CYCLES IMP
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 01-10-2026 at the NBB all 34 filings
Turnover
€1.3m▲ 32.0%
2025 · €990,725
EBIT margin
10.2%▲ 4.4pp
2025 · 5.8%
Net result
€212,177▲ 144%
2025 · €86,868
Working capital
€30,494▼ 82.3%
2025 · €172,564
Multi-year overview
2018 to 2026, 8 financial yearsTurnover
€1.3m
▲ 32.0%
2026
20182026
Operating result
€133,483
▲ 132%
2026
20182026
Net result
€212,177
▲ 144%
2026
20182026
EBIT margin
10.2%
▲ 4.4pp
2026
20182026
Equity
€382,926
▼ 39.0%
2026
20182026
Total assets
€679,611
▼ 16.0%
2026
20182026
Debt
€296,685
▲ 83.5%
2026
20182026
Working capital
€30,494
▼ 82.3%
2026
20182026
Solvency
56.3%
▼ 21.3pp
2026
20182026
Current ratio
1.10
▼ 0.96
2026
20182026
Return on assets (ROA)
31.2%
▲ 20.5pp
2026
20182026
Staff (FTE)
12.9
▲ 7.5%
2026
20182026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212023202420252026
Turnover€3.4m€1.0m▼ 70.5%€1.3m▲ 32.0%
Operating result€0.1m-€0.2m▲ 135%€0.5m▲ 132%€0.3m▼ 36.1%€0.2m--€0.2m€0.06m€0.1m▲ 132%
Net result€0.06m-€0.2m▲ 175%€0.4mabove the sector's middle half▲ 150%€0.3mabove the sector's middle half▼ 25.1%€0.07mwithin the sector's middle half--€0.3mbelow the sector's middle half€0.09mwithin the sector's middle half€0.2m▲ 144%
EBIT margin-6.4%5.8%▲ 12.2pp10.2%▲ 4.4pp
Equity€0.3m-€0.5m▲ 49.1%€0.9mabove the sector's middle half▲ 82.4%€1.3mabove the sector's middle half▲ 44.8%€1.3mabove the sector's middle half-€1.1mabove the sector's middle half▼ 20.5%€0.6mwithin the sector's middle half▼ 40.4%€0.4m▼ 39.0%
Total assets€1.5m-€1.8m▲ 19.6%€2.7mabove the sector's middle half▲ 51.2%€3.1mabove the sector's middle half▲ 15.7%€3.1mabove the sector's middle half-€1.2mwithin the sector's middle half▼ 60.7%€0.8mwithin the sector's middle half▼ 32.5%€0.7m▼ 16.0%
Debt€1.2m-€1.3m▲ 11.3%€1.8m▲ 39.5%€1.8m▼ 0.3%€1.7m-€0.1m▼ 92.8%€0.2m▲ 32.5%€0.3m▲ 83.5%
Working capital€0.4m-€0.5m▲ 24.7%€0.7mabove the sector's middle half▲ 41.0%€0.9mabove the sector's middle half▲ 45.5%€0.6mabove the sector's middle half-€0.5mwithin the sector's middle half▼ 27.7%€0.2mwithin the sector's middle half▼ 63.1%€0.03m▼ 82.3%
Solvency21.9%-27.3%▲ 5.4pp33.0%within the sector's middle half▲ 5.6pp41.2%within the sector's middle half▲ 8.3pp43.4%within the sector's middle half-87.9%above the sector's middle half▲ 44.4pp77.6%above the sector's middle half▼ 10.2pp56.3%▼ 21.3pp
Current ratio2.48-2.51▲ 0.031.79within the sector's middle half▼ 0.721.93within the sector's middle half▲ 0.141.39within the sector's middle half-4.83above the sector's middle half▲ 3.442.07within the sector's middle half▼ 2.761.10▼ 0.96
Return on assets (ROA)3.9%-9.0%▲ 5.1pp14.9%above the sector's middle half▲ 5.9pp9.6%within the sector's middle half▼ 5.3pp2.2%within the sector's middle half--21.7%below the sector's middle half▼ 23.9pp10.7%above the sector's middle half▲ 32.5pp31.2%▲ 20.5pp
Staff (FTE)3.6-4.4▲ 22.2%5.4within the sector's middle half▲ 22.7%9.9within the sector's middle half▲ 83.3%12.1above the sector's middle half-11.1within the sector's middle half▼ 8.3%12within the sector's middle half▲ 8.1%12.9▲ 7.5%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 132% higher than in 2025. It is the second rise in a row, after the fall in 2024.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €679,611
Fixed assets
