Cy.image@work
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 19 filings
Turnover
≈ €28,000
Estimated: probably between €19,000 and €57,000
Total assets
€47,903▲ 7.9%
2024 · €44,402
Net result
€6,303▼ 21.8%
2024 · €8,061
Working capital
€29,437▲ 3.8%
2024 · €28,373
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,142
▼ 31.8%
2025
20192025
Net result
€6,303
▼ 21.8%
2025
middle half of the sector
20192025
Equity
€29,950
=
2025
middle half of the sector
20192025
Total assets
€47,903
▲ 7.9%
2025
middle half of the sector
20192025
Debt
€17,953
▲ 24.2%
2025
20192025
Working capital
€29,437
▲ 3.8%
2025
middle half of the sector
20192025
Solvency
62.5%
▼ 4.9pp
2025
middle half of the sector
20192025
Current ratio
2.65
▼ 0.33
2025
middle half of the sector
20192025
Return on assets (ROA)
13.2%
▼ 5.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€7,867-€23,945€19,266▼ 19.5%-€963€23,648€9,001▼ 61.9%€6,142▼ 31.8%
Net result-€7,163-€21,033within the sector's middle half€12,656within the sector's middle half▼ 39.8%-€141within the sector's middle half€19,554within the sector's middle half€8,061within the sector's middle half▼ 58.8%€6,303within the sector's middle half▼ 21.8%
Equity-€3,441-€17,592within the sector's middle half€30,248within the sector's middle half▲ 71.9%€17,450within the sector's middle half▼ 42.3%€28,450within the sector's middle half▲ 63.0%€29,950within the sector's middle half▲ 5.3%€29,950within the sector's middle half=
Total assets€13,725-€28,783below the sector's middle half▲ 110%€43,913within the sector's middle half▲ 52.6%€24,171below the sector's middle half▼ 45.0%€51,788within the sector's middle half▲ 114%€44,402within the sector's middle half▼ 14.3%€47,903within the sector's middle half▲ 7.9%
Debt€17,166-€11,191▼ 34.8%€13,665▲ 22.1%€6,720▼ 50.8%€23,338▲ 247%€14,451▼ 38.1%€17,953▲ 24.2%
Working capital-€5,413-€16,437within the sector's middle half€26,946within the sector's middle half▲ 63.9%€15,168within the sector's middle half▼ 43.7%€25,749within the sector's middle half▲ 69.8%€28,373within the sector's middle half▲ 10.2%€29,437within the sector's middle half▲ 3.8%
Solvency-25.1%-61.1%within the sector's middle half▲ 86.2pp68.9%within the sector's middle half▲ 7.8pp72.2%above the sector's middle half▲ 3.3pp54.9%within the sector's middle half▼ 17.3pp67.5%within the sector's middle half▲ 12.5pp62.5%within the sector's middle half▼ 4.9pp
Current ratio0.68-2.47within the sector's middle half▲ 1.782.97within the sector's middle half▲ 0.503.26within the sector's middle half▲ 0.292.10within the sector's middle half▼ 1.152.97within the sector's middle half▲ 0.872.65within the sector's middle half▼ 0.33
Return on assets (ROA)-52.2%-73.1%above the sector's middle half▲ 125.3pp28.8%above the sector's middle half▼ 44.3pp-0.6%within the sector's middle half▼ 29.4pp37.8%above the sector's middle half▲ 38.3pp18.2%within the sector's middle half▼ 19.6pp13.2%within the sector's middle half▼ 5.0pp
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 2025 is 32% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro 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 €47,903
Fixed assets
€580 ▼ 64.7%
Current assets
€47,323 ▲ 10.7%
Equity and liabilities €47,903
Equity
€29,950 =
Debt
€17,953 ▲ 24.2%
Debt's share of the balance-sheet total rises from 32.5% to 37.5%. Debt is higher.
