Active BE 0873.856.568Foreign entity

CAIRN.INFO

Avenue Ledru-Rollin 127 ·75011 Paris, Belgium· 21 yrs active

Sector: Overige activiteiten van uitgeverijen, met uitzondering van het uitgeven van software (58190)

Conclusion Checked

For the legal form of CAIRN.INFO, Checked does not compute a bankruptcy probability. The 2022 annual accounts show equity of €1.13M and a net result of €667k. Equity is shrinking by ~8% per year across the filed fiscal years. Its solvency ranks better than 25% of 229 sector peers (fiscal year 2022). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€1.13M
Net result	€667k
Staff (FTE)	5.5
Better than sector	25%

Financial profile 5 of 5 axes measured · computed by Checked

66 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 81

Profitability 70

Solvency 19

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

For this legal form (e.g. co-owners' association, public body or foreign branch) we don't show a bankruptcy probability: some of these forms legally cannot go bankrupt and no reliable figure is possible here.

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2005, 21 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Health barometer FY 2022 · computed

81 / 100 Excellent

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2022. Indicative, not credit advice.

Financial overview10 NBB filings

Annual accounts filed on 27-08-2025 with the NBB · fiscal year 2024 · ander

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~8%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2022 · NACE 58 · compared across all schema types (micro, abbreviated and full combined)

Metric	This company	Sector median	Position in the sector
Solvency	9.8%	45.7%	better than 25% of 229 sector peers
Net result	€667k	€7k	better than 95% of 229 sector peers
Equity	€1.13M	€31k	better than 94% of 229 sector peers
Staff costs	€1.86M	€59k	higher than 92% of 89 sector peers
Employees (FTE)	5.5	5.0	better than 52% of 39 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Revenue

€11.58M

+6.8% 18-22

EBITDA

€1.32M

+21.1% 18-22

Net profit

€667k

+7.8% 18-22

Cash flow

€1.28M

+22.3% 18-22

Total assets

€11.49M

+2.9% 18-22

Equity

€1.13M

-30.7% 18-22

Working capital

€318k

-86.2% 18-22

Employees (FTE)

6

+7.8% 18-22

Show 14 other metrics

Staff costs

€1.86M

+8.3% 18-22

Income taxes

€9k

-62.8% 18-22

Dividends

€439k

+17.5% 18-22

Debt

€10.37M

+8.7% 18-22

Debt ≤ 1y

€9.02M

+19.0% 18-22

Current ratio

1.04

-20.6% 18-22

Quick ratio

1.04

-20.6% 18-22

Solvency

9.8%

-32.7% 18-22

Debt / equity

9.19

+56.9% 18-22

ROE

59.1%

+55.7% 18-22

ROA

5.8%

+4.8% 18-22

Net margin

5.8%

+1.0% 18-22

EBITDA margin

11.4%

+13.3% 18-22

Interest coverage

991.34

-51.8% 18-22

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2022
Deposit	volledig
Revenue	€11.58M
EBITDA	€1.32M
Net profit	€667k
Cash flow	€1.28M
Staff costs	€1.86M
Income taxes	€9k
Dividends	€439k
Total assets	€11.49M
Equity	€1.13M
Debt	€10.37M
of which ≤ 1y	€9.02M
of which > 1y	-
Working capital	€318k
Employees (FTE)	5.5

Ratios (computed)

	2022
Current ratio	1.04
Quick ratio	1.04
Working capital ratio	2.8%
Solvency	9.8%
Debt / equity	9.19
Long-term debt ratio	-
Interest coverage	991.34
Gross margin	30.1%
Net margin	5.8%
ROA	5.8%
ROE	59.1%
EBITDA margin	11.4%
Days sales outstanding	136d
Days payable outstanding	366d
Inventory turnover	-
Days inventory (DSI)	0d

Balance-sheet composition 2022

Assets

Fixed assets €2.15M · 18.7% Current assets €9.34M · 81.3%

Equity & liabilities

Equity €1.13M · 9.8% Debt €10.37M · 90.2%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€11.49M
Fixed assets	21/28	€2.15M
Intangible fixed assets	21	€2.07M
Tangible fixed assets	22/27	€38k
Financial fixed assets	28	€45k
Current assets	29/58	€9.34M
Stocks & contracts in progress	3	€0
Amounts receivable within one year	40/41	€4.81M
Investments	50/53	€261k
Cash & bank	54/58	€3.91M
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€11.49M
Equity	10/15	€1.13M
Contributions / capital	10/11	€702k
Reserves	13	€70k
Accumulated profits (losses)	14	€357k
Amounts payable	17/49	€10.37M
Amounts payable within one year	42/48	€9.02M
Trade debts payable within one year	44	€8.11M
Income statement
Turnover	70	€11.58M
Operating result	9901	€698k
Financial income	75	€20k
Financial charges	65	€46k
Result before taxes	9903	€676k
Income taxes	67/77	€9k
Net result for the period	9904	€667k
Result to be appropriated	9905	€667k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Legal Structure

