CELLAAR
ActiveSummary
CELLAAR has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €76,906 and a net result of €5,865. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 76% of 2011 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-6
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity ample (current ratio 4.76 against 23.03 in 2024; short-term debt: 10.7% and cash: 15.6% of total assets), and 23.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
76.8%
Return on assets
5.9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
17 d early
2023
28 d early
2022
53 d late
2021
34 d early
2020
25 d late
2019
11 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 3 days after the deadline; the sector median for financial year 2024 is 4 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€76,906▲ 8.3%
2024 · €71,042
Total assets
€100,186▲ 37.1%
2024 · €73,068
Net result
€5,865▼ 26.4%
2024 · €7,964
Working capital
€40,183▼ 10.0%
2024 · €44,641
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€17,114▲ 121%€15,248▼ 10.9%€26,671▲ 74.9%€12,505▼ 53.1%€9,970▼ 20.3%
Net result€10,768▲ 140%€9,719▼ 9.7%€17,225▲ 77.2%€7,964▼ 53.8%€5,865▼ 26.4%
Equity€59,809▲ 22.0%€69,528▲ 16.3%€86,753▲ 24.8%€71,042▼ 18.1%€76,906▲ 8.3%
Total assets€63,747▲ 22.0%€74,616▲ 17.0%€90,731▲ 21.6%€73,068▼ 19.5%€100,186▲ 37.1%
Debt€3,938▲ 22.4%€5,088▲ 29.2%€3,978▼ 21.8%€2,026▼ 49.1%€23,280▲ 1,049%
Working capital€25,298▲ 71.9%€36,956▲ 46.1%€57,536▲ 55.7%€44,641▼ 22.4%€40,183▼ 10.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 20% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €100,186
Fixed assets
€49,304 ▲ 86.8%
Current assets
€50,882 ▲ 9.0%
Equity and liabilities €100,186
Equity
€76,906 ▲ 8.3%
Debt
€23,280 ▲ 1,049%
Debt's share of the balance-sheet total rises from 2.8% to 23.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,449▲
2024 · €15,721
Cash flow
€14,344▲
2024 · €11,181
Current ratio
4.76▼
2024 · 23.03
Debt to equity
0.30▲
2024 · 0.03
ROE
7.6%▼
2024 · 11.2%
ROA
5.9%▼
2024 · 10.9%
Interest coverage
16.69▼
2024 · 51.06
Debt ≤ 1 year
€10,699▲
2024 · €2,026
Debt > 1 year
€11,781
Income taxes
€3,739▼
2024 · €5,186
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €452 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,586 | €4,196 | €4,102 | €3,216 | €8,479 | ▲ 164% |
| Other operating charges640/8 | €1,537 | €1,404 | €1,528 | €784 | €1,802 | ▲ 130% |
| Gross operating margin9900 | €22,237 | €20,847 | €32,302 | €16,506 | €20,251 | ▲ 22.7% |
| Operating profit (loss)9901 | €17,114 | €15,248 | €26,671 | €12,505 | €9,970 | ▼ 20.3% |
| Financial income75/76B | €80 | €234 | €297 | €953 | €739 | ▼ 22.5% |
| Recurring financial income75 | €80 | €234 | €297 | €953 | €739 | ▼ 22.5% |
| Financial charges65/66B | €101 | €74 | €178 | €308 | €1,105 | ▲ 259% |
| Recurring financial charges65 | €101 | €74 | €178 | €308 | €1,105 | ▲ 259% |
| Profit (loss) for the period before taxes9903 | €17,093 | €15,407 | €26,790 | €13,151 | €9,604 | ▼ 27.0% |
| Income taxes67/77 | €6,325 | €5,688 | €9,565 | €5,186 | €3,739 | ▼ 27.9% |
| Profit (loss) for the period9904 | €10,768 | €9,719 | €17,225 | €7,964 | €5,865 | ▼ 26.4% |
| Profit (loss) for the period to be appropriated9905 | €10,768 | €9,719 | €17,225 | €7,964 | €5,865 | ▼ 26.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €63,747 | €74,616 | €90,731 | €73,068 | €100,186 | ▲ 37.1% |
| Fixed assets21/28 | €34,510 | €32,572 | €29,617 | €26,401 | €49,304 | ▲ 86.8% |
| Tangible fixed assets22/27 | €34,510 | €32,572 | €29,617 | €26,401 | €49,304 | ▲ 86.8% |
| Plant, machinery and equipment23 | €3,143 | €3,557 | €2,954 | €2,091 | €1,246 | ▼ 40.4% |
| Furniture and vehicles24 | €2,125 | €1,642 | €1,159 | €676 | €193 | ▼ 71.4% |
| Leasing and similar rights25 | - | - | - | - | €23,699 | - |
