CEDE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 28 filings
Turnover
≈ €2.1m
Estimated: probably between €1.3m and €3.6m
EBIT margin
Not included in this filing
Net result
€62,046▼ 61.1%
2024 · €159,677
Working capital
€1.6m▲ 6.9%
2024 · €1.5m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€67,192
▼ 65.9%
2025
20182025
Net result
€62,046
▼ 61.1%
2025
middle half of the sector
20182025
Equity
€1.7m
▲ 3.7%
2025
middle half of the sector
20182025
Total assets
€1.8m
▼ 6.5%
2025
middle half of the sector
20182025
Debt
€114,280
▼ 62.4%
2025
20182025
Working capital
€1.6m
▲ 6.9%
2025
middle half of the sector
20182025
Solvency
93.8%
▲ 9.3pp
2025
highest quarter of the sector
20182025
Current ratio
14.72
▲ 8.87
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▼ 4.8pp
2025
middle half of the sector
20182025
Staff (FTE)
4.6
▼ 25.8%
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€0.004m-€0.07m▲ 15×€0.3m▲ 306%€0.4m▲ 51.7%€0.2m▼ 62.7%€0.05m▼ 68.1%€0.2m▲ 301%€0.07m▼ 65.9%
Net result€0.003m--€0.02m€0.2mabove the sector's middle half€0.3mabove the sector's middle half▲ 33.6%€0.09mwithin the sector's middle half▼ 70.6%€0.04mwithin the sector's middle half▼ 55.5%€0.2mwithin the sector's middle half▲ 298%€0.06mwithin the sector's middle half▼ 61.1%
Equity€2.0m-€2.0m▼ 0.9%€1.4mabove the sector's middle half▼ 29.2%€1.7mabove the sector's middle half▲ 22.1%€1.8mabove the sector's middle half▲ 5.3%€1.5mabove the sector's middle half▼ 16.0%€1.7mabove the sector's middle half▲ 10.7%€1.7mwithin the sector's middle half▲ 3.7%
Total assets€2.1m-€2.1m▲ 2.3%€2.5mabove the sector's middle half▲ 14.7%€1.9mwithin the sector's middle half▼ 24.3%€1.9mwithin the sector's middle half▲ 2.9%€1.8mwithin the sector's middle half▼ 5.3%€2.0mwithin the sector's middle half▲ 7.8%€1.8mwithin the sector's middle half▼ 6.5%
Debt€0.1m-€0.2m▲ 52.3%€1.1m▲ 458%€0.2m▼ 83.9%€0.1m▼ 21.0%€0.3m▲ 135%€0.3m▼ 5.7%€0.1m▼ 62.4%
Working capital€0.9m-€0.8m▼ 4.4%€0.3mwithin the sector's middle half▼ 58.1%€1.2mabove the sector's middle half▲ 243%€1.3mabove the sector's middle half▲ 7.0%€1.3mabove the sector's middle half▲ 4.0%€1.5mabove the sector's middle half▲ 11.7%€1.6mwithin the sector's middle half▲ 6.9%
Solvency94.0%-91.0%▼ 3.0pp56.2%within the sector's middle half▼ 34.8pp90.7%above the sector's middle half▲ 34.5pp92.9%above the sector's middle half▲ 2.2pp82.3%above the sector's middle half▼ 10.6pp84.5%above the sector's middle half▲ 2.2pp93.8%above the sector's middle half▲ 9.3pp
Current ratio7.94-5.31▼ 2.631.34within the sector's middle half▼ 3.9710.03above the sector's middle half▲ 8.6910.49above the sector's middle half▲ 0.465.12above the sector's middle half▼ 5.385.85above the sector's middle half▲ 0.7314.72above the sector's middle half▲ 8.87
Return on assets (ROA)0.1%--0.8%▼ 1.0pp9.3%within the sector's middle half▲ 10.1pp16.4%above the sector's middle half▲ 7.1pp4.7%within the sector's middle half▼ 11.7pp2.2%within the sector's middle half▼ 2.5pp8.1%within the sector's middle half▲ 5.9pp3.4%within the sector's middle half▼ 4.8pp
Staff (FTE)7.9-8▲ 1.3%6.3within the sector's middle half▼ 21.3%6.1within the sector's middle half▼ 3.2%6within the sector's middle half▼ 1.6%6.2within the sector's middle half▲ 3.3%6.2within the sector's middle half=4.6within the sector's middle half▼ 25.8%
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 66% lower than in 2024.
