Equity
Equity fell by 71% in 7 years.
Equity fell by 71% in 7 years.
From profit to loss in 2025, after a profit of €158,278 in 2024.
Of this, €468,746 falls due within a year.
Green is investment, beige is depreciation.
The last five annual accounts were filed 31 to 33 days before the end of the period.
Lower net result than 95% of companies in telecommunications. Sector median €6,785 · 333 companies.
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
The dashed line is the sector median: 0.8% across 527 companies (NACE 61, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 61, micro). It does better than 23% of them on solvency, 10% on liquidity, 38% on profitability and 11% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 112 companies had the same profile as Cellcom has now. Each dot is one company, two years later.
That fits the bankruptcy probability of Cellcom itself: 1.1% within 12 months.
The method was tested on the 497,447 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 112 companies, not a prediction for Cellcom. 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.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.11 (0.27 in 2024), below 1. Short-term debt is 93.7% and cash 6.3% of total assets. 93.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 32 days before the deadline. In the sector (NACE 61), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Cellcom Knokke-Heist | €0.5m | €13,474 | 6.2% | - |
| Plaz a Zul Cuentas Overijse | €0.3m | €18,486 | 95.4% | - |
| WORLDCALL TELECOM Dilbeek | €0.4m | €32,825 | 0.4% | - |
| DOP CONCEPT Sambreville | €0.2m | €10,055 | 42.1% | - |
| ADCOPLUS Zottegem | €1.0m | €37,955 | 0.5% | - |
| GROEP VAN CLEVEN Beernem | €0.4m | €66,170 | 32.6% | - |
| BNB CONSULTANCY Brussels | €0.6m | €54,466 | 57.6% | - |
These companies have the same main activity as Cellcom: telecommunications resale and intermediation services (NACE 61200). They are comparable in size and age: total assets between €184,000 and €1m, founded between 2009 and 2014.
Cellcom files the micro format. That format states no turnover. The gross margin fell from €17,116 in 2016 to €13,474 in 2025.
The balance sheet grew most from 2021 to 2023 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €100,000. Estimated: probably between €47,000 and €250,000.
Higher than 22% of 334 companies in 2025.
Lower than 95% of 322 companies in 2025.
Higher than 16% of 326 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
500,021 | 448,642 | 479,935 | 204,390 | 197,406 | 163,360 | 168,369 | 124,319 | 109,861 | 99,640 | |
21/28 |
450,294 | 351,522 | 367,201 | 5,348 | 5,705 | 11,534 | 17,016 | 1,731 | 8,205 | 15,793 | |
21 |
- | - | - | - | - | - | - | - | - | 679 | |
22/27 |
450,294 | 351,522 | 367,201 | 5,348 | 5,705 | 11,534 | 17,016 | 1,731 | 8,205 | 15,114 | |
22 |
320,155 | 338,988 | 357,838 | 86 | 155 | 224 | 293 | 362 | 431 | 500 | |
23 |
9,598 | 11,068 | 8,435 | 5,054 | - | - | - | - | 23 | 113 | |
24 |
120,542 | 1,466 | 928 | 208 | 5,549 | 11,310 | 16,723 | 1,369 | 7,751 | 14,501 | |
29/58 |
49,727 | 97,120 | 112,734 | 199,042 | 191,702 | 151,826 | 151,353 | 122,588 | 101,656 | 83,847 | |
