CEDMAR
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 6 filings
Every figure per financial year
The operating result for 2025 is a loss of €93,716, smaller than the loss of €113,207 in 2024.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €100 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Gross operating margin9900 | -€47,457 | -€59,778 | -€90,610 | -€145,657 | -€113,207 | -€93,716 | ▲ 17.2% |
| Operating profit (loss)9901 | -€47,457 | -€59,778 | -€90,610 | -€145,657 | -€113,207 | -€93,716 | ▲ 17.2% |
| Financial income75/76B | - | €84,444 | €82,527 | €87,031 | €163,384 | €219,400 | ▲ 34.3% |
| Recurring financial income75 | €98,487 | €84,444 | €82,527 | €87,031 | €163,384 | €219,400 | ▲ 34.3% |
| Financial charges65/66B | - | €19,733 | €195,890 | -€9,107 | -€23,399 | €12,939 | - |
| Recurring financial charges65 | €122,171 | €19,733 | €195,890 | -€9,107 | -€23,399 | €12,939 | - |
| Profit (loss) for the period before taxes9903 | -€71,142 | €4,933 | -€203,973 | -€49,519 | €73,577 | €112,745 | ▲ 53.2% |
| Income taxes67/77 | €105,664 | €142,577 | €23,374 | €38,711 | €13,976 | €40,377 | ▲ 189% |
| Profit (loss) for the period9904 | -€176,805 | -€137,644 | -€227,347 | -€88,230 | €59,601 | €72,368 | ▲ 21.4% |
| Profit (loss) for the period to be appropriated9905 | -€176,805 | -€137,644 | -€227,347 | -€88,230 | €59,601 | €72,368 | ▲ 21.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €4.8m | €4.7m | €4.5m | €4.4m | €4.4m | €4.5m | ▲ 1.6% |
| Fixed assets21/28 | - | - | - | €100 | €100 | €100 | = |
| Financial fixed assets28 | - | - | - | €100 | €100 | €100 | = |
| Current assets29/58 | €4.8m | €4.7m | €4.5m | €4.4m | €4.4m | €4.5m | ▲ 1.6% |
| Current investments50/53 | €3.5m | €3.8m | €3.5m | €3.9m | €4.1m | €4.0m | ▼ 1.2% |
| Cash at bank and in hand54/58 | €1.4m | €0.9m | €1.0m | €0.5m | €0.3m | €0.5m | ▲ 34.8% |
| Deferred charges and accrued income490/1 | - | €0.005m | - | €0.004m | €0.002m | €0.003m | ▲ 10.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €4.8m | €4.7m | €4.5m | €4.4m | €4.4m | €4.5m | ▲ 1.6% |
| Equity10/15 | €4.8m | €4.7m | €4.5m | €4.4m | €4.4m | €4.5m | ▲ 1.6% |
| Contributions10/11 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Capital10 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | €4.8m | €4.7m | €4.5m | €4.4m | €4.4m | €4.5m | ▲ 1.6% |
| Amounts payable17/49 | €0.01m | €0.009m | €0.01m | €0.02m | €0.002m | €182 | ▼ 89.1% |
| Amounts payable within one year42/48 | €0.003m | - | €0.006m | €0.004m | €0.002m | €182 | ▼ 89.1% |
| Trade debts44 | €0.003m | - | €0.006m | €0.004m | €0.002m | €182 | ▼ 89.1% |
| Suppliers440/4 | - | - | €0.006m | €0.004m | €0.002m | €182 | ▼ 89.1% |
| Accrued charges and deferred income492/3 | - | €0.009m | €0.008m | €0.02m | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€176,805 | -€137,644 | -€227,347 | -€88,230 | €59,601 | €72,368 | ▲ 21.4% |
| Operating cash flow (approximation) | -€176,805 | -€137,644 | -€227,347 | -€88,230 | €59,601 | €72,368 | ▲ 21.4% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | - |
| Change in cash | - | -€467,809 | €74,118 | -€507,872 | -€112,875 | €120,776 | - |
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, 6,049 companies had the same profile as CEDMAR has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of CEDMAR 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 6,049 companies, not a prediction for CEDMAR. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00336326 | |
| 31-12-2024 | abbreviated format | 15-09-2025 | 2025-00491744 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00481850 | |
| 31-12-2022 | abbreviated format | 27-10-2023 | 2023-00495643 | |
| 31-12-2021 | abbreviated format | 23-01-2023 | 2023-00002996 | |
| 31-12-2020 | abbreviated format | 29-12-2021 | 2021-82100327 |