CERTUM ENGINEERING
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-04-2026 PDF all 20 filings
Turnover
≈ €1.2m
Estimated: probably between €740,000 and €2.1m
Total assets
€782,144▼ 16.0%
2024 · €931,575
Net result
€44,592▲ 49×
2024 · €903
Working capital
-€112,495▼ 8.8%
2024 · -€103,369
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€72,702
▲ 128%
2025
20182025
Net result
€44,592
▲ 49×
2025
middle half of the sector
20182025
Equity
€99,874
▲ 0.6%
2025
middle half of the sector
20182025
Total assets
€782,144
▼ 16.0%
2025
middle half of the sector
20182025
Debt
€682,270
▼ 18.0%
2025
20182025
Working capital
-€112,495
▼ 8.8%
2025
lowest quarter of the sector
20182025
Solvency
12.8%
▲ 2.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.80
▼ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.7%
▲ 5.6pp
2025
middle half of the sector
20182025
Staff (FTE)
5.9
▲ 11.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202022202320242025
Operating result-€46,863-€62,020€12,708▼ 79.5%€111,337-€4,959▼ 95.5%€31,838▲ 542%€72,702▲ 128%
Net result-€60,800-€42,429-€13,531below the sector's middle half€72,585within the sector's middle half--€25,530below the sector's middle half€903below the sector's middle half€44,592within the sector's middle half▲ 49×
Equity€22,427-€64,856▲ 189%€51,325below the sector's middle half▼ 20.9%€123,910below the sector's middle half-€98,380below the sector's middle half▼ 20.6%€99,283below the sector's middle half▲ 0.9%€99,874within the sector's middle half▲ 0.6%
Total assets€744,558-€723,793▼ 2.8%€909,812within the sector's middle half▲ 25.7%€855,234below the sector's middle half-€973,725below the sector's middle half▲ 13.9%€931,575below the sector's middle half▼ 4.3%€782,144within the sector's middle half▼ 16.0%
Debt€722,131-€658,937▼ 8.8%€858,487▲ 30.3%€731,324-€875,344▲ 19.7%€832,292▼ 4.9%€682,270▼ 18.0%
Working capital-€174,811--€180,107▼ 3.0%-€209,750below the sector's middle half▼ 16.5%-€19,495below the sector's middle half--€88,738below the sector's middle half▼ 355%-€103,369below the sector's middle half▼ 16.5%-€112,495below the sector's middle half▼ 8.8%
Solvency3.0%-9.0%▲ 5.9pp5.6%below the sector's middle half▼ 3.3pp14.5%below the sector's middle half-10.1%below the sector's middle half▼ 4.4pp10.7%below the sector's middle half▲ 0.6pp12.8%below the sector's middle half▲ 2.1pp
Current ratio0.65-0.60▼ 0.050.58below the sector's middle half▼ 0.020.95below the sector's middle half-0.84below the sector's middle half▼ 0.100.83below the sector's middle half▼ 0.010.80below the sector's middle half▼ 0.04
Return on assets (ROA)-8.2%-5.9%▲ 14.0pp-1.5%below the sector's middle half▼ 7.3pp8.5%within the sector's middle half--2.6%below the sector's middle half▼ 11.1pp0.1%below the sector's middle half▲ 2.7pp5.7%within the sector's middle half▲ 5.6pp
Staff (FTE)7.3-7.9▲ 8.2%7.8within the sector's middle half▼ 1.3%5.6within the sector's middle half-6.2within the sector's middle half▲ 10.7%5.3within the sector's middle half▼ 14.5%5.9within the sector's middle half▲ 11.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of motor vehicles, trailers and semi-trailers (NACE 29). 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 128% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €782,144
Fixed assets
€342,850 ▼ 18.1%
Current assets
€439,294 ▼ 14.4%
Equity and liabilities €782,144
Equity
€99,874 ▲ 0.6%
Debt
€682,270 ▼ 18.0%
Debt's share of the balance-sheet total falls from 89.3% to 87.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€151,516▲
2024 · €113,003
Cash flow
€123,405▲
2024 · €82,068
Debt to equity
6.83▼
2024 · 8.38
ROE
44.6%▲
2024 · 0.9%
Interest coverage
7.38▲
2024 · 3.65
Debt ≤ 1 year
€551,789▼
2024 · €616,526
Debt > 1 year
€130,481▼
2024 · €206,545
Income taxes
€8,711▲
2024 · €1,011
Staff costs
€352,166▲
2024 · €307,975
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 5 | 6 |
| full-time | 5 | 5 | 4 | 5 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 5.5 | 5.5 | 4.5 | 5.5 |
