CECODAL
ActiveSummary
CECODAL has been active since 1981 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €34.2m and a net result of €2.7m. Equity remains stable across the filed financial years (±1.6% per year). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Equity
- €34.2m
- Profit
- €2.7m
- Parent
- Andros & Cie · 100%
- Holdings
- 1
Why 97raises riskLiquidity: current ratio 5.84, cash €1.4mlowers riskSize: total assets €36.3mEquity €34.2m (94.1% of total assets)Founded in 1981Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, medium-sized): better than 74% on solvency, 82% on liquidity, 77% on profitability and 75% on growth.
The bankruptcy probability was computed on 24-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 42 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Resignation: COGEVEST (managing director)Director discharge
- Highest result from 2018 to 2025net €2.7m ▲114%
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €25,831 in 2025 against €21,549 in 2024; the loss grows.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.01m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.009m | €0.01m | €0.009m | €10 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.009m | €0.009m | €0.01m | €0.01m | €0.01m | ▲ 1.2% |
| Non-recurring operating charges66A | - | - | - | - | €0.1m | - | - | - | - |
| Gross operating margin9900 | -€0.01m | -€0.006m | -€0.009m | -€0.01m | -€0.01m | -€0.007m | -€0.01m | -€0.01m | ▼ 40.0% |
| Operating profit (loss)9901 | -€0.02m | -€0.02m | -€0.02m | -€0.03m | -€0.2m | -€0.03m | -€0.02m | -€0.03m | ▼ 19.9% |
| Financial income75/76B | - | - | - | €0.7m | €1.2m | €1.5m | €2.5m | €3.6m | ▲ 45.7% |
| Recurring financial income75 | €1.5m | €1.4m | €1.0m | €0.4m | €0.8m | €1.5m | €2.5m | €3.6m | ▲ 45.7% |
| Non-recurring financial income76B | - | - | - | €0.3m | €0.4m | €0.004m | - | - | - |
| Financial charges65/66B | - | - | - | €0.2m | €0.4m | €0.6m | €0.9m | €0.1m | ▼ 86.0% |
| Recurring financial charges65 | €1.2m | €0.7m | €0.1m | €0.2m | €0.4m | €0.6m | €0.9m | €0.1m | ▼ 86.0% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.8m | €0.9m | €0.6m | €0.6m | €0.9m | €1.6m | €3.5m | ▲ 118% |
| Income taxes67/77 | €0.1m | €0.2m | €0.3m | -€0.04m | €0.2m | €0.3m | €0.3m | €0.8m | ▲ 131% |
| Profit (loss) for the period9904 | €0.1m | €0.6m | €0.5m | €0.6m | €0.4m | €0.6m | €1.2m | €2.7m | ▲ 114% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.6m | €0.5m | €0.6m | €0.4m | €0.6m | €1.2m | €2.7m | ▲ 114% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38.0m | €36.6m | €35.2m | €34.8m | €36.0m | €36.3m | €34.6m | €36.3m | ▲ 4.8% |
| Fixed assets21/28 | €13.8m | €13.3m | €12.4m | €13.3m | €29.8m | €29.0m | €28.3m | €29.2m | ▲ 2.9% |
| Financial fixed assets28 | €13.8m | €13.3m | €12.4m | €13.3m | €29.8m | €29.0m | €28.3m | €29.2m | ▲ 2.9% |
| Current assets29/58 | €24.2m | €23.3m | €22.8m | €21.5m | €6.2m | €7.4m | €6.3m | €7.2m | ▲ 13.5% |
| Amounts receivable within one year40/41 | €0.4m | €0.2m | €0.2m | €0.2m | €0.3m | €0.7m | €0.02m | €0.02m | ▲ 0.2% |
| Trade receivables40 | - | - | - | €0.06m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 5.3% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.7m | €0.02m | €0.02m | = |
| Current investments50/53 | €23.8m | €23.1m | €22.2m | €21.0m | €5.6m | €5.5m | €5.6m | €5.6m | = |
| Cash at bank and in hand54/58 | €0.002m | €0.02m | €0.5m | €0.3m | €0.3m | €1.2m | €0.7m | €1.4m | ▲ 111% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.09m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38.0m | €36.6m | €35.2m | €34.8m | €36.0m | €36.3m | €34.6m | €36.3m | ▲ 4.8% |
| Equity10/15 | €36.0m | €34.6m | €34.2m | €29.8m | €29.6m | €30.3m | €31.5m | €34.2m | ▲ 8.5% |
| Contributions10/11 | €11.1m | €11.1m | €11.1m | €11.1m | €11.1m | €11.1m | €11.1m | €11.1m | = |
| Capital10 | - | - | - | €11.1m | €11.1m | €11.1m | €11.1m | €11.1m | = |
| Issued capital100 | - | - | - | €11.1m | €11.1m | €11.1m | €11.1m | €11.1m | = |
| Reserves13 | €23.2m | €21.8m | €21.3m | €16.8m | €16.3m | €16.3m | €16.3m | €16.3m | = |
| Non-distributable reserves130/1 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Legal reserve130 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Distributable reserves133 | - | - | - | €15.7m | €15.2m | €15.2m | €15.2m | €15.2m | = |
| Profit (loss) carried forward14 | €1.7m | €1.7m | €1.7m | €1.8m | €2.2m | €2.9m | €4.1m | €6.8m | ▲ 65.0% |
| Amounts payable17/49 | €2.0m | €2.0m | €1.0m | €5.0m | €6.3m | €6.1m | €3.1m | €2.1m | ▼ 31.7% |
| Amounts payable after more than one year17 | - | - | - | - | €5.0m | €3.9m | €1.9m | €0.9m | ▼ 52.6% |
| Financial debts170/4 | - | - | - | - | €5.0m | €3.9m | €1.9m | €0.9m | ▼ 52.6% |
| Amounts payable within one year42/48 | €2.0m | €2.0m | €1.0m | €5.0m | €1.3m | €2.2m | €1.2m | €1.2m | ▲ 1.0% |
| Trade debts44 | €0.004m | - | - | - | €0.001m | €13 | €0.003m | €0.004m | ▲ 40.5% |
| Suppliers440/4 | - | - | - | - | €0.001m | €13 | €0.003m | €0.004m | ▲ 40.5% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.2m | €0.3m | €0.7m | ▲ 159% |
| Taxes450/3 | - | - | - | - | - | €0.2m | €0.3m | €0.7m | ▲ 159% |
