Summary
C2F1 has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €122.3m and a net result of -€7.9m. Equity is shrinking by ~4.4% per year across the filed fiscal years. Its solvency ranks better than 42% of 933 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
14 d early
2024
38 d early
2023
33 d late
2022
on the day
2021
9 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 2 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema, statutory accounts
In the rankings
#1 company by total assets in Temse, Administrative and support services sector#1 company by equity in Temse, Administrative and support services sector
Turnover
€6.9m▲ 13.6%
2024 · €6.1m
EBIT margin
-145.2%▲ 10.9pp
2024 · -156.1%
Net result
-€7.9m▼ 41.0%
2024 · -€5.6m
Working capital
-€90.6m▼ 50.2%
2024 · -€60.3m
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
Line20212022202320242025
Turnover€3.4m€4.5m▲ 34.0%€6.1m▲ 34.5%€6.9m▲ 13.6%
Operating result-€14,199--€538,647▼ 3,694%-€10.0m▼ 1,754%-€9.5m▲ 5.3%-€10.0m▼ 5.6%
Net result-€14,243--€10,274▲ 27.9%-€7.2m▼ 70,363%-€5.6m▲ 22.6%-€7.9m▼ 41.0%
EBIT margin-16.0%-221.7%▼ 205.6pp-156.1%▲ 65.6pp-145.2%▲ 10.9pp
Equity€141.9m-€143.1m▲ 0.8%€135.8m▼ 5.1%€130.2m▼ 4.1%€122.3m▼ 6.1%
Total assets€141.9m-€326.7m▲ 130%€312.7m▼ 4.3%€360.7m▲ 15.4%€341.2m▼ 5.4%
Debt€11,819-€183.6m▲ 1,553,485%€176.8m▼ 3.7%€230.4m▲ 30.3%€214.8m▼ 6.8%
Working capital€47,757--€18.8m-€24.2m▼ 28.7%-€60.3m▼ 150%-€90.6m▼ 50.2%
Staff (FTE)24.831.8▲ 28.2%31.4▼ 1.3%30.1▼ 4.1%
Why a figure moved sharply
- 2023 Net result -70,363% on 2022. Cause not known from the registers.
- 2022 Total assets +130% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €10.0m in 2025 against €9.5m in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €341.2m
Fixed assets
€296.4m ▲ 7.0%
Current assets
€44.8m ▼ 46.4%
Equity and liabilities €341.2m
Equity
€122.3m ▼ 6.1%
Provisions
€4.1m
Debt
€214.8m ▼ 6.8%
Debt's share of the balance-sheet total falls from 63.9% to 62.9%. Equity and debt are lower.
Key figures and ratios
ROE
-6.5%▼
2024 · -4.3%
ROA
-2.3%▼
2024 · -1.6%
Debt ≤ 1 year
€135.3m▼
2024 · €143.9m
Debt > 1 year
€79.1m▼
2024 · €86.2m
Income taxes
-€16,672▲
2024 · -€195,882
Staff costs
€2.9m▲
2024 · €2.8m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €3.4m | €5.7m | €6.2m | €7.0m | ▲ 12.0% |
| Turnover70 | - | €3.4m | €4.5m | €6.1m | €6.9m | ▲ 13.6% |
| Other operating income74 | - | €37,867 | €58,760 | €147,923 | €73,605 | ▼ 50.2% |
| Non-recurring operating income76A | - | - | €1.2m | - | - | - |
| Operating charges60/66A | €14,199 | €3.9m | €15.7m | €15.7m | €16.9m | ▲ 8.2% |
| Goods for resale, raw materials and consumables60 | - | - | €3,885 | - | - | - |
| Purchases600/8 | - | - | €3,885 | - | - | - |
| Services and other goods61 | €12,161 | €2.0m | €5.6m | €6.6m | €9.8m | ▲ 50.1% |
| Remuneration, social security and pensions62 | - | €1.9m | €2.8m | €2.8m | €2.9m | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,343 | €4,995 | €10,709 | €12,230 | €7,235 | ▼ 40.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €7.4m | €6.2m | €5.0m | ▼ 20.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€778,865 | - |
