CAUWELS
ActiveSummary
CAUWELS has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €177,142 and a net result of €2,376. Equity is shrinking by ~4.4% per year across the filed fiscal years. Its solvency ranks better than 72% of 28806 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability46▼-29
Solvency93▲+22
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 3.85 against 2.09 in 2024; short-term debt: 25.4% and cash: 6% of total assets), and 32.4% of the assets are financed with debt.
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Signals
Four 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
67.6%
Return on assets
0.9%
Age of the figures
9 mo
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 · 10 filingsDeviation from the deadline
2025
14 d early
2024
7 d early
2023
30 d late
2022
3 d early
2021
31 d late
2020
185 d late
2019
114 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 48 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 28 July (5 of the last 5 filed years within 34 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€177,142▼ 2.1%
2024 · €180,863
Total assets
€262,150▼ 32.9%
2024 · €390,791
Net result
€2,376▼ 88.4%
2024 · €20,485
Working capital
€189,836▼ 3.7%
2024 · €197,087
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€34,711€16,008€29,463▲ 84.0%€31,312▲ 6.3%€7,707▼ 75.4%
Net result-€35,997below the sector's middle half€15,127within the sector's middle half€23,781within the sector's middle half▲ 57.2%€20,485within the sector's middle half▼ 13.9%€2,376within the sector's middle half▼ 88.4%
Equity€197,368above the sector's middle half▼ 15.4%€178,532above the sector's middle half▼ 9.5%€179,175above the sector's middle half▲ 0.4%€180,863above the sector's middle half▲ 0.9%€177,142above the sector's middle half▼ 2.1%
Total assets€296,158above the sector's middle half▲ 9.2%€314,608above the sector's middle half▲ 6.2%€320,606above the sector's middle half▲ 1.9%€390,791above the sector's middle half▲ 21.9%€262,150within the sector's middle half▼ 32.9%
Debt€98,226▲ 164%€135,511▲ 38.0%€140,867▲ 4.0%€209,927▲ 49.0%€85,008▼ 59.5%
Working capital€229,008above the sector's middle half▲ 21.7%€196,527above the sector's middle half▼ 14.2%€190,925above the sector's middle half▼ 2.9%€197,087above the sector's middle half▲ 3.2%€189,836above the sector's middle half▼ 3.7%
Solvency66.6%above the sector's middle half▼ 19.4pp56.7%within the sector's middle half▼ 9.9pp55.9%within the sector's middle half▼ 0.9pp46.3%within the sector's middle half▼ 9.6pp67.6%within the sector's middle half▲ 21.3pp
Current ratio7.48above the sector's middle half▲ 1.423.68above the sector's middle half▼ 3.803.00within the sector's middle half▼ 0.682.09within the sector's middle half▼ 0.913.85above the sector's middle half▲ 1.76
Return on assets (ROA)-12.2%below the sector's middle half▼ 13.0pp4.8%within the sector's middle half▲ 17.0pp7.4%within the sector's middle half▲ 2.6pp5.2%within the sector's middle half▼ 2.2pp0.9%within the sector's middle half▼ 4.3pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 75% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €262,150
Fixed assets
€5,701 ▼ 57.9%
Current assets
€256,448 ▼ 32.0%
Equity and liabilities €262,150
Equity
€177,142 ▼ 2.1%
Debt
€85,008 ▼ 59.5%
Debt's share of the balance-sheet total falls from 53.7% to 32.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€15,564▼
2024 · €39,717
Cash flow
€10,232▼
2024 · €28,891
Quick ratio
3.20▲
2024 · 2.06
Debt to equity
0.48▼
2024 · 1.16
ROE
1.3%▼
2024 · 11.3%
Interest coverage
3.08▼
2024 · 19.33
Debt ≤ 1 year
€66,612▼
2024 · €180,145
