ACTIVE

CYCLO

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Financial year 2025 · closed on 31/12/2025

Net result

2,4 k €

-97.2% YoY

Gross margin

3,5 M €

-2.9% YoY

Equity

995,8 k €

-0.2% YoY

Workforce

63,4 ETP

-1.9% YoY

What does CYCLO do?

CYCLO is a Non-profit organization incorporated in 2003. Its main activity is: Other education n.e.c.. Its registered office is in Bruxelles. It employs on average 63,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0862.000.792

Incorporation

03/12/2003

Legal form

Non-profit organization

Registered office

Rue de Flandre 85
1000 Bruxelles · BruxellesSee on map

Latest accounts

31/12/2025

Average workforce

63,4 ETP

Activities (NACE)

85593Other education n.e.c.· main 85593Other education n.e.c.95290Repair of other personal and household goods 95290Repair of other personal and household goods 47632Retail sale of music and video recordings in specialised stores 47785Other retail sale of new goods in specialised stores+2

Joint committees (1)

32901

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	3,5 M €	-2.9%	3,6 M €	+10.1%	3,2 M €	+5.4%	3,1 M €	+21.8%	2,5 M €	+0.7%	2,5 M €	+6.6%	2,4 M €	+19.6%	2 M €	+4.9%	1,9 M €	+18.2%	1,6 M €	+16.0%	1,4 M €	+4.1%	1,3 M €	-89.6%	12,6 M €	+1082%	1,1 M €	+7.4%	995,3 k €	+18.3%	841,1 k €	+33.0%	632,5 k €	+100%	316,1 k €	+8.0%	292,6 k €
EBITDA	16,2 k €	-79.7%	79,4 k €	-36.5%	125,1 k €	-52.3%	262,1 k €	+304%	-128,2 k €	-138%	338,7 k €	+3021%	-11,6 k €	+71.9%	-41,2 k €	-141%	100,5 k €	+548%	-22,4 k €	-180%	28,2 k €	-73.1%	104,5 k €	-99.1%	11,5 M €	+90550%	12,7 k €	-93.0%	181 k €	+0.7%	179,7 k €	+2.4%	175,4 k €	+384%	-61,9 k €	-4960%	-1,2 k €
Operating result	-9,2 k €	-118%	51,2 k €	-32.1%	75,4 k €	-64.4%	212 k €	+220%	-176,1 k €	-221%	145,1 k €	+181%	-179,5 k €	-83.3%	-98 k €	-257%	62,3 k €	+202%	-61 k €	-283%	-15,9 k €	-128%	56,2 k €	-99.5%	11,5 M €	+61304%	-18,7 k €	-112%	151,4 k €	-3.3%	156,7 k €	-0.4%	157,2 k €	+321%	-71,1 k €	-614%	-10 k €
Net result	2,4 k €	-97.2%	84,6 k €	-10.1%	94,1 k €	-52.3%	197,3 k €	+213%	-174 k €	-210%	157,7 k €	+188%	-178,2 k €	-76.6%	-100,9 k €	-256%	64,9 k €	+463%	-17,9 k €	-115%	118,7 k €	+44.4%	82,2 k €	-42.9%	143,9 k €	+693%	18,1 k €	-88.9%	164,2 k €	+8.5%	151,4 k €	-2.5%	155,2 k €	+316%	-71,8 k €	-523%	-11,5 k €
Balance sheet
Equity	995,8 k €	-0.2%	997,4 k €	+9.8%	908,7 k €	+10.6%	821,7 k €	+30.3%	630,6 k €	-22.1%	809,2 k €	-25.2%	1,1 M €	+2.8%	1,1 M €	+9.6%	960,1 k €	+9.1%	880,2 k €	-2.0%	898,5 k €	+13.9%	788,8 k €	+17.1%	673,4 k €	+31.2%	513,4 k €	+3.7%	495,2 k €	+49.6%	331 k €	+84.2%	179,7 k €	+649%	24 k €	-75.0%	95,8 k €
Total assets	1,9 M €	+4.3%	1,8 M €	-36.0%	2,8 M €	+112%	1,3 M €	-8.8%	1,5 M €	+14.0%	1,3 M €	-18.5%	1,6 M €	+2.7%	1,5 M €	+13.4%	1,3 M €	+0.9%	1,3 M €	+16.4%	1,1 M €	+17.5%	975,2 k €	+12.6%	865,8 k €	+13.8%	760,8 k €	+11.5%	682,1 k €	+33.5%	510,9 k €	+92.0%	266,2 k €	+116%	123,3 k €	-7.1%	132,8 k €
Cash	805,7 k €	+196%	272,5 k €	+9.3%	249,4 k €	-43.5%	441,6 k €	-34.9%	678 k €	+28.5%	527,6 k €	+43.4%	367,9 k €	-10.1%	409 k €	-36.8%	647,6 k €	+6.4%	608,7 k €	+25.2%	486,3 k €	-3.0%	501,5 k €	+30.7%	383,8 k €	+6.3%	361,1 k €	-20.8%	455,9 k €	+57.5%	289,5 k €	+267%	78,9 k €	+104%	38,7 k €	+86.7%	20,7 k €
Debts	534,5 k €	+11.5%	479,6 k €	+5.1%	456,2 k €	+16.1%	392,8 k €	-46.6%	736,3 k €	+91.4%	384,8 k €	-20.8%	486 k €	+9.5%	443,8 k €	+31.7%	336,9 k €	-18.3%	412,4 k €	+86.1%	221,6 k €	+29.1%	171,6 k €	+15.0%	149,3 k €	-2.4%	153 k €	+41.5%	108,1 k €	+7.3%	100,8 k €	+37.0%	73,6 k €	-25.9%	99,3 k €	+169%	36,9 k €
Other
Workforce	63,4 ETP	-1.9%	64,6 ETP	0.0%	64,6 ETP	+5.9%	61,0 ETP	+6.1%	57,5 ETP	+5.3%	54,6 ETP	-1.3%	55,3 ETP	+11.5%	49,6 ETP	+8.1%	45,9 ETP	+10.1%	41,7 ETP	+12.7%	37,0 ETP	+12.1%	33,0 ETP	0.0%	33,0 ETP	+39.2%	23,7 ETP	+0.9%	23,5 ETP	+27.7%	18,4 ETP	+31.4%	14,0 ETP	+15.7%	12,1 ETP	+22.2%	9,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 51 ended

