C-GAMES
ActiveSummary
The annual accounts of C-GAMES for fiscal year 2025 show a net loss of 76% of total assets. The 2025 annual accounts show equity of €138,636 and a net result of -€258,169. Equity remains stable across the filed fiscal years (±2% per year). Its solvency ranks better than 54% of 924 sector peers (fiscal year 2025). The company has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2023
Profitability0▼-77
Solvency66▼-34
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.94 against 4.78 in 2023; short-term debt: 59.3% and cash: 20.8% of total assets), and 59.3% of the assets are financed with debt.
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Signals
Five 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 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% 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
40.7%
Return on assets
-75.7%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2023
44 d early
2022
80 d early
2021
67 d early
2020
2 d early
2019
69 d early
2018
107 d early
← 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 53 days before the deadline; the sector median for financial year 2023 is 2 days before the deadline, and 41% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€138,636▼ 72.1%
2023 · €496,804
Total assets
€340,939▼ 43.1%
2023 · €599,529
Net result
-€258,169
2023 · €41,791
Working capital
-€12,245
2023 · €308,874
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232025
Operating result-€49,460▼ 390%€103,950€16,526▼ 84.1%€47,952▲ 190%-€225,440-
Net result-€55,538▼ 342%€89,900€13,328▼ 85.2%€41,791▲ 214%-€258,169-
Equity€354,218▼ 13.6%€443,318▲ 25.2%€455,846▲ 2.8%€496,804▲ 9.0%€138,636-
Total assets€708,893▼ 24.8%€691,399▼ 2.5%€618,793▼ 10.5%€599,529▼ 3.1%€340,939-
Debt€354,675▼ 33.4%€248,081▼ 30.1%€162,947▼ 34.3%€102,725▼ 37.0%€202,304-
Working capital€54,872▲ 334%€196,475▲ 258%€223,541▲ 13.8%€308,874▲ 38.2%-€12,245-
Staff (FTE)2.8▼ 26.3%2.8=2▼ 28.6%2=2-
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result is -€225,440 in 2025, compared with €47,952 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €340,939
Fixed assets
€150,881 ▼ 27.8%
Current assets
€190,058 ▼ 51.3%
Equity and liabilities €340,939
Equity
€138,636 ▼ 72.1%
Debt
€202,304 ▲ 96.9%
Debt's share of the balance-sheet total rises from 17.1% to 59.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€153,448▼
2023 · €138,906
Cash flow
-€186,177▼
2023 · €132,745
Current ratio
0.94▼
2023 · 4.78
Debt to equity
1.46▲
2023 · 0.21
ROE
-186.2%▼
2023 · 8.4%
ROA
-75.7%▼
2023 · 7.0%
Interest coverage
-43.96▼
2023 · 73.35
Debt ≤ 1 year
€202,304▲
2023 · €81,649
Debt > 1 year
€0▼
2023 · €17,600
Income taxes
€29,646▲
2023 · €4,425
Staff costs
€298,944▲
2023 · €162,103
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,827 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
14%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,058 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% | 1.6% |
| 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 74% 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 5,827 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 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €99,067 | €138,673 | €162,103 | €298,944 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €181,763 | €103,122 | €94,106 | €90,954 | €71,992 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €13,308 | - |
| Other operating charges640/8 | - | €90,489 | €271,977 | €263,924 | €565,301 | - |
| Gross operating margin9900 | €340,894 | €396,629 | €521,282 | €564,932 | €724,104 | - |
| Operating profit (loss)9901 | -€49,460 | €103,950 | €16,526 | €47,952 | -€225,440 | - |
| Financial income75/76B | - | €275 | €446 | €158 | €408 | - |
| Recurring financial income75 | €0 | €275 | €446 | €158 | €408 | - |
| Financial charges65/66B | - | €5,025 | €2,093 | €1,894 | €3,491 | - |
| Recurring financial charges65 | €5,644 | €5,025 | €2,093 | €1,894 | €3,491 | - |
| Profit (loss) for the period before taxes9903 | -€55,104 | €99,200 | €14,879 | €46,216 | -€228,522 | - |
| Income taxes67/77 | €434 | €9,300 | €1,552 | €4,425 | €29,646 | - |
| Profit (loss) for the period9904 | -€55,538 | €89,900 | €13,328 | €41,791 | -€258,169 | - |
| Profit (loss) for the period to be appropriated9905 | -€55,538 | €89,900 | €13,328 | €41,791 | -€258,169 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €708,893 | €691,399 | €618,793 | €599,529 | €340,939 | - |
| Fixed assets21/28 | €448,772 | €354,462 | €291,811 | €209,007 | €150,881 | - |