Debt > 1 year
€18,396▼
2024 · €29,782
Income taxes
€1,947▼
2024 · €10,192
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 17,040 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,871 | €9,597 | €13,233 | €8,405 | €7,857 | ▼ 6.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€565 | - | - |
| Other operating charges640/8 | €1,772 | €1,297 | €1,952 | €2,294 | €977 | ▼ 57.4% |
| Gross operating margin9900 | -€18,069 | €26,903 | €44,648 | €41,446 | €16,541 | ▼ 60.1% |
| Operating profit (loss)9901 | -€34,711 | €16,008 | €29,463 | €31,312 | €7,707 | ▼ 75.4% |
| Financial income75/76B | €1,371 | €2,380 | €1,539 | €1,420 | €1,662 | ▲ 17.1% |
| Recurring financial income75 | €1,371 | €2,380 | €1,539 | €1,420 | €1,662 | ▲ 17.1% |
| Financial charges65/66B | €2,657 | €1,748 | €1,788 | €2,055 | €5,047 | ▲ 146% |
| Recurring financial charges65 | €2,657 | €1,748 | €1,788 | €2,055 | €5,047 | ▲ 146% |
| Profit (loss) for the period before taxes9903 | -€35,997 | €16,640 | €29,214 | €30,677 | €4,323 | ▼ 85.9% |
| Income taxes67/77 | - | €1,513 | €5,433 | €10,192 | €1,947 | ▼ 80.9% |
| Profit (loss) for the period9904 | -€35,997 | €15,127 | €23,781 | €20,485 | €2,376 | ▼ 88.4% |
| Profit (loss) for the period to be appropriated9905 | -€35,997 | €15,127 | €23,781 | €20,485 | €2,376 | ▼ 88.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €296,158 | €314,608 | €320,606 | €390,791 | €262,150 | ▼ 32.9% |
| Fixed assets21/28 | €31,819 | €44,691 | €34,206 | €13,558 | €5,701 | ▼ 57.9% |
| Tangible fixed assets22/27 | €31,608 | €44,480 | €33,995 | €13,558 | €5,701 | ▼ 57.9% |
| Land and buildings22 | €20,174 | €16,963 | €12,032 | - | - | - |
| Plant, machinery and equipment23 | €11,212 | €12,204 | €10,997 | €6,827 | €3,206 | ▼ 53.0% |
| Furniture and vehicles24 | €223 | €15,313 | €10,966 | €6,730 | €2,495 | ▼ 62.9% |
| Financial fixed assets28 | €211 | €211 | €211 | - | - | - |
| Current assets29/58 | €264,339 | €269,917 | €286,401 | €377,233 | €256,448 | ▼ 32.0% |
| Amounts receivable after more than one year29 | €100,000 | €70,000 | €70,000 | €70,000 | €65,000 | ▼ 7.1% |
| Other amounts receivable291 | €100,000 | €70,000 | €70,000 | €70,000 | €65,000 | ▼ 7.1% |
| Stocks and contracts in progress3 | €52,270 | €85,797 | €95,285 | €6,557 | €43,396 | ▲ 562% |
| Stocks30/36 | €15,217 | €15,217 | €13,057 | €6,557 | €9,791 | ▲ 49.3% |
| Contracts in progress37 | €37,052 | €70,580 | €82,228 | - | €33,605 | - |
| Amounts receivable within one year40/41 | €73,184 | €110,700 | €93,565 | €278,596 | €128,678 | ▼ 53.8% |
| Trade receivables40 | €71,159 | €98,443 | €89,349 | €276,431 | €114,083 | ▼ 58.7% |
| Other amounts receivable41 | €2,025 | €12,257 | €4,217 | €2,165 | €14,595 | ▲ 574% |
| Cash at bank and in hand54/58 | €36,553 | - | €24,387 | €18,391 | €15,647 | ▼ 14.9% |
| Deferred charges and accrued income490/1 | €2,333 | €3,419 | €3,163 | €3,689 | €3,727 | ▲ 1.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €296,158 | €314,608 | €320,606 | €390,791 | €262,150 | ▼ 32.9% |
| Equity10/15 | €197,368 | €178,532 | €179,175 | €180,863 | €177,142 | ▼ 2.1% |
| Contributions10/11 | €32,226 | €32,226 | €32,226 | €32,226 | €32,226 | = |
| Reserves13 | €165,142 | €146,306 | €146,949 | €148,637 | €144,916 | ▼ 2.5% |
| Non-distributable reserves130/1 | €3,223 | €3,223 | €3,223 | €3,223 | €3,223 | = |
| Reserves not available under the articles1311 | €3,223 | €3,223 | €3,223 | €3,223 | €3,223 | = |
| Distributable reserves133 | €161,919 | €143,083 | €143,726 | €145,414 | €141,693 | ▼ 2.6% |
| Provisions and deferred taxes16 | €565 | €565 | €565 | - | - | - |
