CEBEO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 55 filings
Turnover
€773.0m▲ 3.8%
2024 · €744.7m
EBIT margin
4.8%▲ 1.2pp
2024 · 3.6%
Net result
€29.0m▲ 34.9%
2024 · €21.5m
Working capital
€142.5m▲ 10.2%
2024 · €129.3m
In the rankings
#1 employer in Waregem, Wholesale and retail trade sector#1 company by total assets in Waregem, Wholesale and retail trade sector#1 company by equity in Waregem, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€773.0m
▲ 3.8%
2025
20182025
Operating result
€37.2m
▲ 38.1%
2025
20182025
Net result
€29.0m
▲ 34.9%
2025
highest quarter of the sector
20182025
EBIT margin
4.8%
▲ 1.2pp
2025
20182025
Equity
€244.0m
▲ 3.8%
2025
highest quarter of the sector
20182025
Total assets
€368.7m
▲ 2.9%
2025
highest quarter of the sector
20182025
Debt
€124.6m
▲ 1.1%
2025
20182025
Working capital
€142.5m
▲ 10.2%
2025
highest quarter of the sector
20182025
Solvency
66.2%
▲ 0.6pp
2025
middle half of the sector
20182025
Current ratio
2.14
▲ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
7.9%
▲ 1.9pp
2025
middle half of the sector
20182025
Staff (FTE)
914
▼ 3.1%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€574.2m-€599.7m▲ 4.4%€610.3m▲ 1.8%€682.0m▲ 11.7%€798.9m▲ 17.1%€877.2m▲ 9.8%€744.7m▼ 15.1%€773.0m▲ 3.8%
Operating result€31.7m-€36.3m▲ 14.5%€31.6m▼ 13.0%€44.0m▲ 39.5%€62.5m▲ 41.9%€61.5m▼ 1.5%€26.9m▼ 56.2%€37.2m▲ 38.1%
Net result€23.2m-€25.9m▲ 11.5%€25.0mabove the sector's middle half▼ 3.6%€34.6mabove the sector's middle half▲ 38.3%€48.5mabove the sector's middle half▲ 40.3%€47.4mabove the sector's middle half▼ 2.2%€21.5mabove the sector's middle half▼ 54.6%€29.0mabove the sector's middle half▲ 34.9%
EBIT margin5.5%-6.0%▲ 0.5pp5.2%▼ 0.9pp6.5%▲ 1.3pp7.8%▲ 1.4pp7.0%▼ 0.8pp3.6%▼ 3.4pp4.8%▲ 1.2pp
Equity€107.2m-€117.2m▲ 9.2%€142.1mabove the sector's middle half▲ 21.3%€157.7mabove the sector's middle half▲ 10.9%€186.1mabove the sector's middle half▲ 18.0%€233.5mabove the sector's middle half▲ 25.5%€235.0mabove the sector's middle half▲ 0.6%€244.0mabove the sector's middle half▲ 3.8%
Total assets€227.9m-€240.1m▲ 5.4%€270.6mabove the sector's middle half▲ 12.7%€288.3mabove the sector's middle half▲ 6.5%€337.8mabove the sector's middle half▲ 17.2%€388.7mabove the sector's middle half▲ 15.1%€358.5mabove the sector's middle half▼ 7.8%€368.7mabove the sector's middle half▲ 2.9%
Debt€120.3m-€122.6m▲ 1.9%€128.2m▲ 4.6%€130.4m▲ 1.7%€150.0m▲ 15.1%€153.9m▲ 2.6%€123.3m▼ 19.9%€124.6m▲ 1.1%
Working capital€85.0m-€95.4m▲ 12.3%€120.6mabove the sector's middle half▲ 26.3%€123.2mabove the sector's middle half▲ 2.2%€116.9mabove the sector's middle half▼ 5.1%€128.7mabove the sector's middle half▲ 10.1%€129.3mabove the sector's middle half▲ 0.5%€142.5mabove the sector's middle half▲ 10.2%
Solvency47.1%-48.8%▲ 1.7pp52.5%within the sector's middle half▲ 3.7pp54.7%within the sector's middle half▲ 2.2pp55.1%within the sector's middle half▲ 0.4pp60.1%within the sector's middle half▲ 5.0pp65.5%above the sector's middle half▲ 5.5pp66.2%within the sector's middle half▲ 0.6pp
Current ratio1.71-1.78▲ 0.071.94within the sector's middle half▲ 0.161.94within the sector's middle half=1.78within the sector's middle half▼ 0.161.84within the sector's middle half▲ 0.062.05within the sector's middle half▲ 0.212.14within the sector's middle half▲ 0.09
Return on assets (ROA)10.2%-10.8%▲ 0.6pp9.2%within the sector's middle half▼ 1.6pp12.0%above the sector's middle half▲ 2.8pp14.4%above the sector's middle half▲ 2.4pp12.2%above the sector's middle half▼ 2.2pp6.0%within the sector's middle half▼ 6.2pp7.9%within the sector's middle half▲ 1.9pp
