Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 40 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 29.2 to 25.9.
Financials
Financial year 2025
CIACO from Ottignies-Louvain-la-Neuve, company number BE0407236187, closed financial year 2025 with a result of € -171,482 after tax. For that financial year CIACO recorded revenue of € 4.9 million and equity of € 393,850. Compared with financial year 2024, the result moved from € -337,439 to € -171,482. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 14, 2026.
€ 393,850
▼ 29% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -171,482
▲ 49 % less loss than in 2024
Profit after tax over the fiscal year.
€ 268,447
▲ 69% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -70,167.
People and assets in 2025
25.9
▼ 0.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.2 million
▼ 3% vs 2024
€ 46,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 251,033
▼ 26% vs 2024
Of which on lease € 195,422.
Debts at end 2025
€ 819,813
▲ 7% vs 2024
€ 158,095 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 499,643
▼ 7% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 265,190
▲ 24% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 4,225,393 | € 4,455,325 | € 4,603,028 | € 4,865,974 | ▲ 6% |
| Gross margin | € 1,129,075 | € 1,217,238 | € 1,213,562 | € 1,318,787 | ▲ 9% |
| Profit after taxes | € -399,253 | € -466,368 | € -337,439 | € -171,482 | ▲ € 165,957 |
| Equity | € 1,344,419 | € 886,112 | € 556,698 | € 393,850 | ▼ 29% |
| Total debts | € 1,174,081 | € 1,429,871 | € 1,586,418 | € 1,655,973 | ▲ 4% |
| Cash | € 372,925 | € 308,938 | € 159,038 | € 268,447 | ▲ 69% |
| Land & buildings | € 317 | € 60 | - | - | |
| Retained profit | € 905,122 | € 438,754 | € 101,315 | € -70,167 | ▼ € 171,482 |
| Bank debt | € 449,866 | € 649,705 | € 762,756 | € 819,813 | ▲ 7% |
| Balance sheet total | € 2,518,500 | € 2,315,983 | € 2,165,897 | € 2,072,604 | ▼ 4% |
| Employees (FTE) | 31 | 29.2 | 26.1 | 25.9 | ▼ 0.2 |
Key figures of CIACO, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to CIACO?
What happened at CIACO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- François BRAGHINI stepped down as director. NBB
- Patrick XHONNEUX stepped down as director. NBB
- Sylvie DELATTRE stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 171,482. Source: NBB ↗
- Claire VAN GRUNDELBEKE stepped down as director. NBB
- Patrick XHONNEUX became a director. NBB
- Sylvie DELATTRE became a director. NBB
- Claire VAN GRUNDELBEKE became a director. NBB
In short
From € 399,253 loss in 2022 to € 171,482 loss in 2025.
Paid € 1,671 in corporate taxes since 2022.
On average € 50,900 of value added per employee in 2025.
Management
Directors
According to the 2025 annual accounts
Patrick XHONNEUX
Chairman of the board
since 2024 · until 2027
François BRAGHINI
Director
since 2022 · until 2028
Claire VAN GRUNDELBEKE
Director
since 2023 · until 2026
since 2024 · until 2027
Establishments
Establishment units
Physical locations of this company
Grand-Rue 2 box 14
1348 Ottignies-Louvain-la-Neuve
Martinus V-tuin 29
1200 Sint-Lambrechts-Woluwe
Active since 1 September 1976
Grand-Rue 2-14
1348 Ottignies-Louvain-la-Neuve
Active since 15 September 1980
Rue de Rodeuhaie 27
1348 Ottignies-Louvain-la-Neuve
Active since 1 September 1976
Rue Charlemagne 13
1348 Ottignies-Louvain-la-Neuve
Active since 1 November 2006
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0407.236.187
- VAT number
- BE 0407.236.187
- Registered office
- Grand-Rue 2 bus 14, 1348 Ottignies-Louvain-la-Neuve
- Names & denominations
- CIACO · Ciaco
- Enterprise type
- Rechtspersoon
- Legal form
- Cooperative company
- Legal situation
- Normale toestand
- Start date
- 1 July 1970
- Peppol
- Active · Active since 17 Nov 2025
- Activities · NACE
Detailhandel in kranten en andere tijdschriften
Detailhandel in boeken, kranten, tijdschriften en kantoorbehoeften
Overige activiteiten op het gebied van drukwerk
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Detailhandel in kranten en kantoorbehoeften in gespecialiseerde winkels
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