Cyanda
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 63% lower than in 2024 and the lowest since 2023. 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.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €25,512 | €5,579 | - |
| Intangible fixed assets | €10 | - | - |
| Depreciation and write-downs of the year | €3,974 | €6,520 | €7,956 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,974 | €6,520 | €7,956 | ▲ 22.0% |
| Other operating charges640/8 | €1,070 | €1,500 | €1,004 | ▼ 33.0% |
| Gross operating margin9900 | €82,014 | €69,696 | €31,969 | ▼ 54.1% |
| Operating profit (loss)9901 | €76,970 | €61,677 | €23,008 | ▼ 62.7% |
| Financial income75/76B | €684 | €364 | €691 | ▲ 90.0% |
| Recurring financial income75 | €684 | €364 | €691 | ▲ 90.0% |
| Financial charges65/66B | €873 | €1,360 | €904 | ▼ 33.5% |
| Recurring financial charges65 | €873 | €1,360 | €904 | ▼ 33.5% |
| Profit (loss) for the period before taxes9903 | €76,781 | €60,681 | €22,795 | ▼ 62.4% |
| Income taxes67/77 | €15,455 | €13,200 | €4,950 | ▼ 62.5% |
| Profit (loss) for the period9904 | €61,325 | €47,480 | €17,846 | ▼ 62.4% |
| Profit (loss) for the period to be appropriated9905 | €61,325 | €47,480 | €17,846 | ▼ 62.4% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €137,422 | €194,536 | €223,260 | ▲ 14.8% |
| Fixed assets21/28 | €21,548 | €20,607 | €12,651 | ▼ 38.6% |
| Tangible fixed assets22/27 | €21,548 | €20,607 | €12,651 | ▼ 38.6% |
| Plant, machinery and equipment23 | €16,745 | €13,758 | €9,010 | ▼ 34.5% |
| Furniture and vehicles24 | €3,349 | €6,044 | €3,483 | ▼ 42.4% |
| Other tangible fixed assets26 | €1,454 | €806 | €158 | ▼ 80.4% |
| Current assets29/58 | €115,874 | €173,929 | €210,609 | ▲ 21.1% |
| Stocks and contracts in progress3 | €60,165 | €78,913 | €82,996 | ▲ 5.2% |
| Stocks30/36 | €60,165 | €78,913 | €82,996 | ▲ 5.2% |
| Amounts receivable within one year40/41 | €10,127 | €40,888 | €79,715 | ▲ 95.0% |
| Trade receivables40 | €10,127 | €29,963 | €66,718 | ▲ 123% |
| Other amounts receivable41 | - | €10,925 | €12,996 | ▲ 19.0% |
| Cash at bank and in hand54/58 | €45,015 | €53,605 | €44,156 | ▼ 17.6% |
| Deferred charges and accrued income490/1 | €567 | €522 | €3,743 | ▲ 616% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €137,422 | €194,536 | €223,260 | ▲ 14.8% |
| Equity10/15 | €62,325 | €109,806 | €127,651 | ▲ 16.3% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €61,325 | €108,806 | €126,651 | ▲ 16.4% |
| Distributable reserves133 | €61,325 | €108,806 | €126,651 | ▲ 16.4% |
| Amounts payable17/49 | €75,096 | €84,730 | €95,609 | ▲ 12.8% |
| Amounts payable after more than one year17 | €8,625 | €2,945 | €0 | ▼ 100% |
| Financial debts170/4 | €8,625 | €2,945 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €66,471 | €78,455 | €95,609 | ▲ 21.9% |
| Current portion of amounts payable after more than one year42 | €5,411 | €5,680 | €2,945 | ▼ 48.2% |
| Trade debts44 | €22,189 | €18,804 | €43,730 | ▲ 133% |
| Suppliers440/4 | €22,189 | €18,804 | €43,730 | ▲ 133% |
| Advances received on contracts in progress46 | €394 | €7,432 | €8,653 | ▲ 16.4% |
| Taxes, remuneration and social security45 | €37,741 | €46,539 | €40,281 | ▼ 13.4% |
| Taxes450/3 | €35,241 | €46,539 | €40,281 | ▼ 13.4% |
| Remuneration and social security454/9 | €2,500 | €0 | - | - |
| Other amounts payable47/48 | €737 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | €3,330 | €0 | ▼ 100% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,325 | €47,480 | €17,846 | ▼ 62.4% |
| + Depreciation and write-downs630 | €3,974 | €6,520 | €7,956 | ▲ 22.0% |
| Operating cash flow (approximation) | €65,299 | €54,000 | €25,802 | ▼ 52.2% |
| Investment in fixed assets (approximation) | - | -€5,579 | €0 | - |
| Change in cash | - | €8,590 | -€9,450 | - |
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, 39,278 companies had the same profile as Cyanda has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cyanda 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 39,278 companies, not a prediction for Cyanda. 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.