CGIMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 5 filings
Turnover
≈ €69,000
Estimated: probably between €43,000 and €140,000
EBIT margin
Not included in this filing
Net result
€3,069▼ 81.0%
2024 · €16,179
Working capital
-€14,972▼ 174%
2024 · -€5,464
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€8,463
▼ 64.7%
2025
20212025
Net result
€3,069
▼ 81.0%
2025
middle half of the sector
20212025
Equity
€84,371
▲ 3.8%
2025
middle half of the sector
20212025
Total assets
€396,204
▲ 2.5%
2025
lowest quarter of the sector
20212025
Debt
€311,833
▲ 2.2%
2025
20212025
Working capital
-€14,972
▼ 174%
2025
middle half of the sector
20212025
Solvency
21.3%
▲ 0.3pp
2025
middle half of the sector
20212025
Current ratio
0.49
▼ 0.27
2025
middle half of the sector
20212025
Return on assets (ROA)
0.8%
▼ 3.4pp
2025
middle half of the sector
20212025
Staff (FTE)
0
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,756-€15,165▲ 95.5%€11,816▼ 22.1%€23,950▲ 103%€8,463▼ 64.7%
Net result€1,321within the sector's middle half-€8,077within the sector's middle half▲ 511%€5,725within the sector's middle half▼ 29.1%€16,179within the sector's middle half▲ 183%€3,069within the sector's middle half▼ 81.0%
Equity€51,321below the sector's middle half-€59,398within the sector's middle half▲ 15.7%€65,123within the sector's middle half▲ 9.6%€81,302within the sector's middle half▲ 24.8%€84,371within the sector's middle half▲ 3.8%
Total assets€414,480below the sector's middle half-€409,277below the sector's middle half▼ 1.3%€397,150below the sector's middle half▼ 3.0%€386,552below the sector's middle half▼ 2.7%€396,204below the sector's middle half▲ 2.5%
Debt€363,159-€349,879▼ 3.7%€332,027▼ 5.1%€305,250▼ 8.1%€311,833▲ 2.2%
Working capital-€23,172within the sector's middle half--€20,019within the sector's middle half▲ 13.6%-€17,270within the sector's middle half▲ 13.7%-€5,464within the sector's middle half▲ 68.4%-€14,972within the sector's middle half▼ 174%
Solvency12.4%within the sector's middle half-14.5%within the sector's middle half▲ 2.1pp16.4%within the sector's middle half▲ 1.9pp21.0%within the sector's middle half▲ 4.6pp21.3%within the sector's middle half▲ 0.3pp
Current ratio0.26below the sector's middle half-0.42below the sector's middle half▲ 0.160.48within the sector's middle half▲ 0.060.76within the sector's middle half▲ 0.280.49within the sector's middle half▼ 0.27
Return on assets (ROA)0.3%within the sector's middle half-2.0%within the sector's middle half▲ 1.7pp1.4%within the sector's middle half▼ 0.5pp4.2%within the sector's middle half▲ 2.7pp0.8%within the sector's middle half▼ 3.4pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0within the sector's middle half
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 65% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €396,204
Fixed assets
€381,534 ▲ 3.4%
Current assets
€14,670 ▼ 17.2%
Equity and liabilities €396,204
Equity
€84,371 ▲ 3.8%
Debt
€311,833 ▲ 2.2%
Debt's share of the balance-sheet total falls from 79.0% to 78.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€23,704▼
2024 · €37,552
Cash flow
€18,310▼
2024 · €29,781
Debt to equity
3.70▼
2024 · 3.75
ROE
3.6%▼
2024 · 19.9%
Interest coverage
6.00▼
2024 · 10.08
Debt ≤ 1 year
€29,642▲
2024 · €23,192
Debt > 1 year
€280,019▼
2024 · €282,058
Income taxes
€1,443▼
2024 · €4,045
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €331,793 | €314,511 | €298,833 | - |
| Mortgages, amount registered | - | €180,000 | €180,000 | €180,000 | €180,000 |
| Mortgage mandates | - | €180,000 | €180,000 | €180,000 | €180,000 |
| Carrying value of the mortgaged assets | - | €394,827 | €381,226 | €367,624 | €374,614 |
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 | €416,144 | €1,715 | - | - | €28,501 |
| Financial fixed assets | - | - | - | €1,200 | €0 |
| Depreciation and write-downs of the year | €9,771 | €13,260 | €13,601 | €13,602 | €15,241 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,771 | €13,260 | €13,601 | €13,602 | €15,241 | ▲ 12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €2,955 | - | - | - | - | - |
| Other operating charges640/8 | €2,934 | €3,402 | €3,953 | €4,092 | €4,256 | ▲ 4.0% |
| Gross operating margin9900 | €23,417 | €31,827 | €29,370 | €41,644 | €27,960 | ▼ 32.9% |
| Operating profit (loss)9901 | €7,756 | €15,165 | €11,816 | €23,950 | €8,463 | ▼ 64.7% |
| Financial income75/76B | - | - | €2 | €0 | €1 | - |
| Recurring financial income75 | - | - | €2 | €0 | €1 | - |
| Financial charges65/66B | €5,819 | €4,059 | €3,946 | €3,726 | €3,952 | ▲ 6.1% |
| Recurring financial charges65 | €5,819 | €4,059 | €3,946 | €3,726 | €3,952 | ▲ 6.1% |
| Profit (loss) for the period before taxes9903 | €1,937 | €11,106 | €7,872 | €20,224 | €4,512 | ▼ 77.7% |
| Income taxes67/77 | €616 | €3,029 | €2,147 | €4,045 | €1,443 | ▼ 64.3% |
| Profit (loss) for the period9904 | €1,321 | €8,077 | €5,725 | €16,179 | €3,069 | ▼ 81.0% |
| Profit (loss) for the period to be appropriated9905 | €1,321 | €8,077 | €5,725 | €16,179 | €3,069 | ▼ 81.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €414,480 | €409,277 | €397,150 | €386,552 | €396,204 | ▲ 2.5% |
| Fixed assets21/28 | €406,373 | €394,827 | €381,226 | €368,824 | €381,534 | ▲ 3.4% |
| Tangible fixed assets22/27 | €406,373 | €394,827 | €381,226 | €367,624 | €380,884 | ▲ 3.6% |
| Land and buildings22 | €406,373 | €394,827 | €381,226 | €367,624 | €374,614 | ▲ 1.9% |
| Plant, machinery and equipment23 | - | - | - | - | €4,966 | - |
| Furniture and vehicles24 | - | - | - | - | €1,304 | - |
| Financial fixed assets28 | - | - | - | €1,200 | €650 | ▼ 45.8% |
| Current assets29/58 | €8,107 | €14,449 | €15,924 | €17,728 | €14,670 | ▼ 17.2% |
| Amounts receivable within one year40/41 | €3,106 | €6,239 | €15,037 | €8,871 | €13,003 | ▲ 46.6% |
| Trade receivables40 | €3,106 | €6,239 | €12,611 | €4,747 | €9,419 | ▲ 98.4% |
| Other amounts receivable41 | - | - | €2,426 | €4,124 | €3,585 | ▼ 13.1% |
| Cash at bank and in hand54/58 | €5,001 | €8,210 | €887 | €7,781 | €333 | ▼ 95.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,076 | €1,334 | ▲ 23.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €414,480 | €409,277 | €397,150 | €386,552 | €396,204 | ▲ 2.5% |
| Equity10/15 | €51,321 | €59,398 | €65,123 | €81,302 | €84,371 | ▲ 3.8% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €1,321 | €9,398 | €15,123 | €15,123 | €15,123 | = |
| Distributable reserves133 | €1,321 | €9,398 | €15,123 | €15,123 | €15,123 | = |
| Profit (loss) carried forward14 | - | - | - | €16,179 | €19,248 | ▲ 19.0% |
| Amounts payable17/49 | €363,159 | €349,879 | €332,027 | €305,250 | €311,833 | ▲ 2.2% |
| Amounts payable after more than one year17 | €331,793 | €315,411 | €298,833 | €282,058 | €280,019 | ▼ 0.7% |
| Financial debts170/4 | €331,793 | €315,411 | €298,833 | €282,058 | €280,019 | ▼ 0.7% |
| Amounts payable within one year42/48 | €31,279 | €34,468 | €33,194 | €23,192 | €29,642 | ▲ 27.8% |
| Current portion of amounts payable after more than one year42 | €16,190 | €16,383 | €16,578 | €16,775 | €19,793 | ▲ 18.0% |
| Trade debts44 | €1,458 | €2,042 | €0 | €329 | €2,170 | ▲ 559% |
| Suppliers440/4 | €1,458 | €2,042 | €0 | €329 | €2,170 | ▲ 559% |
| Taxes, remuneration and social security45 | €616 | €3,029 | €3,601 | €573 | €573 | = |
| Taxes450/3 | €616 | €3,029 | €3,601 | €573 | €573 | = |
| Other amounts payable47/48 | €13,015 | €13,015 | €13,015 | €5,515 | €7,107 | ▲ 28.9% |
| Accrued charges and deferred income492/3 | €87 | - | - | - | €2,172 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,321 | €8,077 | €5,725 | €16,179 | €3,069 | ▼ 81.0% |
| + Depreciation and write-downs630 | €9,771 | €13,260 | €13,601 | €13,602 | €15,241 | ▲ 12.0% |
| Operating cash flow (approximation) | €11,092 | €21,337 | €19,326 | €29,781 | €18,310 | ▼ 38.5% |
| Investment in fixed assets (approximation) | - | -€1,715 | €0 | -€1,200 | -€27,951 | ▼ 2,229% |
| Change in cash | - | €3,209 | -€7,323 | €6,893 | -€7,448 | - |
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 CGIMO 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
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CGIMO itself: 0.6% 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 CGIMO. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00278008 | |
| 31-12-2024 | full format | 07-07-2025 | 2025-00236955 | |
| 31-12-2023 | full format | 15-07-2024 | 2024-00243913 | |
| 31-12-2022 | full format | 25-06-2023 | 2023-00154464 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20424223 |