| Other operating charges640/8 | €695 | €25,469 | €8,996 | €105,146 | €1,438 | ▼ 98.6% |
| Non-recurring operating charges66A | - | - | - | €115 | €4,115 | ▲ 3,478% |
| Operating profit (loss)9901 | -€14,199 | -€538,647 | -€10.0m | -€9.5m | -€10.0m | ▼ 5.6% |
| Financial income75/76B | €77 | €2.5m | €12.7m | €13.6m | €10.8m | ▼ 20.8% |
| Recurring financial income75 | €77 | €2.5m | €12.7m | €13.6m | €10.8m | ▼ 20.8% |
| Income from financial fixed assets750 | - | - | - | €7.7m | €8.4m | ▲ 9.0% |
| Income from current assets751 | - | €2.5m | €12.6m | €6.0m | €2.4m | ▼ 59.1% |
| Other financial income752/9 | €77 | €0 | €42,017 | €1,921 | €2,165 | ▲ 12.7% |
| Financial charges65/66B | €121 | €2.0m | €8.9m | €10.0m | €8.7m | ▼ 12.5% |
| Recurring financial charges65 | €121 | €2.0m | €8.9m | €10.0m | €7.5m | ▼ 24.5% |
| Debt charges650 | €121 | €1.9m | €8.9m | €9.9m | €7.5m | ▼ 24.1% |
| Other financial charges652/9 | - | €6,776 | €5,219 | €78,817 | €20,793 | ▼ 73.6% |
| Non-recurring financial charges66B | - | - | - | - | €1.2m | - |
| Profit (loss) for the period before taxes9903 | -€14,243 | €15,128 | -€6.2m | -€5.8m | -€7.9m | ▼ 36.5% |
| Income taxes67/77 | - | €25,401 | €1.1m | -€195,882 | -€16,672 | ▲ 91.5% |
| Taxes670/3 | - | €25,401 | €1.1m | €230,000 | €40,336 | ▼ 82.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €425,882 | €57,008 | ▼ 86.6% |
| Profit (loss) for the period9904 | -€14,243 | -€10,274 | -€7.2m | -€5.6m | -€7.9m | ▼ 41.0% |
| Profit (loss) for the period to be appropriated9905 | -€14,243 | -€10,274 | -€7.2m | -€5.6m | -€7.9m | ▼ 41.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €141.9m | €326.7m | €312.7m | €360.7m | €341.2m | ▼ 5.4% |
| Fixed assets21/28 | €141.9m | €162.0m | €160.4m | €277.1m | €296.4m | ▲ 7.0% |
| Intangible fixed assets21 | - | - | - | - | €292,902 | - |
| Tangible fixed assets22/27 | - | €20,445 | €20,985 | €8,755 | €1,521 | ▼ 82.6% |
| Furniture and vehicles24 | - | €20,445 | €20,985 | €8,755 | €1,521 | ▼ 82.6% |
| Financial fixed assets28 | €141.9m | €161.9m | €160.4m | €277.0m | €296.1m | ▲ 6.9% |
| Affiliated companies280/1 | €141.9m | €161.9m | €153.8m | €272.0m | €291.4m | ▲ 7.1% |
| Participating interests280 | €141.9m | €152.8m | €152.8m | €157.7m | €219.3m | ▲ 39.1% |
| Amounts receivable281 | - | €9.1m | €937,000 | €114.4m | €72.1m | ▼ 36.9% |
| Companies linked by participating interests282/3 | - | - | €6.6m | €5.0m | €4.7m | ▼ 6.7% |
| Amounts receivable283 | - | - | €6.6m | €5.0m | €4.7m | ▼ 6.7% |
| Other financial fixed assets284/8 | - | - | - | - | €10,500 | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €10,500 | - |
| Current assets29/58 | €59,576 | €164.7m | €152.2m | €83.6m | €44.8m | ▼ 46.4% |
| Amounts receivable after more than one year29 | - | €387,864 | €1.9m | €1.8m | €3.4m | ▲ 92.0% |
| Other amounts receivable291 | - | €387,864 | €1.9m | €1.8m | €3.4m | ▲ 92.0% |
| Amounts receivable within one year40/41 | €47,602 | €162.9m | €143.5m | €66.4m | €30.8m | ▼ 53.6% |
| Trade receivables40 | - | €4.4m | €4.8m | €7.0m | €5.4m | ▼ 22.9% |
