CEPHIL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 53 days after the deadline Filed on 22 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00519953.
Annual accounts 2025 filed on 22-09-2026 at the NBB all 22 filings
Turnover
€2.3m▲ 5.0%
2024 · €2.2m
EBIT margin
1.2%▲ 2.0pp
2024 · -0.8%
Net result
€24,818
2024 · -€18,805
Working capital
€2,005
2024 · -€14,498
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.3m
▲ 5.0%
2025
20182025
Operating result
€28,303
2025
20182025
Net result
€24,818
2025
highest quarter of the sector
20182025
EBIT margin
1.2%
▲ 2.0pp
2025
20182025
Equity
€26,064
▲ 21×
2025
middle half of the sector
20182025
Total assets
€40,723
▼ 7.0%
2025
lowest quarter of the sector
20182025
Debt
€14,659
▼ 65.6%
2025
20182025
Working capital
€2,005
2025
middle half of the sector
20182025
Solvency
64.0%
▲ 61.2pp
2025
highest quarter of the sector
20182025
Current ratio
1.14
▲ 0.48
2025
middle half of the sector
20182025
Return on assets (ROA)
60.9%
▲ 103.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2.2m-€1.9m▼ 12.6%€1.6m▼ 16.3%€2.1m▲ 29.9%€2.2m▲ 7.2%€2.2m▼ 0.7%€2.2m▲ 1.2%€2.3m▲ 5.0%
Operating result-€0.004m--€0.001m▲ 68.7%-€0.03m▼ 1,820%€0.01m€0.007m▼ 46.4%€0.006m▼ 21.6%-€0.02m€0.03m
Net result-€0.007m--€0.004m▲ 35.7%-€0.02mbelow the sector's middle half▼ 441%€0.01mwithin the sector's middle half€0.004mwithin the sector's middle half▼ 67.8%€0.002mwithin the sector's middle half▼ 49.4%-€0.02mbelow the sector's middle half€0.02mabove the sector's middle half
EBIT margin-0.2%--0.1%▲ 0.1pp-1.7%▼ 1.6pp0.6%▲ 2.3pp0.3%▼ 0.3pp0.3%▼ 0.1pp-0.8%▼ 1.1pp1.2%▲ 2.0pp
Equity€0.03m-€0.03m▼ 14.3%€0.002mbelow the sector's middle half▼ 90.3%€0.01mbelow the sector's middle half▲ 476%€0.02mbelow the sector's middle half▲ 26.6%€0.02mwithin the sector's middle half▲ 10.6%€0.001mbelow the sector's middle half▼ 93.8%€0.03mwithin the sector's middle half▲ 21×
Total assets€0.07m-€0.05m▼ 20.8%€0.04mbelow the sector's middle half▼ 32.1%€0.03mbelow the sector's middle half▼ 12.6%€0.02mbelow the sector's middle half▼ 26.3%€0.03mbelow the sector's middle half▲ 37.0%€0.04mbelow the sector's middle half▲ 33.0%€0.04mbelow the sector's middle half▼ 7.0%
Debt€0.04m-€0.03m▼ 25.8%€0.03m▲ 19.5%€0.02m▼ 47.6%€0.006m▼ 68.0%€0.01m▲ 119%€0.04m▲ 233%€0.01m▼ 65.6%
Working capital€0.02m-€0.02m▲ 7.0%-€0.001mwithin the sector's middle half€0.01mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 42.1%-€0.001mwithin the sector's middle half-€0.01mbelow the sector's middle half▼ 1,382%€0.002mwithin the sector's middle half
Solvency43.4%-46.9%▲ 3.6pp6.7%below the sector's middle half▼ 40.3pp44.1%within the sector's middle half▲ 37.4pp75.7%above the sector's middle half▲ 31.6pp61.2%within the sector's middle half▼ 14.6pp2.8%below the sector's middle half▼ 58.3pp64.0%above the sector's middle half▲ 61.2pp
Current ratio1.61-1.83▲ 0.230.97below the sector's middle half▼ 0.861.70within the sector's middle half▲ 0.734.10above the sector's middle half▲ 2.400.92within the sector's middle half▼ 3.180.66below the sector's middle half▼ 0.261.14within the sector's middle half▲ 0.48
Return on assets (ROA)-9.6%--7.8%▲ 1.8pp-62.4%below the sector's middle half▼ 54.6pp36.4%above the sector's middle half▲ 98.8pp15.9%above the sector's middle half▼ 20.5pp5.9%within the sector's middle half▼ 10.0pp-42.9%below the sector's middle half▼ 48.8pp60.9%above the sector's middle half▲ 103.9pp