Staff (FTE)903.6-871.1▼ 3.6%896above the sector's middle half▲ 2.9%932.1above the sector's middle half▲ 4.0%931.4above the sector's middle half▼ 0.1%943.4above the sector's middle half▲ 1.3%943.4above the sector's middle half=914above the sector's middle half▼ 3.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 38% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €368.7m
Fixed assets
€101.7m ▼ 4.1%
Current assets
€267.1m ▲ 5.8%
Equity and liabilities €368.7m
Equity
€244.0m ▲ 3.8%
Provisions
€140,044 ▼ 38.7%
Debt
€124.6m ▲ 1.1%
Debt's share of the balance-sheet total falls from 34.4% to 33.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€47.8m▲
2024 · €37.0m
Cash flow
€39.6m▲
2024 · €31.6m
Quick ratio
1.48▲
2024 · 1.35
Debt to equity
0.51▼
2024 · 0.52
ROE
11.9%▲
2024 · 9.2%
Interest coverage
68.56▼
2024 · 79.45
Debt ≤ 1 year
€124.6m▲
2024 · €123.3m
Income taxes
€10.0m▲
2024 · €7.9m
Customer credit
68 days▼
2024 · 70 days
Supplier credit
64 days▼
2024 · 66 days
Staff costs
€73.7m▲
2024 · €71.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 960 | 963 | 969 | 969 | 938 |
| full-time | 833 | 821 | 829 | 827 | 781 |
| part-time | 127 | 142 | 140 | 142 | 157 |
| in full-time equivalents | 932.1 | 930.5 | 935.9 | 935.9 | 902.9 |
| Average over the year, in full-time equivalents | 900.9 | 924.4 | 943.4 | 936.9 | 914 |
| On a permanent contract | 960 | 963 | 969 | 969 | 938 |
| Joined | 161 | 126 | 117 | 104 | 85 |
| Left | 122 | 123 | 111 | 104 | 116 |
| Agency workers, average number | 107.5 | 100.5 | 116.7 | 137.5 | 85.2 |
| Training hours | 11,233 | 14,182 | 16,317 | 19,532 | 20,461 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13.9m | €39.3m | €40.7m | €4.5m | €3.7m |
| Intangible fixed assets | €5.7m | €4.3m | €1.5m | €5.3m | €2.7m |
| Depreciation and write-downs of the year | €6.3m | €6.6m | €6.9m | €10.1m | €10.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Forvis Mazars Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €36,320 | €41,619 | €44,094 | €44,359 | €46,178 |
| Other work by the auditor | €25,750 | - | - | €36,500 | €10,000 |
| Work by persons linked to the auditor | €350 | - | - | - | €18,500 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €70,478 awarded · €70,478 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €11,365 | €11,365 |
| 2024 | 2 | €21,574 | €21,574 |
| 2023 | 2 | €19,817 | €19,817 |
| 2022 | 1 | €17,722 | €17,722 |
Public contracts
24 awards · 2017 to 2026
Achats de matériels électriques divers: MF/6100/FEL/11bis - 1
Marché public de fournitures portant sur la conclusion d’un accord-cadre pour l’achat de matériel de sécurité physique et électronique: BZAE/P&O5.1/GRA/2024/Mat_Stit - 8
Marché public de fournitures portant sur la conclusion d’un accord-cadre pour l’achat de matériel de sécurité physique et électronique: BZAE/P&O5.1/GRA/2024/Mat_Stit - 9
Raamovereenkomst met meerdere deelnemers voor het leveren van elektrisch materiaal: AP/OP/2025-028 - 1
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 1 Matériel d'installation
Show 19 more contracts
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 2 : éclairages
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 3 : Matériels HVAC
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 4 : Luminaires
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 5 : Matériels divers
Raamcontract: leveren elektrisch materiaal
Raamcontract voor de aankoop van elektrotechnisch materiaal en huishoudtoestellen 2025 - 2029: ELEKTROTECHNISCH MATERIAAL
Raamovereenkomst voor de levering van materiaal voor elektrische installaties
Draden en installatiekabels: FLU23L035 - Draden en installatiekabels
Raamovereenkomst voor het leveren van elektrisch installatiemateriaal en lampen: GAC_2023_02760 - 1
