CERDECO
ActiveSummary
CERDECO has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €46,048 and a net result of -€13,323. Equity is shrinking by ~17.6% per year across the filed fiscal years. Its solvency ranks better than 52% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability1▲+1
Solvency74▼-1
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity ample (current ratio 1.93 against 2.12 in 2024; short-term debt: 51.2% and cash: 0% of total assets), but 51.2% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
48.8%
Return on assets
-14.1%
Age of the figures
9 mo
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
1819202122232425
2018 to 2025 · latest year -€13,323
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 d early
2024
15 d early
2023
57 d early
2022
56 d early
2021
45 d early
2020
61 d early
2019
28 d late
← 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 37 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€46,048▼ 22.4%
2024 · €59,371
Total assets
€94,402▼ 20.9%
2024 · €119,345
Net result
-€13,323▲ 44.4%
2024 · -€23,972
Working capital
€44,869▼ 25.7%
2024 · €60,400
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Operating result-€8,553€156,290€19,241▼ 87.7%-€22,373-€12,147▲ 45.7%
Net result-€21,438below the sector's middle half€112,970above the sector's middle half€12,313within the sector's middle half▼ 89.1%-€23,972below the sector's middle half-€13,323below the sector's middle half▲ 44.4%
Equity€144,169above the sector's middle half▼ 12.9%€71,030within the sector's middle half▼ 50.7%€83,344within the sector's middle half▲ 17.3%€59,371within the sector's middle half▼ 28.8%€46,048within the sector's middle half▼ 22.4%
Total assets€413,146above the sector's middle half▼ 24.8%€115,633within the sector's middle half▼ 72.0%€137,352within the sector's middle half▲ 18.8%€119,345within the sector's middle half▼ 13.1%€94,402within the sector's middle half▼ 20.9%
Debt€268,977▼ 30.0%€44,603▼ 83.4%€54,009▲ 21.1%€59,974▲ 11.0%€48,354▼ 19.4%
Working capital-€40,952▼ 79.2%€63,716€76,247▲ 19.7%€60,400▼ 20.8%€44,869▼ 25.7%
Solvency34.9%within the sector's middle half▲ 4.8pp61.4%within the sector's middle half▲ 26.5pp60.7%within the sector's middle half▼ 0.7pp49.7%within the sector's middle half▼ 10.9pp48.8%within the sector's middle half▼ 1.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
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 €12,147 in 2025 against €22,373 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €94,402
Fixed assets
€1,179 ▼ 77.0%
Current assets
€93,223 ▼ 18.4%
Equity and liabilities €94,402
Equity
€46,048 ▼ 22.4%
Debt
€48,354 ▼ 19.4%
Debt's share of the balance-sheet total rises from 50.3% to 51.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€11,564▲
2024 · -€20,401
Cash flow
-€12,740▲
2024 · -€22,000
Current ratio
1.93▼
2024 · 2.12
Debt to equity
1.05▲
2024 · 1.01
ROE
-28.9%▲
2024 · -40.4%
ROA
-14.1%▲
2024 · -20.1%
Interest coverage
-3.24▲
2024 · -4.98
Debt ≤ 1 year
€48,354▼
2024 · €53,822
Debt > 1 year
€0▼
2024 · €6,153
Income taxes
€301▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,815 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.9%
went bankrupt
9.9%
stopped otherwise
88%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 4,815 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €195,043 | €0 | - | €7,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,008 | €3,646 | €1,830 | €1,972 | €583 | ▼ 70.4% |
| Other operating charges640/8 | €2,413 | €2,992 | €1,500 | €1,631 | €3,283 | ▲ 101% |
| Gross operating margin9900 | €19,868 | €162,928 | €22,570 | -€18,770 | -€8,281 | ▲ 55.9% |
| Operating profit (loss)9901 | -€8,553 | €156,290 | €19,241 | -€22,373 | -€12,147 | ▲ 45.7% |
| Financial income75/76B | - | €95 | €92 | €2,501 | €2,691 | ▲ 7.6% |
| Recurring financial income75 | - | €95 | €92 | €2,501 | €2,691 | ▲ 7.6% |
| Financial charges65/66B | €12,885 | €6,346 | €372 | €4,100 | €3,566 | ▼ 13.0% |
| Recurring financial charges65 | €12,885 | €6,346 | €372 | €4,100 | €3,566 | ▼ 13.0% |
| Profit (loss) for the period before taxes9903 | -€21,438 | €150,038 | €18,961 | -€23,972 | -€13,022 | ▲ 45.7% |
| Income taxes67/77 | - | €37,068 | €6,648 | €0 | €301 | - |
| Profit (loss) for the period9904 | -€21,438 | €112,970 | €12,313 | -€23,972 | -€13,323 | ▲ 44.4% |
| Profit (loss) for the period to be appropriated9905 | -€21,438 | €112,970 | €12,313 | -€23,972 | -€13,323 | ▲ 44.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €413,146 | €115,633 | €137,352 | €119,345 | €94,402 | ▼ 20.9% |
| Fixed assets21/28 | €392,937 | €7,314 | €7,096 | €5,124 | €1,179 | ▼ 77.0% |
| Tangible fixed assets22/27 | €392,937 | €7,314 | €7,096 | €5,124 | €1,179 | ▼ 77.0% |
| Land and buildings22 | €388,205 | €578 | €461 | - | - | - |
| Plant, machinery and equipment23 | €2,409 | €5,110 | €4,752 | €3,362 | €0 | ▼ 100% |
| Furniture and vehicles24 | €2,323 | €1,626 | €1,884 | €1,762 | €1,179 | ▼ 33.1% |
| Current assets29/58 | €20,209 | €108,319 | €130,256 | €114,221 | €93,223 | ▼ 18.4% |
