c-clima
ActiveSummary
c-clima has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €59,174 and a net result of -€12,051. Equity is shrinking by ~26.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 19% of 7930 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability29▼-36
Solvency43▲+7
Growth32=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 1.59 in 2024; short-term debt: 28% and cash: 5.3% of total assets), and 81.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.3%
Return on assets
-3.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 7930 sector peers (2025).
NBB · sector comparisonPosition among 7930 sector peers
Solvency
better than 19%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €59,174
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
29 d late
2023
43 d early
2022
32 d early
2021
23 d early
2020
32 d late
2019
109 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 14 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 8 July (4 of the last 5 filed years within 49 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€59,174▲ 78.1%
2024 · €33,225
Total assets
€323,809▲ 4.2%
2024 · €310,741
Net result
-€12,051▼ 27.8%
2024 · -€9,429
Working capital
€2,883▼ 93.6%
2024 · €45,144
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€51,137-€65,112▼ 27.3%-€32,121▲ 50.7%€38,465-€3,654
Net result-€61,635below the sector's middle half-€77,559below the sector's middle half▼ 25.8%-€15,723below the sector's middle half▲ 79.7%-€9,429below the sector's middle half▲ 40.0%-€12,051below the sector's middle half▼ 27.8%
Equity€135,937within the sector's middle half▼ 37.9%€58,377below the sector's middle half▼ 57.1%€42,654below the sector's middle half▼ 26.9%€33,225below the sector's middle half▼ 22.1%€59,174below the sector's middle half▲ 78.1%
Total assets€718,437within the sector's middle half▲ 9.4%€637,590within the sector's middle half▼ 11.3%€384,202below the sector's middle half▼ 39.7%€310,741below the sector's middle half▼ 19.1%€323,809within the sector's middle half▲ 4.2%
Debt€582,500▲ 33.2%€579,212▼ 0.6%€341,547▼ 41.0%€277,515▼ 18.7%€264,636▼ 4.6%
Working capital€76,291within the sector's middle half▼ 43.5%-€10,252below the sector's middle half-€50,736below the sector's middle half▼ 395%€45,144within the sector's middle half€2,883below the sector's middle half▼ 93.6%
Solvency18.9%below the sector's middle half▼ 14.4pp9.2%below the sector's middle half▼ 9.8pp11.1%below the sector's middle half▲ 1.9pp10.7%below the sector's middle half▼ 0.4pp18.3%below the sector's middle half▲ 7.6pp
Current ratio1.42within the sector's middle half▼ 0.490.96below the sector's middle half▼ 0.470.48below the sector's middle half▼ 0.481.59within the sector's middle half▲ 1.111.03below the sector's middle half▼ 0.56
Return on assets (ROA)-8.6%below the sector's middle half▼ 13.2pp-12.2%below the sector's middle half▼ 3.6pp-4.1%below the sector's middle half▲ 8.1pp-3.0%below the sector's middle half▲ 1.1pp-3.7%below the sector's middle half▼ 0.7pp
Staff (FTE)4.7within the sector's middle half▲ 51.6%5.3within the sector's middle half▲ 12.8%0below the sector's middle half▼ 100%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €3,654 after €38,465 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €312,663
Fixed assets
€219,167 ▲ 23.9%
Current assets
€93,496 ▼ 23.1%
Equity and liabilities €323,809
Equity
€59,174 ▲ 78.1%
Debt
€264,636 ▼ 4.6%
Debt's share of the balance-sheet total falls from 89.3% to 81.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€17,553▼
2024 · €63,136
Cash flow
€9,155▼
2024 · €15,242
Debt to equity
4.47▼
2024 · 8.35
ROE
-20.4%▲
2024 · -28.4%
Interest coverage
1.75▼
2024 · 10.26
Debt ≤ 1 year
€90,613▲
2024 · €76,409
Debt > 1 year
€174,022▼
2024 · €201,107
