CYTHI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 23 filings
Turnover
≈ €63,000
Estimated: probably between €29,000 and €150,000
Total assets
€532,177▼ 2.6%
2024 · €546,573
Net result
€8,754
2024 · -€3,457
Working capital
€163,869▼ 11.8%
2024 · €185,720
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,991
▲ 44.8%
2025
20182025
Net result
€8,754
2025
20182025
Equity
€388,805
▼ 0.3%
2025
20182025
Total assets
€532,177
▼ 2.6%
2025
20182025
Debt
€111,662
▼ 9.1%
2025
20182025
Working capital
€163,869
▼ 11.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,525--€8,002▲ 6.1%-€8,172▼ 2.1%-€17,016▼ 108%-€5,684▲ 66.6%-€32,477▼ 471%-€12,660▲ 61.0%-€6,991▲ 44.8%
Net result-€7,956--€11,736▼ 47.5%-€827▲ 93.0%€35,196-€66,408€1,844-€3,457€8,754
Equity€660,439-€648,703▼ 1.8%€647,875▼ 0.1%€683,071▲ 5.4%€616,664▼ 9.7%€393,508▼ 36.2%€390,051▼ 0.9%€388,805▼ 0.3%
Total assets€853,445-€831,453▼ 2.6%€820,096▼ 1.4%€846,382▲ 3.2%€767,167▼ 9.4%€635,934▼ 17.1%€546,573▼ 14.1%€532,177▼ 2.6%
Debt€147,854-€139,236▼ 5.8%€130,424▼ 6.3%€123,532▼ 5.3%€112,741▼ 8.7%€206,682▲ 83.3%€122,795▼ 40.6%€111,662▼ 9.1%
Working capital€571,484-€560,321▼ 2.0%€479,278▼ 14.5%€516,374▲ 7.7%€451,646▼ 12.5%€180,161▼ 60.1%€185,720▲ 3.1%€163,869▼ 11.8%
The operating result for 2025 is a loss of €6,991, smaller than the loss of €12,660 in 2024.
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 €532,177
Fixed assets
€333,226 ▲ 2.7%
Current assets
€198,951 ▼ 10.5%
Equity and liabilities €532,177
Equity
€388,805 ▼ 0.3%
Provisions
€31,710 ▼ 6.0%
Debt
€111,662 ▼ 9.1%
Debt's share of the balance-sheet total falls from 22.5% to 21.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€6,267▲
2024 · €493
Cash flow
€22,012▲
2024 · €9,696
Current ratio
5.67▼
2024 · 6.08
Debt to equity
0.29▼
2024 · 0.31
ROE
2.3%▲
2024 · -0.9%
ROA
1.6%▲
2024 · -0.6%
Interest coverage
-0.93▼
2024 · -0.22
Debt ≤ 1 year
€35,082▼
2024 · €36,533
Debt > 1 year
€68,111▼
2024 · €78,256
Income taxes
€1,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €27,165 |
| Financial fixed assets | - | - | €50,000 | - | - |
| Depreciation and write-downs of the year | €13,153 | €13,153 | €13,153 | €13,153 | €13,258 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,023 | €11,023 | €11,779 | €13,153 | €13,153 | €13,153 | €13,153 | €13,258 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €3,868 | €1,715 | €19,549 | €9,089 | €1,985 | ▼ 78.2% |
| Gross operating margin9900 | €2,498 | €4,703 | €5,106 | €6 | €9,183 | €225 | €9,582 | €8,253 | ▼ 13.9% |
| Operating profit (loss)9901 | -€8,525 | -€8,002 | -€8,172 | -€17,016 | -€5,684 | -€32,477 | -€12,660 | -€6,991 | ▲ 44.8% |
| Financial income75/76B | - | - | - | €44,037 | €20,052 | €8,706 | €4,963 | €7,964 | ▲ 60.5% |
| Recurring financial income75 | €2,405 | €878 | €22,641 | €44,037 | €20,052 | €8,706 | €4,963 | €7,964 | ▲ 60.5% |
| Financial charges65/66B | - | - | - | -€7,157 | €82,792 | -€23,598 | -€2,223 | -€6,764 | ▼ 204% |
| Recurring financial charges65 | €3,473 | €3,922 | €17,014 | -€7,157 | €82,792 | -€23,598 | -€2,223 | -€6,764 | ▼ 204% |