€352,432 ▼ 25.7%
Current assets
€327,179 ▼ 2.1%
Equity and liabilities €679,611
Equity
€382,926 ▼ 39.0%
Provisions
€0 ▼ 100%
Debt
€296,685 ▲ 83.5%
Debt's share of the balance-sheet total rises from 20.0% to 43.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€256,441▲
2025 · €186,883
Cash flow
€335,135▲
2025 · €216,224
Debt to equity
0.77▲
2025 · 0.26
ROE
55.4%▲
2025 · 13.8%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€296,685▲
2025 · €161,722
Customer credit
28 days▼
2025 · 79 days
Supplier credit
132032 days▲
2025 · 1161 days
Staff costs
€747,025▲
2025 · €532,213
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 12 | 11 | 12 | 15 |
| full-time | 11 | 11 | 11 | 12 | 15 |
| part-time | 2 | 1 | - | - | - |
| in full-time equivalents | 12.1 | 11.8 | 11 | 12 | 15 |
| Average over the year, in full-time equivalents | 9.9 | 12.1 | 11.1 | 11.1 | 12.9 |
| On a permanent contract | 6 | 12 | 8 | 12 | 13 |
| Joined | 16 | 14 | 11 | 10 | 5 |
| Left | 12 | 7 | 12 | 9 | 2 |
| Agency workers, average number | - | - | - | 1 | 0.1 |
| Training hours | 7,326 | - | 5,883 | 2,444 | 3,092 |
Source: social balance sheet in the 2021 to 2026 annual accounts
Securities and guarantees
| Item | 2021 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | €826 | - | - | - |
Source: notes to the 2021 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €84,149 | €6,859 | - | - | €774 |
| Depreciation and write-downs of the year | €142,127 | €166,047 | €126,729 | €129,356 | €122,958 |
Source: notes to the 2021 to 2026 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | €2,816 | €2,902 | €3,000 |
| Other work by the auditor | - | - | - | €2,000 | €2,000 |
Source: notes to the 2021 to 2026 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €5.4m | €1.1m | €1.3m | ▲ 25.3% |
| Turnover70 | - | - | - | - | - | €3.4m | €1.0m | €1.3m | ▲ 32.0% |
| Other operating income74 | - | - | - | - | - | €2.0m | €0.06m | €0.01m | ▼ 80.8% |
| Operating charges60/66A | - | - | - | - | - | €5.6m | €1.0m | €1.2m | ▲ 19.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €4.3m | €0.03m | €0.001m | ▼ 98.4% |
| Purchases600/8 | - | - | - | - | - | €2.4m | €0.03m | €0.001m | ▼ 98.4% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | €1.9m | - | - | - |
| Services and other goods61 | - | - | - | - | - | €0.7m | €0.3m | €0.3m | ▲ 7.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.5m | €0.4m | €0.5m | €0.7m | ▲ 40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.07m | €0.08m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.004m | €0.001m | - | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.007m | €0.04m | €0.02m | €0.01m | ▼ 22.0% |
| Non-recurring operating charges66A | - | - | - | €0.2m | €0.006m | - | - | - | - |
| Gross operating margin9900 | €0.3m | €0.5m | €0.8m | €1.0m | €0.8m | - | - | - | - |
| Operating profit (loss)9901 | €0.1m | €0.2m | €0.5m | €0.3m | €0.2m | -€0.2m | €0.06m | €0.1m | ▲ 132% |
| Financial income75/76B | - | - | - | €0.07m | €0.02m | €0.01m | €0.03m | €0.06m | ▲ 128% |
| Recurring financial income75 | €0.02m | €0.03m | €0.04m | €0.07m | €0.02m | €0.01m | €0.03m | €0.06m | ▲ 128% |
| Income from financial fixed assets750 | - | - | - | - | - | €53 | - | - | - |
| Income from current assets751 | - | - | - | - | - | - | €0.01m | €0.004m | ▼ 73.8% |
