CEDYA CONCEPT
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 31-10-2025 PDF all 13 filings
Turnover
≈ €420,000
Estimated: probably between €220,000 and €990,000
EBIT margin
Not included in this filing
Net result
€51,834▲ 71.3%
2023 · €30,263
Working capital
€148,092▼ 24.4%
2023 · €195,910
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€66,220
▲ 38.5%
2024
20182024
Net result
€51,834
▲ 71.3%
2024
highest quarter of the sector
20182024
Equity
€138,276
▲ 29.9%
2024
middle half of the sector
20182024
Total assets
€484,616
▲ 42.0%
2024
highest quarter of the sector
20182024
Debt
€346,340
▲ 47.5%
2024
20182024
Working capital
€148,092
▼ 24.4%
2024
highest quarter of the sector
20182024
Solvency
28.5%
▼ 2.7pp
2024
middle half of the sector
20182024
Current ratio
1.49
▼ 1.51
2024
middle half of the sector
20182024
Return on assets (ROA)
10.7%
▲ 1.8pp
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€1,604-€16,318€31,592▲ 93.6%€28,450▼ 9.9%€55,873▲ 96.4%€47,796▼ 14.5%€66,220▲ 38.5%
Net result€832-€9,465▲ 11×€21,980within the sector's middle half▲ 132%€16,721within the sector's middle half▼ 23.9%€33,702above the sector's middle half▲ 102%€30,263above the sector's middle half▼ 10.2%€51,834above the sector's middle half▲ 71.3%
Equity€34,310-€43,775▲ 27.6%€65,756below the sector's middle half▲ 50.2%€82,477within the sector's middle half▲ 25.4%€96,179within the sector's middle half▲ 16.6%€106,442within the sector's middle half▲ 10.7%€138,276within the sector's middle half▲ 29.9%
Total assets€132,160-€161,141▲ 21.9%€205,589below the sector's middle half▲ 27.6%€236,080within the sector's middle half▲ 14.8%€269,458within the sector's middle half▲ 14.1%€341,254within the sector's middle half▲ 26.6%€484,616above the sector's middle half▲ 42.0%
Debt€97,849-€117,366▲ 19.9%€139,833▲ 19.1%€153,603▲ 9.8%€173,278▲ 12.8%€234,812▲ 35.5%€346,340▲ 47.5%
Working capital€54,399-€35,994▼ 33.8%€47,869below the sector's middle half▲ 33.0%€94,625within the sector's middle half▲ 97.7%€166,309above the sector's middle half▲ 75.8%€195,910above the sector's middle half▲ 17.8%€148,092above the sector's middle half▼ 24.4%
Solvency26.0%-27.2%▲ 1.2pp32.0%within the sector's middle half▲ 4.8pp34.9%within the sector's middle half▲ 3.0pp35.7%within the sector's middle half▲ 0.8pp31.2%within the sector's middle half▼ 4.5pp28.5%within the sector's middle half▼ 2.7pp
Current ratio1.93-1.41▼ 0.531.41within the sector's middle half=2.33within the sector's middle half▲ 0.924.62above the sector's middle half▲ 2.303.00within the sector's middle half▼ 1.631.49within the sector's middle half▼ 1.51
Return on assets (ROA)0.6%-5.9%▲ 5.2pp10.7%above the sector's middle half▲ 4.8pp7.1%within the sector's middle half▼ 3.6pp12.5%within the sector's middle half▲ 5.4pp8.9%within the sector's middle half▼ 3.6pp10.7%within the sector's middle half▲ 1.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2024 is 39% higher than in 2023 and the highest since 2020. It is a recovery after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €484,616
Fixed assets
€33,956 ▼ 28.2%
Current assets
€450,660 ▲ 53.3%
Equity and liabilities €484,616
Equity
€138,276 ▲ 29.9%
Debt
€346,340 ▲ 47.5%
Debt's share of the balance-sheet total rises from 68.8% to 71.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€80,771▲
2023 · €62,386
Cash flow
€66,385▲
2023 · €44,852
Quick ratio
1.39▼
2023 · 2.95
Debt to equity
2.50▲
2023 · 2.21
ROE
37.5%▲
