CIGALINE
ActiveSummary
CIGALINE has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €347k and a net result of €202k. Equity is shrinking by ~12.6% per year across the filed fiscal years. Its solvency ranks better than 23% of 463 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▼-8
Solvency45▼-10
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €24k at 30 days acceptable
Liquidity short (current ratio 0.97 against 1.13 in 2024; short-term debt: 79.9% and cash: 35.4% of total assets), and 79.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 87
Relative position
BE, all sectors
reference
Residential care activities (NACE 87)
about 77% 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
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
20.1%
Return on assets
11.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 463 sector peers (2025).
NBB · sector comparisonPosition among 463 sector peers
Solvency
better than 23%
← 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 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
72 d early
2023
19 d late
2022
49 d early
2021
16 d late
2020
26 d late
2019
83 d late
← 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, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€202k▼ 34.2%
2024 · €306k
Working capital
€-36k
2024 · €150k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€307k▼ 31.6%€9k▼ 97.0%€99k▲ 990%€444k▲ 348%€246k▼ 44.6%
Net result€215k▼ 33.4%€-14k€49k€306k▲ 520%€202k▼ 34.2%
Equity€928k▼ 3.7%€664k▼ 28.4%€514k▼ 22.7%€520k▲ 1.3%€347k▼ 33.3%
Total assets€1.63M▲ 6.1%€1.60M▼ 1.9%€1.49M▼ 6.8%€1.73M▲ 16.3%€1.72M▼ 0.5%
Debt€699k▲ 22.6%€932k▲ 33.4%€974k▲ 4.5%€1.21M▲ 24.2%€1.37M▲ 13.6%
Working capital€554k▲ 6.0%€307k▼ 44.6%€144k▼ 53.2%€150k▲ 4.7%€-36k
Staff (FTE)39.2▲ 2.6%40.5▲ 3.3%39.4▼ 2.7%40.6▲ 3.0%40.6=
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 45% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.65M
Fixed assets
€314k ▲ 4.3%
Current assets
€1.34M ▲ 0.4%
Equity and liabilities €1.72M
Equity
€347k ▼ 33.3%
Debt
€1.37M ▲ 13.6%
Debt's share of the balance-sheet total rises from 69.9% to 79.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€305k▼
2024 · €527k
Cash flow
€260k▼
2024 · €389k
Current ratio
0.97▼
2024 · 1.13
Debt to equity
3.96▲
2024 · 2.33
ROE
58.2%▼
2024 · 58.9%
ROA
11.7%▼
2024 · 17.7%
Interest coverage
21.96▼
2024 · 23.38
Debt ≤ 1 year
€1.37M▲
2024 · €1.18M
Debt > 1 year
€0▼
2024 · €28k
Income taxes
€34k▼
2024 · €115k
Staff costs
€2.20M▲
2024 · €2.15M
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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1.97M | €2.16M | €2.14M | €2.15M | €2.20M | ▲ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56k | €70k | €80k | €83k | €59k | ▼ 29.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €117k | €-25k | €9k | ▲ 137% |
| Other operating charges640/8 | €32k | €43k | €40k | €20k | €49k | ▲ 152% |
| Non-recurring operating charges66A | - | - | €6k | €0 | - | - |
| Gross operating margin9900 | €2.36M | €2.28M | €2.48M | €2.67M | €2.57M | ▼ 3.8% |
| Operating profit (loss)9901 | €307k | €9k | €99k | €444k | €246k | ▼ 44.6% |
| Financial income75/76B | €560 | €323 | €106 | €418 | €4k | ▲ 846% |
| Recurring financial income75 | €560 | €323 | €106 | €418 | €4k | ▲ 846% |
| Financial charges65/66B | €11k | €13k | €17k | €23k | €14k | ▼ 38.4% |
| Recurring financial charges65 | €11k | €13k | €17k | €23k | €14k | ▼ 38.4% |
| Profit (loss) for the period before taxes9903 | €297k | €-4k | €82k | €422k | €236k | ▼ 44.1% |
| Income taxes67/77 | €82k | €10k | €33k | €115k | €34k | ▼ 70.3% |
| Profit (loss) for the period9904 | €215k | €-14k | €49k | €306k | €202k | ▼ 34.2% |
| Profit (loss) for the period to be appropriated9905 | €215k | €-14k | €49k | €306k | €202k | ▼ 34.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.63M | €1.60M | €1.49M | €1.73M | €1.72M | ▼ 0.5% |
| Formation expenses20 | - | - | €124k | €97k | €69k | ▼ 28.4% |
| Fixed assets21/28 | €400k | €416k | €351k | €301k | €314k | ▲ 4.3% |
| Intangible fixed assets21 | - | - | - | - | €9k | - |
| Tangible fixed assets22/27 | €398k | €415k | €349k | €299k | €303k | ▲ 1.3% |
| Land and buildings22 | €262k | €258k | €245k | €232k | €224k | ▼ 3.4% |
| Plant, machinery and equipment23 | €358 | €7k | €7k | €5k | €9k | ▲ 79.2% |
| Furniture and vehicles24 | €60k | €54k | €24k | €7k | €11k | ▲ 47.3% |
| Other tangible fixed assets26 | €76k | €95k | €74k | €55k | €60k | ▲ 8.1% |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €1.23M | €1.18M | €1.01M | €1.33M | €1.34M | ▲ 0.4% |
| Amounts receivable within one year40/41 | €555k | €673k | €390k | €488k | €725k | ▲ 48.4% |
