Ceef
ActiveSummary
Ceef has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €38,792 and a net result of €2,229. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 50% of 8085 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+1
Solvency69▲+11
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity ample (current ratio 1.83 against 1.47 in 2024; short-term debt: 27.8% and cash: 40.2% of total assets), but 56.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
43.8%
Return on assets
2.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
77 d early
2023
77 d early
2022
73 d early
2021
95 d early
2020
89 d early
2019
81 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 72 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€38,792▲ 6.1%
2024 · €36,563
Total assets
€88,555▼ 20.1%
2024 · €110,802
Net result
€2,229▲ 27.5%
2024 · €1,748
Working capital
€20,324▲ 34.5%
2024 · €15,114
Trend over the years
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€15,012▲ 33.5%€13,893▼ 7.5%€9,201▼ 33.8%€7,718▼ 16.1%€6,739▼ 12.7%
Net result€8,208▲ 9.5%€6,965▼ 15.1%€3,579▼ 48.6%€1,748▼ 51.2%€2,229▲ 27.5%
Equity€44,068▲ 22.9%€51,033▲ 15.8%€54,612▲ 7.0%€36,563▼ 33.0%€38,792▲ 6.1%
Total assets€74,229▲ 8.1%€76,582▲ 3.2%€149,934▲ 95.8%€110,802▼ 26.1%€88,555▼ 20.1%
Debt€30,161▼ 8.0%€25,549▼ 15.3%€95,322▲ 273%€74,239▼ 22.1%€49,763▼ 33.0%
Working capital€30,148▲ 7.6%€28,323▼ 6.1%€27,878▼ 1.6%€15,114▼ 45.8%€20,324▲ 34.5%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 13% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €88,555
Fixed assets
€43,652 ▼ 31.5%
Current assets
€44,903 ▼ 4.6%
Equity and liabilities €88,555
Equity
€38,792 ▲ 6.1%
Debt
€49,763 ▼ 33.0%
Debt's share of the balance-sheet total falls from 67.0% to 56.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,807▼
2024 · €29,775
Cash flow
€22,298▼
2024 · €23,805
Current ratio
1.83▲
2024 · 1.47
Debt to equity
1.28▼
2024 · 2.03
ROE
5.7%▲
2024 · 4.8%
ROA
2.5%▲
2024 · 1.6%
Interest coverage
18.29▲
2024 · 16.51
Debt ≤ 1 year
€24,579▼
2024 · €31,958
Debt > 1 year
€25,094▼
2024 · €42,281
Income taxes
€3,213▼
2024 · €4,167
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €3,000 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,707 | €8,293 | €17,195 | €22,057 | €20,069 | ▼ 9.0% |
| Other operating charges640/8 | €2,027 | €2,414 | €2,464 | €2,334 | €2,009 | ▼ 13.9% |
| Non-recurring operating charges66A | - | - | €88 | - | - | - |
| Gross operating margin9900 | €21,746 | €24,600 | €28,948 | €32,109 | €28,816 | ▼ 10.3% |
| Operating profit (loss)9901 | €15,012 | €13,893 | €9,201 | €7,718 | €6,739 | ▼ 12.7% |
| Financial income75/76B | €13 | €7 | €3 | - | €169 | - |
| Recurring financial income75 | €13 | €7 | €3 | - | €169 | - |
| Financial charges65/66B | €322 | €718 | €1,370 | €1,803 | €1,466 | ▼ 18.7% |
| Recurring financial charges65 | €322 | €718 | €1,370 | €1,803 | €1,466 | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €14,703 | €13,182 | €7,834 | €5,915 | €5,442 | ▼ 8.0% |
| Income taxes67/77 | €6,495 | €6,217 | €4,255 | €4,167 | €3,213 | ▼ 22.9% |
| Profit (loss) for the period9904 | €8,208 | €6,965 | €3,579 | €1,748 | €2,229 | ▲ 27.5% |
| Profit (loss) for the period to be appropriated9905 | €8,208 | €6,965 | €3,579 | €1,748 | €2,229 | ▲ 27.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €74,229 | €76,582 | €149,934 | €110,802 | €88,555 | ▼ 20.1% |
| Fixed assets21/28 | €16,051 | €22,710 | €85,778 | €63,730 | €43,652 | ▼ 31.5% |
| Tangible fixed assets22/27 | €16,051 | €22,710 | €85,778 | €63,721 | €43,652 | ▼ 31.5% |
| Plant, machinery and equipment23 | €339 | €10,968 | €8,474 | €4,896 | €1,962 | ▼ 59.9% |
| Furniture and vehicles24 | €12,405 | €9,537 | €76,202 | €58,825 | €41,690 | ▼ 29.1% |
| Other tangible fixed assets26 | €3,307 | €2,205 | €1,102 | - | - | - |
| Financial fixed assets28 | - | - | - | €9 | - | - |
| Current assets29/58 | €58,178 | €53,872 | €64,156 | €47,072 | €44,903 | ▼ 4.6% |
| Amounts receivable within one year40/41 | €9,658 | €12,365 | €23,671 | €14,797 | €8,342 | ▼ 43.6% |
