Cimsa
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 15 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €220,000
Total assets
€524,858▲ 2.4%
2024 · €512,655
Net result
€97,851▲ 216%
2024 · €31,001
Working capital
€43,855▲ 654%
2024 · €5,813
In the rankings
#5 oldest company in Zonhoven, Transport and storage sector#7 company by equity in Zonhoven, Transport and storage sector#9 company by total assets in Zonhoven, Transport and storage sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,950
▼ 96.9%
2025
20182025
Net result
€97,851
▲ 216%
2025
highest quarter of the sector
20182025
Equity
€388,177
▲ 33.7%
2025
highest quarter of the sector
20182025
Total assets
€524,858
▲ 2.4%
2025
highest quarter of the sector
20182025
Debt
€136,681
▼ 38.5%
2025
20182025
Working capital
€43,855
▲ 654%
2025
middle half of the sector
20182025
Solvency
74.0%
▲ 17.3pp
2025
highest quarter of the sector
20182025
Current ratio
1.89
▲ 0.80
2025
middle half of the sector
20182025
Return on assets (ROA)
18.6%
▲ 12.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,000-€5,896▼ 57.9%€48,103▲ 716%€60,277▲ 25.3%€68,746▲ 14.0%€106,119▲ 54.4%€63,855▼ 39.8%€1,950▼ 96.9%
Net result€9,975-€1,565▼ 84.3%€40,257above the sector's middle half▲ 26×€41,126above the sector's middle half▲ 2.2%€41,653above the sector's middle half▲ 1.3%€59,156above the sector's middle half▲ 42.0%€31,001above the sector's middle half▼ 47.6%€97,851above the sector's middle half▲ 216%
Equity€75,567-€77,132▲ 2.1%€117,389above the sector's middle half▲ 52.2%€158,515above the sector's middle half▲ 35.0%€200,168above the sector's middle half▲ 26.3%€259,325above the sector's middle half▲ 29.6%€290,326above the sector's middle half▲ 12.0%€388,177above the sector's middle half▲ 33.7%
Total assets€605,631-€744,974▲ 23.0%€724,048above the sector's middle half▼ 2.8%€706,993above the sector's middle half▼ 2.4%€659,962above the sector's middle half▼ 6.7%€601,921above the sector's middle half▼ 8.8%€512,655above the sector's middle half▼ 14.8%€524,858above the sector's middle half▲ 2.4%
Debt€530,064-€667,842▲ 26.0%€606,659▼ 9.2%€548,477▼ 9.6%€459,794▼ 16.2%€342,596▼ 25.5%€222,329▼ 35.1%€136,681▼ 38.5%
Working capital-€150,044--€158,533▼ 5.7%-€166,193below the sector's middle half▼ 4.8%-€72,618below the sector's middle half▲ 56.3%-€80,150below the sector's middle half▼ 10.4%€64,303above the sector's middle half€5,813within the sector's middle half▼ 91.0%€43,855within the sector's middle half▲ 654%
Solvency12.5%-10.4%▼ 2.1pp16.2%within the sector's middle half▲ 5.9pp22.4%within the sector's middle half▲ 6.2pp30.3%within the sector's middle half▲ 7.9pp43.1%within the sector's middle half▲ 12.8pp56.6%within the sector's middle half▲ 13.5pp74.0%above the sector's middle half▲ 17.3pp
Current ratio0.31-0.32▲ 0.010.23below the sector's middle half▼ 0.090.40below the sector's middle half▲ 0.170.36below the sector's middle half▼ 0.051.55within the sector's middle half▲ 1.191.09within the sector's middle half▼ 0.461.89within the sector's middle half▲ 0.80
Return on assets (ROA)1.6%-0.2%▼ 1.4pp5.6%within the sector's middle half▲ 5.3pp5.8%within the sector's middle half▲ 0.3pp6.3%within the sector's middle half▲ 0.5pp9.8%within the sector's middle half▲ 3.5pp6.0%within the sector's middle half▼ 3.8pp18.6%above the sector's middle half▲ 12.6pp
Staff (FTE)0.5-0.4▼ 20.0%0.3below the sector's middle half▼ 25.0%1▲ 233%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 97% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €524,858
Fixed assets
€431,843 ▼ 2.1%
Current assets
€93,015 ▲ 29.7%
Equity and liabilities €524,858
Equity
€388,177 ▲ 33.7%
Debt
€136,681 ▼ 38.5%
Debt's share of the balance-sheet total falls from 43.4% to 26.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€44,676▼
