Celafix
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 5 filings
Turnover
≈ €200,000
Estimated: probably between €110,000 and €370,000
Total assets
€109,782▼ 0.2%
2024 · €110,049
Net result
€20,116▲ 69.8%
2024 · €11,850
Working capital
€62,434▲ 47.5%
2024 · €42,318
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€30,159
▲ 62.1%
2025
20212025
Net result
€20,116
▲ 69.8%
2025
middle half of the sector
20212025
Equity
€63,409
▲ 46.5%
2025
middle half of the sector
20212025
Total assets
€109,782
▼ 0.2%
2025
middle half of the sector
20212025
Debt
€46,373
▼ 30.5%
2025
20212025
Working capital
€62,434
▲ 47.5%
2025
middle half of the sector
20212025
Solvency
57.8%
▲ 18.4pp
2025
middle half of the sector
20212025
Current ratio
2.35
▲ 0.71
2025
middle half of the sector
20212025
Return on assets (ROA)
18.3%
▲ 7.6pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€22,374-€6,300▼ 71.8%€7,159▲ 13.6%€18,609▲ 160%€30,159▲ 62.1%
Net result€16,244within the sector's middle half-€4,459within the sector's middle half▼ 72.5%€4,741within the sector's middle half▲ 6.3%€11,850within the sector's middle half▲ 150%€20,116within the sector's middle half▲ 69.8%
Equity€22,244within the sector's middle half-€26,703within the sector's middle half▲ 20.0%€31,443within the sector's middle half▲ 17.8%€43,293within the sector's middle half▲ 37.7%€63,409within the sector's middle half▲ 46.5%
Total assets€40,320below the sector's middle half-€40,929below the sector's middle half▲ 1.5%€154,402within the sector's middle half▲ 277%€110,049within the sector's middle half▼ 28.7%€109,782within the sector's middle half▼ 0.2%
Debt€18,077-€14,226▼ 21.3%€122,959▲ 764%€66,757▼ 45.7%€46,373▼ 30.5%
Working capital€21,599within the sector's middle half-€26,058within the sector's middle half▲ 20.6%€30,138within the sector's middle half▲ 15.7%€42,318within the sector's middle half▲ 40.4%€62,434within the sector's middle half▲ 47.5%
Solvency55.2%within the sector's middle half-65.2%within the sector's middle half▲ 10.1pp20.4%within the sector's middle half▼ 44.9pp39.3%within the sector's middle half▲ 19.0pp57.8%within the sector's middle half▲ 18.4pp
Current ratio2.19within the sector's middle half-2.83within the sector's middle half▲ 0.641.25within the sector's middle half▼ 1.591.63within the sector's middle half▲ 0.392.35within the sector's middle half▲ 0.71
Return on assets (ROA)40.3%above the sector's middle half-10.9%within the sector's middle half▼ 29.4pp3.1%within the sector's middle half▼ 7.8pp10.8%within the sector's middle half▲ 7.7pp18.3%above the sector's middle half▲ 7.6pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 62% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €109,782
Fixed assets
€975 =
Current assets
€108,807 ▼ 0.2%
Equity and liabilities €109,782
Equity
€63,409 ▲ 46.5%
Debt
€46,373 ▼ 30.5%
Debt's share of the balance-sheet total falls from 60.7% to 42.2%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
1.77▲
2024 · 0.81
Debt to equity
0.73▼
2024 · 1.54
ROE
31.7%▲
2024 · 27.4%
Debt ≤ 1 year
€46,373▼
2024 · €66,757
Income taxes
€9,674▲
2024 · €4,778
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €645 | - | €660 | €330 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €90 | €179 | €841 | €528 | €331 | ▼ 37.2% |
| Gross operating margin9900 | €22,463 | €6,479 | €8,000 | €19,137 | €30,491 | ▲ 59.3% |
| Operating profit (loss)9901 | €22,374 | €6,300 | €7,159 | €18,609 | €30,159 | ▲ 62.1% |
