CLOUD NINE
ActiveFinancials · financial year 2024, abbreviated format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 04-08-2025 PDF all 18 filings
Turnover
≈ €3.6m
Estimated: probably between €2.4m and €5.9m
Total assets
€1.2m▲ 2.7%
2023 · €1.2m
Net result
€10,848▼ 71.5%
2023 · €38,066
Working capital
-€59,081▲ 23.1%
2023 · -€76,800
Multi-year overview
2019 to 2024, 6 financial yearsOperating result
€93,845
▼ 4.3%
2024
20192024
Net result
€10,848
▼ 71.5%
2024
middle half of the sector
20192024
Equity
€159,168
▲ 7.3%
2024
lowest quarter of the sector
20192024
Total assets
€1.2m
▲ 2.7%
2024
middle half of the sector
20192024
Debt
€1.1m
▲ 2.1%
2024
20192024
Working capital
-€59,081
▲ 23.1%
2024
lowest quarter of the sector
20192024
Solvency
13.1%
▲ 0.6pp
2024
lowest quarter of the sector
20192024
Current ratio
0.94
▲ 0.02
2024
lowest quarter of the sector
20192024
Return on assets (ROA)
0.9%
▼ 2.3pp
2024
middle half of the sector
20192024
Staff (FTE)
30.6
▲ 4.4%
2024
highest quarter of the sector
20192024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232024
Operating result€0.01m-€0.03m▲ 186%€0.08m▲ 144%€0.07m▼ 15.2%€0.1m▲ 48.5%€0.09m▼ 4.3%
Net result-€0.05m--€0.02mbelow the sector's middle half▲ 62.1%€0.003mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 475%€0.04mwithin the sector's middle half▲ 141%€0.01mwithin the sector's middle half▼ 71.5%
Equity€0.1m-€0.09mbelow the sector's middle half▼ 17.7%€0.09mbelow the sector's middle half▲ 3.0%€0.1mbelow the sector's middle half▲ 16.7%€0.1mbelow the sector's middle half▲ 34.5%€0.2mbelow the sector's middle half▲ 7.3%
Total assets€1.0m-€1.1mwithin the sector's middle half▲ 2.4%€1.3mwithin the sector's middle half▲ 24.3%€1.2mwithin the sector's middle half▼ 7.7%€1.2mwithin the sector's middle half▼ 2.4%€1.2mwithin the sector's middle half▲ 2.7%
Debt€0.9m-€1.0m▲ 4.8%€1.2m▲ 26.4%€1.1m▼ 9.6%€1.0m▼ 6.0%€1.1m▲ 2.1%
Working capital-€0.02m--€0.02mbelow the sector's middle half▼ 27.6%-€0.03mbelow the sector's middle half▼ 14.8%-€0.2mbelow the sector's middle half▼ 479%-€0.08mbelow the sector's middle half▲ 49.5%-€0.06mbelow the sector's middle half▲ 23.1%
Solvency10.8%-8.7%below the sector's middle half▼ 2.1pp7.2%below the sector's middle half▼ 1.5pp9.1%below the sector's middle half▲ 1.9pp12.5%below the sector's middle half▲ 3.4pp13.1%below the sector's middle half▲ 0.6pp
Current ratio0.98-0.97below the sector's middle half=0.98below the sector's middle half=0.86below the sector's middle half▼ 0.110.93below the sector's middle half▲ 0.060.94below the sector's middle half▲ 0.02
Return on assets (ROA)-5.0%--1.9%below the sector's middle half▲ 3.2pp0.2%within the sector's middle half▲ 2.1pp1.3%within the sector's middle half▲ 1.1pp3.2%within the sector's middle half▲ 1.9pp0.9%within the sector's middle half▼ 2.3pp
Staff (FTE)23.9-26.4above the sector's middle half▲ 10.5%31.4above the sector's middle half▲ 18.9%34.4above the sector's middle half▲ 9.6%29.3above the sector's middle half▼ 14.8%30.6above the sector's middle half▲ 4.4%
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 2024 is 4% lower than 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
2024 in colour, 2023 as the grey bar beneath
Assets €1.2m
Fixed assets
€246,788 ▲ 4.4%
Current assets
€971,813 ▲ 2.3%
Equity and liabilities €1.2m
Equity
€159,168 ▲ 7.3%
Debt
€1.1m ▲ 2.1%
Debt's share of the balance-sheet total falls from 87.5% to 86.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€138,835▲
