Equity
Equity rose in 2025 from €36.9m to €59.7m.
Equity rose in 2025 from €36.9m to €59.7m.
Of this, €152.8m falls due within a year.
The last five annual accounts were filed 21 to 43 days before the end of the period.
2 restructurings since 2024. Latest: merger with CEGEKA.
Directors left. Latest change 01-01-2026 · 5 in office.
EU support, mostly DA/JU/EUI - Decentralised Agencies, Joint Undertakings, EU institutions.
The dashed line is the sector median: 0.1% across 7 companies (NACE 63, large).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (all companies). It does better than 31% of them on solvency, 21% on liquidity, 23% on profitability and 82% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Liquidity is insufficient, with a current ratio of 0.67 (0.76 in 2024), below 1. Short-term debt is 49.7% and cash 0.8% of total assets. 80.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 33 days before the deadline. In the sector (NACE 63), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Shares in 12 companies, including Cegeka Deutschland G.m.b.H. and Cegeka Development srl
Board & ownership| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| CEGEKA GROEP Hasselt | €117.6m | 3.6% | 19.4% | 403 |
| SAP BELGIUM - SYSTEMS APPLICATIONS AND PRODUCTS Machelen (Brab.) | €536.0m | 7.3% | 7.8% | 300.7 |
| NETWORK RESEARCH BELGIUM Herstal | €356.7m | 6.0% | 67.3% | 915 |
| Secrétariat Social Securex - Sociaal Sekretariaat Securex - Sozial Sekretariate für Arbeitgeber Securex Etterbeek | €103.5m | 8.7% | 26.0% | 440.6 |
| International Business Machines of Belgium Brussels | €496.0m | 11.1% | 46.0% | 539.9 |
| ORANGE BUSINESS BELGIUM Evere | €67.0m | 2.6% | 20.5% | 134.1 |
| CLARIVATE ANALYTICS (BELGIUM) Antwerp | €27.4m | 11.2% | 9.4% | 121.7 |
Grey: the largest companies of the sector (computing infrastructure and information services (NACE 63)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as CEGEKA GROEP: computing infrastructure, data processing, hosting and related activities (NACE 63100). They are comparable in size and age: total assets between €60m and €371m, founded between 1936 and 1990.
CEGEKA GROEP has existed since 1992. Turnover grew from €23.1m in 2006 to €117.6m in 2025 and staff from 233.8 to 403 full-time equivalents.
Turnover has grown every year since 2014. Solvency rose in 2025 from 11.3% to 19.4% because of the retained profit and lower debts.
Cegeka Holding holds all the shares. In January 2026, six directors stepped down. In April 2025, the Official Gazette published the appointment of ID&D NV as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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