Cartamundi Benelux
ActiveSummary
Cartamundi Benelux has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.46M and a net result of €3.67M. Equity is growing by ~9.3% per year across the filed fiscal years. Its solvency ranks better than 25% of 117 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability61▲+37
Solvency51▲+13
Growth52▲+17
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €270k at 30 days acceptable
Liquidity tight (current ratio 1.09 against 0.35 in 2024; short-term debt: 5.1% and cash: 0% of total assets), and 74.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
25.5%
Return on assets
12.5%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 32
Relative position
BE, all sectors
reference
Other manufacturing (NACE 32)
about 28% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 117 sector peers (2025).
NBB · sector comparisonPosition among 117 sector peers
Solvency
better than 25%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-06-2026, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 d early
2024
58 d early
2023
63 d early
2022
76 d early
2021
72 d early
2020
59 d early
2019
59 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€2.74M▼ 18.2%
2024 · €3.35M
2018: €10.08Mhighest in 8 years
2019: €5.63M▼ -44.1% vs 2018
2020: €8.30M▲ +47.5% vs 2019
2021: €7.39M▼ -11.0% vs 2020
2022: €4.38M▼ -40.8% vs 2021
2023: €4.21M▼ -3.8% vs 2022
2024: €3.35M▼ -20.5% vs 2023
2025: €2.74M▼ -18.2% vs 2024lowest in 8 years
2018 → 2025
EBIT margin
22.5%▲ 22.1pp
2024 · 0.4%
2018: 8.9%
2019: 5.2%▼ -41.5% vs 2018
2020: 4.0%▼ -23.9% vs 2019
2021: 3.9%▼ -1.2% vs 2020
2022: -24.4%▼ -723% vs 2021lowest in 8 years
2023: -1.3%▲ +94.7% vs 2022
2024: 0.4%▲ +128% vs 2023
2025: 22.5%▲ +6092% vs 2024highest in 8 years
2018 → 2025
Net result
€3.67M
2024 · €-129k
2018: €163k
2019: €271k▲ +66.7% vs 2018
2020: €483k▲ +78.2% vs 2019
2021: €240k▼ -50.4% vs 2020
2022: €-1.04M▼ -533% vs 2021lowest in 8 years
2023: €1.55M▲ +249% vs 2022
2024: €-129k▼ -108% vs 2023
2025: €3.67M▲ +2947% vs 2024highest in 8 years
2018 → 2025
Working capital
€129k
2024 · €-3.50M
2018: €-280k
2019: €-196k▲ +30.0% vs 2018
2020: €1.08M▲ +653% vs 2019
2021: €1.66M▲ +53.2% vs 2020highest in 8 years
2022: €776k▼ -53.2% vs 2021
2023: €-23.47M▼ -3127% vs 2022lowest in 8 years
2024: €-3.50M▲ +85.1% vs 2023
2025: €129k▲ +104% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€7.39M-€4.38M▼ 40.8%€4.21M▼ 3.8%€3.35M▼ 20.5%€2.74M▼ 18.2%
2021: €7.39Mhighest in 5 years
2022: €4.38M▼ -40.8% vs 2021
2023: €4.21M▼ -3.8% vs 2022
2024: €3.35M▼ -20.5% vs 2023
2025: €2.74M▼ -18.2% vs 2024lowest in 5 years
Equity€3.41M-€2.37M▼ 30.5%€3.92M▲ 65.3%€3.79M▼ 3.3%€7.46M▲ 96.7%
2021: €3.41M
2022: €2.37M▼ -30.5% vs 2021lowest in 5 years
2023: €3.92M▲ +65.3% vs 2022
2024: €3.79M▼ -3.3% vs 2023
2025: €7.46M▲ +96.7% vs 2024highest in 5 years
Operating result€290k-€-1.07M€-55k▲ 94.9%€12k€616k▲ 4,966%
2021: €290k
2022: €-1.07M▼ -469% vs 2021lowest in 5 years
2023: €-55k▲ +94.9% vs 2022
2024: €12k▲ +122% vs 2023
2025: €616k▲ +4966% vs 2024highest in 5 years
Net result€240k-€-1.04M€1.55M€-129k€3.67M
2021: €240k
2022: €-1.04M▼ -533% vs 2021lowest in 5 years
2023: €1.55M▲ +249% vs 2022
2024: €-129k▼ -108% vs 2023
2025: €3.67M▲ +2947% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 4,966% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29.22M
Fixed assets
€27.59M ▼ 0.1%
Current assets
€1.63M ▼ 12.1%
Equity and liabilities €29.22M
Equity
€7.46M ▲ 96.7%
Debt
€21.76M ▼ 15.3%
Debt's share of the balance-sheet total falls from 87.1% to 74.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€742k▲
2024 · €119k
Cash flow
€3.79M▲
2024 · €-22k
Current ratio
1.09▲
2024 · 0.35
Debt to equity
2.92▼
2024 · 6.77
ROE
