m | €52.4m | €52.5m | €50.8m | €48.8m | €49.2m | €47.4m | ▼ 3.6% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.2m | €0.2m | €0.07m | €0.04m | €0.05m | €0.03m | ▼ 40.6% |
| Tangible fixed assets22/27 | €56.4m | €54.1m | €52.3m | €52.3m | €50.7m | €48.7m | €49.1m | €47.3m | ▼ 3.6% |
| Land and buildings22 | - | - | - | €48.6m | €47.1m | €43.9m | €44.2m | €41.6m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.009m | €0.006m | €0.004m | ▼ 40.8% |
| Furniture and vehicles24 | - | - | - | €2.8m | €2.8m | €3.1m | €3.1m | €3.0m | ▼ 4.6% |
| Leasing and similar rights25 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0.09m | €0.07m | €0.05m | €0.03m | €0.01m | ▼ 58.3% |
| Assets under construction and advance payments27 | - | - | - | €0.9m | €0.7m | €1.7m | €1.7m | €2.7m | ▲ 55.0% |
| Financial fixed assets28 | €0.03m | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▼ 0.8% |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▼ 0.8% |
| Shares284 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | ▼ 1.1% |
| Current assets29/58 | €66.8m | €69.3m | €72.4m | €78.8m | €78.3m | €82.5m | €98.7m | €99.7m | ▲ 1.0% |
| Amounts receivable after more than one year29 | - | - | - | €1.1m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 2.0% |
| Trade receivables290 | - | - | - | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 11.6% |
| Other amounts receivable291 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 23.8% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 4.3% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 4.3% |
| Raw materials and consumables30/31 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 4.3% |
| Amounts receivable within one year40/41 | €11.2m | €10.9m | €17.9m | €14.5m | €14.9m | €15.3m | €26.5m | €23.4m | ▼ 11.6% |
| Trade receivables40 | - | - | - | €12.6m | €11.6m | €11.3m | €12.8m | €10.9m | ▼ 14.7% |
| Other amounts receivable41 | - | - | - | €1.9m | €3.3m | €4.0m | €13.7m | €12.5m | ▼ 8.8% |
| Current investments50/53 | €51.5m | €52.5m | €49.8m | €52.8m | €52.9m | €57.8m | €64.1m | €70.3m | ▲ 9.7% |
| Cash at bank and in hand54/58 | €2.0m | €3.7m | €2.3m | €9.1m | €8.7m | €7.5m | €6.5m | €4.3m | ▼ 33.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1.0m | €0.3m | €0.6m | €0.5m | €0.5m | ▲ 0.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €123.4m | €123.6m | €124.9m | €131.3m | €129.0m | €131.3m | €147.9m | €147.1m | ▼ 0.5% |
| Equity10/15 | €82.8m | €84.5m | €85.4m | €90.1m | €87.7m | €90.3m | €91.7m | €92.8m | ▲ 1.2% |
| Contributions10/11 | - | - | - | - | - | - | €10.9m | €10.9m | = |
| Capital10 | - | - | - | - | - | - | €10.9m | €10.9m | = |
| Reserves13 | - | - | - | €67.6m | €67.0m | €71.7m | €73.5m | €74.7m | ▲ 1.7% |
| Profit (loss) carried forward14 | €39.1m | €39.6m | €4.6m | €4.1m | €2.9m | €1.4m | €1.0m | €1.5m | ▲ 53.8% |
| Investment grants15 | - | - | - | €7.5m | €6.8m | €6.3m | €6.3m | €5.7m | ▼ 9.8% |
| Provisions and deferred taxes16 | €0.5m | €0.3m | €0.2m | €0.09m | €0.05m | €0.3m | €0.8m | €0.9m | ▲ 19.7% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.09m | €0.05m | €0.3m | €0.8m | €0.9m | ▲ 19.7% |
