CERDO
ActiveSummary
CERDO has been active since 1993 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €589,883 and a net result of €13,146, of which €15,337 non-recurring income. Equity has been growing by about 7.4% per year since 2019. Its solvency ranks better than 35% of 9,895 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 30-07-1993 Normal situation
- Activity
- Insulation installation NACE 43230and 2 others
- Joint committee
- 124 Paritair Comité voor het bouwbedrijf · annual accounts 30-06-2025
- Establishment unit
- 2.063.315.011 8820 Torhout, since 25-08-1993
- Financial year end
- 30 June
- Peppol
- Reachable since 19-11-2025
Board and ownership
- TORVARKODirector · since 01-06-2016 · permanent representative Pauwels Leen
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- €349,551
- ▲ 21.0%
- Turnover
- ≈ €920,000
- estimated
- Profit
- €13,146
- ▲ 12×
- Equity
- €589,883
- ▼ 19.4%
- Total assets
- €1.9m
- ▲ 3.8%
- Employees on 30-06-2025
- 1
- =
Score breakdownraises riskSector: Specialised construction activities (NACE 43)Liquidity: current ratio 1.14, cash €9,250lowers riskFounded in 1993Size: 1.7 FTE, total assets €1.9mShow the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 43, micro). It does better than 34% of them on solvency, 19% on liquidity, 37% on profitability and 18% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 3 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-01-2026 PDF all 32 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 26% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 |
| full-time | 2 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 2 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 2 | 1 | 1 | 1.7 |
| On a permanent contract | 2 | 1 | 1 | 1 |
| Joined | 0 | 2 | - | 19 |
| Left | 0 | 2 | - | 19 |
| Training hours | 0 | 8 | 8 | 16 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €689,589 | €633,322 | €612,734 |
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 | €27,500 |
| Mortgage mandates | €455,500 | €455,500 | €455,500 | €455,500 |
| Carrying value of the mortgaged assets | €485,971 | €977,694 | €419,272 | €385,923 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €244,193 | €410,604 | €134,228 | €149,482 |
| Intangible fixed assets | €2,950 | - | - | - |
| Depreciation and write-downs of the year | €76,417 | €115,613 | €112,658 | €131,399 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €432 awarded · €432 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €198 | €198 |
| 2022 | 1 | €234 | €234 |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €15,337 | - |
| Remuneration, social security and pensions62 | - | - | - | €72,122 | €48,662 | €55,765 | €111,956 | ▲ 101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €79,187 | €73,695 | €59,531 | €76,417 | €115,613 | €112,658 | €131,399 | ▲ 16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €51,239 | - |
| Other operating charges640/8 | - | - | - | €3,519 | €12,874 | €8,195 | €9,148 | ▲ 11.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €50,436 | €0 | ▼ 100% |
| Gross operating margin9900 | €209,947 | €209,239 | €287,170 | €248,239 | €304,555 | €288,882 | €349,551 | ▲ 21.0% |
| Operating profit (loss)9901 | €21,212 | €31,547 | €149,951 | €96,181 | €127,405 | €61,828 | €45,809 | ▼ 25.9% |
| Financial income75/76B | - | - | - | €13 | €6 | €295 | €491 | ▲ 66.6% |
| Recurring financial income75 | €8,028 | €534 | €113 | €13 | €6 | €295 | €491 | ▲ 66.6% |
| Financial charges65/66B | - | - | - | €13,070 | €17,595 | €23,127 | €23,970 | ▲ 3.6% |
| Recurring financial charges65 | €7,040 | €13,148 | €21,714 | €13,070 | €17,595 | €23,127 | €23,970 | ▲ 3.6% |
| Profit (loss) for the period before taxes9903 | €22,200 | €18,933 | €128,351 | €83,123 | €109,816 | €38,996 | €22,330 | ▼ 42.7% |
| Income taxes67/77 | €2,309 | €2,233 | €36,510 | €10,164 | €10,338 | €37,915 | €9,184 | ▼ 75.8% |
| Profit (loss) for the period9904 | €19,891 | €16,700 | €91,841 | €72,959 | €99,478 | €1,081 | €13,146 | ▲ 12× |
| Profit (loss) for the period to be appropriated9905 | €19,891 | €16,700 | €91,841 | €72,959 | €99,478 | €1,081 | €13,146 | ▲ 12× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.3m | €1.4m | €1.5m | €1.5m | €2.0m | €1.8m | €1.9m | ▲ 3.8% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.8m | €1.1m | €0.9m | €1.0m | ▲ 3.6% |
| Intangible fixed assets21 | - | - | - | €0.003m | €0.002m | €0.002m | €0.001m | ▼ 37.0% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.8m | €1.1m | €0.9m | €1.0m | ▲ 3.7% |
| Land and buildings22 | - | - | - | €0.05m | €0.05m | €0.03m | €0.04m | ▲ 43.9% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.03m | €0.04m | €0.09m | ▲ 114% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.5m | €0.4m | €0.4m | ▲ 1.0% |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 8.0% |
| Assets under construction and advance payments27 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.7m | €0.7m | €0.9m | €0.7m | €0.9m | €0.9m | €0.9m | ▲ 4.0% |
| Stocks and contracts in progress3 | €0.07m | €0.02m | €0.08m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 7.0% |
| Stocks30/36 | - | - | - | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 7.0% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.7m | €0.6m | €0.8m | €0.7m | €0.8m | ▲ 2.8% |
