CEDRUS

Inactive

KBO/BCE: BE 0534.663.901

Inactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 24-12-2025.

Risk analysis Watch Report Compare

CEDRUSInactive

Risk analysis Report Compare

Signals

1 signal. The signal on the left, the evidence on the right.

○neutral

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 10 filings

Deviation from the deadline

2025

21 d late

2024

22 d late

2023

1 d early

2022

28 d late

2021

30 d late

2020

20 d late

2019

21 d late

← before the deadline after the deadline →

tick = median of all Belgian filings

This company filed its last 7 accounts on average 20 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.

Checked, nothing found (1)

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

CEDRUS has filed 12 sets of annual accounts, the latest for fiscal year 2025.¹ In 2026 the company was absorbed by merger into PANDO HOLDING.²

Go further with this company

Who ran this company, and where was it based, on a date before the end?Company as of a date Which other companies belong to the same group?PANDO HOLDING · 15 companies

Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, abbreviated schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

-€1,665

2024 · €8,104

Working capital

€188,230▼ 0.9%

2024 · €189,894

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.

Every figure with its change against the fiscal year before

favourable unfavourable

Line20212022202320242025

Operating result€20,897▼ 44.8%€22,570▲ 8.0%€7,505▼ 66.7%€11,277▲ 50.3%-€1,446

Net result€14,170▼ 52.6%€20,444▲ 44.3%€7,561▼ 63.0%€8,104▲ 7.2%-€1,665

Equity€159,785▲ 6.8%€176,230▲ 10.3%€181,791▲ 3.2%€189,894▲ 4.5%€188,230▼ 0.9%

Total assets€208,051▼ 15.4%€194,071▼ 6.7%€191,372▼ 1.4%€212,560▲ 11.1%€205,318▼ 3.4%

Debt€48,266▼ 49.9%€17,842▼ 63.0%€9,582▼ 46.3%€22,666▲ 137%€17,088▼ 24.6%

Working capital€112,780▲ 16.1%€160,561▲ 42.4%€181,791▲ 13.2%€189,894▲ 4.5%€188,230▼ 0.9%

Staff (FTE)0000

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2025: a loss of €1,446 after €11,277 in 2024, the lowest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Equity and liabilities €205,318

91.7%

Equity €188,230 ▼ 0.9%

Debt €17,088 ▼ 24.6%

Debt's share of the balance-sheet total falls from 10.7% to 8.3%. Equity and debt are lower.