| Intangible fixed assets21 | €100,000 | €100,000 | €100,000 | €100,000 | €0 | - |
| Tangible fixed assets22/27 | €344,240 | €249,929 | €187,278 | €104,474 | €146,349 | - |
| Land and buildings22 | - | - | €4,706 | €4,204 | €0 | - |
| Plant, machinery and equipment23 | - | €150,626 | €86,476 | €10,326 | €52,632 | - |
| Furniture and vehicles24 | - | €5,520 | €6,026 | €3,590 | €2,369 | - |
| Other tangible fixed assets26 | - | €93,784 | €90,070 | €86,354 | €91,348 | - |
| Financial fixed assets28 | €4,532 | €4,532 | €4,532 | €4,532 | €4,532 | - |
| Current assets29/58 | €260,121 | €336,937 | €326,982 | €390,523 | €190,058 | - |
| Amounts receivable within one year40/41 | €168,199 | €261,586 | €168,537 | €263,450 | €117,792 | - |
| Trade receivables40 | - | €75,978 | €32,992 | €47,734 | €72,042 | - |
| Other amounts receivable41 | - | €185,608 | €135,545 | €215,715 | €45,750 | - |
| Cash at bank and in hand54/58 | €87,745 | €72,334 | €156,674 | €125,955 | €70,944 | - |
| Deferred charges and accrued income490/1 | - | €3,017 | €1,772 | €1,118 | €1,322 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €708,893 | €691,399 | €618,793 | €599,529 | €340,939 | - |
| Equity10/15 | €354,218 | €443,318 | €455,846 | €496,804 | €138,636 | - |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | - |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | - |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | - |
| Revaluation surpluses12 | - | €100,000 | €100,000 | €100,000 | €0 | - |
| Reserves13 | €163,608 | €252,708 | €265,236 | €306,194 | €306,194 | - |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €17,677 | €17,677 | - |
| Legal reserve130 | - | €6,200 | €6,200 | €17,677 | €17,677 | - |
| Distributable reserves133 | - | €246,508 | €259,036 | €288,518 | €288,518 | - |
| Profit (loss) carried forward14 | €28,610 | €28,610 | €28,610 | €28,610 | -€229,559 | - |
| Amounts payable17/49 | €354,675 | €248,081 | €162,947 | €102,725 | €202,304 | - |
| Amounts payable after more than one year17 | €146,606 | €97,583 | €52,800 | €17,600 | €0 | - |
| Financial debts170/4 | - | €97,583 | €52,800 | €17,600 | €0 | - |
| Amounts payable within one year42/48 | €205,249 | €140,462 | €103,442 | €81,649 | €202,304 | - |
| Current portion of amounts payable after more than one year42 | - | €73,533 | €44,783 | €35,200 | €0 | - |
| Trade debts44 | €26,728 | €17,478 | €604 | €3,616 | €128,154 | - |
| Suppliers440/4 | - | €17,478 | €604 | €3,616 | €128,154 | - |
| Taxes, remuneration and social security45 | - | €48,651 | €57,254 | €41,582 | €71,649 | - |
| Taxes450/3 | - | €28,093 | €35,229 | €16,710 | €51,135 | - |
| Remuneration and social security454/9 | - | €20,558 | €22,025 | €24,872 | €20,514 | - |
| Other amounts payable47/48 | - | €800 | €800 | €1,251 | €2,500 | - |
| Accrued charges and deferred income492/3 | - | €10,035 | €6,705 | €3,476 | €0 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€55,538 | €89,900 | €13,328 | €41,791 | -€258,169 | - |
| + Depreciation and write-downs630 | €181,763 | €103,122 | €94,106 | €90,954 | €71,992 | - |
| Operating cash flow (approximation) | €126,224 | €193,023 | €107,434 | €132,745 | -€186,177 | - |
| Investment in fixed assets (approximation) | - | -€8,812 | -€31,455 | -€8,150 | - | - |
| Change in cash | - | -€15,411 | €84,340 | -€30,719 | - | - |
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
2026
21-08
State Gazette act
RestructuringMerger · Accounting effect · Shareholding7 facts ▸
State Gazette act
Restructuring
Merger · Accounting effect · Shareholding7 facts ▸
- Merger, met fusie door overneming gelijkgestelde verrichting, artikel 12:7, 1° van het Wetboek van vennootschappen en verenigingen
- Accounting effect, 01-10-2026
- Other statement, geen tussentijdse cijfers opmaken, alle aandeelhouders en houders van andere effecten waaraan stemrecht is verbonden van alle vennootschappen die aan de fusie d…
- Shareholding, UNITED GAMES
- Other statement, geen aandeelhouders met bijzondere rechten of houders van andere effecten dan aandelen in de Over te Nemen Vennootschap
- Other statement, geen bijzonder voordeel toegekend aan de leden van de bestuursorganen van de te fuseren vennootschappen
- Other statement, geen eigenaar van onroerende goederen in Vlaanderen, Wallonië en/of Brussel, noch bezit zij enige zakelijke of persoonlijke rechten op onroerende goederen waarv…
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Weakest financial yearnet -€258,169
Net result drops to -€258,169, the lowest in the series.