| Other financial income752/9 | - | - | - | - | - | €0.01m | €0.01m | €0.06m | ▲ 369% |
| Financial charges65/66B | - | - | - | €0.04m | €0.1m | €0.06m | €0.001m | €0.002m | ▲ 7.2% |
| Recurring financial charges65 | €0.04m | €0.04m | €0.05m | €0.04m | €0.1m | €0.06m | €0.001m | €0.002m | ▲ 7.2% |
| Debt charges650 | - | - | - | - | - | €0.05m | - | - | - |
| Other financial charges652/9 | - | - | - | - | - | €0.009m | €0.001m | €0.002m | ▲ 7.2% |
| Profit (loss) for the period before taxes9903 | €0.07m | €0.2m | €0.5m | €0.4m | €0.1m | -€0.3m | €0.08m | €0.2m | ▲ 133% |
| Transfer from deferred taxes780 | - | - | - | €0.004m | €0.005m | €0.004m | €0.004m | €0.02m | ▲ 375% |
| Income taxes67/77 | €0.01m | €0.06m | €0.1m | €0.07m | €0.04m | -€0.002m | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.002m | - | - | - |
| Profit (loss) for the period9904 | €0.06m | €0.2m | €0.4m | €0.3m | €0.07m | -€0.3m | €0.09m | €0.2m | ▲ 144% |
| Profit (loss) for the period to be appropriated9905 | €0.06m | €0.2m | €0.4m | €0.3m | €0.07m | -€0.3m | €0.09m | €0.2m | ▲ 144% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.8m | €2.7m | €3.1m | €3.1m | €1.2m | €0.8m | €0.7m | ▼ 16.0% |
| Fixed assets21/28 | €0.9m | €1.0m | €1.2m | €1.1m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 25.7% |
| Intangible fixed assets21 | - | - | €0.002m | €0.001m | €0.001m | €331 | - | - | - |
| Tangible fixed assets22/27 | €0.8m | €1.0m | €1.2m | €1.1m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 25.7% |
| Land and buildings22 | - | - | - | €0.2m | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.008m | €0.005m | - | €0.001m | - |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.009m | €0.006m | €0.002m | €192 | ▼ 92.0% |
| Other tangible fixed assets26 | - | - | - | €0.9m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 25.5% |
| Financial fixed assets28 | €0.004m | €0.02m | €0.009m | €0.008m | €0.005m | €0.005m | - | - | - |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.005m | - | - | - |
| Shares284 | - | - | - | - | - | €0.005m | - | - | - |
| Current assets29/58 | €0.6m | €0.8m | €1.5m | €2.0m | €2.3m | €0.6m | €0.3m | €0.3m | ▼ 2.1% |
| Stocks and contracts in progress3 | €0.3m | €0.4m | €0.6m | €1.2m | €1.9m | - | - | - | - |
| Stocks30/36 | - | - | - | €1.2m | €1.9m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.1m | €0.3m | €0.5m | €0.4m | €0.1m | €0.2m | €0.1m | ▼ 49.9% |
| Trade receivables40 | - | - | - | €0.4m | €0.2m | €0.09m | €0.2m | €0.1m | ▼ 53.1% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.03m | €0.004m | €0.009m | ▲ 103% |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.4m | €0.2m | €0.04m | €0.5m | €0.1m | €0.1m | ▲ 29.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.006m | €441 | €0.01m | €0.08m | ▲ 558% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.8m | €2.7m | €3.1m | €3.1m | €1.2m | €0.8m | €0.7m | ▼ 16.0% |
| Equity10/15 | €0.3m | €0.5m | €0.9m | €1.3m | €1.3m | €1.1m | €0.6m | €0.4m | ▼ 39.0% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.06m | ▲ 98.5% |
| Capital10 | - | - | - | - | - | - | - | €0.06m | - |
| Issued capital100 | - | - | - | - | - | - | - | €0.06m | - |