QMMO24-2884 - Raamovereenkomst voor de levering van batterijen voor de vzw Associatie KU Leuven, Centrum voor Levende Talen en UZ Leuven - Kandidaatstelling: QMMO24-2884 - 1
Marchandises pour les travaux d'aménagement d'un internat au bâtiment sis rue de la Rouge Croix 92 (2): Ventilation
Groepsaankoop raamovereenkomst voor het leveren van klein elektrisch materiaal
Raamovereenkomst voor de levering van elektrisch materiaal: 2023/707/INK/CC/EJ - 1
Raamovereenkomst voor elektrisch materiaal op afroep: AZT-2023-187 - 1
Elektrisch materiaal op afroep
** GEGUNDE OPDRACHT ** Raamovereenkomst voor het leveren van elektrisch materiaal en elektr(on)ische apparaten: Raamovereenkomst voor het leveren van elektrisch materiaal en elektr(on)ische apparaten
Acquisition de petit outillage: Outillage électriciens et pinces
Acquisition de petit outillage: Outillage menuiserie
Levering van gereedschappen en toebehoren aan de diensten van de VDAB
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €684.8m | €803.9m | €880.4m | €752.8m | €779.2m | ▲ 3.5% |
| Turnover70 | €574.2m | €599.7m | €610.3m | €682.0m | €798.9m | €877.2m | €744.7m | €773.0m | ▲ 3.8% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | €0.5m | €0.02m | -€0.03m | -€0.2m | ▼ 445% |
| Other operating income74 | - | - | - | €2.6m | €4.4m | €3.2m | €5.3m | €5.9m | ▲ 10.0% |
| Non-recurring operating income76A | - | - | - | €0.3m | €0.2m | €0.06m | €2.8m | €0.5m | ▼ 80.3% |
| Operating charges60/66A | - | - | - | €640.8m | €741.5m | €818.9m | €725.9m | €742.0m | ▲ 2.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €518.8m | €607.1m | €663.7m | €566.4m | €588.0m | ▲ 3.8% |
| Purchases600/8 | - | - | - | €529.0m | €618.8m | €685.0m | €551.8m | €583.7m | ▲ 5.8% |
| Change in stocks: decrease (increase)609 | - | - | - | -€10.2m | -€11.7m | -€21.3m | €14.6m | €4.4m | ▼ 70.1% |
| Services and other goods61 | - | - | - | €53.2m | €58.8m | €72.5m | €73.6m | €69.1m | ▼ 6.0% |
| Remuneration, social security and pensions62 | - | - | - | €59.2m | €65.2m | €72.0m | €71.7m | €73.7m | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6.3m | €6.5m | €6.3m | €6.3m | €6.6m | €6.9m | €10.1m | €10.6m | ▲ 5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1.2m | -€0.6m | €1.0m | €1.9m | -€0.9m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.02m | €1.5m | -€0.4m | -€1.0m | -€0.06m | ▲ 93.9% |
| Other operating charges640/8 | - | - | - | €1.6m | €2.0m | €3.1m | €2.2m | €1.5m | ▼ 32.1% |
| Non-recurring operating charges66A | - | - | - | €0.6m | €0.9m | €0.03m | €1.1m | - | - |
| Operating profit (loss)9901 | €31.7m | €36.3m | €31.6m | €44.0m | €62.5m | €61.5m | €26.9m | €37.2m | ▲ 38.1% |
| Financial income75/76B | - | - | - | €5.6m | €5.9m | €7.0m | €5.3m | €4.9m | ▼ 8.9% |
| Recurring financial income75 | €4.6m | €4.7m | €4.9m | €5.6m | €5.9m | €7.0m | €5.3m | €4.9m | ▼ 8.9% |
| Income from financial fixed assets750 | - | - | - | €280 | €280 | - | €280 | €280 | = |
| Income from current assets751 | - | - | - | €0.2m | €0.2m | €0.7m | €0.7m | €0.6m | ▼ 6.1% |
| Other financial income752/9 | - | - | - | €5.4m | €5.7m | €6.3m | €4.6m | €4.2m | ▼ 9.4% |
| Non-recurring financial income76B | - | - | - | €0 | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €2.7m | €3.0m | €3.2m | €2.9m | €3.0m | ▲ 5.5% |
| Recurring financial charges65 | €2.2m | €2.3m | €2.4m | €2.7m | €3.0m | €3.2m | €2.9m | €3.0m | ▲ 5.5% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | €0.7m | ▲ 49.7% |
| Other financial charges652/9 | - | - | - | €2.4m | €2.8m | €2.9m | €2.4m | €2.3m | ▼ 3.0% |
| Non-recurring financial charges66B | - | - | - | €0 | - | €361 | - | €155 | - |
