CETIM PROJECTS
ActiveSummary
CETIM PROJECTS has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €94,277 and a net result of €1.2m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 21% of 4663 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+49
Solvency33▲+14
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity short (current ratio 0.4 against 0.07 in 2024; short-term debt: 92% and cash: 37.3% of total assets), and 92.5% of the assets are financed with debt.
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Signals
Seven 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
7.5%
Return on assets
97.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 4663 sector peers (2025).
NBB · sector comparisonPosition among 4663 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 d early
2024
44 d early
2023
56 d early
2022
45 d early
2021
60 d early
2020
58 d early
2019
44 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 51 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 9 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.2m▲ 104%
2024 · €599,367
Working capital
-€687,190▲ 92.2%
2024 · -€8.8m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€340,239▲ 38.9%-€310,989▲ 8.6%-€616,000▼ 98.1%-€246,382▲ 60.0%-€173,945▲ 29.4%
Net result€1.2mabove the sector's middle half€795,775above the sector's middle half▼ 33.2%-€2.5mbelow the sector's middle half€599,367above the sector's middle half€1.2mabove the sector's middle half▲ 104%
Equity€485,557within the sector's middle half€1.3mwithin the sector's middle half▲ 164%-€1.2mbelow the sector's middle half-€626,362below the sector's middle half▲ 48.9%€94,277below the sector's middle half
Total assets€19.3mabove the sector's middle half▼ 14.4%€18.2mabove the sector's middle half▼ 5.5%€10.5mabove the sector's middle half▼ 42.3%€11.4mabove the sector's middle half▲ 7.9%€1.3mwithin the sector's middle half▼ 88.9%
Debt€18.8m▼ 19.1%€17.0m▼ 9.9%€11.7m▼ 30.7%€12.0m▲ 2.0%€1.2m▼ 90.3%
Working capital-€4.8mbelow the sector's middle half▲ 42.9%-€4.8mbelow the sector's middle half▼ 1.3%-€4.4mbelow the sector's middle half▲ 8.3%-€8.8mbelow the sector's middle half▼ 99.4%-€687,190below the sector's middle half▲ 92.2%
Solvency2.5%below the sector's middle half▲ 5.6pp7.0%within the sector's middle half▲ 4.5pp-11.7%below the sector's middle half▼ 18.7pp-5.5%below the sector's middle half▲ 6.1pp7.5%below the sector's middle half▲ 13.0pp
Current ratio0.22below the sector's middle half▲ 0.200.08below the sector's middle half▼ 0.140.12below the sector's middle half▲ 0.040.07below the sector's middle half▼ 0.050.40below the sector's middle half▲ 0.33
Return on assets (ROA)6.2%above the sector's middle half▲ 11.1pp4.4%within the sector's middle half▼ 1.8pp-23.8%below the sector's middle half▼ 28.2pp5.3%above the sector's middle half▲ 29.1pp97.3%above the sector's middle half▲ 92.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €173,945 in 2025 against €246,382 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€787,088 ▼ 92.6%
Current assets
€467,452 ▼ 30.7%
Equity and liabilities €1.3m
Equity
€94,277
Debt
€1.2m
Debt finances 92.5% of the balance-sheet total.
Key figures and ratios
Debt to equity
12.31
Debt ≤ 1 year
€1.2m▼
2024 · €9.5m
Debt > 1 year
€5,566▼
2024 · €2.5m
A ratio outside any meaningful range has been withheld (balance sheet total €1.3m, equity €94,277).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €343 | - | - | - | - | - |
| Other operating charges640/8 | €868 | €7,081 | €960 | €968 | €1,068 | ▲ 10.3% |
| Gross operating margin9900 | -€339,028 | -€303,908 | -€615,039 | -€245,414 | -€172,878 | ▲ 29.6% |
| Operating profit (loss)9901 | -€340,239 | -€310,989 | -€616,000 | -€246,382 | -€173,945 | ▲ 29.4% |
| Financial income75/76B | €3.1m | €2.4m | €663,402 | €1.7m | €1.9m | ▲ 9.4% |
| Recurring financial income75 | €994,872 | €844,049 | €661,652 | €1.5m | €1.9m | ▲ 25.3% |
| Non-recurring financial income76B | €2.1m | €1.5m | €1,750 | €221,724 | - | - |
| Financial charges65/66B | €1.6m | €1.2m | €2.6m | €903,364 | €518,594 | ▼ 42.6% |
| Recurring financial charges65 | €1.5m | €1.2m | €1.0m | €821,191 | €518,594 | ▼ 36.8% |
| Non-recurring financial charges66B | €113,547 | €5,500 | €1.5m | €82,173 | - | - |
| Profit (loss) for the period before taxes9903 | €1.2m | €795,775 | -€2.5m | €599,367 | €1.2m | ▲ 104% |
| Income taxes67/77 | €133 | - | - | - | - | - |
| Profit (loss) for the period9904 | €1.2m | €795,775 | -€2.5m | €599,367 | €1.2m | ▲ 104% |
| Profit (loss) for the period to be appropriated9905 | €1.2m | €795,775 | -€2.5m | €599,367 | €1.2m | ▲ 104% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €19.3m | €18.2m | €10.5m | €11.4m | €1.3m | ▼ 88.9% |
| Fixed assets21/28 | €17.9m | €17.8m | €9.9m | €10.7m | €787,088 | ▼ 92.6% |
| Financial fixed assets28 | €17.9m | €17.8m | €9.9m | €10.7m | €787,088 | ▼ 92.6% |
| Current assets29/58 | €1.4m | €427,207 | €617,564 | €674,501 | €467,452 | ▼ 30.7% |
| Amounts receivable within one year40/41 | €85,005 | €1,052 | €868 | - | - | - |
| Trade receivables40 | €50,358 | €1,052 | €868 | - | - | - |
| Other amounts receivable41 | €34,648 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.3m | €426,155 | €616,696 | €674,501 | €467,452 | ▼ 30.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €19.3m | €18.2m | €10.5m | €11.4m | €1.3m | ▼ 88.9% |
| Equity10/15 | €485,557 | €1.3m | -€1.2m | -€626,362 | €94,277 | ▲ 115% |
| Contributions10/11 | €65,193 | €65,193 | €65,193 | €65,193 | €65,193 | = |
| Capital10 | €65,193 | €65,193 | €65,193 | €65,193 | €65,193 | = |
| Issued capital100 | €65,193 | €65,193 | €65,193 | €65,193 | €65,193 | = |
| Reserves13 | €6,519 | €6,519 | €6,519 | €6,519 | €6,519 | = |
| Non-distributable reserves130/1 | €6,519 | €6,519 | €6,519 | €6,519 | €6,519 | = |
| Legal reserve130 | €6,519 | €6,519 | €6,519 | €6,519 | €6,519 | = |
| Profit (loss) carried forward14 | €413,844 | €1.2m | -€1.3m | -€698,075 | €22,565 | ▲ 103% |
| Amounts payable17/49 | €18.8m | €17.0m | €11.7m | €12.0m | €1.2m | ▼ 90.3% |
| Amounts payable after more than one year17 | €12.7m | €11.7m | €6.7m | €2.5m | €5,566 | ▼ 99.8% |
| Financial debts170/4 | €40,347 | €32,179 | €23,670 | €14,804 | €5,566 | ▼ 62.4% |
| Other amounts payable178/9 | €12.6m | €11.6m | €6.7m | €2.5m | - | - |
| Amounts payable within one year42/48 | €6.1m | €5.3m | €5.0m | €9.5m | €1.2m | ▼ 87.9% |
| Current portion of amounts payable after more than one year42 | €7,839 | €8,168 | €8,510 | €8,866 | €9,237 | ▲ 4.2% |
| Financial debts43 | €639 | €666 | €80,694 | €723 | €753 | ▲ 4.2% |
| Credit institutions430/8 | €639 | €666 | €80,694 | €723 | €753 | ▲ 4.2% |
| Trade debts44 | €112,421 | €92,040 | €68,073 | €170,995 | €38,559 | ▼ 77.5% |
| Suppliers440/4 | €112,421 | €92,040 | €68,073 | €170,995 | €38,559 | ▼ 77.5% |
| Taxes, remuneration and social security45 | €19,322 | €24,356 | €23,640 | €25,460 | - | - |
| Taxes450/3 | €19,322 | €24,356 | €23,640 | €25,460 | - | - |
| Other amounts payable47/48 | €6.0m | €5.1m | €4.9m | €9.3m | €1.1m | ▼ 88.1% |
| Accrued charges and deferred income492/3 | €985 | €22,539 | €930 | €1,013 | €55 | ▼ 94.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.2m | €795,775 | -€2.5m | €599,367 | €1.2m | ▲ 104% |
| Operating cash flow (approximation) | €1.2m | €795,775 | -€2.5m | €599,367 | €1.2m | ▲ 104% |
| Investment in fixed assets (approximation) | - | €130,982 | €7.9m | -€775,583 | €9.9m | ▲ 1,375% |
| Change in cash | - | -€854,471 | €190,541 | €57,805 | -€207,048 | ▼ 458% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €1.2m ▲104%
Net result €1.2m, the highest in the series.
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €599,367
Net result €599,367 after one loss-making year.
05-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet -€2.5m
Net result drops to -€2.5m, the lowest in the series; recovery starts the following year.
16-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €1mEq €1.3m ▲164%
2 profitable years in a row build equity to €1.3m.
01-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €1.2m
Net result €1.2m after 3 loss-making years.
31-12
Financial
Equity above €200,000Eq €485,557
Equity rises from -€705,962 to €485,557.
03-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
17-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-05
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.
0 of 20 acts read
About the unread acts
We know of 20 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 20 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Watermaal-Bosvoorde · 1 establishment unit since 1996
Ground area
1.5 ha
Building footprint
2,646 m²
Volume, LiDAR
66,839 m³
2 parcels, Brussels · tallest building 37.2 m, ±11 floors. Linked by address, not a title deed.
147
companies at this address
See who is registered here
1 establishment unit
Terhulpsesteenweg 130, 1000 Brussel
since 19962.076.588.074
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0530/00A000 | Brussels | 7,566 m² | 1 · 1,645 m² | 34.4 m · 8 fl. |
| 21652E0041/00D002 | Brussels | 7,508 m² | 1 · 1,001 m² | 37.2 m · 11 fl. |
Linked by address, not proof of ownership
Good to know
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: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
5 owners · 5 holdingsOwners 5
- Sourceaccounts Philing 202533.17%
-
14.33%
- Sourceaccounts VFRANCO 202310.14%
-
10%
- Sourceaccounts EXTIM 20252.96%
Holdings 5
-
40%
-
37.4%
-
26.49%
-
25%
-
25%
According to the 2025 annual accounts of CETIM PROJECTS and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 11,749 companies in this sector we hold annual accounts for 6,910. 5,177 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPublic limited company
Founded09-05-1996
Fiscal year end31-12
Abbreviation FR
CETIM
Activities, NACEBEL 2025
68310Real estate agency activities
E-invoicing
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Register as of 30 September 2026 · Peppol Directory
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