| Trade receivables40 | €8,240 | €11,082 | €16,823 | €12,101 | €2,974 | ▼ 75.4% |
| Other amounts receivable41 | €1,418 | €1,283 | €6,848 | €2,696 | €5,368 | ▲ 99.1% |
| Cash at bank and in hand54/58 | €47,410 | €40,634 | €38,377 | €31,523 | €35,633 | ▲ 13.0% |
| Deferred charges and accrued income490/1 | €1,110 | €873 | €2,108 | €752 | €928 | ▲ 23.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €74,229 | €76,582 | €149,934 | €110,802 | €88,555 | ▼ 20.1% |
| Equity10/15 | €44,068 | €51,033 | €54,612 | €36,563 | €38,792 | ▲ 6.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | - | - | - |
| Reserves13 | €37,868 | €44,833 | €48,412 | €36,563 | €36,563 | = |
| Non-distributable reserves130/1 | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | - | - | - | - | - |
| Distributable reserves133 | €36,008 | €44,833 | €48,412 | €36,563 | €36,563 | = |
| Profit (loss) carried forward14 | - | - | - | - | €2,229 | - |
| Amounts payable17/49 | €30,161 | €25,549 | €95,322 | €74,239 | €49,763 | ▼ 33.0% |
| Amounts payable after more than one year17 | €2,131 | - | €59,044 | €42,281 | €25,094 | ▼ 40.6% |
| Financial debts170/4 | €2,131 | - | €59,044 | €42,281 | €25,094 | ▼ 40.6% |
| Amounts payable within one year42/48 | €28,030 | €25,549 | €36,278 | €31,958 | €24,579 | ▼ 23.1% |
| Current portion of amounts payable after more than one year42 | €3,102 | €2,131 | €16,350 | €16,764 | €17,187 | ▲ 2.5% |
| Trade debts44 | €2,598 | €3,066 | €1,724 | - | €4,571 | - |
| Suppliers440/4 | €2,598 | €3,066 | €1,724 | - | €4,571 | - |
| Advances received on contracts in progress46 | €9,970 | €11,180 | €11,180 | €11,180 | - | - |
| Taxes, remuneration and social security45 | €9,661 | €7,752 | €7,024 | €4,014 | €2,820 | ▼ 29.7% |
| Taxes450/3 | €9,661 | €7,747 | €7,024 | €4,014 | €2,820 | ▼ 29.7% |
| Remuneration and social security454/9 | - | €5 | - | - | - | - |
| Other amounts payable47/48 | €2,699 | €1,420 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €89 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,208 | €6,965 | €3,579 | €1,748 | €2,229 | ▲ 27.5% |
| + Depreciation and write-downs630 | €4,707 | €8,293 | €17,195 | €22,057 | €20,069 | ▼ 9.0% |
| Operating cash flow (approximation) | €12,915 | €15,258 | €20,774 | €23,805 | €22,298 | ▼ 6.3% |
| Investment in fixed assets (approximation) | - | -€14,952 | -€80,263 | -€9 | €9 | ▲ 199% |
| Change in cash | - | -€6,776 | -€2,257 | -€6,854 | €4,110 | ▲ 160% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
15-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
19-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
03-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €7,494
Net result €7,494 after one loss-making year.
11-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€18,418
Net result drops to -€18,418, the lowest in the series; recovery starts the following year.
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
03-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
11-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Nazareth-De Pinte · 1 establishment unit since 2012
Ground area
418 m²
Building footprint
327 m²
Volume, LiDAR
2,847 m³
Parcel 44048B0188/00E000, Flanders · tallest building 12.8 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Ceef
since 20122.214.732.902
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44048B0188/00E000 | Flanders | 418 m² | 1 · 327 m² | 12.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 480 EUR awarded · 480 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 243 EUR | 243 EUR |
| 2024 | 1 | 72 EUR | 72 EUR |
| 2023 | 1 | 165 EUR | 165 EUR |
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F. Cervesato en zoon-F. Cervesato et fils
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Of 1,805 companies in sector 46831 we hold annual accounts for 1,397. 574 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-12-2012
Fiscal year end31-12
Activities, NACEBEL 2025
46831Wholesale of construction materials, general range
64210Activities of holding companies
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.