Equity
€458,222 from €4.6m in 2021
Equity fell by 90% in 4 years.
CIPANGO
Lifetime
20 annual accounts with figures on one time axis, 39 filings since 1987peak €661,261 (2017)
€251,475▲ 16×
lowest -€229,066 (2024)
€106,045▲ €335,111
peak €4.6m (2021)
€458,222▲ 17.1%
€1.9m▼ 7.0%
peak 0.3 FTE (2006)
-not published
Board3 names since 2021
1 directorRenard Sophie
Documentsfilings and deeds
30-05-202662 days before the deadline
2025micro format
Gross margin from €16,157 to €251,475Back to profit: €106,045Dividend €39,042Equity from €391,218 to €458,222Cash from €7,610 to €10,370
Key points
from the 2025 annual accountsResult
€106,045 €106,045
Back in profit in 2025, after a loss of €229,066 in 2024.
Turnover
≈ €280,000 estimated
The accounts state no turnover.
Debts
€1.9m 78% of the balance sheet
Financial debts 59%Suppliers 0%Other 41%
Of this, €751,063 falls due within a year.
Restructuring
2023
Branch transferred to QUERENCIA INVEST. Contribution on 28-12-2023.
Position in the sector
€106,045
Higher net result than 91% of companies in real estate. Sector median €6,009 · 17,169 companies.
Checked score
94
Excellent
Financially stronger than 55% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,998 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%lowest value
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: 0.3%▲ +0.3 percentage points vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.4%▲ +0.1 percentage points vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026highest value
06-2026: 0.4%● unchanged vs 05-2026
07-2026: < 0.1%▼ -0.4 percentage points vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.01, cash €10,370
lowers risk
Size: total assets €2.4m
Figures for financial year 2025 (filed on 05-06-2026)
Founded in 1986
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 39% of them on solvency, 30% on liquidity, 71% on profitability and 79% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 4,685 companies had the same profile as CIPANGO has now. Each dot stands for 12 companies, two years later.
97.0%
were still trading
1.9%
stopped another way
1.1%
went bankrupt
That fits the bankruptcy probability of CIPANGO itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 4,685 companies, not a prediction for CIPANGO. 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.
Credit verdict
Credit of up to €40,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.01 (0.03 in 2024), below 1. Short-term debt is 31.7% and cash 0.4% of total assets. 80.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 days early
2024
24 days early
2023
41 days early
2022
56 days early
2021
21 days late
2020
4 days early
2019
32 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 28 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 21 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Thierry MASQUELIN 160 sharesdeed of 23-11-2023
- Sophie RENARD 160 sharesdeed of 23-11-2023
Recent changes
Demerger: CIPANGO splits off to QUERENCIA INVEST
Appointment: REMON & Co (société de révisorat d entreprise) · “Toutes opérations dachats,ventes,échanges,réalisations,mises en…” (deed in French) · Capital of €61,500, 320 shares · General meeting of 28-12-2023 · Gazette deed
Demerger proposal: CIPANGO splits off to QUERENCIA INVEST
Thierry MASQUELIN holds 160 shares (50%) · Sophie RENARD holds 160 shares (50%) · Board meeting of 09-11-2023 · Gazette deed
Appointment: Thierry Masquelin (managing director)
General meeting of 19-08-2022 · Gazette deed
First establishment
FERME DU TRY, Rue Try-à-la-Vigne, Sauv. 11, Gembloux
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CIPANGO Gembloux | €2.4m | €251,475 | 19.3% | - |
| Jozeph Kortrijk | €2.4m | €243,253 | 98.9% | 0 |
| CL Begijnendijk | €2.2m | €263,473 | 54.1% | - |
| ROBERT N.V. Schilde | €2.5m | €242,778 | 33.0% | - |
| IMMO GUYFER Mons | €2.4m | €262,118 | 16.4% | - |
| IMMO VANNIEUWENHUYSE Kortemark | €2.6m | €243,020 | 62.8% | - |
| DIMO Oostkamp | €2.6m | €265,921 | 39.7% | - |
These companies have the same main activity as CIPANGO: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €2.2m and €2.6m, founded between 1986 and 1989.
Official details
Source: KBO- Status
- Active since 15-12-1986Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 1 other
- Establishment unit
- 2.102.635.7425030 Gembloux, since 15-01-1987
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Annual accounts 2025
- €2.4m▼ 3.8%
- Filing
- Filed on 30-05-2026, 62 days before the end of the filing period
Insights on CIPANGO
CIPANGO files the micro format. That format states no turnover. The gross margin rose from €22,303 in 2006 to €251,475 in 2025.
The balance sheet grew most in 2017 through fixed assets.
In June 2023, the Official Gazette published the appointment of Thierry Masquelin as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CIPANGO
- What is the company number of CIPANGO?
- The company number of CIPANGO is 0430.115.717. The VAT number is the same number with BE in front: BE 0430.115.717.
- Where is CIPANGO based?
- The registered office is at Rue Try-à-la-Vigne, Sauv. 11, 5030 Gembloux.Company details
- What does CIPANGO do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of CIPANGO?
- CIPANGO is a public limited company (NV).
- When was CIPANGO founded?
- CIPANGO was founded on 15-12-1986.
- Is CIPANGO still active?
- Yes, CIPANGO is an active enterprise in the KBO register.
- What is the turnover of CIPANGO?
- The turnover in financial year 2025 is ≈ €280,000. This figure is estimated from the gross margin of €251,475 and 46 comparable companies (NACE 68203). It probably lies between €260,000 and €350,000.Financials
- Is CIPANGO profitable?
- In financial year 2025, CIPANGO made a profit of €106,045.
- Where can I find the annual accounts of CIPANGO?
- CIPANGO filed 39 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CIPANGO due?
- CIPANGO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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