Verzekeringen CMS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is 37% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,170 | €47,886 | - | - |
| Intangible fixed assets | €105,772 | - | - | - |
| Depreciation and write-downs of the year | €14,033 | €13,695 | €20,703 | €20,154 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,033 | €13,695 | €20,703 | €20,154 | ▼ 2.6% |
| Other operating charges640/8 | €797 | €1,007 | €807 | €763 | ▼ 5.5% |
| Gross operating margin9900 | €27,698 | €37,040 | €33,458 | €28,441 | ▼ 15.0% |
| Operating profit (loss)9901 | €12,869 | €22,338 | €11,948 | €7,523 | ▼ 37.0% |
| Financial income75/76B | - | - | €164 | €915 | ▲ 457% |
| Recurring financial income75 | - | - | €164 | €915 | ▲ 457% |
| Financial charges65/66B | €1,341 | €1,217 | €1,026 | €3,946 | ▲ 285% |
| Recurring financial charges65 | €1,341 | €1,217 | €1,026 | €3,946 | ▲ 285% |
| Profit (loss) for the period before taxes9903 | €11,528 | €21,121 | €11,086 | €4,492 | ▼ 59.5% |
| Income taxes67/77 | €2,754 | €4,726 | €2,682 | €1,373 | ▼ 48.8% |
| Profit (loss) for the period9904 | €8,774 | €16,395 | €8,404 | €3,120 | ▼ 62.9% |
| Profit (loss) for the period to be appropriated9905 | €8,774 | €16,395 | €8,404 | €3,120 | ▼ 62.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €123,038 | €152,825 | €158,076 | €161,833 | ▲ 2.4% |
| Fixed assets21/28 | €93,909 | €128,101 | €107,398 | €87,243 | ▼ 18.8% |
| Intangible fixed assets21 | €92,637 | €82,060 | €71,483 | €60,906 | ▼ 14.8% |
| Tangible fixed assets22/27 | €1,272 | €46,041 | €35,915 | €26,338 | ▼ 26.7% |
| Plant, machinery and equipment23 | €1,272 | €548 | €0 | - | - |
| Furniture and vehicles24 | - | €45,492 | €35,915 | €26,338 | ▼ 26.7% |
| Current assets29/58 | €29,130 | €24,725 | €50,678 | €74,590 | ▲ 47.2% |
| Amounts receivable within one year40/41 | - | - | €5,176 | €6,073 | ▲ 17.3% |
| Other amounts receivable41 | - | - | €5,176 | €6,073 | ▲ 17.3% |
| Current investments50/53 | - | - | €22,054 | €37,894 | ▲ 71.8% |
| Cash at bank and in hand54/58 | €28,579 | €17,999 | €12,330 | €24,116 | ▲ 95.6% |
| Deferred charges and accrued income490/1 | €551 | €6,726 | €11,118 | €6,507 | ▼ 41.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €123,038 | €152,825 | €158,076 | €161,833 | ▲ 2.4% |
| Equity10/15 | €13,774 | €30,169 | €38,573 | €41,692 | ▲ 8.1% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €8,774 | €25,169 | €33,573 | €36,692 | ▲ 9.3% |
| Distributable reserves133 | €8,774 | €25,169 | €33,573 | €36,692 | ▲ 9.3% |
| Amounts payable17/49 | €109,264 | €122,656 | €119,503 | €120,141 | ▲ 0.5% |
| Amounts payable after more than one year17 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Financial debts170/4 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Amounts payable within one year42/48 | €31,336 | €47,456 | €44,503 | €41,992 | ▼ 5.6% |
| Trade debts44 | €2,609 | €1,178 | €804 | €368 | ▼ 54.3% |
| Suppliers440/4 | €2,609 | €1,178 | €804 | €368 | ▼ 54.3% |
| Taxes, remuneration and social security45 | €2,754 | €6,751 | €4,122 | €2,025 | ▼ 50.9% |
| Taxes450/3 | €2,754 | €4,726 | €4,122 | €2,025 | ▼ 50.9% |
| Remuneration and social security454/9 | - | €2,025 | €0 | - | - |
| Other amounts payable47/48 | €25,973 | €39,527 | €39,577 | €39,599 | ▲ 0.1% |
| Accrued charges and deferred income492/3 | €2,928 | €200 | €0 | €3,149 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,774 | €16,395 | €8,404 | €3,120 | ▼ 62.9% |
| + Depreciation and write-downs630 | €14,033 | €13,695 | €20,703 | €20,154 | ▼ 2.6% |
| Operating cash flow (approximation) | €22,807 | €30,090 | €29,107 | €23,274 | ▼ 20.0% |
| Investment in fixed assets (approximation) | - | -€47,886 | €0 | €0 | - |
| Change in cash | - | -€10,580 | -€5,669 | €11,785 | - |
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, 3,274 companies had the same profile as Verzekeringen CMS has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Verzekeringen CMS itself: 0.9% 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 3,274 companies, not a prediction for Verzekeringen CMS. 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.