Summary
CYPHER is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2024 annual accounts show equity of €219,758 and a net result of €62,627. Equity is growing by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 81% of 9871 sector peers (fiscal year 2024). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 13-08-2025, 13 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
13 d late
2023
28 d late
2022
40 d early
2021
31 d early
2020
51 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 14 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€219,758▲ 39.9%
2023 · €157,131
Net result
€62,627▼ 49.8%
2023 · €124,754
Total assets
€261,323▼ 13.2%
2023 · €301,074
Solvency
84.1%▲ 31.9pp
2023 · 52.2%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€39,992▼ 63.4%€97,014▲ 143%€101,823▲ 5.0%€163,117▲ 60.2%€81,322▼ 50.1%
Net result€32,536within the sector's middle half▼ 60.9%€78,288above the sector's middle half▲ 141%€74,823above the sector's middle half▼ 4.4%€124,754above the sector's middle half▲ 66.7%€62,627within the sector's middle half▼ 49.8%
Equity€119,266within the sector's middle half▼ 51.3%€122,554within the sector's middle half▲ 2.8%€132,377within the sector's middle half▲ 8.0%€157,131within the sector's middle half▲ 18.7%€219,758within the sector's middle half▲ 39.9%
Total assets€295,231within the sector's middle half▲ 15.5%€210,058within the sector's middle half▼ 28.8%€216,119within the sector's middle half▲ 2.9%€301,074within the sector's middle half▲ 39.3%€261,323within the sector's middle half▼ 13.2%
Debt€175,965▲ 1,518%€87,504▼ 50.3%€83,742▼ 4.3%€143,943▲ 71.9%€41,565▼ 71.1%
Working capital€94,268within the sector's middle half▼ 55.6%€86,578within the sector's middle half▼ 8.2%€106,390within the sector's middle half▲ 22.9%€147,457within the sector's middle half▲ 38.6%€203,904above the sector's middle half▲ 38.3%
Solvency40.4%within the sector's middle half▼ 55.3pp58.3%within the sector's middle half▲ 17.9pp61.3%within the sector's middle half▲ 2.9pp52.2%within the sector's middle half▼ 9.1pp84.1%above the sector's middle half▲ 31.9pp
Current ratio1.54within the sector's middle half▼ 18.971.99within the sector's middle half▲ 0.452.27within the sector's middle half▲ 0.282.02within the sector's middle half▼ 0.255.91above the sector's middle half▲ 3.88
Return on assets (ROA)11.0%within the sector's middle half▼ 21.6pp37.3%above the sector's middle half▲ 26.2pp34.6%above the sector's middle half▼ 2.6pp41.4%above the sector's middle half▲ 6.8pp24.0%within the sector's middle half▼ 17.5pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 50% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €261,323
Fixed assets
€15,854 ▲ 63.9%
Current assets
€245,469 ▼ 15.8%
Equity and liabilities €261,323
Equity
€219,758 ▲ 39.9%
Debt
€41,565 ▼ 71.1%
Debt's share of the balance-sheet total falls from 47.8% to 15.9%. Equity is higher and debt is lower.
Key figures and ratios
ROE
28.5%▼
2023 · 79.4%
Debt ≤ 1 year
€41,565▼
2023 · €143,943
Income taxes
€24,074▼
2023 · €47,221
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,631 | €8,697 | €9,989 | €5,826 | €4,421 | ▼ 24.1% |
| Other operating charges640/8 | - | €252 | €235 | €214 | €637 | ▲ 198% |
| Gross operating margin9900 | €47,861 | €105,963 | €112,046 | €169,156 | €86,380 | ▼ 48.9% |
| Operating profit (loss)9901 | €39,992 | €97,014 | €101,823 | €163,117 | €81,322 | ▼ 50.1% |
| Financial income75/76B | - | €429 | €686 | €11,673 | €5,454 | ▼ 53.3% |
| Recurring financial income75 | €570 | €429 | €686 | €1,405 | €5,454 | ▲ 288% |
| Non-recurring financial income76B | - | - | - | €10,268 | - | - |
| Financial charges65/66B | - | -€3,782 | €5,505 | €2,815 | €75 | ▼ 97.3% |
| Recurring financial charges65 | -€1,734 | -€3,782 | €5,505 | €914 | €75 | ▼ 91.8% |
| Non-recurring financial charges66B | - | - | - | €1,901 | - | - |
| Profit (loss) for the period before taxes9903 | €42,296 | €101,224 | €97,004 | €171,975 | €86,701 | ▼ 49.6% |
| Income taxes67/77 | €9,760 | €22,936 | €22,181 | €47,221 | €24,074 | ▼ 49.0% |
| Profit (loss) for the period9904 | €32,536 | €78,288 | €74,823 | €124,754 | €62,627 | ▼ 49.8% |
| Profit (loss) for the period to be appropriated9905 | €32,536 | €78,288 | €74,823 | €124,754 | €62,627 | ▼ 49.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €295,231 | €210,058 | €216,119 | €301,074 | €261,323 | ▼ 13.2% |
