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CYPHER

Active Risk: not assessed
Private limited companyfounded 2016active for 9 yearsVelodroomstraat 44, 8400 Oostende, BelgiumKBO/BCE: BE 0666.786.512

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 30-06-2026 at the NBB all 9 filings

Equity
€236,649▲ 7.7%
2024 · €219,758
Net result
€16,890▼ 73.0%
2024 · €62,627
Total assets
€246,723▼ 5.6%
2024 · €261,323
Solvency
95.9%▲ 11.8pp
2024 · 84.1%
Multi-year overview
2018 to 2025, 8 financial years
Operating result
€16,393
▼ 79.8% 2025
20182025
Net result
€16,890
▼ 73.0% 2025
middle half of the sector
20182025
Equity
€236,649
▲ 7.7% 2025
middle half of the sector
20182025
Total assets
€246,723
▼ 5.6% 2025
middle half of the sector
20182025
Debt
€10,075
▼ 75.8% 2025
20182025
Working capital
€225,215
▲ 10.5% 2025
highest quarter of the sector
20182025
Solvency
95.9%
▲ 11.8pp 2025
highest quarter of the sector
20182025
Current ratio
23.35
▲ 17.45 2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.8%
▼ 17.1pp 2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€90,730-€109,330▲ 20.5%€39,992▼ 63.4%€97,014▲ 143%€101,823▲ 5.0%€163,117▲ 60.2%€81,322▼ 50.1%€16,393▼ 79.8%
Net result€71,377-€83,297▲ 16.7%€32,536within the sector's middle half▼ 60.9%€78,288above the sector's middle half▲ 141%€74,823within 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%€16,890within the sector's middle half▼ 73.0%
Equity€161,434-€244,730▲ 51.6%€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%€236,649within the sector's middle half▲ 7.7%
Total assets€197,089-€255,605▲ 29.7%€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%€246,723within the sector's middle half▼ 5.6%
Debt€35,655-€10,875▼ 69.5%€175,965▲ 16×€87,504▼ 50.3%€83,742▼ 4.3%€143,943▲ 71.9%€41,565▼ 71.1%€10,075▼ 75.8%
Working capital€129,327-€212,101▲ 64.0%€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%€225,215above the sector's middle half▲ 10.5%
Solvency81.9%-95.7%▲ 13.8pp40.4%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▲ 31.9pp95.9%above the sector's middle half▲ 11.8pp
Current ratio4.63-20.50▲ 15.881.54within 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▲ 3.8823.35above the sector's middle half▲ 17.45
Return on assets (ROA)36.2%-32.6%▼ 3.6pp11.0%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▼ 17.5pp6.8%within the sector's middle half▼ 17.1pp
above within below The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 80% lower than in 2024 and the lowest since 2021. 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 €246,723
Fixed assets €11,433 ▼ 27.9%
Current assets €235,290 ▼ 4.1%
Equity and liabilities €246,723
Equity €236,649 ▲ 7.7%
Debt €10,075 ▼ 75.8%
Debt's share of the balance-sheet total falls from 15.9% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
ROE
7.1%▼
2024 · 28.5%
Debt ≤ 1 year
€10,075▼
2024 · €41,565
Income taxes
€910▼
2024 · €24,074
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€16,675----
Financial fixed assets€3,000--€10,601-
Depreciation and write-downs of the year€8,697€9,989€5,826€4,421€4,421

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 39 lines
Balance sheet Code20242025
Assets
Total assets20/58€261,323€246,723▼
Fixed assets21/28€15,854€11,433▼
Tangible fixed assets22/27€5,253€832▼
Land and buildings22€5,253€832▼
Financial fixed assets28€10,601€10,601=
Current assets29/58€245,469€235,290▼
Amounts receivable within one year40/41€36,341€39,254▲
Trade receivables40€29,252€16,329▼
Other amounts receivable41€7,089€22,925▲
Current investments50/53€110,050€125,087▲
Cash at bank and in hand54/58€96,310€67,875▼
Deferred charges and accrued income490/1€2,768€3,074▲
Equity and liabilities
Total equity and liabilities10/49€261,323€246,723▼
Equity10/15€219,758€236,649▲
Contributions10/11€18,600€18,600=
Reserves13€1,860€1,860=
Non-distributable reserves130/1€1,860€1,860=
Reserves not available under the articles1311€1,860€1,860=
Profit (loss) carried forward14€199,298€216,189▲
Amounts payable17/49€41,565€10,075▼
Amounts payable within one year42/48€41,565€10,075▼
Trade debts44€2,897€2,720▼
Suppliers440/4€2,897€2,720▼
Taxes, remuneration and social security45€38,668€7,355▼
Taxes450/3€38,668€7,355▼
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4,421€4,421=
Other operating charges640/8€637€277▼
Gross operating margin9900€86,380€21,090▼
Operating profit (loss)9901€81,322€16,393▼
Financial income75/76B€5,454€1,659▼
Recurring financial income75€5,454€1,659▼
Financial charges65/66B€75€251▲
Recurring financial charges65€75€251▲
Profit (loss) for the period before taxes9903€86,701€17,800▼
Income taxes67/77€24,074€910▼
Profit (loss) for the period9904€62,627€16,890▼
Profit (loss) for the period to be appropriated9905€62,627€16,890▼
Appropriation of the result
Profit (loss) to be appropriated9906€199,298€216,189▲
Profit (loss) brought forward from the previous period14P€136,671€199,298▲

The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.