Active mandates

Florin Bérengère

Director · since 22 avril 2025 · until 21 avril 2029

Active

Marielle Demilie

Director · since 22 avril 2025 · until 21 avril 2029

Active

Christophe Rubbens

Chairman of the board of directors · since 18 avril 2023

Active

Elias Van Marcke

Director · since 08 novembre 2022

Active

Pierre de Schaetzen van Brienen

Director · since 08 novembre 2022

Active

Ended mandates

Christophe Rubbens

Director · since 18 avril 2023

Ended

Marielle Demilie

Director · since 23 juin 2021

Ended

Nele Verbruggen

Chairman of the board of directors · since 23 juin 2021

Ended

Marielle Demilie

Director · since 20 mai 2021

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/04/2026	08/05/2025	19/04/2024	11/05/2023	21/04/2022	28/06/2021
General meeting	21/04/2026	22/04/2025	16/04/2024	18/04/2023	23/03/2022	23/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	21/04/2026	29/04/2026	Dutch	PDF
Abridged model	31/12/2024	22/04/2025	08/05/2025	Dutch	PDF
Abridged model	31/12/2023	16/04/2024	19/04/2024	Dutch	PDF
Abridged model	31/12/2022	18/04/2023	11/05/2023	Dutch	PDF
Abridged model	31/12/2021	23/03/2022	21/04/2022	Dutch	PDF
Abridged model	31/12/2020	23/06/2021	28/06/2021	Dutch	PDF
Abridged model	31/12/2019	24/03/2020	27/05/2020	Dutch	PDF
Abridged model	31/12/2018	27/03/2019	26/06/2019	Dutch	PDF
Abridged model	31/12/2017	28/03/2018	16/05/2018	Dutch	PDF
Abridged model	31/12/2016	29/03/2017	01/06/2017	Dutch	PDF
Abridged model	31/12/2015	20/04/2016	25/04/2016	Dutch	PDF
Abridged model	31/12/2014	24/06/2015	25/06/2015	Dutch	PDF
Abridged model	31/12/2013	03/04/2014	07/07/2014	Dutch	PDF
Abridged model	31/12/2012	04/04/2013	10/06/2013	Dutch	PDF
Abridged model	31/12/2011	21/03/2012	06/08/2012	Dutch	PDF
Abridged model	31/12/2010	23/03/2011	23/11/2011	Dutch	PDF
Abridged model	31/12/2009	26/03/2010	19/11/2012	Dutch	PDF
Abridged model	31/12/2008	17/03/2009	19/11/2012	Dutch	PDF
Abridged model	31/12/2007	19/03/2008	16/09/2008	Dutch	PDF
Abridged model	31/12/2006	10/05/2007	07/12/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 51 ended

Active mandates

Florin Bérengère

Director · since 22 avril 2025 · until 21 avril 2029

Active

Marielle Demilie

Director · since 22 avril 2025 · until 21 avril 2029

Active

Christophe Rubbens

Chairman of the board of directors · since 18 avril 2023

Active

Elias Van Marcke

Director · since 08 novembre 2022

Active

Pierre de Schaetzen van Brienen

Director · since 08 novembre 2022

Active

Ended mandates

Christophe Rubbens

Director · since 18 avril 2023

Ended

Marielle Demilie

Director · since 23 juin 2021

Ended

Nele Verbruggen

Chairman of the board of directors · since 23 juin 2021

Ended

Marielle Demilie

Director · since 20 mai 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/05/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/12/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/07/2019
ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates08/05/2018
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20252,4 k €↓
2024
Annual accounts 202484,6 k €↓
2023
Annual accounts 202394,1 k €↓
2022
Annual accounts 2022197,3 k €↑
2021
Annual accounts 2021-174 k €↓
2020
Annual accounts 2020157,7 k €↑
2019
Annual accounts 2019-178,2 k €↓
2018
Annual accounts 2018-100,9 k €↓
2017
Annual accounts 201764,9 k €↑
2016
Annual accounts 2016-17,9 k €↓
2015
Annual accounts 2015118,7 k €↑
2014
Annual accounts 201482,2 k €↓
2013
Annual accounts 2013143,9 k €↑
2012
Annual accounts 201218,1 k €↓
2011
Annual accounts 2011164,2 k €↑
2010
Annual accounts 2010151,4 k €↓
2009
Annual accounts 2009155,2 k €↑
2008
Annual accounts 2008-71,8 k €↓
2007
Annual accounts 2007-11,5 k €
03/12/2003
IncorporationNon-profit organization

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

CYCLO

Overview

What does CYCLO do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline