CLIPEA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 8 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€69,122▼ 86.3%
2024 · €504,034
Working capital
€6.2m▲ 1.6%
2024 · €6.1m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€42,360
▲ 19.6%
2025
20182025
Net result
€69,122
▼ 86.3%
2025
20182025
Equity
€7.0m
▲ 1.0%
2025
20182025
Total assets
€7.0m
▲ 1.0%
2025
20182025
Debt
€4,295
▼ 0.6%
2025
20182025
Working capital
€6.2m
▲ 1.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.05m--€0.04m▲ 14.9%-€0.04m▲ 7.7%-€0.07m▼ 68.1%-€0.05m▲ 27.3%-€0.03m▲ 46.1%-€0.05m▼ 98.2%-€0.04m▲ 19.6%
Net result-€0.06m--€0.04m▲ 29.5%-€0.04m▲ 7.6%-€0.04m▼ 5.2%-€0.7m▼ 1,463%€0.2m€0.5m▲ 120%€0.07m▼ 86.3%
Equity-€0.04m--€0.09m▼ 104%-€0.1m▼ 47.1%€6.8m€6.2m▼ 9.7%€6.4m▲ 3.7%€6.9m▲ 7.9%€7.0m▲ 1.0%
Total assets€0.9m-€0.9m▼ 3.6%€7.9m▲ 775%€6.8m▼ 13.2%€6.2m▼ 9.7%€6.4m▲ 3.7%€6.9m▲ 7.9%€7.0m▲ 1.0%
Debt€1.0m-€1.0m▲ 1.0%€8.0m▲ 712%€0.001m€0.004m▲ 332%€0.004m▼ 0.6%
Working capital-€1.0m--€1.0m▼ 1.7%-€1.0m▼ 1.3%€5.6m€6.1m▲ 9.5%€6.2m▲ 1.6%
The operating result for 2025 is a loss of €42,360, smaller than the loss of €52,676 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.0m
Fixed assets
€728,326 ▼ 3.6%
Current assets
€6.2m ▲ 1.6%
Equity and liabilities €7.0m
Equity
€7.0m ▲ 1.0%
Debt
€4,295 ▼ 0.6%
Debt's share of the balance-sheet total stays at 0.1%.
Key figures and ratios
EBITDA
-€14,841▲
2024 · -€25,157
Cash flow
€96,641▼
2024 · €531,553
Debt to equity
0.00▼
2024 · 0.00
ROE
1.0%▼
2024 · 7.3%
ROA
1.0%▼
2024 · 7.3%
Interest coverage
-1.91▼
2024 · -0.63
Debt ≤ 1 year
€4,295▼
2024 · €4,320
Income taxes
€0
A ratio outside any meaningful range has been withheld (balance sheet total €7.0m, equity €7.0m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,405 | €27,519 | €27,519 | €27,519 | €27,519 | €27,519 | €27,519 | €27,519 | = |
| Other operating charges640/8 | - | - | - | €4,039 | €4,137 | €4,736 | €6,374 | €4,866 | ▼ 23.7% |
| Gross operating margin9900 | -€13,812 | -€12,242 | -€8,798 | -€36,266 | -€17,683 | €5,683 | -€18,783 | -€9,975 | ▲ 46.9% |
| Operating profit (loss)9901 | -€51,356 | -€43,713 | -€40,340 | -€67,824 | -€49,339 | -€26,572 | -€52,676 | -€42,360 | ▲ 19.6% |
| Financial income75/76B | - | - | - | €27,225 | €59,406 | €258,394 | €596,563 | €119,236 | ▼ 80.0% |
| Recurring financial income75 | - | - | - | €27,225 | €59,406 | €258,394 | €596,563 | €119,236 | ▼ 80.0% |
| Financial charges65/66B | - | - | - | €1,996 | €659,348 | €3,233 | €39,852 | €7,754 | ▼ 80.5% |
| Recurring financial charges65 | €10,770 | €99 | €150 | €1,996 | €659,348 | €3,233 | €39,852 | €7,754 | ▼ 80.5% |
| Profit (loss) for the period before taxes9903 | -€62,126 | -€43,813 | -€40,489 | -€42,595 | -€649,281 | €228,590 | €504,034 | €69,122 | ▼ 86.3% |
| Income taxes67/77 | - | - | - | - | €16,379 | - | - | €0 | - |
| Profit (loss) for the period9904 | -€62,126 | -€43,813 | -€40,489 | -€42,595 | -€665,659 | €228,590 | €504,034 | €69,122 | ▼ 86.3% |
| Profit (loss) for the period to be appropriated9905 | -€62,126 | -€43,813 | -€40,489 | -€42,595 | -€665,659 | €228,590 | €504,034 | €69,122 | ▼ 86.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €0.9m | €7.9m | €6.8m | €6.2m | €6.4m | €6.9m | €7.0m | ▲ 1.0% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 3.6% |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 3.6% |
| Land and buildings22 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 3.6% |
| Current assets29/58 | €0.01m | €0.006m | €7.0m | €6.0m | €5.4m | €5.6m | €6.1m | €6.2m | ▲ 1.6% |
| Amounts receivable within one year40/41 | - | - | - | €0.04m | €0.04m | €0.04m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.04m | €0.04m | €0.04m | - | - | - |
| Current investments50/53 | - | - | - | €4.2m | €1.8m | €5.3m | - | - | - |
| Cash at bank and in hand54/58 | €0.01m | €0.006m | €7.0m | €1.8m | €3.5m | €0.2m | €6.1m | €6.2m | ▲ 1.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €0.9m | €7.9m | €6.8m | €6.2m | €6.4m | €6.9m | €7.0m | ▲ 1.0% |
| Equity10/15 | -€0.04m | -€0.09m | -€0.1m | €6.8m | €6.2m | €6.4m | €6.9m | €7.0m | ▲ 1.0% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | = |
| Contributions outside capital11 | - | - | - | €7.0m | €7.0m | - | - | - | - |
| Other1109/19 | - | - | - | €7.0m | €7.0m | - | - | - | - |
| Profit (loss) carried forward14 | -€0.06m | -€0.1m | -€0.1m | -€0.2m | -€0.9m | -€0.6m | -€0.1m | -€0.05m | ▲ 56.6% |
| Amounts payable17/49 | €1.0m | €1.0m | €8.0m | - | - | €0.001m | €0.004m | €0.004m | ▼ 0.6% |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €8.0m | - | - | €0.001m | €0.004m | €0.004m | ▼ 0.6% |
| Trade debts44 | - | - | - | - | - | €0.001m | €0.004m | €0.004m | ▼ 0.6% |
| Suppliers440/4 | - | - | - | - | - | €0.001m | €0.004m | €0.004m | ▼ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.06m | -€0.04m | -€0.04m | -€0.04m | -€0.7m | €0.2m | €0.5m | €0.07m | ▼ 86.3% |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Operating cash flow (approximation) | -€0.03m | -€0.02m | -€0.01m | -€0.02m | -€0.6m | €0.3m | €0.5m | €0.1m | ▼ 81.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€0.006m | €7.0m | -€5.2m | €1.7m | -€3.3m | €5.9m | €0.1m | ▼ 98.4% |
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, 175 companies had the same profile as CLIPEA has now. Two years later, 95.4% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.4%
was still going
4.6%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of CLIPEA 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 175 companies, not a prediction for CLIPEA. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00266570 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00482716 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00349990 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00392222 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20060081 | |
| 31-12-2020 | micro format | 07-06-2021 | 2021-18000091 | |
| 31-12-2019 | micro format | 09-09-2020 | 2020-52000125 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-58200007 |