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Public limited companyfounded 1990active for 35 yearsSchatting 56, 8210 Zedelgem, BelgiumKBO/BCE: BE 0442.567.349

Financials · financial year 2025, full format

2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00474799.

Annual accounts 2025 filed on 28-08-2026 at the NBB all 35 filings

Equity
€951,621=
2024 · €951,539
Net result
€82▼ 100.0%
2024 · €209,912
Total assets
€985,026▲ 3.2%
2024 · €954,671
Solvency
96.6%▼ 3.1pp
2024 · 99.7%
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 96% lower than in 2024 and the lowest since 2021.

Operating result€0.01m 2025 Net result€82 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m-€0.05m€0.05m▼ 0.6%€0.06m▲ 8.8%€0.05m▼ 3.7%€0.03m▼ 45.3%€0.3m▲ 843%€0.01m▼ 96.4%
Net result-€0.03m-€0.05m€0.05mwithin the sector's middle half▼ 0.8%€0.05mwithin the sector's middle half▲ 5.9%€0.04mwithin the sector's middle half▼ 25.4%€0.009mwithin the sector's middle half▼ 77.8%€0.2mabove the sector's middle half▲ 23×€82within the sector's middle half▼ 100.0%
Equity€0.5m-€0.6m▲ 9.7%€0.6mwithin the sector's middle half▲ 8.8%€0.7mwithin the sector's middle half▲ 8.5%€0.7mwithin the sector's middle half▲ 5.9%€0.7mwithin the sector's middle half▲ 1.2%€1.0mwithin the sector's middle half▲ 28.3%€1.0mbelow the sector's middle half=
Total assets€1.1m-€1.1m▲ 0.7%€1.1mwithin the sector's middle half▲ 1.6%€1.1mwithin the sector's middle half▼ 0.5%€1.1mwithin the sector's middle half▼ 0.5%€1.0mwithin the sector's middle half▼ 4.8%€1.0mwithin the sector's middle half▼ 7.0%€1.0mbelow the sector's middle half▲ 3.2%
Debt€0.5m-€0.5m▼ 8.3%€0.5m▼ 7.0%€0.4m▼ 13.2%€0.3m▼ 11.7%€0.3m▼ 17.6%€0.003m▼ 98.9%€0.03m▲ 967%
Working capital€0.1m-€0.1m▲ 1.1%€0.1mwithin the sector's middle half▲ 23.6%€0.1mwithin the sector's middle half▲ 3.3%€0.1mwithin the sector's middle half▼ 7.4%€0.06mwithin the sector's middle half▼ 43.8%€0.04mwithin the sector's middle half▼ 42.4%€0.01mwithin the sector's middle half▼ 60.0%
Solvency50.3%-54.7%▲ 4.5pp58.6%within the sector's middle half▲ 3.8pp63.9%within the sector's middle half▲ 5.3pp67.9%within the sector's middle half▲ 4.1pp72.2%within the sector's middle half▲ 4.3pp99.7%above the sector's middle half▲ 27.4pp96.6%above the sector's middle half▼ 3.1pp
Current ratio11.75-8.48▼ 3.2711.78above the sector's middle half▲ 3.3022.39above the sector's middle half▲ 10.6017.20above the sector's middle half▼ 5.199.10above the sector's middle half▼ 8.1012.92above the sector's middle half▲ 3.821.45within the sector's middle half▼ 11.47
Return on assets (ROA)-2.4%-4.8%▲ 7.2pp4.7%within the sector's middle half▼ 0.1pp5.0%within the sector's middle half▲ 0.3pp3.8%within the sector's middle half▼ 1.3pp0.9%within the sector's middle half▼ 2.9pp22.0%above the sector's middle half▲ 21.1pp0.0%within the sector's middle half▼ 22.0pp
Staff (FTE)0below the sector's middle half
above within below The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 turnover shown is an estimate from the gross margin.
Large changes and their cause
  • 2025 Net result -100% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €985,026
Fixed assets €936,696 ▲ 2.5%
Current assets €48,330 ▲ 19.4%
Equity and liabilities €985,026
Equity €951,621 =
Debt €33,405 ▲ 967%
Debt's share of the balance-sheet total rises from 0.3% to 3.4%. Debt is higher.
Key figures and ratios
2025 value · change against 2024
ROE
0.0%▼
2024 · 22.1%
Debt ≤ 1 year
€33,405▲
2024 · €3,132
Income taxes
€0▼
2024 · €69,471
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets-€5,210--€25,231
Depreciation and write-downs of the year€3,607€2,466€2,542€2,542€2,737

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Comparable companies

These companies have the same main activity as CEDAX: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €732,000 and €1.8m, founded between 1989 and 1998.

