CISTUS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 18-03-2026 PDF all 17 filings
Turnover
≈ €1.2m
Estimated: probably between €850,000 and €1.6m
Total assets
€1.3m▲ 12.2%
2024 · €1.1m
Net result
€178,814▲ 159%
2024 · €69,139
Working capital
€189,221▲ 277%
2024 · €50,215
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€284,985
▲ 143%
2025
20182025
Net result
€178,814
▲ 159%
2025
highest quarter of the sector
20182025
Equity
€640,267
▲ 31.0%
2025
highest quarter of the sector
20182025
Total assets
€1.3m
▲ 12.2%
2025
middle half of the sector
20182025
Debt
€647,298
▼ 1.7%
2025
20182025
Working capital
€189,221
▲ 277%
2025
middle half of the sector
20182025
Solvency
49.7%
▲ 7.1pp
2025
middle half of the sector
20182025
Current ratio
1.98
▲ 0.66
2025
middle half of the sector
20182025
Return on assets (ROA)
13.9%
▲ 7.9pp
2025
middle half of the sector
20182025
Staff (FTE)
2.3
=
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€0.06m-€0.009m▼ 85.6%€0.02m▲ 118%€0.05m▲ 133%€0.1m▲ 138%€0.06m▼ 45.5%€0.1m▲ 96.4%€0.3m▲ 143%
Net result€0.04m-€290▼ 99.3%€0.01mwithin the sector's middle half▲ 46×€0.04mwithin the sector's middle half▲ 189%€0.07mwithin the sector's middle half▲ 86.5%€0.02mwithin the sector's middle half▼ 71.0%€0.07mwithin the sector's middle half▲ 232%€0.2mabove the sector's middle half▲ 159%
Equity€0.3m-€0.3m▲ 0.1%€0.3mwithin the sector's middle half▲ 4.8%€0.3mwithin the sector's middle half▲ 13.3%€0.4mwithin the sector's middle half▲ 22.0%€0.4mwithin the sector's middle half▲ 5.2%€0.5mwithin the sector's middle half▲ 16.5%€0.6mabove the sector's middle half▲ 31.0%
Total assets€0.4m-€0.6m▲ 70.2%€0.6mwithin the sector's middle half▲ 1.4%€0.9mwithin the sector's middle half▲ 52.1%€1.0mwithin the sector's middle half▲ 10.8%€1.1mwithin the sector's middle half▲ 1.8%€1.1mwithin the sector's middle half▲ 7.4%€1.3mwithin the sector's middle half▲ 12.2%
Debt€0.09m-€0.3m▲ 294%€0.3m▼ 1.4%€0.6m▲ 85.5%€0.7m▲ 4.9%€0.6m▼ 0.4%€0.7m▲ 1.6%€0.6m▼ 1.7%
Working capital€0.3m-€0.1m▼ 52.4%€0.05mwithin the sector's middle half▼ 62.8%€0.06mwithin the sector's middle half▲ 24.1%-€0.08mbelow the sector's middle half€0.001mbelow the sector's middle half€0.05mwithin the sector's middle half▲ 36×€0.2mwithin the sector's middle half▲ 277%
Solvency76.1%-44.8%▼ 31.4pp46.3%within the sector's middle half▲ 1.5pp34.5%within the sector's middle half▼ 11.8pp38.0%within the sector's middle half▲ 3.5pp39.3%within the sector's middle half▲ 1.3pp42.6%within the sector's middle half▲ 3.3pp49.7%within the sector's middle half▲ 7.1pp
Current ratio6.37-4.78▼ 1.592.01within the sector's middle half▼ 2.771.67within the sector's middle half▼ 0.340.38below the sector's middle half▼ 1.291.02below the sector's middle half▲ 0.641.32within the sector's middle half▲ 0.301.98within the sector's middle half▲ 0.66
Return on assets (ROA)12.3%-0.0%▼ 12.2pp2.1%within the sector's middle half▲ 2.1pp4.1%within the sector's middle half▲ 1.9pp6.8%within the sector's middle half▲ 2.8pp1.9%within the sector's middle half▼ 4.9pp6.0%within the sector's middle half▲ 4.1pp13.9%within the sector's middle half▲ 7.9pp
Staff (FTE)0.2-1▲ 400%1.4below the sector's middle half▲ 40.0%2.4within the sector's middle half▲ 71.4%3within the sector's middle half▲ 25.0%2.5within the sector's middle half▼ 16.7%2.3within the sector's middle half▼ 8.0%2.3within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 143% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €1.3m
Fixed assets
€904,331 ▼ 3.7%
Current assets
€383,234 ▲ 83.7%
Equity and liabilities €1.3m
Equity
€640,267 ▲ 31.0%
Debt
€647,298 ▼ 1.7%
Debt's share of the balance-sheet total falls from 57.4% to 50.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€357,438▲
2024 · €189,245
Cash flow
€251,267▲
