CELO PROJECTS
ActiveSummary
CELO PROJECTS has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €169,218 and a net result of -€38,551. Equity is growing by ~18.8% per year across the filed fiscal years. Its solvency ranks better than 32% of 14220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▲+7
Solvency35▼-8
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.1 against 1.22 in 2024; short-term debt: 88.2% and cash: 10.5% of total assets), and 90.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
9.8%
Return on assets
-2.2%
Age of the figures
18 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
202122232425
2020 to 2025 · latest year -€38,551
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 26-09-2025, 35 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
35 d early
2024
30 d early
2023
32 d early
2022
28 d early
2021
30 d early
2020
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 31 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close27-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€169,218▼ 18.6%
2024 · €207,769
Total assets
€1.7m▲ 54.1%
2024 · €1.1m
Net result
-€38,551▲ 54.0%
2024 · -€83,835
Working capital
€158,308▼ 18.0%
2024 · €193,089
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€135,547€47,335▼ 65.1%€172,272▲ 264%-€71,064-€26,106▲ 63.3%
Net result€105,814€36,003▼ 66.0%€134,144▲ 273%-€83,835-€38,551▲ 54.0%
Equity€121,458▲ 676%€157,460▲ 29.6%€291,604▲ 85.2%€207,769▼ 28.7%€169,218▼ 18.6%
Total assets€634,012▼ 68.0%€1.1m▲ 76.2%€506,362▼ 54.7%€1.1m▲ 122%€1.7m▲ 54.1%
Debt€512,554▼ 73.9%€959,848▲ 87.3%€214,758▼ 77.6%€916,716▲ 327%€1.6m▲ 70.6%
Working capital€119,366▼ 90.6%€156,151▲ 30.8%€264,883▲ 69.6%€193,089▼ 27.1%€158,308▼ 18.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €26,106 in 2025 against €71,064 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€45,432 ▼ 26.3%
Current assets
€1.7m ▲ 58.8%
Equity and liabilities €1.7m
Equity
€169,218 ▼ 18.6%
Debt
€1.6m ▲ 70.6%
Debt's share of the balance-sheet total rises from 81.5% to 90.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€10,303▲
2024 · -€54,734
Cash flow
-€22,748▲
2024 · -€67,505
Current ratio
1.10▼
2024 · 1.22
Quick ratio
0.19▼
2024 · 0.29
Debt to equity
9.24▲
2024 · 4.41
ROE
-22.8%▲
2024 · -40.4%
ROA
-2.2%▲
2024 · -7.5%
Interest coverage
-0.83▲
2024 · -4.39
Debt ≤ 1 year
€1.5m▲
2024 · €869,787
Debt > 1 year
€34,521▼
2024 · €46,929
Income taxes
-€41▼
2024 · €297
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 818 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 94% are still going.
- Small
- 5 to 10 years old
- solvency under 10%
- a small loss
1.8%
went bankrupt
3.3%
stopped otherwise
94%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 818 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €254 | €782 | €1,105 | €16,330 | €15,802 | ▼ 3.2% |
| Other operating charges640/8 | - | €348 | €868 | €3,393 | €3,316 | ▼ 2.3% |
| Gross operating margin9900 | €136,228 | €48,464 | €174,245 | -€51,340 | -€6,988 | ▲ 86.4% |
| Operating profit (loss)9901 | €135,547 | €47,335 | €172,272 | -€71,064 | -€26,106 | ▲ 63.3% |
| Financial income75/76B | - | €995 | €8 | €2 | - | - |
| Recurring financial income75 | €2,533 | €995 | €8 | €2 | - | - |
| Financial charges65/66B | - | €3,093 | €15 | €12,477 | €12,486 | ▲ 0.1% |
| Recurring financial charges65 | €13,661 | €3,093 | €15 | €12,477 | €12,486 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | €124,419 | €45,236 | €172,266 | -€83,538 | -€38,592 | ▲ 53.8% |
| Income taxes67/77 | €18,605 | €9,233 | €38,123 | €297 | -€41 | ▼ 114% |
| Profit (loss) for the period9904 | €105,814 | €36,003 | €134,144 | -€83,835 | -€38,551 | ▲ 54.0% |
| Profit (loss) for the period to be appropriated9905 | €105,814 | €36,003 | €134,144 | -€83,835 | -€38,551 | ▲ 54.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €634,012 | €1.1m | €506,362 | €1.1m | €1.7m | ▲ 54.1% |
| Fixed assets21/28 | €2,092 | €1,310 | €87,939 | €61,609 | €45,432 | ▼ 26.3% |
| Tangible fixed assets22/27 | €2,092 | €1,310 | €77,564 | €61,234 | €45,432 | ▼ 25.8% |
| Plant, machinery and equipment23 | - | €1,310 | €2,701 | €1,347 | €521 | ▼ 61.4% |
| Leasing and similar rights25 | - | - | €74,863 | €59,887 | €44,911 | ▼ 25.0% |
| Financial fixed assets28 | - | - | €10,375 | €375 | - | - |
| Current assets29/58 | €631,920 | €1.1m | €418,423 | €1.1m | €1.7m | ▲ 58.8% |
| Stocks and contracts in progress3 | €496,370 | €749,606 | €377,444 | €810,561 | €1.4m | ▲ 71.5% |