| Other amounts payable47/48 | - | - | - | €5.0m | €1.3m | €1.9m | €0.9m | €0.5m | ▼ 47.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.6m | €0.5m | €0.6m | €0.4m | €0.6m | €1.2m | €2.7m | ▲ 114% |
| Operating cash flow (approximation) | €0.1m | €0.6m | €0.5m | €0.6m | €0.4m | €0.6m | €1.2m | €2.7m | ▲ 114% |
| Investment in fixed assets (approximation) | - | €0.5m | €0.9m | -€0.9m | -€16.5m | €0.8m | €0.6m | -€0.8m | - |
| Change in cash | - | €0.01m | €0.5m | -€0.2m | €0.03m | €0.9m | -€0.5m | €0.8m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 44 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 10-06-2026 | 2026-00150508 |
| 31-12-2024 | full format | 30-07-2025 | 2025-00332915 |
| 31-12-2023 | full format | 20-06-2024 | 2024-00150553 |
| 31-12-2022 | full format | 31-05-2023 | 2023-00102859 |
| 31-12-2021 | full format | 01-07-2022 | 2022-20155698 |
| 31-12-2020 | full format | 09-06-2021 | 2021-18400564 |
| 31-12-2019 | full format | 05-06-2020 | 2020-14900009 |
| 31-12-2018 | full format | 27-05-2019 | 2019-14700157 |
| 31-12-2017 | full format | 24-05-2018 | 2018-13900215 |
| 31-12-2016 | full format | 06-06-2017 | 2017-15300384 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| FINVISION |
|
| COGEVEST |
|
Owners and capital
Owners
2 ownersChain of control
- ANDROS ET CIEFR
- Andros & CieFR
- CECODAL
Highest known parent: ANDROS ET CIE (France). The sources do not say who stands above it.
Owners 2
- Andros & CieFRparentSourceown accounts 2025100%
- ANDROS ET CIEFRconsolidating parentconsolidates
According to the 2025 annual accounts of CECODAL and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 21-03-2025 Capital stated in the deed · €11,110,200 · 255,474 shares
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
50%
According to the 2025 annual accounts of CECODAL and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
No directors read yet: 3 of 16 Gazette acts processed.
History
Acts, filings and financial milestones
13-03
Gazette deed
Resignation: COGEVEST (managing director)Director discharge4 facts ▸
- General meeting, 12-01-2026
- Director resignation, COGEVEST (managing director)
- Other provision, “représentant, représentant de la SRL COGEVEST” (deed in French)
- Director discharge, COGEVEST
14-05
Gazette deed
Resignation: Deloitte (company auditor)Appointment: Finvision (company auditor)3 facts ▸
- General meeting, 30-05-2024
- Auditor resignation, Deloitte (company auditor)
- Auditor appointment, Finvision (company auditor)
21-03
Gazette deed
Amendment of the articlesCapital · Registered office clause · Power of attorney6 facts ▸
- General meeting, 10-03-2025
- Amendment of the articles (2 times)
- Capital, €11,110,200
- Registered office clause, “5150 Floreffe,allée des Cerisiers,1” (deed in French)
- Power of attorney
- Power of attorney, Olivier BROUWERS
About the unread acts
Of the 16 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 13 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 24 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 92045A0761/00V000 | Wallonia | 8.9 ha | 1 · 782 m² | 7.7 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Fournir tous les services aux entreprises,associations,institutions,pouvoirs publics ou personnes dont l'activité ou les intérêts sont liés…” (deed in French)
4 activities (deed in French)
- Fournir tous les services aux entreprises,associations,institutions,pouvoirs publics ou personnes dont l'activité ou les intérêts sont liés directement ou indirectement,principalement ou secondairement,soit à la culture ou à l'élevage,la production,la transformation,la préparation,la commercialisation et le marketing de denrées alimentaires ou de substances intervenant dans la fabrication ou la composition d'un aliment ou d'un produit de l'environnement domestique.
- Ces services comprennent notamment des études,enquêtes,conseils,recherches,coordinations,actes de laboratoire et de technologie,formations et informations,recrutements réalisés par ces moyens et/ou en collaboration ou sous-traitance en Belgique ou à l'étranger.
- En vue de la réalisation de son objet,la société peut accomplir toutes opérations commerciales,industrielles,financières,immobilières et mobilières se rapportant directement ou indirectement à cet objet.
- Elle peut s'intéresser par voie d'apport,de cession,de fusion,de souscription,de participation,d'intervention financière ou autrement dans toutes sociétés,entreprises ou opérations ayant un objet similaire ou connexe ou de nature à en favoriser la réalisation.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CECODAL
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- One provision in the deed
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Actionnaire peut demander à tout moment conversion en nominatives, nominatives ou dématérialisées” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Cession et transmission des actions, application mutatis mutandis,procédures à charge héritiers ou légataires” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Assemblée générale délibérant comme en matière de modification aux statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Désignation des liquidateurs, organe d’administration en fonction comme collège” (deed in French)“Pouvoirs des liquidateurs, toutes opérations prévues par la loi” (deed in French)