CINCO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 15 filings
Turnover
≈ €440,000
Estimated: probably between €330,000 and €510,000
Total assets
€251,663▲ 30.9%
2024 · €192,193
Net result
€43,923▲ 35.1%
2024 · €32,510
Working capital
-€47,112▼ 63.7%
2024 · -€28,774
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,292
▲ 21.7%
2025
20182025
Net result
€43,923
▲ 35.1%
2025
highest quarter of the sector
20182025
Equity
€184,463
▲ 31.3%
2025
middle half of the sector
20182025
Total assets
€251,663
▲ 30.9%
2025
middle half of the sector
20182025
Debt
€67,200
▲ 30.1%
2025
20182025
Working capital
-€47,112
▼ 63.7%
2025
lowest quarter of the sector
20182025
Solvency
73.3%
▲ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
0.17
▼ 0.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
17.5%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
4.7
▲ 42.4%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€21,116-€6,974€3,541▼ 49.2%€29,988▲ 747%€50,349▲ 67.9%€67,568▲ 34.2%€44,615▼ 34.0%€54,292▲ 21.7%
Net result-€22,659-€610-€988within the sector's middle half€26,336within the sector's middle half€39,010within the sector's middle half▲ 48.1%€49,645within the sector's middle half▲ 27.3%€32,510within the sector's middle half▼ 34.5%€43,923above the sector's middle half▲ 35.1%
Equity-€6,582--€5,972▲ 9.3%-€6,960below the sector's middle half▼ 16.5%€19,376below the sector's middle half€58,386within the sector's middle half▲ 201%€108,031within the sector's middle half▲ 85.0%€140,540within the sector's middle half▲ 30.1%€184,463within the sector's middle half▲ 31.3%
Total assets€204,937-€161,628▼ 21.1%€136,197within the sector's middle half▼ 15.7%€119,818below the sector's middle half▼ 12.0%€141,316below the sector's middle half▲ 17.9%€157,081within the sector's middle half▲ 11.2%€192,193within the sector's middle half▲ 22.4%€251,663within the sector's middle half▲ 30.9%
Debt€211,519-€167,600▼ 20.8%€143,157▼ 14.6%€100,442▼ 29.8%€82,931▼ 17.4%€49,050▼ 40.9%€51,653▲ 5.3%€67,200▲ 30.1%
Working capital-€58,091--€77,196▼ 32.9%-€51,586below the sector's middle half▲ 33.2%-€45,753below the sector's middle half▲ 11.3%-€47,216below the sector's middle half▼ 3.2%-€19,656within the sector's middle half▲ 58.4%-€28,774below the sector's middle half▼ 46.4%-€47,112below the sector's middle half▼ 63.7%
Solvency-3.2%--3.7%▼ 0.5pp-5.1%below the sector's middle half▼ 1.4pp16.2%within the sector's middle half▲ 21.3pp41.3%within the sector's middle half▲ 25.1pp68.8%above the sector's middle half▲ 27.5pp73.1%above the sector's middle half▲ 4.4pp73.3%above the sector's middle half▲ 0.2pp
Current ratio0.40-0.13▼ 0.270.14below the sector's middle half▲ 0.010.13below the sector's middle half▼ 0.010.22below the sector's middle half▲ 0.090.49below the sector's middle half▲ 0.270.31below the sector's middle half▼ 0.190.17below the sector's middle half▼ 0.14
Return on assets (ROA)-11.1%-0.4%▲ 11.4pp-0.7%within the sector's middle half▼ 1.1pp22.0%above the sector's middle half▲ 22.7pp27.6%above the sector's middle half▲ 5.6pp31.6%above the sector's middle half▲ 4.0pp16.9%above the sector's middle half▼ 14.7pp17.5%above the sector's middle half▲ 0.5pp
Staff (FTE)0.2-3.6▲ 18×2.7within the sector's middle half▼ 25.0%2.6within the sector's middle half▼ 3.7%3.3within the sector's middle half▲ 26.9%4.2within the sector's middle half▲ 27.3%3.3within the sector's middle half▼ 21.4%4.7within the sector's middle half▲ 42.4%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 22% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €251,663
Fixed assets
€241,933 ▲ 34.8%
Current assets
€9,730 ▼ 23.4%
Equity and liabilities €251,663
Equity
€184,463 ▲ 31.3%
Debt
€67,200 ▲ 30.1%
Debt's share of the balance-sheet total falls from 26.9% to 26.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€71,411▲
