Losses
-€24,513 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
CGeS
Overview
Lifetime
3 annual accounts with figures on one time axispeak €6,007 (2024)
€2,895▼ 51.8%
lowest -€23,897 (2025)
-€23,897▼ €23,280
peak €25,471 (2024)
€1,574▼ 93.8%
€26,225▼ 46.8%
Board2 names since 2023
2 directorsGELMINI Christophe and 1 other
Documentsfilings and deeds
30-07-20261 day before the deadline
2025micro format
Gross margin from €6,007 to €2,895Loss of €23,897Equity from €25,471 to €1,574Debts from €49,282 to €26,225Cash from €1,632 to €6,095
Key points
from the 2025 annual accountsDebts
€26,225 94% of the balance sheet
Suppliers 60%Taxes and wages 31%Other 9%
Investments
€5,549 13.7 × depreciation
Green is investment, beige is depreciation.
Staff
2 employees on 31-12-2025
In 2025, 4 people joined and 4 left.
Liquidity
0.85 was 0.17 in 2024
Short-term debts fell from €49,282 to €26,225.
Position in the sector
-€23,897
Lower net result than 94% of companies in specialised construction. Sector median €10,189 · 35,113 companies.
Checked score
49
Fair
Financially stronger than 9% of micro companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.8% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024lowest value
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.6%▲ +0.1 percentage points vs 06-2025
08-2025: 0.9%▲ +0.3 percentage points vs 07-2025
09-2025: 3.0%▲ +2.1 percentage points vs 08-2025highest value
10-2025: 3.0%● unchanged vs 09-2025highest value
11-2025: 3.0%● unchanged vs 10-2025highest value
12-2025: 3.0%● unchanged vs 11-2025highest value
01-2026: 3.0%● unchanged vs 12-2025
02-2026: 3.0%● unchanged vs 01-2026
03-2026: 3.0%● unchanged vs 02-2026
04-2026: 2.9%▼ -0.1 percentage points vs 03-2026
05-2026: 2.7%▼ -0.2 percentage points vs 04-2026
06-2026: 2.7%● unchanged vs 05-2026
07-2026: 2.8%▲ +0.1 percentage points vs 06-2026
08-2026: 2.7%▼ -0.1 percentage points vs 07-2026
09-2026: 2.7%● unchanged vs 08-2026
10-2026: 2.8%▲ +0.1 percentage points vs 09-2026
11-2026: 2.8%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Founded in 2023
1 change of registered office in 24 months
Loss of €23,897, the second in a row (financial year 2025)
lowers risk
Size: total assets €27,799
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 43, micro). It does better than 11% of them on solvency, 16% on liquidity, 4% on profitability and 4% on growth.
The bankruptcy probability was computed on 09-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 757 companies had the same profile as CGeS has now. Each dot stands for 2 companies, two years later.
86.5%
were still trading
4.8%
stopped another way
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CGeS itself: 2.8% within 12 months.
Test of the method
The method was tested on the 497,447 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 757 companies, not a prediction for CGeS. 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.
Credit verdict
No publishable credit limit, so credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.85 (0.17 in 2024), below 1. Short-term debt is 94.3% and cash 21.9% of total assets. 94.3% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
232425
2023 to 2025 · latest year -€23,897
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 35125 sector peers (2025).