| Amounts receivable after more than one year29 | - | €83,880 | €83,351 | €85,852 | €88,390 | ▲ 3.0% |
| Other amounts receivable291 | - | €83,880 | €83,351 | €85,852 | €88,390 | ▲ 3.0% |
| Stocks and contracts in progress3 | €3,000 | €10,000 | €15,000 | €1,000 | €0 | ▼ 100% |
| Stocks30/36 | - | €10,000 | €15,000 | €1,000 | €0 | ▼ 100% |
| Contracts in progress37 | €3,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €14,341 | €4,546 | €25,977 | €27,348 | €4,670 | ▼ 82.9% |
| Trade receivables40 | €552 | €2,537 | €24,408 | €27,319 | €4,570 | ▼ 83.3% |
| Other amounts receivable41 | €13,789 | €2,009 | €1,569 | €29 | €100 | ▲ 244% |
| Cash at bank and in hand54/58 | - | €9,600 | €5,928 | €0 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | €2,868 | €294 | €0 | €21 | €164 | ▲ 698% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €413,146 | €115,633 | €137,352 | €119,345 | €94,402 | ▼ 20.9% |
| Equity10/15 | €144,169 | €71,030 | €83,344 | €59,371 | €46,048 | ▼ 22.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Revaluation surpluses12 | €186,109 | - | - | - | - | - |
| Reserves13 | €9,551 | €52,430 | €64,744 | €64,744 | €64,744 | = |
| Non-distributable reserves130/1 | €478 | €478 | €0 | - | - | - |
| Reserves not available under the articles1311 | €478 | €478 | €0 | - | - | - |
| Distributable reserves133 | €9,074 | €51,953 | €64,744 | €64,744 | €64,744 | = |
| Profit (loss) carried forward14 | -€70,091 | - | - | -€23,972 | -€37,295 | ▼ 55.6% |
| Amounts payable17/49 | €268,977 | €44,603 | €54,009 | €59,974 | €48,354 | ▼ 19.4% |
| Amounts payable after more than one year17 | €207,817 | - | - | €6,153 | €0 | ▼ 100% |
| Financial debts170/4 | €207,817 | - | - | €6,153 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €61,160 | €44,603 | €54,009 | €53,822 | €48,354 | ▼ 10.2% |
| Current portion of amounts payable after more than one year42 | €44,648 | - | - | €24,220 | €6,153 | ▼ 74.6% |
| Financial debts43 | €2,143 | - | - | €84 | €1,790 | ▲ 2,030% |
| Credit institutions430/8 | €2,143 | - | - | €84 | €1,790 | ▲ 2,030% |
| Trade debts44 | €9,291 | €6,461 | €6,620 | €18,975 | €12,658 | ▼ 33.3% |
| Suppliers440/4 | €9,291 | €6,461 | €6,620 | €18,975 | €12,658 | ▼ 33.3% |
| Advances received on contracts in progress46 | €3,003 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €2,076 | €38,142 | €44,459 | €9,422 | €16,167 | ▲ 71.6% |
| Taxes450/3 | €2,076 | €38,142 | €44,459 | €9,422 | €16,167 | ▲ 71.6% |
| Other amounts payable47/48 | - | - | €2,930 | €1,121 | €11,586 | ▲ 934% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,438 | €112,970 | €12,313 | -€23,972 | -€13,323 | ▲ 44.4% |
| + Depreciation and write-downs630 | €26,008 | €3,646 | €1,830 | €1,972 | €583 | ▼ 70.4% |
| Operating cash flow (approximation) | €4,570 | €116,616 | €14,143 | -€22,000 | -€12,740 | ▲ 42.1% |
| Investment in fixed assets (approximation) | - | €381,977 | -€1,612 | €0 | €3,362 | - |
| Change in cash | - | - | -€3,672 | -€5,927 | -€0 | ▲ 100.0% |
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
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€23,972
Net result drops to -€23,972, the lowest in the series; recovery starts the following year.
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €112,970
Net result €112,970 after one loss-making year.
31-12
Financial
Liquidity times 7current ratio 2.43
Current ratio from 0.33 to 2.43; short-term debt falls from €61,160 to €44,603.
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €36,308
Net result €36,308 after one loss-making year.
31-12
Financial
Equity above €150,000Eq €165,607 ▲28.1%
Equity rises from €129,299 to €165,607.
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
Show earlier events
2019
31-12
Financial
Equity above €100,000Eq €129,299
Equity rises from -€36,144 to €129,299.
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
12-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-05
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 5 acts read
About the unread acts
We know of 5 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
5 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, Aarschot · 1 establishment unit since 2008
Ground area
1,044 m²
Building footprint
672 m²
Volume, LiDAR
3,576 m³
Parcel 24001B0134/00M000, Flanders · tallest building 11.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Cerdeco
since 20082.170.531.782
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24001B0134/00M000 | Flanders | 1,044 m² | 1 · 672 m² | 11.4 m · 2 fl. |
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 22,831 companies in sector 43211 we hold annual accounts for 10,329. 8,503 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
Founded21-12-2007
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
43341Painting of buildings
43990Other specialised construction activities
Contact
Phone
0495/23 49 65Aarschot
E-invoicing
Reachable via Peppol
Peppol ID
0208:0894417796
Also
9925:BE0894417796
Registered
13-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.