Line20182019202020212022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8,027€9,078€7,631€8,697€9,989€5,826€4,421€4,421=
Other operating charges640/8---€252€235€214€637€277▼ 56.6%
Gross operating margin9900€99,023€118,663€47,861€105,963€112,046€169,156€86,380€21,090▼ 75.6%
Operating profit (loss)9901€90,730€109,330€39,992€97,014€101,823€163,117€81,322€16,393▼ 79.8%
Financial income75/76B---€429€686€11,673€5,454€1,659▼ 69.6%
Recurring financial income75€440€117€570€429€686€1,405€5,454€1,659▼ 69.6%
Non-recurring financial income76B-----€10,268---
Financial charges65/66B----€3,782€5,505€2,815€75€251▲ 235%
Recurring financial charges65€824€1,219-€1,734-€3,782€5,505€914€75€251▲ 235%
Non-recurring financial charges66B-----€1,901---
Profit (loss) for the period before taxes9903€90,345€108,228€42,296€101,224€97,004€171,975€86,701€17,800▼ 79.5%
Income taxes67/77€18,968€24,931€9,760€22,936€22,181€47,221€24,074€910▼ 96.2%
Profit (loss) for the period9904€71,377€83,297€32,536€78,288€74,823€124,754€62,627€16,890▼ 73.0%
Profit (loss) for the period to be appropriated9905€71,377€83,297€32,536€78,288€74,823€124,754€62,627€16,890▼ 73.0%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€197,089€255,605€295,231€210,058€216,119€301,074€261,323€246,723▼ 5.6%
Fixed assets21/28€32,107€32,629€24,998€35,976€25,987€9,674€15,854€11,433▼ 27.9%
Tangible fixed assets22/27€32,107€32,629€24,998€32,976€22,987€9,674€5,253€832▼ 84.2%
Land and buildings22---€18,525€14,095€9,674€5,253€832▼ 84.2%
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€10,601=
Current assets29/58€164,982€222,976€270,233€174,081€190,132€291,400€245,469€235,290▼ 4.1%
Amounts receivable within one year40/41€52,947€79,704€164,181€60,501€37,911€62,231€36,341€39,254▲ 8.0%
Trade receivables40---€32,064€30,880€31,713€29,252€16,329▼ 44.2%
Other amounts receivable41---€28,437€7,030€30,518€7,089€22,925▲ 223%
Current investments50/53€3,499€2,920€17,897€23,269€68,533€185,619€110,050€125,087▲ 13.7%
Cash at bank and in hand54/58€101,056€134,919€83,188€87,864€81,340€41,537€96,310€67,875▼ 29.5%
Deferred charges and accrued income490/1---€2,448€2,348€2,013€2,768€3,074▲ 11.0%
Equity and liabilities
Total equity and liabilities10/49€197,089€255,605€295,231€210,058€216,119€301,074€261,323€246,723▼ 5.6%
Equity10/15€161,434€244,730€119,266€122,554€132,377€157,131€219,758€236,649▲ 7.7%
Contributions10/11€18,600€18,600-€18,600€18,600€18,600€18,600€18,600=
Reserves13€1,860€1,860€1,860€1,860€1,860€1,860€1,860€1,860=
Non-distributable reserves130/1---€1,860€1,860€1,860€1,860€1,860=
Reserves not available under the articles1311---€1,860€1,860€1,860€1,860€1,860=
Profit (loss) carried forward14€140,974€224,270€98,806€102,094€111,917€136,671€199,298€216,189▲ 8.5%
Amounts payable17/49€35,655€10,875€175,965€87,504€83,742€143,943€41,565€10,075▼ 75.8%
Amounts payable within one year42/48€35,655€10,875€175,965€87,504€83,742€143,943€41,565€10,075▼ 75.8%
Trade debts44€14,940€2,318€3,179€3,277€3,371€3,718€2,897€2,720▼ 6.1%
Suppliers440/4---€3,277€3,371€3,718€2,897€2,720▼ 6.1%
Taxes, remuneration and social security45---€9,227€15,372€40,224€38,668€7,355▼ 81.0%
Taxes450/3---€9,227€15,372€40,224€38,668€7,355▼ 81.0%
Other amounts payable47/48---€75,000€65,000€100,000---
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€71,377€83,297€32,536€78,288€74,823€124,754€62,627€16,890▼ 73.0%
+ Depreciation and write-downs630€8,027€9,078€7,631€8,697€9,989€5,826€4,421€4,421=
Operating cash flow (approximation)€79,404€92,375€40,166€86,985€84,812€130,579€67,048€21,311▼ 68.2%
Investment in fixed assets (approximation)--€9,600€0-€19,675€0€10,488-€10,601€0-
Change in cash-€33,862-€51,730€4,675-€6,524-€39,803€54,773-€28,435-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Filings with the National Bank (9)
Financial year Type Filed Reference Document
31-12-2025 micro format 30-06-2026 2026-00223710 PDF
31-12-2024 micro format 13-08-2025 2025-00373469 PDF
31-12-2023 micro format 28-08-2024 2024-00383648 PDF
31-12-2022 micro format 21-06-2023 2023-00149087 PDF
31-12-2021 micro format 30-06-2022 2022-20152662 PDF
31-12-2020 micro format 10-06-2021 2021-18800292 PDF
31-12-2019 micro format 31-07-2020 2020-37500543 PDF
31-12-2018 micro format 02-08-2019 2019-43000553 PDF
31-12-2017 micro format 24-08-2018 2018-49400564 PDF

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