CELABOR
ActiveSummary
CELABOR has been active since 1995 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €396,523. Equity is growing by about 4.5% per year across the filed financial years. Its solvency ranks better than 29% of 2,547 sector peers (NACE 71, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 52.2 FTE
- Equity
- €1.6m
- Profit
- €396,523
- Board
- 16 members
- Holdings
- 1
Why 88raises riskLiquidity: current ratio 1.10, cash €97,025, halvedlowers riskProfit of €396,523 (financial year 2025)Figures for financial year 2025 (filed 22-06-2026)Sector: Architectural and engineering activities; technical testing and analysis (NACE 71)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (NACE 71, medium-sized): better than 37% on solvency, 23% on liquidity, 78% on profitability and 86% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 42 days before the deadline; the sector median (NACE 71) for financial year 2024 is 8 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
- Appointments: Jan Laperre (director) and Pol…Gazette deed
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2018 to 2025net €396,523 ▲3.4%
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 20% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 71, Architectural and engineering activities; technical testing and analysis: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 378 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97.4% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
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 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 378 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.03m | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €3.0m | €3.0m | €3.3m | €3.6m | €3.8m | ▲ 5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €3.2m | ▲ 679% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€424 | €0.04m | -€0.004m | €0.001m | -€0.03m | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.07m | €0.06m | €0.07m | €0.1m | ▲ 57.8% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | €198 | €0 | ▼ 100% |
| Gross operating margin9900 | €3.0m | €3.2m | €3.4m | €3.4m | €3.5m | €3.8m | €4.4m | €7.3m | ▲ 65.1% |
| Operating profit (loss)9901 | €0.05m | €0.03m | €0.07m | €0.08m | €0.06m | €0.09m | €0.4m | €0.3m | ▼ 20.2% |
| Financial income75/76B | - | - | - | €22 | €0.002m | €0.02m | €0.03m | €0.03m | ▲ 12.8% |
| Recurring financial income75 | €92 | €22 | €0.001m | €22 | €0.002m | €0.02m | €0.03m | €0.03m | ▲ 12.8% |
| Financial charges65/66B | - | - | - | €0.01m | €0.02m | €0.4m | €0.02m | €0.02m | ▲ 6.9% |
| Recurring financial charges65 | €0.004m | €0.007m | €0.01m | €0.01m | €0.02m | €0.3m | €0.02m | €0.02m | ▲ 6.9% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.1m | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.02m | €0.06m | €0.07m | €0.04m | -€0.3m | €0.4m | €0.3m | ▼ 19.5% |
| Income taxes67/77 | €343 | €434 | €355 | €356 | €361 | €0.001m | €0.001m | -€0.09m | - |
| Profit (loss) for the period9904 | €0.04m | €0.02m | €0.06m | €0.07m | €0.04m | -€0.3m | €0.4m | €0.4m | ▲ 3.4% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.02m | €0.06m | €0.07m | €0.04m | -€0.3m | €0.4m | €0.4m | ▲ 3.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.8m | €4.0m | €4.4m | €4.6m | €5.8m | €5.5m | €5.3m | €5.9m | ▲ 10.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.6m | €1.8m | €1.7m | €1.9m | €2.1m | €1.7m | €1.8m | €2.3m | ▲ 28.2% |
| Intangible fixed assets21 | €0.01m | €0.006m | €0.003m | €0.06m | €0.04m | €0.01m | €0 | €0.001m | - |
| Tangible fixed assets22/27 | €1.5m | €1.6m | €1.5m | €1.7m | €1.9m | €1.7m | €1.8m | €2.3m | ▲ 28.3% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.9m | €0.8m | €0.9m | ▲ 11.4% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.9m | €0.8m | €0.8m | €1.2m | ▲ 51.6% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.04m | €0.03m | €0.02m | €0.1m | ▲ 579% |
| Assets under construction and advance payments27 | - | - | - | €0.01m | €0 | - | €0.2m | €0.06m | ▼ 65.3% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | €0.04m | €0.05m | ▲ 23.8% |
| Current assets29/58 | €2.2m | €2.2m | €2.7m | €2.7m | €3.7m | €3.8m | €3.5m | €3.5m | ▲ 0.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.1m | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0.1m | - |
| Stocks and contracts in progress3 | €0 | €1.1m | €1.3m | €1.3m | €1.5m | €1.8m | €1.7m | €0.9m | ▼ 44.7% |
| Contracts in progress37 | - | - | - | €1.3m | €1.5m | €1.8m | €1.7m | €0.9m | ▼ 44.7% |
| Amounts receivable within one year40/41 | €1.0m | €0.6m | €0.8m | €1.0m | €1.2m | €0.8m | €0.8m | €1.0m | ▲ 21.5% |
| Trade receivables40 | - | - | - | €0.8m | €1.0m | €0.8m | €0.8m | €0.9m | ▲ 18.0% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.2m | €0.005m | €0.01m | €0.04m | ▲ 260% |
| Current investments50/53 | €0 | - | - | - | - | €0.6m | €0.7m | €1.4m | ▲ 96.4% |
| Cash at bank and in hand54/58 | €0.5m | €0.4m | €0.6m | €0.4m | €0.9m | €0.5m | €0.3m | €0.1m | ▼ 63.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.07m | €0.07m | €0.1m | €0.09m | ▼ 8.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.8m | €4.0m | €4.4m | €4.6m | €5.8m | €5.5m | €5.3m | €5.9m | ▲ 10.2% |
| Equity10/15 | €1.0m | €1.0m | €1.1m | €1.2m | €1.2m | €0.9m | €1.2m | €1.6m | ▲ 34.1% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | - | - | - | - |
| Issued capital100 | - | - | - | €0.4m | €0.4m | - | - | - | - |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.5m | €0.8m | €1.1m | ▲ 52.7% |
| Investment grants15 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €2.8m | €3.0m | €3.3m | €3.4m | €4.6m | €4.6m | €4.2m | €4.3m | ▲ 3.5% |
| Amounts payable after more than one year17 | €0 | €0.1m | €0.1m | €0.2m | €0.5m | €0.3m | €0.2m | €0.2m | ▼ 14.3% |
| Financial debts170/4 | - | - | - | €0.2m | €0.5m | €0.3m | €0.2m | €0.2m | ▼ 14.3% |
| Amounts payable within one year42/48 | €1.7m | €1.8m | €2.3m | €2.4m | €3.3m | €3.4m | €3.2m | €3.2m | ▲ 1.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.2m | €0.4m | €0.4m | ▲ 9.2% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.3m | €0.3m | ▲ 1.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.3m | €0.3m | ▲ 1.0% |
| Advances received on contracts in progress46 | - | - | - | €1.6m | €2.4m | €2.6m | €1.9m | €2.0m | ▲ 5.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 1.8% |
| Taxes450/3 | - | - | - | €0.001m | €0.03m | €0.05m | €0.04m | €0.04m | ▼ 6.9% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 2.5% |
| Other amounts payable47/48 | - | - | - | €0 | - | - | €0.09m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.8m | €0.8m | €0.9m | €0.7m | €0.9m | ▲ 17.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.02m | €0.06m | €0.07m | €0.04m | -€0.3m | €0.4m | €0.4m | ▲ 3.4% |
| + Depreciation and write-downs630 | €0.3m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €3.2m | ▲ 679% |
| Operating cash flow (approximation) | €0.3m | €0.2m | €0.3m | €0.4m | €0.4m | €0.1m | €0.8m | €3.6m | ▲ 351% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.1m | -€0.5m | -€0.5m | -€0.07m | -€0.5m | -€3.7m | ▼ 627% |
| Change in cash | - | -€0.1m | €0.2m | -€0.2m | €0.5m | -€0.4m | -€0.3m | -€0.2m | ▲ 36.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00190688 |
| 31-12-2024 | full format | 07-07-2025 | 2025-00242838 |
| 31-12-2023 | full format | 25-06-2024 | 2024-00158988 |
| 31-12-2022 | full format | 20-06-2023 | 2023-00143116 |
| 31-12-2021 | full format | 01-06-2022 | 2022-20045220 |
| 31-12-2020 | full format | 15-06-2021 | 2021-19700336 |
| 31-12-2019 | full format | 10-06-2020 | 2020-15900386 |
| 31-12-2018 | full format | 17-06-2019 | 2019-19800513 |
| 31-12-2017 | full format | 11-06-2018 | 2018-18000484 |
| 31-12-2016 | full format | 06-06-2017 | 2017-14900312 |
Similar companies · same sector, comparable size
Subsidies and aid
Federal government
2024 · 1 entry · €171,962 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2024 | FOD Beleid & Ondersteuning | 1 | €171,962 |
European Union, budget
2022 to 2025 · 13 entries · €2.6m in total| Year | Entries | Awarded |
|---|---|---|
| 2025 | 3 | €0.9m |
| 2022 | 10 | €1.7m |
Show 1 more projects
European research
23 projects · €9.2m EU contributionShow 18 more projects
Public contracts
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Board 16
Show all 16 directors
Other functions 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| CIECHANOWSKI Xavier Georges Gaston |
|
| GENOT Bernard Joseph Véronique |
|
| JACQUEMIN Philippe Marie Michel Nicolas |
|
| LANGE Fabrice Céleste Gisèle Ghislain |
|
| LEFEBVRE Pierre Marie Yves Roger Ghislain |
|
| LIFRANGE Thibaut Frédéric Paul Marc |
|
| REUL Anne Jeanne Emma |
|
| ROBERT Christophe Claude Emmanuel Marie |
|
| SCHIFFLERS Patrick Paul Nicolas Ghislain |
|
| Bruno STIERNONfrom an act |
|
| Mickaël BLAISĚfrom an act |
|
| Olivier ROISEUXfrom an act |
|
| SA Sparaxisfrom an act |
|
| SA WE Accompagnement et Stratégiefrom an act |
|
| Jan Laperre |
|
| Pol Lombaert |
|
| HOUET Yves Marie José Jacques Ghislain |
|
| Christophe ROBERT |
|
| Patrick SCHIFFLERS |
|
| Xavier CIECHANOWSKI |
|
| Franck LECOMPTE |
|
Owners and capital
Capital and shareholders
- 31-01-2024 Converted to unavailable equity · €371,840.29
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
94%
According to the 2022 annual accounts of CELABOR and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
16 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
12-08
Gazette deed
Appointments: Jan Laperre (director) and Pol Lombaert (director)3 facts ▸
- General meeting, 21-05-2026
- Director appointment, Jan Laperre (director)
- Director appointment, Pol Lombaert (director)
04-09
Gazette deed
Appointments: SA Sparaxis, SA WE Accompagnement et Stratégie and 3 othersPermanent representatives: Fabrice LANGE and Sébastien GILLET · Resignations: Franck LECOMPTE, Xavier CIECHANOWSKI and 2 others · Reappointments: Anne REUL, Pierre LEFEBVRE and 2 others18 facts ▸
- General meeting, 16-05-2024
- Director appointment, SA Sparaxis (director)
- Permanent representative, Fabrice LANGE
- Director appointment, SA WE Accompagnement et Stratégie (director)
- Permanent representative, Sébastien GILLET
- Other provision, “Administrateur, remplacement proposé” (deed in French)
- Director resignation, Franck LECOMPTE (director)
- Director appointment, Bruno STIERNON (director)
- Director resignation, Xavier CIECHANOWSKI (director)
- Director appointment, Mickaël BLAISĚ (director)
- Director resignation, Patrick SCHIFFLERS (director)
- Director appointment, Olivier ROISEUX (director)
- +6 further facts in this act
31-01
Gazette deed
Appointments: CIECHANOWSKI Xavier Georges Gaston, JACQUEMIN Philippe Marie Michel Nicolas and 8 othersName change · Declaration · Amendment of the articles21 facts ▸
- General meeting, 23-01-2024
- Name change, CELABOR
- Other provision, 2024-01
- Declaration, “connaissance rapport, actionnaire” (deed in French)
- Amendment of the articles (2 times)
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Capital
- Power of attorney
- Power of attorney, Anne-Catherine GOBLET
- Director appointment, CIECHANOWSKI Xavier Georges Gaston (director (not named in the articles))
- Director appointment, JACQUEMIN Philippe Marie Michel Nicolas (director (not named in the articles))
- +9 further facts in this act
Show earlier events
About the unread acts
Of the 19 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 16 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63014A0417/00W000 | Wallonia | 1.6 ha | 1 · 5,471 m² | 13.8 m · 3 |
| 54007B0677/00H000 | Wallonia | 680 m² | 1 · 339 m² | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “La recherche,le conseil et le service aux entreprises,et spécialement aux petites et moyennes entreprises dans les matières…” (deed in French)
8 activities (deed in French)
- La recherche,le conseil et le service aux entreprises,et spécialement aux petites et moyennes entreprises dans les matières techniques,technologiques et scientifiques dans sa plus large acception,en ce compris par le biais de la formation professionnelle,de contrats de recherche et développement,de conseil en gestion et en systèmes organisationnels
- La réalisation de missions d'audit,de contrôle,d'expertise,d’analyse d'études de stratégie
- L’information et la promotion des technologies nouvelles auprès des entreprises,et spécialement des petites et moyennes entreprises
- La diffusion,la transmission et l'application sur sites des technologies nouvelles dans les entreprises
- La réalisation d'études de positionnement et de marché,en ce compris,le cas échéant,la conception et la réalisation de systèmes de suivi ad hoc
- La coopération au développement notamment via la formation
- La collaboration avec les institutions scientifiques et techniques existant en Belgique et à l'étranger
- La veille scientifique et technologique
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CELABOR
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, simple décision organe d'administration,Belgique/étranger” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “8, choisi parmi membres majorité trois quarts voix présentes/représentées” (deed in French)“Fixe ou proportionnelle, frais généraux indépendamment frais représentation/voyages/déplacements” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, usufruitier et nu-propriétaire séparément droits respectifs” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Prix notification initiale, moitié cédant,moitié acquéreurs au prorata si plusieurs” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- One provision in the deed
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Tout temps, décision assemblée générale formes modifications statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Quelque cause et moment, administrateur(s) en fonction comme liquidateur(s) si aucun autre désigné” (deed in French)