Large changes and their cause
- 2024 Net result +298% on 2023. Partial demerger to GERMINA NV, Official Gazette 27-03-2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€151,686 ▼ 20.6%
Current assets
€1.7m ▼ 5.0%
Equity and liabilities €1.8m
Equity
€1.7m ▲ 3.7%
Debt
€114,280 ▼ 62.4%
Debt's share of the balance-sheet total falls from 15.5% to 6.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€111,123▼
2024 · €240,768
Cash flow
€105,977▼
2024 · €203,285
Quick ratio
10.93▲
2024 · 4.03
Debt to equity
0.07▼
2024 · 0.18
ROE
3.6%▼
2024 · 9.6%
Interest coverage
38.44▼
2024 · 56.86
Debt ≤ 1 year
€114,241▼
2024 · €302,628
Income taxes
€22,093▼
2024 · €58,867
Staff costs
€224,661▼
2024 · €267,645
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 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 7 |
| full-time | 5 | 4 | 6 |
| part-time | 2 | 2 | 1 |
| in full-time equivalents | 6.1 | 5.4 | 6.5 |
| Average over the year, in full-time equivalents | 6.1 | 6 | 6.2 |
| On a permanent contract | 7 | 6 | 7 |
| Joined | 2 | 2 | 7 |
| Left | 2 | 3 | 7 |
| Training hours | - | 102 | 15 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €17,180 | €14,004 | - | - |
| Intangible fixed assets | - | - | €13,790 | €47,730 | €4,482 |
| Depreciation and write-downs of the year | €51,361 | €48,601 | €38,983 | €43,608 | €43,931 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €900 awarded · €900 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €900 |
| 2024 | 1 | €900 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €200 | €2,783 | €840 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €375,178 | €391,913 | €431,743 | €267,645 | €224,661 | ▼ 16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €59,158 | €57,439 | €61,472 | €51,361 | €48,601 | €38,983 | €43,608 | €43,931 | ▲ 0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €63,144 | - |
| Other operating charges640/8 | - | - | - | €11,998 | €14,270 | €13,040 | €13,496 | €13,851 | ▲ 2.6% |
| Gross operating margin9900 | €525,020 | €579,756 | €698,469 | €851,778 | €609,056 | €532,924 | €521,909 | €412,779 | ▼ 20.9% |
| Operating profit (loss)9901 | €4,354 | €67,068 | €272,413 | €413,241 | €154,272 | €49,158 | €197,160 | €67,192 | ▼ 65.9% |
| Financial income75/76B | - | - | - | €5,165 | €8,691 | €14,940 | €25,618 | €19,838 | ▼ 22.6% |
| Recurring financial income75 | €15,215 | €12,093 | €11,574 | €5,165 | €8,691 | €14,940 | €25,618 | €19,838 | ▼ 22.6% |
| Financial charges65/66B | - | - | - | €6,353 | €4,011 | €5,463 | €4,234 | €2,891 | ▼ 31.7% |
| Recurring financial charges65 | €5,648 | €6,074 | €6,572 | €6,353 | €4,011 | €5,463 | €4,234 | €2,891 | ▼ 31.7% |
| Profit (loss) for the period before taxes9903 | €14,391 | €73,088 | €277,414 | €412,053 | €158,952 | €58,635 | €218,544 | €84,139 | ▼ 61.5% |
| Income taxes67/77 | €11,514 | €90,752 | €47,695 | €105,148 | €68,761 | €18,489 | €58,867 | €22,093 | ▼ 62.5% |
| Profit (loss) for the period9904 | €2,877 | -€17,664 | €229,719 | €306,905 | €90,191 | €40,146 | €159,677 | €62,046 | ▼ 61.1% |
| Profit (loss) for the period to be appropriated9905 | €2,877 | €124,748 | €229,719 | €306,905 | €90,191 | €40,146 | €159,677 | €62,046 | ▼ 61.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €2.1m | €2.5m | €1.9m | €1.9m | €1.8m | €2.0m | €1.8m | ▼ 6.5% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.1m | €0.6m | €0.5m | €0.2m | €0.2m | €0.2m | ▼ 20.6% |
| Intangible fixed assets21 | €0.01m | €0.003m | €0.002m | €0.002m | €0.001m | €0.01m | €0.05m | €0.03m | ▼ 34.3% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.2m | €0.1m | €0.1m | ▼ 16.1% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.1% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €363 | - | - | - | - | - |
