CELL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 26 filings
Turnover
€91,453
EBIT margin
2.2%
Net result
-€11,239▼ 116%
2024 · -€5,213
Working capital
-€18,962▼ 35.8%
2024 · -€13,959
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€11,002
▼ 120%
2025
20182025
Net result
-€11,239
▼ 116%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€12,320
▼ 1,040%
2025
lowest quarter of the sector
20182025
Total assets
€9,041
▼ 48.7%
2025
lowest quarter of the sector
20182025
Debt
€21,361
▲ 14.1%
2025
20182025
Working capital
-€18,962
▼ 35.8%
2025
lowest quarter of the sector
20182025
Solvency
-136.3%
▼ 130.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.09
▼ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-124.3%
▼ 94.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€91,453
Operating result€1,090-€1,993▲ 82.9%€6,501▲ 226%€14,532▲ 124%-€10,465€2,813-€5,010-€11,002▼ 120%
Net result€784-€1,647▲ 110%€5,542within the sector's middle half▲ 237%€11,935within the sector's middle half▲ 115%-€11,524below the sector's middle half€2,283within the sector's middle half-€5,213below the sector's middle half-€11,239below the sector's middle half▼ 116%
EBIT margin2.2%
Equity-€5,758--€4,112▲ 28.6%€1,430below the sector's middle half€13,365below the sector's middle half▲ 834%€1,850below the sector's middle half▼ 86.2%€4,133below the sector's middle half▲ 123%-€1,080below the sector's middle half-€12,320below the sector's middle half▼ 1,040%
Total assets€28,535-€29,844▲ 4.6%€12,286below the sector's middle half▼ 58.8%€59,440below the sector's middle half▲ 384%€49,991below the sector's middle half▼ 15.9%€21,264below the sector's middle half▼ 57.5%€17,641below the sector's middle half▼ 17.0%€9,041below the sector's middle half▼ 48.7%
Debt€34,293-€33,956▼ 1.0%€10,856▼ 68.0%€46,075▲ 324%€48,141▲ 4.5%€17,132▼ 64.4%€18,721▲ 9.3%€21,361▲ 14.1%
Working capital-€12,535--€7,347▲ 41.4%€990within the sector's middle half€19,519within the sector's middle half▲ 20×-€18,578below the sector's middle half-€11,173below the sector's middle half▲ 39.9%-€13,959below the sector's middle half▼ 24.9%-€18,962below the sector's middle half▼ 35.8%
Solvency-20.2%--13.8%▲ 6.4pp11.6%below the sector's middle half▲ 25.4pp22.5%within the sector's middle half▲ 10.8pp3.7%below the sector's middle half▼ 18.8pp19.4%below the sector's middle half▲ 15.7pp-6.1%below the sector's middle half▼ 25.6pp-136.3%below the sector's middle half▼ 130.1pp
Current ratio0.63-0.78▲ 0.151.09within the sector's middle half▲ 0.311.59within the sector's middle half▲ 0.500.61below the sector's middle half▼ 0.980.35below the sector's middle half▼ 0.260.25below the sector's middle half▼ 0.090.09below the sector's middle half▼ 0.16
Return on assets (ROA)2.7%-5.5%▲ 2.8pp45.1%above the sector's middle half▲ 39.6pp20.1%within the sector's middle half▼ 25.0pp-23.1%below the sector's middle half▼ 43.1pp10.7%within the sector's middle half▲ 33.8pp-29.6%below the sector's middle half▼ 40.3pp-124.3%below the sector's middle half▼ 94.8pp
Staff (FTE)1-1=0.8within the sector's middle half▼ 20.0%0.9▲ 12.5%1▲ 11.1%0.7▼ 30.0%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 a loss of €11,002, larger than the loss of €5,010 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9,041
Fixed assets
€7,107 ▼ 44.8%
Current assets
€1,935 ▼ 59.4%
Equity and liabilities
Equity-€12,320
Debt€21,361
Equity is negative. Debt (€21,361) exceeds the balance-sheet total (€9,041).
