CIPANGO
ActiveSummary
CIPANGO has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €458,222 and a net result of €106,045. Equity is shrinking by ~11.5% per year across the filed fiscal years. Its solvency ranks better than 41% of 14254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+63
Solvency44▲+3
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity short (current ratio 0.01 against 0.03 in 2024; short-term debt: 31.7% and cash: 0.4% of total assets), and 80.7% of the assets are financed with debt.
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Signals
Six 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
19.3%
Return on assets
4.5%
Age of the figures
9 mo
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 30-05-2026, 62 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
62 d early
2024
24 d early
2023
41 d early
2022
56 d early
2021
21 d late
2020
4 d early
2019
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 28 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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. Usually files around 21 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#6 oldest company in Gembloux, Real estate sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€106,045
2024 · -€229,066
Working capital
-€740,534▲ 0.4%
2024 · -€743,141
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€231,983▼ 44.6%-€42,423€29,677-€174,994€128,375
Net result€2.7mabove the sector's middle half▲ 570%-€43,486below the sector's middle half€6,038within the sector's middle half-€229,066below the sector's middle half€106,045above the sector's middle half
Equity€4.6mabove the sector's middle half▲ 143%€4.3mabove the sector's middle half▼ 6.8%€649,424within the sector's middle half▼ 84.9%€391,218within the sector's middle half▼ 39.8%€458,222above the sector's middle half▲ 17.1%
Total assets€5.2mwithin the sector's middle half▼ 4.1%€5.1mwithin the sector's middle half▼ 2.0%€2.3mwithin the sector's middle half▼ 55.1%€2.5mwithin the sector's middle half▲ 7.0%€2.4mabove the sector's middle half▼ 3.8%
Debt€531,626▼ 84.6%€745,426▲ 40.2%€1.6m▲ 110%€2.0m▲ 27.2%€1.9m▼ 7.0%
Working capital€4.0mabove the sector's middle half€3.7mabove the sector's middle half▼ 7.0%-€340,569below the sector's middle half-€743,141below the sector's middle half▼ 118%-€740,534below the sector's middle half▲ 0.4%
Solvency87.9%above the sector's middle half▲ 53.2pp83.6%above the sector's middle half▼ 4.3pp28.2%within the sector's middle half▼ 55.4pp15.9%within the sector's middle half▼ 12.3pp19.3%within the sector's middle half▲ 3.5pp
Current ratio31.84above the sector's middle half▲ 31.8310.67above the sector's middle half▼ 21.170.73within the sector's middle half▼ 9.940.03below the sector's middle half▼ 0.700.01below the sector's middle half▼ 0.01
Return on assets (ROA)51.7%above the sector's middle half▲ 44.3pp-0.8%within the sector's middle half▼ 52.6pp0.3%within the sector's middle half▲ 1.1pp-9.3%below the sector's middle half▼ 9.5pp4.5%within the sector's middle half▲ 13.8pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €128,375 after a loss of €174,994 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.4m ▼ 3.4%
Current assets
€10,529 ▼ 49.5%
Equity and liabilities €2.4m
Equity
€458,222 ▲ 17.1%
Provisions
€58,700 ▼ 28.1%
Debt
€1.9m ▼ 7.0%
Debt's share of the balance-sheet total falls from 80.8% to 78.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€247,680▲
2024 · -€83,617
Cash flow
€225,350▲
2024 · -€137,689
Debt to equity
4.05▼
2024 · 5.10
ROE
23.1%▲
2024 · -58.6%
Interest coverage
5.46▲
2024 · -1.39
Debt ≤ 1 year
€751,063▼
2024 · €763,993
Debt > 1 year
€1.1m▼
2024 · €1.2m
Income taxes
€40▼
2024 · €1,685
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,681 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.1%
