CINET
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 25 filings
Turnover
€104,197
EBIT margin
53.9%
Net result
-€3,381▼ 22.1%
2024 · -€2,768
Working capital
€2,487▼ 52.2%
2024 · €5,203
In the rankings
#4 oldest company in Ternat, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,209
▼ 38.8%
2025
20182025
Net result
-€3,381
▼ 22.1%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€3,435
▼ 49.6%
2025
lowest quarter of the sector
20182025
Total assets
€68,292
▼ 7.9%
2025
lowest quarter of the sector
20182025
Debt
€64,857
▼ 3.7%
2025
20182025
Working capital
€2,487
▼ 52.2%
2025
lowest quarter of the sector
20182025
Solvency
5.0%
▼ 4.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.04
▼ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-5.0%
▼ 1.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€104,197
Operating result-€12,252--€49,674▼ 305%-€32,797▲ 34.0%-€25,500▲ 22.2%€56,195-€25,860-€2,312▲ 91.1%-€3,209▼ 38.8%
Net result-€18,549--€53,551▼ 189%-€32,969below the sector's middle half▲ 38.4%-€25,703below the sector's middle half▲ 22.0%€56,010above the sector's middle half-€25,882below the sector's middle half-€2,768below the sector's middle half▲ 89.3%-€3,381below the sector's middle half▼ 22.1%
EBIT margin53.9%
Equity€91,679-€38,128▼ 58.4%€5,159below the sector's middle half▼ 86.5%-€20,544below the sector's middle half€35,466within the sector's middle half€9,584below the sector's middle half▼ 73.0%€6,816below the sector's middle half▼ 28.9%€3,435below the sector's middle half▼ 49.6%
Total assets€200,107-€150,700▼ 24.7%€112,066within the sector's middle half▼ 25.6%€86,264within the sector's middle half▼ 23.0%€149,699within the sector's middle half▲ 73.5%€114,129within the sector's middle half▼ 23.8%€74,135within the sector's middle half▼ 35.0%€68,292below the sector's middle half▼ 7.9%
Debt€90,520-€97,648▲ 7.9%€94,968▼ 2.7%€97,854▲ 3.0%€108,264▲ 10.6%€101,560▼ 6.2%€67,319▼ 33.7%€64,857▼ 3.7%
Working capital€101,431-€53,002▼ 47.7%€17,048within the sector's middle half▼ 67.8%-€11,640below the sector's middle half€41,385within the sector's middle half€10,291below the sector's middle half▼ 75.1%€5,203below the sector's middle half▼ 49.4%€2,487below the sector's middle half▼ 52.2%
Solvency45.8%-25.3%▼ 20.5pp4.6%below the sector's middle half▼ 20.7pp-23.8%below the sector's middle half▼ 28.4pp23.7%below the sector's middle half▲ 47.5pp8.4%below the sector's middle half▼ 15.3pp9.2%below the sector's middle half▲ 0.8pp5.0%below the sector's middle half▼ 4.2pp
Current ratio2.12-1.54▼ 0.581.18below the sector's middle half▼ 0.360.88below the sector's middle half▼ 0.301.38within the sector's middle half▲ 0.501.10below the sector's middle half▼ 0.281.08below the sector's middle half▼ 0.021.04below the sector's middle half▼ 0.04
Return on assets (ROA)-9.3%--35.5%▼ 26.3pp-29.4%below the sector's middle half▲ 6.1pp-29.8%below the sector's middle half▼ 0.4pp37.4%above the sector's middle half▲ 67.2pp-22.7%below the sector's middle half▼ 60.1pp-3.7%below the sector's middle half▲ 18.9pp-5.0%below the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 a loss of €3,209, larger than the loss of €2,312 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €68,292
Fixed assets
€948 ▼ 41.2%
Current assets
€67,344 ▼ 7.1%
Equity and liabilities €68,292
Equity
€3,435 ▼ 49.6%
Debt
€64,857 ▼ 3.7%
Debt's share of the balance-sheet total rises from 90.8% to 95.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€2,544▼
2024 · -€1,647
Cash flow
-€2,716▼
2024 · -€2,103
Debt to equity
18.88▲
2024 · 9.88
ROE
-98.4%▼
2024 · -40.6%
Interest coverage
-51.92▼
2024 · -5.60
Debt ≤ 1 year
€64,857▼
2024 · €67,319
Income taxes
€321▲
2024 · €162
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,444 | - | - |
| Depreciation and write-downs of the year | - | - | €216 | €665 | €665 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €104,197 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €47,499 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,788 | €8,106 | - | - | - | €216 | €665 | €665 | = |
| Other operating charges640/8 | - | - | - | €440 | €503 | €169 | €910 | €471 | ▼ 48.2% |
| Gross operating margin9900 | -€3,071 | -€41,151 | -€32,358 | -€25,060 | €56,698 | -€25,475 | -€737 | -€2,073 | ▼ 181% |
| Operating profit (loss)9901 | -€12,252 | -€49,674 | -€32,797 | -€25,500 | €56,195 | -€25,860 | -€2,312 | -€3,209 | ▼ 38.8% |
| Financial income75/76B | - | - | - | - | - | €77 | - | €198 | - |
| Recurring financial income75 | €18 | €9 | - | - | - | €77 | - | €198 | - |
| Financial charges65/66B | - | - | - | €48 | €45 | €46 | €294 | €49 | ▼ 83.3% |
| Recurring financial charges65 | €3,700 | €3,729 | €35 | €48 | €45 | €46 | €294 | €49 | ▼ 83.3% |
| Profit (loss) for the period before taxes9903 | -€15,934 | -€53,394 | -€32,832 | -€25,548 | €56,150 | -€25,829 | -€2,606 | -€3,060 | ▼ 17.4% |
