Summary
CEMO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €944,997 and a net result of €55,544. Equity remains stable across the filed fiscal years (±2.3% per year). Its solvency ranks better than 70% of 5587 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €944,997
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 29-01-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
1 d early
2023
1 d early
2022
4 d early
2021
3 d early
2020
3 d early
2019
60 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 11 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 29 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€944,997▲ 6.2%
2024 · €889,453
Net result
€55,544▲ 12.8%
2024 · €49,239
Total assets
€1.3m▲ 5.7%
2024 · €1.2m
Solvency
73.6%▲ 0.4pp
2024 · 73.2%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€200,004=€200,004=
Operating result€73,388▲ 8.8%€61,453▼ 16.3%€86,244▲ 40.3%€84,097▼ 2.5%€89,848▲ 6.8%
Net result€48,752within the sector's middle half▲ 92.1%€40,837within the sector's middle half▼ 16.2%€57,166within the sector's middle half▲ 40.0%€49,239within the sector's middle half▼ 13.9%€55,544within the sector's middle half▲ 12.8%
Equity€892,211within the sector's middle half▲ 5.8%€933,048within the sector's middle half▲ 4.6%€840,214within the sector's middle half▼ 9.9%€889,453within the sector's middle half▲ 5.9%€944,997within the sector's middle half▲ 6.2%
Total assets€1.0mbelow the sector's middle half▼ 3.2%€1.0mbelow the sector's middle half▼ 0.3%€1.1mwithin the sector's middle half▲ 3.7%€1.2mwithin the sector's middle half▲ 15.4%€1.3mwithin the sector's middle half▲ 5.7%
Debt€125,854▼ 39.6%€81,782▼ 35.0%€212,569▲ 160%€324,941▲ 52.9%€338,695▲ 4.2%
Working capital-€28,520within the sector's middle half▲ 55.5%€6,063within the sector's middle half-€103,781within the sector's middle half€57,614within the sector's middle half€194,708within the sector's middle half▲ 238%
Solvency87.6%above the sector's middle half▲ 7.4pp91.9%above the sector's middle half▲ 4.3pp79.8%above the sector's middle half▼ 12.1pp73.2%within the sector's middle half▼ 6.6pp73.6%within the sector's middle half▲ 0.4pp
Current ratio0.66within the sector's middle half▲ 0.171.09within the sector's middle half▲ 0.430.37within the sector's middle half▼ 0.721.28within the sector's middle half▲ 0.912.00within the sector's middle half▲ 0.73
Return on assets (ROA)4.8%within the sector's middle half▲ 2.4pp4.0%within the sector's middle half▼ 0.8pp5.4%within the sector's middle half▲ 1.4pp4.1%within the sector's middle half▼ 1.4pp4.3%within the sector's middle half▲ 0.3pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 7% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€894,843 ▼ 5.6%
Current assets
€388,849 ▲ 46.1%
Equity and liabilities €1.3m
Equity
€944,997 ▲ 6.2%
Debt
€338,695 ▲ 4.2%
Debt's share of the balance-sheet total falls from 26.8% to 26.4%. Equity and debt are higher.
