Cédécéix (0818.685.542): financials and annual accounts

Annual accounts 2025

micro format, filed on 16-10-2026, 77 days late

Gross margin

€132,066

▲ 1.8%

Operating result

€13,169

▼ 22.7%

Profit

€7,015

▼ 21.9%

Working capital

-€12,501

▼ €3,557

Solvency

5.0%

▲ 4.6 percentage points

Current ratio

0.78

▼ 0.06

The turnover shown is an estimate from the gross margin.

Turnover ≈ €330,000. Estimated: probably between €230,000 and €380,000.

Balance sheet

balance sheet total €151,616 on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency5.0%

Higher than 10% of 20,749 companies in 2025.

Current ratio0.78

Higher than 11% of 20,323 companies in 2025.

Return on assets4.6%

Higher than 14% of 20,605 companies in 2025.

Cédécéix Middle half of the sector 80% of the sector Micro accounts in human health (NACE 86)

Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter

Staff

Staff cost per FTE

Staff costs divided by the average number of full-time equivalents.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Balance sheet: assets
Total assets`20/58`	151,616	158,561	120,311	138,872	157,295	171,711	162,211	196,925	174,063	228,128	278,312	323,960	380,591	397,641	444,435	498,262
Fixed assets`21/28`	108,512	114,661	86,034	102,095	110,650	128,458	148,792	183,012	171,779	219,355	270,109	320,237	378,632	391,078	442,991	494,905
Intangible fixed assets`21`	-	-	-	-	-	-	-	12,300	24,600	36,900	49,200	61,500	73,800	86,100	98,400	110,700
Tangible fixed assets`22/27`	108,512	114,661	86,034	102,095	110,650	128,458	148,792	170,712	147,179	182,455	220,909	258,737	304,832	304,978	344,591	384,205
Land and buildings`22`	48,000	60,000	72,000	84,000	96,000	108,000	120,000	132,000	144,000	156,000	168,000	180,000	199,747	219,494	239,241	258,989
Plant, machinery and equipment`23`	10,641	10,107	10,243	12,483	690	-	-	-	-	18,030	36,060	54,090	72,120	76,250	91,500	106,750
Furniture and vehicles`24`	21,461	6,926	3,791	5,612	4,948	2,432	1,753	2,660	3,179	8,425	16,849	24,647	32,965	9,233	13,850	18,467
Leasing and similar rights`25`	28,410	37,628	-	-	9,013	-	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	43,104	43,900	34,277	36,778	46,645	43,253	13,420	13,913	2,284	8,774	8,202	3,724	1,959	6,564	1,444	3,357
Amounts receivable within one year`40/41`	-	-	-	-	-	-	-	727	-	1,199	-	36	156	-	-	-
Trade receivables`40`	-	-	-	-	-	-	-	-	-	-	-	36	156	-	-	-
Other amounts receivable`41`	-	-	-	-	-	-	-	727	-	1,199	-	-	-	-	-	-
Cash at bank and in hand`54/58`	35,242	42,948	33,499	36,051	45,904	41,617	12,694	12,466	14	6,457	7,302	3,688	1,092	1,552	-	2,549
Deferred charges and accrued income`490/1`	7,863	952	778	726	740	1,636	725	720	2,270	1,119	900	-	712	5,012	1,444	807
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	151,616	158,561	120,311	138,872	157,295	171,711	162,211	196,925	174,063	228,128	278,312	323,960	380,591	397,641	444,435	498,262
Equity`10/15`	7,643	628	-8,356	-19,248	-24,445	-27,592	-39,702	-50,732	-66,751	-45,370	-37,014	-54,031	-45,573	-47,759	-48,673	-11,861
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Profit (loss) carried forward`14`	-10,957	-17,972	-26,956	-37,848	-43,045	-46,192	-58,302	-69,332	-85,351	-63,970	-55,614	-72,631	-64,173	-66,359	-67,273	-30,461
Amounts payable`17/49`	143,973	157,933	128,667	158,120	181,740	199,302	201,914	247,657	240,814	273,498	315,325	377,992	426,165	445,400	493,108	510,122
Amounts payable after more than one year`17`	87,181	103,902	95,943	112,134	136,237	164,477	154,647	175,536	171,837	210,255	254,346	315,178	355,631	365,468	400,577	434,131
Financial debts`170/4`	87,181	103,902	95,943	112,134	136,237	164,477	154,647	175,536	171,837	210,255	254,346	315,178	355,631	365,468	400,577	434,131