CompanyFoundedTotal assetsEquityGross marginNet resultFTEFinancial year
CEDAX Zedelgem1990€1.0m€1.0m€0.02m€8202025
VECATEX Waregem1989€1.1m€0.7m€0.02m-€0.007m02025
IMMOBILIEN UND VERWALTUNGEN HECK Bütgenbach1989€0.7m€0.2m€0.02m-€0.02m02025
VVM Management Knokke-Heist1989€1.4m-€0.01m€0.03m-€0.05m02025
Kelba Herk-de-Stad1992€1.2m€0.4m€0.01m-€0.4m02025
SMETS CONSULTING SERVICES Berlaar1998€1.3m€1.2m€0.02m€0.3m02025
P. Casneuf Brakel1992€1.8m€0.6m€0.02m-€0.08m02025

They were chosen from the 20,095 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 45 lines

Source: Annual accounts 2025 at the NBB, filed on 28-08-2026.

Balance sheet Code20242025
Assets
Total assets20/58€954,671€985,026▲
Fixed assets21/28€914,203€936,696▲
Tangible fixed assets22/27€164,203€186,696▲
Land and buildings22€161,203€160,161▼
Plant, machinery and equipment23€3,000€26,535▲
Financial fixed assets28€750,000€750,000=
Current assets29/58€40,468€48,330▲
Amounts receivable within one year40/41€24,908€20,656▼
Trade receivables40€23,716€20,656▼
Other amounts receivable41€1,192€0▼
Cash at bank and in hand54/58€14,794€26,889▲
Deferred charges and accrued income490/1€766€786▲
Equity and liabilities
Total equity and liabilities10/49€954,671€985,026▲
Equity10/15€951,539€951,621=
Contributions10/11€75,000€75,000=
Capital10€75,000€75,000=
Issued capital100€75,000€75,000=
Reserves13€247,500€876,500▲
Non-distributable reserves130/1€7,500€7,500=
Legal reserve130€7,500€7,500=
Distributable reserves133€240,000€869,000▲
Profit (loss) carried forward14€629,039€121▼
Amounts payable17/49€3,132€33,405▲
Amounts payable within one year42/48€3,132€33,405▲
Trade debts44-€27,251
Suppliers440/4-€27,251
Taxes, remuneration and social security45€3,132€6,108▲
Taxes450/3€3,132€6,108▲
Other amounts payable47/48-€46
Income statement Code20242025
Non-recurring operating income76A€271,866€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2,542€2,737▲
Other operating charges640/8€6,644€7,532▲
Gross operating margin9900€288,907€20,397▼
Operating profit (loss)9901€279,721€10,127▼
Financial charges65/66B€338€10,045▲
Recurring financial charges65€338€10,045▲
Profit (loss) for the period before taxes9903€279,383€82▼
Income taxes67/77€69,471€0▼
Profit (loss) for the period9904€209,912€82▼
Profit (loss) for the period to be appropriated9905€209,912€82▼
Appropriation of the result
Profit (loss) to be appropriated9906€629,039€629,121=
Profit (loss) brought forward from the previous period14P€419,127€629,039▲
Transfer to equity691/2-€629,000
To other reserves6921-€629,000
Social balance sheet
Average headcount (FTE)9087-0.0

