CAE TRAINING & SERVICES BRUSSELS
ActiveSummary
CAE TRAINING & SERVICES BRUSSELS has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show negative equity (€-7.38M) and a net result of €-8.91M. Equity is shrinking by ~22.2% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2026
44
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Negative equity caps the score. Every signal that weighs is under Signals.
Axes · tick = 2025
Profitability0▼-89
Solvency0▼-43
Growth29▲+2
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.91 against 1.97 in 2025; short-term debt: 38.9% and cash: 15.7% of total assets), but equity is negative.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 85
Relative position
BE, all sectors
reference
Sector 85
lower
← 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 2026Solvency, return and age of the figures
Solvency
-72.2%
Return on assets
-87.2%
Age of the figures
6 mo
raises risk · Negative equity
The 2026 annual accounts show negative equity and a net loss.
NBB · annual accounts 2026Equity per financial year
1920212223242526
2019 to 2026 · latest year €-7.38M
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 14-09-2026, 47 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
47 d early
2025
23 d early
2024
31 d early
2023
120 d late
2022
27 d early
2021
25 d early
2020
17 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-03-2027 close31-10-2027 deadline
Financials · fiscal year 2026, full schema
Turnover
€9.40M▲ 4.3%
2025 · €9.01M
2019: €12.19M
2020: €11.05M
2021: €8.32M
2022: €11.30M
2023: €11.56M
2024: €7.87M
2025: €9.01M
2019 → 2026
EBIT margin
-94.0%▼ 104.1pp
2025 · 10.1%
2019: 22.3%
2020: 2.3%
2021: -18.2%
2022: -9.0%
2023: -15.0%
2024: -0.6%
2025: 10.1%
2019 → 2026
Net result
€-8.91M
2025 · €1.05M
2019: €2.13M
2020: €-14k
2021: €-1.75M
2022: €-1.24M
2023: €-1.79M
2024: €-1.13M
2025: €1.05M
2019 → 2026
Working capital
€3.63M▲ 31.2%
2025 · €2.77M
2019: €1.55M
2020: €5.84M
2021: €3.93M
2022: €-1.41M
2023: €-401k
2024: €542k
2025: €2.77M
2019 → 2026
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20222023202420252026Trend
Turnover€11.30M-€11.56M▲ 2.3%€7.87M▼ 32.0%€9.01M▲ 14.5%€9.40M▲ 4.3%
Equity€16.87M-€18.98M▲ 12.5%€455k▼ 97.6%€1.50M▲ 230%€-7.38M
Operating result€-1.01M-€-1.74M▼ 71.6%€-48k▲ 97.2%€914k€-8.83M
Net result€-1.24M-€-1.79M▼ 44.0%€-1.13M▲ 37.0%€1.05M€-8.91M
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2026: a loss of €8.83M after €914k in 2025, the lowest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €10.22M
Fixed assets
€2.62M ▼ 2.9%
Current assets
€7.60M ▲ 35.7%
Key figures and ratios
EBITDA
€-7.48M▼
2025 · €1.78M
Cash flow
€-7.55M▼
2025 · €1.91M
Solvency
-72.2%▼
2025 · 18.1%
Current ratio
1.91▼
2025 · 1.97
Debt to equity
-1.37▼
2025 · 4.23
ROA
-87.2%▼
2025 · 12.6%
Interest coverage
-238.43▼
2025 · 2442.38
Debt
€10.13M▲
2025 · €6.35M
Debt ≤ 1 year
€3.97M▲
2025 · €2.84M
Income taxes
€4k▼
2025 · €7k
Staff costs
€2.62M▲
2025 · €1.46M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2026 against 2025 · 66 lines
Balance sheet
Code20252026
Assets
Total assets20/58€8.30M€10.22M▲
Fixed assets21/28€2.70M€2.62M▼
Tangible fixed assets22/27€2.70M€2.62M▼
Plant, machinery and equipment23€2.35M€2.44M▲
Furniture and vehicles24€41k€180k▲
Other tangible fixed assets26€300k-
Assets under construction and advance payments27€3k-
Current assets29/58€5.60M€7.60M▲
Amounts receivable within one year40/41€3.91M€5.54M▲
Trade receivables40€3.38M€5.47M▲
Other amounts receivable41€525k€75k▼
Cash at bank and in hand54/58€1.28M€1.61M▲
Deferred charges and accrued income490/1€413k€449k▲
Equity and liabilities
Total equity and liabilities10/49€8.30M€10.22M▲
Equity10/15€1.50M€-7.38M▼
Contributions10/11€5.75M€5.78M▲
Capital10€1.85M€1.88M▲
Issued capital100€1.85M€1.88M▲
Outside capital11€3.90M€3.90M=
Share premium1100/10€3.90M€3.90M=
Reserves13€672k€672k=
Non-distributable reserves130/1€672k€672k=
Legal reserve130€672k€672k=
Profit (loss) carried forward14€-4.92M€-13.83M▼
Provisions and deferred taxes16€444k€7.47M▲
Provisions for liabilities and charges160/5€444k€7.47M▲
Other liabilities and charges164/5€444k€7.47M▲
Amounts payable17/49€6.35M€10.13M▲
Amounts payable within one year42/48€2.84M€3.97M▲
Current portion of amounts payable after more than one year42-€392k
Trade debts44€2.47M€2.15M▼
Suppliers440/4€2.47M€2.15M▼
Advances received on contracts in progress46€35k€549k▲
Taxes, remuneration and social security45€331k€881k▲
Taxes450/3€7k-
Remuneration and social security454/9€324k€881k▲
Accrued charges and deferred income492/3€3.52M€6.15M▲
Income statement
Code20252026
Operating income70/76A€10.11M€9.62M▼
Turnover70€9.01M€9.40M▲