| Profit (loss) for the period before taxes9903 | €34.1m | €38.7m | €34.1m | €47.0m | €65.3m | €65.3m | €29.4m | €39.0m | ▲ 32.7% |
| Transfer from deferred taxes780 | - | - | - | €0.07m | €0.1m | €0.03m | €0.03m | €0.03m | ▼ 19.3% |
| Income taxes67/77 | €10.8m | €12.5m | €9.1m | €12.5m | €16.9m | €17.9m | €7.9m | €10.0m | ▲ 26.6% |
| Taxes670/3 | - | - | - | €12.6m | €17.0m | €17.9m | €8.0m | €10.1m | ▲ 26.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.09m | €0.03m | - | €0.1m | €0.1m | ▲ 2.9% |
| Profit (loss) for the period9904 | €23.2m | €25.9m | €25.0m | €34.6m | €48.5m | €47.4m | €21.5m | €29.0m | ▲ 34.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.002m | - | €0.9m | €2.1m | €2.1m | ▼ 0.9% |
| Transfer to tax-exempt reserves689 | - | - | - | €2.0m | €2.0m | €1.0m | €1.0m | - | - |
| Profit (loss) for the period to be appropriated9905 | €23.2m | €24.3m | €23.0m | €32.6m | €46.5m | €47.3m | €22.6m | €31.1m | ▲ 37.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €227.9m | €240.1m | €270.6m | €288.3m | €337.8m | €388.7m | €358.5m | €368.7m | ▲ 2.9% |
| Fixed assets21/28 | €22.9m | €22.3m | €22.4m | €34.7m | €71.6m | €106.8m | €106.0m | €101.7m | ▼ 4.1% |
| Intangible fixed assets21 | €10.0m | €9.0m | €8.7m | €11.5m | €11.5m | €9.0m | €14.1m | €13.0m | ▼ 7.8% |
| Tangible fixed assets22/27 | €12.6m | €13.0m | €13.6m | €23.1m | €60.0m | €97.7m | €91.7m | €88.5m | ▼ 3.5% |
| Land and buildings22 | - | - | - | €11.7m | €0.9m | €0.9m | €74.9m | €72.3m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €3.2m | €3.1m | €2.9m | €7.2m | €7.0m | ▼ 3.3% |
| Furniture and vehicles24 | - | - | - | €0.8m | €0.9m | €0.9m | €1.1m | €0.7m | ▼ 33.1% |
| Other tangible fixed assets26 | - | - | - | €7.3m | €8.4m | €9.2m | €8.4m | €8.4m | ▼ 0.2% |
| Assets under construction and advance payments27 | - | - | - | - | €46.8m | €83.8m | €0.1m | €0.2m | ▲ 50.0% |
| Financial fixed assets28 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.2% |
| Affiliated companies280/1 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Participating interests280 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.3% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.3% |
| Current assets29/58 | €205.0m | €217.8m | €248.2m | €253.6m | €266.3m | €281.9m | €252.5m | €267.1m | ▲ 5.8% |
| Stocks and contracts in progress3 | €56.8m | €56.8m | €58.2m | €68.8m | €81.2m | €101.2m | €85.9m | €82.5m | ▼ 4.0% |
| Stocks30/36 | - | - | - | €68.6m | €80.5m | €100.5m | €85.2m | €81.9m | ▼ 3.8% |
| Goods purchased for resale34 | - | - | - | €68.6m | €80.5m | €100.5m | €85.2m | €81.9m | ▼ 3.8% |
| Contracts in progress37 | - | - | - | €0.3m | €0.7m | €0.7m | €0.7m | €0.5m | ▼ 25.7% |
| Amounts receivable within one year40/41 | €143.5m | €158.4m | €189.0m | €182.8m | €183.1m | €177.9m | €165.3m | €182.9m | ▲ 10.6% |
| Trade receivables40 | - | - | - | €145.6m | €168.0m | €165.5m | €143.4m | €144.3m | ▲ 0.6% |
| Other amounts receivable41 | - | - | - | €37.2m | €15.2m | €12.4m | €21.9m | €38.6m | ▲ 76.2% |
| Cash at bank and in hand54/58 | €0.7m | €0.3m | €0.3m | €0.9m | €1.0m | €1.7m | €0.1m | €0.07m | ▼ 48.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1.0m | €0.9m | €1.1m | €1.2m | €1.6m | ▲ 36.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €227.9m | €240.1m | €270.6m | €288.3m | €337.8m | €388.7m | €358.5m | €368.7m | ▲ 2.9% |
| Equity10/15 | €107.2m | €117.2m | €142.1m | €157.7m | €186.1m | €233.5m | €235.0m | €244.0m | ▲ 3.8% |
| Contributions10/11 | €3.7m | €3.7m | €3.7m | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Capital10 | - | - | - | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Issued capital100 | - | - | - | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Revaluation surpluses12 | - | - | - | €4.8m | €4.8m | €4.8m | €4.8m | €4.8m | = |