| Financial income75/76B | €0 | - | €0 | €2 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | - | €0 | €2 | €0 | ▼ 100% |
| Financial charges65/66B | €32 | €131 | €381 | €1,984 | €369 | ▼ 81.4% |
| Recurring financial charges65 | €32 | €131 | €381 | €1,984 | €369 | ▼ 81.4% |
| Profit (loss) for the period before taxes9903 | €22,342 | €6,169 | €6,778 | €16,627 | €29,790 | ▲ 79.2% |
| Income taxes67/77 | €6,098 | €1,710 | €2,038 | €4,778 | €9,674 | ▲ 102% |
| Profit (loss) for the period9904 | €16,244 | €4,459 | €4,741 | €11,850 | €20,116 | ▲ 69.8% |
| Profit (loss) for the period to be appropriated9905 | €16,244 | €4,459 | €4,741 | €11,850 | €20,116 | ▲ 69.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €40,320 | €40,929 | €154,402 | €110,049 | €109,782 | ▼ 0.2% |
| Fixed assets21/28 | €645 | €645 | €1,305 | €975 | €975 | = |
| Financial fixed assets28 | €645 | €645 | €1,305 | €975 | €975 | = |
| Current assets29/58 | €39,675 | €40,284 | €153,097 | €109,074 | €108,807 | ▼ 0.2% |
| Stocks and contracts in progress3 | €500 | €500 | €108,675 | €55,025 | €26,593 | ▼ 51.7% |
| Stocks30/36 | €500 | €500 | €108,675 | €55,025 | €26,593 | ▼ 51.7% |
| Amounts receivable within one year40/41 | €11,411 | €9,462 | €43,135 | €42,176 | €55,845 | ▲ 32.4% |
| Trade receivables40 | €11,018 | €9,462 | €43,135 | €41,953 | €55,685 | ▲ 32.7% |
| Other amounts receivable41 | €394 | - | - | €222 | €160 | ▼ 28.2% |
| Cash at bank and in hand54/58 | €24,779 | €30,322 | €1,067 | €11,874 | €26,369 | ▲ 122% |
| Deferred charges and accrued income490/1 | €2,986 | - | €220 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €40,320 | €40,929 | €154,402 | €110,049 | €109,782 | ▼ 0.2% |
| Equity10/15 | €22,244 | €26,703 | €31,443 | €43,293 | €63,409 | ▲ 46.5% |
| Contributions10/11 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves13 | €16,244 | €20,703 | €25,443 | €37,293 | €57,409 | ▲ 53.9% |
| Distributable reserves133 | €16,244 | €20,703 | €25,443 | €37,293 | €57,409 | ▲ 53.9% |
| Amounts payable17/49 | €18,077 | €14,226 | €122,959 | €66,757 | €46,373 | ▼ 30.5% |
| Amounts payable within one year42/48 | €18,077 | €14,226 | €122,959 | €66,757 | €46,373 | ▼ 30.5% |
| Financial debts43 | - | - | - | €1,096 | €194 | ▼ 82.3% |
| Credit institutions430/8 | - | - | - | €1,096 | €194 | ▼ 82.3% |
| Trade debts44 | €9,110 | €1,925 | €6,813 | €45,089 | €2,976 | ▼ 93.4% |
| Suppliers440/4 | €9,110 | €1,925 | €6,813 | €45,089 | €2,976 | ▼ 93.4% |
| Taxes, remuneration and social security45 | €6,793 | €9,356 | €7,408 | €2,886 | €15,728 | ▲ 445% |
| Taxes450/3 | €6,793 | €9,356 | €7,408 | €2,886 | €15,728 | ▲ 445% |
| Other amounts payable47/48 | €2,174 | €2,944 | €108,737 | €17,686 | €27,476 | ▲ 55.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,244 | €4,459 | €4,741 | €11,850 | €20,116 | ▲ 69.8% |
| Operating cash flow (approximation) | €16,244 | €4,459 | €4,741 | €11,850 | €20,116 | ▲ 69.8% |
| Investment in fixed assets (approximation) | - | €0 | -€660 | €330 | €0 | ▼ 100% |
| Change in cash | - | €5,543 | -€29,255 | €10,807 | €14,496 | ▲ 34.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as Celafix has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Celafix itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for Celafix. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00209493 | |
| 31-12-2024 | micro format | 28-05-2025 | 2025-00108298 | |
| 31-12-2023 | micro format | 22-06-2024 | 2024-00151162 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00147426 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20216142 |