went bankrupt
2.0%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,681 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €151,986 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €115,922 | €81,063 | €74,961 | €91,377 | €119,305 | ▲ 30.6% |
| Other operating charges640/8 | €6,517 | €14,570 | €29,019 | €99,774 | €3,795 | ▼ 96.2% |
| Gross operating margin9900 | €354,421 | €53,210 | €133,656 | €16,157 | €251,475 | ▲ 1,456% |
| Operating profit (loss)9901 | €231,983 | -€42,423 | €29,677 | -€174,994 | €128,375 | ▲ 173% |
| Financial income75/76B | €3.0m | €40,986 | €54,285 | €421 | €121 | ▼ 71.2% |
| Recurring financial income75 | €368,750 | €40,986 | €54,285 | €421 | €121 | ▼ 71.2% |
| Non-recurring financial income76B | €2.6m | - | - | - | - | - |
| Financial charges65/66B | €169,070 | €43,077 | €56,455 | €60,176 | €45,381 | ▼ 24.6% |
| Recurring financial charges65 | €47,935 | €43,077 | €56,455 | €60,176 | €45,381 | ▼ 24.6% |
| Non-recurring financial charges66B | €121,136 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €3.1m | -€44,515 | €27,507 | -€234,749 | €83,116 | ▲ 135% |
| Transfer from deferred taxes780 | €7,657 | €7,368 | €7,368 | €7,368 | €22,970 | ▲ 212% |
| Income taxes67/77 | €372,689 | €6,340 | €28,837 | €1,685 | €40 | ▼ 97.6% |
| Profit (loss) for the period9904 | €2.7m | -€43,486 | €6,038 | -€229,066 | €106,045 | ▲ 146% |
| Transfer from tax-exempt reserves789 | €36,277 | €22,104 | €22,104 | €22,104 | €68,910 | ▲ 212% |
| Profit (loss) for the period to be appropriated9905 | €2.7m | -€21,383 | €28,142 | -€206,962 | €174,955 | ▲ 185% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.2m | €5.1m | €2.3m | €2.5m | €2.4m | ▼ 3.8% |
| Fixed assets21/28 | €1.2m | €1.1m | €1.4m | €2.4m | €2.4m | ▼ 3.4% |
| Tangible fixed assets22/27 | €1.2m | €1.1m | €1.4m | €2.4m | €2.4m | ▼ 3.4% |
| Land and buildings22 | €1.0m | €973,170 | €1.3m | €2.1m | €2.0m | ▼ 7.6% |
| Plant, machinery and equipment23 | €3,367 | €3,754 | €16,469 | €54,297 | €50,981 | ▼ 6.1% |
| Furniture and vehicles24 | €14,647 | €9,895 | - | - | €21,865 | - |
| Other tangible fixed assets26 | €112,408 | €92,381 | €81,167 | €278,566 | €335,362 | ▲ 20.4% |
| Financial fixed assets28 | €0 | - | - | - | - | - |
| Current assets29/58 | €4.1m | €4.1m | €902,101 | €20,851 | €10,529 | ▼ 49.5% |
| Amounts receivable after more than one year29 | €163,820 | - | - | - | - | - |
| Other amounts receivable291 | €163,820 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €375,180 | €569,097 | €1,250 | €13,242 | €152 | ▼ 98.9% |
| Trade receivables40 | €25,587 | €3,000 | - | €10,546 | - | - |
| Other amounts receivable41 | €349,594 | €566,097 | €1,250 | €2,695 | €152 | ▼ 94.4% |
| Current investments50/53 | - | €1.8m | - | - | - | - |
| Cash at bank and in hand54/58 | €3.5m | €1.7m | €886,405 | €7,610 | €10,370 | ▲ 36.3% |
| Deferred charges and accrued income490/1 | - | €101 | €14,446 | - | €7 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.2m | €5.1m | €2.3m | €2.5m | €2.4m | ▼ 3.8% |
| Equity10/15 | €4.6m | €4.3m | €649,424 | €391,218 | €458,222 | ▲ 17.1% |
| Contributions10/11 | €175,000 | €175,000 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €175,000 | €175,000 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €175,000 | €175,000 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €4.4m | €4.1m | €587,841 | €536,598 | €428,646 | ▼ 20.1% |
| Non-distributable reserves130/1 | €17,500 | €17,500 | €2,953 | €2,953 | €2,953 | = |
| Legal reserve130 | €17,500 | €17,500 | €2,953 | €2,953 | €2,953 | = |
| Tax-exempt reserves132 | €325,941 | €303,837 | €267,113 | €245,010 | €176,100 | ▼ 28.1% |
| Distributable reserves133 | €4.0m | €3.8m | €317,775 | €288,635 | €249,593 | ▼ 13.5% |
