CEFIMA
ActiveSummary
CEFIMA has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.8m and a net result of -€170,873. Equity remains stable across the filed fiscal years (±0.5% per year). Its solvency ranks better than 81% of 942 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability13▼-59
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €180,000 at 30 days acceptable
Liquidity short (current ratio 0.36 against 0.59 in 2024; short-term debt: 18.8% and cash: 1% of total assets), and 19.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer 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
80.8%
Return on assets
-4.9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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 filingsDeviation from the deadline
2025
27 d late
2024
29 d early
2023
30 d late
2022
31 d early
2021
24 d early
2020
16 d early
2019
50 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 13 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% 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. Usually files around 7 July (4 of the last 5 filed years within 51 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€170,873
2024 · €94,446
Working capital
-€415,161▼ 42.5%
2024 · -€291,342
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 82, Office administrative, office support and other business support activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€176,883▼ 54.0%€169,438▼ 4.2%€97,855▼ 42.2%€120,439▲ 23.1%-€157,259
Net result€143,733above the sector's middle half▼ 60.2%€93,107within the sector's middle half▼ 35.2%€61,855within the sector's middle half▼ 33.6%€94,446within the sector's middle half▲ 52.7%-€170,873below the sector's middle half
Equity€2.9mabove the sector's middle half▲ 0.5%€3.0mabove the sector's middle half▲ 0.4%€3.0mabove the sector's middle half▲ 0.4%€3.0mabove the sector's middle half▲ 0.1%€2.8mwithin the sector's middle half▼ 5.7%
Total assets€4.3mabove the sector's middle half▲ 8.9%€4.0mabove the sector's middle half▼ 6.2%€3.8mabove the sector's middle half▼ 4.9%€3.8mabove the sector's middle half▼ 1.3%€3.5mwithin the sector's middle half▼ 7.7%
Debt€1.3m▲ 33.8%€1.0m▼ 20.9%€837,344▼ 19.8%€783,548▼ 6.4%€665,459▼ 15.1%
Working capital-€801,970below the sector's middle half▼ 447%-€422,769below the sector's middle half▲ 47.3%-€470,794below the sector's middle half▼ 11.4%-€291,342below the sector's middle half▲ 38.1%-€415,161below the sector's middle half▼ 42.5%
Solvency69.1%within the sector's middle half▼ 5.8pp73.9%above the sector's middle half▲ 4.9pp78.0%above the sector's middle half▲ 4.1pp79.1%above the sector's middle half▲ 1.1pp80.8%above the sector's middle half▲ 1.7pp
Current ratio0.11below the sector's middle half▼ 0.560.42below the sector's middle half▲ 0.310.27below the sector's middle half▼ 0.160.59below the sector's middle half▲ 0.320.36below the sector's middle half▼ 0.23
Return on assets (ROA)3.4%within the sector's middle half▼ 5.8pp2.3%within the sector's middle half▼ 1.0pp1.6%within the sector's middle half▼ 0.7pp2.5%within the sector's middle half▲ 0.9pp-4.9%below the sector's middle half▼ 7.4pp
Staff (FTE)0.1below the sector's middle half▼ 90.0%0below the sector's middle half0within the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 82, Office administrative, office support and other business support activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €157,259 after €120,439 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€3.2m ▼ 3.2%
Current assets
€235,380 ▼ 43.5%
Equity and liabilities €3.5m
Equity
€2.8m ▼ 5.7%
Debt
