cEdEkE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 54 days after the deadline Filed on 23 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00524819.
Annual accounts 2025 filed on 23-09-2026 at the NBB all 49 filings
Turnover
≈ €85,000
Estimated: probably between €51,000 and €200,000
Total assets
€308,882▲ 1.3%
2024 · €304,870
Net result
€12,577▼ 43.1%
2024 · €22,085
Working capital
€82,876▼ 35.5%
2024 · €128,499
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,037
▼ 73.3%
2025
20182025
Net result
€12,577
▼ 43.1%
2025
middle half of the sector
20182025
Equity
€82,876
▼ 24.8%
2025
middle half of the sector
20182025
Total assets
€308,882
▲ 1.3%
2025
middle half of the sector
20182025
Debt
€226,006
▲ 28.1%
2025
20182025
Working capital
€82,876
▼ 35.5%
2025
middle half of the sector
20182025
Solvency
26.8%
▼ 9.3pp
2025
middle half of the sector
20182025
Current ratio
1.37
▼ 0.36
2025
middle half of the sector
20182025
Return on assets (ROA)
4.1%
▼ 3.2pp
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€18,133--€9,586€8,378€89,698▲ 971%€23,896▼ 73.4%€20,554▼ 14.0%€37,638▲ 83.1%€10,037▼ 73.3%
Net result€18,024--€12,920€13,724within the sector's middle half€66,714above the sector's middle half▲ 386%€14,724within the sector's middle half▼ 77.9%€10,231within the sector's middle half▼ 30.5%€22,085within the sector's middle half▲ 116%€12,577within the sector's middle half▼ 43.1%
Equity-€4,358--€17,278▼ 296%-€3,554below the sector's middle half▲ 79.4%€63,160within the sector's middle half€77,884within the sector's middle half▲ 23.3%€88,115within the sector's middle half▲ 13.1%€110,199within the sector's middle half▲ 25.1%€82,876within the sector's middle half▼ 24.8%
Total assets€74,716-€91,740▲ 22.8%€56,438below the sector's middle half▼ 38.5%€121,848within the sector's middle half▲ 116%€173,620within the sector's middle half▲ 42.5%€162,293within the sector's middle half▼ 6.5%€304,870within the sector's middle half▲ 87.9%€308,882within the sector's middle half▲ 1.3%
Debt€66,474-€99,442▲ 49.6%€59,992▼ 39.7%€40,387▼ 32.7%€77,436▲ 91.7%€55,879▼ 27.8%€176,370▲ 216%€226,006▲ 28.1%
Working capital-€8,625--€21,196▼ 146%-€52,474below the sector's middle half▼ 148%€73,468within the sector's middle half€92,002within the sector's middle half▲ 25.2%€106,044within the sector's middle half▲ 15.3%€128,499above the sector's middle half▲ 21.2%€82,876within the sector's middle half▼ 35.5%
Solvency-5.8%--18.8%▼ 13.0pp-6.3%below the sector's middle half▲ 12.5pp51.8%within the sector's middle half▲ 58.1pp44.9%within the sector's middle half▼ 7.0pp54.3%within the sector's middle half▲ 9.4pp36.1%within the sector's middle half▼ 18.1pp26.8%within the sector's middle half▼ 9.3pp
Current ratio0.87-0.79▼ 0.080.13below the sector's middle half▼ 0.662.82within the sector's middle half▲ 2.692.19within the sector's middle half▼ 0.632.90within the sector's middle half▲ 0.711.73within the sector's middle half▼ 1.171.37within the sector's middle half▼ 0.36
Return on assets (ROA)24.1%--14.1%▼ 38.2pp24.3%above the sector's middle half▲ 38.4pp54.8%above the sector's middle half▲ 30.4pp8.5%within the sector's middle half▼ 46.3pp6.3%within the sector's middle half▼ 2.2pp7.2%within the sector's middle half▲ 0.9pp4.1%within the sector's middle half▼ 3.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 73% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €308,882