The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line20182019202020212022202320242025Change
Non-recurring operating income76A------€271,866€0▼ 100%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,500€3,607€3,607€3,607€2,466€2,542€2,542€2,737▲ 7.7%
Other operating charges640/8---€5,769€5,767€6,415€6,644€7,532▲ 13.4%
Gross operating margin9900-€18,193€61,130€61,111€65,683€62,442€38,610€288,907€20,397▼ 92.9%
Operating profit (loss)9901-€25,050€52,080€51,771€56,307€54,209€29,653€279,721€10,127▼ 96.4%
Financial income75/76B---€1€2----
Recurring financial income75--€2€1€2----
Financial charges65/66B---€530€556€17,380€338€10,045▲ 30×
Recurring financial charges65€346€324€415€530€556€17,380€338€10,045▲ 30×
Profit (loss) for the period before taxes9903-€25,396€51,756€51,358€55,778€53,655€12,273€279,383€82▼ 100.0%
Income taxes67/77---€1,378€13,088€3,275€69,471€0▼ 100%
Profit (loss) for the period9904-€25,396€51,756€51,358€54,400€40,567€8,998€209,912€82▼ 100.0%
Profit (loss) for the period to be appropriated9905-€25,396€51,756€51,358€54,400€40,567€8,998€209,912€82▼ 100.0%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€1.1m€1.1m€1.1m€1.1m€1.1m€1.0m€1.0m€1.0m▲ 3.2%
Fixed assets21/28€1.0m€1.0m€1.0m€1.0m€1.0m€1.0m€0.9m€0.9m▲ 2.5%
Tangible fixed assets22/27€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m▲ 13.7%
Land and buildings22---€0.2m€0.2m€0.2m€0.2m€0.2m▼ 0.6%
Plant, machinery and equipment23---€0.008m€0.006m€0.005m€0.003m€0.03m▲ 785%
Financial fixed assets28€0.8m€0.8m€0.8m€0.8m€0.8m€0.8m€0.8m€0.8m=
Current assets29/58€0.1m€0.1m€0.1m€0.1m€0.1m€0.07m€0.04m€0.05m▲ 19.4%
Amounts receivable within one year40/41€0.02m€0.01m€0.04m€0.03m€0.01m€0.003m€0.02m€0.02m▼ 17.1%
Trade receivables40---€0.03m€0.01m€0.003m€0.02m€0.02m▼ 12.9%
Other amounts receivable41---€0.002m€0.001m-€0.001m€0▼ 100%
Cash at bank and in hand54/58€0.08m€0.1m€0.09m€0.1m€0.1m€0.07m€0.01m€0.03m▲ 81.8%
Deferred charges and accrued income490/1----€1€1€0.001m€0.001m▲ 2.6%
Equity and liabilities
Total equity and liabilities10/49€1.1m€1.1m€1.1m€1.1m€1.1m€1.0m€1.0m€1.0m▲ 3.2%
Equity10/15€0.5m€0.6m€0.6m€0.7m€0.7m€0.7m€1.0m€1.0m=
Contributions10/11€0.08m€0.08m€0.08m€0.08m€0.08m€0.08m€0.08m€0.08m=
Capital10---€0.08m€0.08m€0.08m€0.08m€0.08m=
Issued capital100---€0.08m€0.08m€0.08m€0.08m€0.08m=
Reserves13€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.9m▲ 254%
Non-distributable reserves130/1---€0.008m€0.008m€0.008m€0.008m€0.008m=
Legal reserve130---€0.008m€0.008m€0.008m€0.008m€0.008m=
Distributable reserves133---€0.2m€0.2m€0.2m€0.2m€0.9m▲ 262%
Profit (loss) carried forward14€0.2m€0.3m€0.3m€0.4m€0.4m€0.4m€0.6m€121▼ 100.0%
Amounts payable17/49€0.5m€0.5m€0.5m€0.4m€0.3m€0.3m€0.003m€0.03m▲ 967%
Amounts payable after more than one year17€0.5m€0.5m€0.4m€0.4m€0.3m€0.3m---
Other amounts payable178/9---€0.4m€0.3m€0.3m---
Amounts payable within one year42/48€0.009m€0.01m€0.01m€0.006m€0.007m€0.008m€0.003m€0.03m▲ 967%
Trade debts44€0.002m€0.003m€0.002m----€0.03m-
Suppliers440/4-------€0.03m-
Taxes, remuneration and social security45---€0.003m€0.004m€0.005m€0.003m€0.006m▲ 95.0%
Taxes450/3---€0.001m€0.003m€0.004m€0.003m€0.006m▲ 95.0%
Remuneration and social security454/9---€0.002m€0.002m€0.002m---
Other amounts payable47/48---€0.003m€0.003m€0.003m-€46-
Accrued charges and deferred income492/3---€1-€0.02m---
Line20182019202020212022202320242025Change
Profit (loss) for the period9904-€25,396€51,756€51,358€54,400€40,567€8,998€209,912€82▼ 100.0%
+ Depreciation and write-downs630€1,500€3,607€3,607€3,607€2,466€2,542€2,542€2,737▲ 7.7%
Operating cash flow (approximation)-€23,896€55,363€54,965€58,007€43,033€11,540€212,454€2,819▼ 98.7%
Investment in fixed assets (approximation)--€6,321€0€0-€5,209€0€37,183-€25,230-
Change in cash-€11,695-€5,995€10,838€6,697-€38,674-€54,585€12,095-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 35 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 28-08-2026 2026-00474799 NBB
31-12-2024 abbreviated format 29-08-2025 2025-00428858 PDF
31-12-2023 abbreviated format 05-03-2024 2024-00039076 PDF
31-12-2022 abbreviated format 20-04-2023 2023-00062078 PDF
31-12-2021 abbreviated format 19-05-2022 2022-20032496 PDF
31-12-2020 abbreviated format 03-06-2021 2021-17000032 PDF
31-12-2019 abbreviated format 20-05-2020 2020-12600392 PDF
31-12-2018 abbreviated format 15-05-2019 2019-13200167 PDF
31-12-2017 abbreviated format 23-04-2018 2018-10400205 PDF
31-12-2016 abbreviated format 11-05-2017 2017-11900420 PDF

Show all 35 filings

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