| Pensions and similar obligations160 | - | - | - | €0.09m | €0.05m | €0.01m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €0.004m | €0.3m | €0.8m | €0.9m | ▲ 19.7% |
| Amounts payable17/49 | €40.1m | €38.7m | €39.3m | €41.1m | €41.3m | €40.7m | €55.5m | €53.4m | ▼ 3.8% |
| Amounts payable after more than one year17 | €30.0m | €27.3m | €28.2m | €27.7m | €27.2m | €28.0m | €28.5m | €28.9m | ▲ 1.4% |
| Financial debts170/4 | - | - | - | €19.2m | €16.4m | €14.3m | €12.5m | €11.2m | ▼ 9.8% |
| Credit institutions173 | - | - | - | €19.2m | €16.4m | €14.3m | €12.5m | €11.2m | ▼ 9.8% |
| Other amounts payable178/9 | - | - | - | €8.5m | €10.8m | €13.7m | €16.0m | €17.6m | ▲ 10.2% |
| Amounts payable within one year42/48 | €9.9m | €11.3m | €10.1m | €11.3m | €12.1m | €12.3m | €26.2m | €24.2m | ▼ 7.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3.0m | €2.9m | €2.1m | €1.9m | €1.2m | ▼ 35.1% |
| Trade debts44 | €2.6m | €3.9m | €2.9m | €2.8m | €3.1m | €3.5m | €15.4m | €12.4m | ▼ 19.2% |
| Suppliers440/4 | - | - | - | €2.8m | €3.1m | €3.5m | €15.4m | €12.4m | ▼ 19.2% |
| Advances received on contracts in progress46 | - | - | - | €0.001m | €140 | - | €0.001m | €0.001m | ▼ 22.4% |
| Taxes, remuneration and social security45 | - | - | - | €5.3m | €6.0m | €6.5m | €6.8m | €6.8m | ▼ 0.4% |
| Taxes450/3 | - | - | - | €0.3m | €0.04m | €0.03m | €0.05m | €0.08m | ▲ 44.6% |
| Remuneration and social security454/9 | - | - | - | €5.1m | €5.9m | €6.5m | €6.7m | €6.7m | ▼ 0.8% |
| Accrued charges and deferred income492/3 | - | - | - | €2.1m | €2.0m | €0.4m | €0.8m | €0.2m | ▼ 67.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €2.4m | €1.5m | €3.8m | -€1.8m | €3.1m | €1.4m | €1.8m | ▲ 25.5% |
| + Depreciation and write-downs630 | €4.5m | €4.4m | €4.3m | €4.4m | €4.5m | €4.3m | €4.2m | €4.2m | ▼ 0.8% |
| Operating cash flow (approximation) | €5.3m | €6.8m | €5.8m | €8.1m | €2.7m | €7.4m | €5.6m | €5.9m | ▲ 5.8% |
| Investment in fixed assets (approximation) | - | -€2.1m | -€2.4m | -€4.5m | -€2.7m | -€2.3m | -€4.6m | -€2.4m | ▲ 47.9% |
| Change in cash | - | €1.7m | -€1.3m | €6.8m | -€0.4m | -€1.3m | -€1.0m | -€2.2m | ▼ 117% |
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, 513 companies had the same profile as Karus has now. Two years later, 96.1% were still going and 0.8% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.1%
was still going
3.1%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of Karus 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 513 companies, not a prediction for Karus. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00206099 | |
| 31-12-2024 | abbreviated format | 23-06-2025 | 2025-00182915 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00166487 | |
| 31-12-2022 | abbreviated format | 20-06-2023 | 2023-00150206 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20089747 | |
| 31-12-2020 | abbreviated format | 12-07-2021 | 2021-34900112 | |
| 31-12-2019 | abbreviated format | 13-07-2020 | 2020-29900187 | |
| 31-12-2018 | abbreviated format | 17-06-2019 | 2019-18900195 | |
| 31-12-2017 | abbreviated format | 14-06-2018 | 2018-19500590 | |
| 31-12-2016 | abbreviated format | 19-06-2017 | 2017-19600185 |