CEDAR - INTERCO
ActiveSummary
CEDAR - INTERCO has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €243,039 and a net result of €4,620. Equity is growing by ~6.9% per year across the filed fiscal years. Its solvency ranks better than 65% of 8161 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+15
Solvency84▼-5
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity ample (current ratio 2.5 against 3.2 in 2024; short-term debt: 35% and cash: 17.4% of total assets), and 40.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
59.2%
Return on assets
1.1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
on the day
2023
16 d early
2022
29 d late
2021
67 d early
2020
67 d early
2019
63 d early
← 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 22 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 31 July (4 of the last 5 filed years within 31 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€243,039▲ 1.9%
2024 · €238,419
Total assets
€410,811▲ 9.9%
2024 · €373,969
Net result
€4,620▲ 1,508%
2024 · €287
Working capital
€216,055▲ 5.9%
2024 · €203,928
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€48,337▲ 113%€33,381▼ 30.9%€13,339▼ 60.0%€4,693▼ 64.8%€13,870▲ 196%
Net result€37,903within the sector's middle half▲ 80.3%€20,586within the sector's middle half▼ 45.7%€5,183within the sector's middle half▼ 74.8%€287within the sector's middle half▼ 94.5%€4,620within the sector's middle half▲ 1,508%
Equity€212,364within the sector's middle half▲ 21.7%€232,950above the sector's middle half▲ 9.7%€238,132above the sector's middle half▲ 2.2%€238,419above the sector's middle half▲ 0.1%€243,039within the sector's middle half▲ 1.9%
Total assets€342,268below the sector's middle half▲ 65.0%€414,726above the sector's middle half▲ 21.2%€384,405within the sector's middle half▼ 7.3%€373,969within the sector's middle half▼ 2.7%€410,811below the sector's middle half▲ 9.9%
Debt€129,904▲ 294%€181,777▲ 39.9%€146,273▼ 19.5%€135,550▼ 7.3%€167,772▲ 23.8%
Working capital€210,206within the sector's middle half▲ 21.3%€145,549above the sector's middle half▼ 30.8%€199,379above the sector's middle half▲ 37.0%€203,928above the sector's middle half▲ 2.3%€216,055within the sector's middle half▲ 5.9%
Solvency62.0%within the sector's middle half▼ 22.1pp56.2%within the sector's middle half▼ 5.9pp61.9%within the sector's middle half▲ 5.8pp63.8%within the sector's middle half▲ 1.8pp59.2%within the sector's middle half▼ 4.6pp
Current ratio2.62within the sector's middle half▼ 3.911.98within the sector's middle half▼ 0.643.32within the sector's middle half▲ 1.353.20within the sector's middle half▼ 0.132.50within the sector's middle half▼ 0.69
Return on assets (ROA)11.1%within the sector's middle half▲ 0.9pp5.0%within the sector's middle half▼ 6.1pp1.3%within the sector's middle half▼ 3.6pp0.1%within the sector's middle half▼ 1.3pp1.1%within the sector's middle half▲ 1.0pp
Staff (FTE)1below the sector's middle half=1=1.8▲ 80.0%2▲ 11.1%2within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 196% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €410,811
Fixed assets
€51,112 ▼ 33.8%
Current assets
€359,699 ▲ 21.2%
Equity and liabilities €410,811
Equity
€243,039 ▲ 1.9%
Debt
€167,772 ▲ 23.8%
Debt's share of the balance-sheet total rises from 36.2% to 40.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€40,799▲
2024 · €31,038
Cash flow
€31,549▲
2024 · €26,632
Quick ratio
1.41▼
2024 · 1.51