2023 · 28.4%
Interest coverage
37.78▲
2023 · 23.59
Debt ≤ 1 year
€302,568▲
2023 · €98,037
Debt > 1 year
€43,772▼
2023 · €50,996
Income taxes
€13,887▼
2023 · €18,066
Staff costs
€163
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €40,830 | €3,736 | €4,632 | €1,200 |
| Depreciation and write-downs of the year | €11,664 | €16,615 | €14,590 | €14,551 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,333 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €4,030 | €1,906 | - | €163 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,977 | €6,507 | €8,910 | €11,664 | €16,615 | €14,590 | €14,551 | ▼ 0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €35,920 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,286 | €4,244 | €4,450 | €10,016 | ▲ 125% |
| Gross operating margin9900 | €15,028 | €31,433 | €66,795 | €45,431 | €114,558 | €66,835 | €90,951 | ▲ 36.1% |
| Operating profit (loss)9901 | -€1,604 | €16,318 | €31,592 | €28,450 | €55,873 | €47,796 | €66,220 | ▲ 38.5% |
| Financial income75/76B | - | - | - | - | €3,651 | €3,178 | €1,639 | ▼ 48.4% |
| Recurring financial income75 | €9,347 | €1,600 | €491 | - | €3,651 | €3,178 | €1,639 | ▼ 48.4% |
| Financial charges65/66B | - | - | - | €3,066 | €3,282 | €2,645 | €2,138 | ▼ 19.2% |
| Recurring financial charges65 | €3,664 | €3,960 | €1,342 | €3,066 | €3,282 | €2,645 | €2,138 | ▼ 19.2% |
| Profit (loss) for the period before taxes9903 | €4,078 | €13,958 | €30,742 | €25,384 | €56,243 | €48,329 | €65,721 | ▲ 36.0% |
| Income taxes67/77 | €3,246 | €4,493 | €8,762 | €8,663 | €22,540 | €18,066 | €13,887 | ▼ 23.1% |
| Profit (loss) for the period9904 | €832 | €9,465 | €21,980 | €16,721 | €33,702 | €30,263 | €51,834 | ▲ 71.3% |
| Profit (loss) for the period to be appropriated9905 | €832 | €9,465 | €21,980 | €16,721 | €33,702 | €30,263 | €51,834 | ▲ 71.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €132,160 | €161,141 | €205,589 | €236,080 | €269,458 | €341,254 | €484,616 | ▲ 42.0% |
| Fixed assets21/28 | €19,399 | €36,475 | €40,978 | €70,144 | €57,265 | €47,307 | €33,956 | ▼ 28.2% |
| Intangible fixed assets21 | €335 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €9,039 | €26,450 | €30,953 | €60,119 | €47,240 | €37,282 | €23,931 | ▼ 35.8% |
| Plant, machinery and equipment23 | - | - | - | €6,512 | €3,062 | €5,750 | €2,909 | ▼ 49.4% |
| Furniture and vehicles24 | - | - | - | €9,135 | €6,621 | €4,733 | €2,846 | ▼ 39.9% |
| Other tangible fixed assets26 | - | - | - | €44,472 | €37,557 | €26,799 | €18,176 | ▼ 32.2% |
| Financial fixed assets28 | €10,025 | €10,025 | €10,025 | €10,025 | €10,025 | €10,025 | €10,025 | = |
| Current assets29/58 | €112,760 | €124,667 | €164,611 | €165,936 | €212,193 | €293,947 | €450,660 | ▲ 53.3% |
| Stocks and contracts in progress3 | - | €13,620 | €1,280 | €2,526 | €2,526 | €4,526 | €30,126 | ▲ 566% |
| Stocks30/36 | - | - | - | €2,526 | €2,526 | €4,526 | €30,126 | ▲ 566% |
| Amounts receivable within one year40/41 | €56,493 | €82,739 | €128,811 | €148,257 | €84,557 | €144,236 | €310,419 | ▲ 115% |
| Trade receivables40 | - | - | - | €131,206 | €84,551 | €128,649 | €74,270 | ▼ 42.3% |
| Other amounts receivable41 | - | - | - | €17,051 | €6 | €15,587 | €236,148 | ▲ 15× |
| Cash at bank and in hand54/58 | €38,896 | €16,313 | €30,558 | €14,787 | €124,883 | €136,914 | €103,794 | ▼ 24.2% |
