CELLA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-06-2026 PDF all 24 filings
Turnover
≈ €16,000
Estimated: probably between €7,900 and €31,000
Total assets
€1.3m=
2024 · €1.3m
Net result
-€78,753▲ 36.6%
2024 · -€124,155
Working capital
-€19,649▼ 27.1%
2024 · -€15,465
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€59,409
▲ 42.1%
2025
20182025
Net result
-€78,753
▲ 36.6%
2025
lowest quarter of the sector
20182025
Equity
€112,851
▼ 41.1%
2025
middle half of the sector
20182025
Total assets
€1.3m
=
2025
middle half of the sector
20182025
Debt
€1.2m
▲ 7.1%
2025
20182025
Working capital
-€19,649
▼ 27.1%
2025
lowest quarter of the sector
20182025
Solvency
8.6%
▼ 6.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.92
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-6.0%
▲ 3.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.05m-€0.006m€0.01m▲ 61.8%€0.08m▲ 669%€0.06m▼ 26.6%€0.04m▼ 30.6%-€0.1m-€0.06m▲ 42.1%
Net result-€0.07m-€0.005m-€0.02mbelow the sector's middle half€0.05mwithin the sector's middle half€0.03mwithin the sector's middle half▼ 39.0%€0.01mwithin the sector's middle half▼ 58.0%-€0.1mbelow the sector's middle half-€0.08mbelow the sector's middle half▲ 36.6%
Equity€0.2m-€0.2m▲ 2.0%€0.2mwithin the sector's middle half▼ 6.9%€0.3mwithin the sector's middle half▲ 20.7%€0.3mwithin the sector's middle half▲ 10.5%€0.3mwithin the sector's middle half▲ 4.0%€0.2mwithin the sector's middle half▼ 39.3%€0.1mwithin the sector's middle half▼ 41.1%
Total assets€0.6m-€1.4m▲ 131%€1.4mwithin the sector's middle half▼ 3.3%€1.3mwithin the sector's middle half▼ 1.4%€1.3mwithin the sector's middle half▼ 0.9%€1.3mwithin the sector's middle half▼ 3.9%€1.3mwithin the sector's middle half▲ 2.9%€1.3mwithin the sector's middle half=
Debt€0.4m-€1.2m▲ 216%€1.1m▼ 2.5%€1.1m▼ 5.9%€1.0m▼ 3.8%€1.0m▼ 6.3%€1.1m▲ 16.8%€1.2m▲ 7.1%
Working capital-€0.3m--€0.2m▲ 41.6%-€0.1mbelow the sector's middle half▲ 15.1%-€0.05mbelow the sector's middle half▲ 62.6%€0.02mwithin the sector's middle half€0.03mwithin the sector's middle half▲ 17.4%-€0.02mbelow the sector's middle half-€0.02mbelow the sector's middle half▼ 27.1%
Solvency39.6%-17.5%▼ 22.1pp16.8%below the sector's middle half▼ 0.7pp20.6%below the sector's middle half▲ 3.8pp22.9%within the sector's middle half▲ 2.4pp24.8%within the sector's middle half▲ 1.9pp14.6%below the sector's middle half▼ 10.2pp8.6%below the sector's middle half▼ 6.0pp
Current ratio0.23-0.45▲ 0.220.42below the sector's middle half▼ 0.030.64below the sector's middle half▲ 0.221.31within the sector's middle half▲ 0.681.50within the sector's middle half▲ 0.190.92below the sector's middle half▼ 0.580.92below the sector's middle half=
Return on assets (ROA)-10.9%-0.3%▲ 11.3pp-1.2%below the sector's middle half▼ 1.6pp3.5%within the sector's middle half▲ 4.8pp2.2%within the sector's middle half▼ 1.4pp0.9%within the sector's middle half▼ 1.2pp-9.5%below the sector's middle half▼ 10.4pp-6.0%below the sector's middle half▲ 3.5pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 €59,409, smaller than the loss of €102,645 in 2024.
