CYCLO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-04-2026 PDF all 20 filings
Turnover
≈ €6.0m
Estimated: probably between €4.0m and €9.8m
Total assets
€1.9m▲ 4.3%
2024 · €1.8m
Net result
€2,394▼ 97.2%
2024 · €84,629
Working capital
€1.3m▲ 3.9%
2024 · €1.2m
In the rankings
#1 employer in the Brussels-Capital Region, Repair of computers and personal goods sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,202
2025
20182025
Net result
€2,394
▼ 97.2%
2025
middle half of the sector
20182025
Equity
€995,772
▼ 0.2%
2025
highest quarter of the sector
20182025
Total assets
€1.9m
▲ 4.3%
2025
highest quarter of the sector
20182025
Debt
€554,707
▼ 7.5%
2025
20182025
Working capital
€1.3m
▲ 3.9%
2025
highest quarter of the sector
20182025
Solvency
52.9%
▼ 2.4pp
2025
middle half of the sector
20182025
Current ratio
3.41
▼ 0.18
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.1%
▼ 4.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
63.4
▼ 1.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.1m--€0.2m▼ 83.3%€0.1m-€0.2m€0.2m€0.08m▼ 64.4%€0.05m▼ 32.1%-€0.009m
Net result-€0.1m--€0.2m▼ 76.6%€0.2mabove the sector's middle half-€0.2mbelow the sector's middle half€0.2mabove the sector's middle half€0.09mwithin the sector's middle half▼ 52.3%€0.08mwithin the sector's middle half▼ 10.1%€0.002mwithin the sector's middle half▼ 97.2%
Equity€1.1m-€1.1m▲ 2.8%€0.8mabove the sector's middle half▼ 25.2%€0.6mwithin the sector's middle half▼ 22.1%€0.8mabove the sector's middle half▲ 30.3%€0.9mabove the sector's middle half▲ 10.6%€1.0mabove the sector's middle half▲ 9.8%€1.0mabove the sector's middle half▼ 0.2%
Total assets€1.5m-€1.6m▲ 2.7%€1.3mwithin the sector's middle half▼ 18.5%€1.5mwithin the sector's middle half▲ 14.0%€1.3mwithin the sector's middle half▼ 8.8%€2.8mabove the sector's middle half▲ 112%€1.8mwithin the sector's middle half▼ 36.0%€1.9mabove the sector's middle half▲ 4.3%
Debt€0.4m-€0.5m▲ 9.3%€0.4m▼ 20.8%€0.7m▲ 92.3%€0.4m▼ 44.5%€1.8m▲ 342%€0.6m▼ 67.0%€0.6m▼ 7.5%
Working capital€0.8m-€0.4m▼ 43.6%€0.7mabove the sector's middle half▲ 61.2%€0.6mabove the sector's middle half▼ 22.6%€0.8mabove the sector's middle half▲ 48.1%€2.3mabove the sector's middle half▲ 177%€1.2mabove the sector's middle half▼ 45.6%€1.3mabove the sector's middle half▲ 3.9%
Solvency68.9%-69.0%▲ 0.1pp63.3%within the sector's middle half▼ 5.7pp43.3%within the sector's middle half▼ 20.0pp61.8%within the sector's middle half▲ 18.6pp32.2%within the sector's middle half▼ 29.6pp55.2%within the sector's middle half▲ 23.0pp52.9%within the sector's middle half▼ 2.4pp
Current ratio2.86-1.92▼ 0.932.88above the sector's middle half▲ 0.961.76within the sector's middle half▼ 1.133.10above the sector's middle half▲ 1.346.01above the sector's middle half▲ 2.913.58above the sector's middle half▼ 2.433.41above the sector's middle half▼ 0.18
Return on assets (ROA)-6.6%--11.4%▼ 4.8pp12.3%above the sector's middle half▲ 23.7pp-11.9%below the sector's middle half▼ 24.3pp14.8%above the sector's middle half▲ 26.8pp3.3%within the sector's middle half▼ 11.5pp4.7%within the sector's middle half▲ 1.4pp0.1%below the sector's middle half▼ 4.6pp
Staff (FTE)49.6-55.3▲ 11.5%54.6above the sector's middle half▼ 1.3%57.5above the sector's middle half▲ 5.3%61above the sector's middle half▲ 6.1%64.6above the sector's middle half▲ 5.9%64.6above the sector's middle half=63.4above the sector's middle half▼ 1.9%
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 a loss of €9,202, after a profit of €51,211 in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€61,940 ▼ 29.0%
Current assets
€1.8m ▲ 6.0%
Equity and liabilities €1.9m
Equity
€995,772 ▼ 0.2%
Provisions
€332,970 ▲ 59.2%
Debt
€554,707 ▼ 7.5%