€665,459 ▼ 15.1%
Debt's share of the balance-sheet total falls from 20.9% to 19.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€49,192▼
2024 · €228,401
Cash flow
-€62,806▼
2024 · €202,408
Debt to equity
0.24▼
2024 · 0.26
ROE
-6.1%▼
2024 · 3.2%
Interest coverage
-2.34▼
2024 · 7.91
Debt ≤ 1 year
€650,541▼
2024 · €707,617
Debt > 1 year
€0▼
2024 · €60,000
Income taxes
€276▲
2024 · -€39
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,616 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 8,616 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,504 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €2,063 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €52,598 | €112,617 | €107,962 | €108,067 | ▲ 0.1% |
| Other operating charges640/8 | €32,628 | €1,605 | €2,057 | €3,465 | €5,006 | ▲ 44.5% |
| Non-recurring operating charges66A | - | - | €0 | - | - | - |
| Gross operating margin9900 | €211,573 | €223,641 | €212,529 | €231,865 | -€44,186 | ▼ 119% |
| Operating profit (loss)9901 | €176,883 | €169,438 | €97,855 | €120,439 | -€157,259 | ▼ 231% |
| Financial income75/76B | €145 | €71 | €520 | €2,832 | €7,675 | ▲ 171% |
| Recurring financial income75 | €145 | €71 | €520 | €2,832 | €7,675 | ▲ 171% |
| Financial charges65/66B | €1,587 | €55,703 | €32,364 | €28,864 | €21,013 | ▼ 27.2% |
| Recurring financial charges65 | €1,587 | €16,790 | €32,364 | €28,864 | €21,013 | ▼ 27.2% |
| Non-recurring financial charges66B | - | €38,913 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €175,440 | €113,806 | €66,011 | €94,407 | -€170,597 | ▼ 281% |
| Income taxes67/77 | €31,708 | €20,699 | €4,156 | -€39 | €276 | ▲ 807% |
| Profit (loss) for the period9904 | €143,733 | €93,107 | €61,855 | €94,446 | -€170,873 | ▼ 281% |
| Profit (loss) for the period to be appropriated9905 | €143,733 | €93,107 | €61,855 | €94,446 | -€170,873 | ▼ 281% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.3m | €4.0m | €3.8m | €3.8m | €3.5m | ▼ 7.7% |
| Fixed assets21/28 | €4.2m | €3.7m | €3.6m | €3.3m | €3.2m | ▼ 3.2% |
| Tangible fixed assets22/27 | €3.1m | €3.7m | €3.6m | €3.3m | €3.2m | ▼ 3.2% |
| Land and buildings22 | €2.7m | €3.0m | €3.0m | €2.8m | €2.7m | ▼ 2.2% |
| Plant, machinery and equipment23 | €34,934 | €53,116 | €41,394 | €29,672 | €17,950 | ▼ 39.5% |
| Furniture and vehicles24 | €59,766 | €152,193 | €127,375 | €91,561 | €55,746 | ▼ 39.1% |
| Other tangible fixed assets26 | €317,457 | €450,446 | €450,446 | €450,446 | €450,446 | = |
| Assets under construction and advance payments27 | €36,208 | - | - | - | - | - |
| Financial fixed assets28 | €1.1m | - | - | - | - | - |
| Current assets29/58 | €95,423 | €307,565 | €170,255 | €416,275 | €235,380 | ▼ 43.5% |
| Amounts receivable within one year40/41 | €9,027 | €12,066 | €61,033 | €207,932 | €193,893 | ▼ 6.8% |
| Trade receivables40 | €8,336 | €12,066 | €34,728 | €21,835 | €2,446 | ▼ 88.8% |
| Other amounts receivable41 | €691 | - | €26,305 | €186,097 | €191,447 | ▲ 2.9% |
| Cash at bank and in hand54/58 | €86,395 | €294,866 | €108,901 | €207,605 | €34,498 | ▼ 83.4% |
| Deferred charges and accrued income490/1 | - | €633 | €321 | €738 | €6,988 | ▲ 847% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.3m | €4.0m | €3.8m | €3.8m | €3.5m | ▼ 7.7% |
| Equity10/15 | €2.9m | €3.0m | €3.0m | €3.0m | €2.8m | ▼ 5.7% |
| Contributions10/11 | €750,000 | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Capital10 | €750,000 | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Issued capital100 | €750,000 | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Reserves13 | €56,648 | €61,648 | €65,648 | €65,873 | €65,873 | = |