2023 · €133,661
Cash flow
€55,838▼
2023 · €73,675
Debt to equity
6.66▼
2023 · 7.00
ROE
6.8%▼
2023 · 25.7%
Interest coverage
3.15▼
2023 · 4.99
Debt ≤ 1 year
€1.0m▲
2023 · €1.0m
Debt > 1 year
€12,781
Income taxes
€38,965▲
2023 · €36,358
Staff costs
€1.9m▲
2023 · €1.9m
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 32 | 36 | 30 | 34 |
| full-time | 29 | 31 | 29 | 31 |
| part-time | 3 | 5 | 1 | 3 |
| in full-time equivalents | 31.4 | 34.2 | 29.2 | 33.4 |
| Average over the year, in full-time equivalents | 28.4 | 34.4 | 29.3 | 30.6 |
| On a permanent contract | 32 | 35 | 29 | 33 |
| Joined | 15 | 14 | 8 | 12 |
| Left | 10 | 10 | 14 | 8 |
| Training hours | - | 392 | 357 | 590 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Pledge on the business | - | - | €150,000 | €150,000 |
Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €11,141 | €22,327 | €6,845 | €68,784 |
| Intangible fixed assets | €20,805 | €5,540 | - | €1,322 |
| Depreciation and write-downs of the year | €41,275 | €37,413 | €35,609 | €44,990 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €25,452 awarded · €25,391 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €7,546 | €7,546 |
| 2024 | 1 | €5,563 | €5,563 |
| 2023 | 1 | €5,720 | €5,720 |
| 2022 | 2 | €6,623 | €6,562 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €1.6m | €2.1m | €1.9m | €1.9m | ▲ 4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.05m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 26.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.09m | €0 | -€0.001m | €0 | - |
| Other operating charges640/8 | - | - | €0.02m | €0.009m | €0.02m | €0.009m | ▼ 59.1% |
| Gross operating margin9900 | €1.5m | €2.7m | €1.8m | €2.2m | €2.0m | €2.1m | ▲ 3.3% |
| Operating profit (loss)9901 | €0.01m | €0.03m | €0.08m | €0.07m | €0.1m | €0.09m | ▼ 4.3% |
| Financial income75/76B | - | - | €68 | €234 | €0.003m | €62 | ▼ 98.1% |
| Recurring financial income75 | €316 | €0.002m | €68 | €234 | €0.003m | €62 | ▼ 98.1% |
| Financial charges65/66B | - | - | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 64.5% |
| Recurring financial charges65 | €0.02m | €0.04m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 64.5% |
| Profit (loss) for the period before taxes9903 | -€0.009m | -€0.003m | €0.06m | €0.05m | €0.07m | €0.05m | ▼ 33.1% |
| Income taxes67/77 | €0.04m | €0.02m | €0.06m | €0.03m | €0.04m | €0.04m | ▲ 7.2% |
| Profit (loss) for the period9904 | -€0.05m | -€0.02m | €0.003m | €0.02m | €0.04m | €0.01m | ▼ 71.5% |
| Profit (loss) for the period to be appropriated9905 | -€0.05m | -€0.02m | €0.003m | €0.02m | €0.04m | €0.01m | ▼ 71.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.0m | €1.1m | €1.3m | €1.2m | €1.2m | €1.2m | ▲ 2.7% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 4.4% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.3% |
| Tangible fixed assets22/27 | €0.05m | €0.04m | €0.03m | €0.04m | €0.03m | €0.07m | ▲ 168% |
| Land and buildings22 | - | - | - | - | - | €0.007m | - |
| Plant, machinery and equipment23 | - | - | €0.001m | €0.01m | €0.01m | €0.03m | ▲ 190% |
| Furniture and vehicles24 | - | - | €0.01m | €0.01m | €0.009m | €0.03m | ▲ 252% |
| Other tangible fixed assets26 | - | - | €0.02m | €0.01m | €0.008m | €0.004m | ▼ 41.7% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.007m | ▼ 65.7% |
| Current assets29/58 | €0.7m | €0.8m | €1.0m | €0.9m | €0.9m | €1.0m | ▲ 2.3% |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 14.4% |