2024 · €141,153
Quick ratio
1.94▲
2024 · 1.28
Debt to equity
1.01▼
2024 · 1.35
ROE
27.9%▲
2024 · 14.1%
Interest coverage
19.38▲
2024 · 9.16
Debt ≤ 1 year
€194,013▲
2024 · €158,371
Debt > 1 year
€453,260▼
2024 · €500,229
Income taxes
€88,809▲
2024 · €28,161
Staff costs
€111,967▲
2024 · €111,475
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 | 4 | 3 | 2 | 3 | 2 |
| full-time | 3 | 3 | 2 | 3 | 2 |
| part-time | 1 | - | - | - | - |
| in full-time equivalents | 3.5 | 3 | 2 | 3 | 2 |
| Average over the year, in full-time equivalents | 2.4 | 3 | 2.5 | 2.3 | 2.3 |
| On a permanent contract | 4 | 3 | 2 | 2 | 2 |
| Joined | 3 | - | 0 | 3 | 5 |
| Left | 1 | - | 1 | 2 | 6 |
| Training hours | - | - | - | 384 | 451 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €446,393 | €409,095 | - | €333,336 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €308,595 | €279,674 | €46,828 | €34,271 | €38,015 |
| Depreciation and write-downs of the year | €39,805 | €63,182 | €71,625 | €72,014 | €72,453 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,000 awarded · €1,000 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €6,446 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €77,721 | €123,728 | €135,933 | €111,475 | €111,967 | ▲ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,059 | €66,254 | €25,689 | €39,805 | €63,182 | €71,625 | €72,014 | €72,453 | ▲ 0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €242 | €595 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,724 | €6,949 | €6,864 | €4,795 | €4,528 | ▼ 5.6% |
| Gross operating margin9900 | €84,025 | €110,174 | €102,827 | €167,538 | €304,067 | €274,119 | €305,514 | €473,932 | ▲ 55.1% |
| Operating profit (loss)9901 | €62,873 | €9,079 | €19,773 | €46,045 | €109,613 | €59,697 | €117,231 | €284,985 | ▲ 143% |
| Financial income75/76B | - | - | - | €2,573 | €2 | €110 | €719 | €1,082 | ▲ 50.4% |
| Recurring financial income75 | €924 | €366 | €1,589 | €2,573 | €2 | €110 | €719 | €1,082 | ▲ 50.4% |
| Financial charges65/66B | - | - | - | €5,919 | €9,794 | €15,914 | €20,650 | €18,445 | ▼ 10.7% |
| Recurring financial charges65 | €3,841 | €3,485 | €4,936 | €5,919 | €9,794 | €15,914 | €20,650 | €18,445 | ▼ 10.7% |
| Profit (loss) for the period before taxes9903 | €59,957 | €5,960 | €16,427 | €42,699 | €99,821 | €43,893 | €97,300 | €267,622 | ▲ 175% |
| Income taxes67/77 | €15,577 | €5,670 | €3,117 | €4,195 | €28,012 | €23,086 | €28,161 | €88,809 | ▲ 215% |
| Profit (loss) for the period9904 | €44,380 | €290 | €13,310 | €38,504 | €71,809 | €20,807 | €69,139 | €178,814 | ▲ 159% |
| Profit (loss) for the period to be appropriated9905 | €44,380 | €290 | €13,310 | €38,504 | €71,809 | €20,807 | €69,139 | €178,814 | ▲ 159% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.6m | €0.6m | €0.9m | €1.0m | €1.1m | €1.1m | €1.3m | ▲ 12.2% |
| Fixed assets21/28 | €0.02m | €0.4m | €0.5m | €0.8m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 3.7% |
| Intangible fixed assets21 | - | €0.001m | €0.001m | €0.001m | €324 | - | - | - | - |
| Tangible fixed assets22/27 | €0.02m | €0.4m | €0.5m | €0.8m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 3.7% |
| Land and buildings22 | - | - | - | €0.7m | €0.9m | €0.9m | €0.9m | €0.9m | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €0.06m | €0.06m | €0.05m | €0.04m | €0.04m | ▼ 10.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.02m | €0.009m | €0.009m | €0.005m | ▼ 50.3% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.005m | €0.005m | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.2m | €0.1m | €0.2m | €0.05m | €0.09m | €0.2m | €0.4m | ▲ 83.7% |
| Stocks and contracts in progress3 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Stocks30/36 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.02m | €0.01m | €0.02m | €0.06m | €0.07m | €0.1m | ▲ 54.2% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.06m | €0.07m | €0.1m | ▲ 56.6% |
| Other amounts receivable41 | - | - | - | - | €0.001m | €0.001m | €0.001m | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.07m | €0.1m | €0.01m | €0.008m | €0.1m | €0.2m | ▲ 123% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.008m | €0.02m | €0.02m | €0.01m | ▼ 21.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.6m | €0.6m | €0.9m | €1.0m | €1.1m | €1.1m | €1.3m | ▲ 12.2% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 31.0% |
| Contributions10/11 | €0.04m | €0.04m | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 33.8% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.004m | €0.004m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 33.8% |
| Amounts payable17/49 | €0.09m | €0.3m | €0.3m | €0.6m | €0.7m | €0.6m | €0.7m | €0.6m | ▼ 1.7% |
| Amounts payable after more than one year17 | €0.03m | €0.3m | €0.3m | €0.5m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 9.4% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 13.2% |
| Other amounts payable178/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.9% |
| Amounts payable within one year42/48 | €0.05m | €0.04m | €0.05m | €0.09m | €0.1m | €0.09m | €0.2m | €0.2m | ▲ 22.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.0% |
| Financial debts43 | - | - | - | - | - | €0.005m | €0.003m | €0.003m | ▼ 0.3% |
| Credit institutions430/8 | - | - | - | - | - | €0.005m | €0.003m | €0.003m | ▼ 0.3% |
| Trade debts44 | €0.005m | €0.005m | €0.006m | €0.02m | €0.02m | €0.02m | €0.06m | €0.05m | ▼ 8.7% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.02m | €0.06m | €0.05m | ▼ 8.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.06m | €0.03m | €0.06m | €0.09m | ▲ 50.4% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.009m | €0.03m | €0.07m | ▲ 97.6% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.02m | €0.03m | €0.02m | ▼ 9.0% |
| Other amounts payable47/48 | - | - | - | €0.002m | €0.002m | - | - | €0.01m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €31 | €0.008m | €29 | €25 | ▼ 11.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,380 | €290 | €13,310 | €38,504 | €71,809 | €20,807 | €69,139 | €178,814 | ▲ 159% |
| + Depreciation and write-downs630 | €14,059 | €66,254 | €25,689 | €39,805 | €63,182 | €71,625 | €72,014 | €72,453 | ▲ 0.6% |
| Operating cash flow (approximation) | €58,439 | €66,544 | €38,999 | €78,309 | €134,991 | €92,431 | €141,153 | €251,267 | ▲ 78.0% |
| Investment in fixed assets (approximation) | - | -€486,701 | -€105,207 | -€308,595 | -€274,674 | -€45,561 | -€34,271 | -€38,015 | ▼ 10.9% |
| Change in cash | - | -€190,286 | -€52,846 | €56,943 | -€114,497 | -€6,078 | €103,755 | €137,328 | ▲ 32.4% |
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, 34,693 companies had the same profile as CISTUS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CISTUS itself: < 0.1% within 12 months.
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 34,693 companies, not a prediction for CISTUS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-03-2026 | 2026-00056142 | |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00314354 | |
| 31-12-2023 | abbreviated format | 28-08-2024 | 2024-00380984 | |
| 31-12-2022 | abbreviated format | 23-06-2023 | 2023-00151374 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20182651 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37100347 | |
| 31-12-2019 | abbreviated format | 04-06-2020 | 2020-14400078 | |
| 31-12-2018 | abbreviated format | 19-07-2019 | 2019-34400472 | |
| 31-12-2017 | abbreviated format | 15-06-2018 | 2018-18400555 | |
| 31-12-2016 | abbreviated format | 05-04-2017 | 2017-08600584 |