| Fixed assets21/28 | €24,998 | €35,976 | €25,987 | €9,674 | €15,854 | ▲ 63.9% |
| Tangible fixed assets22/27 | €24,998 | €32,976 | €22,987 | €9,674 | €5,253 | ▼ 45.7% |
| Land and buildings22 | - | €18,525 | €14,095 | €9,674 | €5,253 | ▼ 45.7% |
| Plant, machinery and equipment23 | - | €2,809 | €1,405 | €0 | - | - |
| Furniture and vehicles24 | - | €11,642 | €7,488 | - | - | - |
| Financial fixed assets28 | - | €3,000 | €3,000 | €0 | €10,601 | - |
| Current assets29/58 | €270,233 | €174,081 | €190,132 | €291,400 | €245,469 | ▼ 15.8% |
| Amounts receivable within one year40/41 | €164,181 | €60,501 | €37,911 | €62,231 | €36,341 | ▼ 41.6% |
| Trade receivables40 | - | €32,064 | €30,880 | €31,713 | €29,252 | ▼ 7.8% |
| Other amounts receivable41 | - | €28,437 | €7,030 | €30,518 | €7,089 | ▼ 76.8% |
| Current investments50/53 | €17,897 | €23,269 | €68,533 | €185,619 | €110,050 | ▼ 40.7% |
| Cash at bank and in hand54/58 | €83,188 | €87,864 | €81,340 | €41,537 | €96,310 | ▲ 132% |
| Deferred charges and accrued income490/1 | - | €2,448 | €2,348 | €2,013 | €2,768 | ▲ 37.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €295,231 | €210,058 | €216,119 | €301,074 | €261,323 | ▼ 13.2% |
| Equity10/15 | €119,266 | €122,554 | €132,377 | €157,131 | €219,758 | ▲ 39.9% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €98,806 | €102,094 | €111,917 | €136,671 | €199,298 | ▲ 45.8% |
| Amounts payable17/49 | €175,965 | €87,504 | €83,742 | €143,943 | €41,565 | ▼ 71.1% |
| Amounts payable within one year42/48 | €175,965 | €87,504 | €83,742 | €143,943 | €41,565 | ▼ 71.1% |
| Trade debts44 | €3,179 | €3,277 | €3,371 | €3,718 | €2,897 | ▼ 22.1% |
| Suppliers440/4 | - | €3,277 | €3,371 | €3,718 | €2,897 | ▼ 22.1% |
| Taxes, remuneration and social security45 | - | €9,227 | €15,372 | €40,224 | €38,668 | ▼ 3.9% |
| Taxes450/3 | - | €9,227 | €15,372 | €40,224 | €38,668 | ▼ 3.9% |
| Other amounts payable47/48 | - | €75,000 | €65,000 | €100,000 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,536 | €78,288 | €74,823 | €124,754 | €62,627 | ▼ 49.8% |
| + Depreciation and write-downs630 | €7,631 | €8,697 | €9,989 | €5,826 | €4,421 | ▼ 24.1% |
| Operating cash flow (approximation) | €40,166 | €86,985 | €84,812 | €130,579 | €67,048 | ▼ 48.7% |
| Investment in fixed assets (approximation) | - | -€19,675 | €0 | €10,488 | -€10,601 | ▼ 201% |
| Change in cash | - | €4,675 | -€6,524 | -€39,803 | €54,773 | ▲ 238% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
13-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 13 days late
2024
31-12
Financial
Liquidity triplescurrent ratio 5.91
Current ratio from 2.02 to 5.91; short-term debt falls from €143,943 to €41,565.
31-12
Financial
Equity above €200,000Eq €219,758 ▲39.9%
7 profitable years in a row build equity to €219,758.
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 28 days late
2023
31-12
Financial
Highest result since 2018net €124,754 ▲66.7%
Operating result €163,117, net result €124,754, both a record.
31-12
Financial
Equity above €150,000Eq €157,131 ▲18.7%
6 profitable years in a row build equity to €157,131.
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €32,536 ▼60.9%
Net result drops to €32,536, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity quadruplescurrent ratio 20.50
Current ratio from 4.63 to 20.50; short-term debt falls from €35,655 to €10,875.
Show earlier events
31-12
Financial
Equity above €200,000Eq €244,730 ▲51.6%
2 profitable years in a row build equity to €244,730.
02-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 2 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Oostende · 1 establishment unit since 2017
Ground area
176 m²
Building footprint
74 m²
Volume, LiDAR
911 m³
Parcel 35386D0036/00E009, Flanders · tallest building 16.7 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
CYPHER
since 20172.259.155.932
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35386D0036/00E009 | Flanders | 176 m² | 1 · 74 m² | 16.7 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
875500J5EZOHR06RFK67
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 13,559 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-11-2016
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0666786512
Registered
22-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.