Key figures and ratios
EBITDA
€7,203▼
2024 · €10,062
Cash flow
€7,364▼
2024 · €9,121
Debt to equity
0.60▲
2024 · 0.48
ROE
21.0%▼
2024 · 26.9%
Interest coverage
over 100▲
2024 · 83.04
Debt ≤ 1 year
€17,886▲
2024 · €14,387
Income taxes
€1,353▼
2024 · €2,025
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,173 | - | - |
| Depreciation and write-downs of the year | €1,020 | €754 | €1,061 | €1,061 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,529 | €818 | €1,201 | €1,020 | €754 | €1,061 | €1,061 | = |
| Other operating charges640/8 | - | - | - | €449 | €595 | €543 | €505 | ▼ 7.0% |
| Gross operating margin9900 | -€5,892 | €26,436 | €21,608 | €505 | €24,997 | €10,605 | €7,708 | ▼ 27.3% |
| Operating profit (loss)9901 | -€7,867 | €23,945 | €19,266 | -€963 | €23,648 | €9,001 | €6,142 | ▼ 31.8% |
| Financial income75/76B | - | - | - | €1,633 | €1,441 | €1,206 | €1,574 | ▲ 30.5% |
| Recurring financial income75 | €0 | €417 | €0 | €1,633 | €1,441 | €1,206 | €1,574 | ▲ 30.5% |
| Financial charges65/66B | - | - | - | €179 | €26 | €121 | €60 | ▼ 50.8% |
| Recurring financial charges65 | €123 | €236 | €84 | €179 | €26 | €121 | €60 | ▼ 50.8% |
| Profit (loss) for the period before taxes9903 | -€7,163 | €24,126 | €19,182 | €491 | €25,063 | €10,086 | €7,656 | ▼ 24.1% |
| Income taxes67/77 | €0 | €3,093 | €6,525 | €633 | €5,509 | €2,025 | €1,353 | ▼ 33.2% |
| Profit (loss) for the period9904 | -€7,163 | €21,033 | €12,656 | -€141 | €19,554 | €8,061 | €6,303 | ▼ 21.8% |
| Profit (loss) for the period to be appropriated9905 | -€7,163 | €21,033 | €12,656 | -€141 | €19,554 | €8,061 | €6,303 | ▼ 21.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €13,725 | €28,783 | €43,913 | €24,171 | €51,788 | €44,402 | €47,903 | ▲ 7.9% |
| Fixed assets21/28 | €1,972 | €1,154 | €3,303 | €2,283 | €2,702 | €1,641 | €580 | ▼ 64.7% |
| Intangible fixed assets21 | €1,050 | €700 | €350 | - | - | - | - | - |
| Tangible fixed assets22/27 | €922 | €454 | €2,953 | €2,283 | €2,702 | €1,641 | €580 | ▼ 64.7% |
| Plant, machinery and equipment23 | - | - | - | - | €2,702 | €1,641 | €580 | ▼ 64.7% |
| Furniture and vehicles24 | - | - | - | €2,283 | - | - | - | - |
| Current assets29/58 | €11,753 | €27,628 | €40,610 | €21,888 | €49,087 | €42,761 | €47,323 | ▲ 10.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €10,450 | €10,450 | = |
| Other amounts receivable291 | - | - | - | - | - | €10,450 | €10,450 | = |
| Amounts receivable within one year40/41 | €9,653 | €19,212 | €40,177 | €21,509 | €41,131 | €24,290 | €34,444 | ▲ 41.8% |
| Trade receivables40 | - | - | - | €2,999 | €19,269 | €2,728 | €11,600 | ▲ 325% |
| Other amounts receivable41 | - | - | - | €18,510 | €21,862 | €21,562 | €22,844 | ▲ 5.9% |
| Cash at bank and in hand54/58 | €2,100 | €8,416 | €433 | €277 | €6,405 | €6,815 | €855 | ▼ 87.5% |
| Deferred charges and accrued income490/1 | - | - | - | €102 | €1,550 | €1,206 | €1,574 | ▲ 30.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €13,725 | €28,783 | €43,913 | €24,171 | €51,788 | €44,402 | €47,903 | ▲ 7.9% |
| Equity10/15 | -€3,441 | €17,592 | €30,248 | €17,450 | €28,450 | €29,950 | €29,950 | = |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €7,860 | €11,392 | €24,048 | €11,250 | €22,250 | €23,750 | €23,750 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €9,390 | €20,390 | €23,750 | €23,750 | = |
| Profit (loss) carried forward14 | -€17,501 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €17,166 | €11,191 | €13,665 | €6,720 | €23,338 | €14,451 | €17,953 | ▲ 24.2% |
| Amounts payable within one year42/48 | €17,166 | €11,191 | €13,665 | €6,720 | €23,338 | €14,387 | €17,886 | ▲ 24.3% |
| Trade debts44 | €4,121 | €8,098 | €3,891 | €1,847 | €1,531 | €350 | €737 | ▲ 110% |
| Suppliers440/4 | - | - | - | €1,847 | €1,531 | €350 | €737 | ▲ 110% |
| Taxes, remuneration and social security45 | - | - | - | €1,816 | €9,233 | €2,032 | €1,456 | ▼ 28.3% |
| Taxes450/3 | - | - | - | €1,816 | €9,233 | €2,032 | €1,456 | ▼ 28.3% |
| Other amounts payable47/48 | - | - | - | €3,057 | €12,574 | €12,006 | €15,693 | ▲ 30.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €64 | €67 | ▲ 5.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,163 | €21,033 | €12,656 | -€141 | €19,554 | €8,061 | €6,303 | ▼ 21.8% |
| + Depreciation and write-downs630 | €1,529 | €818 | €1,201 | €1,020 | €754 | €1,061 | €1,061 | = |
| Operating cash flow (approximation) | -€5,634 | €21,850 | €13,857 | €878 | €20,308 | €9,121 | €7,364 | ▼ 19.3% |
| Investment in fixed assets (approximation) | - | €0 | -€3,349 | €0 | -€1,173 | €0 | €0 | - |
| Change in cash | - | €6,316 | -€7,983 | -€156 | €6,128 | €410 | -€5,959 | - |
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, 31,368 companies had the same profile as Cy.image@work has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cy.image@work 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 31,368 companies, not a prediction for Cy.image@work. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00024187 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00016518 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00016314 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008901 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04000283 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03500574 | |
| 30-06-2019 | micro format | 16-01-2020 | 2020-01500249 | |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01500175 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03300424 | |
| 30-06-2016 | abbreviated format | 28-12-2016 | 2016-72000197 |