CEUSTERS
ActiveSummary
CEUSTERS has been active since 1943 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.1m and a net result of €1.0m. Equity is growing by about 10% per year across the filed financial years. Its solvency ranks better than 36% of 5,674 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, full format
In the rankings
#3 employer in Antwerp, Real estate sector#7 company by staff growth in Antwerp, Real estate sector
Turnover
€29.7m▲ 2.4%
2024 · €29.0m
EBIT margin
5.4%▼ 0.2pp
2024 · 5.6%
Net result
€1.0m▲ 0.2%
2024 · €1.0m
Working capital
€7.0m▲ 0.3%
2024 · €7.0m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 0% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€29.7m
2025
Operating result€1.6m
2025
Net result€1.0m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€17.0m
2025
Equity€4.1m
2025
Debt€12.9m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€7.0m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin5.4%
2025
Return on assets (ROA)6.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency24.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.74
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)76.3
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. 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 financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€17.9m-€17.6m▼ 1.6%€17.9m▲ 1.9%€19.2m▲ 7.1%€26.1m▲ 35.6%€28.5m▲ 9.4%€29.0m▲ 1.7%€29.7m▲ 2.4%
Operating result€0.8m-€0.2m▼ 76.9%€0.4m▲ 81.9%€0.8m▲ 115%€1.5m▲ 91.0%€1.2m▼ 18.4%€1.6m▲ 37.2%€1.6m▼ 0.4%
Net result€0.5m-€0.2m▼ 66.9%€0.2mabove the sector's middle half▼ 5.1%€0.5mabove the sector's middle half▲ 200%€1.0mabove the sector's middle half▲ 110%€0.7mabove the sector's middle half▼ 26.0%€1.0mabove the sector's middle half▲ 41.9%€1.0mabove the sector's middle half▲ 0.2%
EBIT margin4.7%-1.1%▼ 3.6pp2.0%▲ 0.9pp4.0%▲ 2.0pp5.6%▲ 1.6pp4.1%▼ 1.4pp5.6%▲ 1.4pp5.4%▼ 0.2pp
Equity€2.1m-€2.3m▲ 7.6%€2.4mwithin the sector's middle half▲ 6.7%€2.7mabove the sector's middle half▲ 12.7%€3.1mabove the sector's middle half▲ 11.4%€3.4mabove the sector's middle half▲ 9.8%€3.7mabove the sector's middle half▲ 10.4%€4.1mabove the sector's middle half▲ 10.0%
Total assets€9.4m-€9.5m▲ 0.6%€11.3mabove the sector's middle half▲ 18.9%€10.7mabove the sector's middle half▼ 5.4%€13.3mabove the sector's middle half▲ 24.9%€15.4mabove the sector's middle half▲ 15.7%€18.1mabove the sector's middle half▲ 17.8%€17.0mabove the sector's middle half▼ 6.6%
Debt€7.3m-€7.2m▼ 1.4%€8.8m▲ 22.7%€7.9m▼ 10.4%€10.3m▲ 29.6%€12.1m▲ 17.4%€14.4m▲ 19.9%€12.9m▼ 10.8%
Working capital€4.0m-€4.0m▲ 0.7%€4.6mabove the sector's middle half▲ 14.5%€4.2mabove the sector's middle half▼ 8.6%€6.4mabove the sector's middle half▲ 50.4%€6.8mabove the sector's middle half▲ 6.9%€7.0mabove the sector's middle half▲ 2.5%€7.0mabove the sector's middle half▲ 0.3%
Solvency22.5%-24.0%▲ 1.6pp21.6%within the sector's middle half▼ 2.5pp25.7%within the sector's middle half▲ 4.1pp22.9%within the sector's middle half▼ 2.8pp21.8%within the sector's middle half▼ 1.2pp20.4%within the sector's middle half▼ 1.4pp24.0%within the sector's middle half▲ 3.6pp
Current ratio1.79-1.79=1.73within the sector's middle half▼ 0.061.69within the sector's middle half▼ 0.041.93within the sector's middle half▲ 0.241.80within the sector's middle half▼ 0.131.64within the sector's middle half▼ 0.161.74within the sector's middle half▲ 0.10