Amounts payable within one year`42/48`	55,605	52,844	31,537	44,638	41,707	31,106	43,547	68,400	65,258	59,523	57,260	59,094	67,744	78,072	91,601	71,835
Current portion of amounts payable after more than one year`42`	24,658	21,590	12,279	11,691	24,327	18,940	19,090	48,128	41,202	44,090	42,253	40,453	38,751	35,109	33,554	32,068
Financial debts`43`	-	-	-	-	917	-	4,619	2,493	6,005	7,918	4,936	9,504	9,095	9,489	8,008	-
Credit institutions`430/8`	-	-	-	-	917	-	4,619	2,493	6,005	7,918	4,936	9,504	9,095	9,489	8,008	-
Trade debts`44`	697	8,622	2,952	6,040	5,465	3,020	3,956	1,043	2,878	764	3,117	2,711	-	1,926	1,255	4,832
Suppliers`440/4`	697	8,622	2,952	6,040	5,465	3,020	3,956	1,043	2,878	764	3,117	2,711	-	1,926	1,255	4,832
Taxes, remuneration and social security`45`	16,249	17,901	16,260	14,215	10,998	9,145	15,882	15,283	10,644	6,750	5,558	5,400	-	1,500	4,736	3,521
Taxes`450/3`	5,612	7,524	6,495	5,031	3,744	3,828	9,708	9,485	10,644	6,750	5,558	5,400	-	-	4,736	3,521
Remuneration and social security`454/9`	10,637	10,377	9,765	9,184	7,254	5,318	6,174	5,798	-	-	-	-	-	1,500	-	-
Other amounts payable`47/48`	14,001	4,731	46	12,692	-	-	-	1,454	4,529	-	1,396	1,026	19,898	30,047	44,048	31,413
Accrued charges and deferred income`492/3`	1,187	1,187	1,187	1,347	3,796	3,720	3,720	3,720	3,720	3,720	3,720	3,720	2,790	1,860	930	4,156
Income statement
Gross operating margin`9900`	132,066	129,715	115,248	116,781	90,153	86,212	108,547	119,938	86,160	99,517	121,002	104,711	116,702	106,163	67,149	68,060
Remuneration, social security and pensions`62`	83,662	81,960	75,401	73,515	52,272	40,324	49,808	50,375	41,814	40,805	34,253	33,608	32,134	30,406	27,630	21,104
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	30,254	25,248	17,120	25,006	22,756	22,022	34,220	34,220	51,022	50,755	50,908	58,395	58,395	51,914	51,914	51,914
Other operating charges`640/8`	4,982	5,464	3,165	4,744	4,650	3,640	4,551	7,948	2,449	2,568	2,733	2,750	3,864	2,168	2,520	2,324
Operating profit (loss)`9901`	13,169	17,044	19,562	13,516	10,475	20,226	19,968	27,395	-9,124	5,390	33,109	9,958	22,310	21,675	-14,916	-7,282
Financial income`75/76B`	228	40	6	1	-	-	1	0	3	62	26	27	-	-	-	14
Recurring financial income`75`	228	40	6	1	-	-	1	0	3	62	26	27	-	-	-	14
Financial charges`65/66B`	6,316	7,008	5,677	7,699	6,910	7,713	8,391	10,516	11,956	13,806	15,953	18,436	20,057	20,761	21,896	23,191
Recurring financial charges`65`	6,316	7,008	5,677	7,699	6,910	7,713	8,391	10,516	11,956	13,806	15,953	18,436	20,057	20,761	21,896	23,191
Profit (loss) for the period before taxes`9903`	7,081	10,076	13,891	5,817	3,565	12,514	11,578	16,879	-21,077	-8,354	17,182	-8,451	2,252	914	-36,812	-30,459
Income taxes`67/77`	66	1,092	2,999	620	419	403	548	860	304	2	164	7	67	-	-	2
Profit (loss) for the period`9904`	7,015	8,984	10,892	5,197	3,146	12,111	11,029	16,019	-21,381	-8,356	17,018	-8,458	2,186	914	-36,812	-30,461
Profit (loss) for the period to be appropriated`9905`	7,015	8,984	10,892	5,197	3,146	12,111	11,029	16,019	-21,381	-8,356	17,018	-8,458	2,186	914	-36,812	-30,461
Appropriation of the result
Profit (loss) to be appropriated`9906`	-10,957	-17,972	-26,956	-37,848	-43,045	-46,192	-58,302	-69,332	-85,351	-63,970	-55,614	-72,631	-64,173	-66,359	-67,273	-30,461
Profit (loss) brought forward from the previous period`14P`	-17,972	-26,956	-37,848	-43,045	-46,192	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	1	1	1	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
Hours worked`1013`	-	1,770	1,108	1,801	1,398	1,128	1,428	1,458	1,422	1,392	1,398	1,458	1,386	1,368	1,452	1,524
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The notes to these accounts have 11 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.