| Current assets29/58 | €1.0m | €1.0m | €1.4m | €1.3m | €1.4m | €1.6m | €1.8m | €1.7m | ▼ 5.0% |
| Stocks and contracts in progress3 | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.5m | €0.5m | €0.4m | ▼ 21.1% |
| Stocks30/36 | - | - | - | €0.6m | €0.7m | €0.5m | €0.5m | €0.4m | ▼ 21.1% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.1m | €0.6m | €0.6m | €1.0m | €1.1m | €0.2m | ▼ 85.7% |
| Trade receivables40 | - | - | - | €0.1m | €0.07m | €0.3m | €0.2m | €0.1m | ▼ 47.3% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.6m | €0.7m | €0.9m | €0.03m | ▼ 96.6% |
| Cash at bank and in hand54/58 | €0.08m | €0.2m | €0.6m | €0.1m | €0.02m | €0.06m | €0.008m | €1.0m | ▲ 127× |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.04m | €0.07m | €0.09m | €0.05m | ▼ 47.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €2.1m | €2.5m | €1.9m | €1.9m | €1.8m | €2.0m | €1.8m | ▼ 6.5% |
| Equity10/15 | €2.0m | €2.0m | €1.4m | €1.7m | €1.8m | €1.5m | €1.7m | €1.7m | ▲ 3.7% |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.3m | €1.3m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.3m | €1.3m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.4m | €0.3m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.01m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 11.6% |
| Amounts payable17/49 | €0.1m | €0.2m | €1.1m | €0.2m | €0.1m | €0.3m | €0.3m | €0.1m | ▼ 62.4% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €1.0m | €0.1m | €0.1m | €0.3m | €0.3m | €0.1m | ▼ 62.3% |
| Trade debts44 | €0.08m | €0.2m | €0.2m | €0.1m | €0.08m | €0.3m | €0.3m | €0.07m | ▼ 71.8% |
| Suppliers440/4 | - | - | - | €0.1m | €0.08m | €0.3m | €0.3m | €0.07m | ▼ 71.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.05m | €0.04m | €0.05m | €0.04m | ▼ 13.0% |
| Taxes450/3 | - | - | - | €0.005m | €0.01m | - | €0.03m | €0.03m | ▼ 6.9% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.04m | €0.04m | €0.02m | €0.01m | ▼ 22.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.004m | €0.003m | €0.001m | €39 | ▼ 96.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.003m | -€0.02m | €0.2m | €0.3m | €0.09m | €0.04m | €0.2m | €0.06m | ▼ 61.1% |
| + Depreciation and write-downs630 | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.04m | €0.04m | €0.04m | ▲ 0.7% |
| Operating cash flow (approximation) | €0.06m | €0.04m | €0.3m | €0.4m | €0.1m | €0.08m | €0.2m | €0.1m | ▼ 47.9% |
| Investment in fixed assets (approximation) | - | -€0.08m | -€0.03m | €0.5m | -€0.02m | €0.3m | -€0.05m | -€0.004m | ▲ 90.6% |
| Change in cash | - | €0.1m | €0.4m | -€0.5m | -€0.09m | €0.03m | -€0.05m | €1.0m | - |
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, 17,041 companies had the same profile as CEDE has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CEDE 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 17,041 companies, not a prediction for CEDE. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-07-2026 | 2026-00291664 | |
| 31-12-2024 | abbreviated format | 01-08-2025 | 2025-00350533 | |
| 31-12-2023 | abbreviated format | 06-08-2024 | 2024-00333947 | |
| 31-12-2022 | abbreviated format | 01-06-2023 | 2023-00104740 | |
| 31-12-2021 | abbreviated format | 15-06-2022 | 2022-20067472 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-26200064 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-31100077 | |
| 31-12-2018 | abbreviated format | 19-07-2019 | 2019-34900321 | |
| 31-12-2017 | abbreviated format | 25-07-2018 | 2018-38000027 | |
| 31-12-2016 | abbreviated format | 18-08-2017 | 2017-44700534 |