Cinque
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00423529.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 7 filings
Equity
€1,353▼ 86.9%
2024 · €10,348
Total assets
€9,246▼ 44.8%
2024 · €16,760
Net result
-€8,995
2024 · €613
Working capital
€2,211▼ 81.8%
2024 · €12,167
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€7,244
2025
20192025
Net result
-€8,995
2025
lowest quarter of the sector
20192025
Equity
€1,353
▼ 86.9%
2025
middle half of the sector
20192025
Total assets
€9,246
▼ 44.8%
2025
lowest quarter of the sector
20192025
Debt
€7,893
▲ 23.1%
2025
20192025
Working capital
€2,211
▼ 81.8%
2025
middle half of the sector
20192025
Solvency
14.6%
▼ 47.1pp
2025
middle half of the sector
20192025
Current ratio
1.34
▼ 3.17
2025
middle half of the sector
20192025
Return on assets (ROA)
-97.3%
▼ 100.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€24,351--€3,258▲ 86.6%-€7,104▼ 118%€8,620€25,838▲ 200%€2,196▼ 91.5%-€7,244
Net result-€25,990--€4,783within the sector's middle half▲ 81.6%-€8,444below the sector's middle half▼ 76.5%€6,235within the sector's middle half€24,117above the sector's middle half▲ 287%€613within the sector's middle half▼ 97.5%-€8,995below the sector's middle half
Equity-€7,390--€12,173below the sector's middle half▼ 64.7%-€20,617below the sector's middle half▼ 69.4%-€14,382below the sector's middle half▲ 30.2%€9,734within the sector's middle half€10,348within the sector's middle half▲ 6.3%€1,353within the sector's middle half▼ 86.9%
Total assets€21,572-€17,361below the sector's middle half▼ 19.5%€17,028below the sector's middle half▼ 1.9%€8,587below the sector's middle half▼ 49.6%€19,558below the sector's middle half▲ 128%€16,760below the sector's middle half▼ 14.3%€9,246below the sector's middle half▼ 44.8%
Debt€28,963-€29,534▲ 2.0%€37,645▲ 27.5%€22,969▼ 39.0%€9,824▼ 57.2%€6,412▼ 34.7%€7,893▲ 23.1%
Working capital€1,998--€20,171within the sector's middle half€5,548within the sector's middle half-€16,280within the sector's middle half€9,245within the sector's middle half€12,167within the sector's middle half▲ 31.6%€2,211within the sector's middle half▼ 81.8%
Solvency-34.3%--70.1%below the sector's middle half▼ 35.9pp-121.1%below the sector's middle half▼ 51.0pp-167.5%below the sector's middle half▼ 46.4pp49.8%within the sector's middle half▲ 217.3pp61.7%above the sector's middle half▲ 12.0pp14.6%within the sector's middle half▼ 47.1pp
Current ratio1.33-0.32below the sector's middle half▼ 1.022.04within the sector's middle half▲ 1.720.20below the sector's middle half▼ 1.842.11above the sector's middle half▲ 1.914.51above the sector's middle half▲ 2.411.34within the sector's middle half▼ 3.17
Return on assets (ROA)-120.5%--27.6%below the sector's middle half▲ 92.9pp-49.6%below the sector's middle half▼ 22.0pp72.6%above the sector's middle half▲ 122.2pp123.3%above the sector's middle half▲ 50.7pp3.7%within the sector's middle half▼ 119.6pp-97.3%below the sector's middle half▼ 100.9pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €7,244, after a profit of €2,196 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9,246
Fixed assets
€617 ▼ 45.4%
Current assets
€8,628 ▼ 44.8%
Equity and liabilities €9,246
Equity
€1,353 ▼ 86.9%
Debt
€7,893 ▲ 23.1%
Debt's share of the balance-sheet total rises from 38.3% to 85.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€6,730▼
2024 · €3,030
Cash flow
-€8,481▼
2024 · €1,447
Quick ratio
1.20▼
2024 · 4.24
Debt to equity
5.83▲
2024 · 0.62
ROE
-664.8%▼
2024 · 5.9%
Interest coverage
-3.84▼
2024 · 1.75
Debt ≤ 1 year
€6,418▲
2024 · €3,462
Staff costs
€242
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 | €1,043 | €1,526 | - | - | - |
| Depreciation and write-downs of the year | €2,893 | €3,077 | €2,633 | €833 | €514 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €194 | €478 | - | €242 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,587 | €2,780 | €2,893 | €3,077 | €2,633 | €833 | €514 | ▼ 38.3% |
| Other operating charges640/8 | - | - | €503 | €526 | €557 | €569 | €585 | ▲ 2.9% |
| Gross operating margin9900 | -€14,271 | €4,975 | -€3,708 | €12,416 | €29,506 | €3,599 | -€5,903 | - |
| Operating profit (loss)9901 | -€24,351 | -€3,258 | -€7,104 | €8,620 | €25,838 | €2,196 | -€7,244 | - |
| Financial income75/76B | - | - | €10 | €1 | - | €147 | - | - |
| Recurring financial income75 | €58 | €15 | €10 | €1 | - | €147 | - | - |
| Financial charges65/66B | - | - | €1,350 | €2,386 | €1,722 | €1,730 | €1,751 | ▲ 1.2% |
