CELL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 4 filings
Turnover
≈ €570,000
Estimated: probably between €350,000 and €1.1m
Total assets
€730,603▼ 14.2%
2024 · €851,544
Net result
€144,638▲ 133%
2024 · €62,028
Working capital
€184,252▼ 0.2%
2024 · €184,556
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€190,743
▲ 126%
2025
20222025
Net result
€144,638
▲ 133%
2025
middle half of the sector
20222025
Equity
€362,509
▲ 66.4%
2025
middle half of the sector
20222025
Total assets
€730,603
▼ 14.2%
2025
middle half of the sector
20222025
Debt
€368,094
▼ 41.9%
2025
20222025
Working capital
€184,252
▼ 0.2%
2025
middle half of the sector
20222025
Solvency
49.6%
▲ 24.0pp
2025
middle half of the sector
20222025
Current ratio
1.55
▲ 0.25
2025
middle half of the sector
20222025
Return on assets (ROA)
19.8%
▲ 12.5pp
2025
highest quarter of the sector
20222025
Staff (FTE)
0.1
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€125,965-€62,270▼ 50.6%€84,468▲ 35.6%€190,743▲ 126%
Net result€94,431within the sector's middle half-€46,411within the sector's middle half▼ 50.9%€62,028within the sector's middle half▲ 33.6%€144,638within the sector's middle half▲ 133%
Equity€109,431below the sector's middle half-€155,842below the sector's middle half▲ 42.4%€217,870within the sector's middle half▲ 39.8%€362,509within the sector's middle half▲ 66.4%
Total assets€298,071below the sector's middle half-€353,685below the sector's middle half▲ 18.7%€851,544within the sector's middle half▲ 141%€730,603within the sector's middle half▼ 14.2%
Debt€188,640-€197,843▲ 4.9%€633,674▲ 220%€368,094▼ 41.9%
Working capital€109,431within the sector's middle half-€122,226within the sector's middle half▲ 11.7%€184,556within the sector's middle half▲ 51.0%€184,252within the sector's middle half▼ 0.2%
Solvency36.7%within the sector's middle half-44.1%within the sector's middle half▲ 7.3pp25.6%within the sector's middle half▼ 18.5pp49.6%within the sector's middle half▲ 24.0pp
Current ratio1.58within the sector's middle half-1.70within the sector's middle half▲ 0.121.30within the sector's middle half▼ 0.401.55within the sector's middle half▲ 0.25
Return on assets (ROA)31.7%above the sector's middle half-13.1%within the sector's middle half▼ 18.6pp7.3%within the sector's middle half▼ 5.8pp19.8%above the sector's middle half▲ 12.5pp
Staff (FTE)0.1below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Manufacture of electrical equipment (NACE 27). 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 126% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €730,603
Fixed assets
€212,563 ▲ 334%
Current assets
€518,040 ▼ 35.5%
Equity and liabilities €730,603
Equity
€362,509 ▲ 66.4%
Debt
€368,094 ▼ 41.9%
Debt's share of the balance-sheet total falls from 74.4% to 50.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€218,553▲
2024 · €97,110
Cash flow
€172,448▲
2024 · €74,670
Quick ratio
0.71▼
2024 · 1.11
Debt to equity
1.02▼
2024 · 2.91
ROE
39.9%▲
2024 · 28.5%
Interest coverage
over 100▲
2024 · 66.65
Debt ≤ 1 year
€333,789▼
2024 · €618,007
Debt > 1 year
€34,033▲
2024 · €15,666
Income taxes
€44,591▲
2024 · €20,993
Staff costs
€4,840
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.1 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €28,778 | €22,376 | €47,040 |
| Carrying value of the other pledged assets | - | €28,336 | €21,558 | €46,129 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €59,671 | €5,630 | €191,392 |
| Financial fixed assets | - | €5,250 | - | - |
| Depreciation and write-downs of the year | - | €8,929 | €12,642 | €27,810 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €4,840 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €8,929 | €12,642 | €27,810 | ▲ 120% |
| Other operating charges640/8 | €397 | €2,189 | €2,181 | €2,385 | ▲ 9.4% |
| Gross operating margin9900 | €126,362 | €73,388 | €99,292 | €225,778 | ▲ 127% |