Return on assets (ROA)5.2%-1.7%▼ 3.5pp1.4%within the sector's middle half▼ 0.3pp4.3%within the sector's middle half▲ 2.9pp7.2%above the sector's middle half▲ 2.9pp4.6%within the sector's middle half▼ 2.6pp5.6%above the sector's middle half▲ 0.9pp6.0%above the sector's middle half▲ 0.4pp
Staff (FTE)61.3-63.9▲ 4.2%64.7above the sector's middle half▲ 1.3%64.7above the sector's middle half=70.1above the sector's middle half▲ 8.3%72.2above the sector's middle half▲ 3.0%74.7above the sector's middle half▲ 3.5%76.3above the sector's middle half▲ 2.1%
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17.0m
Fixed assets
€474,803 ▲ 63.3%
Current assets
€16.5m ▼ 7.7%
Equity and liabilities €17.0m
Equity
€4.1m ▲ 10.0%
Debt
€12.9m ▼ 10.8%
Debt's share of the balance-sheet total falls from 79.6% to 76.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.8m▲
2024 · €1.7m
Cash flow
€1.2m▲
2024 · €1.1m
Debt to equity
3.17▼
2024 · 3.90
ROE
24.9%▼
2024 · 27.3%
Interest coverage
11.19▼
2024 · 11.59
Debt ≤ 1 year
€9.5m▼
2024 · €10.9m
Debt > 1 year
€94,951▼
2024 · €325,223
Income taxes
€425,519▼
2024 · €449,055
Staff costs
€7.4m▲
2024 · €7.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 378 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97.1% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.3%
went bankrupt
2.6%
stopped otherwise
97.1%
still going
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,468 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 378 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €19.6m | €26.6m | €29.0m | €29.5m | €30.2m | ▲ 2.6% |
| Turnover70 | €17.9m | €17.6m | €17.9m | €19.2m | €26.1m | €28.5m | €29.0m | €29.7m | ▲ 2.4% |
| Other operating income74 | - | - | - | €0.4m | €0.5m | €0.4m | €0.5m | €0.5m | ▲ 13.3% |
| Non-recurring operating income76A | - | - | - | €0.005m | €0.03m | €0.006m | €0 | - | - |
| Operating charges60/66A | - | - | - | €18.9m | €25.2m | €27.8m | €27.9m | €28.6m | ▲ 2.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | €8.2m | €13.7m | €15.3m | €13.9m | €14.4m | ▲ 3.6% |
| Purchases600/8 | - | - | - | €8.2m | €13.7m | €15.3m | €13.9m | €14.4m | ▲ 3.6% |
| Services and other goods61 | - | - | - | €5.3m | €5.4m | €5.7m | €6.8m | €6.6m | ▼ 3.8% |
| Remuneration, social security and pensions62 | - | - | - | €5.4m | €6.0m | €6.7m | €7.0m | €7.4m | ▲ 6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.01m | €0.009m | €0.009m | €0.05m | €0.03m | €0.09m | €0.2m | ▲ 82.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.005m | -€0.005m | €0 | - | €0.02m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.02m | €0.02m | €0.05m | €0.07m | ▲ 32.9% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €0.002m | €0.009m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €0.8m | €0.2m | €0.4m | €0.8m | €1.5m | €1.2m | €1.6m | €1.6m | ▼ 0.4% |
| Financial income75/76B | - | - | - | €0.009m | €0.003m | €0.01m | €0.02m | €0.002m | ▼ 90.2% |
| Recurring financial income75 | €0.01m | €0.1m | €0.01m | €0.009m | €0.003m | €0.01m | €0.02m | €0.002m | ▼ 90.2% |
| Income from financial fixed assets750 | - | - | - | €0.003m | €0 | - | - | €0 | - |
| Income from current assets751 | - | - | - | €0.007m | €0.003m | €0.003m | €0.003m | €12 | ▼ 99.6% |
| Other financial income752/9 | - | - | - | €2 | €107 | €0.008m | €0.01m | €0.001m | ▼ 88.2% |
| Financial charges65/66B | - | - | - | €0.07m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 0.6% |
| Recurring financial charges65 | €0.07m | €0.02m | €0.06m | €0.07m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 0.6% |