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,166 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.2%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,166 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €6,576 | - | - | €65,481 | - | - |
| Remuneration, social security and pensions62 | €227,106 | €270,105 | -€3,258 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,375 | €65,308 | €60,694 | €24,671 | €21,207 | ▼ 14.0% |
| Other operating charges640/8 | €4,223 | €4,096 | €4,510 | €3,882 | €1,747 | ▼ 55.0% |
| Non-recurring operating charges66A | - | - | €3,197 | - | - | - |
| Gross operating margin9900 | €237,566 | €274,397 | €33,020 | €67,018 | €19,300 | ▼ 71.2% |
| Operating profit (loss)9901 | -€51,137 | -€65,112 | -€32,121 | €38,465 | -€3,654 | ▼ 109% |
| Financial income75/76B | €110 | €2,090 | €29,805 | - | €1,610 | - |
| Recurring financial income75 | €110 | €874 | €305 | - | €1,610 | - |
| Non-recurring financial income76B | - | €1,215 | €29,500 | - | - | - |
| Financial charges65/66B | €10,608 | €15,175 | €13,406 | €47,822 | €10,007 | ▼ 79.1% |
| Recurring financial charges65 | €10,608 | €15,175 | €13,406 | €6,152 | €10,007 | ▲ 62.7% |
| Non-recurring financial charges66B | - | - | - | €41,670 | - | - |
| Profit (loss) for the period before taxes9903 | -€61,635 | -€78,197 | -€15,723 | -€9,357 | -€12,051 | ▼ 28.8% |
| Income taxes67/77 | - | -€638 | €0 | €72 | - | - |
| Profit (loss) for the period9904 | -€61,635 | -€77,559 | -€15,723 | -€9,429 | -€12,051 | ▼ 27.8% |
| Profit (loss) for the period to be appropriated9905 | -€61,635 | -€77,559 | -€15,723 | -€9,429 | -€12,051 | ▼ 27.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €718,437 | €637,590 | €384,202 | €310,741 | €323,809 | ▲ 4.2% |
| Formation expenses20 | €15,605 | €14,490 | €13,375 | €12,261 | €11,146 | ▼ 9.1% |
| Fixed assets21/28 | €446,610 | €387,842 | €324,566 | €176,928 | €219,167 | ▲ 23.9% |
| Intangible fixed assets21 | €8,686 | €6,689 | €5,243 | - | €31,514 | - |
| Tangible fixed assets22/27 | €429,724 | €370,452 | €309,122 | €166,728 | €146,653 | ▼ 12.0% |
| Land and buildings22 | €310,707 | €282,090 | €253,709 | €166,728 | €146,653 | ▼ 12.0% |
| Plant, machinery and equipment23 | €6,971 | €4,303 | €2,011 | - | - | - |
| Furniture and vehicles24 | €112,047 | €84,058 | €53,402 | - | - | - |
| Financial fixed assets28 | €8,200 | €10,700 | €10,200 | €10,200 | €41,000 | ▲ 302% |
| Current assets29/58 | €256,222 | €235,258 | €46,261 | €121,552 | €93,496 | ▼ 23.1% |
| Stocks and contracts in progress3 | €39,790 | €76,719 | €0 | - | - | - |
| Stocks30/36 | €39,790 | €76,719 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €146,389 | €96,873 | €37,994 | €104,113 | €76,279 | ▼ 26.7% |
| Trade receivables40 | €79,426 | €32,539 | €1,604 | €27,778 | €9,200 | ▼ 66.9% |
| Other amounts receivable41 | €66,963 | €64,334 | €36,390 | €76,336 | €67,079 | ▼ 12.1% |
| Cash at bank and in hand54/58 | €67,468 | €58,577 | €6,743 | €17,439 | €17,218 | ▼ 1.3% |
| Deferred charges and accrued income490/1 | €2,575 | €3,088 | €1,524 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €718,437 | €637,590 | €384,202 | €310,741 | €323,809 | ▲ 4.2% |
| Equity10/15 | €135,937 | €58,377 | €42,654 | €33,225 | €59,174 | ▲ 78.1% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Revaluation surpluses12 | - | - | - | - | €38,000 | - |
| Reserves13 | €123,537 | €45,977 | €45,977 | €45,977 | €8,774 | ▼ 80.9% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €121,677 | €44,117 | €44,117 | €44,117 | €6,914 | ▼ 84.3% |
| Profit (loss) carried forward14 | - | - | -€15,723 | -€25,152 | - | - |
| Amounts payable17/49 | €582,500 | €579,212 | €341,547 | €277,515 | €264,636 | ▼ 4.6% |
| Amounts payable after more than one year17 | €402,569 | €331,182 | €243,557 | €201,107 | €174,022 | ▼ 13.5% |
