Equity
€94,277 from €2.5m in 2017
Equity fell by 96% in 8 years.
CETIM PROJECTS
Lifetime
18 annual accounts with figures on one time axis, 29 filings since 1997peak €741,498 (2014)
-€172,878▲ €72,537
lowest -€2.5m (2023)
€1.2m▲ 104%
peak €2.5m (2017)
€94,277▲ €720,639
€1.2m▼ 90.3%
peak 3 FTE (2009)
-not published
Board11 names since 2017
5 directorsHarmont Invest Srl and 4 others
Owners6 names in the annual accounts
33.17%Philing and 2 others
Documentsfilings and deeds
09-06-202652 days before the deadline
2025financial year
Gross margin from -€245,414 to -€172,878Result from €599,367 to €1.2mDividend €500,000Equity from -€626,362 to €94,277Debts from €12.0m to €1.2mCash from €674,501 to €467,452
Key points
from the 2025 annual accountsResult
€1.2m ▲ 104%
The result rose in 2025 from €599,367 to €1.2m.
Debts
€1.2m 92% of the balance sheet
Financial debts 1%Suppliers 3%Other 96%
Of this, €1.2m falls due within a year.
Filings
29 annual accounts since 1997
The last five annual accounts were filed 44 to 60 days before the end of the period.
At the same address
146 companies
Position in the sector
€1.2m
Higher net result than 92% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
96
Excellent
Financially stronger than 64% of micro companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.6%▲ +0.1 percentage points vs 03-2025
05-2025: 0.6%● unchanged vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025highest value
07-2025: 0.1%▼ -0.5 percentage points vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.2%▲ +0.1 percentage points vs 05-2026
07-2026: 0.1%▼ -0.1 percentage points vs 06-2026lowest value
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Equity €94,277 (7.5% of total assets)
lowers risk
Size: total assets €1.3m
Figures for financial year 2025 (filed on 12-06-2026)
Liquidity: current ratio 0.40, cash €467,452
Calculation
The band follows from the bankruptcy probability. 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 68, micro). It does better than 28% of them on solvency, 42% on liquidity, 95% on profitability and 92% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit verdict
Credit of up to €9,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.4 (0.07 in 2024), below 1. Short-term debt is 92% and cash 37.3% of total assets. 92.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 5810 sector peers (2025).
NBB · sector comparisonPosition among 5810 sector peers
Solvency
better than 21%
← 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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 days early
2024
44 days early
2023
56 days early
2022
45 days early
2021
60 days early
2020
58 days early
2019
44 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 51 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 9 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
IS
Immopub SRL
Director, since 09-05-2023
PS
Philing sa ( ex Guardiola sa)
Director, since 09-05-2023
- Philing 33.17%score 92equity €1.8m (2025) · 2025 annual accounts of Philing
- HUGUES CISELET 14.33%score 50equity €387,810 (2024) · 2024 annual accounts of HUGUES CISELET
- VFRANCO 10.14%score 94equity €366,319 (2025) · 2023 annual accounts of VFRANCO
Shares in 5 companies, including Diarios do Oceano activdades Imob. LDA and Unidorm Residencias para Estutandes SA
Board & ownershipRecent changes
Resignation: VINCENT DOUMIER SRL (independent director)
Director discharge: VINCENT DOUMIER SRL · Gazette deed
1 director resigning, 7 reappointments
Resignation: Hugues Ciselet srl (managing director) · Reappointments: Re-Invest sa, Vincent Doumier srl, Vfranco srl, Guardiola Invest, Harmont Invest Srl, Immopub sri and 1 other · Director discharge: Hugues Ciselet srl · General meeting of 09-05-2023 · Gazette deed
Appointments: RE INVEST SA (independent director) and VINCENT DOUMIER SRL (independent director)
General meeting of 11-05-2021 · Gazette deed
1 director appointed, 1 resignation
Appointment: VFranco · Permanent representatives: Victor Franco and Eddy Hartung · Resignation: Harmont Invest (managing director) · General meeting of 12-05-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CETIM PROJECTS Watermael-Boitsfort | - | - | 7.5% | - |
| IMMO EVERE Woluwe-Saint-Pierre | €1,767 | - | 80.7% | - |
| IMMOBILIERE DU CHAINAY Liège | - | - | 94.4% | - |
| IMMO GROC Zaventem | - | - | 88.2% | - |
| MATEXI IMMO INVEST Liège | - | - | 99.6% | - |
| V.D.P Kasterlee | €180,000 | - | 60.9% | 0.3 |
| TERREYN Bree | - | - | 26.8% | 0 |
These companies have the same main activity as CETIM PROJECTS: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €1.3m and €1.6m, founded between 1991 and 1997.
Official details
Source: KBO- Status
- Active since 09-05-1996Normal situation
- Registered office
- 148 active companies are registered at this address4 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Real estate agency activitiesNACE 68310
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2021
- Establishment unit
- 2.076.588.0741000 Brussels, since 20-05-1996
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Annual accounts 2025
- €1.3m▼ 88.9%
- Filing
- Filed on 09-06-2026, 52 days before the end of the filing period
Companies linked to CETIM PROJECTS
Shareholders
- PASCAL BALTUS10%
- EXTIM2.96%
Insights on CETIM PROJECTS
CETIM PROJECTS has existed since 1996. In 2014 the gross margin rose from €215,217 to €741,498.
Solvency rose in 2025 from -5.5% to 7.5% because of the retained profit and lower debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CETIM PROJECTS
- What is the company number of CETIM PROJECTS?
- The company number of CETIM PROJECTS is 0457.885.530. The VAT number is the same number with BE in front: BE 0457.885.530.
- Where is CETIM PROJECTS based?
- The registered office is at Terhulpsesteenweg 181, 1170 Watermael-Boitsfort.Company details
- What does CETIM PROJECTS do?
- According to the KBO register, the main activity is real estate agency activities (NACE 68310).
- What is the legal form of CETIM PROJECTS?
- CETIM PROJECTS is a public limited company (NV).
- When was CETIM PROJECTS founded?
- CETIM PROJECTS was founded on 09-05-1996.
- Is CETIM PROJECTS still active?
- Yes, CETIM PROJECTS is an active enterprise in the KBO register.
- How many employees does CETIM PROJECTS have?
- CETIM PROJECTS had an average of 1.5 full-time equivalents in financial year 2020, according to the filed annual accounts.Financials
- Which joint committee does CETIM PROJECTS fall under?
- In its 2021 annual accounts, CETIM PROJECTS states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of CETIM PROJECTS?
- The annual accounts for financial year 2025 state no turnover.
- Is CETIM PROJECTS profitable?
- In financial year 2025, CETIM PROJECTS made a profit of €1.2m.
- Where can I find the annual accounts of CETIM PROJECTS?
- CETIM PROJECTS filed 29 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CETIM PROJECTS due?
- CETIM PROJECTS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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