CERIUS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 24 filings
Turnover
≈ €100,000
Estimated: probably between €78,000 and €130,000
Total assets
€386,821▼ 9.6%
2024 · €428,121
Net result
€13,499▼ 78.8%
2024 · €63,776
Working capital
€363,624▼ 5.6%
2024 · €385,397
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,518
▼ 77.1%
2025
20182025
Net result
€13,499
▼ 78.8%
2025
middle half of the sector
20182025
Equity
€376,910
▼ 8.6%
2025
highest quarter of the sector
20182025
Total assets
€386,821
▼ 9.6%
2025
middle half of the sector
20182025
Debt
€9,911
▼ 36.4%
2025
20182025
Working capital
€363,624
▼ 5.6%
2025
highest quarter of the sector
20182025
Solvency
97.4%
▲ 1.1pp
2025
highest quarter of the sector
20182025
Current ratio
37.69
▲ 11.93
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.5%
▼ 11.4pp
2025
middle half of the sector
20182025
Staff (FTE)
1
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€74,080-€68,258▼ 7.9%€81,764▲ 19.8%€100,513▲ 22.9%€94,582▼ 5.9%€91,567▼ 3.2%€85,400▼ 6.7%€19,518▼ 77.1%
Net result€52,732-€49,135▼ 6.8%€59,791above the sector's middle half▲ 21.7%€74,180above the sector's middle half▲ 24.1%€70,248above the sector's middle half▼ 5.3%€66,866above the sector's middle half▼ 4.8%€63,776within the sector's middle half▼ 4.6%€13,499within the sector's middle half▼ 78.8%
Equity€194,946-€244,081▲ 25.2%€303,872above the sector's middle half▲ 24.5%€307,740above the sector's middle half▲ 1.3%€347,988above the sector's middle half▲ 13.1%€400,770above the sector's middle half▲ 15.2%€412,546above the sector's middle half▲ 2.9%€376,910above the sector's middle half▼ 8.6%
Total assets€210,155-€267,228▲ 27.2%€323,684within the sector's middle half▲ 21.1%€329,393within the sector's middle half▲ 1.8%€392,605within the sector's middle half▲ 19.2%€428,278within the sector's middle half▲ 9.1%€428,121within the sector's middle half=€386,821within the sector's middle half▼ 9.6%
Debt€15,209-€23,147▲ 52.2%€19,812▼ 14.4%€21,653▲ 9.3%€44,617▲ 106%€27,508▼ 38.3%€15,575▼ 43.4%€9,911▼ 36.4%
Working capital€161,334-€221,821▲ 37.5%€292,969above the sector's middle half▲ 32.1%€303,271above the sector's middle half▲ 3.5%€284,869above the sector's middle half▼ 6.1%€356,847above the sector's middle half▲ 25.3%€385,397above the sector's middle half▲ 8.0%€363,624above the sector's middle half▼ 5.6%
Solvency92.8%-91.3%▼ 1.4pp93.9%above the sector's middle half▲ 2.5pp93.4%above the sector's middle half▼ 0.5pp88.6%above the sector's middle half▼ 4.8pp93.6%above the sector's middle half▲ 4.9pp96.4%above the sector's middle half▲ 2.8pp97.4%above the sector's middle half▲ 1.1pp
Current ratio11.61-10.58▼ 1.0315.79above the sector's middle half▲ 5.2015.63above the sector's middle half▼ 0.157.39above the sector's middle half▼ 8.2513.98above the sector's middle half▲ 6.5925.76above the sector's middle half▲ 11.7837.69above the sector's middle half▲ 11.93
Return on assets (ROA)25.1%-18.4%▼ 6.7pp18.5%within the sector's middle half▲ 0.1pp22.5%within the sector's middle half▲ 4.0pp17.9%within the sector's middle half▼ 4.6pp15.6%within the sector's middle half▼ 2.3pp14.9%within the sector's middle half▼ 0.7pp3.5%within the sector's middle half▼ 11.4pp
Staff (FTE)1
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 77% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €386,821
Fixed assets
€13,286 ▼ 51.1%
Current assets
€373,535 ▼ 6.8%
Equity and liabilities €386,821
Equity
€376,910 ▼ 8.6%
Debt