| Stocks30/36 | - | €749,606 | €377,444 | €810,561 | €1.4m | ▲ 71.5% |
| Amounts receivable within one year40/41 | - | €97,728 | €22,552 | €47,247 | €113,914 | ▲ 141% |
| Trade receivables40 | - | - | - | €32,164 | €4,230 | ▼ 86.8% |
| Other amounts receivable41 | - | €97,728 | €22,552 | €15,083 | €109,684 | ▲ 627% |
| Cash at bank and in hand54/58 | €133,905 | €267,878 | €15,665 | €203,450 | €181,847 | ▼ 10.6% |
| Deferred charges and accrued income490/1 | - | €787 | €2,762 | €1,618 | €1,722 | ▲ 6.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €634,012 | €1.1m | €506,362 | €1.1m | €1.7m | ▲ 54.1% |
| Equity10/15 | €121,458 | €157,460 | €291,604 | €207,769 | €169,218 | ▼ 18.6% |
| Contributions10/11 | - | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Outside capital11 | - | €50,000 | €50,000 | - | - | - |
| Other1109/19 | - | €50,000 | €50,000 | - | - | - |
| Profit (loss) carried forward14 | €71,458 | €107,460 | €241,604 | €157,769 | €119,218 | ▼ 24.4% |
| Amounts payable17/49 | €512,554 | €959,848 | €214,758 | €916,716 | €1.6m | ▲ 70.6% |
| Amounts payable after more than one year17 | - | - | €61,218 | €46,929 | €34,521 | ▼ 26.4% |
| Financial debts170/4 | - | - | €61,218 | €46,929 | €34,521 | ▼ 26.4% |
| Amounts payable within one year42/48 | €512,554 | €959,848 | €153,540 | €869,787 | €1.5m | ▲ 75.8% |
| Current portion of amounts payable after more than one year42 | - | - | €13,662 | €13,123 | €11,188 | ▼ 14.7% |
| Financial debts43 | - | - | - | €258,857 | - | - |
| Credit institutions430/8 | - | - | - | €258,857 | - | - |
| Trade debts44 | €3,225 | €5,806 | €3,443 | €31,195 | €7,809 | ▼ 75.0% |
| Suppliers440/4 | - | €5,806 | €3,443 | €31,195 | €7,809 | ▼ 75.0% |
| Advances received on contracts in progress46 | - | €948,161 | - | €344,154 | €1.4m | ▲ 318% |
| Taxes, remuneration and social security45 | - | €5,531 | - | €29,136 | €71,066 | ▲ 144% |
| Taxes450/3 | - | €5,531 | - | €29,136 | €71,066 | ▲ 144% |
| Other amounts payable47/48 | - | €350 | €136,435 | €193,323 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €105,814 | €36,003 | €134,144 | -€83,835 | -€38,551 | ▲ 54.0% |
| + Depreciation and write-downs630 | €254 | €782 | €1,105 | €16,330 | €15,802 | ▼ 3.2% |
| Operating cash flow (approximation) | €106,068 | €36,785 | €135,249 | -€67,505 | -€22,748 | ▲ 66.3% |
| Investment in fixed assets (approximation) | - | €0 | -€87,734 | €10,000 | €375 | ▼ 96.3% |
| Change in cash | - | €133,973 | -€252,213 | €187,785 | -€21,603 | ▼ 112% |
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
2025
26-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
01-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet -€83,835
Net result drops to -€83,835, the lowest in the series; recovery starts the following year.
2023
29-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Highest result since 2020net €134,144 ▲273%
Operating result €172,272, net result €134,144, both a record.
31-03
Financial
Liquidity doublescurrent ratio 2.73
Current ratio from 1.16 to 2.73; short-term debt falls from €959,848 to €153,540.
31-03
Financial
Equity above €200,000Eq €291,604 ▲85.2%
3 profitable years in a row build equity to €291,604.
2022
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Equity above €150,000Eq €157,460 ▲29.6%
2 profitable years in a row build equity to €157,460.
2021
01-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Back to profitnet €105,814
Net result €105,814 after one loss-making year.
31-03
Financial
Equity above €100,000Eq €121,458 ▲676%
Equity rises from €15,644 to €121,458.
2020
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are 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, Londerzeel · 1 establishment unit since 2018
Ground area
1,170 m²
Building footprint
209 m²
Volume, LiDAR
14 m³
Parcel 23048B0052/00T000, Flanders · tallest building 0.2 m. Linked by address, not a title deed.
1 establishment unit
Celo Projects
since 20182.276.521.506
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23048B0052/00T000 | Flanders | 1,170 m² | 1 · 209 m² | 0.2 m |
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 7,326 companies in sector 68110 we hold annual accounts for 5,384. 3,857 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
Founded16-05-2018
Fiscal year end31-03
Activities, NACEBEL 2025
68110Buying and selling of own real estate
E-invoicing
Reachable via Peppol
Peppol ID
0208:0695972822
Also
9925:BE0695972822
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.