CECIMMO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00387780.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 38 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €480,000
Estimated: probably between €370,000 and €800,000
Total assets
€2.0m▼ 17.1%
2024 · €2.5m
Net result
€32,780▲ 16.5%
2024 · €28,146
Working capital
-€74,601
2024 · €145,586
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€76,479
▼ 10.7%
2025
20182025
Net result
€32,780
▲ 16.5%
2025
middle half of the sector
20182025
Equity
€984,763
▲ 3.4%
2025
middle half of the sector
20182025
Total assets
€2.0m
▼ 17.1%
2025
middle half of the sector
20182025
Debt
€874,360
▼ 33.3%
2025
20182025
Working capital
-€74,601
2025
middle half of the sector
20182025
Solvency
48.1%
▲ 9.5pp
2025
middle half of the sector
20182025
Current ratio
0.82
▼ 0.49
2025
middle half of the sector
20182025
Return on assets (ROA)
1.6%
▲ 0.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.08m-€0.1m▲ 82.2%€0.08m▼ 46.5%€0.1m▲ 74.4%€0.2m▲ 15.2%€0.2m▲ 10.3%€0.09m▼ 49.0%€0.08m▼ 10.7%
Net result€0.02m-€0.07m▲ 284%€0.03mwithin the sector's middle half▼ 58.8%€0.08mwithin the sector's middle half▲ 205%€0.1mwithin the sector's middle half▲ 24.2%€0.07mwithin the sector's middle half▼ 27.7%€0.03mwithin the sector's middle half▼ 62.1%€0.03mwithin the sector's middle half▲ 16.5%
Equity€2.9m-€3.0m▲ 4.0%€3.0mabove the sector's middle half▲ 0.9%€3.1mabove the sector's middle half▲ 2.7%€0.8mwithin the sector's middle half▼ 72.8%€0.9mwithin the sector's middle half▲ 8.7%€1.0mwithin the sector's middle half▲ 3.0%€1.0mwithin the sector's middle half▲ 3.4%
Total assets€5.9m-€5.8m▼ 2.1%€5.7mabove the sector's middle half▼ 0.7%€5.5mabove the sector's middle half▼ 4.0%€5.3mabove the sector's middle half▼ 3.7%€2.7mwithin the sector's middle half▼ 48.6%€2.5mwithin the sector's middle half▼ 9.5%€2.0mwithin the sector's middle half▼ 17.1%
Debt€2.6m-€2.5m▼ 6.5%€2.4m▼ 2.0%€2.1m▼ 12.3%€4.2m▲ 98.6%€1.6m▼ 62.4%€1.3m▼ 17.1%€0.9m▼ 33.3%
Working capital€2.9m-€3.0m▲ 4.5%€3.0mabove the sector's middle half▼ 1.9%€2.8mabove the sector's middle half▼ 4.3%€0.4mwithin the sector's middle half▼ 85.9%€0.3mwithin the sector's middle half▼ 26.3%€0.1mwithin the sector's middle half▼ 50.7%-€0.07mwithin the sector's middle half
Solvency49.2%-52.3%▲ 3.1pp53.1%within the sector's middle half▲ 0.8pp56.9%within the sector's middle half▲ 3.7pp16.0%within the sector's middle half▼ 40.8pp33.9%within the sector's middle half▲ 17.9pp38.6%within the sector's middle half▲ 4.7pp48.1%within the sector's middle half▲ 9.5pp
Current ratio11.91-20.09▲ 8.1810.06above the sector's middle half▼ 10.038.81above the sector's middle half▼ 1.251.15within the sector's middle half▼ 7.671.67within the sector's middle half▲ 0.531.30within the sector's middle half▼ 0.370.82within the sector's middle half▼ 0.49
Return on assets (ROA)0.3%-1.1%▲ 0.8pp0.5%within the sector's middle half▼ 0.7pp1.5%within the sector's middle half▲ 1.0pp1.9%within the sector's middle half▲ 0.4pp2.7%within the sector's middle half▲ 0.8pp1.1%within the sector's middle half▼ 1.6pp1.6%within the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 11% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€1.7m ▼ 6.9%
Current assets
€333,227 ▼ 46.9%
Equity and liabilities €2.0m
Equity
€984,763 ▲ 3.4%
Provisions
€186,550 ▼ 8.1%
Debt
€874,360 ▼ 33.3%
Debt's share of the balance-sheet total falls from 53.2% to 42.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€228,745▼
2024 · €236,984
Cash flow
€185,046▲
2024 · €179,519
Debt to equity
0.89▼
2024 · 1.38
ROE