€9,911 ▼ 36.4%
Debt's share of the balance-sheet total falls from 3.6% to 2.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,389▼
2024 · €104,905
Cash flow
€27,370▼
2024 · €83,282
Debt to equity
0.03▼
2024 · 0.04
ROE
3.6%▼
2024 · 15.5%
Interest coverage
over 100▲
2024 · -195.09
Debt ≤ 1 year
€9,911▼
2024 · €15,567
Income taxes
€7,847▼
2024 · €26,440
Staff costs
€16,176▲
2024 · €14,729
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.3 |
| Average over the year, in full-time equivalents | 0.4 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,474 | €51,062 | - | €1,032 | - |
| Intangible fixed assets | - | €23,239 | - | €1,700 | - |
| Depreciation and write-downs of the year | €74 | €16,573 | €19,197 | €19,506 | €13,871 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €9,743 | €9,654 | €13,516 | €14,729 | €16,176 | ▲ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,356 | €11,356 | €11,356 | €74 | €16,573 | €19,197 | €19,506 | €13,871 | ▼ 28.9% |
| Other operating charges640/8 | - | - | - | €1,256 | €2,374 | €2,392 | €1,371 | €1,262 | ▼ 7.9% |
| Non-recurring operating charges66A | - | - | - | €903 | €0 | - | - | - | - |
| Gross operating margin9900 | €86,632 | €80,733 | €98,801 | €112,490 | €123,183 | €126,672 | €121,005 | €50,827 | ▼ 58.0% |
| Operating profit (loss)9901 | €74,080 | €68,258 | €81,764 | €100,513 | €94,582 | €91,567 | €85,400 | €19,518 | ▼ 77.1% |
| Financial income75/76B | - | - | - | €2,471 | €2,661 | €2,874 | €4,278 | €1,962 | ▼ 54.1% |
| Recurring financial income75 | €613 | €1,461 | €2,629 | €2,471 | €2,661 | €2,874 | €4,278 | €1,962 | ▼ 54.1% |
| Financial charges65/66B | - | - | - | €90 | €115 | -€35 | -€538 | €134 | - |
| Recurring financial charges65 | €123 | €116 | €120 | €90 | €115 | -€35 | -€538 | €134 | - |
| Profit (loss) for the period before taxes9903 | €74,570 | €69,603 | €84,273 | €102,894 | €97,128 | €94,476 | €90,215 | €21,346 | ▼ 76.3% |
| Income taxes67/77 | €21,838 | €20,469 | €24,482 | €28,714 | €26,880 | €27,610 | €26,440 | €7,847 | ▼ 70.3% |
| Profit (loss) for the period9904 | €52,732 | €49,135 | €59,791 | €74,180 | €70,248 | €66,866 | €63,776 | €13,499 | ▼ 78.8% |
| Profit (loss) for the period to be appropriated9905 | €52,732 | €49,135 | €59,791 | €74,180 | €70,248 | €66,866 | €63,776 | €13,499 | ▼ 78.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €210,155 | €267,228 | €323,684 | €329,393 | €392,605 | €428,278 | €428,121 | €386,821 | ▼ 9.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €33,615 | €22,259 | €10,903 | €5,399 | €63,127 | €43,931 | €27,157 | €13,286 | ▼ 51.1% |
| Intangible fixed assets21 | €0 | - | - | - | €17,361 | €9,615 | €3,381 | €946 | ▼ 72.0% |
| Tangible fixed assets22/27 | €33,615 | €22,259 | €10,903 | €5,399 | €45,766 | €34,316 | €23,776 | €12,340 | ▼ 48.1% |
| Plant, machinery and equipment23 | - | - | - | €5,399 | €4,161 | €2,924 | €2,596 | €1,372 | ▼ 47.1% |
| Furniture and vehicles24 | - | - | - | €0 | €41,605 | €31,393 | €21,180 | €10,968 | ▼ 48.2% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €176,540 | €244,969 | €312,781 | €323,993 | €329,478 | €384,347 | €400,964 | €373,535 | ▼ 6.8% |
| Amounts receivable after more than one year29 | - | - | - | €188,000 | €203,000 | €214,500 | €171,000 | €125,000 | ▼ 26.9% |
| Other amounts receivable291 | - | - | - | €188,000 | €203,000 | €214,500 | €171,000 | €125,000 | ▼ 26.9% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €14,934 | €19,606 | €12,971 | €17,289 | €16,529 | €21,127 | €16,583 | €33,610 | ▲ 103% |