Other operating income74€651k€219k▼
Non-recurring operating income76A€444k-
Operating charges60/66A€9.19M€18.45M▲
Services and other goods61€6.33M€6.54M▲
Remuneration, social security and pensions62€1.46M€2.62M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€864k€1.35M▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€444k-
Other operating charges640/8€90k€102k▲
Non-recurring operating charges66A-€7.83M
Operating profit (loss)9901€914k€-8.83M▼
Financial income75/76B€179k€186k▲
Recurring financial income75€179k€186k▲
Other financial income752/9€179k€186k▲
Financial charges65/66B€39k€258k▲
Recurring financial charges65€39k€258k▲
Debt charges650€728€31k▲
Other financial charges652/9€38k€226k▲
Profit (loss) for the period before taxes9903€1.05M€-8.90M▼
Income taxes67/77€7k€4k▼
Taxes670/3€7k€4k▼
Profit (loss) for the period9904€1.05M€-8.91M▼
Profit (loss) for the period to be appropriated9905€1.05M€-8.91M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-4.87M€-13.83M▼
Profit (loss) brought forward from the previous period14P€-5.92M€-4.92M▲
Transfer to equity691/2€52k-
To the legal reserve6920€52k-
Social balance
Average headcount (FTE)908719.019.0=
The notes to these accounts (58 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
14-09
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
31-03
Financial
Weakest financial yearnet €-8.91M ▼951%
Net result drops to €-8.91M, the lowest in the series.
19-03
State Gazette act
Reappointments: Onno Rijsdijk, Jose Maria Garcia Elipe and James CahillMandate compensation · Power of attorney8 facts ▸
State Gazette act
Reappointments: Onno Rijsdijk, Jose Maria Garcia Elipe and James Cahill
Mandate compensation · Power of attorney8 facts ▸
- General meeting, 12/02/2026
- Director reappointment, Onno Rijsdijk (director)
- Director reappointment, Jose Maria Garcia Elipe (director)
- Director reappointment, James Cahill (director)
- Mandate compensation, Onno Rijsdijk
- Mandate compensation, Jose Maria Garcia Elipe
- Mandate compensation, James Cahill
- Power of attorney, Loyens & Loeff Advocaten-Avocats BV/SRL
2025
08-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-03
Financial
Back to profitnet €1.05M
Net result €1.05M after 5 loss-making years.
31-03
Financial
Equity above €1MEq €1.50M ▲230%
Equity rises from €455k to €1.50M.
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
28-02
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 120 days late
2022
04-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
06-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
17-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 17 days late
31-03
Financial
Liquidity triplescurrent ratio 3.46
Current ratio from 1.25 to 3.46; short-term debt falls from €6.08M to €2.37M.
Show earlier events
2019
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
22-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
13-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 43 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification, no change since 2026
This board is reconstructed from a single act (26038890). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
James Cahill
CurrentDirector · since 16-02-2026
Jose Maria Garcia Elipe
CurrentDirector · since 16-02-2026
Onno Rijsdijk
CurrentDirector · since 16-02-2026
16-02-2026
James Cahill: Mandate renewed as Director
16-02-2026
Jose Maria Garcia Elipe: Mandate renewed as Director
16-02-2026
Onno Rijsdijk: Mandate renewed as Director
Location & real-estate footprint
Registered office, Steenokkerzeel · 1 establishment unit since 1990
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Luchthavenlaan 2011820 Steenokkerzeel1 establishment unit
CAE Oxford Aviation Academy Brussels
since 19902.047.158.175
Recognitions · licences · registrations
Care and welfare
1 service · 0 liveSABENA FLIGHT ACADEMY - Gemeenschappelijke dienst luchthaven Zaventem
Similar companies · same sector, comparable size
OSTEND AIR COLLEGE
BE 0456.177.934
Oostende · Eq €1.26M
NORTH SEA AVIATION CENTER
BE 0544.654.901
Oostende · Eq €1.10M
SKYWINGS FLIGHT TRAINING
BE 0673.567.307
Antwerpen · Eq €756k
STUDIES & DEVELOPMENT
BE 0881.457.014
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STYL AVIATION
BE 0426.949.854
Antwerpen · Eq €535k
Of 293 companies in sector 85532 we hold annual accounts for 83. 22 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded26-01-1990
Fiscal year end31-03
Activities, NACEBEL 2025
52230Warehousing and support activities for transportation
85532Education
Sources
Crossroads Bank for EnterprisesNational Bank · 36 filings
Scores and ratios are computed by Checked and are not a credit decision.