| Profit (loss) for the period before taxes9903 | -€9,593 | -€11,046 | -€2,545 | €34,178 | -€68,425 | -€173 | -€5,474 | €7,737 | - |
| Transfer from deferred taxes780 | - | - | - | €2,017 | €2,017 | €2,017 | €2,017 | €2,017 | = |
| Income taxes67/77 | - | €2,328 | - | €1,000 | - | - | - | €1,000 | - |
| Profit (loss) for the period9904 | -€7,956 | -€11,736 | -€827 | €35,196 | -€66,408 | €1,844 | -€3,457 | €8,754 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €6,052 | €6,052 | €6,052 | €6,052 | €6,052 | = |
| Profit (loss) for the period to be appropriated9905 | -€3,044 | -€6,824 | €4,325 | €41,248 | -€60,356 | €7,896 | €2,595 | €14,806 | ▲ 471% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €853,445 | €831,453 | €820,096 | €846,382 | €767,167 | €635,934 | €546,573 | €532,177 | ▼ 2.6% |
| Fixed assets21/28 | €268,477 | €257,454 | €326,931 | €313,778 | €300,625 | €337,472 | €324,319 | €333,226 | ▲ 2.7% |
| Tangible fixed assets22/27 | €268,477 | €257,454 | €321,931 | €308,778 | €295,625 | €282,472 | €269,319 | €283,226 | ▲ 5.2% |
| Land and buildings22 | - | - | - | €308,778 | €295,625 | €282,472 | €269,319 | €280,636 | ▲ 4.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €2,590 | - |
| Financial fixed assets28 | - | - | €5,000 | €5,000 | €5,000 | €55,000 | €55,000 | €50,000 | ▼ 9.1% |
| Current assets29/58 | €584,967 | €573,998 | €493,164 | €532,604 | €466,541 | €298,462 | €222,253 | €198,951 | ▼ 10.5% |
| Amounts receivable within one year40/41 | €2,141 | €1,763 | €92,198 | €74,535 | €56,801 | €35,459 | €12,903 | €3,774 | ▼ 70.8% |
| Trade receivables40 | - | - | - | - | - | - | - | €1,360 | - |
| Other amounts receivable41 | - | - | - | €74,535 | €56,801 | €35,459 | €12,903 | €2,414 | ▼ 81.3% |
| Current investments50/53 | €346,892 | €372,892 | €360,153 | €421,130 | €387,882 | €235,823 | €187,424 | €177,108 | ▼ 5.5% |
| Cash at bank and in hand54/58 | €231,946 | €192,707 | €35,043 | €31,281 | €8,527 | €17,591 | €12,229 | €9,254 | ▼ 24.3% |
| Deferred charges and accrued income490/1 | - | - | - | €5,659 | €13,330 | €9,590 | €9,697 | €8,815 | ▼ 9.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €853,445 | €831,453 | €820,096 | €846,382 | €767,167 | €635,934 | €546,573 | €532,177 | ▼ 2.6% |
| Equity10/15 | €660,439 | €648,703 | €647,875 | €683,071 | €616,664 | €393,508 | €390,051 | €388,805 | ▼ 0.3% |
| Contributions10/11 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | €25,000 | €25,000 | €25,000 | = |
| Capital10 | - | - | - | €250,000 | €250,000 | - | - | - | - |
| Issued capital100 | - | - | - | €250,000 | €250,000 | - | - | - | - |
| Reserves13 | €410,453 | €395,541 | €390,389 | €429,337 | €363,285 | €357,233 | €361,181 | €355,129 | ▼ 1.7% |
| Non-distributable reserves130/1 | - | - | - | €25,000 | €25,000 | - | - | - | - |
| Legal reserve130 | - | - | - | €25,000 | €25,000 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €119,337 | €113,285 | €107,233 | €101,181 | €95,129 | ▼ 6.0% |