| Trade receivables40 | - | - | - | €16,800 | €13,042 | €21,127 | €15,710 | €13,104 | ▼ 16.6% |
| Other amounts receivable41 | - | - | - | €489 | €3,487 | €0 | €873 | €20,506 | ▲ 23× |
| Current investments50/53 | €0 | - | - | - | - | - | €176,579 | €176,579 | = |
| Cash at bank and in hand54/58 | €141,148 | €75,848 | €114,751 | €117,997 | €109,574 | €148,532 | €36,604 | €38,008 | ▲ 3.8% |
| Deferred charges and accrued income490/1 | - | - | - | €707 | €375 | €188 | €198 | €339 | ▲ 71.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €210,155 | €267,228 | €323,684 | €329,393 | €392,605 | €428,278 | €428,121 | €386,821 | ▼ 9.6% |
| Equity10/15 | €194,946 | €244,081 | €303,872 | €307,740 | €347,988 | €400,770 | €412,546 | €376,910 | ▼ 8.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €176,346 | €225,481 | €285,272 | €289,140 | €329,388 | €382,170 | €393,946 | €358,310 | ▼ 9.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €287,280 | €327,528 | €382,170 | €393,946 | €358,310 | ▼ 9.0% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | €0 | €0 | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €15,209 | €23,147 | €19,812 | €21,653 | €44,617 | €27,508 | €15,575 | €9,911 | ▼ 36.4% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €15,206 | €23,147 | €19,812 | €20,723 | €44,609 | €27,500 | €15,567 | €9,911 | ▼ 36.3% |
| Trade debts44 | €144 | €3,603 | €2,589 | €1,155 | €3,279 | €522 | €4,307 | €2,791 | ▼ 35.2% |
| Suppliers440/4 | - | - | - | €1,155 | €3,279 | €522 | €4,307 | €2,791 | ▼ 35.2% |
| Taxes, remuneration and social security45 | - | - | - | €7,337 | €11,330 | €8,367 | €11,259 | €7,120 | ▼ 36.8% |
| Taxes450/3 | - | - | - | €5,842 | €9,749 | €6,795 | €9,077 | €5,273 | ▼ 41.9% |
| Remuneration and social security454/9 | - | - | - | €1,495 | €1,582 | €1,571 | €2,183 | €1,847 | ▼ 15.4% |
| Other amounts payable47/48 | - | - | - | €12,231 | €30,000 | €18,612 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €930 | €8 | €8 | €8 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,732 | €49,135 | €59,791 | €74,180 | €70,248 | €66,866 | €63,776 | €13,499 | ▼ 78.8% |
| + Depreciation and write-downs630 | €11,356 | €11,356 | €11,356 | €74 | €16,573 | €19,197 | €19,506 | €13,871 | ▼ 28.9% |
| Operating cash flow (approximation) | €64,088 | €60,491 | €71,147 | €74,255 | €86,821 | €86,063 | €83,282 | €27,370 | ▼ 67.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €5,430 | -€74,301 | €0 | -€2,732 | €0 | - |
| Change in cash | - | -€65,300 | €38,903 | €3,246 | -€8,423 | €38,958 | -€111,928 | €1,404 | - |
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 CERIUS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CERIUS itself: < 0.1% 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 CERIUS. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00165915 | |
| 31-12-2024 | micro format | 05-06-2025 | 2025-00120087 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00129203 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00108202 | |
| 31-12-2021 | micro format | 30-05-2022 | 2022-20036588 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22100142 | |
| 31-12-2019 | micro format | 19-05-2020 | 2020-12400106 | |
| 31-12-2018 | micro format | 17-05-2019 | 2019-13300009 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-34400421 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-19900264 |