| Average over the year, in full-time equivalents | 5.6 | 6.2 | 5.3 | 5.9 |
| On a permanent contract | 6 | 6 | 5 | 6 |
| Joined | 5 | 6 | 0 | 3 |
| Left | 6 | 6 | 1 | 2 |
| Training hours | 5 | 64 | 6 | 6 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Overdue debts
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Overdue tax debts | - | - | - | €12,427 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €568,884 | €480,574 | €442,496 | €336,413 |
| Pledge on the business | €165,000 | €165,000 | €165,000 | €165,000 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €19,649 | €31,135 | €910 | €3,246 |
| Intangible fixed assets | €5,190 | €33,343 | - | - |
| Depreciation and write-downs of the year | €131,247 | €77,279 | €81,165 | €78,814 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,188 awarded · €1,188 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,124 | €1,124 |
| 2022 | 1 | €64 | €64 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €486,986 | €295,326 | €307,975 | €352,166 | ▲ 14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €60,255 | €53,178 | €20,927 | €131,247 | €77,279 | €81,165 | €78,814 | ▼ 2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €25,625 | €11,960 | ▼ 53.3% |
| Other operating charges640/8 | - | - | - | €2,471 | €1,899 | €2,329 | €2,521 | ▲ 8.2% |
| Non-recurring operating charges66A | - | - | - | €14,365 | €0 | - | €4,979 | - |
| Gross operating margin9900 | €339,374 | €508,984 | €347,253 | €746,406 | €379,464 | €448,933 | €523,141 | ▲ 16.5% |
| Operating profit (loss)9901 | -€46,863 | €62,020 | €12,708 | €111,337 | €4,959 | €31,838 | €72,702 | ▲ 128% |
| Financial income75/76B | - | - | - | €1,793 | €2,256 | €1,035 | €1,141 | ▲ 10.2% |
| Recurring financial income75 | €634 | €17 | €0 | €1,793 | €2,256 | €1,035 | €1,141 | ▲ 10.2% |
| Financial charges65/66B | - | - | - | €37,836 | €32,584 | €30,960 | €20,540 | ▼ 33.7% |
| Recurring financial charges65 | €14,571 | €19,608 | €26,175 | €37,836 | €32,584 | €30,960 | €20,540 | ▼ 33.7% |
| Profit (loss) for the period before taxes9903 | -€60,800 | €42,429 | -€13,467 | €75,294 | -€25,369 | €1,913 | €53,303 | ▲ 28× |
| Income taxes67/77 | - | - | €64 | €2,709 | €161 | €1,011 | €8,711 | ▲ 762% |
| Profit (loss) for the period9904 | -€60,800 | €42,429 | -€13,531 | €72,585 | -€25,530 | €903 | €44,592 | ▲ 49× |
| Transfer from tax-exempt reserves789 | - | - | - | - | €246 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€60,800 | €42,429 | -€13,531 | €72,585 | -€25,283 | €903 | €44,592 | ▲ 49× |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €744,558 | €723,793 | €909,812 | €855,234 | €973,725 | €931,575 | €782,144 | ▼ 16.0% |
| Fixed assets21/28 | €416,318 | €448,976 | €617,883 | €511,474 | €498,672 | €418,418 | €342,850 | ▼ 18.1% |
| Intangible fixed assets21 | €114,082 | €99,680 | €99,680 | €82,155 | €98,977 | €80,024 | €61,980 | ▼ 22.5% |
| Tangible fixed assets22/27 | €302,236 | €349,296 | €518,203 | €429,319 | €399,695 | €338,394 | €280,870 | ▼ 17.0% |
| Land and buildings22 | - | - | - | €199,388 | €188,592 | €176,310 | €164,029 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €97,330 | €87,879 | €70,696 | €54,010 | ▼ 23.6% |
| Furniture and vehicles24 | - | - | - | €12,891 | €26,316 | €17,281 | €11,527 | ▼ 33.3% |
| Leasing and similar rights25 | - | - | - | €118,301 | €95,768 | €73,234 | €50,701 | ▼ 30.8% |
| Other tangible fixed assets26 | - | - | - | €1,409 | €1,141 | €872 | €604 | ▼ 30.8% |
| Current assets29/58 | €328,240 | €274,817 | €291,929 | €343,760 | €475,052 | €513,157 | €439,294 | ▼ 14.4% |
| Amounts receivable after more than one year29 | - | - | - | €144,427 | €108,211 | €155,397 | €123,849 | ▼ 20.3% |
| Other amounts receivable291 | - | - | - | €144,427 | €108,211 | €155,397 | €123,849 | ▼ 20.3% |
| Amounts receivable within one year40/41 | €238,870 | €189,580 | €106,294 | €145,641 | €321,680 | €300,124 | €192,802 | ▼ 35.8% |
