CEDMAX
Annual accounts 2025
abbreviated format, filed on 16-07-2026, 15 days before the deadlineTurnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €270,000 and €430,000.
Balance sheet
balance sheet total €21.7m on 31-12-2025in €m
in euro
Position in the sector
42.9%
Higher than 42% of 10,855 companies in 2025.
1.5%
Higher than 33% of 10,724 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Staff: middle half
Staff
€84,644
Staff costs divided by the average number of full-time equivalents.
Training hours in 2025: 4.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
21.7m | 15.7m | 16.2m | 13.2m | 10.9m | 9.9m | 9.8m | |
20 |
- | - | 93 | 903 | 1,771 | 2,639 | 3,507 | |
21/28 |
20.7m | 14.5m | 11.9m | 11.9m | 9.7m | 9.7m | 9.7m | |
22/27 |
145,089 | 91,512 | 3,178 | 4,053 | - | - | - | |
23 |
2,231 | 2,853 | - | - | - | - | - | |
24 |
132,359 | 88,658 | 3,178 | 4,053 | - | - | - | |
26 |
10,500 | - | - | - | - | - | - | |
28 |
20.6m | 14.4m | 11.9m | 11.9m | 9.7m | 9.7m | 9.7m | |
29/58 |
1.0m | 1.2m | 4.3m | 1.3m | 1.2m | 136,939 | 116,031 | |
29 |
613,000 | 676,000 | 1.8m | - | - | - | - | |
290 |
- | - | 9,000 | - | - | - | - | |
291 |
613,000 | 676,000 | 1.8m | - | - | - | - | |
40/41 |
341,604 | 391,872 | 1.5m | 1.2m | 807,085 | 72,924 | - | |
40 |
- | 908 | - | 66,784 | 74,835 | 72,924 | - | |
41 |
341,604 | 390,965 | 1.5m | 1.1m | 732,250 | - | - | |
50/53 |
- | - | 775,000 | - | - | - | - | |
54/58 |
54,671 | 94,095 | 187,070 | 76,019 | 352,332 | 64,016 | 116,031 | |
490/1 |
1,682 | 9,549 | 45,452 | 23,267 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
21.7m | 15.7m | 16.2m | 13.2m | 10.9m | 9.9m | 9.8m | |
10/15 |
9.3m | 8.1m | 6.9m | 6.9m | 7.0m | 6.9m | 7.0m | |
10/11 |
8.8m | 7.9m | 6.9m | 6.9m | 6.9m | 6.9m | 6.9m | |
100 |
- | - | - | - | - | - | 6.9m | |
13 |
5,900 | 5,900 | 5,900 | 5,900 | 5,900 | 4,278 | 4,278 | |
130/1 |
- | - | 5,900 | 5,900 | 5,900 | 4,278 | - | |
130 |
- | - | - | - | - | - | 4,278 | |
1311 |
- | - | 5,900 | 5,900 | 5,900 | 4,278 | - | |
133 |
5,900 | 5,900 | - | - | - | - | - | |
14 |
583,474 | 253,280 | 35,496 | 28,684 | 63,307 | 33,294 | 81,299 | |
17/49 |
12.4m | 7.6m | 9.3m | 6.3m | 3.9m | 2.9m | 2.9m | |
17 |
3.3m | 3.7m | 1.8m | 2.0m | - | - | - | |
170/4 |
3.3m | 3.7m | 1.8m | 2.0m | - | - | - | |
42/48 |
9.1m | 3.7m | 7.4m | 4.2m | 3.9m | 2.9m | 2.9m | |
44 |
1,992 | 57,981 | 57,454 | 42,138 | 46,187 | 53,425 | 3,783 | |
440/4 |
1,992 | 57,981 | 57,454 | 42,138 | 46,187 | 53,425 | 3,783 | |
45 |
39,962 | 78,381 | 73,488 | 28,960 | 22,384 | 22,465 | 3,481 | |
450/3 |
24,831 | 74,764 | 73,488 | 28,960 | 22,384 | 22,465 | 3,481 | |
454/9 |
15,131 | 3,618 | - | - | - | - | - | |
47/48 |
9.0m | 3.5m | 7.3m | 4.1m | 3.9m | 2.9m | 2.9m | |
492/3 |
53,299 | 201,963 | 173,256 | 80,170 | 9,836 | 7,542 | 8,122 | |
| Income statement | ||||||||
76A |
- | - | - | - | - | - | 150,000 | |
9900 |
207,336 | 60,008 | 28,523 | 24,582 | 77,998 | 15,546 | -15,351 | |
62 |