NACE primary	Overige activiteiten van uitgeverijen, met uitzondering van het uitgeven van software(58190)
Legal form	Foreign entity(030)
Incorporation	18-05-2005
Status	Active
Postal code	75011

Establishment units 1 location

CAIRN

Esplanade Simone VEIL 1, 4000 LiègeUitgeverijen van tijdschriften

since 20052.147.117.170

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62814C0006/00G002	Wallonia	6,004 m²	-	-

Methodology

via establishment units: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 12 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025

27-08-2025

NBB filing Annual accounts filed

fiscal year 2024 · ander

2024

30-08-2024

NBB filing Annual accounts filed

fiscal year 2023 · ander

2023

10-07-2023

NBB filing Annual accounts filed

fiscal year 2022 · volledig

2022

27-12-2022

State Gazette act Capital & shares

Michel COEME

09-08-2022

State Gazette act Capital & shares

Manon DEPREZ

15-06-2022

NBB filing Annual accounts filed

fiscal year 2021 · volledig

2021

08-07-2021

NBB filing Annual accounts filed

fiscal year 2020 · volledig

2020

03-09-2020

NBB filing Annual accounts filed

fiscal year 2019 · volledig

2019

30-07-2019

NBB filing Annual accounts filed

fiscal year 2018 · volledig

2018

20-08-2018

NBB filing Annual accounts filed

fiscal year 2017 · volledig

2017

04-08-2017

NBB filing Annual accounts filed

fiscal year 2016 · volledig

2016

20-07-2016

NBB filing Annual accounts filed

fiscal year 2015 · volledig

Belgian State Gazette reading coverage 0 of 14 acts read

We know of 14 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 2 acts

Capital history · 2

27-12-2022

Capital change

09-08-2022

Capital change

All acts · 2 updated 3 years ago

2022

27-12-2022 All shares are now held by a single shareholder Capital & shares·Michel COEME

Notary: Michel COEME · Tilleur

Original publication ↗

Technical details

{
  "events": [
    {
      "kind": "eenhoofdigheid_declaration",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    }
  ],
  "notary": {
    "name": "Michel COEME",
    "firm_city": null,
    "firm_name": null,
    "office_city": "Tilleur",
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2022-12-27",
    "filing_date": "2022-12-12",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decision": {
    "body": "assembl\u00E9e_generale_extraordinaire",
    "act_date": "2022-12-05",
    "unanimous": true,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2022-12-05"
  },
  "bedrijfsrevisor": {
    "waived": false,
    "firm_kbo": null,
    "firm_name": "SRL 3R, Leboutte \u0026 Co",
    "ibr_number": null,
    "mission_type": "apport_nature",
    "individual_name": "Samiel RAHIER"
  },
  "subject_company": {
    "kbo": "0873.856.568",
    "name_full": "CAIRN",
    "legal_form": "soci\u00E9t\u00E9 anonyme",
    "is_foreign_registered": true
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [
    "expedition"
  ],
  "shareholders_after": [],
  "share_classes_after": []
}