| Income taxes67/77 | €2,615 | €157 | €137 | €155 | €140 | €53 | €162 | €321 | ▲ 98.1% |
| Profit (loss) for the period9904 | -€18,549 | -€53,551 | -€32,969 | -€25,703 | €56,010 | -€25,882 | -€2,768 | -€3,381 | ▼ 22.1% |
| Profit (loss) for the period to be appropriated9905 | -€18,549 | -€53,551 | -€32,969 | -€25,703 | €56,010 | -€25,882 | -€2,768 | -€3,381 | ▼ 22.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €200,107 | €150,700 | €112,066 | €86,264 | €149,699 | €114,129 | €74,135 | €68,292 | ▼ 7.9% |
| Fixed assets21/28 | €8,156 | €50 | €50 | €50 | €50 | €2,278 | €1,613 | €948 | ▼ 41.2% |
| Tangible fixed assets22/27 | €8,106 | - | - | - | - | €2,228 | €1,563 | €898 | ▼ 42.5% |
| Furniture and vehicles24 | - | - | - | - | - | €2,228 | €1,563 | €898 | ▼ 42.5% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €191,951 | €150,650 | €112,016 | €86,214 | €149,649 | €111,851 | €72,522 | €67,344 | ▼ 7.1% |
| Amounts receivable within one year40/41 | €7,076 | €7,631 | €1,241 | €1,764 | €6,622 | €1,211 | €4,093 | €1,983 | ▼ 51.6% |
| Trade receivables40 | - | - | - | - | €6,262 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €1,764 | €360 | €1,211 | €4,093 | €1,983 | ▼ 51.6% |
| Current investments50/53 | €10,121 | €10,121 | €10,121 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €166,881 | €132,898 | €100,654 | €84,450 | €139,778 | €108,140 | €68,429 | €65,361 | ▼ 4.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €3,249 | €2,500 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €200,107 | €150,700 | €112,066 | €86,264 | €149,699 | €114,129 | €74,135 | €68,292 | ▼ 7.9% |
| Equity10/15 | €91,679 | €38,128 | €5,159 | -€20,544 | €35,466 | €9,584 | €6,816 | €3,435 | ▼ 49.6% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €18,592 | - | - | - | - |
| Other1109/19 | - | - | - | - | €18,592 | - | - | - | - |
| Reserves13 | €90,059 | €90,059 | €66,059 | €66,059 | €66,059 | €66,059 | €66,059 | €66,059 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €300 | €300 | €300 | €300 | = |
| Legal reserve130 | - | - | - | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €300 | €300 | €300 | €300 | = |
| Distributable reserves133 | - | - | - | €64,200 | €65,759 | €65,759 | €65,759 | €65,759 | = |
| Profit (loss) carried forward14 | -€16,972 | -€70,523 | -€79,492 | -€105,195 | -€49,185 | -€75,067 | -€77,835 | -€81,216 | ▼ 4.3% |
| Provisions and deferred taxes16 | €17,908 | €14,924 | €11,939 | €8,954 | €5,969 | €2,985 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €8,954 | €5,969 | €2,985 | - | - | - |
| Pensions and similar obligations160 | - | - | - | €8,954 | €5,969 | €2,985 | - | - | - |
| Amounts payable17/49 | €90,520 | €97,648 | €94,968 | €97,854 | €108,264 | €101,560 | €67,319 | €64,857 | ▼ 3.7% |
| Amounts payable within one year42/48 | €90,520 | €97,648 | €94,968 | €97,854 | €108,264 | €101,560 | €67,319 | €64,857 | ▼ 3.7% |
| Trade debts44 | €881 | €179 | €807 | €220 | €934 | €211 | €164 | €528 | ▲ 222% |
| Suppliers440/4 | - | - | - | €220 | €934 | €211 | €164 | €528 | ▲ 222% |
| Taxes, remuneration and social security45 | - | - | - | €291 | €5,948 | €43 | €154 | €176 | ▲ 14.3% |
| Taxes450/3 | - | - | - | €291 | €5,948 | €43 | €154 | €176 | ▲ 14.3% |
| Other amounts payable47/48 | - | - | - | €97,343 | €101,382 | €101,306 | €67,001 | €64,153 | ▼ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,549 | -€53,551 | -€32,969 | -€25,703 | €56,010 | -€25,882 | -€2,768 | -€3,381 | ▼ 22.1% |
| + Depreciation and write-downs630 | €8,788 | €8,106 | - | - | - | €216 | €665 | €665 | = |
| Operating cash flow (approximation) | -€9,761 | -€45,445 | -€32,969 | -€25,703 | €56,010 | -€25,666 | -€2,103 | -€2,716 | ▼ 29.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€2,444 | €0 | €0 | - |
| Change in cash | - | -€33,983 | -€32,244 | -€16,204 | €55,328 | -€31,638 | -€39,711 | -€3,068 | ▲ 92.3% |
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, 974 companies had the same profile as CINET has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CINET itself is lower: 0.1% within 12 months. It rests on far more data about CINET than the profile alone.
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 974 companies, not a prediction for CINET. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00276420 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00234401 | |
| 31-12-2023 | micro format | 08-06-2024 | 2024-00124787 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00116637 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20158973 | |
| 31-12-2020 | micro format | 03-08-2021 | 2021-47100381 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-31800457 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-46200068 | |
| 31-12-2017 | micro format | 18-07-2018 | 2018-35100455 | |
| 31-12-2016 | abbreviated format | 12-07-2017 | 2017-31000111 |