126,966 | 32,091 | - | - | - | - | - | |
630 |
21,304 | 8,540 | 1,686 | 1,191 | 868 | 868 | 832 | |
640/8 |
2,868 | 306 | 1,075 | 1,731 | 979 | 457 | 802 | |
9901 |
56,197 | 19,071 | 25,762 | 21,660 | 76,151 | 14,222 | -16,985 | |
75/76B |
387,045 | 472,737 | 280,409 | 73,261 | - | 0 | 150,000 | |
75 |
377,670 | 209,592 | 280,409 | 73,261 | - | 0 | - | |
76B |
9,375 | 263,145 | - | - | - | - | 150,000 | |
65/66B |
112,687 | 273,916 | 299,359 | 129,544 | 44,515 | 62,228 | 47,463 | |
65 |
112,687 | 273,916 | 299,359 | 129,544 | 44,515 | 62,228 | 47,463 | |
9903 |
330,555 | 217,892 | 6,812 | -34,623 | 31,636 | -48,005 | 85,552 | |
67/77 |
360 | 109 | - | - | - | - | - | |
9904 |
330,194 | 217,783 | 6,812 | -34,623 | 31,636 | -48,005 | 85,552 | |
9905 |
330,194 | 217,783 | 6,812 | -34,623 | 31,636 | -48,005 | 85,552 | |
| Appropriation of the result | ||||||||
9906 |
583,474 | 253,280 | 35,496 | 28,684 | 64,929 | 33,294 | 85,552 | |
14P |
253,280 | 35,496 | 28,684 | 63,307 | 33,294 | - | - | |
791/2 |
- | - | - | - | - | - | 25 | |
691/2 |
- | - | - | - | 1,622 | - | 4,278 | |
6920 |
- | - | - | - | 1,622 | - | 4,278 | |
| Social balance sheet | ||||||||
9087 |
1.5 | 0.4 | - | - | - | - | - | |
Hours worked1013 |
2,445 | 614 | - | - | - | - | - | |
| Document | ||||||||
The notes to these accounts have 10 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 16-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00300729 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00254627 | |
| 31-12-2023 | abbreviated format | 03-07-2024 | 2024-00220953 | |
| 31-12-2022 | abbreviated format | 17-07-2023 | 2023-00242332 | |
| 31-12-2021 | abbreviated format | 11-07-2022 | 2022-20176129 | |
| 31-12-2020 | abbreviated format | 13-07-2021 | 2021-35500477 | |
| 31-12-2019 | abbreviated format | 28-09-2020 | 2020-56500525 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 6.2m | 4.8m | 810 | 2.2m | 5,000 | 868 | 9.7m | ||
| -39,424 | -92,975 | 111,051 | -276,313 | 288,317 | -52,015 | - | ||
| 42.9% | 51.9% | 42.7% | 52.4% | 63.9% | 70.2% | 70.8% | ||
| 3.5% | 2.7% | 0.1% | -0.5% | 0.5% | -0.7% | 1.2% | ||
| 1.5% | 1.4% | 0.0% | -0.3% | 0.3% | -0.5% | 0.9% |
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 | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 2 |
| full-time | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 1.4 | 1.4 |
| 1.5 | 0.4 | |
| On a permanent contract | 2 | 2 |
| Joined | - | 2 |
| Left | - | 0 |
| Training hours | 4 | - |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €74,882 | €96,781 | - | €4,376 | - |
| Financial fixed assets | €6.2m | €4.7m | - | €2.2m | €5,000 |
| €21,304 | €8,540 | €1,686 | €1,191 | €868 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on CEDMAX
The operating result for 2025 is 195% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 48.1% to 57.1%. Equity and debt are higher.
- 2024 Net result +3,097% on 2023. The 2024 profit included a one-off income of €263,145.