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Generated 04-09-2026
Active BE 0439.693.971Public limited company

CESAR

Rue de la Forge 10 ·1470 Genappe, Belgium· 36 yrs active
Sector: Other building cleaning and industrial cleaning (81220)
Conclusion Checked

CESAR has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €696k and a net result of €-148k. Equity is growing by ~61.4% per year across the filed fiscal years. Its solvency ranks better than 18% of 513 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).

Based on the State Gazette, CBE and 3 annual accounts.
Key figures
Equity €696k
Net result €-148k
Staff (FTE) 1
Better than sector 18%
Financial profile 5 of 5 axes measured · computed by Checked
Health20Profitability0Solvency13Growth52Stability100
37 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 20
Profitability 0
Solvency 13
Growth 52
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.5% Low
0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
Long-established
Founded in 1990, 36 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags0 events
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score FY 2025 · computed
20 / 100 Critical
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview36 NBB filings
Annual accounts filed on 08-07-2026 with the NBB · fiscal year 2025 · full schema
€-150k€-100k€-50k€0Operating result 2023: €-7k€-7kNet result 2023: €-125k€-125kOperating result 2024: €20k€20kNet result 2024: €-98k€-98kOperating result 2025: €-41k€-41kNet result 2025: €-148k€-148k202320242025
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing Equity: growth of ~61.4%/year over 3 fiscal years, indicative, assuming unchanged policy.
€-1.00M€0€1.00M€2.00M2026: €1.12M (€1.07M - €1.18M)2027: €1.55M (€1.49M - €1.61M)2028: €1.98M (€1.92M - €2.03M)2023: €-159k2024: €844k2025: €696k202320242025202620272028
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2025 · NACE 81, Services to buildings and landscape activities · compared across all schema types (micro, abbreviated and full combined)
Metric This company Sector median Position in the sector
Solvency 8.4% 38.6%
better than 18% of 513 sector peers
Net result €-148k €13k
better than 5% of 508 sector peers
Equity €696k €42k
better than 95% of 513 sector peers
Gross operating margin €334k €55k
better than 91% of 506 sector peers
Staff costs €90k €50k
higher than 63% of 245 sector peers
EBITDA
€218k
-12.5% 23-25
Net profit
€-148k
-51.3% 23-25
Cash flow
€111k
-15.4% 23-25
Total assets
€8.24M
-1.3% 23-25
Equity
€696k
-17.5% 23-25
Working capital
€-792k
-8.6% 23-25
Employees (FTE)
1
-16.7% 23-25
Staff costs
€90k
-18.6% 23-25
Income taxes
€682
-3.3% 23-25
Debt
€7.54M
+0.5% 23-25
Debt ≤ 1y
€4.96M
+3.2% 23-25
Debt > 1y
€2.58M
-4.4% 23-25
Current ratio
0.84
-0.9% 23-25
Quick ratio
0.84
-0.9% 23-25
Solvency
8.4%
-16.4% 23-25
Debt / equity
10.84
+21.9% 23-25
ROE
-21.3%
-83.4% 23-25
ROA
-1.8%
-53.3% 23-25
Interest coverage
2.05
-3.1% 23-25
Figures by fiscal year and ratios
Fiscal year2025
Depositfull schema
Revenue-
EBITDA€218k
Net profit€-148k
Cash flow€111k
Staff costs€90k
Income taxes€682
Dividends-
Total assets€8.24M
Equity€696k
Debt€7.54M
of which ≤ 1y€4.96M
of which > 1y€2.58M
Working capital€-792k
Employees (FTE)1.0
Ratios (computed)
2025
Current ratio0.84
Quick ratio0.84
Working capital ratio-9.6%
Solvency8.4%
Debt / equity10.84
Long-term debt ratio3.71
Interest coverage2.05
Gross margin-
Net margin-
ROA-1.8%
ROE-21.3%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€8.24M
Fixed assets 21/28€4.07M
Intangible fixed assets 21€5k
Tangible fixed assets 22/27€4.07M
Current assets 29/58€4.17M
Amounts receivable within one year 40/41€4.15M
Cash & bank 54/58€7k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€8.24M
Equity 10/15€696k
Contributions / capital 10/11€62k
Reserves 13€6k
Accumulated profits (losses) 14€-848k
Amounts payable 17/49€7.54M
Amounts payable after one year 17€2.58M
Amounts payable within one year 42/48€4.96M
Trade debts payable within one year 44€2.09M
Income statement
Gross operating margin 9900€334k
Operating result 9901€-41k
Financial income 75€4
Financial charges 65€106k
Result before taxes 9903€-147k
Income taxes 67/77€682
Net result for the period 9904€-148k
Result to be appropriated 9905€-148k
Legal Structure
NACE primary Other building cleaning and industrial cleaning(81220)
Legal form Public limited company(014)
Incorporation03-01-1990
StatusActive
Postal code1470
Establishment units 1 location
Rue de la Place, Gd-L. 41, 5031 Gembloux
NACE 52485
since 20012.131.694.863
Real-estate footprint Source: CBE × cadastre
Wallonia 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
25013E0183/00L000 Wallonia 3,842 m² 1 · 438 m² 9.9 m · 2 fl.
92056E0402/00N000
ProtectedMonument
 Wallonia 2,062 m² 1 · 257 m² -
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Updates 11 events
Next filing, fiscal year 2026, expected by 31-07-2027
2026
08-07
NBB filing Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial Weakest financial yearnet €-148k
Net result drops to €-148k, the lowest in the series.
30-06
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial Equity above €500kEq €844k
Equity rises from €-159k to €844k.
12-07
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
28-06
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2022
25-07
NBB filing Annual accounts filed
fiscal year 2021 · full schema
20-04
State Gazette act Director changes
Gérard INDEKEU
2021
18-06
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
29-06
NBB filing Annual accounts filed
fiscal year 2019 · full schema
2019
12-07
NBB filing Annual accounts filed
fiscal year 2018 · micro schema
2018
30-07
NBB filing Annual accounts filed
fiscal year 2017 · micro schema
2017
27-07
NBB filing Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage 0 of 9 acts read

