4CE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 24 filings
Turnover
≈ €480,000
Estimated: probably between €370,000 and €720,000
Total assets
€648,514▼ 51.0%
2024 · €1.3m
Net result
-€156,842▼ 509%
2024 · -€25,761
Working capital
€635,350▲ 152%
2024 · €252,250
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€144,182
2025
20182025
Net result
-€156,842
▼ 509%
2025
lowest quarter of the sector
20182025
Equity
€644,342
▼ 19.6%
2025
highest quarter of the sector
20182025
Total assets
€648,514
▼ 51.0%
2025
middle half of the sector
20182025
Debt
€4,172
▼ 99.2%
2025
20182025
Working capital
€635,350
▲ 152%
2025
highest quarter of the sector
20182025
Solvency
99.4%
▲ 38.9pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
-24.2%
▼ 22.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.03m▼ 87.5%-€0.03m€0.3m€0.8m▲ 205%€0.7m▼ 8.6%€0.2m▼ 77.8%-€0.1m
Net result€0.2m-€0.01m▼ 93.4%-€0.02mbelow the sector's middle half€0.2mabove the sector's middle half€0.6mabove the sector's middle half▲ 211%€0.5mabove the sector's middle half▼ 9.2%-€0.03mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 509%
Equity€0.2m-€0.2m▲ 5.6%€0.2mwithin the sector's middle half▼ 8.9%€0.2mwithin the sector's middle half▲ 1.5%€0.3mwithin the sector's middle half▲ 79.9%€0.8mabove the sector's middle half▲ 166%€0.8mabove the sector's middle half▼ 3.1%€0.6mabove the sector's middle half▼ 19.6%
Total assets€0.7m-€0.8m▲ 12.3%€0.7mwithin the sector's middle half▼ 7.1%€0.9mwithin the sector's middle half▲ 22.6%€2.1mabove the sector's middle half▲ 140%€2.0mabove the sector's middle half▼ 7.0%€1.3mwithin the sector's middle half▼ 32.7%€0.6mwithin the sector's middle half▼ 51.0%
Debt€0.5m-€0.6m▲ 14.7%€0.5m▼ 6.6%€0.7m▲ 29.1%€1.8m▲ 155%€1.1m▼ 36.8%€0.5m▼ 54.1%€0.004m▼ 99.2%
Working capital-€0.02m--€0.1m▼ 459%-€0.1mbelow the sector's middle half▼ 19.5%-€0.2mbelow the sector's middle half▼ 29.3%-€0.1mbelow the sector's middle half▲ 29.3%€0.2mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 23.1%€0.6mabove the sector's middle half▲ 152%
Solvency25.7%-24.2%▼ 1.5pp23.7%within the sector's middle half▼ 0.5pp19.7%within the sector's middle half▼ 4.1pp14.7%below the sector's middle half▼ 4.9pp42.0%within the sector's middle half▲ 27.3pp60.5%within the sector's middle half▲ 18.4pp99.4%above the sector's middle half▲ 38.9pp
Current ratio0.93-0.52▼ 0.410.40below the sector's middle half▼ 0.120.61below the sector's middle half▲ 0.210.85below the sector's middle half▲ 0.231.57within the sector's middle half▲ 0.723.02within the sector's middle half▲ 1.46
Return on assets (ROA)22.2%-1.3%▼ 20.9pp-2.3%below the sector's middle half▼ 3.6pp20.7%above the sector's middle half▲ 23.1pp26.8%above the sector's middle half▲ 6.1pp26.2%above the sector's middle half▼ 0.6pp-1.9%below the sector's middle half▼ 28.2pp-24.2%below the sector's middle half▼ 22.2pp
Staff (FTE)0.5-0.5=0.8below the sector's middle half▲ 60.0%1below the sector's middle half▲ 25.0%0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 €144,182, after a profit of €158,064 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2023 Equity +166% on 2022. Merger absorbing QINT, Official Gazette 05-01-2023.