| Financial debts170/4 | €402,569 | €331,182 | €243,557 | €201,107 | €174,022 | ▼ 13.5% |
| Amounts payable within one year42/48 | €179,931 | €245,510 | €96,997 | €76,409 | €90,613 | ▲ 18.6% |
| Current portion of amounts payable after more than one year42 | €74,457 | €71,387 | €80,536 | €58,418 | €27,084 | ▼ 53.6% |
| Financial debts43 | €671 | - | - | - | €50,000 | - |
| Credit institutions430/8 | €671 | - | - | - | - | - |
| Other loans439 | - | - | - | - | €50,000 | - |
| Trade debts44 | €52,989 | €123,817 | €13,150 | €15,207 | €7,699 | ▼ 49.4% |
| Suppliers440/4 | €52,989 | €123,817 | €13,150 | €15,207 | €7,699 | ▼ 49.4% |
| Taxes, remuneration and social security45 | €27,456 | €26,073 | €3,161 | €2,476 | €4,446 | ▲ 79.6% |
| Taxes450/3 | €1,929 | €1,268 | €3,161 | €2,476 | €4,446 | ▲ 79.6% |
| Remuneration and social security454/9 | €25,528 | €24,804 | €0 | - | - | - |
| Other amounts payable47/48 | €24,358 | €24,233 | €150 | €308 | €1,384 | ▲ 349% |
| Accrued charges and deferred income492/3 | - | €2,520 | €994 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€61,635 | -€77,559 | -€15,723 | -€9,429 | -€12,051 | ▼ 27.8% |
| + Depreciation and write-downs630 | €57,375 | €65,308 | €60,694 | €24,671 | €21,207 | ▼ 14.0% |
| Operating cash flow (approximation) | -€4,260 | -€12,251 | €44,971 | €15,242 | €9,155 | ▼ 39.9% |
| Investment in fixed assets (approximation) | - | -€6,540 | €2,582 | €122,967 | -€63,446 | ▼ 152% |
| Change in cash | - | -€8,890 | -€51,834 | €10,696 | -€221 | ▼ 102% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 26 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Liquidity triplescurrent ratio 1.59
Current ratio from 0.48 to 1.59; short-term debt falls from €96,997 to €76,409.
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€77,559
Net result drops to -€77,559, the lowest in the series; recovery starts the following year.
08-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
01-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 32 days late
2020
31-12
Financial
Highest result since 2018net €30,123 ▲419%
Operating result €46,894, net result €30,123, both a record.
31-12
Financial
Equity above €200,000Eq €219,000 ▲15.9%
3 profitable years in a row build equity to €219,000.
17-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 109 days late
2019
19-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 19 days late
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 21 days late
2017
04-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 4 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Evergem · 1 establishment unit since 2010
Ground area
8.0 ha
Building footprint
2.4 ha
Volume, LiDAR
311,328 m³
Parcel 44302E0419/00G000, Flanders · tallest building 15.4 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
c-clima
since 20102.190.467.460
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44302E0419/00G000 | Flanders | 8.0 ha | 1 · 2.4 ha | 15.4 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
40%
According to the 2025 annual accounts of c-clima and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 3 entries · 2,800 EUR awarded · 2,800 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 1,278 EUR | 1,278 EUR |
| 2022 | 2 | 1,522 EUR | 1,522 EUR |
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Of 4,269 companies in sector 43230 we hold annual accounts for 1,239. 1,035 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded14-07-2010
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
28250Manufacture of machinery and equipment not elsewhere classified
Contact
E-mail
cedric@cw-clima.be
Phone
0478443488
Website
www.cw-clima.beEvergem
E-mail
info@cw-clima.beEvergem
E-invoicing
Reachable via Peppol
Peppol ID
0208:0827813836
Also
9925:BE0827813836
Registered
01-10-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.