| Trade receivables40 | - | - | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 15.3% |
| Other amounts receivable41 | - | - | €0.03m | €0.06m | €0.03m | €0.03m | ▲ 5.5% |
| Cash at bank and in hand54/58 | €0.09m | €0.2m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 85.1% |
| Deferred charges and accrued income490/1 | - | - | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 18.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.3m | €1.2m | €1.2m | €1.2m | ▲ 2.7% |
| Equity10/15 | €0.1m | €0.09m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 7.3% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.09m | €0.07m | €0.08m | €0.09m | €0.1m | €0.1m | ▲ 8.4% |
| Distributable reserves133 | - | - | €0.08m | €0.09m | €0.1m | €0.1m | ▲ 8.4% |
| Amounts payable17/49 | €0.9m | €1.0m | €1.2m | €1.1m | €1.0m | €1.1m | ▲ 2.1% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0 | - | €0.01m | - |
| Financial debts170/4 | - | - | €0.2m | €0 | - | €0.01m | - |
| Amounts payable within one year42/48 | €0.7m | €0.8m | €1.1m | €1.1m | €1.0m | €1.0m | ▲ 0.4% |
| Current portion of amounts payable after more than one year42 | - | - | €0.09m | €0 | - | €0.009m | - |
| Financial debts43 | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 1.4% |
| Credit institutions430/8 | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 1.4% |
| Trade debts44 | €0.2m | €0.1m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 9.8% |
| Suppliers440/4 | - | - | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 9.8% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 10.6% |
| Taxes450/3 | - | - | €0.07m | €0.04m | €0.04m | €0.05m | ▲ 22.3% |
| Remuneration and social security454/9 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.1% |
| Other amounts payable47/48 | - | - | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 24.9% |
| Accrued charges and deferred income492/3 | - | - | €0.006m | €0.005m | €0.01m | €0.02m | ▲ 39.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52,199 | -€19,769 | €2,749 | €15,798 | €38,066 | €10,848 | ▼ 71.5% |
| + Depreciation and write-downs630 | €32,265 | €52,783 | €41,275 | €37,413 | €35,609 | €44,990 | ▲ 26.3% |
| Operating cash flow (approximation) | -€19,934 | €33,014 | €44,024 | €53,211 | €73,675 | €55,838 | ▼ 24.2% |
| Investment in fixed assets (approximation) | - | -€26,188 | -€31,946 | -€27,867 | -€4,696 | -€55,394 | ▼ 1,080% |
| Change in cash | - | €58,191 | €209,792 | -€102,929 | -€97,898 | €136,565 | - |
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, 4,685 companies had the same profile as CLOUD NINE has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of CLOUD NINE itself: 0.6% 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 4,685 companies, not a prediction for CLOUD NINE. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | abbreviated format | 04-08-2025 | 2025-00369619 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00325955 | |
| 31-12-2022 | abbreviated format | 02-08-2023 | 2023-00311486 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20397842 | |
| 31-12-2020 | abbreviated format | 19-07-2021 | 2021-36900182 | |
| 31-03-2019 | abbreviated format | 30-10-2019 | 2019-72000178 | |
| 31-03-2018 | abbreviated format | 30-10-2018 | 2018-71000047 | |
| 30-06-2016 | abbreviated format | 25-01-2017 | 2017-02400534 | |
| 30-06-2015 | abbreviated format | 04-01-2016 | 2016-00200493 | |
| 30-06-2014 | abbreviated format | 12-01-2015 | 2015-00900508 |