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 €648,514
Fixed assets
€8,992 ▼ 99.1%
Current assets
€639,522 ▲ 69.7%
Equity and liabilities €648,514
Equity
€644,342 ▼ 19.6%
Debt
€4,172 ▼ 99.2%
Debt's share of the balance-sheet total falls from 39.5% to 0.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€140,422▼
2024 · €196,060
Cash flow
-€153,081▼
2024 · €12,235
Debt to equity
0.01▼
2024 · 0.65
ROE
-24.3%▼
2024 · -3.2%
Interest coverage
-9.62▼
2024 · 5.45
Debt ≤ 1 year
€4,172▼
2024 · €124,601
Debt > 1 year
€0▼
2024 · €398,829
Income taxes
€601
Staff costs
€181,270▼
2024 · €181,730
A ratio outside any meaningful range has been withheld (balance sheet total €648,514, equity €644,342).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2021 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €302,987 | - | - | - | - |
| Debts guaranteed by Belgian public bodies | - | - | €562,440 | €282,917 | - |
| Mortgages, amount registered | €587,400 | - | €1.0m | €1.0m | - |
| Mortgage mandates | - | - | €25,000 | €25,000 | - |
| Carrying value of the mortgaged assets | €599,548 | - | €1.3m | €925,837 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,028 | €769,601 | €10,158 | €1,485 | €3,434 |
| Intangible fixed assets | - | €15,660 | - | - | - |
| Depreciation and write-downs of the year | €24,812 | €45,956 | €60,174 | €37,996 | €3,761 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.01m | €0.005m | - | €0.06m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.03m | €0.03m | €0.02m | €0.05m | €0.06m | €0.04m | €0.004m | ▼ 90.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.004m | - |
| Other operating charges640/8 | - | - | - | €0.006m | €0.06m | €0.009m | €0.01m | €0.01m | ▼ 30.8% |
| Non-recurring operating charges66A | - | - | - | - | €0.02m | - | - | €0.2m | - |
| Gross operating margin9900 | €0.5m | €0.3m | €0.2m | €0.4m | €1.0m | €0.9m | €0.4m | €0.2m | ▼ 39.8% |
| Operating profit (loss)9901 | €0.2m | €0.03m | -€0.03m | €0.3m | €0.8m | €0.7m | €0.2m | -€0.1m | - |
| Financial income75/76B | - | - | - | €0.01m | €4 | €0.002m | €0.2m | €0.003m | ▼ 98.9% |
| Recurring financial income75 | - | €1 | €2 | €31 | €4 | €0.002m | €5 | €0.003m | ▲ 517× |
| Non-recurring financial income76B | - | - | - | €0.01m | - | - | €0.2m | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.03m | €0.4m | €0.01m | ▼ 96.5% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.03m | €0.04m | €0.01m | ▼ 59.4% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.4m | - | - |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.02m | -€0.02m | €0.2m | €0.8m | €0.7m | -€0.03m | -€0.2m | ▼ 506% |
| Income taxes67/77 | €0.06m | €0.006m | €0.001m | €0.06m | €0.2m | €0.2m | - | €0.001m | - |
| Profit (loss) for the period9904 | €0.2m | €0.01m | -€0.02m | €0.2m | €0.6m | €0.5m | -€0.03m | -€0.2m | ▼ 509% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0.004m | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.01m | -€0.02m | €0.2m | €0.6m | €0.5m | -€0.03m | -€0.2m | ▼ 493% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.8m | €0.7m | €0.9m | €2.1m | €2.0m | €1.3m | €0.6m | ▼ 51.0% |
| Formation expenses20 | - | - | - | - | - | €0 | - | - | - |
| Fixed assets21/28 | €0.4m | €0.7m | €0.6m | €0.6m | €1.5m | €1.4m | €0.9m | €0.009m | ▼ 99.1% |
| Intangible fixed assets21 | - | €0.003m | €0.003m | €0.002m | €0.02m | €0.01m | €0.009m | €0.006m | ▼ 33.6% |
| Tangible fixed assets22/27 | €0.4m | €0.6m | €0.6m | €0.6m | €1.4m | €1.4m | €0.9m | €0.003m | ▼ 99.7% |
| Land and buildings22 | - | - | - | €0.6m | €1.4m | €1.4m | €0.9m | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.007m | €0.02m | €0.01m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.001m | €0 | - | €0.003m | - |
| Current assets29/58 | €0.3m | €0.1m | €0.09m | €0.3m | €0.7m | €0.6m | €0.4m | €0.6m | ▲ 69.7% |
| Amounts receivable within one year40/41 | €0.3m | €0.1m | €0.08m | €0.3m | €0.5m | €0.5m | €0.2m | €0.2m | ▼ 1.5% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.2m | €0.05m | €0.1m | ▲ 107% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.2m | €0.3m | €0.2m | €0.1m | ▼ 32.6% |