| Debt charges650 | €0.03m | €0.03m | €0.05m | €0.06m | €0.06m | €0.08m | €0.1m | €0.2m | ▲ 7.7% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 31.3% |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.3m | €0.3m | €0.7m | €1.4m | €1.1m | €1.5m | €1.4m | ▼ 1.5% |
| Income taxes67/77 | €0.3m | €0.1m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.2% |
| Taxes670/3 | - | - | - | €0.2m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 5.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.02m | €0 | €0.008m | €0.007m | ▼ 15.7% |
| Profit (loss) for the period9904 | €0.5m | €0.2m | €0.2m | €0.5m | €1.0m | €0.7m | €1.0m | €1.0m | ▲ 0.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €0.2m | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.2m | €0.2m | €0.5m | €1.1m | €0.7m | €1.0m | €1.0m | ▲ 0.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.4m | €9.5m | €11.3m | €10.7m | €13.3m | €15.4m | €18.1m | €17.0m | ▼ 6.6% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.1m | €0.08m | €0.3m | €0.5m | ▲ 63.3% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.05m | €0.3m | ▲ 446% |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.02m | €0.03m | €0.1m | €0.07m | €0.2m | €0.2m | ▼ 21.8% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.01m | €0.01m | €0.007m | €0.004m | ▼ 41.3% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.08m | €0.05m | €0.04m | €0.08m | ▲ 74.5% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.2m | €0.1m | ▼ 44.0% |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.007m | €0.005m | €0.003m | €0.001m | ▼ 56.6% |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.007m | €0.007m | €0.007m | €0.007m | ▲ 7.7% |
| Affiliated companies280/1 | - | - | - | €0.3m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Participating interests280 | - | - | - | €0.07m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Amounts receivable281 | - | - | - | €0.2m | €0 | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 77.8% |
| Shares284 | - | - | - | - | €255 | €255 | €255 | €255 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.001m | €420 | €420 | €420 | €0.001m | ▲ 125% |
| Current assets29/58 | €9.1m | €9.2m | €11.0m | €10.4m | €13.2m | €15.3m | €17.9m | €16.5m | ▼ 7.7% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €5.8m | €6.9m | €6.4m | €6.1m | €6.2m | €8.0m | €7.4m | €8.3m | ▲ 12.5% |
| Trade receivables40 | - | - | - | €5.8m | €6.1m | €7.9m | €7.3m | €8.2m | ▲ 12.1% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.2m | €0.09m | €0.03m | €0.06m | ▲ 107% |
| Current investments50/53 | €0.6m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Own shares50 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Cash at bank and in hand54/58 | €2.6m | €1.8m | €4.1m | €3.8m | €6.5m | €6.2m | €9.4m | €7.3m | ▼ 22.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.2m | €0.9m | €0.9m | €0.6m | ▼ 28.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.4m | €9.5m | €11.3m | €10.7m | €13.3m | €15.4m | €18.1m | €17.0m | ▼ 6.6% |
| Equity10/15 | €2.1m | €2.3m | €2.4m | €2.7m | €3.1m | €3.4m | €3.7m | €4.1m | ▲ 10.0% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €1.6m | €1.8m | €1.9m | €2.2m | €2.6m | €2.9m | €3.2m | €3.6m | ▲ 11.6% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Own shares acquired1312 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Distributable reserves133 | - | - | - | €1.7m | €2.2m | €2.5m | €2.9m | €3.2m | ▲ 12.9% |
| Amounts payable17/49 | €7.3m | €7.2m | €8.8m | €7.9m | €10.3m | €12.1m | €14.4m | €12.9m | ▼ 10.8% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.05m | €0.2m | €0.04m | €0.3m | €0.09m | ▼ 70.8% |