Debt to equity
0.69▲
2024 · 0.57
ROE
1.9%▲
2024 · 0.1%
Interest coverage
9.58▲
2024 · 4.39
Debt ≤ 1 year
€143,644▲
2024 · €92,854
Debt > 1 year
€24,128▼
2024 · €42,696
Income taxes
€5,000▲
2024 · €3,084
Staff costs
€43,743▼
2024 · €47,151
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,039 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 0.4% 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 497,338 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% | 1.9% |
| 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 17,039 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,650 | €6,590 | €41,334 | €47,151 | €43,743 | ▼ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €592 | €7,226 | €25,278 | €26,345 | €26,929 | ▲ 2.2% |
| Other operating charges640/8 | €2,516 | €2,926 | €10,099 | €10,840 | €11,368 | ▲ 4.9% |
| Gross operating margin9900 | €53,095 | €50,122 | €90,050 | €89,029 | €95,910 | ▲ 7.7% |
| Operating profit (loss)9901 | €48,337 | €33,381 | €13,339 | €4,693 | €13,870 | ▲ 196% |
| Financial income75/76B | - | - | €0 | €5,747 | €7 | ▼ 99.9% |
| Recurring financial income75 | - | - | €0 | €4,042 | €7 | ▼ 99.8% |
| Non-recurring financial income76B | - | - | - | €1,705 | - | - |
| Financial charges65/66B | €2,034 | €4,155 | €6,588 | €7,069 | €4,258 | ▼ 39.8% |
| Recurring financial charges65 | €2,034 | €4,155 | €6,240 | €7,069 | €4,258 | ▼ 39.8% |
| Non-recurring financial charges66B | - | - | €347 | - | - | - |
| Profit (loss) for the period before taxes9903 | €46,304 | €29,226 | €6,752 | €3,371 | €9,620 | ▲ 185% |
| Income taxes67/77 | €8,401 | €8,640 | €1,569 | €3,084 | €5,000 | ▲ 62.1% |
| Profit (loss) for the period9904 | €37,903 | €20,586 | €5,183 | €287 | €4,620 | ▲ 1,508% |
| Profit (loss) for the period to be appropriated9905 | €37,903 | €20,586 | €5,183 | €287 | €4,620 | ▲ 1,508% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €342,268 | €414,726 | €384,405 | €373,969 | €410,811 | ▲ 9.9% |
| Fixed assets21/28 | €2,158 | €119,964 | €99,191 | €77,187 | €51,112 | ▼ 33.8% |
| Tangible fixed assets22/27 | €1,712 | €113,364 | €92,591 | €70,587 | €44,512 | ▼ 36.9% |
| Plant, machinery and equipment23 | €1,712 | €52,268 | €45,695 | €36,949 | €24,670 | ▼ 33.2% |
| Furniture and vehicles24 | - | €61,096 | €46,895 | €33,637 | €19,842 | ▼ 41.0% |
| Financial fixed assets28 | €446 | €6,600 | €6,600 | €6,600 | €6,600 | = |
| Current assets29/58 | €340,110 | €294,762 | €285,214 | €296,783 | €359,699 | ▲ 21.2% |
| Stocks and contracts in progress3 | €136,544 | €113,049 | €178,049 | €156,549 | €156,549 | = |
| Stocks30/36 | €136,544 | €113,049 | €178,049 | €156,549 | €156,549 | = |
| Amounts receivable within one year40/41 | €139,567 | €95,658 | €72,679 | €97,910 | €121,049 | ▲ 23.6% |
| Trade receivables40 | €54,779 | €16,245 | €1,245 | €1,000 | €22,200 | ▲ 2,120% |
| Other amounts receivable41 | €84,788 | €79,413 | €71,434 | €96,910 | €98,849 | ▲ 2.0% |
| Cash at bank and in hand54/58 | €63,110 | €86,055 | €27,936 | €37,729 | €71,681 | ▲ 90.0% |
| Deferred charges and accrued income490/1 | €889 | - | €6,550 | €4,595 | €10,420 | ▲ 127% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €342,268 | €414,726 | €384,405 | €373,969 | €410,811 | ▲ 9.9% |
| Equity10/15 | €212,364 | €232,950 | €238,132 | €238,419 | €243,039 | ▲ 1.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €133,556 | €170,950 | €176,132 | €176,419 | €181,039 | ▲ 2.6% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | €127,356 | €164,750 | €169,932 | €170,219 | €174,839 | ▲ 2.7% |
