CIWAN
Open bankruptcyFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 15-09-2026 at the NBB all 13 filings
Turnover
€119,451▼ 23.1%
2019 · €155,370
EBIT margin
0.0%▼ 5.6pp
2019 · 5.6%
Net result
€1,610▲ 321%
2025 · €382
Working capital
-€295▲ 98.9%
2025 · -€25,905
Multi-year overview
2019 to 2026, 7 financial yearsTurnover
no figure
2026
20192026
Operating result
€1,878
▼ 87.3%
2026
20192026
Net result
€1,610
▲ 321%
2026
20192026
EBIT margin
no figure
2026
20192026
Equity
€23,705
▲ 7.3%
2026
20192026
Total assets
€41,674
▼ 27.1%
2026
20192026
Debt
€17,969
▼ 48.8%
2026
20192026
Working capital
-€295
▲ 98.9%
2026
20192026
Solvency
56.9%
▲ 18.2pp
2026
20192026
Current ratio
0.98
▲ 0.72
2026
20192026
Return on assets (ROA)
3.9%
▲ 3.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320252026
Turnover€155,370-€119,451▼ 23.1%
Operating result€8,655--€42€5,743€1,494▼ 74.0%€4,286▲ 187%€14,743-€1,878▼ 87.3%
Net result€8,320--€3,895within the sector's middle half€5,651within the sector's middle half€1,494within the sector's middle half▼ 73.6%€4,286within the sector's middle half▲ 187%€382within the sector's middle half-€1,610▲ 321%
EBIT margin5.6%-0.0%▼ 5.6pp
Equity€14,176-€10,281within the sector's middle half▼ 27.5%€15,932within the sector's middle half▲ 55.0%€17,426within the sector's middle half▲ 9.4%€21,712within the sector's middle half▲ 24.6%€22,095within the sector's middle half-€23,705▲ 7.3%
Total assets€56,227-€43,425within the sector's middle half▼ 22.8%€44,694below the sector's middle half▲ 2.9%€36,869below the sector's middle half▼ 17.5%€28,085below the sector's middle half▼ 23.8%€57,171within the sector's middle half-€41,674▼ 27.1%
Debt€42,051-€33,144▼ 21.2%€28,762▼ 13.2%€19,442▼ 32.4%€6,372▼ 67.2%€35,076-€17,969▼ 48.8%
Working capital-€30,429--€24,903within the sector's middle half▲ 18.2%-€19,251within the sector's middle half▲ 22.7%-€8,489within the sector's middle half▲ 55.9%€4,266within the sector's middle half-€25,905within the sector's middle half--€295▲ 98.9%
Solvency25.2%-23.7%within the sector's middle half▼ 1.5pp35.6%within the sector's middle half▲ 12.0pp47.3%within the sector's middle half▲ 11.6pp77.3%above the sector's middle half▲ 30.0pp38.6%within the sector's middle half-56.9%▲ 18.2pp
Current ratio0.28-0.25below the sector's middle half▼ 0.030.33below the sector's middle half▲ 0.080.56within the sector's middle half▲ 0.231.67within the sector's middle half▲ 1.110.26below the sector's middle half-0.98▲ 0.72
Return on assets (ROA)14.8%--9.0%within the sector's middle half▼ 23.8pp12.6%within the sector's middle half▲ 21.6pp4.1%within the sector's middle half▼ 8.6pp15.3%within the sector's middle half▲ 11.2pp0.7%within the sector's middle half-3.9%▲ 3.2pp
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 2026 is 87% lower than in 2025 and the lowest since 2022.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €41,674
Fixed assets
€24,000 ▼ 50.0%
Current assets
€17,674 ▲ 92.7%
Equity and liabilities €41,674
Equity
€23,705 ▲ 7.3%
Debt
€17,969 ▼ 48.8%
Debt's share of the balance-sheet total falls from 61.4% to 43.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,878▼
2025 · €55,665
Cash flow
€25,610▼
2025 · €41,304
Quick ratio
0.80▲
2025 · 0.07
Debt to equity
0.76▼
2025 · 1.59
ROE
6.8%▲
2025 · 1.7%
Debt ≤ 1 year
€17,969▼
2025 · €35,076
Income taxes
€268▼
2025 · €14,361
Staff costs
€13,141▲
2025 · €7,374
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2021 | 31-03-2022 | 31-03-2023 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €80,000 | - |
| Depreciation and write-downs of the year | - | €9,268 | €8,469 | €40,921 | €24,000 |
Source: notes to the 2021 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €155,370 | €119,451 | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €104,793 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | €4,159 | €1,056 | - | - | €7,374 | €13,141 | ▲ 78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,498 | €9,422 | - | €9,268 | €8,469 | €40,921 | €24,000 | ▼ 41.4% |
| Other operating charges640/8 | - | €1,119 | €250 | - | €62 | €118 | €118 | = |
| Gross operating margin9900 | €25,720 | €14,658 | €7,049 | €10,762 | €12,817 | €63,157 | €39,137 | ▼ 38.0% |
| Operating profit (loss)9901 | €8,655 | -€42 | €5,743 | €1,494 | €4,286 | €14,743 | €1,878 | ▼ 87.3% |
| Financial income75/76B | - | €84 | - | - | - | - | - | - |
| Recurring financial income75 | €2 | €84 | - | - | - | - | - | - |
| Financial charges65/66B | - | €295 | €92 | - | - | - | - | - |
| Recurring financial charges65 | €338 | €295 | €92 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €8,320 | -€253 | €5,651 | €1,494 | €4,286 | €14,743 | €1,878 | ▼ 87.3% |
| Income taxes67/77 | - | €3,642 | - | - | - | €14,361 | €268 | ▼ 98.1% |
| Profit (loss) for the period9904 | €8,320 | -€3,895 | €5,651 | €1,494 | €4,286 | €382 | €1,610 | ▲ 321% |
| Profit (loss) for the period to be appropriated9905 | €8,320 | -€3,895 | €5,651 | €1,494 | €4,286 | €382 | €1,610 | ▲ 321% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €56,227 | €43,425 | €44,694 | €36,869 | €28,085 | €57,171 | €41,674 | ▼ 27.1% |
| Fixed assets21/28 | €44,605 | €35,184 | €35,184 | €25,916 | €17,447 | €48,000 | €24,000 | ▼ 50.0% |
| Tangible fixed assets22/27 | €44,605 | €35,184 | €35,184 | €25,916 | €17,447 | €48,000 | €24,000 | ▼ 50.0% |
| Plant, machinery and equipment23 | - | €35,184 | €35,184 | - | €17,447 | €48,000 | €24,000 | ▼ 50.0% |
| Leasing and similar rights25 | - | - | - | €25,916 | - | - | - | - |
| Current assets29/58 | €11,622 | €8,241 | €9,510 | €10,953 | €10,638 | €9,171 | €17,674 | ▲ 92.7% |
| Stocks and contracts in progress3 | €7,750 | €7,750 | €7,750 | €5,750 | €5,750 | €6,750 | €3,240 | ▼ 52.0% |
| Stocks30/36 | - | €7,750 | €7,750 | €5,750 | €5,750 | €6,750 | €3,240 | ▼ 52.0% |
| Amounts receivable within one year40/41 | - | - | - | €2,791 | €3,790 | - | €14,138 | - |
| Other amounts receivable41 | - | - | - | €2,791 | €3,790 | - | €14,138 | - |
| Cash at bank and in hand54/58 | €3,872 | €491 | €1,760 | €2,412 | €1,098 | €2,421 | €296 | ▼ 87.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €56,227 | €43,425 | €44,694 | €36,869 | €28,085 | €57,171 | €41,674 | ▼ 27.1% |
| Equity10/15 | €14,176 | €10,281 | €15,932 | €17,426 | €21,712 | €22,095 | €23,705 | ▲ 7.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €18,600 | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | €18,600 | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€6,284 | -€10,179 | -€4,528 | -€3,034 | €1,252 | €1,635 | €3,245 | ▲ 98.5% |
| Amounts payable17/49 | €42,051 | €33,144 | €28,762 | €19,442 | €6,372 | €35,076 | €17,969 | ▼ 48.8% |
| Amounts payable within one year42/48 | €42,051 | €33,144 | €28,762 | €19,442 | €6,372 | €35,076 | €17,969 | ▼ 48.8% |
| Trade debts44 | - | - | - | €1,215 | €1,114 | €869 | €3,340 | ▲ 284% |
| Suppliers440/4 | - | - | - | €1,215 | €1,114 | €869 | €3,340 | ▲ 284% |
| Taxes, remuneration and social security45 | - | €26,393 | €26,290 | €18,228 | €5,258 | €14,361 | €14,629 | ▲ 1.9% |
| Taxes450/3 | - | €26,393 | €26,290 | €18,228 | €5,258 | €14,361 | €14,629 | ▲ 1.9% |
| Other amounts payable47/48 | - | €6,751 | €2,472 | - | - | €19,846 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,320 | -€3,895 | €5,651 | €1,494 | €4,286 | €382 | €1,610 | ▲ 321% |
| + Depreciation and write-downs630 | €9,498 | €9,422 | - | €9,268 | €8,469 | €40,921 | €24,000 | ▼ 41.4% |
| Operating cash flow (approximation) | €17,818 | €5,527 | €5,651 | €10,762 | €12,755 | €41,304 | €25,610 | ▼ 38.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - | €0 | - |
| Change in cash | - | -€3,381 | €1,269 | €652 | -€1,314 | - | -€2,125 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 15-09-2026 | 2026-00512861 | |
| 31-03-2025 | micro format | 15-09-2026 | 2026-00512848 | |
| 31-03-2023 | micro format | 05-02-2024 | 2024-00024963 | |
| 31-03-2022 | micro format | 03-03-2024 | 2024-00038049 | |
| 31-03-2021 | micro format | 03-03-2024 | 2024-00038047 | |
| 31-03-2020 | micro format | 03-04-2024 | 2024-00055313 | |
| 31-03-2019 | micro format | 28-08-2019 | 2019-53100044 | |
| 31-03-2018 | micro format | 09-07-2019 | 2019-30400514 | |
| 31-03-2017 | micro format | 09-07-2019 | 2019-30400512 | |
| 31-03-2015 | abbreviated format | 29-09-2015 | 2015-61000428 |