| Profit (loss) carried forward14 | €52,823 | €31,440 | €83 | -€206,880 | -€31,924 | ▲ 84.6% |
| Provisions and deferred taxes16 | €103,774 | €96,406 | €89,038 | €81,670 | €58,700 | ▼ 28.1% |
| Deferred taxes168 | €103,774 | €96,406 | €89,038 | €81,670 | €58,700 | ▼ 28.1% |
| Amounts payable17/49 | €531,626 | €745,426 | €1.6m | €2.0m | €1.9m | ▼ 7.0% |
| Amounts payable after more than one year17 | €402,862 | €363,799 | €324,238 | €1.2m | €1.1m | ▼ 8.9% |
| Financial debts170/4 | €402,862 | €363,799 | €324,238 | €1.2m | €1.1m | ▼ 8.9% |
| Amounts payable within one year42/48 | €128,118 | €379,962 | €1.2m | €763,993 | €751,063 | ▼ 1.7% |
| Current portion of amounts payable after more than one year42 | €52,178 | €42,295 | €42,836 | €110,050 | €110,604 | ▲ 0.5% |
| Trade debts44 | €7,500 | €487 | €62,308 | €29,194 | €1,417 | ▼ 95.1% |
| Suppliers440/4 | €7,500 | €487 | €62,308 | €29,194 | €1,417 | ▼ 95.1% |
| Taxes, remuneration and social security45 | €68,440 | €66,194 | €47,232 | €20,260 | - | - |
| Taxes450/3 | €68,440 | €66,194 | €47,232 | €20,260 | - | - |
| Other amounts payable47/48 | - | €270,985 | €1.1m | €604,489 | €639,042 | ▲ 5.7% |
| Accrued charges and deferred income492/3 | €646 | €1,665 | €896 | €25,340 | €6,762 | ▼ 73.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.7m | -€43,486 | €6,038 | -€229,066 | €106,045 | ▲ 146% |
| + Depreciation and write-downs630 | €115,922 | €81,063 | €74,961 | €91,377 | €119,305 | ▲ 30.6% |
| Operating cash flow (approximation) | €2.8m | €37,577 | €80,999 | -€137,689 | €225,350 | ▲ 264% |
| Investment in fixed assets (approximation) | - | -€1,507 | -€399,925 | -€1.1m | -€34,908 | ▲ 96.9% |
| Change in cash | - | -€1.8m | -€820,499 | -€878,795 | €2,761 | ▲ 100% |
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
30-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €106,045
Net result €106,045 after one loss-making year.
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€229,066
Net result drops to -€229,066, the lowest in the series; recovery starts the following year.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €6,038
Net result €6,038 after one loss-making year.
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
21-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 21 days late
2021
31-12
Financial
Highest result since 2018net €2.7m ▲570%
Net result €2.7m, the highest in the series.
31-12
Financial
Liquidity times 4038current ratio 31.84
Current ratio from 0.01 to 31.84; short-term debt falls from €2.9m to €128,118.
31-12
Financial
Equity above €2mEq €4.6m ▲143%
4 profitable years in a row build equity to €4.6m.
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
20-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 27 days late
2017
12-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Gembloux · 1 establishment unit since 1987
Ground area
5,171 m²
Building footprint
433 m²
Parcel 92253B0402/00M000, Wallonia. Linked by address, not a title deed.
1 establishment unit
FERME DU TRY
since 19872.102.635.742
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92253B0402/00M000 | Wallonia | 5,171 m² | 1 · 432 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
699400CBZPYKVDSBCO51
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Present-it
BE 0417.627.956
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BE 0672.481.006
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ENTREPRISES DU CHESSEROUX
BE 0420.385.231
Herve · Eq €457,955
Loupus
BE 0597.696.479
Lebbeke · Eq €458,542
BEALSI
BE 1009.490.777
Assesse · Eq €457,128
Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 4,436 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-12-1986
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Not found in the Peppol register
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.