| Trade receivables40 | - | - | - | €0.4m | €0.6m | €0.5m | €0.5m | ▲ 1.7% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 5.6% |
| Cash at bank and in hand54/58 | €0.05m | €0.02m | €0.02m | €0.02m | €96 | €0.004m | €0.009m | ▲ 141% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 3.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.3m | €1.4m | €1.5m | €1.5m | €2.0m | €1.8m | €1.9m | ▲ 3.8% |
| Equity10/15 | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.6m | ▼ 19.4% |
| Contributions10/11 | €0.006m | €0 | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.6m | ▼ 19.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.7m | €0.7m | €0.6m | ▼ 19.6% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - | €0 | - |
| Amounts payable17/49 | €0.8m | €0.8m | €0.8m | €0.9m | €1.2m | €1.1m | €1.3m | ▲ 19.9% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 4.0% |
| Financial debts170/4 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 4.0% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.5m | €0.5m | €0.7m | €0.6m | €0.8m | ▲ 40.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 0.7% |
| Financial debts43 | - | - | - | - | €0.01m | €0.01m | €0.009m | ▼ 24.2% |
| Credit institutions430/8 | - | - | - | - | €0.01m | €0.01m | €0.009m | ▼ 24.2% |
| Trade debts44 | €0.4m | €0.4m | €0.4m | €0.3m | €0.5m | €0.4m | €0.3m | ▼ 8.6% |
| Suppliers440/4 | - | - | - | €0.3m | €0.5m | €0.4m | €0.3m | ▼ 8.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.06m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.02m | €0.02m | ▼ 25.4% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.02m | €0.01m | ▼ 34.2% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.01m | €0.007m | €0.007m | ▼ 2.8% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.008m | €0.003m | €0.2m | ▲ 67× |
| Accrued charges and deferred income492/3 | - | - | - | €13 | €14 | €0 | €0.002m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,891 | €16,700 | €91,841 | €72,959 | €99,478 | €1,081 | €13,146 | ▲ 12× |
| + Depreciation and write-downs630 | €79,187 | €73,695 | €59,531 | €76,417 | €115,613 | €112,658 | €131,399 | ▲ 16.6% |
| Operating cash flow (approximation) | €99,079 | €90,395 | €151,371 | €149,377 | €215,091 | €113,739 | €144,545 | ▲ 27.1% |
| Investment in fixed assets (approximation) | - | -€126,098 | -€9,932 | -€247,143 | -€410,088 | €26,161 | -€164,819 | - |
| Change in cash | - | -€27,788 | €4,514 | €713 | -€22,354 | €3,748 | €5,406 | ▲ 44.3% |
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, 17,041 companies had the same profile as CERDO has now. Two years later, 0.5% had gone bankrupt and 94.3% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CERDO itself: 0.4% 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 17,041 companies, not a prediction for CERDO. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 29-01-2026 | 2026-00019951 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00026074 | |
| 30-06-2023 | abbreviated format | 31-01-2024 | 2024-00026182 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00012762 | |
| 30-06-2021 | abbreviated format | 28-01-2022 | 2022-04200437 | |
| 30-06-2020 | abbreviated format | 01-02-2021 | 2021-03900375 | |
| 30-06-2019 | abbreviated format | 15-01-2020 | 2020-01300098 | |
| 30-06-2018 | abbreviated format | 16-01-2019 | 2019-01400096 | |
| 30-06-2017 | abbreviated format | 11-01-2018 | 2018-01000185 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01600178 |
Board & ownership
Directors
Board 1
Permanent representatives 1
Owners and capital
Capital transactions
- 04-12-2023 Capital stated in the deed · 750 shares
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| TORVARKO |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Benoembaar bij ontstentenis oudste aanwezige, tenminste helft tegenwoordig of vertegenwoordigd”
Capital, shares and profit
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Bestaande aandeelhouders, 15”
Audit, dissolution and liquidation
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Ontbinding om welke reden en op welk ogenblik ook, een of meerdere vereffenaars aanduiden,bevoegdheden omlijnen en vergoeding bepalen”
Articles of association, deed of 04-12-2023 (in Dutch)
Network & group
CERDO shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of CERDO. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
04-12
Gazette deed
Resignation: TORVARKO (director)Reappointment: TORVARKO (director) · Permanent representative: Pauwels Leen · Amendment of the articles9 points ▸
- General meeting, 30-10-2023
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, EUR, “TWEEDE BESLUIT” (deed in Dutch)
- Capital
- Director resignation, TORVARKO (director)
- Director reappointment, TORVARKO (director (not named in the articles))
- Permanent representative, Pauwels Leen
- Other provision, “kwijting ontslagnemende zaakvoerder/bestuurder, uitoefening van haar mandaat” (deed in Dutch)
- Registered office clause, “Torhout,Kortemarkstraat 209, ZESDE BESLUIT” (deed in Dutch)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0450.656.654
Financial year and general meeting
Accounts at the NBBRecognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 31523H0679/00X000 | Flanders | 1.2 ha | 1 · 131 m² | 7.3 m · 2 |