2024 · €63,572
Cash flow
€61,042▲
2024 · €51,467
Quick ratio
0.10▼
2024 · 0.23
Debt to equity
0.36▼
2024 · 0.37
ROE
23.8%▲
2024 · 23.1%
Interest coverage
80.37▼
2024 · over 100
Debt ≤ 1 year
€56,842▲
2024 · €41,482
Debt > 1 year
€10,000=
2024 · €10,000
Income taxes
€15,337▲
2024 · €12,888
Staff costs
€177,276▲
2024 · €137,535
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 4 | 4 | 6 |
| full-time | 2 | 2 | 2 | 2 | 4 |
| part-time | 1 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2.9 | 4 | 4 | 3.5 | 5.8 |
| Average over the year, in full-time equivalents | 2.6 | 3.3 | 4.2 | 3.3 | 4.7 |
| On a permanent contract | 1 | 1 | 2 | 1 | 3 |
| Joined | 5 | 3 | 2 | 4 | 7 |
| Left | 4 | 2 | 2 | 4 | 5 |
| Training hours | 27 | - | - | - | 602 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €184 | €2,116 | €1,773 | €1,035 | €479 |
| Financial fixed assets | €7,109 | €34,145 | €29,817 | €59,580 | €79,088 |
| Depreciation and write-downs of the year | €22,326 | €21,193 | €21,375 | €18,958 | €17,120 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €2,000 awarded · €2,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €1,000 | €1,000 |
| 2023 | 1 | €500 | €500 |
| 2022 | 1 | €500 | €500 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €57,507 | €89,535 | €126,005 | €137,535 | €177,276 | ▲ 28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,750 | €22,386 | €22,476 | €22,326 | €21,193 | €21,375 | €18,958 | €17,120 | ▼ 9.7% |
| Other operating charges640/8 | - | - | - | €569 | €3,655 | €625 | €4,904 | €684 | ▼ 86.1% |
| Non-recurring operating charges66A | - | - | - | - | €371 | €0 | - | - | - |
| Gross operating margin9900 | -€9,177 | €138,717 | €85,407 | €110,390 | €165,103 | €215,573 | €206,012 | €249,371 | ▲ 21.0% |
| Operating profit (loss)9901 | -€21,116 | €6,974 | €3,541 | €29,988 | €50,349 | €67,568 | €44,615 | €54,292 | ▲ 21.7% |
| Financial income75/76B | - | - | - | €85 | €365 | €569 | €1,082 | €5,857 | ▲ 441% |
| Recurring financial income75 | - | €0 | €10 | €85 | €365 | €569 | €1,082 | €5,857 | ▲ 441% |
| Financial charges65/66B | - | - | - | €3,737 | €3,272 | €1,299 | €300 | €889 | ▲ 196% |
| Recurring financial charges65 | €1,543 | €6,199 | €4,509 | €3,737 | €3,272 | €1,299 | €300 | €889 | ▲ 196% |
| Profit (loss) for the period before taxes9903 | -€22,659 | €774 | -€958 | €26,336 | €47,442 | €66,838 | €45,397 | €59,260 | ▲ 30.5% |
| Income taxes67/77 | - | €165 | €30 | - | €8,432 | €17,193 | €12,888 | €15,337 | ▲ 19.0% |
| Profit (loss) for the period9904 | -€22,659 | €610 | -€988 | €26,336 | €39,010 | €49,645 | €32,510 | €43,923 | ▲ 35.1% |
| Profit (loss) for the period to be appropriated9905 | -€22,659 | €610 | -€988 | €26,336 | €39,010 | €49,645 | €32,510 | €43,923 | ▲ 35.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €204,937 | €161,628 | €136,197 | €119,818 | €141,316 | €157,081 | €192,193 | €251,663 | ▲ 30.9% |
| Formation expenses20 | €311 | €126 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €166,465 | €150,073 | €127,950 | €112,916 | €127,613 | €137,828 | €179,486 | €241,933 | ▲ 34.8% |
| Intangible fixed assets21 | €12,219 | €10,964 | €8,508 | €6,051 | €3,953 | €1,886 | €0 | - | - |
| Tangible fixed assets22/27 | €154,246 | €139,109 | €119,443 | €99,757 | €82,406 | €64,871 | €48,834 | €32,193 | ▼ 34.1% |
| Plant, machinery and equipment23 | - | - | - | €6,137 | €4,744 | €3,166 | €2,657 | €2,146 | ▼ 19.2% |
| Other tangible fixed assets26 | - | - | - | €93,620 | €77,663 | €61,705 | €46,177 | €30,047 | ▼ 34.9% |
| Financial fixed assets28 | - | - | - | €7,109 | €41,254 | €71,072 | €130,652 | €209,740 | ▲ 60.5% |
| Current assets29/58 | €38,161 | €11,429 | €8,247 | €6,901 | €13,703 | €19,252 | €12,707 | €9,730 | ▼ 23.4% |
| Stocks and contracts in progress3 | €4,510 | €4,943 | €3,226 | €2,175 | €4,959 | €4,802 | €3,126 | €4,110 | ▲ 31.5% |
| Stocks30/36 | - | - | - | €2,175 | €4,959 | €4,802 | €3,126 | €4,110 | ▲ 31.5% |
| Amounts receivable within one year40/41 | €9,526 | - | €705 | - | €896 | €1,052 | €469 | €365 | ▼ 22.2% |
| Trade receivables40 | - | - | - | - | €896 | €1,052 | €0 | €365 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €469 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €23,932 | €4,820 | €783 | €3,031 | €6,157 | €11,516 | €7,166 | €3,113 | ▼ 56.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,695 | €1,691 | €1,882 | €1,946 | €2,143 | ▲ 10.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €204,937 | €161,628 | €136,197 | €119,818 | €141,316 | €157,081 | €192,193 | €251,663 | ▲ 30.9% |
| Equity10/15 | -€6,582 | -€5,972 | -€6,960 | €19,376 | €58,386 | €108,031 | €140,540 | €184,463 | ▲ 31.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €39,786 | €89,431 | €121,940 | €165,863 | ▲ 36.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €39,786 | €89,431 | €121,940 | €165,863 | ▲ 36.0% |
| Profit (loss) carried forward14 | -€27,042 | -€26,432 | -€27,420 | -€1,084 | €0 | - | - | - | - |
| Amounts payable17/49 | €211,519 | €167,600 | €143,157 | €100,442 | €82,931 | €49,050 | €51,653 | €67,200 | ▲ 30.1% |
| Amounts payable after more than one year17 | €111,067 | €77,847 | €81,778 | €47,630 | €14,416 | €10,000 | €10,000 | €10,000 | = |
| Financial debts170/4 | - | - | - | €47,630 | €14,416 | €10,000 | €10,000 | €10,000 | = |
| Amounts payable within one year42/48 | €96,252 | €88,625 | €59,833 | €52,655 | €60,919 | €38,909 | €41,482 | €56,842 | ▲ 37.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34,148 | €33,214 | €4,416 | €0 | - | - |
| Financial debts43 | - | - | - | - | - | - | €13,000 | €13,500 | ▲ 3.8% |
| Other loans439 | - | - | - | - | - | - | €13,000 | €13,500 | ▲ 3.8% |
| Trade debts44 | €28,915 | €1,884 | €1,669 | €5,403 | €1,620 | €4,371 | €1,764 | €1,622 | ▼ 8.1% |
| Suppliers440/4 | - | - | - | €5,403 | €1,620 | €4,371 | €1,764 | €1,622 | ▼ 8.1% |
| Taxes, remuneration and social security45 | - | - | - | €13,104 | €26,085 | €30,121 | €26,717 | €41,720 | ▲ 56.2% |
| Taxes450/3 | - | - | - | €8,837 | €14,833 | €14,926 | €12,399 | €17,904 | ▲ 44.4% |
| Remuneration and social security454/9 | - | - | - | €4,267 | €11,252 | €15,196 | €14,319 | €23,816 | ▲ 66.3% |
| Accrued charges and deferred income492/3 | - | - | - | €157 | €7,595 | €141 | €171 | €358 | ▲ 109% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,659 | €610 | -€988 | €26,336 | €39,010 | €49,645 | €32,510 | €43,923 | ▲ 35.1% |
| + Depreciation and write-downs630 | €3,750 | €22,386 | €22,476 | €22,326 | €21,193 | €21,375 | €18,958 | €17,120 | ▼ 9.7% |
| Operating cash flow (approximation) | -€18,910 | €22,996 | €21,488 | €48,663 | €60,203 | €71,020 | €51,467 | €61,042 | ▲ 18.6% |
| Investment in fixed assets (approximation) | - | -€5,994 | -€353 | -€7,293 | -€35,890 | -€31,590 | -€60,615 | -€79,566 | ▼ 31.3% |
| Change in cash | - | -€19,112 | -€4,037 | €2,248 | €3,126 | €5,359 | -€4,349 | -€4,054 | ▲ 6.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00237948 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00220178 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00202573 | |
| 31-12-2022 | abbreviated format | 20-06-2023 | 2023-00148789 | |
| 31-12-2021 | abbreviated format | 04-07-2022 | 2022-20124161 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-24800407 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-22400561 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-20900568 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-22200412 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-21200268 |