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 €1.3m
Fixed assets
€1.1m ▼ 4.5%
Current assets
€225,360 ▲ 29.2%
Equity and liabilities €1.3m
Equity
€112,851 ▼ 41.1%
Debt
€1.2m ▲ 7.1%
Debt's share of the balance-sheet total rises from 85.4% to 91.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,806▲
2024 · -€41,437
Cash flow
-€25,150▲
2024 · -€62,946
Debt to equity
10.61▲
2024 · 5.83
ROE
-69.8%▼
2024 · -64.8%
Interest coverage
-0.24▲
2024 · -1.70
Debt ≤ 1 year
€245,009▲
2024 · €189,879
Debt > 1 year
€800,000=
2024 · €800,000
Income taxes
€223▲
2024 · -€364
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €97,800 | €49,020 | €6,760 | €3,380 | €3,034 |
| Depreciation and write-downs of the year | €64,451 | €67,324 | €43,597 | €61,209 | €53,603 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €815 awarded · €815 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €500 | €500 |
| 2023 | 1 | €315 | €315 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,639 | - | €18,793 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €61,923 | €71,675 | €60,304 | €64,451 | €67,324 | €43,597 | €61,209 | €53,603 | ▼ 12.4% |
| Other operating charges640/8 | - | - | - | €5,850 | €5,704 | €6,252 | €7,170 | €7,340 | ▲ 2.4% |
| Gross operating margin9900 | €17,227 | €81,891 | €75,285 | €145,851 | €128,454 | €88,300 | -€34,266 | €1,534 | - |
| Operating profit (loss)9901 | -€49,195 | €6,072 | €9,825 | €75,551 | €55,426 | €38,451 | -€102,645 | -€59,409 | ▲ 42.1% |
| Financial income75/76B | - | - | - | €251 | €1 | - | €2,437 | €5,135 | ▲ 111% |
| Recurring financial income75 | €1 | €10 | - | €251 | €1 | - | €2,437 | €5,135 | ▲ 111% |
| Financial charges65/66B | - | - | - | €26,659 | €26,461 | €25,362 | €24,310 | €24,256 | ▼ 0.2% |
| Recurring financial charges65 | €15,173 | €733 | €26,597 | €26,659 | €26,461 | €25,362 | €24,310 | €24,256 | ▼ 0.2% |
| Profit (loss) for the period before taxes9903 | -€64,367 | €5,349 | -€16,772 | €49,142 | €28,966 | €13,089 | -€124,519 | -€78,530 | ▲ 36.9% |
| Income taxes67/77 | €1,801 | €503 | €126 | €1,936 | €172 | €1,001 | -€364 | €223 | - |
| Profit (loss) for the period9904 | -€66,168 | €4,845 | -€16,899 | €47,206 | €28,794 | €12,088 | -€124,155 | -€78,753 | ▲ 36.6% |
| Profit (loss) for the period to be appropriated9905 | -€66,168 | €4,845 | -€16,899 | €47,206 | €28,794 | €12,088 | -€124,155 | -€78,753 | ▲ 36.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Fixed assets21/28 | €0.5m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 4.5% |
| Tangible fixed assets22/27 | €0.5m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 4.5% |
| Land and buildings22 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 11.0% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.002m | €0.001m | €432 | - | - |
| Other tangible fixed assets26 | - | - | - | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | ▼ 2.9% |
| Current assets29/58 | €0.08m | €0.1m | €0.1m | €0.09m | €0.1m | €0.08m | €0.2m | €0.2m | ▲ 29.2% |
| Amounts receivable within one year40/41 | €0.07m | €0.06m | €0.02m | €0.05m | €0.03m | €0.01m | €0.2m | €0.2m | ▲ 28.0% |
| Trade receivables40 | - | - | - | €0.05m | €0.03m | €0.01m | €0.004m | €0.03m | ▲ 681% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 10.5% |
| Cash at bank and in hand54/58 | €0.006m | €0.06m | €0.07m | €0.04m | €0.06m | €0.06m | €0.003m | €0.002m | ▼ 42.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.004m | €0.009m | ▲ 146% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 41.1% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Profit (loss) carried forward14 | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.7m | -€0.8m | ▼ 11.6% |
| Amounts payable17/49 | €0.4m | €1.2m | €1.1m | €1.1m | €1.0m | €1.0m | €1.1m | €1.2m | ▲ 7.1% |
| Amounts payable after more than one year17 | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | = |
| Other amounts payable178/9 | - | - | - | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | = |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.2m | €0.1m | €0.07m | €0.05m | €0.2m | €0.2m | ▲ 29.0% |
| Trade debts44 | €0.004m | €0.01m | €0.01m | €0.001m | €0.02m | €0.006m | €0.004m | €0.003m | ▼ 30.9% |
| Suppliers440/4 | - | - | - | €0.001m | €0.02m | €0.006m | €0.004m | €0.003m | ▼ 30.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.005m | €0.008m | - | - |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.005m | €0.008m | - | - |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.05m | €0.04m | €0.2m | €0.2m | ▲ 36.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.08m | €0.1m | €0.1m | €0.2m | ▲ 18.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€66,168 | €4,845 | -€16,899 | €47,206 | €28,794 | €12,088 | -€124,155 | -€78,753 | ▲ 36.6% |
| + Depreciation and write-downs630 | €61,923 | €71,675 | €60,304 | €64,451 | €67,324 | €43,597 | €61,209 | €53,603 | ▼ 12.4% |
| Operating cash flow (approximation) | -€4,244 | €76,521 | €43,405 | €111,657 | €96,118 | €55,685 | -€62,946 | -€25,150 | ▲ 60.0% |
| Investment in fixed assets (approximation) | - | -€818,451 | -€45,991 | -€53,356 | -€49,020 | -€6,760 | -€3,380 | -€3,034 | ▲ 10.2% |
| Change in cash | - | €55,545 | €9,412 | -€31,270 | €21,807 | €2,649 | -€61,509 | -€1,322 | ▲ 97.9% |
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, 1,104 companies had the same profile as CELLA has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CELLA itself: 0.9% 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 1,104 companies, not a prediction for CELLA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-06-2026 | 2026-00134645 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00187047 | |
| 31-12-2023 | abbreviated format | 17-07-2024 | 2024-00253076 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00166539 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20113024 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-26800150 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-18900012 | |
| 31-12-2018 | abbreviated format | 15-07-2019 | 2019-34800450 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-32700083 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-50500502 |