CEGWA
ActiveSummary
CEGWA has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20,637 and a net result of €73,386. Equity is shrinking by ~14.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 9% of 2083 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability52▲+28
Solvency27▲+7
Growth47▲+18
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity short (current ratio 0.96 against 0.8 in 2024; short-term debt: 81.1% and cash: 7.9% of total assets), and 97.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
2.3%
Return on assets
8.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 2083 sector peers (2025).
NBB · sector comparisonPosition among 2083 sector peers
Solvency
better than 9%
← weakest
strongest →
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 13-03-2026, 140 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
140 d early
2024
57 d late
2023
61 d early
2022
53 d late
2021
6 d early
2020
58 d late
2019
59 d late
← 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 3 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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 25 July (4 of the last 5 filed years within 63 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
€3.0m▲ 4.3%
2024 · €2.9m
EBIT margin
3.0%▲ 4.5pp
2024 · -1.5%
Net result
€73,386
2024 · -€79,901
Working capital
-€28,557▲ 84.2%
2024 · -€180,447
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€2.8m▲ 7.9%€3.2m▲ 14.9%€3.4m▲ 6.0%€2.9m▼ 15.3%€3.0m▲ 4.3%
Operating result€42,645▲ 45.4%-€997€95,170-€42,563€90,540
Net result€5,671within the sector's middle half▲ 34.1%-€37,668below the sector's middle half€2,681within the sector's middle half-€79,901below the sector's middle half€73,386within the sector's middle half
EBIT margin1.5%▲ 0.4pp0.0%▼ 1.5pp2.8%▲ 2.8pp-1.5%▼ 4.2pp3.0%▲ 4.5pp
Equity€62,138within the sector's middle half▲ 10.0%€24,470below the sector's middle half▼ 60.6%€27,151below the sector's middle half▲ 11.0%-€52,750below the sector's middle half€20,637below the sector's middle half
Total assets€1.1mwithin the sector's middle half▼ 4.0%€1.0mwithin the sector's middle half▼ 4.2%€1.1mwithin the sector's middle half▲ 6.8%€1.0mwithin the sector's middle half▼ 7.6%€882,952within the sector's middle half▼ 13.5%
Debt€1.0m▼ 4.7%€1.0m▼ 0.7%€1.1m▲ 6.7%€1.1m▼ 0.4%€862,315▼ 19.7%
Working capital-€102,633below the sector's middle half▲ 25.5%-€270,265below the sector's middle half▼ 163%-€245,789below the sector's middle half▲ 9.1%-€180,447below the sector's middle half▲ 26.6%-€28,557below the sector's middle half▲ 84.2%
Solvency5.8%below the sector's middle half▲ 0.7pp2.4%below the sector's middle half▼ 3.4pp2.5%below the sector's middle half▲ 0.1pp-5.2%below the sector's middle half▼ 7.6pp2.3%below the sector's middle half▲ 7.5pp
Current ratio0.88below the sector's middle half▲ 0.060.68below the sector's middle half▼ 0.200.72below the sector's middle half▲ 0.040.80below the sector's middle half▲ 0.080.96below the sector's middle half▲ 0.16
Return on assets (ROA)0.5%below the sector's middle half▲ 0.1pp-3.6%below the sector's middle half▼ 4.2pp0.2%below the sector's middle half▲ 3.9pp-7.8%below the sector's middle half▼ 8.1pp8.3%within the sector's middle half▲ 16.1pp
Staff (FTE)22.6above the sector's middle half=25.1above the sector's middle half▲ 11.1%24.6above the sector's middle half▼ 2.0%23.3above the sector's middle half▼ 5.3%21within the sector's middle half▼ 9.9%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €90,540 after a loss of €42,563 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €882,952
Fixed assets
€195,188 ▼ 35.4%
Current assets
€687,764 ▼ 4.3%
Equity and liabilities €882,952
Equity
€20,637
Debt
€862,315
Debt finances 97.7% of the balance-sheet total.