| Other amounts receivable41 | €47,602 | €158.5m | €138.7m | €59.4m | €25.4m | ▼ 57.2% |
| Cash at bank and in hand54/58 | €11,974 | €1.3m | €6.3m | €15.0m | €10.1m | ▼ 32.7% |
| Deferred charges and accrued income490/1 | - | €118,003 | €457,840 | €472,696 | €520,482 | ▲ 10.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €141.9m | €326.7m | €312.7m | €360.7m | €341.2m | ▼ 5.4% |
| Equity10/15 | €141.9m | €143.1m | €135.8m | €130.2m | €122.3m | ▼ 6.1% |
| Contributions10/11 | €141.9m | €141.9m | €141.9m | €141.9m | €141.9m | = |
| Capital10 | €141.9m | €141.9m | €141.9m | €141.9m | €141.9m | = |
| Issued capital100 | €141.9m | €141.9m | €141.9m | €141.9m | €141.9m | = |
| Reserves13 | - | €486,272 | €56,706 | €56,706 | €56,706 | = |
| Non-distributable reserves130/1 | - | €482,862 | €56,706 | €56,706 | €56,706 | = |
| Legal reserve130 | - | €482,862 | €56,706 | €56,706 | €56,706 | = |
| Distributable reserves133 | - | €3,409 | - | - | - | - |
| Profit (loss) carried forward14 | -€14,243 | €647,258 | -€6.2m | -€11.8m | -€19.7m | ▼ 67.1% |
| Provisions and deferred taxes16 | - | - | - | - | €4.1m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €4.1m | - |
| Other liabilities and charges164/5 | - | - | - | - | €4.1m | - |
| Amounts payable17/49 | €11,819 | €183.6m | €176.8m | €230.4m | €214.8m | ▼ 6.8% |
| Amounts payable after more than one year17 | - | - | - | €86.2m | €79.1m | ▼ 8.2% |
| Financial debts170/4 | - | - | - | €86.2m | €79.1m | ▼ 8.2% |
| Other loans174 | - | - | - | €86.2m | €79.1m | ▼ 8.2% |
| Amounts payable within one year42/48 | €11,819 | €183.5m | €176.4m | €143.9m | €135.3m | ▼ 6.0% |
| Financial debts43 | - | €69.0m | €85.4m | €101.2m | €91.1m | ▼ 10.0% |
| Credit institutions430/8 | - | €69.0m | €85.4m | €101.2m | €82.1m | ▼ 18.8% |
| Other loans439 | - | - | - | - | €9.0m | - |
| Trade debts44 | €11,819 | €1.3m | €4.3m | €2.7m | €3.5m | ▲ 27.0% |
| Suppliers440/4 | €11,819 | €1.3m | €4.3m | €2.7m | €3.5m | ▲ 27.0% |
| Taxes, remuneration and social security45 | - | €672,351 | €1.1m | €1.1m | €457,568 | ▼ 57.2% |
| Taxes450/3 | - | €421,708 | €785,951 | €798,476 | €213,197 | ▼ 73.3% |
| Remuneration and social security454/9 | - | €250,643 | €290,274 | €269,988 | €244,371 | ▼ 9.5% |
| Other amounts payable47/48 | - | €112.5m | €85.6m | €38.9m | €40.3m | ▲ 3.6% |
| Accrued charges and deferred income492/3 | - | €119,500 | €441,700 | €318,794 | €325,122 | ▲ 2.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,243 | -€10,274 | -€7.2m | -€5.6m | -€7.9m | ▼ 41.0% |
| + Depreciation and write-downs630 | €1,343 | €4,995 | €10,709 | €12,230 | €7,235 | ▼ 40.8% |
| Operating cash flow (approximation) | -€12,900 | -€5,279 | -€7.2m | -€5.6m | -€7.9m | ▼ 41.2% |
| Investment in fixed assets (approximation) | - | -€20.1m | €1.5m | -€116.6m | -€19.4m | ▲ 83.4% |
| Change in cash | - | €1.3m | €5.0m | €8.6m | -€4.9m | ▼ 157% |
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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
2025
31-12
Financial
Weakest financial yearnet -€7.9m
Net result drops to -€7.9m, the lowest in the series.
