CEDER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 45 filings
Turnover
≈ €30,000
Estimated: probably between €14,000 and €71,000
Total assets
€364,168▼ 4.5%
2024 · €381,352
Net result
-€12,873▲ 42.2%
2024 · -€22,265
Working capital
-€169,504▲ 0.3%
2024 · -€170,075
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€15,052
▲ 39.9%
2025
20182025
Net result
-€12,873
▲ 42.2%
2025
20182025
Equity
€139,013
▼ 8.5%
2025
20182025
Total assets
€364,168
▼ 4.5%
2025
20182025
Debt
€171,456
▼ 0.9%
2025
20182025
Working capital
-€169,504
▲ 0.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€34,057--€33,621▲ 1.3%-€26,719▲ 20.5%-€24,977▲ 6.5%-€18,630▲ 25.4%-€25,172▼ 35.1%-€25,051▲ 0.5%-€15,052▲ 39.9%
Net result-€24,481--€22,043▲ 10.0%-€22,272▼ 1.0%-€22,392▼ 0.5%-€16,005▲ 28.5%-€22,354▼ 39.7%-€22,265▲ 0.4%-€12,873▲ 42.2%
Equity€254,062-€232,019▼ 8.7%€209,748▼ 9.6%€212,510▲ 1.3%€196,505▼ 7.5%€174,151▼ 11.4%€151,886▼ 12.8%€139,013▼ 8.5%
Total assets€372,681-€448,181▲ 20.3%€438,500▼ 2.2%€425,035▼ 3.1%€407,025▼ 4.2%€388,326▼ 4.6%€381,352▼ 1.8%€364,168▼ 4.5%
Debt€13,538-€116,466▲ 760%€133,648▲ 14.8%€145,950▲ 9.2%€147,322▲ 0.9%€154,353▲ 4.8%€173,020▲ 12.1%€171,456▼ 0.9%
Working capital€151,171--€80,056-€128,651▼ 60.7%-€144,669▼ 12.5%-€145,338▼ 0.5%-€150,357▼ 3.5%-€170,075▼ 13.1%-€169,504▲ 0.3%
The operating result for 2025 is a loss of €15,052, smaller than the loss of €25,051 in 2024.
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
Assets €364,168
Fixed assets
€362,217 ▼ 4.3%
Current assets
€1,951 ▼ 33.7%
Equity and liabilities €364,168
Equity
€139,013 ▼ 8.5%
Provisions
€53,699 ▼ 4.9%
Debt
€171,456 ▼ 0.9%
Debt's share of the balance-sheet total rises from 45.4% to 47.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1,139▲
2024 · -€6,104
Cash flow
€3,317▲
2024 · -€3,317
Current ratio
0.01▼
2024 · 0.02
Debt to equity
1.23▲
2024 · 1.14
ROE
-9.3%▲
2024 · -14.7%
ROA
-3.5%▲
2024 · -5.8%
Interest coverage
4.44▲
2024 · -22.44
Debt ≤ 1 year
€171,456▼
2024 · €173,020
Income taxes
€311▼
2024 · €318
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 | €8,830 | - | - | €11,025 | - |
| Depreciation and write-downs of the year | €18,580 | €18,712 | €18,712 | €18,947 | €16,190 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,325 | €25,837 | €18,024 | €18,580 | €18,712 | €18,712 | €18,947 | €16,190 | ▼ 14.6% |
| Other operating charges640/8 | - | - | - | €2,701 | €3,165 | €2,900 | €3,053 | €2,755 | ▼ 9.8% |
| Gross operating margin9900 | -€16,901 | -€5,747 | -€4,989 | -€3,697 | €3,247 | -€3,560 | -€3,051 | €3,893 | - |
| Operating profit (loss)9901 | -€34,057 | -€33,621 | -€26,719 | -€24,977 | -€18,630 | -€25,172 | -€25,051 | -€15,052 | ▲ 39.9% |
| Recurring financial income75 | €6,401 | €6,459 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €245 | €217 | €248 | €272 | €257 | ▼ 5.7% |
| Recurring financial charges65 | €88 | €267 | €143 | €245 | €217 | €248 | €272 | €257 | ▼ 5.7% |
| Profit (loss) for the period before taxes9903 | -€27,743 | -€27,429 | -€26,862 | -€25,222 | -€18,848 | -€25,419 | -€25,323 | -€15,308 | ▲ 39.5% |
| Transfer from deferred taxes780 | - | - | - | €3,376 | €3,376 | €3,376 | €3,376 | €2,746 | ▼ 18.7% |
| Income taxes67/77 | €438 | €0 | - | €546 | €533 | €311 | €318 | €311 | ▼ 2.1% |
| Profit (loss) for the period9904 | -€24,481 | -€22,043 | -€22,272 | -€22,392 | -€16,005 | -€22,354 | -€22,265 | -€12,873 | ▲ 42.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €10,129 | €10,129 | €10,129 | €10,129 | €8,239 | ▼ 18.7% |
| Profit (loss) for the period to be appropriated9905 | -€17,294 | -€11,583 | -€13,357 | -€12,263 | -€5,876 | -€12,226 | -€12,136 | -€4,634 | ▲ 61.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €372,681 | €448,181 | €438,500 | €425,035 | €407,025 | €388,326 | €381,352 | €364,168 | ▼ 4.5% |
| Fixed assets21/28 | €207,973 | €411,771 | €433,504 | €423,754 | €405,042 | €386,330 | €378,407 | €362,217 | ▼ 4.3% |
| Tangible fixed assets22/27 | €207,973 | €411,771 | €433,504 | €423,754 | €405,042 | €386,330 | €378,407 | €362,217 | ▼ 4.3% |
| Land and buildings22 | - | - | - | €423,754 | €405,042 | €386,330 | €378,407 | €362,217 | ▼ 4.3% |