Equity
€82,876 ▼ 24.8%
Provisions
€0 ▼ 100%
Debt
€226,006 ▲ 28.1%
Debt's share of the balance-sheet total rises from 57.9% to 73.2%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
2.73▲
2024 · 1.60
ROE
15.2%▼
2024 · 20.0%
Debt ≤ 1 year
€226,006▲
2024 · €176,370
Income taxes
€11,171▼
2024 · €13,297
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,313 | - | - | - | - |
| Depreciation and write-downs of the year | €3,441 | €3,811 | €3,811 | €371 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €73,200 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,373 | €3,373 | €4,573 | €3,441 | €3,811 | €3,811 | €371 | - | - |
| Other operating charges640/8 | - | - | - | €1,616 | €102 | €866 | €1,592 | €6,288 | ▲ 295% |
| Gross operating margin9900 | €23,501 | -€5,878 | €14,653 | €94,755 | €27,809 | €25,231 | €39,600 | €16,325 | ▼ 58.8% |
| Operating profit (loss)9901 | €18,133 | -€9,586 | €8,378 | €89,698 | €23,896 | €20,554 | €37,638 | €10,037 | ▼ 73.3% |
| Financial income75/76B | - | - | - | - | - | - | €0 | - | - |
| Recurring financial income75 | €1 | - | - | - | - | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €259 | €2,243 | €3,416 | €2,256 | €4,590 | ▲ 103% |
| Recurring financial charges65 | €110 | €393 | -€7,042 | €259 | €2,243 | €3,416 | €2,256 | €4,590 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | €18,024 | -€12,920 | €15,420 | €89,439 | €21,653 | €17,138 | €35,381 | €5,447 | ▼ 84.6% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €18,300 | - |
| Transfer to deferred taxes680 | - | - | - | €18,300 | - | - | - | - | - |
| Income taxes67/77 | - | - | €1,695 | €4,424 | €6,929 | €6,907 | €13,297 | €11,171 | ▼ 16.0% |
| Profit (loss) for the period9904 | €18,024 | -€12,920 | €13,724 | €66,714 | €14,724 | €10,231 | €22,085 | €12,577 | ▼ 43.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €54,900 | - |
| Transfer to tax-exempt reserves689 | - | - | - | €54,900 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,024 | -€12,920 | €13,724 | €11,814 | €14,724 | €10,231 | €22,085 | €67,477 | ▲ 206% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €74,716 | €91,740 | €56,438 | €121,848 | €173,620 | €162,293 | €304,870 | €308,882 | ▲ 1.3% |
| Fixed assets21/28 | €16,867 | €13,494 | €48,920 | €7,993 | €4,182 | €371 | - | - | - |
| Tangible fixed assets22/27 | €16,867 | €13,494 | €48,920 | €7,993 | €4,182 | €371 | - | - | - |
| Furniture and vehicles24 | - | - | - | €1,246 | €808 | €371 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €6,747 | €3,373 | - | - | - | - |
| Current assets29/58 | €57,849 | €78,246 | €7,518 | €113,855 | €169,438 | €161,923 | €304,870 | €308,882 | ▲ 1.3% |
| Amounts receivable after more than one year29 | - | - | - | - | €128,000 | €140,124 | €280,740 | €280,740 | = |
| Other amounts receivable291 | - | - | - | - | €128,000 | €140,124 | €280,740 | €280,740 | = |
| Amounts receivable within one year40/41 | €36,576 | €76,587 | €7,518 | €70,571 | €41,438 | €21,799 | €24,130 | €28,142 | ▲ 16.6% |
| Trade receivables40 | - | - | - | €54,169 | €25,878 | €21,799 | €8,848 | €4,536 | ▼ 48.7% |
| Other amounts receivable41 | - | - | - | €16,402 | €15,559 | - | €15,282 | €23,606 | ▲ 54.5% |