40/41 |
15,444 | 9,343 | 67,843 | 15,782 | 1,835 | 13,053 | 3,783 | 521 | 3,050 | 1,587 | |
40 |
3,607 | 2,501 | 8,075 | 8,605 | 121 | 2,393 | 2,622 | 521 | 1,500 | 497 | |
41 |
11,837 | 6,842 | 59,768 | 7,177 | 1,714 | 10,660 | 1,161 | - | 1,551 | 1,090 | |
54/58 |
31,408 | 87,283 | 44,619 | 183,002 | 189,613 | 138,522 | 147,191 | 119,604 | 96,728 | 81,277 | |
490/1 |
2,875 | 494 | 272 | 258 | 254 | 251 | 379 | 2,463 | 1,878 | 982 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
500,021 | 448,642 | 479,935 | 204,390 | 197,406 | 163,360 | 168,369 | 124,319 | 109,861 | 99,640 | |
10/15 |
30,835 | 83,369 | 83,091 | 83,091 | 83,091 | 82,995 | 82,839 | 106,769 | 95,758 | 91,046 | |
10/11 |
75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | |
100 |
- | - | - | - | - | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | |
11 |
75,000 | 75,000 | 75,000 | 75,000 | 75,000 | - | - | - | - | - | |
1109/19 |
75,000 | 75,000 | 75,000 | 75,000 | 75,000 | - | - | - | - | - | |
13 |
7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | |
130/1 |
7,500 | 7,500 | 7,500 | 7,500 | 7,500 | - | - | - | - | - | |
130 |
- | - | - | - | - | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | |
1311 |
7,500 | 7,500 | 7,500 | 7,500 | 7,500 | - | - | - | - | - | |
14 |
-51,665 | 869 | 591 | 591 | 591 | 495 | 339 | 24,269 | 13,258 | 8,546 | |
17/49 |
469,186 | 365,273 | 396,844 | 121,299 | 114,315 | 80,365 | 85,530 | 17,550 | 14,103 | 8,594 | |
42/48 |
468,746 | 364,935 | 396,510 | 120,843 | 113,981 | 78,436 | 83,602 | 16,193 | 13,886 | 8,316 | |
44 |
209,198 | 204,600 | 314,820 | 17,690 | 9,903 | 8,212 | 13,840 | 12,125 | 9,847 | 5,810 | |
440/4 |
209,198 | 204,600 | 314,820 | 17,690 | 9,903 | 8,212 | 13,840 | 12,125 | 9,847 | 5,810 | |
45 |
294 | 1,989 | - | 3,413 | 3,079 | 2,374 | 1,688 | 3,809 | 4,039 | 2,505 | |
450/3 |
294 | 1,989 | - | 3,413 | 3,079 | 2,374 | 1,688 | 3,809 | 4,039 | 2,505 | |
47/48 |
259,255 | 158,346 | 81,690 | 99,740 | 101,000 | 67,850 | 68,075 | 260 | - | - | |
492/3 |
440 | 339 | 334 | 456 | 334 | 1,929 | 1,927 | 1,357 | 217 | 278 | |
| Income statement | |||||||||||
76A |
5,441 | - | - | 182 | - | - | 8,718 | - | - | - | |
9900 |
13,474 | 228,574 | 125,043 | 135,002 | 136,248 | 93,474 | 70,057 | 25,463 | 17,626 | 17,116 | |
630 |
52,792 | 22,103 | 20,585 | 6,180 | 5,829 | 5,829 | 5,800 | 6,474 | 7,589 | 9,790 | |
631/4 |
- | - | - | - | - | - | - | - | 1,443 | - | |
640/8 |
3,026 | 1,254 | 1,914 | 1,260 | 1,011 | 1,195 | 1,278 | 1,006 | 956 | 820 | |
9901 |
-42,344 | 205,217 | 102,544 | 127,561 | 129,408 | 86,449 | 62,980 | 17,983 | 7,638 | 6,506 | |
75/76B |
210 | 153 | 4 | 53 | 32 | 0 | 1 | 44 | 90 | 71 | |
75 |
210 | 153 | 4 | 53 | 32 | 0 | 1 | 44 | 90 | 71 | |
65/66B |
106 | 103 | 59 | 51 | 57 | 104 | 70 | 148 | 111 | 988 | |
65 |
106 | 103 | 59 | 51 | 57 | 104 | 70 | 148 | 111 | 988 | |
9903 |
-42,240 | 205,267 | 102,490 | 127,564 | 129,383 | 86,346 | 62,910 | 17,879 | 7,617 | 5,589 | |
67/77 |
10,294 | 46,989 | 21,146 | 27,823 | 28,286 | 18,340 | 18,839 | 6,869 | 2,905 | 1,996 | |
9904 |
-52,534 | 158,278 | 81,344 | 99,740 | 101,096 | 68,005 | 44,071 | 11,011 | 4,712 | 3,593 | |