| Trade receivables40 | - | - | - | €145,641 | €321,470 | €299,914 | €189,480 | ▼ 36.8% |
| Other amounts receivable41 | - | - | - | - | €209 | €209 | €3,322 | ▲ 16× |
| Cash at bank and in hand54/58 | €8,568 | €8,159 | €23,332 | €12,705 | €0 | €131 | €56,345 | ▲ 431× |
| Deferred charges and accrued income490/1 | - | - | - | €40,987 | €45,162 | €57,506 | €66,299 | ▲ 15.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €744,558 | €723,793 | €909,812 | €855,234 | €973,725 | €931,575 | €782,144 | ▼ 16.0% |
| Equity10/15 | €22,427 | €64,856 | €51,325 | €123,910 | €98,380 | €99,283 | €99,874 | ▲ 0.6% |
| Contributions10/11 | €11,200 | €11,200 | - | €11,200 | €11,200 | €11,200 | €11,200 | = |
| Reserves13 | €33,356 | €33,356 | €33,356 | €33,356 | €33,110 | €33,110 | €33,110 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €31,496 | €31,250 | €31,250 | €31,250 | = |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€22,129 | €20,300 | €6,769 | €79,354 | €54,070 | €54,973 | €55,564 | ▲ 1.1% |
| Amounts payable17/49 | €722,131 | €658,937 | €858,487 | €731,324 | €875,344 | €832,292 | €682,270 | ▼ 18.0% |
| Amounts payable after more than one year17 | €218,836 | €203,172 | €356,755 | €365,209 | €307,537 | €206,545 | €130,481 | ▼ 36.8% |
| Financial debts170/4 | - | - | - | €365,209 | €307,537 | €206,545 | €130,481 | ▼ 36.8% |
| Amounts payable within one year42/48 | €503,052 | €454,925 | €501,679 | €363,255 | €563,790 | €616,526 | €551,789 | ▼ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €59,293 | €63,734 | €63,363 | €53,430 | ▼ 15.7% |
| Financial debts43 | - | - | - | €200,452 | €189,715 | €172,588 | €152,502 | ▼ 11.6% |
| Credit institutions430/8 | - | - | - | €200,452 | €189,715 | €172,588 | €152,502 | ▼ 11.6% |
| Trade debts44 | €149,189 | €77,863 | €5,126 | €55,562 | €214,645 | €241,647 | €214,306 | ▼ 11.3% |
| Suppliers440/4 | - | - | - | €55,562 | €214,645 | €241,647 | €214,306 | ▼ 11.3% |
| Taxes, remuneration and social security45 | - | - | - | €47,948 | €95,696 | €138,928 | €87,551 | ▼ 37.0% |
| Taxes450/3 | - | - | - | €10,346 | €27,929 | €51,526 | €22,792 | ▼ 55.8% |
| Remuneration and social security454/9 | - | - | - | €37,602 | €67,768 | €87,402 | €64,759 | ▼ 25.9% |
| Other amounts payable47/48 | - | - | - | €0 | - | - | €44,000 | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,861 | €4,017 | €9,221 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€60,800 | €42,429 | -€13,531 | €72,585 | -€25,530 | €903 | €44,592 | ▲ 49× |
| + Depreciation and write-downs630 | €60,255 | €53,178 | €20,927 | €131,247 | €77,279 | €81,165 | €78,814 | ▼ 2.9% |
| Operating cash flow (approximation) | -€545 | €95,607 | €7,396 | €203,832 | €51,750 | €82,068 | €123,405 | ▲ 50.4% |
| Investment in fixed assets (approximation) | - | -€85,836 | -€189,834 | - | -€64,477 | -€910 | -€3,246 | ▼ 257% |
| Change in cash | - | -€409 | €15,173 | - | -€12,705 | €131 | €56,214 | ▲ 430× |
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, 3,818 companies had the same profile as CERTUM ENGINEERING has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CERTUM ENGINEERING itself: 0.6% 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 3,818 companies, not a prediction for CERTUM ENGINEERING. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 28-04-2026 | 2026-00090753 | |
| 30-09-2024 | abbreviated format | 29-04-2025 | 2025-00080892 | |
| 30-09-2023 | abbreviated format | 30-04-2024 | 2024-00074086 | |
| 30-09-2022 | abbreviated format | 22-02-2023 | 2023-00030001 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-24200161 | |
| 31-12-2019 | abbreviated format | 29-07-2020 | 2020-37800313 | |
| 31-12-2018 | abbreviated format | 18-07-2019 | 2019-34700370 | |
| 31-12-2017 | abbreviated format | 20-06-2018 | 2018-21700298 | |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-33900488 | |
| 31-12-2015 | abbreviated format | 15-07-2016 | 2016-32100592 |