We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts
All acts · 1 updated 4 years ago
2022
20-04-2022 Change in the board of directors Director changes·Gérard INDEKEU
Notary: Gérard INDEKEU · BruxellesFirm: Gérard INDEKEU - Dimitri CLEENEWERCK de CRAYENCOUR
Technical details 
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    {
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      "role": "bestuurder",
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        "address": "1470 Genappe, Rue de la Forge 12",
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      },
      "reason": null,
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      "decharge_status": null,
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    {
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      },
      "reason": null,
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    },
    {
      "kind": "substantive_delegation",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Radoslaw Wierzbicki",
        "address": "Schaerbeek (1030 Bruxelles), Rue Kessels 14, bo\u00EEte b033.",
        "birth_date": null,
        "profession": null,
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      },
      "reason": null,
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      "decharge_status": null,
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      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
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    },
    {
      "kind": "substantive_delegation",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Ludivine Gillet",
        "address": "1050 Bruxelles, Avenue Louise 126",
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "additional",
      "via_org": null,
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      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": "G\u00E9rard INDEKEU",
    "firm_city": null,
    "firm_name": "G\u00E9rard INDEKEU - Dimitri CLEENEWERCK de CRAYENCOUR",
    "office_city": "Bruxelles",
    "is_associated": true
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2022-04-20",
    "filing_date": "2022-04-15",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2022-03-30",
      "unanimous": true
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0439.693.971",
    "name_full": "CESAR",
    "legal_form": "SA"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "G\u00E9rard INDEKEU",
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [
    "exp\u00E9dition conforme de l\u0027acte",
    "procurations",
    "statuts coordonn\u00E9s"
  ],
  "corrected_publication_numac": null
}
Credit advice verdict per customer and amount
Company registry (CBE) Crossroads Bank
Activities
Insulation installation43230Specialised construction activities43291Other building cleaning and industrial cleaning81220
Names & trade names
Legal nameFR CESAR
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative