CICERONE
ActiveSummary
CICERONE has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12.5m and a net result of €152,020. Equity is growing by ~3.3% per year across the filed fiscal years. Its solvency ranks better than 77% of 9341 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability40▲+2
Solvency92▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €850,000 at 30 days acceptable
Liquidity tight (current ratio 1.42 against 1.31 in 2024; short-term debt: 33.2% and cash: 0.1% of total assets), and 33.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
66.8%
Return on assets
0.8%
Age of the figures
15 mo
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 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
on the day
2022
4 d early
2021
10 d early
2020
2 d late
2019
63 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 11 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 30 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close29-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€12.5m▲ 1.2%
2024 · €12.4m
Total assets
€18.7m▼ 9.7%
2024 · €20.8m
Net result
€152,020▲ 110%
2024 · €72,527
Working capital
€2.6m▼ 1.8%
2024 · €2.6m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€11,116▲ 2.0%-€138,878▼ 1,149%-€129,609▲ 6.7%-€11,987▲ 90.8%€111,874
Net result€1.4mabove the sector's middle half€81,502above the sector's middle half▼ 94.3%€688,332above the sector's middle half▲ 745%€72,527within the sector's middle half▼ 89.5%€152,020above the sector's middle half▲ 110%
Equity€11.5mabove the sector's middle half▲ 14.2%€11.6mabove the sector's middle half▲ 0.7%€12.3mabove the sector's middle half▲ 5.9%€12.4mabove the sector's middle half▲ 0.6%€12.5mabove the sector's middle half▲ 1.2%
Total assets€21.2mabove the sector's middle half▲ 10.5%€20.8mabove the sector's middle half▼ 2.0%€20.6mabove the sector's middle half▼ 0.8%€20.8mabove the sector's middle half▲ 0.7%€18.7mabove the sector's middle half▼ 9.7%
Debt€9.5m▲ 6.4%€9.2m▼ 3.8%€8.3m▼ 9.4%€8.4m▲ 1.0%€6.2m▼ 25.9%
Working capital€1.8mabove the sector's middle half▲ 78.4%€2.0mabove the sector's middle half▲ 12.4%€2.9mabove the sector's middle half▲ 39.7%€2.6mabove the sector's middle half▼ 8.0%€2.6mabove the sector's middle half▼ 1.8%
Solvency54.4%within the sector's middle half▲ 1.8pp55.9%within the sector's middle half▲ 1.5pp59.7%within the sector's middle half▲ 3.8pp59.6%within the sector's middle half▼ 0.1pp66.8%above the sector's middle half▲ 7.2pp
Current ratio1.19within the sector's middle half▲ 0.081.22within the sector's middle half▲ 0.031.34within the sector's middle half▲ 0.121.31within the sector's middle half▼ 0.031.42within the sector's middle half▲ 0.10
Return on assets (ROA)6.8%within the sector's middle half▲ 7.5pp0.4%within the sector's middle half▼ 6.4pp3.3%within the sector's middle half▲ 2.9pp0.3%within the sector's middle half▼ 3.0pp0.8%within the sector's middle half▲ 0.5pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2023 Net result +745% on 2022. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €111,874 after a loss of €11,987 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €18.7m
Fixed assets
€9.9m ▲ 2.1%
Current assets
€8.8m ▼ 20.1%
Equity and liabilities €18.7m
Equity
€12.5m ▲ 1.2%
Debt
€6.2m ▼ 25.9%
Debt's share of the balance-sheet total falls from 40.4% to 33.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.50▼
2024 · 0.68
ROE
1.2%▲
2024 · 0.6%
Debt ≤ 1 year
€6.2m▼
2024 · €8.4m
Income taxes
€56,942▲
2024 · €40,745
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | -€144,000 | €0 | - | - | - |
| Other operating charges640/8 | - | €267,916 | €100,673 | €2,682 | €7,547 | ▲ 181% |
| Gross operating margin9900 | -€8,625 | -€14,962 | -€28,935 | -€9,305 | €119,422 | ▲ 1,383% |
| Operating profit (loss)9901 | -€11,116 | -€138,878 | -€129,609 | -€11,987 | €111,874 | ▲ 1,033% |
| Financial income75/76B | - | €279,079 | €894,191 | €190,445 | €98,941 | ▼ 48.0% |
| Recurring financial income75 | €1.6m | €279,079 | €894,191 | €190,445 | €98,941 | ▼ 48.0% |
| Financial charges65/66B | - | €91,025 | €53,511 | €65,186 | €1,853 | ▼ 97.2% |
| Recurring financial charges65 | €192,397 | €91,025 | €53,511 | €65,186 | €1,853 | ▼ 97.2% |
| Profit (loss) for the period before taxes9903 | €1.4m | €49,176 | €711,071 | €113,272 | €208,963 | ▲ 84.5% |
| Income taxes67/77 | €0 | -€32,326 | €22,739 | €40,745 | €56,942 | ▲ 39.8% |
| Profit (loss) for the period9904 | €1.4m | €81,502 | €688,332 | €72,527 | €152,020 | ▲ 110% |