Key figures and ratios
EBITDA
-€5,230▼
2024 · €65
Cash flow
-€5,468▼
2024 · -€138
Interest coverage
-54.07▼
2024 · 1.06
Debt ≤ 1 year
€20,897▲
2024 · €18,721
Income taxes
€141▼
2024 · €142
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| full-time | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | - |
| Average over the year, in full-time equivalents | 0.9 | 1 | 0.7 |
| On a permanent contract | 1 | 1 | - |
| Joined | - | - | 0 |
| Left | - | - | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,057 | €18,868 | - | €2,744 | - |
| Intangible fixed assets | - | - | - | €100 | - |
| Depreciation and write-downs of the year | €854 | €4,692 | €5,513 | €5,075 | €5,772 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €91,453 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €3,907 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €38,839 | €61,067 | €22,726 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,517 | €2,779 | €2,795 | €854 | €4,692 | €5,513 | €5,075 | €5,772 | ▲ 13.7% |
| Other operating charges640/8 | - | - | - | €627 | €1,502 | €710 | €1,361 | €1,726 | ▲ 26.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €49 | - | - |
| Gross operating margin9900 | €62,042 | €64,259 | €30,693 | €54,852 | €56,797 | €31,762 | €1,476 | -€3,504 | - |
| Operating profit (loss)9901 | €1,090 | €1,993 | €6,501 | €14,532 | -€10,465 | €2,813 | -€5,010 | -€11,002 | ▼ 120% |
| Financial income75/76B | - | - | - | €13 | €30 | - | - | - | - |
| Recurring financial income75 | €15 | €77 | €1 | €13 | €30 | - | - | - | - |
| Financial charges65/66B | - | - | - | €115 | €985 | €364 | €62 | €97 | ▲ 57.3% |
| Recurring financial charges65 | €156 | €306 | €343 | €115 | €985 | €364 | €62 | €97 | ▲ 57.3% |
| Profit (loss) for the period before taxes9903 | €949 | €1,763 | €6,158 | €14,429 | -€11,420 | €2,448 | -€5,071 | -€11,099 | ▼ 119% |
| Income taxes67/77 | €165 | €117 | €616 | €2,494 | €104 | €165 | €142 | €141 | ▼ 0.6% |
| Profit (loss) for the period9904 | €784 | €1,647 | €5,542 | €11,935 | -€11,524 | €2,283 | -€5,213 | -€11,239 | ▼ 116% |
| Profit (loss) for the period to be appropriated9905 | €784 | €1,647 | €5,542 | €11,935 | -€11,524 | €2,283 | -€5,213 | -€11,239 | ▼ 116% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €28,535 | €29,844 | €12,286 | €59,440 | €49,991 | €21,264 | €17,641 | €9,041 | ▼ 48.7% |
| Fixed assets21/28 | €6,777 | €3,235 | €440 | €6,643 | €20,819 | €15,305 | €12,878 | €7,107 | ▼ 44.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | €88 | - | - |
| Tangible fixed assets22/27 | €5,035 | €3,088 | €294 | €6,496 | €20,672 | €15,159 | €12,790 | €7,107 | ▼ 44.4% |
| Plant, machinery and equipment23 | - | - | - | €1,306 | €1,149 | €327 | €77 | - | - |
| Furniture and vehicles24 | - | - | - | €5,191 | €19,523 | €14,831 | €12,713 | €7,107 | ▼ 44.1% |
| Financial fixed assets28 | €1,742 | €147 | €147 | €147 | €147 | €147 | - | - | - |
| Current assets29/58 | €21,758 | €26,609 | €11,846 | €52,797 | €29,172 | €5,959 | €4,762 | €1,935 | ▼ 59.4% |
| Amounts receivable within one year40/41 | €21,239 | €16,781 | €10,307 | €14,121 | €15,058 | €3,267 | €2,874 | €913 | ▼ 68.3% |
| Trade receivables40 | - | - | - | €12,335 | €13,804 | €1,187 | €1,598 | €665 | ▼ 58.4% |
| Other amounts receivable41 | - | - | - | €1,786 | €1,255 | €2,080 | €1,276 | €248 | ▼ 80.6% |