09-08-2022 Capital increase of €0 to €701,713.80 Capital & shares·Manon DEPREZ

€701.713,80 → €701.713,80

Notary: Manon DEPREZ · Tilleur

Original publication ↗

Technical details

{
  "events": [
    {
      "kind": "share_buyback",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "subscribers": [
        {
          "kbo": null,
          "rrn": null,
          "kind": "org",
          "name": "NOSHAQ SPIN-OFFS",
          "share_class": "C",
          "liberation_pct": 100.0,
          "contribution_kind": null,
          "n_shares_subscribed": 600,
          "contribution_amount_eur": 315000.0
        },
        {
          "kbo": null,
          "rrn": null,
          "kind": "org",
          "name": "GESVAL",
          "share_class": "C",
          "liberation_pct": 100.0,
          "contribution_kind": null,
          "n_shares_subscribed": 800,
          "contribution_amount_eur": 420000.0
        }
      ],
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "share_buyback",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "subscribers": [
        {
          "kbo": null,
          "rrn": null,
          "kind": "org",
          "name": "NOSHAQ SPIN-OFFS",
          "share_class": "C",
          "liberation_pct": 100.0,
          "contribution_kind": null,
          "n_shares_subscribed": 600,
          "contribution_amount_eur": 315000.0
        },
        {
          "kbo": null,
          "rrn": null,
          "kind": "org",
          "name": "GESVAL",
          "share_class": "C",
          "liberation_pct": 100.0,
          "contribution_kind": null,
          "n_shares_subscribed": 800,
          "contribution_amount_eur": 420000.0
        }
      ],
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "capital_increase",
      "after_eur": 701713.8,
      "delta_eur": 0.0,
      "before_eur": 701713.8,
      "share_emission": {
        "agio_eur": null,
        "share_form": "no_nominal_value",
        "share_class": null,
        "n_new_shares": 6593,
        "with_new_shares": true,
        "nominal_value_eur": null,
        "issue_price_per_share_eur": null
      },
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "share_class_creation",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "share_emission": {
        "agio_eur": null,
        "share_form": null,
        "share_class": "A",
        "n_new_shares": 1494,
        "with_new_shares": true,
        "nominal_value_eur": null,
        "issue_price_per_share_eur": null
      },
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "share_class_creation",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "share_emission": {
        "agio_eur": null,
        "share_form": null,
        "share_class": "B",
        "n_new_shares": 3735,
        "with_new_shares": true,
        "nominal_value_eur": null,
        "issue_price_per_share_eur": null
      },
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "share_class_creation",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "share_emission": {
        "agio_eur": null,
        "share_form": null,
        "share_class": "C",
        "n_new_shares": 1364,
        "with_new_shares": true,
        "nominal_value_eur": null,
        "issue_price_per_share_eur": null
      },
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    }
  ],
  "notary": {
    "name": "Manon DEPREZ",
    "firm_city": null,
    "firm_name": null,
    "office_city": "Tilleur",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2022-08-09",
    "filing_date": "2005-05-13",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "act_date": "2022-07-01",
    "unanimous": true,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2022-07-01"
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "0873.856.568",
    "name_full": "CAIRN",
    "legal_form": "Soci\u00E9t\u00E9 anonyme",
    "is_foreign_registered": false
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [
    "expedition"
  ],
  "shareholders_after": [
    {
      "kbo": null,
      "pct": null,
      "kind": "org",
      "name": "NOSHAQ SPIN-OFFS",
      "role": null,
      "n_shares": 0,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "org",
      "name": "GESVAL",
      "role": null,
      "n_shares": 0,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Alain Garmier",
      "role": null,
      "n_shares": null,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Fran\u00E7ois G\u00E8ze",
      "role": null,
      "n_shares": null,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Fran\u00E7ois Pichault",
      "role": null,
      "n_shares": null,
      "share_class": null
    }
  ],
  "share_classes_after": [
    {
      "n_shares": 1494,
      "class_name": "A",
      "capital_share_eur": null,
      "voting_rights_per_share": 1.0
    },
    {
      "n_shares": 3735,
      "class_name": "B",
      "capital_share_eur": null,
      "voting_rights_per_share": 1.0
    },
    {
      "n_shares": 1364,
      "class_name": "C",
      "capital_share_eur": null,
      "voting_rights_per_share": 1.0
    }
  ]
}

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Overige activiteiten van uitgeverijen, met uitzondering van het uitgeven van software58190

Primary activity highlighted.

Names & trade names

Legal nameFR

CAIRN.INFO

Registered office

Avenue Ledru-Rollin 127

75011 Paris, France

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.

Similar companies Comparable size · 41 of 717 companies in this sector with filed accounts

EU DisinfoLab BE 0685.936.389 · Brussel

European Conference of Transport Research Institutes BE 0831.370.370 · Brussel

FEDERATION BELGE DU SECTEUR DE L'EAU - BELGISCHE FEDERATIE VOOR DE WATERSECTOR BE 0407.781.169 · Brussel

Centre International d'Etude de Tantale et de Niobium - Tantalum-Niobium International Study Center BE 0414.408.447 · Lasne

P. en T. Production BE 0425.713.303 · Watermaal-Bosvoorde