Staff (FTE)1-1=1.5below the sector's middle half▲ 50.0%1.5below the sector's middle half=1.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €28,303, after a loss of €18,274 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40,723
Fixed assets
€24,060 ▲ 52.8%
Current assets
€16,664 ▼ 40.6%
Equity and liabilities €40,723
Equity
€26,064 ▲ 21×
Debt
€14,659 ▼ 65.6%
Debt's share of the balance-sheet total falls from 97.2% to 36.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€34,974▲
2024 · -€12,899
Cash flow
€31,489▲
2024 · -€13,430
Quick ratio
1.02▲
2024 · 0.61
Debt to equity
0.56▼
2024 · 34.14
ROE
95.2%
Interest coverage
70.67▲
2024 · -34.44
Debt ≤ 1 year
€14,659▼
2024 · €42,558
Income taxes
€2,990▲
2024 · €156
Customer credit
0 days▲
2024 · 0 days
Supplier credit
1 day▼
2024 · 6 days
Staff costs
€39,495▲
2024 · €35,869
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 2 |
| full-time | 2 | 2 |
| in full-time equivalents | 1.5 | 1.5 |
| Average over the year, in full-time equivalents | 1.5 | 1.5 |
| On a permanent contract | 1 | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €26,325 | - | €14,986 |
| Depreciation and write-downs of the year | €1,891 | €1,536 | €5,317 | €5,376 | €6,671 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €2.2m | €1.9m | €1.6m | €2.1m | €2.2m | €2.2m | €2.2m | €2.3m | ▲ 5.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €2.0m | €2.2m | €2.2m | €2.2m | €2.3m | ▲ 2.7% |
| Remuneration, social security and pensions62 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.009m | €0.009m | €0.002m | €0.002m | €0.002m | €0.005m | €0.005m | €0.007m | ▲ 24.1% |
| Gross operating margin9900 | €0.04m | €0.04m | €0.02m | €0.05m | €0.04m | €0.04m | €0.02m | €0.07m | ▲ 224% |
| Operating profit (loss)9901 | -€0.004m | -€0.001m | -€0.03m | €0.01m | €0.007m | €0.006m | -€0.02m | €0.03m | - |
| Financial charges65/66B | - | - | - | €0.001m | €0.002m | €0.001m | €375 | €495 | ▲ 32.1% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.002m | €0.001m | €0.002m | €0.001m | €375 | €495 | ▲ 32.1% |
| Profit (loss) for the period before taxes9903 | -€0.007m | -€0.003m | -€0.02m | €0.01m | €0.005m | €0.004m | -€0.02m | €0.03m | - |
| Income taxes67/77 | €93 | €0.001m | €158 | €158 | €0.002m | €0.002m | €156 | €0.003m | ▲ 19× |
| Profit (loss) for the period9904 | -€0.007m | -€0.004m | -€0.02m | €0.01m | €0.004m | €0.002m | -€0.02m | €0.02m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.007m | -€0.004m | -€0.02m | €0.01m | €0.004m | €0.002m | -€0.02m | €0.02m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €69,395 | €54,946 | €37,325 | €32,609 | €24,036 | €32,926 | €43,804 | €40,723 | ▼ 7.0% |
| Fixed assets21/28 | €11,948 | €3,909 | €3,540 | €1,649 | €113 | €21,120 | €15,745 | €24,060 | ▲ 52.8% |
| Tangible fixed assets22/27 | €11,836 | €3,797 | €3,427 | €1,536 | - | €21,008 | €15,632 | €23,947 | ▲ 53.2% |
| Plant, machinery and equipment23 | - | - | - | €613 | - | €319 | €160 | €3,065 | ▲ 19× |
| Furniture and vehicles24 | - | - | - | €923 | - | €20,689 | €15,473 | €20,882 | ▲ 35.0% |
| Financial fixed assets28 | €113 | €113 | €113 | €113 | €113 | €113 | €113 | €113 | = |
| Current assets29/58 | €57,446 | €51,036 | €33,785 | €30,961 | €23,923 | €11,805 | €28,059 | €16,664 | ▼ 40.6% |
| Stocks and contracts in progress3 | €2,088 | €3,447 | €3,404 | €4,989 | €7,047 | €4,191 | €2,152 | €1,708 | ▼ 20.6% |
| Stocks30/36 | - | - | - | €4,989 | €7,047 | €4,191 | €2,152 | €1,708 | ▼ 20.6% |
| Amounts receivable within one year40/41 | €7,563 | €5,217 | €4,599 | €4,484 | €48 | €355 | €344 | €523 | ▲ 52.2% |