49.1%▲
2024 · -3.4%
ROA
12.5%▲
2024 · -0.4%
Interest coverage
0.79▲
2024 · 0.09
Debt ≤ 1 year
€1.50M▼
2024 · €5.36M
Debt > 1 year
€20.00M=
2024 · €20.00M
Income taxes
€2k▲
2024 · €1k
Staff costs
€2.22M▲
2024 · €2.21M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 69 lines
Balance sheet
Code20242025
Assets
Total assets20/58€29.48M€29.22M▼
Fixed assets21/28€27.62M€27.59M▼
Tangible fixed assets22/27€317k€284k▼
Furniture and vehicles24€317k€284k▼
Financial fixed assets28€27.30M€27.30M=
Affiliated companies280/1€27.30M€27.30M=
Participating interests280€27.10M€27.10M=
Amounts receivable281€200k€200k=
Current assets29/58€1.86M€1.63M▼
Amounts receivable within one year40/41€1.83M€1.62M▼
Trade receivables40€1.83M€1.62M▼
Cash at bank and in hand54/58€3k€1k▼
Deferred charges and accrued income490/1€19k€7k▼
Equity and liabilities
Total equity and liabilities10/49€29.48M€29.22M▼
Equity10/15€3.79M€7.46M▲
Contributions10/11€4.06M€4.06M=
Capital10€4.06M€4.06M=
Issued capital100€4.06M€4.06M=
Reserves13€7k€407k▲
Non-distributable reserves130/1€7k€406k▲
Legal reserve130€7k€406k▲
Tax-exempt reserves132€592€592=
Profit (loss) carried forward14€-279k€2.99M▲
Amounts payable17/49€25.68M€21.76M▼
Amounts payable after more than one year17€20.00M€20.00M=
Financial debts170/4€20.00M€20.00M=
Other loans174€20.00M€20.00M=
Amounts payable within one year42/48€5.36M€1.50M▼
Trade debts44€1.01M€646k▼
Suppliers440/4€1.01M€646k▼
Taxes, remuneration and social security45€423k€591k▲
Taxes450/3€10k€26k▲
Remuneration and social security454/9€413k€565k▲
Other amounts payable47/48€3.93M€266k▼
Accrued charges and deferred income492/3€324k€257k▼
Income statement
Code20242025
Operating income70/76A€9.69M€8.35M▼
Turnover70€3.35M€2.74M▼
Other operating income74€6.27M€5.24M▼
Non-recurring operating income76A€75k€365k▲
Operating charges60/66A€9.68M€7.73M▼
Goods for resale, raw materials and consumables60€1.20M€794k▼
Purchases600/8€1.20M€794k▼
Services and other goods61€6.01M€4.47M▼
Remuneration, social security and pensions62€2.21M€2.22M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€107k€126k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-86k€-50k▲
Other operating charges640/8€247k€169k▼
Non-recurring operating charges66A€4k-
Operating profit (loss)9901€12k€616k▲
Financial income75/76B€1.21M€4.01M▲
Recurring financial income75€1.21M€3.99M▲
Income from financial fixed assets750€1.18M€3.98M▲
Income from current assets751€862€224▼
Other financial income752/9€24k€6k▼
Non-recurring financial income76B-€21k
Financial charges65/66B€1.35M€959k▼
Recurring financial charges65€1.35M€959k▼
Debt charges650€1.31M€939k▼
Other financial charges652/9€39k€20k▼
Profit (loss) for the period before taxes9903€-127k€3.67M▲
Income taxes67/77€1k€2k▲
Taxes670/3€1k€2k▲
Profit (loss) for the period9904€-129k€3.67M▲
Profit (loss) for the period to be appropriated9905€-129k€3.67M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-279k€3.39M▲
Profit (loss) brought forward from the previous period14P€-151k€-279k▼
Transfer to equity691/2-€400k
To the legal reserve6920-€400k
Social balance
Average headcount (FTE)908717.516.9▼
The notes to these accounts (43 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €7.52M | €4.40M | €8.26M | €9.69M | €8.35M | ▼ 13.9% |
| Turnover70 | €7.39M | €4.38M | €4.21M | €3.35M | €2.74M | ▼ 18.2% |
| Other operating income74 | €134k | €29k | €3.79M | €6.27M | €5.24M | ▼ 16.4% |
| Non-recurring operating income76A | - | - | €261k | €75k | €365k | ▲ 389% |
| Operating charges60/66A | €7.23M | €5.47M | €8.31M | €9.68M | €7.73M | ▼ 20.2% |
| Goods for resale, raw materials and consumables60 | €5.57M | €3.34M | €2.82M | €1.20M | €794k | ▼ 33.7% |
| Purchases600/8 | €5.57M | €3.07M | €2.82M | €1.20M | €794k | ▼ 33.7% |
| Change in stocks: decrease (increase)609 | - | €270k | - | - | - | - |
| Services and other goods61 | €1.24M | €1.58M | €3.75M | €6.01M | €4.47M | ▼ 25.6% |
| Remuneration, social security and pensions62 | €386k | €760k | €1.16M | €2.21M | €2.22M | ▲ 0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30k | €38k | €52k | €107k | €126k | ▲ 18.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €4k | €-245k | €-16k | €-86k | €-50k | ▲ 42.1% |
| Other operating charges640/8 | €191 | €2k | €204k | €247k | €169k | ▼ 31.7% |
| Non-recurring operating charges66A | - | - | €334k | €4k | - | - |
| Operating profit (loss)9901 | €290k | €-1.07M | €-55k | €12k | €616k | ▲ 4,966% |
| Financial income75/76B | €112k | €56k | €1.65M | €1.21M | €4.01M | ▲ 232% |
| Recurring financial income75 | €87k | €50k | €28k | €1.21M | €3.99M | ▲ 230% |
| Income from financial fixed assets750 | €4k | €8k | €450 | €1.18M | €3.98M | ▲ 236% |
| Income from current assets751 | €55k | €39k | €18k | €862 | €224 | ▼ 74.1% |
| Other financial income752/9 | €28k | €3k | €10k | €24k | €6k | ▼ 74.5% |
| Non-recurring financial income76B | €26k | €6k | €1.62M | - | €21k | - |
| Financial charges65/66B | €81k | €26k | €46k | €1.35M | €959k | ▼ 28.9% |
| Recurring financial charges65 | €81k | €26k | €46k | €1.35M | €959k | ▼ 28.9% |
| Debt charges650 | €4k | €4k | €23k | €1.31M | €939k | ▼ 28.3% |
| Other financial charges652/9 | €77k | €22k | €23k | €39k | €20k | ▼ 49.8% |
| Profit (loss) for the period before taxes9903 | €321k | €-1.04M | €1.55M | €-127k | €3.67M | ▲ 2,978% |
| Income taxes67/77 | €81k | €762 | €1k | €1k | €2k | ▲ 26.7% |
| Taxes670/3 | €81k | €762 | €1k | €1k | €2k | ▲ 26.7% |
| Profit (loss) for the period9904 | €240k | €-1.04M | €1.55M | €-129k | €3.67M | ▲ 2,947% |
| Profit (loss) for the period to be appropriated9905 | €240k | €-1.04M | €1.55M | €-129k | €3.67M | ▲ 2,947% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.35M | €3.02M | €31.59M | €29.48M | €29.22M | ▼ 0.9% |
| Fixed assets21/28 | €1.77M | €1.65M | €27.48M | €27.62M | €27.59M | ▼ 0.1% |
| Tangible fixed assets22/27 | €53k | €108k | €180k | €317k | €284k | ▼ 10.5% |
| Furniture and vehicles24 | €53k | €108k | €180k | €317k | €284k | ▼ 10.5% |
| Financial fixed assets28 | €1.72M | €1.54M | €27.30M | €27.30M | €27.30M | = |
| Affiliated companies280/1 | €1.72M | €1.54M | €27.30M | €27.30M | €27.30M | = |
| Participating interests280 | €1.29M | €1.29M | €27.10M | €27.10M | €27.10M | = |
| Amounts receivable281 | €425k | €250k | €200k | €200k | €200k | = |
| Current assets29/58 | €2.58M | €1.36M | €4.10M | €1.86M | €1.63M | ▼ 12.1% |
| Amounts receivable within one year40/41 | €2.58M | €1.36M | €4.09M | €1.83M | €1.62M | ▼ 11.5% |
| Trade receivables40 | €698k | €679k | €4.09M | €1.83M | €1.62M | ▼ 11.5% |
| Other amounts receivable41 | €1.88M | €680k | - | - | - | - |
| Cash at bank and in hand54/58 | €983 | €2k | €276 | €3k | €1k | ▼ 57.1% |
| Deferred charges and accrued income490/1 | - | €3k | €11k | €19k | €7k | ▼ 62.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.35M | €3.02M | €31.59M | €29.48M | €29.22M | ▼ 0.9% |
| Equity10/15 | €3.41M | €2.37M | €3.92M | €3.79M | €7.46M | ▲ 96.7% |
| Contributions10/11 | €4.06M | €4.06M | €4.06M | €4.06M | €4.06M | = |
| Capital10 | €4.06M | €4.06M | €4.06M | €4.06M | €4.06M | = |
| Issued capital100 | €4.06M | €4.06M | €4.06M | €4.06M | €4.06M | = |
| Reserves13 | €7k | €7k | €7k | €7k | €407k | ▲ 5,441% |
| Non-distributable reserves130/1 | €7k | €7k | €7k | €7k | €406k | ▲ 5,918% |
| Legal reserve130 | €7k | €7k | €7k | €7k | €406k | ▲ 5,918% |
| Tax-exempt reserves132 | €592 | €592 | €592 | €592 | €592 | = |