Key figures and ratios
EBITDA
€206,332▲
2024 · €118,603
Cash flow
€189,178▲
2024 · €81,265
Quick ratio
0.88▲
2024 · 0.72
Debt to equity
41.78
ROE
355.6%
Interest coverage
2.95▲
2024 · 1.07
Debt ≤ 1 year
€716,321▼
2024 · €898,809
Debt > 1 year
€65,575▼
2024 · €125,831
Income taxes
€5,712▲
2024 · -€14,980
Staff costs
€1.0m▲
2024 · €1.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 875 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.4%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 875 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €2.8m | €3.2m | €3.4m | €2.9m | €3.0m | ▲ 4.3% |
| Non-recurring operating income76A | €139,367 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €1.8m | €2.2m | €2.2m | €1.8m | €1.8m | ▲ 0.4% |
| Remuneration, social security and pensions62 | €965,713 | €999,555 | €1.1m | €1.0m | €1.0m | ▲ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €141,234 | €156,264 | €161,335 | €161,166 | €115,792 | ▼ 28.2% |
| Other operating charges640/8 | €16,910 | €23,953 | €34,979 | €31,572 | €22,466 | ▼ 28.8% |
| Non-recurring operating charges66A | - | €340 | - | €4,480 | €6,000 | ▲ 33.9% |
| Gross operating margin9900 | €1.2m | €1.2m | €1.4m | €1.2m | €1.3m | ▲ 7.0% |
| Operating profit (loss)9901 | €42,645 | -€997 | €95,170 | -€42,563 | €90,540 | ▲ 313% |
| Financial income75/76B | €1,924 | €2,032 | €3,921 | €58,440 | €58,394 | ▼ 0.1% |
| Recurring financial income75 | €1,924 | €2,032 | €3,921 | €58,440 | €58,394 | ▼ 0.1% |
| Financial charges65/66B | €24,715 | €22,168 | €83,586 | €110,758 | €69,836 | ▼ 36.9% |
| Recurring financial charges65 | €24,715 | €22,168 | €83,586 | €110,758 | €69,836 | ▼ 36.9% |
| Profit (loss) for the period before taxes9903 | €19,854 | -€21,133 | €15,505 | -€94,881 | €79,098 | ▲ 183% |
| Income taxes67/77 | €14,183 | €16,535 | €12,824 | -€14,980 | €5,712 | ▲ 138% |
| Profit (loss) for the period9904 | €5,671 | -€37,668 | €2,681 | -€79,901 | €73,386 | ▲ 192% |
| Profit (loss) for the period to be appropriated9905 | €5,671 | -€37,668 | €2,681 | -€79,901 | €73,386 | ▲ 192% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €1.0m | €1.1m | €1.0m | €882,952 | ▼ 13.5% |
| Formation expenses20 | €551 | - | - | - | - | - |
| Fixed assets21/28 | €360,723 | €463,387 | €467,721 | €302,322 | €195,188 | ▼ 35.4% |
| Intangible fixed assets21 | €55,000 | €45,000 | €35,000 | €25,000 | €15,000 | ▼ 40.0% |
| Tangible fixed assets22/27 | €304,553 | €414,647 | €428,981 | €273,582 | €176,843 | ▼ 35.4% |
| Plant, machinery and equipment23 | €4,874 | €13,186 | €11,294 | €3,542 | €1,402 | ▼ 60.4% |
| Furniture and vehicles24 | €32,466 | €98,531 | €76,980 | €55,810 | €43,032 | ▼ 22.9% |
| Leasing and similar rights25 | €267,213 | €302,930 | €340,707 | €214,230 | €132,409 | ▼ 38.2% |
| Financial fixed assets28 | €1,170 | €3,740 | €3,740 | €3,740 | €3,345 | ▼ 10.6% |
| Current assets29/58 | €718,626 | €571,457 | €637,445 | €718,362 | €687,764 | ▼ 4.3% |
| Stocks and contracts in progress3 | €70,371 | €77,504 | €51,963 | €72,903 | €60,413 | ▼ 17.1% |
| Stocks30/36 | €70,371 | €77,504 | €51,963 | €72,903 | €60,413 | ▼ 17.1% |
| Amounts receivable within one year40/41 | €561,716 | €446,499 | €429,059 | €463,914 | €395,833 | ▼ 14.7% |
| Trade receivables40 | €273,126 | €231,440 | €208,744 | €219,498 | €220,665 | ▲ 0.5% |
| Other amounts receivable41 | €288,590 | €215,059 | €220,315 | €244,416 | €175,168 | ▼ 28.3% |
| Cash at bank and in hand54/58 | €86,539 | €29,750 | €80,934 | €44,593 | €69,401 | ▲ 55.6% |
| Deferred charges and accrued income490/1 | - | €17,704 | €75,489 | €136,952 | €162,117 | ▲ 18.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €1.1m | €1.0m | €882,952 | ▼ 13.5% |
| Equity10/15 | €62,138 | €24,470 | €27,151 | -€52,750 | €20,637 | ▲ 139% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €41,678 | €4,010 | €6,691 | -€73,210 | €177 | ▲ 100% |