| Provisions for liabilities and charges160/5 | €565 | €565 | €565 | - | - | - |
| Environmental obligations163 | €565 | €565 | €565 | - | - | - |
| Amounts payable17/49 | €98,226 | €135,511 | €140,867 | €209,927 | €85,008 | ▼ 59.5% |
| Amounts payable after more than one year17 | €62,894 | €62,121 | €45,391 | €29,782 | €18,396 | ▼ 38.2% |
| Financial debts170/4 | €62,894 | €62,121 | €45,391 | €29,782 | €18,396 | ▼ 38.2% |
| Amounts payable within one year42/48 | €35,332 | €73,390 | €95,476 | €180,145 | €66,612 | ▼ 63.0% |
| Current portion of amounts payable after more than one year42 | €10,697 | €16,369 | €16,730 | €15,609 | €11,386 | ▼ 27.1% |
| Financial debts43 | - | €1,552 | - | - | - | - |
| Credit institutions430/8 | - | €1,552 | - | - | - | - |
| Trade debts44 | €23,510 | €46,830 | €52,967 | €121,195 | €43,166 | ▼ 64.4% |
| Suppliers440/4 | €23,510 | €46,830 | €52,967 | €121,195 | €43,166 | ▼ 64.4% |
| Taxes, remuneration and social security45 | €138 | €5,570 | €9,493 | €22,040 | €5,962 | ▼ 72.9% |
| Taxes450/3 | €138 | €3,570 | €8,993 | €19,390 | €3,312 | ▼ 82.9% |
| Remuneration and social security454/9 | - | €2,000 | €500 | €2,650 | €2,650 | = |
| Other amounts payable47/48 | €987 | €3,070 | €16,286 | €21,302 | €6,097 | ▼ 71.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€35,997 | €15,127 | €23,781 | €20,485 | €2,376 | ▼ 88.4% |
| + Depreciation and write-downs630 | €14,871 | €9,597 | €13,233 | €8,405 | €7,857 | ▼ 6.5% |
| Operating cash flow (approximation) | -€21,127 | €24,725 | €37,014 | €28,891 | €10,232 | ▼ 64.6% |
| Investment in fixed assets (approximation) | - | -€22,469 | -€2,748 | €12,243 | €0 | ▼ 100% |
| Change in cash | - | - | - | -€5,996 | -€2,744 | ▲ 54.2% |
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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Highest result since 2018net €23,781 ▲57.2%
Net result €23,781, the highest in the series.
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €15,127
Net result €15,127 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
01-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 185 days late
2021
31-12
Financial
Weakest financial yearnet -€35,997
Net result drops to -€35,997, the lowest in the series; recovery starts the following year.
2020
22-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 114 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 6.02
Current ratio from 2.67 to 6.02; short-term debt falls from €106,274 to €37,743.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 92 days late
2017
30-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Maldegem · 1 establishment unit since 1999
Ground area
238 m²
Building footprint
115 m²
Volume, LiDAR
552 m³
Parcel 43502D0261/00N002, Flanders · tallest building 9.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Brielwegel 2, 9990 Maldegem
since 19992.092.962.466
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43502D0261/00N002 | Flanders | 238 m² | 1 · 115 m² | 9.6 m · 1 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.
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Of 22,818 companies in this sector we hold annual accounts for 10,343. 8,431 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded13-09-1999
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
41001General construction of residential buildings
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
46842Wholesale trade
47521Retail sale of hardware, building materials, paint and glass (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466840907
Also
9925:BE0466840907
Registered
31-10-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.