| Trade receivables40 | €467k | €482k | €305k | €417k | €537k | ▲ 28.7% |
| Other amounts receivable41 | €88k | €191k | €85k | €71k | €188k | ▲ 164% |
| Cash at bank and in hand54/58 | €669k | €505k | €620k | €837k | €608k | ▼ 27.3% |
| Deferred charges and accrued income490/1 | €3k | €2k | €2k | €7k | €5k | ▼ 32.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.63M | €1.60M | €1.49M | €1.73M | €1.72M | ▼ 0.5% |
| Equity10/15 | €928k | €664k | €514k | €520k | €347k | ▼ 33.3% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Distributable reserves133 | - | - | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €914k | €650k | €499k | €506k | €332k | ▼ 34.3% |
| Amounts payable17/49 | €699k | €932k | €974k | €1.21M | €1.37M | ▲ 13.6% |
| Amounts payable after more than one year17 | €26k | €51k | €83k | €28k | €0 | ▼ 100% |
| Financial debts170/4 | €26k | €51k | €83k | €28k | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €672k | €873k | €869k | €1.18M | €1.37M | ▲ 16.3% |
| Current portion of amounts payable after more than one year42 | €20k | €36k | €63k | €55k | €28k | ▼ 49.5% |
| Financial debts43 | €125k | €137k | €137k | €188k | €59k | ▼ 68.9% |
| Other loans439 | €125k | €137k | €137k | €188k | €59k | ▼ 68.9% |
| Trade debts44 | €50k | €55k | €105k | €108k | €114k | ▲ 6.0% |
| Suppliers440/4 | €50k | €55k | €105k | €108k | €114k | ▲ 6.0% |
| Taxes, remuneration and social security45 | €209k | €395k | €274k | €384k | €394k | ▲ 2.5% |
| Taxes450/3 | €3k | €21k | €33k | €30k | €28k | ▼ 5.1% |
| Remuneration and social security454/9 | €205k | €374k | €241k | €354k | €366k | ▲ 3.2% |
| Other amounts payable47/48 | €268k | €250k | €290k | €447k | €780k | ▲ 74.4% |
| Accrued charges and deferred income492/3 | €0 | €8k | €22k | €30 | €60 | ▲ 103% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €215k | €-14k | €49k | €306k | €202k | ▼ 34.2% |
| + Depreciation and write-downs630 | €56k | €70k | €80k | €83k | €59k | ▼ 29.1% |
| Operating cash flow (approximation) | €270k | €56k | €129k | €389k | €260k | ▼ 33.1% |
| Investment in fixed assets (approximation) | - | €-86k | €-14k | €-33k | €-72k | ▼ 120% |
| Change in cash | - | €-164k | €116k | €216k | €-228k | ▼ 205% |
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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
19-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 19 days late
2023
31-12
Financial
Back to profitnet €49k
Net result €49k after one loss-making year.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-14k
Net result drops to €-14k, the lowest in the series; recovery starts the following year.
16-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 16 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
2020
22-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 83 days late
2019
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 20 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
24-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 55 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Merbes-le-Château · 3 establishment units since 2012
Ground area
4,540 m²
Building footprint
434 m²
Volume, LiDAR
4,426 m³
3 parcels, Wallonia · tallest building 12.8 m, ±4 floors. Linked by address, not a title deed.
3 establishment units
Cigaline
since 20122.208.521.833
Cigaline
since 20122.209.102.150
Cigaline
since 20142.233.196.653
3 parcels
Wallonia
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53009A0142/00N000 | Wallonia | 1,727 m² | 1 · 150 m² | 12.5 m · 3 fl. |
| 56078B0246/00L003 | Wallonia | 1,462 m² | 1 · 106 m² | 12.8 m · 4 fl. |
| 56049C0445/00C000 | Wallonia | 1,351 m² | 1 · 178 m² | 12.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
3 sitesMerbes-le-Château2.208.521.833
Saint-Ghislain2.233.196.653
Thuin2.209.102.150
Similar companies · same sector, comparable size
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LA MAISON EDELWEISS
BE 0715.846.043
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BE 0422.469.048
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Haut-Regard
BE 0452.465.606
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Of 323 companies in sector 87202 we hold annual accounts for 273. 158 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-07-2008
Fiscal year end31-12
Activities, NACEBEL 2025
87202Residential care activities
Contact
E-mail
delphine.bultot@cigaline.beMerbes-le-Château
E-mail
direction@cigaline.beMerbes-le-Château
Phone
+32483714316Merbes-le-Château
Phone
+3265701278Merbes-le-Château
Phone
0483714316Merbes-le-Château
Phone
065701278Merbes-le-Château
Scores and ratios are computed by Checked and are not a credit decision.