| Profit (loss) carried forward14 | €16,808 | - | - | - | - | - |
| Amounts payable17/49 | €129,904 | €181,777 | €146,273 | €135,550 | €167,772 | ▲ 23.8% |
| Amounts payable after more than one year17 | - | €32,563 | €60,438 | €42,696 | €24,128 | ▼ 43.5% |
| Financial debts170/4 | - | €32,563 | €60,438 | €42,696 | €24,128 | ▼ 43.5% |
| Amounts payable within one year42/48 | €129,904 | €149,214 | €85,835 | €92,854 | €143,644 | ▲ 54.7% |
| Current portion of amounts payable after more than one year42 | - | €7,437 | €16,955 | €17,742 | €18,568 | ▲ 4.7% |
| Trade debts44 | €121,209 | €122,812 | €46,566 | €37,216 | €69,937 | ▲ 87.9% |
| Suppliers440/4 | €121,209 | €122,812 | €46,566 | €37,216 | €69,937 | ▲ 87.9% |
| Advances received on contracts in progress46 | - | - | - | €6,965 | €20,500 | ▲ 194% |
| Taxes, remuneration and social security45 | €8,695 | €18,965 | €22,314 | €30,930 | €34,640 | ▲ 12.0% |
| Taxes450/3 | €8,401 | €17,041 | €8,904 | €3,301 | €8,301 | ▲ 151% |
| Remuneration and social security454/9 | €295 | €1,923 | €13,410 | €27,629 | €26,339 | ▼ 4.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,903 | €20,586 | €5,183 | €287 | €4,620 | ▲ 1,508% |
| + Depreciation and write-downs630 | €592 | €7,226 | €25,278 | €26,345 | €26,929 | ▲ 2.2% |
| Operating cash flow (approximation) | €38,495 | €27,812 | €30,460 | €26,632 | €31,549 | ▲ 18.5% |
| Investment in fixed assets (approximation) | - | -€125,032 | -€4,505 | -€4,341 | -€855 | ▲ 80.3% |
| Change in cash | - | €22,945 | -€58,119 | €9,793 | €33,952 | ▲ 247% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €287 ▼94.5%
Net result drops to €287, the lowest in the series; recovery starts the following year.
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €37,903 ▲80.3%
Operating result €48,337, net result €37,903, both a record.
31-12
Financial
Equity above €200,000Eq €212,364 ▲21.7%
4 profitable years in a row build equity to €212,364.
25-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €150,000Eq €153,438 ▲6.3%
2 profitable years in a row build equity to €153,438.
29-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
14-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
02-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 2 establishment units since 1993
Ground area
1,849 m²
Building footprint
1,385 m²
Volume, LiDAR
27,811 m³
2 parcels, Brussels, Flanders · tallest building 26.2 m, ±8 floors. Linked by address, not a title deed.
2 establishment units
De Keyserlei 28-30, 2018 Antwerpen
since 19932.063.838.217
Joseph Stevensstraat 38, 1000 Brussel
since 20232.343.064.692
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11808H1238/00Y000 | Flanders | 1,786 m² | 1 · 1,316 m² | 26.2 m · 8 fl. |
| 21808H1500/00H000 | Brussels | 63 m² | 1 · 69 m² | 23.4 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,567 companies in sector 46900 we hold annual accounts for 920. 673 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded27-09-1993
Fiscal year end31-12
Activities, NACEBEL 2025
46900Non-specialised wholesale trade
47770Retail sale of watches and jewellery
66199Other activities auxiliary to financial services, excluding insurance and pension funding
E-invoicing
Reachable via Peppol
Peppol ID
0208:0450941023
Also
9925:BE0450941023
Registered
29-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.