2024 · €96,876
Cash flow
€140,578▲
2024 · €64,022
Quick ratio
1.64▲
2024 · 0.87
Debt to equity
0.35▼
2024 · 0.77
ROE
25.2%▲
2024 · 10.7%
Interest coverage
5.24▼
2024 · 5.80
Debt ≤ 1 year
€49,160▼
2024 · €65,879
Debt > 1 year
€79,377▼
2024 · €139,907
Income taxes
€10,572▼
2024 · €16,345
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 0 |
| part-time | 1 |
| in full-time equivalents | 0.3 |
| Average over the year, in full-time equivalents | 0.3 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €39,269 | €1,322 | €28,855 | €71,132 | €34,939 |
| Depreciation and write-downs of the year | €40,787 | €43,834 | €34,741 | €33,021 | €42,726 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,007 | €0 | €61,069 | €8,024 | €6,168 | ▼ 23.1% |
| Remuneration, social security and pensions62 | - | - | - | €4,363 | €654 | €599 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,502 | €30,884 | €39,782 | €40,787 | €43,834 | €34,741 | €33,021 | €42,726 | ▲ 29.4% |
| Other operating charges640/8 | - | - | - | €7,124 | €5,368 | €33,874 | €7,929 | €5,692 | ▼ 28.2% |
| Gross operating margin9900 | €60,349 | €54,115 | €104,479 | €112,551 | €118,601 | €175,333 | €104,805 | €50,368 | ▼ 51.9% |
| Operating profit (loss)9901 | €14,000 | €5,896 | €48,103 | €60,277 | €68,746 | €106,119 | €63,855 | €1,950 | ▼ 96.9% |
| Financial income75/76B | - | - | - | €42 | €10 | €0 | €185 | €115,000 | ▲ 622× |
| Recurring financial income75 | €17 | €500 | €188 | €42 | €10 | €0 | €185 | €115,000 | ▲ 622× |
| Financial charges65/66B | - | - | - | €5,321 | €4,725 | €14,660 | €16,694 | €8,527 | ▼ 48.9% |
| Recurring financial charges65 | €4,043 | €4,830 | €6,916 | €5,321 | €4,725 | €14,660 | €16,694 | €8,527 | ▼ 48.9% |
| Profit (loss) for the period before taxes9903 | €9,975 | €1,565 | €41,376 | €54,999 | €64,031 | €91,459 | €47,346 | €108,423 | ▲ 129% |
| Income taxes67/77 | €0 | - | €1,119 | €13,872 | €22,378 | €32,302 | €16,345 | €10,572 | ▼ 35.3% |
| Profit (loss) for the period9904 | €9,975 | €1,565 | €40,257 | €41,126 | €41,653 | €59,156 | €31,001 | €97,851 | ▲ 216% |
| Profit (loss) for the period to be appropriated9905 | €9,975 | €1,565 | €40,257 | €41,126 | €41,653 | €59,156 | €31,001 | €97,851 | ▲ 216% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €605,631 | €744,974 | €724,048 | €706,993 | €659,962 | €601,921 | €512,655 | €524,858 | ▲ 2.4% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €537,304 | €669,985 | €673,545 | €658,157 | €615,646 | €420,829 | €440,963 | €431,843 | ▼ 2.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €477,304 | €609,985 | €613,545 | €598,157 | €555,646 | €360,829 | €380,963 | €371,843 | ▼ 2.4% |
| Land and buildings22 | - | - | - | €554,877 | €522,673 | €341,597 | €325,496 | €299,876 | ▼ 7.9% |
| Plant, machinery and equipment23 | - | - | - | €8,431 | €6,176 | €487 | €542 | €278 | ▼ 48.8% |
| Furniture and vehicles24 | - | - | - | €34,849 | €26,797 | €18,745 | €54,925 | €71,690 | ▲ 30.5% |
| Leasing and similar rights25 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Current assets29/58 | €68,327 | €74,990 | €50,503 | €48,835 | €44,316 | €181,092 | €71,692 | €93,015 | ▲ 29.7% |
| Stocks and contracts in progress3 | €49,415 | €39,362 | €32,241 | €19,472 | €24,710 | €19,000 | €14,360 | €12,540 | ▼ 12.7% |
| Stocks30/36 | - | - | - | €19,472 | €24,710 | €19,000 | €14,360 | €12,540 | ▼ 12.7% |
| Amounts receivable within one year40/41 | €14,267 | €20,064 | €2,586 | €4,709 | €4,845 | €23,963 | €9,837 | €16,373 | ▲ 66.4% |
| Trade receivables40 | - | - | - | €4,593 | €4,728 | €23,963 | €6,182 | €12,717 | ▲ 106% |