Debt's share of the balance-sheet total falls from 33.2% to 29.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€16,156▼
2024 · €79,413
Cash flow
€27,752▼
2024 · €112,831
Quick ratio
2.69▼
2024 · 2.77
Debt to equity
0.56▼
2024 · 0.60
ROE
0.2%▼
2024 · 8.5%
Interest coverage
14.98▲
2024 · -10.30
Debt ≤ 1 year
€534,492▲
2024 · €479,567
Income taxes
€4,481
Staff costs
€3.3m▼
2024 · €3.4m
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 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 62 | 63 | 67 | 71 | 69 |
| full-time | 52 | 52 | 52 | 50 | 46 |
| part-time | 10 | 11 | 15 | 21 | 23 |
| in full-time equivalents | 60.1 | 60.4 | 63.8 | 66.3 | 62.5 |
| Average over the year, in full-time equivalents | 57.5 | 61 | 64.6 | 64.6 | 63.4 |
| On a permanent contract | 62 | 63 | 67 | 71 | 68 |
| Joined | 22 | 20 | 32 | 23 | 18 |
| Left | 16 | 19 | 28 | 19 | 20 |
| Training hours | 1,217 | 1,662 | 988 | 2,298 | 2,592 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €35,764 | €21,676 | €50,100 | €24,255 | - |
| Financial fixed assets | €702 | €3,059 | - | €78 | - |
| Depreciation and write-downs of the year | €47,892 | €50,101 | €49,726 | €28,202 | €25,358 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €2.6m | €2.8m | €3.1m | €3.4m | €3.3m | ▼ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.2m | €0.2m | €0.05m | €0.05m | €0.05m | €0.03m | €0.03m | ▼ 10.1% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.008m | €0.01m | €0.02m | €0.02m | ▼ 7.5% |
| Gross operating margin9900 | €2.0m | €2.4m | €2.5m | €2.5m | €3.1m | €3.2m | €3.6m | €3.5m | ▼ 2.9% |
| Operating profit (loss)9901 | -€0.1m | -€0.2m | €0.1m | -€0.2m | €0.2m | €0.08m | €0.05m | -€0.009m | - |
| Financial income75/76B | - | - | - | €0.007m | €0.008m | €0.01m | €0.03m | €0.02m | ▼ 33.3% |
| Recurring financial income75 | €0.008m | €0.006m | €0.007m | €0.007m | €0.008m | €0.01m | €0.03m | €0.02m | ▼ 33.3% |
| Financial charges65/66B | - | - | - | €0.004m | €0.02m | -€0.008m | -€0.008m | €0.001m | - |
| Recurring financial charges65 | €0.004m | €0.005m | €0.004m | €0.004m | €0.02m | -€0.008m | -€0.008m | €0.001m | - |
| Profit (loss) for the period before taxes9903 | -€0.09m | -€0.2m | €0.2m | -€0.2m | €0.2m | €0.09m | €0.08m | €0.007m | ▼ 91.9% |
| Income taxes67/77 | - | - | - | - | - | - | - | €0.004m | - |
| Profit (loss) for the period9904 | -€0.1m | -€0.2m | €0.2m | -€0.2m | €0.2m | €0.09m | €0.08m | €0.002m | ▼ 97.2% |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | -€0.2m | €0.2m | -€0.2m | €0.2m | €0.09m | €0.08m | €0.002m | ▼ 97.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.6m | €1.3m | €1.5m | €1.3m | €2.8m | €1.8m | €1.9m | ▲ 4.3% |
| Fixed assets21/28 | €0.3m | €0.6m | €0.2m | €0.2m | €0.1m | €0.09m | €0.09m | €0.06m | ▼ 29.0% |
| Intangible fixed assets21 | €0.1m | €0.3m | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.3m | €0.1m | €0.1m | €0.08m | €0.08m | €0.07m | €0.05m | ▼ 34.3% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.04m | €0.02m | €0.03m | €0.02m | ▼ 32.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.009m | €0.007m | €0.004m | ▼ 44.4% |
| Other tangible fixed assets26 | - | - | - | €0.04m | €0.03m | €0.05m | €0.04m | €0.03m | ▼ 33.5% |
| Financial fixed assets28 | €0.06m | €0.06m | €0.06m | €0.06m | €0.04m | €0.01m | €0.01m | €0.01m | ▲ 0.7% |
| Current assets29/58 | €1.2m | €0.9m | €1.1m | €1.3m | €1.2m | €2.7m | €1.7m | €1.8m | ▲ 6.0% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.7% |
| Stocks30/36 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.7% |
| Amounts receivable within one year40/41 | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | €1.5m | €0.4m | €0.4m | ▼ 13.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.1m | €0.07m | €0.05m | €0.04m | ▼ 30.5% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.1m | €1.5m | €0.4m | €0.3m | ▼ 10.4% |