2024
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
12-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €89,900
Net result €89,900 after 2 loss-making years.
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
23-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
15-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
24-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 55 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
28-09
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 59 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2001
Ground area
3,829 m²
Building footprint
2,396 m²
Volume, LiDAR
853 m³
2 parcels, Flanders · tallest building 8.0 m, ±2 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Reepstraat(Ned) 15, 9500 Geraardsbergen
since 20012.116.163.084
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44813S0395/00P003 | Flanders | 3,685 m² | 1 · 2,252 m² | - |
| 41043A0192/00R005 | Flanders | 144 m² | 1 · 144 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Purpose
De vennootschap heeft tot voorwerp: de terbeschikkingstelling en verhuur van automatische ontspanningstoestellen en andere toestellen, het uitbaten van een lunapark. De groot- en…
Full purpose (6 activities)
- De vennootschap heeft tot voorwerp: de terbeschikkingstelling en verhuur van automatische ontspanningstoestellen en andere toestellen, het uitbaten van een lunapark. De groot- en kleinhandel in automatische ontspanningstoestellen en andere toestellen, biljaren, biljartbenodigdheden, toebehoren en uitrustingsmateriaal. Onderhoud en herstel van de hiervoor vermelde toestellen. De vertegenwoordiging en optreden als tussenpersoon, in- en uitvoer van gezegde toestellen. Voormelde opsomming is niet beperkend. De vennootschap mag haar voorwerp verwezenlijken op om het even welke wijze en de manier die zij het best geschikt acht, zowel in België als in het buitenland. Verder mag de vennootschap alle transacties verrichten die rechtstreeks of onrechtstreeks ten goede komen van de uitbating, alle commerciële, industriële, financiële en burgerlijke handelingen die rechtstreeks of onrechtstreeks, geheel of gedeeltelijk, bij dit voorwerp aansluiten of de uitbreiding ervan kunnen bevorderen. Zij zal door alle middelen mogen samenwerken met of deelnemen aan alle ondernemingen of vennootschappen, in binnen- of buitenland, die eenzelfde, gelijkaardig of aanverwant voorwerp nastreven, of die van aard zijn grondstoffen of hulpstoffen of diensten te verschaffen of de afzet van haar producten of diensten te vergemakkelijken. Deze deelneming kan geschieden door inschrijving op of overname van aandelen, inbreng, fusie, opslorping. splitsing of welke wijze dan ook.
- De terbeschikkingstelling en verhuur van automatische ontspanningstoestellen en andere toestellen
- Het uitbaten van een lunapark
- De groot- en kleinhandel in automatische ontspanningstoestellen en andere toestellen, biljaren, biljartbenodigdheden, toebehoren en uitrustingsmateriaal
- Onderhoud en herstel van de hiervoor vermelde toestellen
- De vertegenwoordiging en optreden als tussenpersoon, in- en uitvoer van gezegde toestellen
Structure & network
Owners and holdings
1 ownerChain of control
- UNITED GROUP
- UNITED GAMES
- C-GAMES
Highest known parent: UNITED GROUP. The sources do not say who stands above it.
Owners 1
- UNITED GAMESparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
Acquisitions and mergers
1 transactionTaken over by:UNITED GAMES
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 21-08-2026 ↗
- UNITED GAMES all shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
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Of 1,188 companies in sector 77399 we hold annual accounts for 711. 503 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-12-2000
Fiscal year end30-09
Activities, NACEBEL 2025
46649Wholesale of other machinery and equipment
77399Renting and leasing of other machinery, equipment and tangible goods
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.