| Financial debts170/4 | - | - | - | - | €0.1m | €0 | €0.3m | €0.05m | ▼ 81.3% |
| Leasing and similar obligations172 | - | - | - | - | - | - | €0.1m | €0.01m | ▼ 85.1% |
| Credit institutions173 | - | - | - | - | €0.1m | €0 | - | - | - |
| Other loans174 | - | - | - | - | - | - | €0.2m | €0.04m | ▼ 79.2% |
| Other amounts payable178/9 | - | - | - | €0.05m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Amounts payable within one year42/48 | €5.1m | €5.1m | €6.3m | €6.1m | €6.8m | €8.5m | €10.9m | €9.5m | ▼ 12.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 8.0% |
| Financial debts43 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Credit institutions430/8 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Trade debts44 | €3.1m | €3.3m | €4.2m | €4.0m | €4.0m | €5.1m | €4.6m | €4.4m | ▼ 4.3% |
| Suppliers440/4 | - | - | - | €4.0m | €4.0m | €5.1m | €4.6m | €4.4m | ▼ 4.3% |
| Advances received on contracts in progress46 | - | - | - | - | €7 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1.7m | €1.6m | €2.5m | €2.4m | €2.3m | ▼ 4.6% |
| Taxes450/3 | - | - | - | €0.6m | €0.5m | €1.1m | €1.0m | €0.8m | ▼ 18.7% |
| Remuneration and social security454/9 | - | - | - | €1.1m | €1.1m | €1.3m | €1.4m | €1.5m | ▲ 5.5% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.8m | €0.5m | €3.3m | €2.2m | ▼ 33.0% |
| Accrued charges and deferred income492/3 | - | - | - | €1.7m | €3.3m | €3.5m | €3.2m | €3.3m | ▲ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.5m | €0.2m | €0.2m | €0.5m | €1.0m | €0.7m | €1.0m | €1.0m | ▲ 0.2% |
| + Depreciation and write-downs630 | €0.03m | €0.01m | €0.009m | €0.009m | €0.05m | €0.03m | €0.09m | €0.2m | ▲ 82.8% |
| Operating cash flow (approximation) | €0.5m | €0.2m | €0.2m | €0.5m | €1.0m | €0.7m | €1.1m | €1.2m | ▲ 7.1% |
| Investment in fixed assets (approximation) | - | -€0.002m | -€0.001m | -€0.02m | €0.1m | €0 | -€0.3m | -€0.4m | ▼ 14.8% |
| Change in cash | - | -€0.8m | €2.3m | -€0.3m | €2.7m | -€0.3m | €3.2m | -€2.1m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 04-05-2026 | 2026-00102167 |
| 31-12-2024 | full format | 06-05-2025 | 2025-00092342 |
| 31-12-2023 | full format | 19-04-2024 | 2024-00066541 |
| 31-12-2022 | full format | 03-05-2023 | 2023-00083124 |
| 31-12-2021 | full format | 25-04-2022 | 2022-20008126 |
| 31-12-2020 | full format | 28-07-2021 | 2021-41600026 |
| 31-12-2019 | full format | 13-07-2020 | 2020-30800290 |
| 31-12-2018 | full format | 07-05-2019 | 2019-12700208 |
| 31-12-2017 | full format | 31-05-2018 | 2018-16500445 |
| 31-12-2016 | full format | 17-05-2017 | 2017-12500194 |
Similar companies · same sector, comparable size
SAMLINCO
BE 0432.828.549
Sint-Gillis-Waas · equity €4,047,034
CARTARGO
BE 0472.042.877
Beveren-Kruibeke-Zwijndrecht · equity €3,990,329
RODRIGUEZ TRADIMMO
BE 0834.338.669
Mortsel · equity €3,988,583
Nop-O-Lac Company
BE 0405.584.219
Roeselare · equity €3,977,184
DARE 2
BE 0899.039.946
La Hulpe · equity €4,197,934
Of the 3,676 active companies whose main activity is property management for co-owned buildings (syndics) (NACE 68321), figures are known for 1,383. 453 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €27,518 awarded · €28,336 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €4,543 | €4,543 |
| 2024 | 2 | €11,204 | €12,536 |
| 2023 | 2 | €9,689 | €9,290 |
| 2022 | 2 | €2,082 | €1,967 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.