Equity
Equity fell by 97% in 1 year.
Equity fell by 97% in 1 year.
The micro format states no turnover.
Short-term debts rose from €43,625 to €203,754.
The 2023 accounts came 10 days late. The other three were filed on time.
Higher net result than 87% of companies in real estate. Sector median €6,009 · 17,169 companies.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 2 in 1,000 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 68, micro). It does better than 23% of them on solvency, 49% on liquidity, 95% on profitability and 6% on growth.
The bankruptcy probability was computed on 06-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 2,157 companies had the same profile as CELMACO has now. Each dot stands for 6 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CELMACO itself is lower: 0.2% within 12 months. It rests on far more data about CELMACO than the profile alone.
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 2,157 companies, not a prediction for CELMACO. 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.
Liquidity is tight, with a current ratio of 1.01 (4.72 in 2024), below the usual 1.5. Short-term debt is 97.3% and cash 41.4% of total assets. 97.3% 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 4 accounts on average 3 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| CELMACO Dentergem | €209,509 | €95,545 | 2.7% | - |
| Acta Vastgoed Ostend | €211,325 | €106,137 | 13.4% | - |
| NST Immo Herstal | €238,457 | €95,561 | 39.7% | - |
| OSSO Bornem | €190,779 | €80,729 | 57.1% | - |
| Dhumas Boutersem | €196,575 | €86,327 | 86.6% | - |
| VDBN CONSULTING Walcourt | €219,016 | €81,271 | 93.9% | - |
| HOMERUN REAL ESTATE Grimbergen | €205,014 | €119,093 | 7.4% | - |
These companies have the same main activity as CELMACO: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €191,000 and €238,000, founded between 2021 and 2023.
CELMACO files the micro format. That format states no turnover. The gross margin rose from €17,673 in 2022 to €95,545 in 2025.
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 ≈ €200,000. Estimated: probably between €130,000 and €280,000.
Higher than 24% of 17,178 companies in 2025.
Higher than 45% of 16,475 companies in 2025.
Higher than 92% of 16,854 companies in 2025.
Net result: top quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
209,509 | 208,908 | 121,554 | 31,085 | |
20 |
- | - | 0 | 2,572 | |
21/28 |
3,293 | 2,949 | 3,639 | - | |
22/27 |
3,293 | 2,949 | 3,639 | - | |
23 |
1,034 | - | - | - | |
24 |
2 | 387 | 773 | - | |
26 |
2,257 | 2,562 | 2,866 | - | |
29/58 |
206,216 | 205,960 | 117,915 | 28,513 | |
40/41 |
118,313 | 48,521 | 30,492 | 12,100 | |
40 |
118,313 | 48,521 | 30,492 | 12,100 | |
50/53 |
0 | 60,000 | 60,000 | - | |
54/58 |
86,711 | 95,104 | 26,238 | 16,413 | |
490/1 |
1,193 | 2,334 | 1,185 | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
209,509 | 208,908 | 121,554 | 31,085 | |
10/15 |
5,755 | 164,927 | 87,510 | 13,646 | |
10/11 |
1,000 | 1,000 | 1,000 | 1,000 | |
13 |
4,755 | 163,927 | 86,510 | 12,646 | |
133 |
4,755 | 163,927 | 86,510 | 12,646 | |
14 |
0 | - | - | - | |
17/49 |
203,754 | 43,982 | 34,044 | 17,439 | |
42/48 |
203,754 | 43,625 | 34,044 | 17,439 | |
44 |
1,827 | 1,612 | 1,138 | 1,440 | |
440/4 |
1,827 | 1,612 | 1,138 | 1,440 | |
45 |
17,846 | 34,349 | 24,889 | 14,590 | |
450/3 |
15,846 | 32,349 | 22,889 | 12,590 | |
454/9 |
2,000 | 2,000 | 2,000 | 2,000 | |
47/48 |
184,082 | 7,665 | 8,016 | 1,410 | |
492/3 |
0 | 356 | - | - | |
| Income statement | |||||
9900 |
95,545 | 98,036 | 98,476 | 17,673 | |
630 |
896 | 690 | 3,133 | 561 | |
640/8 |
963 | 1,057 | 811 | 578 | |
9901 |
93,687 | 96,289 | 94,532 | 16,533 | |
75/76B |
640 | 2,343 | 0 | - | |
75 |
640 | 2,343 | 0 | - | |
65/66B |
137 | 123 | 26 | - | |
65 |
137 | 123 | 26 | - | |
9903 |
94,191 | 98,509 | 94,506 | 16,533 | |
67/77 |
19,863 | 21,092 | 20,642 | 3,887 | |
9904 |
74,328 | 77,416 | 73,864 | 12,646 | |
9905 |
74,328 | 77,416 | 73,864 | 12,646 | |
| Appropriation of the result | |||||
9906 |
74,328 | 77,416 | 73,864 | 12,646 | |
791/2 |
163,500 | - | - | - | |
691/2 |
4,328 | 77,416 | 73,864 | 12,646 | |
6921 |
4,328 | 77,416 | 73,864 | 12,646 | |
694/7 |
233,500 | - | - | - | |
694 |
233,500 | - | - | - | |
| 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 accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-07-2026.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 94,583 | 96,978 | 97,665 | 17,095 | ||
| 75,224 | 78,106 | 76,997 | 13,207 | ||
| 1,240 | 0 | 4,199 | - | ||
| -8,394 | 68,866 | 9,825 | - | ||
| 2,462 | 162,334 | 83,872 | 11,074 | ||
| 2.7% | 78.9% | 72.0% | 43.9% | ||
| 1.01 | 4.72 | 3.46 | 1.63 | ||
| 35.41 | 0.27 | 0.39 | 1.28 | ||
| - | 46.9% | 84.4% | 92.7% | ||
| 35.5% | 37.1% | 60.8% | 40.7% | ||
| over 100 | over 100 | over 100 | - |
A ratio outside any meaningful range has been withheld (balance sheet total €209,509, equity €5,755).
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 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €1,240 | - | €4,199 | - |
| €896 | €690 | €3,133 | €561 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 3% lower than in 2024 and the lowest since 2022.
Debt's share of the balance-sheet total rises from 21.1% to 97.3%. Equity is lower and debt is higher.
CELMACO has no parent and no holdings in its annual accounts. GOEMINNE Celine Noëlla Ghislaine is the only director. CELMACO shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 25 August 2022, CELMACO was incorporated as a private limited company by two natural persons, with a starting capital of €1,000.12 GOEMINNE Celine Noëlla Ghislaine has served as director since 2022.3 Total assets went from €31,085 in 2022 to €209,509 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Heuvelhoekstraat 1A registered office 8720 Dentergem | 25-08-2022 | 2.334.720.021 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 37008B0489/00C000 | 4,654 m² | 1 · 341 m² | 1.9 m |
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