| Non-distributable reserves130/1 | €55,000 | €60,000 | €64,000 | €64,225 | €64,225 | = |
| Legal reserve130 | €55,000 | €60,000 | €64,000 | €64,225 | €64,225 | = |
| Distributable reserves133 | €1,648 | €1,648 | €1,648 | €1,648 | €1,648 | = |
| Profit (loss) carried forward14 | €2.1m | €2.1m | €2.2m | €2.2m | €2.0m | ▼ 7.9% |
| Amounts payable17/49 | €1.3m | €1.0m | €837,344 | €783,548 | €665,459 | ▼ 15.1% |
| Amounts payable after more than one year17 | €420,000 | €300,000 | €180,000 | €60,000 | €0 | ▼ 100% |
| Financial debts170/4 | €420,000 | €300,000 | €180,000 | €60,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €897,393 | €730,334 | €641,049 | €707,617 | €650,541 | ▼ 8.1% |
| Current portion of amounts payable after more than one year42 | €120,000 | €120,000 | €120,000 | €120,000 | €60,000 | ▼ 50.0% |
| Trade debts44 | €293,768 | €28,159 | €8,519 | €9,292 | €114,954 | ▲ 1,137% |
| Suppliers440/4 | €293,768 | €28,159 | €8,519 | €9,292 | €114,954 | ▲ 1,137% |
| Taxes, remuneration and social security45 | €37,917 | €48,115 | €0 | €535 | €535 | = |
| Taxes450/3 | €37,917 | €48,115 | €0 | €535 | €535 | = |
| Other amounts payable47/48 | €445,709 | €534,060 | €512,530 | €577,790 | €475,052 | ▼ 17.8% |
| Accrued charges and deferred income492/3 | €1,767 | €13,378 | €16,295 | €15,931 | €14,918 | ▼ 6.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €143,733 | €93,107 | €61,855 | €94,446 | -€170,873 | ▼ 281% |
| + Depreciation and write-downs630 | - | €52,598 | €112,617 | €107,962 | €108,067 | ▲ 0.1% |
| Operating cash flow (approximation) | €143,733 | €145,705 | €174,473 | €202,408 | -€62,806 | ▼ 131% |
| Investment in fixed assets (approximation) | - | €421,885 | -€55,415 | €187,408 | €0 | ▼ 100% |
| Change in cash | - | €208,471 | -€185,965 | €98,704 | -€173,107 | ▼ 275% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
31-12
Financial
Weakest financial yearnet -€170,873
Net result drops to -€170,873, the lowest in the series.
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €360,751 ▲6.3%
Operating result €384,310, net result €360,751, both a record.
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
27-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
02-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Waregem · 1 establishment unit since 1995
Ground area
4,722 m²
Building footprint
2,553 m²
Volume, LiDAR
29,776 m³
Parcel 34453F0799/00K000, Flanders · tallest building 17.7 m, ±3 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
CEFIMA
since 19952.069.941.297
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34453F0799/00K000 | Flanders | 4,722 m² | 1 · 2,553 m² | 17.7 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.
Structure & network
Owners and holdings
2 owners · 1 holdingChain of control
- BERCOFIN
- CEFIMA
Highest known parent: BERCOFIN. The sources do not say who stands above it.
Owners 2
- BERCOFINparentSourceaccounts BERCOFIN 2025100%
- REINVEST IIparent100%
Holdings 1
-
99.9%
According to the 2021 annual accounts of CEFIMA and those 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.
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Of 150 companies in sector 82910 we hold annual accounts for 78. 27 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded22-12-1994
Fiscal year end31-12
Activities, NACEBEL 2025
82910Office administrative, office support and other business support activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0454123217
Also
9925:BE0454123217
Registered
22-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.