Source: Annual accounts 2025 at the NBB, filed on 16-10-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 77 days after the deadline. Filed on 16 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00561051.

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	16-10-2026	2026-00561051	PDF
31-12-2024	micro format	30-10-2025	2025-00557523	PDF
31-12-2023	micro format	31-12-2024	2024-00628143	PDF
31-12-2022	full format	28-12-2023	2023-00538508	PDF
31-12-2021	full format	26-12-2022	2022-20546527	PDF
31-12-2020	full format	29-12-2021	2021-82000467	PDF
31-12-2019	full format	27-10-2020	2020-63500529	PDF
31-12-2018	full format	30-08-2019	2019-61200168	PDF
31-12-2017	full format	05-09-2018	2018-61700368	PDF
31-12-2016	full format	31-08-2017	2017-56000484	PDF
31-12-2015	full format	29-08-2016	2016-52100092	PDF
31-12-2014	full format	30-08-2015	2015-53700058	PDF
31-12-2013	full format	28-08-2014	2014-53200182	PDF
31-12-2012	full format	27-08-2013	2013-48200049	PDF
31-12-2011	full format	26-08-2012	2012-46000121	PDF
31-12-2010	full format	17-06-2011	2011-17800171	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
EBITDA	43,423	42,292	36,682	38,522	33,231	42,248	54,188	61,615	41,897	56,144	84,016	68,353	80,705	73,588	36,998	44,632
Cash flow	37,269	34,232	28,012	30,203	25,903	34,133	45,250	50,240	29,641	42,398	67,926	49,937	60,581	52,828	15,102	21,453
Investment in fixed assets (approximation)	24,105	54,777	1,059	16,450	4,949	1,688	0	45,453	3,446	0	780	0	55,182	0	0	546,819
Change in cash	-7,707	9,449	-2,552	-9,853	4,287	28,923	229	12,452	-6,442	-846	3,614	2,596	-460	-	-	-
Working capital	-12,501	-8,944	2,740	-7,861	4,938	12,147	-30,127	-54,487	-62,973	-50,749	-49,057	-55,371	-65,784	-71,509	-90,157	-68,479
Solvency	5.0%	0.4%	-6.9%	-13.9%	-15.5%	-16.1%	-24.5%	-25.8%	-38.3%	-19.9%	-13.3%	-16.7%	-12.0%	-12.0%	-11.0%	-2.4%
Current ratio	0.78	0.83	1.09	0.82	1.12	1.39	0.31	0.20	0.04	0.15	0.14	0.06	0.03	0.08	0.02	0.05
Debt to equity	18.84	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ROE	91.8%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ROA	4.6%	5.7%	9.1%	3.7%	2.0%	7.1%	6.8%	8.1%	-12.3%	-3.7%	6.1%	-2.6%	0.6%	0.2%	-8.3%	-6.1%
Interest coverage	6.88	6.04	6.46	5.00	4.81	-	-	-	-	-	-	-	-	-	-	-

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	1	1	1	1
full-time	1	1	1	-
part-time	-	-	-	1
in full-time equivalents	1	1	1	0.8
Average over the year, in full-time equivalents	-	1	1	0.8
On a permanent contract	1	1	1	1
Training hours	-	-	2	-

Source: social balance sheet in the 2021 to 2024 annual accounts

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	-	-	-	-	€13,196
Carrying value of the other pledged assets	-	-	-	-	€9,013

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€24,105	€54,777	€1,059	€16,450	€4,949
Depreciation and write-downs of the year	€30,254	€25,248	€17,120	€25,006	€22,756

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

Insights on Cédécéix

The operating result for 2025 is 23% lower than in 2024 and the lowest since 2021. It is the second fall in a row.

Debt's share of the balance-sheet total falls from 99.6% to 95.0%. Equity is higher and debt is lower.