3.3%▲
2024 · 3.0%
Interest coverage
5.00▲
2024 · 3.42
Debt ≤ 1 year
€407,828▼
2024 · €481,815
Debt > 1 year
€458,292▼
2024 · €821,417
Income taxes
€27,370▲
2024 · €25,392
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.0m | €1.8m | €1.5m | €1.1m | €806,006 |
| Mortgages, amount registered | €17.3m | €17.3m | €17.3m | €17.3m | €17.3m |
| Mortgage mandates | - | - | - | €522,500 | €522,500 |
| Carrying value of the mortgaged assets | €2.3m | €2.1m | €2.0m | €1.8m | €1.7m |
| Guarantees given for others' debts | €14.0m | €14.0m | €14.0m | €14.5m | €15.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,006 | €3,418 | - | - | €25,711 |
| Depreciation and write-downs of the year | €149,559 | €151,369 | €151,373 | €151,373 | €152,266 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €150,165 | €150,147 | €149,500 | €149,559 | €151,369 | €151,373 | €151,373 | €152,266 | ▲ 0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €24,774 | €20,758 | ▼ 16.2% |
| Other operating charges640/8 | - | - | - | €18,800 | €19,234 | €21,127 | €21,901 | €22,585 | ▲ 3.1% |
| Gross operating margin9900 | €244,968 | €308,638 | €243,830 | €300,491 | €322,883 | €340,457 | €283,659 | €272,087 | ▼ 4.1% |
| Operating profit (loss)9901 | €77,693 | €141,542 | €75,752 | €132,132 | €152,281 | €167,958 | €85,611 | €76,479 | ▼ 10.7% |
| Financial income75/76B | - | - | - | €62,449 | €61,281 | €41,184 | €20,745 | €12,933 | ▼ 37.7% |
| Recurring financial income75 | €63,755 | €60,796 | €60,878 | €62,449 | €61,281 | €41,184 | €20,745 | €12,933 | ▼ 37.7% |
| Financial charges65/66B | - | - | - | €84,518 | €76,207 | €108,924 | €69,268 | €45,710 | ▼ 34.0% |
| Recurring financial charges65 | €118,021 | €109,771 | €100,975 | €84,518 | €76,207 | €108,924 | €69,268 | €45,710 | ▼ 34.0% |
| Profit (loss) for the period before taxes9903 | €23,427 | €92,567 | €35,655 | €110,063 | €137,354 | €100,218 | €37,088 | €43,701 | ▲ 17.8% |
| Transfer from deferred taxes780 | - | - | - | €16,450 | €16,450 | €16,450 | €16,450 | €16,450 | = |
| Income taxes67/77 | €25,767 | €46,307 | €25,033 | €43,881 | €51,164 | €42,453 | €25,392 | €27,370 | ▲ 7.8% |
| Profit (loss) for the period9904 | €17,123 | €65,724 | €27,071 | €82,632 | €102,640 | €74,214 | €28,146 | €32,780 | ▲ 16.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €48,029 | €48,029 | €48,029 | €48,029 | €48,029 | = |
| Profit (loss) for the period to be appropriated9905 | €62,219 | €110,820 | €75,100 | €130,661 | €150,668 | €122,243 | €76,175 | €80,809 | ▲ 6.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.9m | €5.8m | €5.7m | €5.5m | €5.3m | €2.7m | €2.5m | €2.0m | ▼ 17.1% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €2.7m | €2.6m | €2.4m | €2.3m | €2.1m | €2.0m | €1.8m | €1.7m | ▼ 6.9% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.7m | €2.6m | €2.4m | €2.3m | €2.1m | €2.0m | €1.8m | €1.7m | ▼ 6.9% |
| Land and buildings22 | - | - | - | €2.3m | €2.1m | €2.0m | €1.8m | €1.7m | ▼ 6.8% |
| Plant, machinery and equipment23 | - | - | - | €0.009m | €0.007m | €0.005m | €0.003m | €0.002m | ▼ 51.2% |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €3.2m | €3.2m | €3.3m | €3.2m | €3.2m | €0.7m | €0.6m | €0.3m | ▼ 46.9% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €3.1m | €3.2m | €3.3m | €3.2m | €3.1m | €0.7m | €0.6m | €0.3m | ▼ 49.9% |
| Trade receivables40 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.03m | ▼ 73.5% |
