CERTIFER BELGORAIL
ActiveCERTIFER BELGORAIL has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.26M and a net result of €1.92M. Equity is growing by ~19.2% per year across the filed fiscal years. Its solvency ranks better than 78% of 726 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
84
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability82▲+2
Solvency96▲+5
Growth79▲+2
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €850k at 30 days acceptable
Liquidity ample (current ratio 2.48 against 2.49 in 2024; short-term debt: 27.1% and cash: 13.9% of total assets), and 29% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Sector 71
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
71%
Return on assets
13.3%
Age of the figures
9 mo
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
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 07-04-2026, 115 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
115 d early
2024
120 d early
2023
114 d early
2022
111 d early
2021
129 d early
2020
129 d early
2019
121 d early
← before the deadline
after the deadline →
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
19-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€18.88M▲ 25.5%
2024 · €15.04M
2018: €7.21M
2021: €9.62M
2022: €9.99M
2023: €14.78M
2024: €15.04M
2018 → 2025
EBIT margin
13.2%▼ 0.2pp
2024 · 13.4%
2018: 9.9%
2021: 12.1%
2022: 10.8%
2023: 10.4%
2024: 13.4%
2018 → 2025
Net result
€1.92M▲ 36.2%
2024 · €1.41M
2018: €455k
2019: €536k
2020: €922k
2021: €794k
2022: €663k
2023: €1.12M
2024: €1.41M
2018 → 2025
Working capital
€5.78M▲ 19.9%
2024 · €4.82M
2018: €2.74M
2019: €3.25M
2020: €4.16M
2021: €3.64M
2022: €2.94M
2023: €3.55M
2024: €4.82M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€9.62M-€9.99M▲ 3.8%€14.78M▲ 47.9%€15.04M▲ 1.8%€18.88M▲ 25.5%
Equity€5.15M-€5.81M▲ 12.9%€6.94M▲ 19.3%€8.34M▲ 20.3%€10.26M▲ 23.0%
Operating result€1.16M-€1.08M▼ 7.5%€1.53M▲ 42.2%€2.01M▲ 31.3%€2.48M▲ 23.6%
Net result€794k-€663k▼ 16.5%€1.12M▲ 69.5%€1.41M▲ 25.2%€1.92M▲ 36.2%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 24% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.45M
Fixed assets
€4.74M▲ 3.7%
Current assets
€9.70M▲ 20.3%
Equity and liabilities €14.45M
Equity
€10.26M▲ 23.0%
Debt
€4.18M▼ 2.5%
The debt ratio falls from 34.0% to 29.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.58M▲
2024 · €2.10M
Cash flow
€2.01M▲
2024 · €1.50M
Solvency
71.0%▲
2024 · 66.0%
Current ratio
2.48▼
2024 · 2.49
Quick ratio
2.40▲
2024 · 2.10
Debt / equity
0.41▼
2024 · 0.51
ROE
18.7%▲
2024 · 16.9%
ROA
13.3%▲
2024 · 11.1%
Interest coverage
322.38▼
2024 · 335.47
Debt
€4.18M▼
2024 · €4.29M
Debt ≤ 1 year
€3.92M▲
2024 · €3.24M
Debt > 1 year
€264k▼
2024 · €741k
Income taxes
€521k▼
2024 · €545k
Staff costs
€4.79M▲
2024 · €4.36M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€12.64M€14.45M▲
Fixed assets21/28€4.57M€4.74M▲
Tangible fixed assets22/27€184k€130k▼
Land and buildings22€127k€60k▼
Furniture and vehicles24€57k€70k▲
Financial fixed assets28€4.39M€4.61M▲
Affiliated companies280/1€3.99M€3.99M=
Participating interests280€3.99M€3.99M=
Other financial fixed assets284/8€396k€618k▲
Amounts receivable and cash guarantees285/8€396k€618k▲
Current assets29/58€8.06M€9.70M▲
Amounts receivable after more than one year29€17k€17k=
Other amounts receivable291€17k€17k=
Stocks and contracts in progress3€1.28M€300k▼
Contracts in progress37€1.28M€300k▼
Amounts receivable within one year40/41€5.34M€7.38M▲
Trade receivables40€5.08M€7.23M▲
Other amounts receivable41€260k€150k▼
Cash at bank and in hand54/58€1.43M€2.01M▲
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€12.64M€14.45M▲
Equity10/15€8.34M€10.26M▲
Contributions10/11€450k€450k=
Capital10€450k€450k=
Issued capital100€450k€450k=
Reserves13€45k€45k=
Non-distributable reserves130/1€45k€45k=
Legal reserve130€45k€45k=
Profit (loss) carried forward14€7.85M€9.77M▲
Amounts payable17/49€4.29M€4.18M▼
