CYGA
CYGA and the 15 companies it controls according to the LEI register and the annual accounts: the structure, the figures, each company's health and where the risk sits.
Sum of the filed annual accounts of 16 of the 16 Belgian companies (fiscal years 2025). Not a consolidation: receivables, participations and sales between group companies are not eliminated, so they count.
Consolidated accounts 2025
Filed by CYGA: the group's figures as one whole, with intra-group positions eliminated. These are the real group figures.
Group risk
How healthy the group's Belgian companies are, and where the risk sits. A weak subsidiary can cost the parent money, and the other way round.
- The parent itself: CYGA, no verdict.
- 2 companies with negative equity: VURE (-€6.3m), DAM 71 (-€751,438).
- 4 companies with a loss in the latest year: VURE (-€1.0m), AEW Security (-€42,112), DAM 71 (-€30,942), AEW Green (-€4,175).
- 25.8% of the added-up total assets sits in one company: DEMOCO.
- None of the added-up total assets sits at a company with an elevated or high risk.
Group structure
Who consolidates whom according to the LEI register, completed with who holds more than half of the shares according to the annual accounts. Both mean control.
- CYGA3 subsidiariesNo verdict€35.2m €35.2m 2025
- CIRIL5 subsidiariesHealthy · 91€57.5m €29.3m 2025
- Fair · 54€2.1m -€751,438 2025
- Healthy · 91€7.0m €3.9m 2025
- Healthy · 88€1.8m €303,401 2025
- Healthy · 94€396,848 €273,480 2025
- Fair · 53€2.5m -€6.3m 2025
- DEMOCO GROUP4 subsidiariesNo verdict€26.1m €22.4m 2025
- Healthy · 90€5.2m €265,749 2025
- Healthy · 84€5.1m €1.5m 2025
- Healthy · 69€67.2m €15.6m 2025
- THE ENERGY CIRCLE3 subsidiariesHealthy · 83€19.3m €3.6m 2025
- Healthy · 83€443,908 €247,493 2025
- Healthy · 83€1.7m €876,672 2025
- Healthy · 90€981,268 €733,247 2025
- Healthy · 97€28.4m €22.4m 2025
High risk Elevated Healthy Fair No verdict Amounts: total assets and equity from the latest accounts.
Shared directors
Who sits on the boards of several group companies. This is where control over the group sits in practice.
- 5
- 5
- 5
- 5
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4DEMOCO GROUPgroup company
- 4
- 4
-
3CYGAgroup company
- 2
- 2
Events in the group
Bankruptcies, director changes, capital changes and other publications of all Belgian group companies, over the last two years.
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MaLiBe BV resigns as director
-
2 reappointed
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3 reappointed
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Democo Group NV reappointed as director
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3 reappointed
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Democo Group NV reappointed as director
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MaLiBe BV resigns as director
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Company renamed to TERRA
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MaLiBe BV resigns as director
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2 directors resigning
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MaLiBe BV resigns as director
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MaLiBe BV resigns as director
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2 directors resigning
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2 directors resigning
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1 director appointed, 2 directors resigning
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Where do these figures come from?
Completed with the annual accounts: a company of which another Belgian company holds more than half of the shares, by the list of holdings or the shareholder structure in its accounts, stands under that company, with the share. The register of ultimate beneficial owners (UBO) is not public.
The group's make-up comes from the LEI register (GLEIF): which company consolidates which other, directly or ultimately. A company whose link the register does not state is not listed here, even if it does belong to the group.
The amounts are those of the annual accounts each Belgian company filed with the National Bank, added up without consolidation. The verdict per company is that of its dossier on Checked.be. Everything is updated every night.
Updated on 08-10-2026