De Cingel
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 4 filings
Turnover
≈ €180,000
Estimated: probably between €130,000 and €240,000
Total assets
€116,157▼ 14.4%
2024 · €135,655
Net result
-€9,244▼ 4,693%
2024 · -€193
Working capital
-€34,983▲ 26.5%
2024 · -€47,609
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€6,245
2025
20222025
Net result
-€9,244
▼ 4,693%
2025
lowest quarter of the sector
20222025
Equity
€28,316
▼ 24.6%
2025
middle half of the sector
20222025
Total assets
€116,157
▼ 14.4%
2025
middle half of the sector
20222025
Debt
€87,840
▼ 10.5%
2025
20222025
Working capital
-€34,983
▲ 26.5%
2025
middle half of the sector
20222025
Solvency
24.4%
▼ 3.3pp
2025
middle half of the sector
20222025
Current ratio
0.60
▲ 0.13
2025
middle half of the sector
20222025
Return on assets (ROA)
-8.0%
▼ 7.8pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
1
▲ 25.0%
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€19,434--€17,144€3,304-€6,245
Net result€12,240within the sector's middle half--€19,487below the sector's middle half-€193within the sector's middle half▲ 99.0%-€9,244below the sector's middle half▼ 4,693%
Equity€57,240within the sector's middle half-€37,753within the sector's middle half▼ 34.0%€37,560within the sector's middle half▼ 0.5%€28,316within the sector's middle half▼ 24.6%
Total assets€101,622below the sector's middle half-€137,067below the sector's middle half▲ 34.9%€135,655below the sector's middle half▼ 1.0%€116,157within the sector's middle half▼ 14.4%
Debt€44,382-€99,315▲ 124%€98,094▼ 1.2%€87,840▼ 10.5%
Working capital€7,291within the sector's middle half--€51,513within the sector's middle half-€47,609within the sector's middle half▲ 7.6%-€34,983within the sector's middle half▲ 26.5%
Solvency56.3%above the sector's middle half-27.5%within the sector's middle half▼ 28.8pp27.7%within the sector's middle half▲ 0.1pp24.4%within the sector's middle half▼ 3.3pp
Current ratio1.34within the sector's middle half-0.38below the sector's middle half▼ 0.970.47below the sector's middle half▲ 0.090.60within the sector's middle half▲ 0.13
Return on assets (ROA)12.0%within the sector's middle half--14.2%below the sector's middle half▼ 26.3pp-0.1%below the sector's middle half▲ 14.1pp-8.0%below the sector's middle half▼ 7.8pp
Staff (FTE)0.2below the sector's middle half-0.8below the sector's middle half▲ 300%0.8below the sector's middle half=1below the sector's middle half▲ 25.0%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €6,245, after a profit of €3,304 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 €116,157
Fixed assets
€64,174 ▼ 31.5%
Current assets
€51,982 ▲ 23.9%
Equity and liabilities €116,157
Equity
€28,316 ▼ 24.6%
Debt
€87,840 ▼ 10.5%
Debt's share of the balance-sheet total rises from 72.3% to 75.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€9,295▼
2024 · €19,100
Cash flow
€6,296▼
2024 · €15,603
Quick ratio
0.56▲
2024 · 0.39
Debt to equity
3.10▲
2024 · 2.61
ROE
-32.6%▼
2024 · -0.5%
Interest coverage
2.54▼
2024 · 5.46
Debt ≤ 1 year
€86,966▼
2024 · €89,549
Income taxes
€152▲
2024 · €55
Staff costs
€31,899▼
2024 · €40,321
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | 1 | 1 |
| part-time | - | 2 | 1 | 1 |
| in full-time equivalents | - | 0.7 | 0.2 | 0.2 |
| Average over the year, in full-time equivalents | 0.2 | 0.8 | 0.8 | 1 |
| On a permanent contract | - | 2 | 1 | 1 |
| Joined | 3 | 10 | 9 | 10 |
| Left | 3 | 8 | 10 | 10 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €15,140 | €43,795 | €3,494 | - |
| Intangible fixed assets | €30,000 | €1,000 | - | - |
| Financial fixed assets | €36,000 | - | - | - |
| Depreciation and write-downs of the year | €8,152 | €11,767 | €15,796 | €15,540 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €5,728 | €28,061 | €40,321 | €31,899 | ▼ 20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,152 | €11,767 | €15,796 | €15,540 | ▼ 1.6% |
| Other operating charges640/8 | €2,188 | €2,020 | €5,789 | €1,095 | ▼ 81.1% |
| Gross operating margin9900 | €35,501 | €24,704 | €65,210 | €42,289 | ▼ 35.1% |
| Operating profit (loss)9901 | €19,434 | -€17,144 | €3,304 | -€6,245 | - |
| Financial income75/76B | €30 | €796 | €57 | €819 | ▲ 14× |
| Recurring financial income75 | €30 | €796 | €57 | €819 | ▲ 14× |
| Financial charges65/66B | €3,768 | €3,139 | €3,499 | €3,665 | ▲ 4.8% |
| Recurring financial charges65 | €3,768 | €3,139 | €3,499 | €3,665 | ▲ 4.8% |
| Profit (loss) for the period before taxes9903 | €15,695 | -€19,487 | -€137 | -€9,091 | ▼ 6,516% |
| Income taxes67/77 | €3,455 | - | €55 | €152 | ▲ 174% |
| Profit (loss) for the period9904 | €12,240 | -€19,487 | -€193 | -€9,244 | ▼ 4,693% |
| Profit (loss) for the period to be appropriated9905 | €12,240 | -€19,487 | -€193 | -€9,244 | ▼ 4,693% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €101,622 | €137,067 | €135,655 | €116,157 | ▼ 14.4% |
| Fixed assets21/28 | €72,988 | €106,016 | €93,714 | €64,174 | ▼ 31.5% |
| Intangible fixed assets21 | €22,932 | €17,881 | €11,681 | €5,481 | ▼ 53.1% |
| Tangible fixed assets22/27 | €14,057 | €52,136 | €46,034 | €36,694 | ▼ 20.3% |
| Land and buildings22 | €7,590 | €40,019 | €37,775 | €31,941 | ▼ 15.4% |
| Plant, machinery and equipment23 | €6,467 | €9,774 | €6,770 | €4,117 | ▼ 39.2% |
| Furniture and vehicles24 | - | €2,343 | €1,489 | €636 | ▼ 57.3% |
| Financial fixed assets28 | €36,000 | €36,000 | €36,000 | €22,000 | ▼ 38.9% |
| Current assets29/58 | €28,634 | €31,051 | €41,940 | €51,982 | ▲ 23.9% |
| Stocks and contracts in progress3 | €5,272 | €7,189 | €7,018 | €3,603 | ▼ 48.7% |
| Stocks30/36 | €5,272 | €7,189 | €7,018 | €3,603 | ▼ 48.7% |
| Amounts receivable within one year40/41 | €1,175 | €8,101 | €8,447 | €28,513 | ▲ 238% |
| Trade receivables40 | €214 | €574 | €8,447 | - | - |
| Other amounts receivable41 | €962 | €7,527 | - | €28,513 | - |
| Cash at bank and in hand54/58 | €22,186 | €14,943 | €26,077 | €19,866 | ▼ 23.8% |
| Deferred charges and accrued income490/1 | - | €819 | €398 | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €101,622 | €137,067 | €135,655 | €116,157 | ▼ 14.4% |
| Equity10/15 | €57,240 | €37,753 | €37,560 | €28,316 | ▼ 24.6% |
| Contributions10/11 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Profit (loss) carried forward14 | €12,240 | -€7,247 | -€7,440 | -€16,684 | ▼ 124% |
| Amounts payable17/49 | €44,382 | €99,315 | €98,094 | €87,840 | ▼ 10.5% |
| Amounts payable after more than one year17 | €22,651 | €15,447 | €7,670 | - | - |
| Financial debts170/4 | €22,651 | €15,447 | €7,670 | - | - |
| Amounts payable within one year42/48 | €21,343 | €82,564 | €89,549 | €86,966 | ▼ 2.9% |
| Current portion of amounts payable after more than one year42 | €6,673 | €7,204 | €7,777 | €7,670 | ▼ 1.4% |
| Financial debts43 | - | - | €4,492 | €14,980 | ▲ 233% |
| Credit institutions430/8 | - | - | €4,492 | €14,980 | ▲ 233% |
| Trade debts44 | €7,685 | €51,574 | €44,426 | €51,267 | ▲ 15.4% |
| Suppliers440/4 | €7,685 | €51,574 | €44,426 | €51,267 | ▲ 15.4% |
| Taxes, remuneration and social security45 | €3,692 | €23,786 | €25,846 | €13,048 | ▼ 49.5% |
| Taxes450/3 | €3,455 | €20,022 | €22,331 | €10,818 | ▼ 51.6% |
| Remuneration and social security454/9 | €237 | €3,763 | €3,515 | €2,230 | ▼ 36.6% |
| Other amounts payable47/48 | €3,293 | - | €7,008 | - | - |
| Accrued charges and deferred income492/3 | €389 | €1,304 | €875 | €875 | = |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,240 | -€19,487 | -€193 | -€9,244 | ▼ 4,693% |
| + Depreciation and write-downs630 | €8,152 | €11,767 | €15,796 | €15,540 | ▼ 1.6% |
| Operating cash flow (approximation) | €20,392 | -€7,719 | €15,603 | €6,296 | ▼ 59.6% |
| Investment in fixed assets (approximation) | - | -€44,795 | -€3,494 | €14,000 | - |
| Change in cash | - | -€7,243 | €11,134 | -€6,211 | - |
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, 1,548 companies had the same profile as De Cingel has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of De Cingel itself: 3.0% 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 1,548 companies, not a prediction for De Cingel. 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.