| Current assets29/58 | €164,708 | €36,410 | €4,996 | €1,281 | €1,984 | €1,997 | €2,945 | €1,951 | ▼ 33.7% |
| Amounts receivable within one year40/41 | €3,000 | €3,000 | €884 | €447 | €647 | €47 | €1,689 | €89 | ▼ 94.7% |
| Trade receivables40 | - | - | - | €447 | €590 | €47 | €1,689 | €89 | ▼ 94.7% |
| Other amounts receivable41 | - | - | - | - | €57 | - | - | - | - |
| Cash at bank and in hand54/58 | €363 | €32,298 | €2,974 | €380 | €815 | €1,371 | €630 | €1,227 | ▲ 94.8% |
| Deferred charges and accrued income490/1 | - | - | - | €453 | €522 | €579 | €626 | €634 | ▲ 1.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €372,681 | €448,181 | €438,500 | €425,035 | €407,025 | €388,326 | €381,352 | €364,168 | ▼ 4.5% |
| Equity10/15 | €254,062 | €232,019 | €209,748 | €212,510 | €196,505 | €174,151 | €151,886 | €139,013 | ▼ 8.5% |
| Contributions10/11 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Capital10 | - | - | - | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Issued capital100 | - | - | - | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Reserves13 | €212,772 | €202,312 | €193,398 | €208,423 | €198,294 | €188,166 | €178,037 | €169,798 | ▼ 4.6% |
| Non-distributable reserves130/1 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Legal reserve130 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Tax-exempt reserves132 | - | - | - | €199,723 | €189,594 | €179,466 | €169,337 | €161,098 | ▼ 4.9% |
| Profit (loss) carried forward14 | -€45,709 | -€57,293 | -€70,650 | -€82,913 | -€88,789 | -€101,015 | -€113,151 | -€117,785 | ▼ 4.1% |
| Provisions and deferred taxes16 | €105,081 | €99,695 | €95,105 | €66,574 | €63,198 | €59,822 | €56,446 | €53,699 | ▼ 4.9% |
| Deferred taxes168 | - | - | - | €66,574 | €63,198 | €59,822 | €56,446 | €53,699 | ▼ 4.9% |
| Amounts payable17/49 | €13,538 | €116,466 | €133,648 | €145,950 | €147,322 | €154,353 | €173,020 | €171,456 | ▼ 0.9% |
| Amounts payable within one year42/48 | €13,538 | €116,466 | €133,648 | €145,950 | €147,322 | €152,353 | €173,020 | €171,456 | ▼ 0.9% |
| Trade debts44 | €1,487 | €2,165 | €3,379 | €1,526 | €1,803 | €1,314 | €1,774 | €1,415 | ▼ 20.2% |
| Suppliers440/4 | - | - | - | €1,526 | €1,803 | €1,314 | €1,774 | €1,415 | ▼ 20.2% |
| Taxes, remuneration and social security45 | - | - | - | €546 | €1,116 | €845 | €318 | €311 | ▼ 2.1% |
| Taxes450/3 | - | - | - | €546 | €1,116 | €845 | €318 | €311 | ▼ 2.1% |
| Other amounts payable47/48 | - | - | - | €143,879 | €144,403 | €150,195 | €170,929 | €169,729 | ▼ 0.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,000 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,481 | -€22,043 | -€22,272 | -€22,392 | -€16,005 | -€22,354 | -€22,265 | -€12,873 | ▲ 42.2% |
| + Depreciation and write-downs630 | €15,325 | €25,837 | €18,024 | €18,580 | €18,712 | €18,712 | €18,947 | €16,190 | ▼ 14.6% |
| Operating cash flow (approximation) | -€9,156 | €3,794 | -€4,248 | -€3,812 | €2,707 | -€3,642 | -€3,317 | €3,317 | - |
| Investment in fixed assets (approximation) | - | -€229,636 | -€39,757 | -€8,830 | €0 | €0 | -€11,025 | €0 | - |
| Change in cash | - | €31,935 | -€29,324 | -€2,594 | €434 | €556 | -€740 | €597 | - |
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, 12,322 companies had the same profile as CEDER has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CEDER 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 12,322 companies, not a prediction for CEDER. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00158281 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00159862 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00144080 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00288420 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20094027 | |
| 31-12-2020 | micro format | 10-06-2021 | 2021-19100018 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27400374 | |
| 31-12-2018 | micro format | 06-06-2019 | 2019-16700120 | |
| 31-12-2017 | micro format | 23-05-2018 | 2018-13600091 | |
| 31-12-2016 | abbreviated format | 19-05-2017 | 2017-12700454 |