| Other amounts receivable41 | - | - | - | €3.1m | €3.0m | €0.6m | €0.5m | €0.3m | ▼ 44.8% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.005m | €0.001m | €0.002m | €0.01m | €0.006m | €0.005m | €0.007m | €0.001m | ▼ 81.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.05m | €0.04m | €0.05m | €0.04m | ▼ 3.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.9m | €5.8m | €5.7m | €5.5m | €5.3m | €2.7m | €2.5m | €2.0m | ▼ 17.1% |
| Equity10/15 | €2.9m | €3.0m | €3.0m | €3.1m | €0.8m | €0.9m | €1.0m | €1.0m | ▲ 3.4% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €2.8m | €2.9m | €2.9m | €3.0m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 3.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 7.8% |
| Distributable reserves133 | - | - | - | €2.2m | €0.004m | €0.1m | €0.2m | €0.3m | ▲ 37.7% |
| Profit (loss) carried forward14 | €0 | €0 | - | - | €0 | €0 | - | - | - |
| Provisions and deferred taxes16 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 8.1% |
| Deferred taxes168 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 8.1% |
| Amounts payable17/49 | €2.6m | €2.5m | €2.4m | €2.1m | €4.2m | €1.6m | €1.3m | €0.9m | ▼ 33.3% |
| Amounts payable after more than one year17 | €2.4m | €2.3m | €2.0m | €1.8m | €1.5m | €1.1m | €0.8m | €0.5m | ▼ 44.2% |
| Financial debts170/4 | - | - | - | €1.8m | €1.5m | €1.1m | €0.8m | €0.5m | ▼ 43.1% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.3m | €0.4m | €2.8m | €0.4m | €0.5m | €0.4m | ▼ 15.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 5.1% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.005m | €0.09m | €0.03m | €0.04m | €0.02m | €0.02m | €0.08m | €0.03m | ▼ 67.6% |
| Suppliers440/4 | - | - | - | €0.04m | €0.02m | €0.02m | €0.08m | €0.03m | ▼ 67.6% |
| Advances received on contracts in progress46 | - | - | - | €0.009m | €0 | €0.02m | €0 | €0.009m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.06m | €0.06m | €0.07m | €0.02m | ▼ 63.8% |
| Taxes450/3 | - | - | - | €0.03m | €0.06m | €0.06m | €0.07m | €0.02m | ▼ 63.8% |
| Other amounts payable47/48 | - | - | - | - | €2.4m | €0.03m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.005m | €0.005m | €0.008m | €0.008m | ▲ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,123 | €65,724 | €27,071 | €82,632 | €102,640 | €74,214 | €28,146 | €32,780 | ▲ 16.5% |
| + Depreciation and write-downs630 | €150,165 | €150,147 | €149,500 | €149,559 | €151,369 | €151,373 | €151,373 | €152,266 | ▲ 0.6% |
| Operating cash flow (approximation) | €167,289 | €215,871 | €176,571 | €232,191 | €254,008 | €225,587 | €179,519 | €185,046 | ▲ 3.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€9,006 | -€3,418 | €0 | €0 | -€25,711 | - |
| Change in cash | - | -€4,632 | €1,161 | €8,445 | -€3,923 | -€1,826 | €2,005 | -€5,400 | - |
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, 14,766 companies had the same profile as CECIMMO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CECIMMO itself: 0.2% 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 14,766 companies, not a prediction for CECIMMO. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-08-2026 | 2026-00387780 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00231476 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00181035 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00296431 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20377575 | |
| 31-12-2020 | abbreviated format | 16-08-2021 | 2021-48800284 | |
| 31-12-2019 | abbreviated format | 05-11-2020 | 2020-68600564 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-55300128 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-53000335 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-49100338 |