| Reserves13 | €4.9m | €6.5m | €8.5m | €12.0m | €13.9m | €13.9m | €14.8m | €14.8m | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Legal reserve130 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Other1319 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €6.1m | €8.1m | €8.1m | €7.0m | €5.0m | ▼ 29.5% |
| Distributable reserves133 | - | - | - | €5.1m | €5.1m | €5.1m | €7.1m | €9.1m | ▲ 28.3% |
| Profit (loss) carried forward14 | €93.9m | €102.2m | €125.2m | €137.1m | €163.6m | €210.9m | €211.5m | €220.6m | ▲ 4.3% |
| Provisions and deferred taxes16 | €0.3m | €0.4m | €0.3m | €0.3m | €1.7m | €1.3m | €0.2m | €0.1m | ▼ 38.7% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.003m | €1.5m | €1.1m | €0.06m | - | - |
| Pensions and similar obligations160 | - | - | - | €0.003m | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €1.5m | €1.1m | €0.06m | - | - |
| Deferred taxes168 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 15.7% |
| Amounts payable17/49 | €120.3m | €122.6m | €128.2m | €130.4m | €150.0m | €153.9m | €123.3m | €124.6m | ▲ 1.1% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €120.0m | €122.4m | €127.7m | €130.4m | €149.4m | €153.2m | €123.3m | €124.6m | ▲ 1.1% |
| Trade debts44 | €107.5m | €107.7m | €112.6m | €112.6m | €127.7m | €131.5m | €102.9m | €103.4m | ▲ 0.4% |
| Suppliers440/4 | - | - | - | €112.6m | €127.7m | €131.5m | €102.9m | €103.4m | ▲ 0.4% |
| Taxes, remuneration and social security45 | - | - | - | €17.8m | €21.6m | €20.5m | €18.8m | €19.9m | ▲ 5.9% |
| Taxes450/3 | - | - | - | €5.8m | €7.6m | €6.8m | €6.2m | €6.3m | ▲ 0.7% |
| Remuneration and social security454/9 | - | - | - | €11.9m | €14.1m | €13.6m | €12.6m | €13.6m | ▲ 8.5% |
| Other amounts payable47/48 | - | - | - | - | - | €1.3m | €1.6m | €1.3m | ▼ 15.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.6m | €0.7m | €0.03m | €0.02m | ▼ 22.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23.2m | €25.9m | €25.0m | €34.6m | €48.5m | €47.4m | €21.5m | €29.0m | ▲ 34.9% |
| + Depreciation and write-downs630 | €6.3m | €6.5m | €6.3m | €6.3m | €6.6m | €6.9m | €10.1m | €10.6m | ▲ 5.5% |
| Operating cash flow (approximation) | €29.5m | €32.4m | €31.3m | €40.8m | €55.1m | €54.3m | €31.6m | €39.6m | ▲ 25.5% |
| Investment in fixed assets (approximation) | - | -€5.9m | -€6.4m | -€18.6m | -€43.4m | -€42.2m | -€9.2m | -€6.3m | ▲ 31.7% |
| Change in cash | - | -€0.4m | -€0.08m | €0.6m | €0.1m | €0.6m | -€1.5m | -€0.06m | ▲ 95.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 321 companies had the same profile as CEBEO has now. Two years later, 97.5% were still going and 0.0% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.5%
was still going
2.5%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of CEBEO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 321 companies, not a prediction for CEBEO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 55 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-06-2026 | 2026-00200746 | |
| 31-12-2024 | full format | 11-06-2025 | 2025-00155045 | |
| 31-12-2023 | full format | 13-06-2024 | 2024-00146105 | |
| 31-12-2022 | full format | 01-06-2023 | 2023-00107176 | |
| 31-12-2021 | full format | 30-05-2022 | 2022-20047608 | |
| 31-12-2020 | full format | 31-05-2021 | 2021-16500229 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-20000184 | |
| 31-12-2018 | full format | 14-06-2019 | 2019-19500177 | |
| 31-12-2017 | full format | 22-06-2018 | 2018-23000496 | |
| 31-12-2016 | full format | 22-06-2017 | 2017-22800341 |