| Operating profit (loss)9901 | €125,965 | €62,270 | €84,468 | €190,743 | ▲ 126% |
| Financial income75/76B | €102 | - | €9 | €24 | ▲ 164% |
| Recurring financial income75 | €102 | - | €9 | €24 | ▲ 164% |
| Financial charges65/66B | €147 | €1,428 | €1,457 | €1,538 | ▲ 5.6% |
| Recurring financial charges65 | €147 | €1,428 | €1,457 | €1,538 | ▲ 5.6% |
| Profit (loss) for the period before taxes9903 | €125,920 | €60,842 | €83,021 | €189,229 | ▲ 128% |
| Income taxes67/77 | €31,489 | €14,430 | €20,993 | €44,591 | ▲ 112% |
| Profit (loss) for the period9904 | €94,431 | €46,411 | €62,028 | €144,638 | ▲ 133% |
| Profit (loss) for the period to be appropriated9905 | €94,431 | €46,411 | €62,028 | €144,638 | ▲ 133% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €298,071 | €353,685 | €851,544 | €730,603 | ▼ 14.2% |
| Fixed assets21/28 | - | €55,992 | €48,980 | €212,563 | ▲ 334% |
| Tangible fixed assets22/27 | - | €50,742 | €43,730 | €207,313 | ▲ 374% |
| Plant, machinery and equipment23 | - | €7,683 | €10,949 | €151,288 | ▲ 14× |
| Furniture and vehicles24 | - | €14,723 | €11,223 | €9,896 | ▼ 11.8% |
| Leasing and similar rights25 | - | €28,336 | €21,558 | €46,129 | ▲ 114% |
| Financial fixed assets28 | - | €5,250 | €5,250 | €5,250 | = |
| Current assets29/58 | €298,071 | €297,693 | €802,564 | €518,040 | ▼ 35.5% |
| Stocks and contracts in progress3 | €23,524 | €137,504 | €118,507 | €281,400 | ▲ 137% |
| Stocks30/36 | €23,524 | €40,928 | €57,473 | €117,012 | ▲ 104% |
| Contracts in progress37 | - | €96,576 | €61,034 | €164,388 | ▲ 169% |
| Amounts receivable within one year40/41 | €144,743 | €60,322 | €489,782 | €172,532 | ▼ 64.8% |
| Trade receivables40 | €144,743 | €44,872 | €468,152 | €137,536 | ▼ 70.6% |
| Other amounts receivable41 | - | €15,451 | €21,630 | €34,995 | ▲ 61.8% |
| Cash at bank and in hand54/58 | €123,806 | €94,939 | €188,265 | €55,033 | ▼ 70.8% |
| Deferred charges and accrued income490/1 | €5,998 | €4,928 | €6,009 | €9,076 | ▲ 51.0% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €298,071 | €353,685 | €851,544 | €730,603 | ▼ 14.2% |
| Equity10/15 | €109,431 | €155,842 | €217,870 | €362,509 | ▲ 66.4% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Reserves13 | €94,431 | €140,842 | €202,870 | €347,509 | ▲ 71.3% |
| Distributable reserves133 | €94,431 | €140,842 | €202,870 | €347,509 | ▲ 71.3% |
| Amounts payable17/49 | €188,640 | €197,843 | €633,674 | €368,094 | ▼ 41.9% |
| Amounts payable after more than one year17 | - | €22,376 | €15,666 | €34,033 | ▲ 117% |
| Financial debts170/4 | - | €22,376 | €15,666 | €34,033 | ▲ 117% |
| Amounts payable within one year42/48 | €188,640 | €175,467 | €618,007 | €333,789 | ▼ 46.0% |
| Current portion of amounts payable after more than one year42 | - | €6,402 | €6,710 | €13,007 | ▲ 93.8% |
| Trade debts44 | €157,769 | €129,645 | €161,117 | €201,662 | ▲ 25.2% |
| Suppliers440/4 | €157,769 | €129,645 | €161,117 | €201,662 | ▲ 25.2% |
| Advances received on contracts in progress46 | - | - | €414,758 | €65,960 | ▼ 84.1% |
| Taxes, remuneration and social security45 | €30,871 | €39,419 | €35,423 | €53,159 | ▲ 50.1% |
| Taxes450/3 | €30,871 | €39,419 | €35,423 | €53,159 | ▲ 50.1% |
| Accrued charges and deferred income492/3 | - | - | - | €273 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €94,431 | €46,411 | €62,028 | €144,638 | ▲ 133% |
| + Depreciation and write-downs630 | - | €8,929 | €12,642 | €27,810 | ▲ 120% |
| Operating cash flow (approximation) | €94,431 | €55,340 | €74,670 | €172,448 | ▲ 131% |
| Investment in fixed assets (approximation) | - | - | -€5,630 | -€191,392 | ▼ 3,300% |
| Change in cash | - | -€28,868 | €93,327 | -€133,232 | - |
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 CELL 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 CELL itself: 0.4% 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 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.