| Other amounts receivable41 | - | - | - | €4,484 | €48 | €355 | €344 | €523 | ▲ 52.2% |
| Cash at bank and in hand54/58 | €47,795 | €42,372 | €25,782 | €21,488 | €16,828 | €7,260 | €25,563 | €14,432 | ▼ 43.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €69,395 | €54,946 | €37,325 | €32,609 | €24,036 | €32,926 | €43,804 | €40,723 | ▼ 7.0% |
| Equity10/15 | €30,099 | €25,795 | €2,498 | €14,376 | €18,203 | €20,142 | €1,246 | €26,064 | ▲ 21× |
| Contributions10/11 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €8,125 | ▲ 30.0% |
| Capital10 | - | - | - | €6,250 | €6,250 | €6,250 | €6,250 | - | - |
| Issued capital100 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | - | - |
| Uncalled capital101 | - | - | - | €12,500 | €12,500 | €12,500 | €12,500 | - | - |
| Reserves13 | €1,875 | €1,875 | €1,875 | €1,875 | €1,875 | €1,875 | €1,875 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | - | - |
| Legal reserve130 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | - | - |
| Profit (loss) carried forward14 | €21,974 | €17,670 | -€5,627 | €6,251 | €10,078 | €12,017 | -€6,879 | €17,939 | - |
| Amounts payable17/49 | €39,296 | €29,150 | €34,827 | €18,233 | €5,833 | €12,784 | €42,558 | €14,659 | ▼ 65.6% |
| Amounts payable after more than one year17 | €3,509 | €1,289 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €35,787 | €27,861 | €34,827 | €18,233 | €5,833 | €12,784 | €42,558 | €14,659 | ▼ 65.6% |
| Trade debts44 | €21,641 | €15,862 | €26,824 | €12,749 | €3,239 | €2,628 | €36,510 | €7,663 | ▼ 79.0% |
| Suppliers440/4 | - | - | - | €12,749 | €3,239 | €2,628 | €36,510 | €7,663 | ▼ 79.0% |
| Taxes, remuneration and social security45 | - | - | - | €4,032 | €2,593 | €6,300 | €3,962 | €6,966 | ▲ 75.8% |
| Taxes450/3 | - | - | - | €2,488 | €2,593 | €4,830 | €3,962 | €5,576 | ▲ 40.7% |
| Remuneration and social security454/9 | - | - | - | €1,544 | - | €1,470 | - | €1,390 | - |
| Other amounts payable47/48 | - | - | - | €1,452 | - | €3,856 | €2,085 | €30 | ▼ 98.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,693 | -€4,303 | -€23,298 | €11,879 | €3,827 | €1,938 | -€18,805 | €24,818 | - |
| + Depreciation and write-downs630 | €8,787 | €8,708 | €2,210 | €1,891 | €1,536 | €5,317 | €5,376 | €6,671 | ▲ 24.1% |
| Operating cash flow (approximation) | €2,094 | €4,404 | -€21,088 | €13,770 | €5,363 | €7,255 | -€13,430 | €31,489 | - |
| Investment in fixed assets (approximation) | - | -€669 | -€1,840 | €0 | €0 | -€26,325 | €0 | -€14,986 | - |
| Change in cash | - | -€5,422 | -€16,590 | -€4,294 | -€4,659 | -€9,569 | €18,304 | -€11,131 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as CEPHIL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CEPHIL itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 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 31,368 companies, not a prediction for CEPHIL. 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.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-09-2026 | 2026-00519953 | |
| 31-12-2024 | micro format | 16-10-2025 | 2025-00544721 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00482370 | |
| 31-12-2022 | full format | 23-08-2023 | 2023-00345702 | |
| 31-12-2021 | full format | 26-08-2022 | 2022-20328979 | |
| 31-12-2020 | full format | 28-01-2022 | 2022-02600167 | |
| 31-12-2019 | full format | 09-11-2020 | 2020-69400528 | |
| 31-12-2018 | full format | 12-11-2019 | 2019-73500337 | |
| 31-12-2017 | full format | 29-10-2018 | 2018-70600382 | |
| 31-12-2016 | full format | 25-09-2017 | 2017-62900123 |