| Other amounts receivable41 | - | - | - | €116 | €116 | €0 | €3,655 | €3,655 | = |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,350 | €11,557 | €13,736 | €22,398 | €12,677 | €135,693 | €44,964 | €60,911 | ▲ 35.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,257 | €2,084 | €2,436 | €2,530 | €3,191 | ▲ 26.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €605,631 | €744,974 | €724,048 | €706,993 | €659,962 | €601,921 | €512,655 | €524,858 | ▲ 2.4% |
| Equity10/15 | €75,567 | €77,132 | €117,389 | €158,515 | €200,168 | €259,325 | €290,326 | €388,177 | ▲ 33.7% |
| Contributions10/11 | €6,200 | €0 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Revaluation surpluses12 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €0 | - | €11,189 | €52,315 | €93,968 | €153,125 | €184,126 | €281,977 | ▲ 53.1% |
| Distributable reserves133 | - | - | - | €52,315 | €93,968 | €153,125 | €184,126 | €281,977 | ▲ 53.1% |
| Profit (loss) carried forward14 | -€30,633 | -€29,068 | €0 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €530,064 | €667,842 | €606,659 | €548,477 | €459,794 | €342,596 | €222,329 | €136,681 | ▼ 38.5% |
| Amounts payable after more than one year17 | €310,193 | €432,819 | €388,376 | €425,524 | €333,827 | €214,047 | €139,907 | €79,377 | ▼ 43.3% |
| Financial debts170/4 | - | - | - | €425,524 | €333,827 | €214,047 | €139,907 | €79,377 | ▼ 43.3% |
| Amounts payable within one year42/48 | €218,371 | €233,523 | €216,696 | €121,453 | €124,466 | €116,789 | €65,879 | €49,160 | ▼ 25.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €70,545 | €71,697 | €28,881 | €32,339 | €25,744 | ▼ 20.4% |
| Financial debts43 | - | - | - | - | - | - | €3,381 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €3,381 | €0 | ▼ 100% |
| Trade debts44 | €4,912 | €2,803 | €4,761 | €8,284 | €7,161 | €7,436 | €1,686 | €16,479 | ▲ 877% |
| Suppliers440/4 | - | - | - | €8,284 | €7,161 | €7,436 | €1,686 | €16,479 | ▲ 877% |
| Taxes, remuneration and social security45 | - | - | - | €19,033 | €34,920 | €77,267 | €24,714 | €5,796 | ▼ 76.5% |
| Taxes450/3 | - | - | - | €17,373 | €34,920 | €77,267 | €24,714 | €5,796 | ▼ 76.5% |
| Remuneration and social security454/9 | - | - | - | €1,660 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €23,592 | €10,688 | €3,205 | €3,759 | €1,140 | ▼ 69.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,500 | €1,500 | €11,760 | €16,543 | €8,145 | ▼ 50.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,975 | €1,565 | €40,257 | €41,126 | €41,653 | €59,156 | €31,001 | €97,851 | ▲ 216% |
| + Depreciation and write-downs630 | €29,502 | €30,884 | €39,782 | €40,787 | €43,834 | €34,741 | €33,021 | €42,726 | ▲ 29.4% |
| Operating cash flow (approximation) | €39,476 | €32,449 | €80,038 | €81,913 | €85,487 | €93,897 | €64,022 | €140,578 | ▲ 120% |
| Investment in fixed assets (approximation) | - | -€163,564 | -€43,342 | -€25,400 | -€1,322 | €160,076 | -€53,155 | -€33,607 | ▲ 36.8% |
| Change in cash | - | €8,207 | €2,179 | €8,662 | -€9,720 | €123,015 | -€90,729 | €15,947 | - |
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, 20,136 companies had the same profile as Cimsa has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of Cimsa itself: 0.2% 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 20,136 companies, not a prediction for Cimsa. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00283864 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00264397 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00167332 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00173808 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20068163 | |
| 31-12-2020 | micro format | 19-03-2021 | 2021-08000406 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23900462 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-24500385 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-33500195 | |
| 31-12-2016 | micro format | 02-08-2017 | 2017-40900082 |