| Deferred charges and accrued income490/1 | - | - | - | €366 | €227 | €8,270 | €6,322 | ▼ 23.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €132,160 | €161,141 | €205,589 | €236,080 | €269,458 | €341,254 | €484,616 | ▲ 42.0% |
| Equity10/15 | €34,310 | €43,775 | €65,756 | €82,477 | €96,179 | €106,442 | €138,276 | ▲ 29.9% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Capital10 | - | - | - | - | €30,000 | - | - | - |
| Issued capital100 | - | - | - | - | €30,000 | - | - | - |
| Reserves13 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Non-distributable reserves130/1 | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Legal reserve130 | - | - | - | - | €3,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,000 | - | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €1,310 | €10,775 | €32,756 | €49,477 | €63,179 | €73,442 | €105,276 | ▲ 43.3% |
| Amounts payable17/49 | €97,849 | €117,366 | €139,833 | €153,603 | €173,278 | €234,812 | €346,340 | ▲ 47.5% |
| Amounts payable after more than one year17 | €39,488 | €28,694 | €23,092 | €82,292 | €69,543 | €50,996 | €43,772 | ▼ 14.2% |
| Financial debts170/4 | - | - | - | €82,292 | €69,543 | €50,996 | €43,772 | ▼ 14.2% |
| Amounts payable within one year42/48 | €58,361 | €88,672 | €116,741 | €71,311 | €45,883 | €98,037 | €302,568 | ▲ 209% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,229 | €12,748 | €7,013 | €7,224 | ▲ 3.0% |
| Trade debts44 | €30,922 | €64,926 | €90,075 | €57,174 | €2,139 | €72,398 | €276,319 | ▲ 282% |
| Suppliers440/4 | - | - | - | €57,174 | €2,139 | €72,398 | €276,319 | ▲ 282% |
| Taxes, remuneration and social security45 | - | - | - | - | €16,898 | €18,625 | €19,025 | ▲ 2.1% |
| Taxes450/3 | - | - | - | - | €16,898 | €18,625 | €19,025 | ▲ 2.1% |
| Other amounts payable47/48 | - | - | - | €1,909 | €14,099 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €57,851 | €85,779 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €832 | €9,465 | €21,980 | €16,721 | €33,702 | €30,263 | €51,834 | ▲ 71.3% |
| + Depreciation and write-downs630 | €9,977 | €6,507 | €8,910 | €11,664 | €16,615 | €14,590 | €14,551 | ▼ 0.3% |
| Operating cash flow (approximation) | €10,809 | €15,971 | €30,890 | €28,386 | €50,317 | €44,852 | €66,385 | ▲ 48.0% |
| Investment in fixed assets (approximation) | - | -€23,582 | -€13,413 | -€40,830 | -€3,736 | -€4,632 | -€1,200 | ▲ 74.1% |
| Change in cash | - | -€22,583 | €14,245 | -€15,771 | €110,096 | €12,031 | -€33,120 | - |
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, 2,609 companies had the same profile as CEDYA CONCEPT has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
The bankruptcy probability of CEDYA CONCEPT itself is higher: 1.4% within 12 months. It rests on far more data about CEDYA CONCEPT than the profile alone.
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 2,609 companies, not a prediction for CEDYA CONCEPT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 31-10-2025 | 2025-00555876 | |
| 31-12-2023 | micro format | 05-09-2024 | 2024-00454697 | |
| 31-12-2022 | micro format | 27-10-2023 | 2023-00504095 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20367502 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-44600014 | |
| 31-12-2019 | full format | 08-10-2020 | 2020-59900417 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-56800440 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-59700567 | |
| 31-12-2016 | full format | 06-12-2017 | 2017-71200538 | |
| 31-12-2015 | full format | 29-07-2016 | 2016-38700396 |