| Reserves13 | €0.03m | €0.2m | €0.6m | €0.6m | €0.6m | €0.6m | €0.08m | €0.08m | ▲ 8.0% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.006m | ▲ 98.5% |
| Legal reserve130 | - | - | - | - | - | - | - | €0.006m | - |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €0.07m | €0.08m | ▲ 4.2% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.6m | €0.6m | €0.4m | €0.5m | €0.2m | ▼ 48.5% |
| Investment grants15 | - | - | - | €0.1m | €0.08m | €0.07m | €0.06m | - | - |
| Provisions and deferred taxes16 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | - | - |
| Deferred taxes168 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | - | - |
| Amounts payable17/49 | €1.2m | €1.3m | €1.8m | €1.8m | €1.7m | €0.1m | €0.2m | €0.3m | ▲ 83.5% |
| Amounts payable after more than one year17 | €0.9m | €1.0m | €1.0m | €0.8m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.8m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.8m | €1.0m | €1.7m | €0.1m | €0.2m | €0.3m | ▲ 83.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.001m | - | - | - | - |
| Financial debts43 | - | - | - | - | €1.3m | - | - | - | - |
| Other loans439 | - | - | - | - | €1.3m | - | - | - | - |
| Trade debts44 | €0.03m | €0.09m | €0.2m | €0.4m | €0.2m | €0.07m | €0.1m | €0.2m | ▲ 81.5% |
| Suppliers440/4 | - | - | - | €0.4m | €0.2m | €0.07m | €0.1m | €0.2m | ▲ 81.5% |
| Advances received on contracts in progress46 | - | - | - | €0.2m | €0.06m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.05m | €0.03m | €0.05m | €0.1m | ▲ 90.2% |
| Taxes450/3 | - | - | - | €0.1m | €0.002m | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.05m | €0.03m | €0.05m | €0.1m | ▲ 90.2% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.1m | €0.02m | €0.001m | €186 | ▼ 79.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.03m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,820 | €158,873 | €397,222 | €297,667 | €67,105 | -€260,331 | €86,868 | €212,177 | ▲ 144% |
| + Depreciation and write-downs630 | €74,483 | €75,735 | €120,908 | €142,127 | €166,047 | €126,729 | €129,356 | €122,958 | ▼ 4.9% |
| Operating cash flow (approximation) | €132,303 | €234,609 | €518,130 | €439,794 | €233,151 | -€133,603 | €216,224 | €335,135 | ▲ 55.0% |
| Investment in fixed assets (approximation) | - | -€218,721 | -€318,612 | -€67,569 | - | €0 | €5,113 | -€774 | - |
| Change in cash | - | €37,034 | €308,050 | -€267,038 | - | €436,921 | -€373,191 | €30,237 | - |
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, 20,136 companies had the same profile as CYCLES IMP has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of CYCLES IMP itself: 0.2% 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 20,136 companies, not a prediction for CYCLES IMP. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 01-10-2026 | 2026-00540385 | |
| 31-03-2025 | full format | 23-07-2026 | 2026-00344306 | |
| 31-03-2024 | full format | 16-09-2024 | 2024-00468927 | |
| 31-03-2023 | abbreviated format | 26-09-2023 | 2023-00458546 | |
| 31-12-2021 | full format | 12-07-2022 | 2022-20181228 | |
| 31-12-2020 | full format | 26-07-2021 | 2021-39900362 | |
| 31-12-2019 | full format | 23-09-2020 | 2020-55000362 | |
| 31-12-2018 | full format | 27-09-2019 | 2019-66300121 | |
| 31-12-2017 | full format | 30-07-2018 | 2018-39900597 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-57100273 |