Amounts payable after more than one year17€741k€264k▼
Financial debts170/4€741k€264k▼
Other loans174€741k€264k▼
Amounts payable within one year42/48€3.24M€3.92M▲
Trade debts44€2.05M€2.74M▲
Suppliers440/4€2.05M€2.74M▲
Advances received on contracts in progress46€347k€279k▼
Taxes, remuneration and social security45€847k€905k▲
Taxes450/3€381k€469k▲
Remuneration and social security454/9€467k€436k▼
Accrued charges and deferred income492/3€312k€0▼
Income statement
Code20242025
Operating income70/76A€15.11M€18.01M▲
Turnover70€15.04M€18.88M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-34k€-977k▼
Other operating income74€103k€106k▲
Non-recurring operating income76A€0€4k▲
Operating charges60/66A€13.10M€15.53M▲
Goods for resale, raw materials and consumables60€0-
Purchases600/8€0-
Services and other goods61€8.65M€10.63M▲
Remuneration, social security and pensions62€4.36M€4.79M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€93k€99k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€1k€0▼
Other operating charges640/8€2k€100▼
Operating profit (loss)9901€2.01M€2.48M▲
Financial income75/76B€9€22k▲
Recurring financial income75€9€22k▲
Income from current assets751€9€345▲
Other financial income752/9€0€22k▲
Financial charges65/66B€60k€70k▲
Recurring financial charges65€60k€70k▲
Debt charges650€6k€8k▲
Other financial charges652/9€53k€62k▲
Profit (loss) for the period before taxes9903€1.95M€2.44M▲
Income taxes67/77€545k€521k▼
Taxes670/3€545k€521k▼
Tax adjustments and reversals of tax provisions77€0-
Profit (loss) for the period9904€1.41M€1.92M▲
Profit (loss) for the period to be appropriated9905€1.41M€1.92M▲
Appropriation of the result
Profit (loss) to be appropriated9906€7.85M€9.77M▲
Profit (loss) brought forward from the previous period14P€6.44M€7.85M▲
Social balance
Average headcount (FTE)908724.929.1▲
The notes to these accounts (67 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €1.92M ▲36.2%
Operating result €2.48M, net result €1.92M, both a record.
31-12
Financial
Equity above €10MEq €10.26M ▲23%
8 profitable years in a row build equity to €10.26M.
02-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
08-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
11-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
24-03
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €5MEq €5.15M ▲18.2%
4 profitable years in a row build equity to €5.15M.
24-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
01-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
09-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
05-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
29 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, Brussel · 1 establishment unit since 2004
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Joseph Stevensstraat 71000 BrusselGround area
2,159 m²
Building footprint
2,113 m²
Volume, LiDAR
79,173 m³
Parcel 21808H1372/00K000, Brussels · tallest building 88.8 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
CERTIFER
since 20042.138.728.155
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21808H1372/00K000 | Brussels | 2,159 m² | 1 · 2,113 m² | 88.8 m · 7 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
European research
1 project · 50,475 EUR EU contributionProgrammes
h2020
Projects
Virtualisation of the testing environment
Recognitions · licences · registrations
Legal Entity Identifier
875500WWNK680AFKKT56
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HENOGEN
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Of 2,145 companies in sector 71209 we hold annual accounts for 1,085. 156 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded11-06-2004
Fiscal year end31-12
Trade name FR
CERTIFER
Activities, NACEBEL
71209Other technical testing and analysis
74302
Sources
Crossroads Bank for EnterprisesNational Bank · 21 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.