| Current investments50/53 | €0.001m | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €0.001m | €0.001m | €0.001m | €0.2m | €0.09m | €0.1m | €0.4m | ▲ 237% |
| Deferred charges and accrued income490/1 | - | - | - | €142 | €0.005m | €0.008m | €0.02m | €0.02m | ▼ 17.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.8m | €0.7m | €0.9m | €2.1m | €2.0m | €1.3m | €0.6m | ▼ 51.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.8m | €0.8m | €0.6m | ▼ 19.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.5m | ▲ 87× |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €0.004m | - | - | - | - | - |
| Own shares acquired1312 | - | - | - | - | - | - | - | €0 | - |
| Other1319 | - | - | - | - | €0.004m | €0.004m | €0.004m | - | - |
| Tax-exempt reserves132 | - | - | - | €0.002m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €0.002m | €0.002m | €0.002m | €0.5m | ▲ 283× |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.7m | €0.7m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.5m | €0.6m | €0.5m | €0.7m | €1.8m | €1.1m | €0.5m | €0.004m | ▼ 99.2% |
| Amounts payable after more than one year17 | €0.2m | €0.4m | €0.3m | €0.3m | €0.9m | €0.8m | €0.4m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €0.3m | €0.9m | €0.8m | €0.4m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.2m | €0.4m | €0.8m | €0.4m | €0.1m | €0.004m | ▼ 96.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.1m | €0.1m | €0.07m | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €0.02m | €0.1m | €0.1m | - | - | - |
| Credit institutions430/8 | - | - | - | €0.02m | €0.1m | €0.1m | - | - | - |
| Trade debts44 | €0.05m | €0.01m | €0.01m | €0.04m | €0.1m | €0.1m | €0.02m | €0.002m | ▼ 91.9% |
| Suppliers440/4 | - | - | - | €0.04m | €0.1m | €0.1m | €0.02m | €0.002m | ▼ 91.9% |
| Advances received on contracts in progress46 | - | - | - | €302 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.01m | €0.02m | €0.001m | €0.001m | ▼ 31.5% |
| Taxes450/3 | - | - | - | €0.05m | €0.01m | €0.01m | €0.001m | €0.001m | ▼ 31.5% |
| Remuneration and social security454/9 | - | - | - | €0.008m | €0.001m | €0.007m | - | €0 | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.01m | €0.03m | €0.002m | ▼ 94.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.2m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €152,746 | €10,005 | -€16,733 | €182,569 | €567,834 | €515,483 | -€25,761 | -€156,842 | ▼ 509% |
| + Depreciation and write-downs630 | €42,663 | €25,552 | €26,065 | €24,812 | €45,956 | €60,174 | €37,996 | €3,761 | ▼ 90.1% |
| Operating cash flow (approximation) | €195,409 | €35,557 | €9,332 | €207,380 | €613,790 | €575,657 | €12,235 | -€153,081 | - |
| Investment in fixed assets (approximation) | - | -€270,635 | -€2,348 | -€7,028 | -€885,261 | -€10,158 | €414,810 | €935,009 | ▲ 125% |
| Change in cash | - | - | -€640 | -€106 | €172,191 | -€85,098 | €26,295 | €269,805 | ▲ 926% |
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, 929 companies had the same profile as 4CE has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of 4CE itself: 0.2% 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 929 companies, not a prediction for 4CE. 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.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00272230 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00230277 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00179809 | |
| 31-12-2022 | abbreviated format | 19-04-2023 | 2023-00062355 | |
| 31-12-2021 | abbreviated format | 09-05-2022 | 2022-20023060 | |
| 31-12-2020 | abbreviated format | 25-06-2021 | 2021-24400278 | |
| 31-12-2019 | abbreviated format | 20-05-2020 | 2020-12600509 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-22000367 | |
| 31-12-2017 | abbreviated format | 11-05-2018 | 2018-12800186 | |
| 31-12-2016 | abbreviated format | 28-04-2017 | 2017-10800356 |