Cartamundi Turnhout
ActiveSummary
Cartamundi Turnhout has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €32.47M and a net result of €19.38M. Equity is growing by ~7.7% per year across the filed fiscal years. Its solvency ranks better than 34% of 117 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
71
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability97▲+3
Solvency61▲+6
Growth76▼-1
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity short (current ratio 0.61 against 1.01 in 2024; short-term debt: 62.4% and cash: 0.2% of total assets), and 63.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers 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
36.1%
Return on assets
21.5%
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
Sector 32
lower
← 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
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
68 d early
2020
59 d early
2019
58 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
€118.65M▲ 6.5%
2024 · €111.44M
2018: €53.88M
2019: €48.29M
2020: €52.76M
2021: €73.24M
2022: €88.29M
2023: €87.33M
2024: €111.44M
2018 → 2025
EBIT margin
24.0%▲ 1.2pp
2024 · 22.8%
2018: 4.3%
2019: 3.3%
2020: 4.4%
2021: 8.6%
2022: 8.9%
2023: 18.0%
2024: 22.8%
2018 → 2025
Net result
€19.38M▲ 1.6%
2024 · €19.08M
2018: €3.42M
2019: €6.80M
2020: €4.15M
2021: €8.21M
2022: €3.74M
2023: €8.41M
2024: €19.08M
2018 → 2025
Working capital
€-21.79M
2024 · €406k
2018: €-524k
2019: €-2.75M
2020: €1.11M
2021: €-2.16M
2022: €-942k
2023: €-1.20M
2024: €406k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€73.24M-€88.29M▲ 20.6%€87.33M▼ 1.1%€111.44M▲ 27.6%€118.65M▲ 6.5%
Equity€25.62M-€25.61M=€29.52M▲ 15.3%€31.60M▲ 7.0%€32.47M▲ 2.8%
Operating result€6.33M-€7.88M▲ 24.5%€15.70M▲ 99.2%€25.45M▲ 62.1%€28.48M▲ 11.9%
Net result€8.21M-€3.74M▼ 54.4%€8.41M▲ 125%€19.08M▲ 127%€19.38M▲ 1.6%
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 12% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €90.04M
Fixed assets
€55.61M ▲ 0.9%
Current assets
€34.43M ▼ 29.4%
Equity and liabilities €90.04M
Equity
€32.47M ▲ 2.8%
Provisions
€236k ▲ 10.1%
Debt
€57.33M ▼ 20.5%
Debt's share of the balance-sheet total falls from 69.4% to 63.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32.52M▲
2024 · €29.54M
Cash flow
€23.42M▲
2024 · €23.17M
Current ratio
0.61▼
2024 · 1.01
Quick ratio
0.37▼
2024 · 0.80
Debt to equity
1.77▼
2024 · 2.28
ROE
59.7%▼
2024 · 60.4%
ROA
21.5%▲
2024 · 18.4%
Interest coverage
24.56▲
2024 · 18.70
Debt ≤ 1 year
€56.22M▲
2024 · €48.38M
Income taxes
€7.40M▲
2024 · €6.45M
Staff costs
€28.95M▲
2024 · €26.90M
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 · 91 lines
Balance sheet
Code20242025
Assets
Total assets20/58€103.92M€90.04M▼
Fixed assets21/28€55.13M€55.61M▲
Intangible fixed assets21€292-
Tangible fixed assets22/27€22.27M€22.75M▲
Land and buildings22€3.57M€4.06M▲
Plant, machinery and equipment23€16.30M€14.90M▼
Furniture and vehicles24€503k€631k▲
Assets under construction and advance payments27€1.90M€3.15M▲
Financial fixed assets28€32.86M€32.86M=
Affiliated companies280/1€32.86M€32.86M=
Participating interests280€32.11M€32.11M=
Amounts receivable281€750k€750k=
Current assets29/58€48.79M€34.43M▼
Stocks and contracts in progress3€9.95M€13.90M▲
Stocks30/36€9.95M€13.90M▲
Raw materials and consumables30/31€3.43M€5.83M▲
Work in progress32€4.57M€6.30M▲
Finished goods33€1.96M€1.76M▼
Amounts receivable within one year40/41€36.08M€20.16M▼
Trade receivables40€1.47M€6.06M▲
Other amounts receivable41€34.61M€14.10M▼
Cash at bank and in hand54/58€2.53M€162k▼
Deferred charges and accrued income490/1€222k€209k▼
Equity and liabilities
Total equity and liabilities10/49€103.92M€90.04M▼
Equity10/15€31.60M€32.47M▲
Contributions10/11€8.05M€8.05M=
Capital10€8.05M€8.05M=
Issued capital100€8.05M€8.05M=
Reserves13€1.05M€1.89M▲
Non-distributable reserves130/1€805k€805k=
Legal reserve130€805k€805k=
Tax-exempt reserves132€50k€892k▲
Distributable reserves133€193k€193k=
Profit (loss) carried forward14€22.44M€22.47M▲
Investment grants15€66k€61k▼
Provisions and deferred taxes16€215k€236k▲
Provisions for liabilities and charges160/5€184k€210k▲
Pensions and similar obligations160€115k€135k▲
Other liabilities and charges164/5€69k€75k▲
Deferred taxes168€31k€26k▼
Amounts payable17/49€72.11M€57.33M▼
Amounts payable after more than one year17€22.50M-
Financial debts170/4€22.50M-
Other loans174€22.50M-
Amounts payable within one year42/48€48.38M€56.22M▲
Trade debts44€16.77M€24.26M▲
Suppliers440/4€16.77M€24.26M▲
Advances received on contracts in progress46€8.93M€6.12M▼
Taxes, remuneration and social security45€5.68M€7.15M▲
Taxes450/3€1.13M€2.08M▲
Remuneration and social security454/9€4.55M€5.06M▲
Other amounts payable47/48€17.00M€18.70M▲
Accrued charges and deferred income492/3€1.22M€1.12M▼
Income statement
Code20242025
Operating income70/76A€119.16M€123.91M▲
Turnover70€111.44M€118.65M▲
Change in stocks of work in progress, finished goods and contracts in progress71€2.35M€1.56M▼
Other operating income74€3.64M€3.64M▲
Non-recurring operating income76A€1.74M€65k▼
Operating charges60/66A€93.71M€95.43M▲
Goods for resale, raw materials and consumables60€41.75M€41.82M▲
Purchases600/8€41.17M€43.98M▲
Change in stocks: decrease (increase)609€574k€-2.16M▼
Services and other goods61€20.52M€22.97M▲
Remuneration, social security and pensions62€26.90M€28.95M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4.09M€4.04M▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€278k€-4.23M▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-220k€26k▲
Other operating charges640/8€401k€1.85M▲
Operating profit (loss)9901€25.45M€28.48M▲
Financial income75/76B€2.15M€1.74M▼
Recurring financial income75€2.15M€1.74M▼
Income from financial fixed assets750€14k€14k=
Income from current assets751€1.51M€1.06M▼
Other financial income752/9€624k€668k▲
Financial charges65/66B€2.08M€3.45M▲
Recurring financial charges65€2.07M€1.66M▼
Debt charges650€1.58M€1.32M▼
Other financial charges652/9€490k€336k▼
Non-recurring financial charges66B€8k€1.79M▲
Profit (loss) for the period before taxes9903€25.52M€26.77M▲
Transfer from deferred taxes780€4k€4k=
Income taxes67/77€6.45M€7.40M▲
Taxes670/3€6.45M€7.40M▲
Profit (loss) for the period9904€19.08M€19.38M▲
Transfer to tax-exempt reserves689-€842k
Profit (loss) for the period to be appropriated9905€19.08M€18.54M▼
Appropriation of the result
Profit (loss) to be appropriated9906€39.44M€40.97M▲
Profit (loss) brought forward from the previous period14P€20.35M€22.44M▲
Profit to be distributed694/7€17.00M€18.50M▲
Return on contributions (dividend)694€17.00M€18.50M▲
Social balance
Average headcount (FTE)9087357.4375.9▲
The notes to these accounts (75 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
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
Highest result since 2018net €19.38M ▲1.6%
Operating result €28.48M, net result €19.38M, both a record.
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
16-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
24-05
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
Equity above €25MEq €25.62M ▲19.3%
3 profitable years in a row build equity to €25.62M.
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
28-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-05
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 17 acts read
About the unread acts
We know of 17 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
17 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 2005
Ground area
3.8 ha
Building footprint
1.8 ha
Parcel 13453O0073/00X002, Flanders. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Cartamundi Turnhout
since 20052.150.300.255
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13453O0073/00X002 | Flanders | 3.8 ha | 1 · 1.8 ha | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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 TurnhoutBE 0877.566.324
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 460,208 EUR awarded · 166,769 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 403,157 EUR | 109,718 EUR |
| 2024 | 2 | 14,632 EUR | 14,632 EUR |
| 2023 | 1 | 25,405 EUR | 25,405 EUR |
| 2022 | 2 | 17,014 EUR | 17,014 EUR |
Schemes
Ontwikkelingsproject
Vlaams opleidingsverlof (VOV)
Werkbaarheidscheque (stopgezet)
Premie kwalificerend werkplekleren
European research
2 projects · 2 as coordinator · 1,984,700 EUR EU contributionProgrammes
Horizon 2020
Projects
Printed Intelligent NFC Game cards and packaging
Capacitive Identification Tokens
Recognitions · licences · registrations
Dual-learning approval
1 live approvalOperator digitaal drukken in de printmedia/papier- en kartonverwerking duaal (so)
Legal Entity Identifier
549300NU3FWFEHQYQM26
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EUROPLAY
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Of 337 companies in sector 32400 we hold annual accounts for 103. 6 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded29-11-2005
Fiscal year end31-12
Activities, NACEBEL 2025
32400Other manufacturing
46497Wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 21 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.