| Profit (loss) carried forward14 | €-660k | €-1.70M | €-151k | €-279k | €2.99M | ▲ 1,169% |
| Amounts payable17/49 | €941k | €645k | €27.66M | €25.68M | €21.76M | ▼ 15.3% |
| Amounts payable after more than one year17 | - | - | - | €20.00M | €20.00M | = |
| Financial debts170/4 | - | - | - | €20.00M | €20.00M | = |
| Other loans174 | - | - | - | €20.00M | €20.00M | = |
| Amounts payable within one year42/48 | €921k | €588k | €27.58M | €5.36M | €1.50M | ▼ 71.9% |
| Trade debts44 | €359k | €126k | €1.82M | €1.01M | €646k | ▼ 36.0% |
| Suppliers440/4 | €359k | €126k | €1.82M | €1.01M | €646k | ▼ 36.0% |
| Advances received on contracts in progress46 | €247k | €142k | - | - | - | - |
| Taxes, remuneration and social security45 | €228k | €190k | €178k | €423k | €591k | ▲ 39.6% |
| Taxes450/3 | €144k | €47k | €16k | €10k | €26k | ▲ 152% |
| Remuneration and social security454/9 | €84k | €143k | €162k | €413k | €565k | ▲ 36.9% |
| Other amounts payable47/48 | €88k | €129k | €25.58M | €3.93M | €266k | ▼ 93.2% |
| Accrued charges and deferred income492/3 | €20k | €57k | €89k | €324k | €257k | ▼ 20.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €240k | €-1.04M | €1.55M | €-129k | €3.67M | ▲ 2,947% |
| + Depreciation and write-downs630 | €30k | €38k | €52k | €107k | €126k | ▲ 18.1% |
| Operating cash flow (approximation) | €269k | €-1.00M | €1.60M | €-22k | €3.79M | ▲ 17,587% |
| Investment in fixed assets (approximation) | - | €82k | €-25.88M | €-245k | €-93k | ▲ 62.0% |
| Change in cash | - | €764 | €-1k | €3k | €-2k | ▼ 162% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €3.67M
Net result €3.67M after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 1.09
Current ratio from 0.35 to 1.09; short-term debt falls from €5.36M to €1.50M.
31-12
Financial
Equity above €5MEq €7.46M ▲96.7%
Equity rises from €3.79M to €7.46M.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €1.55M
Net result €1.55M after one loss-making year.
16-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-1.04M
Net result drops to €-1.04M, the lowest in the series; recovery starts the following year.
20-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
02-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity quadruplescurrent ratio 2.27
Current ratio from 0.64 to 2.27.
Show earlier events
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
16-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 19 acts read
About the unread acts
We know of 19 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
19 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Turnhout · 1 establishment unit since 2010
Ground area
6,615 m²
Building footprint
4,734 m²
Volume, LiDAR
11,195 m³
Parcel 13454R0624/00A002, Flanders · tallest building 18.4 m. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Cartamundi Benelux
since 20102.187.874.095
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13454R0624/00A002 | Flanders | 6,615 m² | 1 · 4,734 m² | 18.4 m |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Ownership & control
1 parent companyControl over this companyparent company per the LEI register1
Turnhout
controls
Cartamundi BeneluxBE 0825.550.667
Recognitions · licences · registrations
Legal Entity Identifier
549300EQTT1FONNN3H92
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SALUC
BE 0440.740.581
Péruwelz · Eq €10.23M
SPLIN
BE 0403.881.472
Thimister-Clermont · Eq €4.58M
CIRCUS SERVICES
BE 0864.036.507
Liège · Eq €12.87M
Of 337 companies in sector 32400 we hold annual accounts for 103. 14 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-04-2010
Fiscal year end31-12
Activities, NACEBEL 2025
32400Other manufacturing
46497Wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.