| Profit (loss) for the period to be appropriated9905 | €1.4m | €81,502 | €688,332 | €72,527 | €152,020 | ▲ 110% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €21.2m | €20.8m | €20.6m | €20.8m | €18.7m | ▼ 9.7% |
| Fixed assets21/28 | €9.9m | €9.6m | €9.4m | €9.7m | €9.9m | ▲ 2.1% |
| Financial fixed assets28 | €9.9m | €9.6m | €9.4m | €9.7m | €9.9m | ▲ 2.1% |
| Current assets29/58 | €11.3m | €11.2m | €11.2m | €11.0m | €8.8m | ▼ 20.1% |
| Amounts receivable after more than one year29 | - | €4.6m | €4.6m | €4.6m | €4.1m | ▼ 10.7% |
| Trade receivables290 | - | €4.6m | €4.6m | €4.6m | €3.8m | ▼ 18.3% |
| Other amounts receivable291 | - | - | - | - | €350,000 | - |
| Amounts receivable within one year40/41 | €5.5m | €5.3m | €6.5m | €6.4m | €4.7m | ▼ 26.7% |
| Trade receivables40 | - | €4,598 | €4,598 | €4,598 | €65,598 | ▲ 1,327% |
| Other amounts receivable41 | - | €5.3m | €6.4m | €6.4m | €4.6m | ▼ 27.6% |
| Cash at bank and in hand54/58 | €749,498 | €1.3m | €95,018 | €36,665 | €10,585 | ▼ 71.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €21.2m | €20.8m | €20.6m | €20.8m | €18.7m | ▼ 9.7% |
| Equity10/15 | €11.5m | €11.6m | €12.3m | €12.4m | €12.5m | ▲ 1.2% |
| Contributions10/11 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Capital10 | - | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Issued capital100 | - | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Reserves13 | €763,998 | €763,998 | €1.5m | €1.5m | €1.7m | ▲ 10.0% |
| Non-distributable reserves130/1 | - | €313,998 | €313,998 | €313,998 | €313,998 | = |
| Legal reserve130 | - | €313,998 | €313,998 | €313,998 | €313,998 | = |
| Distributable reserves133 | - | €450,000 | €1.1m | €1.2m | €1.4m | ▲ 12.6% |
| Profit (loss) carried forward14 | €8.5m | €8.6m | €8.6m | €8.6m | €8.6m | = |
| Provisions and deferred taxes16 | €150,000 | €6,000 | €6,000 | €0 | - | - |
| Provisions for liabilities and charges160/5 | - | €6,000 | €6,000 | €0 | - | - |
| Other liabilities and charges164/5 | - | €6,000 | €6,000 | €0 | - | - |
| Amounts payable17/49 | €9.5m | €9.2m | €8.3m | €8.4m | €6.2m | ▼ 25.9% |
| Amounts payable within one year42/48 | €9.5m | €9.2m | €8.3m | €8.4m | €6.2m | ▼ 25.9% |
| Trade debts44 | €760 | €1,527 | €15,783 | €1,499 | €818 | ▼ 45.4% |
| Suppliers440/4 | - | €1,527 | €15,783 | €1,499 | €818 | ▼ 45.4% |
| Taxes, remuneration and social security45 | - | €71,048 | €33,739 | €58,229 | €61,631 | ▲ 5.8% |
| Taxes450/3 | - | €71,048 | €25,239 | €36,729 | €61,631 | ▲ 67.8% |
| Remuneration and social security454/9 | - | - | €8,500 | €21,500 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €9.1m | €8.3m | €8.3m | €6.2m | ▼ 26.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.4m | €81,502 | €688,332 | €72,527 | €152,020 | ▲ 110% |
| Operating cash flow (approximation) | €1.4m | €81,502 | €688,332 | €72,527 | €152,020 | ▲ 110% |
| Investment in fixed assets (approximation) | - | €289,182 | €125,000 | -€294,184 | -€200,000 | ▲ 32.0% |
| Change in cash | - | €574,446 | -€1.2m | -€58,353 | -€26,080 | ▲ 55.3% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
21-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Back to profitnet €1.4m
Net result €1.4m after one loss-making year.
02-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 2 days late
2020
30-06
Financial
Weakest financial yearnet -€144,412
Net result drops to -€144,412, the lowest in the series; recovery starts the following year.
2019
29-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
20-11
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 293 days late
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 525 days late
2018
03-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 427 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Gent
Ground area
1,171 m²
Building footprint
249 m²
Volume, LiDAR
1,289 m³
Parcel 44051C0147/00X000, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44051C0147/00X000 | Flanders | 1,170 m² | 1 · 249 m² | 8.1 m · 2 fl. |
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.
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 1,048 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
Founded29-12-2003
Fiscal year end30-06
Activities, NACEBEL 2025
68110Buying and selling of own real estate
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0862419971
Also
9925:BE0862419971
Registered
13-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.