| Cash at bank and in hand54/58 | €21,273 | €1,660 | - | €43,284 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €74,716 | €91,740 | €56,438 | €121,848 | €173,620 | €162,293 | €304,870 | €308,882 | ▲ 1.3% |
| Equity10/15 | -€4,358 | -€17,278 | -€3,554 | €63,160 | €77,884 | €88,115 | €110,199 | €82,876 | ▼ 24.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €56,759 | €56,759 | €56,759 | €78,844 | €51,520 | ▼ 34.7% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €23,944 | €51,520 | ▲ 115% |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Other1319 | - | - | - | - | - | - | €22,085 | €49,661 | ▲ 125% |
| Tax-exempt reserves132 | - | - | - | €54,900 | €54,900 | €54,900 | €54,900 | - | - |
| Profit (loss) carried forward14 | -€24,817 | -€37,738 | -€24,013 | -€12,199 | €2,525 | €12,755 | €12,755 | €12,755 | = |
| Provisions and deferred taxes16 | €12,600 | €9,576 | - | €18,300 | €18,300 | €18,300 | €18,300 | - | - |
| Deferred taxes168 | - | - | - | €18,300 | €18,300 | €18,300 | €18,300 | - | - |
| Amounts payable17/49 | €66,474 | €99,442 | €59,992 | €40,387 | €77,436 | €55,879 | €176,370 | €226,006 | ▲ 28.1% |
| Amounts payable within one year42/48 | €66,474 | €99,442 | €59,992 | €40,387 | €77,436 | €55,879 | €176,370 | €226,006 | ▲ 28.1% |
| Financial debts43 | - | - | - | - | €23,961 | €7,393 | €29,772 | €29,798 | ▲ 0.1% |
| Credit institutions430/8 | - | - | - | - | €23,961 | €7,393 | €29,772 | €29,798 | ▲ 0.1% |
| Trade debts44 | €1,123 | €30,307 | - | - | €13,094 | €11,811 | €104,539 | €106,952 | ▲ 2.3% |
| Suppliers440/4 | - | - | - | - | €13,094 | €11,811 | €104,539 | €106,952 | ▲ 2.3% |
| Taxes, remuneration and social security45 | - | - | - | €6,438 | €11,432 | €12,726 | €23,421 | €33,024 | ▲ 41.0% |
| Taxes450/3 | - | - | - | €6,438 | €11,432 | €12,726 | €23,421 | €33,024 | ▲ 41.0% |
| Other amounts payable47/48 | - | - | - | €33,949 | €28,949 | €23,949 | €18,640 | €56,231 | ▲ 202% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,024 | -€12,920 | €13,724 | €66,714 | €14,724 | €10,231 | €22,085 | €12,577 | ▼ 43.1% |
| + Depreciation and write-downs630 | €3,373 | €3,373 | €4,573 | €3,441 | €3,811 | €3,811 | €371 | - | - |
| Operating cash flow (approximation) | €21,397 | -€9,547 | €18,298 | €70,155 | €18,535 | €14,042 | €22,455 | €12,577 | ▼ 44.0% |
| Investment in fixed assets (approximation) | - | €0 | -€40,000 | €37,487 | €0 | €0 | - | - | - |
| Change in cash | - | -€19,613 | - | - | - | - | - | - | - |
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, 3,984 companies had the same profile as cEdEkE has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of cEdEkE itself: 0.9% 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 3,984 companies, not a prediction for cEdEkE. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-09-2026 | 2026-00524819 | |
| 31-12-2024 | micro format | 08-10-2025 | 2025-00541864 | |
| 31-12-2023 | micro format | 02-10-2024 | 2024-00500316 | |
| 31-12-2022 | micro format | 13-09-2023 | 2023-00448793 | |
| 31-12-2021 | micro format | 14-09-2022 | 2022-20430406 | |
| 31-12-2020 | micro format | 12-11-2021 | 2021-77100416 | |
| 31-12-2019 | micro format | 12-10-2020 | 2020-60600048 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-48200572 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37400057 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-48100040 |