9905 |
-52,534 | 158,278 | 81,344 | 99,740 | 101,096 | 68,005 | 44,071 | 11,011 | 4,712 | 3,593 | |
| Appropriation of the result | |||||||||||
9906 |
-51,665 | 158,869 | 81,935 | 100,331 | 101,591 | 68,345 | 68,339 | 24,269 | 13,258 | 16,046 | |
14P |
869 | 591 | 591 | 591 | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | 7,500 | |
6920 |
- | - | - | - | - | - | - | - | - | 7,500 | |
694/7 |
- | 158,000 | 81,344 | 99,740 | 101,000 | 67,850 | 68,000 | - | - | - | |
694 |
- | - | 81,344 | 99,740 | 101,000 | 67,850 | 68,000 | - | - | - | |
695 |
- | 158,000 | - | - | - | - | - | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 31-12-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-12-2025 | 2026-00001352 | |
| 30-06-2024 | micro format | 31-12-2024 | 2024-00627879 | |
| 30-06-2023 | micro format | 31-12-2023 | 2023-00540250 | |
| 30-06-2022 | micro format | 30-12-2022 | 2022-20549419 | |
| 30-06-2021 | micro format | 29-12-2021 | 2021-81900471 | |
| 30-06-2020 | micro format | 31-12-2020 | 2020-77500561 | |
| 30-06-2019 | micro format | 30-12-2019 | 2019-77800132 | |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01200150 | |
| 30-06-2017 | micro format | 31-12-2017 | 2017-73600240 | |
| 30-06-2016 | abbreviated format | 30-12-2016 | 2016-71900461 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,448 | 227,320 | 123,129 | 133,742 | 135,237 | 92,279 | 68,780 | 24,457 | 15,227 | 16,296 | ||
| 258 | 180,381 | 101,929 | 105,921 | 106,926 | 73,835 | 49,871 | 17,485 | 12,300 | 13,382 | ||
| 151,565 | 6,424 | 382,438 | 5,824 | 0 | 347 | 22,368 | 0 | 0 | 2,412 | ||
| -55,875 | 42,664 | -138,383 | -6,611 | 51,091 | -8,669 | 27,586 | 22,877 | 15,451 | - | ||
| -419,020 | -267,815 | -283,776 | 78,199 | 77,720 | 73,390 | 67,750 | 106,395 | 87,770 | 75,531 | ||
| 6.2% | 18.6% | 17.3% | 40.7% | 42.1% | 50.8% | 49.2% | 85.9% | 87.2% | 91.4% | ||
| 0.11 | 0.27 | 0.28 | 1.65 | 1.68 | 1.94 | 1.81 | 7.57 | 7.32 | 10.08 | ||
| 15.22 | 4.38 | 4.78 | 1.46 | 1.38 | 0.97 | 1.03 | 0.16 | 0.15 | 0.09 | ||
| -170.4% | 189.9% | 97.9% | 120.0% | 121.7% | 81.9% | 53.2% | 10.3% | 4.9% | 3.9% | ||
| -10.5% | 35.3% | 16.9% | 48.8% | 51.2% | 41.6% | 26.2% | 8.9% | 4.3% | 3.6% | ||
| 98.55 | over 100 | over 100 | over 100 | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €151,565 | €6,424 | €382,438 | €5,824 |
| €52,792 | €22,103 | €20,585 | €6,180 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €42,344, after a profit of €205,217 in 2024. It is the lowest result since 2016.
Debt's share of the balance-sheet total rises from 81.4% to 93.8%. Equity is lower and debt is higher.
Cellcom has no parent and no holdings in its annual accounts. WILLEMS Benoît Guy Joseph Marie is the only director. Cellcom shares no director with another company.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Hortensialaan 23 registered office 8300 Knokke-Heist 46180 Agents specialised in the wholesale of other particular products | 01-10-2013 | 2.222.200.120 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 31333I0791/00X000 | 1,284 m² | 1 · 348 m² | 0.9 m |
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