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CERES

Active
Public limited companyfounded 1989active for 36 yearsVilvoordselaan 300, 1130 Brussel, BelgiumKBO/BCE: BE 0438.953.506
Summary

The computed 12-month bankruptcy probability of CERES is 1.8% (moderate). The 2025 annual accounts show equity of €6.5m and a net result of -€13.2m. Its solvency ranks better than 23% of 777 sector peers (NACE 10, financial year 2025). The company has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals.

Overview

Activity
Manufacture of food products
NACE 10610
5th largest company by total assets in the Brussels-Capital Region, Food products sector1 site
Size
€118.8mturnover 2025
Staff
66.1 FTE
Equity
€6.5m
Loss
-€13.2m
Financial health
52 Fair Checked score 2025
Bankruptcy probabilitywithin 12 months
1.8%
Structure
Parent
BINDEWALD & GUTTING VERWALTUNGS -GMBH
Auditor: Ernst et Young Reviseurs d'EntreprisesAccounts 25 days early22 of 23 deeds read
Why 52raises riskLoss of €13.2m, the second in a row (financial year 2025)Equity €6.5m (18.1% of total assets)Sector: Manufacture of food products (NACE 10)2 of the last 3 lateShow the evidence

Checked score

Score 2025
52 / 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 11% of its sector peers (NACE 10, medium-sized)
Financial strength
Weak
Solvency 43
equity 18.1% of total assets
Liquidity 17
short-term debt 76.8% · cash 7.2%
Profitability 0
return on assets -36.6%
Bankruptcy probability, 12 months
1.8% Moderate
0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (225 companies, NACE 10, medium-sized)
Last 24 months 11-2024: 6.2% 12-2024: 6.2%● unchanged vs 11-2024 01-2025: 6.2%● unchanged vs 12-2024 02-2025: 7.1%▲ +0.9 percentage points vs 01-2025highest value 03-2025: 7.1%● unchanged vs 02-2025highest value 04-2025: 7.1%● unchanged vs 03-2025highest value 05-2025: 7.1%● unchanged vs 04-2025highest value 06-2025: 7.1%● unchanged vs 05-2025highest value 07-2025: 7.1%● unchanged vs 06-2025highest value 08-2025: 7.1%● unchanged vs 07-2025highest value 09-2025: 7.1%● unchanged vs 08-2025highest value 10-2025: 7.1%● unchanged vs 09-2025highest value 11-2025: 7.1%● unchanged vs 10-2025highest value 12-2025: 7.1%● unchanged vs 11-2025highest value 01-2026: 6.3%▼ -0.8 percentage points vs 12-2025 02-2026: 6.9%▲ +0.6 percentage points vs 01-2026 03-2026: 6.9%● unchanged vs 02-2026 04-2026: 6.9%● unchanged vs 03-2026 05-2026: 6.9%● unchanged vs 04-2026 06-2026: 6.9%● unchanged vs 05-2026 07-2026: 6.9%● unchanged vs 06-2026 08-2026: 1.8%▼ -5.1 percentage points vs 07-2026lowest value 09-2026: 1.8%● unchanged vs 08-2026lowest value 10-2026: 1.8%● unchanged vs 09-2026lowest value
Credit of up to €330,000 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.76, compared with 0.74 in 2022, below 1; short-term debt: 76.8% and cash: 7.2% of total assets), and 81.9% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 10, medium-sized): better than 20% on solvency, 11% on liquidity and 3% on profitability.

The bankruptcy probability was computed on 13-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
raises riskneutral
raises risk · Loss of €13.2m, the second in a row (financial year 2025)
NBB · annual accounts
raises risk · Equity €6.5m (18.1% of total assets)
NBB · annual accounts
raises risk · Sector: Manufacture of food products (NACE 10)
KBO
raises risk · 2 of the last 3 late
NBB · filings
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 777 sector peers (2025).
NBB · sector comparison
Position among 777 sector peers
Solvency
better than 23%
← weakest strongest →
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
25 days early
2024
139 days late
2023
107 days late
2022
106 days late
2021
12 days early
2020
60 days early
2019
17 days 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 34 days after the deadline; the sector median (NACE 10) for financial year 2024 is 5 days before the deadline, and 38% of those companies filed late.

Searched, nothing found (1)
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Capital & shares · Amendment of…Capital contribution · Power of…
  3. Appointment: Michael Gutting (director)Power of attorney

Key points

  • Caution: Among the weakest 5% on net resultsector median €137,468 · 780 companies -€13.2m View
  • Controlled by BINDEWALD & GUTTING VERWALTUNGS… parent View
  • Active since 1989founded 20-11-1989 36 years View

By topic

Financials

Financial year
2025
Turnover
€118.8m
Loss
-€13.2m
Solvency
18.1%
Turnover▲ 32.4%
Net result
20222025
Go to Financials

Board & ownership

Board
3 members
Parent
BINDEWALD & GUTTING VERWALTUNGS…
Auditor
Ernst et Young Reviseurs…
  • GUILLOTTEAU BertrandDirector
  • BINDEWALD Martin RainerDirector
  • Michael GuttingDirector
Go to Board & ownership

Timeline

Events
59
Since
1990
  1. 19-06-2025Annual accounts filed
  2. 02-05-2025Reappointment: BINDEWALD Martin Rainer (administrateur unique non…
  3. 14-11-2024Resignation: Bertrand Guilloteau (sole director)
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Manufacture of food productsNACE 10610
Founded
20-11-1989
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
1
Purpose
“L'achat, la vente, la cession, l'échange et la gestion de toutes valeurs mobilières... la…” (deed in French)
Go to Articles of association

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