| Distributable reserves133 | - | - | - | €285,000 | €225,000 | €250,000 | €260,000 | €260,000 | = |
| Profit (loss) carried forward14 | -€14 | €3,161 | €7,487 | €3,734 | €3,379 | €11,275 | €3,870 | €8,676 | ▲ 124% |
| Provisions and deferred taxes16 | €45,151 | €43,514 | €41,796 | €39,779 | €37,762 | €35,744 | €33,727 | €31,710 | ▼ 6.0% |
| Deferred taxes168 | - | - | - | €39,779 | €37,762 | €35,744 | €33,727 | €31,710 | ▼ 6.0% |
| Amounts payable17/49 | €147,854 | €139,236 | €130,424 | €123,532 | €112,741 | €206,682 | €122,795 | €111,662 | ▼ 9.1% |
| Amounts payable after more than one year17 | €134,372 | €125,559 | €116,538 | €107,302 | €97,846 | €88,166 | €78,256 | €68,111 | ▼ 13.0% |
| Financial debts170/4 | - | - | - | €107,302 | €97,846 | €88,166 | €78,256 | €68,111 | ▼ 13.0% |
| Amounts payable within one year42/48 | €13,483 | €13,677 | €13,886 | €16,230 | €14,895 | €118,301 | €36,533 | €35,082 | ▼ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,226 | €10,445 | €10,670 | €9,910 | €11,135 | ▲ 12.4% |
| Trade debts44 | €1,150 | €1,150 | €666 | €1,795 | €1,774 | €1,107 | €847 | €1,171 | ▲ 38.2% |
| Suppliers440/4 | - | - | - | €1,795 | €1,774 | €1,107 | €847 | €1,171 | ▲ 38.2% |
| Taxes, remuneration and social security45 | - | - | - | €1,000 | €1,000 | - | - | €1,500 | - |
| Taxes450/3 | - | - | - | €1,000 | €1,000 | - | - | €1,500 | - |
| Other amounts payable47/48 | - | - | - | €3,209 | €1,676 | €106,525 | €25,776 | €21,276 | ▼ 17.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €215 | €8,005 | €8,469 | ▲ 5.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,956 | -€11,736 | -€827 | €35,196 | -€66,408 | €1,844 | -€3,457 | €8,754 | - |
| + Depreciation and write-downs630 | €11,023 | €11,023 | €11,779 | €13,153 | €13,153 | €13,153 | €13,153 | €13,258 | ▲ 0.8% |
| Operating cash flow (approximation) | €3,067 | -€713 | €10,952 | €48,349 | -€53,255 | €14,997 | €9,696 | €22,012 | ▲ 127% |
| Investment in fixed assets (approximation) | - | €0 | -€81,256 | €0 | €0 | -€50,000 | €0 | -€22,165 | - |
| Change in cash | - | -€39,239 | -€157,664 | -€3,762 | -€22,754 | €9,063 | -€5,362 | -€2,975 | ▲ 44.5% |
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, 14,766 companies had the same profile as CYTHI has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CYTHI 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 14,766 companies, not a prediction for CYTHI. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-06-2026 | 2026-00179848 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00328644 | |
| 31-12-2023 | micro format | 24-08-2024 | 2024-00381003 | |
| 31-12-2022 | micro format | 27-08-2023 | 2023-00357274 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20349021 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56300081 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-48300164 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49100241 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53400053 | |
| 30-06-2016 | full format | 22-01-2017 | 2017-01700595 |