Key figures and ratios
ROE
5.9%▲
2024 · 5.5%
Debt ≤ 1 year
€194,141▼
2024 · €208,539
Debt > 1 year
€144,316▲
2024 · €116,275
Income taxes
€26,737▲
2024 · €23,849
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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €233,103 | - | - | - | - |
| Turnover70 | €200,004 | €200,004 | - | - | - | - |
| Other operating income74 | - | €33,099 | - | - | - | - |
| Operating charges60/66A | - | €171,650 | - | - | - | - |
| Services and other goods61 | - | €142,850 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,490 | €27,830 | €45,215 | €57,699 | €59,913 | ▲ 3.8% |
| Other operating charges640/8 | - | €970 | €1,781 | €1,627 | €2,026 | ▲ 24.6% |
| Gross operating margin9900 | - | - | €133,241 | €143,423 | €151,787 | ▲ 5.8% |
| Operating profit (loss)9901 | €73,388 | €61,453 | €86,244 | €84,097 | €89,848 | ▲ 6.8% |
| Financial income75/76B | - | €251 | €445 | €3,417 | €9,555 | ▲ 180% |
| Recurring financial income75 | €102 | €251 | €445 | €3,417 | €9,555 | ▲ 180% |
| Income from financial fixed assets750 | - | €121 | - | - | - | - |
| Income from current assets751 | - | €128 | - | - | - | - |
| Other financial income752/9 | - | €1 | - | - | - | - |
| Financial charges65/66B | - | €2,845 | €3,739 | €14,426 | €17,122 | ▲ 18.7% |
| Recurring financial charges65 | €4,161 | €2,845 | €3,739 | €14,426 | €17,122 | ▲ 18.7% |
| Debt charges650 | €3,317 | €2,189 | - | - | - | - |
| Other financial charges652/9 | - | €656 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €69,328 | €58,858 | €82,950 | €73,088 | €82,281 | ▲ 12.6% |
| Income taxes67/77 | €20,576 | €18,021 | €25,784 | €23,849 | €26,737 | ▲ 12.1% |
| Taxes670/3 | - | €18,021 | - | - | - | - |
| Profit (loss) for the period9904 | €48,752 | €40,837 | €57,166 | €49,239 | €55,544 | ▲ 12.8% |
| Profit (loss) for the period to be appropriated9905 | €48,752 | €40,837 | €57,166 | €49,239 | €55,544 | ▲ 12.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 5.7% |
| Fixed assets21/28 | €963,589 | €941,271 | €992,564 | €948,241 | €894,843 | ▼ 5.6% |
| Tangible fixed assets22/27 | €133,112 | €110,794 | €162,087 | €117,764 | €64,366 | ▼ 45.3% |
| Plant, machinery and equipment23 | - | €8,794 | €12,694 | €23,863 | €20,642 | ▼ 13.5% |
| Furniture and vehicles24 | - | €102,000 | €149,394 | €93,901 | €43,725 | ▼ 53.4% |
| Financial fixed assets28 | €830,477 | €830,477 | €830,477 | €830,477 | €830,477 | = |
| Affiliated companies280/1 | - | €829,000 | - | - | - | - |
| Participating interests280 | - | €829,000 | - | - | - | - |
| Other financial fixed assets284/8 | - | €1,477 | - | - | - | - |
| Shares284 | - | €1,477 | - | - | - | - |
| Current assets29/58 | €54,476 | €73,560 | €60,218 | €266,153 | €388,849 | ▲ 46.1% |
| Amounts receivable after more than one year29 | - | - | - | €100,000 | €216,500 | ▲ 117% |
| Other amounts receivable291 | - | - | - | €100,000 | €216,500 | ▲ 117% |
| Stocks and contracts in progress3 | - | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €48,723 | €56,451 | €41,339 | €136,098 | €160,040 | ▲ 17.6% |
| Trade receivables40 | - | €27,718 | €27,256 | €26,846 | €34,045 | ▲ 26.8% |
| Other amounts receivable41 | - | €28,733 | €14,082 | €109,253 | €125,996 | ▲ 15.3% |
| Cash at bank and in hand54/58 | €5,437 | €16,782 | €17,381 | €27,900 | €9,841 | ▼ 64.7% |
| Deferred charges and accrued income490/1 | - | €326 | €1,498 | €2,155 | €2,468 | ▲ 14.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 5.7% |
| Equity10/15 | €892,211 | €933,048 | €840,214 | €889,453 | €944,997 | ▲ 6.2% |
| Contributions10/11 | - | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Reserves13 | €692,211 | €733,048 | €640,214 | €689,453 | €744,997 | ▲ 8.1% |
| Non-distributable reserves130/1 | - | €20,000 | €20,000 | €0 | - | - |
| Reserves not available under the articles1311 | - | €20,000 | €20,000 | €0 | - | - |
| Distributable reserves133 | - | €713,048 | €620,214 | €689,453 | €744,997 | ▲ 8.1% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | - | - |
| Amounts payable17/49 | €125,854 | €81,782 | €212,569 | €324,941 | €338,695 | ▲ 4.2% |
| Amounts payable after more than one year17 | €42,857 | €14,286 | €48,389 | €116,275 | €144,316 | ▲ 24.1% |
| Financial debts170/4 | - | €14,286 | €48,389 | €116,275 | €144,316 | ▲ 24.1% |
| Credit institutions173 | - | €14,286 | - | - | - | - |
| Amounts payable within one year42/48 | €82,996 | €67,496 | €164,000 | €208,539 | €194,141 | ▼ 6.9% |
| Current portion of amounts payable after more than one year42 | - | €28,571 | €32,218 | €89,965 | €94,063 | ▲ 4.6% |
| Financial debts43 | - | €16,571 | €12,603 | €14,717 | €14,410 | ▼ 2.1% |
| Credit institutions430/8 | - | €16,571 | €12,603 | €14,717 | €14,410 | ▼ 2.1% |
| Trade debts44 | €4,679 | €12,524 | €3,685 | €5,349 | €3,049 | ▼ 43.0% |
| Suppliers440/4 | - | €12,524 | €3,685 | €5,349 | €3,049 | ▼ 43.0% |
| Taxes, remuneration and social security45 | - | €8,353 | €16,643 | €20,358 | €18,877 | ▼ 7.3% |
| Taxes450/3 | - | €8,353 | €16,643 | €20,358 | €18,421 | ▼ 9.5% |
| Remuneration and social security454/9 | - | - | - | - | €456 | - |
| Other amounts payable47/48 | - | €1,477 | €98,851 | €78,150 | €63,742 | ▼ 18.4% |
| Accrued charges and deferred income492/3 | - | - | €180 | €128 | €239 | ▲ 86.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,752 | €40,837 | €57,166 | €49,239 | €55,544 | ▲ 12.8% |
| + Depreciation and write-downs630 | €27,490 | €27,830 | €45,215 | €57,699 | €59,913 | ▲ 3.8% |
| Operating cash flow (approximation) | €76,241 | €68,667 | €102,381 | €106,938 | €115,457 | ▲ 8.0% |
| Investment in fixed assets (approximation) | - | -€5,512 | -€96,509 | -€13,376 | -€6,515 | ▲ 51.3% |
| Change in cash | - | €11,345 | €599 | €10,518 | -€18,059 | ▼ 272% |
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
29-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-06
Financial
Liquidity triplescurrent ratio 1.28
Current ratio from 0.37 to 1.28.
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Highest result since 2019net €57,166 ▲40%
Net result €57,166, the highest in the series.
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
28-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-06
Financial
Weakest financial yearnet €25,372 ▼44.1%
Net result drops to €25,372, the lowest in the series; recovery starts the following year.
2019
02-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
30-11
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
30-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
18-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated 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, Schoten · 1 establishment unit since 2012
1 establishment unit
CEMO
since 20122.209.119.570
Structure & network
Owners and holdings
1 holding · 9 subsidiaries in the treeOwners 0
The accounts to 30-06-2025 list no shareholders, and no other source names one.
Holdings 1
-
80%
All subsidiaries, including indirect ones 9+
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
M-Holding 80%8 subsidiaries
ALPHA MARINE SYSTEMS 98%7 subsidiaries
MARTIN EN CO 88.16%6 subsidiaries
- Bogerd Martin (Dubai) Marine EquipmentDJ 100%
- Bogerd Martin (Shanghai) Marine Electronic Technology CoCN 100%
- Bogerd Martin Hellas IKEGR 100%
- Bogerd Martin Hong KongHK 100%
- Bogerd Martin Marine Hong KongHK 100%
- BOGERD MARTIN 99.83%
The tree shows 9 companies up to 4 levels deep; there are more. Open a subsidiary's dossier to look further.
According to the annual accounts to 30-06-2025 of CEMO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 12,815 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
Founded18-04-2012
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0845404587
Registered
28-07-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.