| Other tangible fixed assets26 | €29,243 | €27,373 | €25,504 | €23,634 | €24,166 | ▲ 2.3% |
| Current assets29/58 | €29,237 | €42,044 | €61,114 | €46,667 | €50,882 | ▲ 9.0% |
| Amounts receivable after more than one year29 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Trade receivables290 | €5,000 | €5,000 | €5,000 | €0 | - | - |
| Other amounts receivable291 | - | - | - | €5,000 | €5,000 | = |
| Amounts receivable within one year40/41 | €2,544 | €9,035 | €8,183 | €10,837 | €26,909 | ▲ 148% |
| Other amounts receivable41 | €2,544 | €9,035 | €8,183 | €10,837 | €26,909 | ▲ 148% |
| Cash at bank and in hand54/58 | €19,297 | €25,813 | €46,093 | €28,188 | €15,623 | ▼ 44.6% |
| Deferred charges and accrued income490/1 | €2,396 | €2,195 | €1,839 | €2,641 | €3,350 | ▲ 26.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €63,747 | €74,616 | €90,731 | €73,068 | €100,186 | ▲ 37.1% |
| Equity10/15 | €59,809 | €69,528 | €86,753 | €71,042 | €76,906 | ▲ 8.3% |
| Contributions10/11 | €18,600 | €18,600 | €20,460 | €0 | - | - |
| Reserves13 | €37,993 | €47,712 | €63,077 | €71,042 | €76,906 | ▲ 8.3% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €36,133 | €45,852 | €63,077 | €71,042 | €76,906 | ▲ 8.3% |
| Profit (loss) carried forward14 | €3,216 | €3,216 | €3,216 | €0 | €0 | - |
| Amounts payable17/49 | €3,938 | €5,088 | €3,978 | €2,026 | €23,280 | ▲ 1,049% |
| Amounts payable after more than one year17 | - | - | - | - | €11,781 | - |
| Financial debts170/4 | - | - | - | - | €11,781 | - |
| Amounts payable within one year42/48 | €3,938 | €5,088 | €3,578 | €2,026 | €10,699 | ▲ 428% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,224 | - |
| Trade debts44 | €3,938 | €4,116 | €3,555 | €2,026 | €3,475 | ▲ 71.5% |
| Suppliers440/4 | €3,938 | €4,116 | €3,555 | €2,026 | €3,475 | ▲ 71.5% |
| Taxes, remuneration and social security45 | - | €972 | €23 | €0 | - | - |
| Taxes450/3 | - | €972 | €23 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | €400 | €0 | €800 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,768 | €9,719 | €17,225 | €7,964 | €5,865 | ▼ 26.4% |
| + Depreciation and write-downs630 | €3,586 | €4,196 | €4,102 | €3,216 | €8,479 | ▲ 164% |
| Operating cash flow (approximation) | €14,353 | €13,915 | €21,327 | €11,181 | €14,344 | ▲ 28.3% |
| Investment in fixed assets (approximation) | - | -€2,258 | -€1,147 | €0 | -€31,382 | - |
| Change in cash | - | €6,516 | €20,279 | -€17,904 | -€12,566 | ▲ 29.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €17,225 ▲77.2%
Operating result €26,671, net result €17,225, both a record.
31-12
Financial
Liquidity doublescurrent ratio 17.08
Current ratio from 8.26 to 17.08; short-term debt falls from €5,088 to €3,578.
22-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 53 days late
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
2020
31-12
Financial
Weakest financial yearnet €4,481 ▼57%
Net result drops to €4,481, the lowest in the series; recovery starts the following year.
20-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity triplescurrent ratio 2.96
Current ratio from 0.96 to 2.96; short-term debt falls from €8,692 to €3,890.
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kortrijk
Ground area
235 m²
Building footprint
258 m²
Volume, LiDAR
2,662 m³
Parcel 34022E0032/00V002, Flanders · tallest building 15.1 m, ±4 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34022E0032/00V002 | Flanders | 235 m² | 1 · 258 m² | 15.1 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,395 companies in sector 90393 we hold annual accounts for 938. 751 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-11-2003
Fiscal year end31-12
Activities, NACEBEL 2025
90393Specialised image, lighting and sound technical services
Scores and ratios are computed by Checked and are not a credit decision.