| Current investments50/53 | €0.1m | - | - | - | €0.1m | €0.5m | €0.6m | €0.3m | ▼ 57.6% |
| Cash at bank and in hand54/58 | €0.4m | €0.4m | €0.5m | €0.7m | €0.4m | €0.2m | €0.3m | €0.8m | ▲ 196% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.02m | €0.03m | €0.03m | €0.007m | ▼ 77.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.6m | €1.3m | €1.5m | €1.3m | €2.8m | €1.8m | €1.9m | ▲ 4.3% |
| Equity10/15 | €1.1m | €1.1m | €0.8m | €0.6m | €0.8m | €0.9m | €1.0m | €1.0m | ▼ 0.2% |
| Contributions10/11 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | - | - | - | €0.5m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 1.3% |
| Profit (loss) carried forward14 | €0.08m | €0.04m | €0.08m | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.2% |
| Investment grants15 | - | - | - | €0.02m | €0.01m | €0.008m | €0.01m | €0.008m | ▼ 34.0% |
| Provisions and deferred taxes16 | €0.03m | - | €0.08m | €0.09m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 59.2% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.09m | €0.1m | €0.1m | €0.06m | €0.05m | ▼ 22.6% |
| Pensions and similar obligations160 | - | - | - | €0.09m | €0.1m | €0 | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.1m | €0.06m | €0.05m | ▼ 22.6% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.4m | €0.7m | €0.4m | €1.8m | €0.6m | €0.6m | ▼ 7.5% |
| Amounts payable after more than one year17 | €0.02m | €0.004m | €0.004m | €0.004m | €0.002m | €0.002m | €0 | - | - |
| Other amounts payable178/9 | - | - | - | €0.004m | €0.002m | €0.002m | €0 | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.4m | €0.7m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 11.5% |
| Trade debts44 | €0.1m | €0.09m | €0.07m | €0.08m | €0.04m | €0.06m | €0.06m | €0.05m | ▼ 15.7% |
| Suppliers440/4 | - | - | - | €0.08m | €0.04m | €0.06m | €0.06m | €0.05m | ▼ 15.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 6.4% |
| Taxes450/3 | - | - | - | €0.04m | €0.03m | €0.01m | €0.01m | €0.02m | ▲ 75.3% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.02m | €1.4m | €0.1m | €0.02m | ▼ 83.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€100,926 | -€178,250 | €157,703 | -€173,993 | €197,269 | €94,087 | €84,629 | €2,394 | ▼ 97.2% |
| + Depreciation and write-downs630 | €56,746 | €167,907 | €193,631 | €47,892 | €50,101 | €49,726 | €28,202 | €25,358 | ▼ 10.1% |
| Operating cash flow (approximation) | -€44,180 | -€10,343 | €351,334 | -€126,101 | €247,370 | €143,812 | €112,831 | €27,752 | ▼ 75.4% |
| Investment in fixed assets (approximation) | - | -€496,683 | €267,128 | -€36,466 | €3,345 | -€24,564 | -€24,333 | -€96 | ▲ 99.6% |
| Change in cash | - | -€41,119 | €159,715 | €150,368 | -€236,437 | -€192,156 | €23,121 | €533,201 | ▲ 23× |
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, 1,887 companies had the same profile as CYCLO has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of CYCLO 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 1,887 companies, not a prediction for CYCLO. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-04-2026 | 2026-00093263 | |
| 31-12-2024 | abbreviated format | 08-05-2025 | 2025-00092083 | |
| 31-12-2023 | abbreviated format | 19-04-2024 | 2024-00067337 | |
| 31-12-2022 | abbreviated format | 11-05-2023 | 2023-00085127 | |
| 31-12-2021 | abbreviated format | 21-04-2022 | 2022-20007331 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-24800526 | |
| 31-12-2019 | abbreviated format | 27-05-2020 | 2020-13200451 | |
| 31-12-2018 | abbreviated format | 26-06-2019 | 2019-23000224 | |
| 31-12-2017 | abbreviated format | 16-05-2018 | 2018-13000365 | |
| 31-12-2016 | abbreviated format | 01-06-2017 | 2017-14200044 |