| Cash at bank and in hand54/58 | €519 | €9,080 | €355 | €37,249 | €13,493 | €1,392 | €417 | €5 | ▼ 98.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,427 | €622 | €1,301 | €1,471 | €1,018 | ▼ 30.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €28,535 | €29,844 | €12,286 | €59,440 | €49,991 | €21,264 | €17,641 | €9,041 | ▼ 48.7% |
| Equity10/15 | -€5,758 | -€4,112 | €1,430 | €13,365 | €1,850 | €4,133 | -€1,080 | -€12,320 | ▼ 1,040% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,859 | €1,859 | €6,859 | €11,859 | €11,859 | €11,859 | €11,859 | €11,859 | = |
| Non-distributable reserves130/1 | - | - | - | €11,859 | €11,859 | €11,859 | €10,000 | €10,000 | = |
| Reserves not available under the articles1311 | - | - | - | €11,859 | €11,859 | €11,859 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | - | - | - | - | - | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€26,210 | -€24,563 | -€24,021 | -€17,086 | -€28,610 | -€26,327 | -€31,540 | -€42,779 | ▼ 35.6% |
| Amounts payable17/49 | €34,293 | €33,956 | €10,856 | €46,075 | €48,141 | €17,132 | €18,721 | €21,361 | ▲ 14.1% |
| Amounts payable after more than one year17 | - | - | - | €12,796 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €12,796 | - | - | - | - | - |
| Amounts payable within one year42/48 | €34,293 | €33,956 | €10,856 | €33,278 | €47,751 | €17,132 | €18,721 | €20,897 | ▲ 11.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,204 | €12,796 | - | - | - | - |
| Trade debts44 | €3,981 | €5,003 | €3,578 | €4,697 | €3,464 | €1,218 | €846 | €737 | ▼ 12.9% |
| Suppliers440/4 | - | - | - | €4,697 | €3,464 | €1,218 | €846 | €737 | ▼ 12.9% |
| Taxes, remuneration and social security45 | - | - | - | €15,546 | €28,495 | €3,616 | €142 | €283 | ▲ 99.4% |
| Taxes450/3 | - | - | - | €2,945 | €4,771 | - | €142 | €283 | ▲ 99.4% |
| Remuneration and social security454/9 | - | - | - | €12,601 | €23,724 | €3,616 | - | - | - |
| Other amounts payable47/48 | - | - | - | €831 | €2,995 | €12,298 | €17,733 | €19,877 | ▲ 12.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €391 | - | - | €464 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €784 | €1,647 | €5,542 | €11,935 | -€11,524 | €2,283 | -€5,213 | -€11,239 | ▼ 116% |
| + Depreciation and write-downs630 | €2,517 | €2,779 | €2,795 | €854 | €4,692 | €5,513 | €5,075 | €5,772 | ▲ 13.7% |
| Operating cash flow (approximation) | €3,301 | €4,425 | €8,337 | €12,789 | -€6,832 | €7,796 | -€138 | -€5,468 | ▼ 3,862% |
| Investment in fixed assets (approximation) | - | €764 | €0 | -€7,057 | -€18,868 | €0 | -€2,648 | €0 | - |
| Change in cash | - | €8,561 | -€8,725 | €36,894 | -€23,757 | -€12,101 | -€974 | -€413 | ▲ 57.6% |
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, 6,619 companies had the same profile as CELL has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CELL itself: 1.1% 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 6,619 companies, not a prediction for CELL. 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.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00273928 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00334678 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00298765 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00287283 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20241158 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41400217 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-32400451 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-36300333 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-34800500 | |
| 31-12-2016 | micro format | 02-08-2017 | 2017-40300018 |