| Recurring financial charges65 | €1,697 | €1,539 | €1,350 | €2,386 | €1,722 | €1,730 | €1,751 | ▲ 1.2% |
| Profit (loss) for the period before taxes9903 | -€25,990 | -€4,783 | -€8,444 | €6,235 | €24,117 | €613 | -€8,995 | - |
| Profit (loss) for the period9904 | -€25,990 | -€4,783 | -€8,444 | €6,235 | €24,117 | €613 | -€8,995 | - |
| Profit (loss) for the period to be appropriated9905 | -€25,990 | -€4,783 | -€8,444 | €6,235 | €24,117 | €613 | -€8,995 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €21,572 | €17,361 | €17,028 | €8,587 | €19,558 | €16,760 | €9,246 | ▼ 44.8% |
| Fixed assets21/28 | €13,578 | €7,998 | €6,148 | €4,597 | €1,964 | €1,131 | €617 | ▼ 45.4% |
| Tangible fixed assets22/27 | €13,578 | €7,998 | €6,148 | €4,597 | €1,964 | €1,131 | €617 | ▼ 45.4% |
| Plant, machinery and equipment23 | - | - | €2,270 | €2,932 | €1,924 | €1,131 | €617 | ▼ 45.4% |
| Furniture and vehicles24 | - | - | €3,878 | €1,665 | €41 | - | - | - |
| Current assets29/58 | €7,995 | €9,363 | €10,880 | €3,989 | €17,594 | €15,628 | €8,628 | ▼ 44.8% |
| Stocks and contracts in progress3 | €1,621 | - | €1,043 | €865 | €1,094 | €951 | €941 | ▼ 1.0% |
| Stocks30/36 | - | - | €1,043 | €865 | €1,094 | €951 | €941 | ▼ 1.0% |
| Amounts receivable within one year40/41 | €192 | €1,486 | - | - | €1,057 | €8,775 | - | - |
| Trade receivables40 | - | - | - | - | €1,057 | €65 | - | - |
| Other amounts receivable41 | - | - | - | - | - | €8,710 | - | - |
| Cash at bank and in hand54/58 | €6,182 | €7,877 | €9,719 | €3,125 | €15,297 | €5,754 | €7,277 | ▲ 26.5% |
| Deferred charges and accrued income490/1 | - | - | €118 | - | €146 | €150 | €410 | ▲ 174% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €21,572 | €17,361 | €17,028 | €8,587 | €19,558 | €16,760 | €9,246 | ▼ 44.8% |
| Equity10/15 | -€7,390 | -€12,173 | -€20,617 | -€14,382 | €9,734 | €10,348 | €1,353 | ▼ 86.9% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€25,990 | -€30,773 | -€39,217 | -€32,982 | -€8,866 | -€8,252 | -€17,247 | ▼ 109% |
| Amounts payable17/49 | €28,963 | €29,534 | €37,645 | €22,969 | €9,824 | €6,412 | €7,893 | ▲ 23.1% |
| Amounts payable after more than one year17 | €22,966 | - | €29,613 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | €29,613 | - | - | - | - | - |
| Amounts payable within one year42/48 | €5,997 | €29,534 | €5,332 | €20,269 | €8,349 | €3,462 | €6,418 | ▲ 85.4% |
| Trade debts44 | €3,545 | €3,315 | €4,192 | €668 | - | - | €2,436 | - |
| Suppliers440/4 | - | - | €4,192 | €668 | - | - | €2,436 | - |
| Taxes, remuneration and social security45 | - | - | €1,140 | €1,637 | €4,479 | €3,462 | €2,725 | ▼ 21.3% |
| Taxes450/3 | - | - | €1,140 | €1,637 | €2,904 | €3,462 | €2,725 | ▼ 21.3% |
| Remuneration and social security454/9 | - | - | - | - | €1,575 | - | - | - |
| Other amounts payable47/48 | - | - | - | €17,964 | €3,870 | - | €1,257 | - |
| Accrued charges and deferred income492/3 | - | - | €2,700 | €2,700 | €1,475 | €2,950 | €1,475 | ▼ 50.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,990 | -€4,783 | -€8,444 | €6,235 | €24,117 | €613 | -€8,995 | - |
| + Depreciation and write-downs630 | €5,587 | €2,780 | €2,893 | €3,077 | €2,633 | €833 | €514 | ▼ 38.3% |
| Operating cash flow (approximation) | -€20,403 | -€2,003 | -€5,551 | €9,312 | €26,750 | €1,447 | -€8,481 | - |
| Investment in fixed assets (approximation) | - | €2,800 | -€1,043 | -€1,526 | €0 | €0 | €0 | - |
| Change in cash | - | €1,695 | €1,842 | -€6,594 | €12,172 | -€9,543 | €1,524 | - |
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, 1,133 companies had the same profile as Cinque has now. Two years later, 86.4% were still going and 6.4% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
86.4%
was still going
6.6%
stopped otherwise
6.4%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Cinque itself is lower: 1.1% within 12 months. It rests on far more data about Cinque 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 1,133 companies, not a prediction for Cinque. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00423529 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00425129 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00378138 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00382469 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20351907 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60500334 | |
| 31-12-2019 | micro format | 13-07-2020 | 2020-29200030 |