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
26-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 33 days late
02-09
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated · 33 days late
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 9 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 16 acts read
About the unread acts
We know of 16 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
16 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, Temse · 1 establishment unit since 2020
Ground area
5.3 ha
Building footprint
2,811 m²
Volume, LiDAR
371 m³
Parcel 46025B1190/00E026, Flanders · tallest building 4.6 m. Linked by address, not a title deed.
30
companies at this address
See who is registered here
1 establishment unit
C-Patent
since 20202.308.546.253
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46025B1190/00E026 | Flanders | 5.3 ha | 1 · 2,811 m² | 4.5 m |
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
Heads the group
C2F1
2 companies
Group, risk and exposure
Owners and holdings
5 holdings · 51 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 5
-
100%
-
100%
-
100%
-
100%
-
50.93%
All subsidiaries, including indirect ones 51+
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- C-FIRE 100%
- C-Supply 100%
CORDEEL GROUP 100%44 subsidiaries
- BERNARD CONSTRUCTION 100%
- C-CONCRETE 100%
- C-Fast 100%
- C-guard 100%
C-LIVING 100%9 subsidiaries
- BRUGGEN IN KAPELLEN 100%
- CLEG 100%
CLEZ 100%1 subsidiary
- Polderberg 100%
Land Aalst 100%1 subsidiary
- Siesegem Noord 83.33%
Nieuw Feniks 100%2 subsidiaries
- ALBATROS DEVELOPMENT 100%
- EKKELGARDEN PARK 100%
- C-RENTAL 100%
CORDEEL BELGIUM 100%7 subsidiaries
- AMBIORIX REAL ESTATE (LandCo) 100%
- AMBIORIX REAL ESTATE BOUW & PROMOTIE 100%
- CORFIUS IMMO 100%
- JBCOR RE 100%
- JBCOR RE BOUW EN PROMOTIE 100%
- MOLCOR 99.9%
- DUNGELHOEFF PRIVATE 99%
- Cordeel BulgarijeBG 100%
- Cordeel Nederland BVNL 100%
- Cordeel Serbia - DOO BeogradRS 100%
- ELEKTROTECHNIEK VAN HECKE 100%
- Geelen-Cordeel BVNL 100%
- Immo Cordeel BVNL 100%
- Imso 100%
- OFF SITE BELGIUM 100%
- TECHNOCON 100%
- VITA DEN UYT 100%
- Vita Middelkerke 100%
- VITA TEMSE 100%
- Baeck Cladding 99.99%
- Panorama View 99.99%
- IMMO MOTCHES 99.97%
CORDEEL MAINTENANCE 99.6%1 subsidiary
- C-METAL 99%
- C-WOOD 99%
- KRUCOR 99%
- Gent Bellevue by C 70%
C-Energy 50.93%1 subsidiary
- C-energy AssetCo 100%
The tree shows 51 companies up to 4 levels deep; there are more. Open a subsidiary's dossier to look further.
According to the 2025 annual accounts of C2F1 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
2024 to 2025 · 2 entries · 7,583 EUR awarded · 7,583 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,982 EUR | 2,982 EUR |
| 2024 | 1 | 4,601 EUR | 4,601 EUR |
Schemes
Recognitions · licences · registrations
Legal Entity Identifier
894500C3VWNOFX5BAS88
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Identification & contact
Identification
Legal formPublic limited company
Founded25-02-2020
Fiscal year end31-12
Activities, NACEBEL 2025
82990Other business support services
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0744436002
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.