Key figures and ratios

2025 value · change against 2024

Current ratio

12.02▲

2024 · 9.38

Debt to equity

0.09▼

2024 · 0.12

ROE

-0.9%▼

2024 · 4.3%

ROA

-0.8%▼

2024 · 3.8%

Debt ≤ 1 year

€17,088▼

2024 · €22,666

Income taxes

€0▼

2024 · €3,035

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 36 lines

Balance sheet Code20242025

Assets

Total assets20/58€212,560€205,318▼

Current assets29/58€212,560€205,318▼

Amounts receivable within one year40/41€208,232€189,562▼

Trade receivables40€197,078€179,546▼

Other amounts receivable41€11,154€10,015▼

Cash at bank and in hand54/58€4,329€15,756▲

Equity and liabilities

Total equity and liabilities10/49€212,560€205,318▼

Equity10/15€189,894€188,230▼

Contributions10/11€10,000€10,000=

Reserves13€22,685€22,685=

Non-distributable reserves130/1€2,000€2,000=

Reserves not available under the articles1311€2,000€2,000=

Distributable reserves133€20,685€20,685=

Profit (loss) carried forward14€157,209€155,544▼

Amounts payable17/49€22,666€17,088▼

Amounts payable within one year42/48€22,666€17,088▼

Trade debts44€7,507€7,507=

Suppliers440/4€7,507€7,507=

Taxes, remuneration and social security45€5,578€0▼

Taxes450/3€5,578€0▼

Other amounts payable47/48€9,582€9,582=

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0-

Other operating charges640/8€472€487▲

Gross operating margin9900€11,750-€959▼

Operating profit (loss)9901€11,277-€1,446▼

Financial income75/76B€0-

Recurring financial income75€0-

Financial charges65/66B€138€218▲

Recurring financial charges65€138€218▲

Profit (loss) for the period before taxes9903€11,139-€1,665▼

Income taxes67/77€3,035€0▼

Profit (loss) for the period9904€8,104-€1,665▼

Profit (loss) for the period to be appropriated9905€8,104-€1,665▼

Appropriation of the result

Profit (loss) to be appropriated9906€157,209€155,544▼

Profit (loss) brought forward from the previous period14P€149,105€157,209▲

Social balance

Average headcount (FTE)90870.00.0=

The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€31,337	€31,337	€15,668	€0	-	-
Other operating charges640/8	€421	€423	€628	€472	€487	▲ 3.2%
Gross operating margin9900	€52,654	€54,330	€23,801	€11,750	-€959	▼ 108%
Operating profit (loss)9901	€20,897	€22,570	€7,505	€11,277	-€1,446	▼ 113%
Financial income75/76B	€4,000	€4,141	€2,000	€0	-	-
Recurring financial income75	€4,000	€4,141	€2,000	€0	-	-
Financial charges65/66B	€7,360	€785	€120	€138	€218	▲ 58.2%
Recurring financial charges65	€7,360	€785	€120	€138	€218	▲ 58.2%
Profit (loss) for the period before taxes9903	€17,536	€25,926	€9,385	€11,139	-€1,665	▼ 115%
Income taxes67/77	€3,366	€5,481	€1,824	€3,035	€0	▼ 100%
Profit (loss) for the period9904	€14,170	€20,444	€7,561	€8,104	-€1,665	▼ 121%
Profit (loss) for the period to be appropriated9905	€14,170	€20,444	€7,561	€8,104	-€1,665	▼ 121%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€208,051	€194,071	€191,372	€212,560	€205,318	▼ 3.4%
Fixed assets21/28	€47,005	€15,668	€0	-	-	-
Tangible fixed assets22/27	€47,005	€15,668	€0	-	-	-
Plant, machinery and equipment23	€47,005	€15,668	€0	-	-	-
Current assets29/58	€161,046	€178,403	€191,372	€212,560	€205,318	▼ 3.4%
Amounts receivable within one year40/41	€155,783	€169,455	€189,763	€208,232	€189,562	▼ 9.0%
Trade receivables40	€151,149	€168,303	€171,180	€197,078	€179,546	▼ 8.9%
Other amounts receivable41	€4,634	€1,152	€18,583	€11,154	€10,015	▼ 10.2%
Cash at bank and in hand54/58	€5,263	€8,948	€1,609	€4,329	€15,756	▲ 264%
Equity and liabilities
Total equity and liabilities10/49	€208,051	€194,071	€191,372	€212,560	€205,318	▼ 3.4%
Equity10/15	€159,785	€176,230	€181,791	€189,894	€188,230	▼ 0.9%
Contributions10/11	€10,000	€10,000	€10,000	€10,000	€10,000	=
Reserves13	€22,685	€22,685	€22,685	€22,685	€22,685	=
Non-distributable reserves130/1	€2,000	€2,000	€2,000	€2,000	€2,000	=
Reserves not available under the articles1311	€2,000	€2,000	€2,000	€2,000	€2,000	=
Distributable reserves133	€20,685	€20,685	€20,685	€20,685	€20,685	=
Profit (loss) carried forward14	€121,100	€141,544	€149,105	€157,209	€155,544	▼ 1.1%
Investment grants15	€6,000	€2,000	€0	-	-	-
Amounts payable17/49	€48,266	€17,842	€9,582	€22,666	€17,088	▼ 24.6%
Amounts payable after more than one year17	€0	-	-	-	-	-
Financial debts170/4	€0	-	-	-	-	-
Amounts payable within one year42/48	€48,266	€17,842	€9,582	€22,666	€17,088	▼ 24.6%
Current portion of amounts payable after more than one year42	€25,887	€0	-	-	-	-
Trade debts44	€0	-	-	€7,507	€7,507	=
Suppliers440/4	€0	-	-	€7,507	€7,507	=
Taxes, remuneration and social security45	€10,297	€8,260	€0	€5,578	€0	▼ 100%
Taxes450/3	€10,297	€8,260	€0	€5,578	€0	▼ 100%
Other amounts payable47/48	€12,082	€9,582	€9,582	€9,582	€9,582	=

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€14,170	€20,444	€7,561	€8,104	-€1,665	▼ 121%
+ Depreciation and write-downs630	€31,337	€31,337	€15,668	€0	-	-
Operating cash flow (approximation)	€45,507	€51,781	€23,229	€8,104	-€1,665	▼ 121%
Investment in fixed assets (approximation)	-	€0	€0	-	-	-
Change in cash	-	€3,685	-€7,339	€2,720	€11,428	▲ 320%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Timeline · acts, filings and financial milestones

All 15Financial 4Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

21-08

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema · 21 days late

23-02

State Gazette act Restructuring · End & cessation

Merger · Dissolution · Accounting effect5 facts ▸

General meeting, 24-12-2025
Merger, transfer of patrimony, 05-11-2025
Dissolution, 24-12-2025
Accounting effect, 01-01-2026
Power of attorney, CEDRUS

2025

31-12

Financial Weakest financial yearnet -€1,665

Net result drops to -€1,665, the lowest in the series.

22-08

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 22 days late

2024

30-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

28-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 28 days late

2022

31-12

Financial Liquidity triplescurrent ratio 10.00

Current ratio from 3.34 to 10.00; short-term debt falls from €48,266 to €17,842.

30-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 30 days late

2021

31-12

Financial Equity above €150,000Eq €159,785 ▲6.8%

4 profitable years in a row build equity to €159,785.

20-08

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 20 days late

2020

31-12

Financial Highest result since 2018net €29,867 ▲21.7%

Net result €29,867, the highest in the series.

21-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 21 days late

Show earlier events

2019

31-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 31 days late

2018

31-08

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 31 days late

2017

31-08

NBB filing Annual accounts filed

fiscal year 2016 · micro schema · 31 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

1 of 4 acts read

About the unread acts

Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Structure & network

Part of the group PANDO HOLDING 15 companies Group, risk and exposure

Owners and holdings

1 owner

Chain of control

PANDO HOLDING 100%
CEDRUS

Highest known parent: PANDO HOLDING. The sources do not say who stands above it.

Owners 1

PANDO HOLDINGparent

Sourceaccounts PANDO HOLDING 2025

100%

Holdings 0

No holding stated in the accounts, acts or LEI register we read.

According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.

Connections & network

No current directors or connected companies found in the register.

Acquisitions and mergers

1 transaction

Taken over by:PANDO HOLDING

transfer_of_patrimony · State Gazette act of 23-02-2026