| Amounts payable17/49 | €1.0m | €1.0m | €1.1m | €1.1m | €862,315 | ▼ 19.7% |
| Amounts payable after more than one year17 | €196,503 | €168,652 | €194,781 | €125,831 | €65,575 | ▼ 47.9% |
| Financial debts170/4 | €196,503 | €168,652 | €194,781 | €125,831 | €65,575 | ▼ 47.9% |
| Amounts payable within one year42/48 | €821,259 | €841,722 | €883,234 | €898,809 | €716,321 | ▼ 20.3% |
| Current portion of amounts payable after more than one year42 | €112,493 | €134,404 | €118,041 | €63,886 | €57,625 | ▼ 9.8% |
| Financial debts43 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Credit institutions430/8 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Trade debts44 | €286,843 | €350,269 | €236,190 | €313,240 | €257,445 | ▼ 17.8% |
| Suppliers440/4 | €286,843 | €350,269 | €236,190 | €313,240 | €257,445 | ▼ 17.8% |
| Taxes, remuneration and social security45 | €293,923 | €232,049 | €404,003 | €396,683 | €276,251 | ▼ 30.4% |
| Taxes450/3 | €4,560 | €9,358 | €5,824 | €6,169 | €2,335 | ▼ 62.1% |
| Remuneration and social security454/9 | €289,363 | €222,691 | €398,179 | €390,514 | €273,916 | ▼ 29.9% |
| Other amounts payable47/48 | €3,000 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €48,794 | €80,419 | ▲ 64.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,671 | -€37,668 | €2,681 | -€79,901 | €73,386 | ▲ 192% |
| + Depreciation and write-downs630 | €141,234 | €156,264 | €161,335 | €161,166 | €115,792 | ▼ 28.2% |
| Operating cash flow (approximation) | €146,905 | €118,596 | €164,016 | €81,265 | €189,178 | ▲ 133% |
| Investment in fixed assets (approximation) | - | -€258,928 | -€165,669 | €4,233 | -€8,658 | ▼ 305% |
| Change in cash | - | -€56,789 | €51,184 | -€36,341 | €24,808 | ▲ 168% |
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
13-03
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €73,386
Net result €73,386 after one loss-making year.
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 57 days late
2024
31-12
Financial
Weakest financial yearnet -€79,901
Net result drops to -€79,901, the lowest in the series; recovery starts the following year.
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €2,681
Net result €2,681 after one loss-making year.
22-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 53 days late
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 58 days late
2020
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 59 days late
2019
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 57 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has 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.
Directors · office · real estate
Directors
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Herstal · 1 establishment unit since 2017
Ground area
4,492 m²
Building footprint
1,056 m²
Volume, LiDAR
7,573 m³
Parcel 62312B0024/00S005, Wallonia · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CEGWA
since 20172.265.452.915
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62312B0024/00S005 | Wallonia | 4,492 m² | 1 · 1,056 m² | 8.8 m · 2 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.
Similar companies · same sector, comparable size
Rob-Bud
BE 1009.876.106
Zaventem · Eq €20,634
KMK Project
BE 0794.405.155
Meise · Eq €20,508
B & J Industries
BE 0521.710.144
Riemst · Eq €20,461
Bezettingswerken S-gips
BE 0711.975.347
Geel · Eq €20,460
ISOSEGHERS
BE 0821.435.689
Beveren-Kruibeke-Zwijndrecht · Eq €21,173
Of 751 companies in this sector we hold annual accounts for 424. 299 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded27-06-2017
Fiscal year end31-12
Activities, NACEBEL 2025
43422Screed work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0677599339
Also
9925:BE0677599339
Registered
26-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.