NBB · sector comparisonPosition among 35125 sector peers
Solvency
better than 11%
← 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 30-07-2026, 1 day ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
1 day early
2024
8 days late
2023
23 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 10 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% 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 8 August (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- GELMINI Christophe 150 sharesdeed of 22-08-2023
- GELMINI Sébastien 150 sharesdeed of 22-08-2023
Recent changes
Registered office moved within Esneux
New registered office: Rue de la Corniche 35, 4130 Esneux · Previous registered office: Rue Bovière2, 4130 Esneux · Board meeting of 01-01-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0804896102
Incorporation
Founding capital of €3,000, 300 shares · Founders: GELMINI Christophe and GELMINI Sébastien · Appointments: GELMINI Christophe (director) and GELMINI Sébastien (director) · published on 22-08-2023 · Gazette deed
First establishment
Rue de la Corniche 35, Esneux
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CGeS Esneux | €27,799 | €2,895 | 5.7% | - |
| KSN-INVEST Saint-Nicolas | €22,762 | €2,812 | 76.3% | - |
| Zher0 Merelbeke-Melle | €29,691 | €3,382 | 14.8% | - |
| Penez Technics Waregem | €27,541 | €2,629 | -25.9% | - |
| EKN Heusden-Zolder | €28,904 | €3,295 | 22.1% | - |
| HKH Ghent | €30,125 | €3,416 | -68.8% | - |
| Direct Project Dilbeek | €31,315 | €2,931 | -7.7% | - |
These companies have the same main activity as CGeS: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €22,800 and €31,300, founded between 2022 and 2024.
Official details
Source: KBO- Status
- Active since 18-08-2023Normal situation
- Activity
- General electrical installation workNACE 43211and 1 other
- Joint committees
- 124Construction
- 149Sectors related to metal, mechanical and electrical engineering · annual accounts 2025
- Establishment unit
- 2.351.865.4634130 Esneux, since 18-08-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 20-10-2025
Annual accounts 2025
- €2,895▼ 51.8%
- ≈ €24,000estimated
- €23,897▲ 39×
- €1,574▼ 93.8%
- €27,799▼ 62.8%
- Employeeson 31-12-2025
- 2=
- Filing
- Filed on 30-07-2026, 1 day before the end of the filing period
Insights on CGeS
CGeS files the micro format. That format states no turnover. The gross margin rose from €1,071 in 2023 to €2,895 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 30-07-2026, 1 day before the deadline€2,895
▼ 51.8%
-€23,708
▼ €23,405
-€23,897
▼ €23,280
-€3,971
▲ €36,959
5.7%
▼ 28.4 percentage points
0.85
▲ 0.68
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €24,000. Estimated: probably between €16,000 and €50,000.
Balance sheet
balance sheet total €27,799 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
5.7%
Higher than 11% of 35,125 companies in 2025.
0.85
Higher than 16% of 34,499 companies in 2025.
-86.0%
Lower than 95% of 34,700 companies in 2025.
CGeS
Middle half of the sector
80% of the sector
Micro accounts in specialised construction (NACE 43)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff
€17,367
Staff costs divided by the average number of full-time equivalents.
level
people who joined
people who left
In 2025, 4 people joined and 4 left.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
27,799 | 74,752 | 4,252 | |
20 |
- | - | 932 | |
21/28 |
5,545 | 66,400 | - | |
22/27 |
5,145 | 66,000 | - | |
22 |
4,050 | - | - | |
24 |
1,095 | - | - | |
27 |
- | 66,000 | - | |
28 |
400 | 400 | - | |
29/58 |
22,254 | 8,352 | 3,320 | |
40/41 |
13,367 | 3,654 | 541 | |
40 |
11,334 | 2,769 | - | |
41 |
2,032 | 885 | 541 | |
54/58 |
6,095 | 1,632 | 2,668 | |
490/1 |
2,792 | 3,067 | 112 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
27,799 | 74,752 | 4,252 | |
10/15 |
1,574 | 25,471 | 3,087 | |
10/11 |
26,000 | 26,000 | 3,000 | |
14 |
-24,426 | -529 | 87 | |
17/49 |
26,225 | 49,282 | 1,165 | |
42/48 |
26,225 | 49,282 | 1,165 | |
44 |
15,742 | 3,164 | 828 | |
440/4 |
15,742 | 3,164 | 828 | |
45 |
8,086 | 595 | 22 | |
450/3 |
335 | 458 | 22 | |
454/9 |
7,751 | 137 | - | |
47/48 |
2,397 | 45,523 | 315 | |
| Income statement | ||||
9900 |
2,895 | 6,007 | 1,071 | |
62 |
26,051 | 4,855 | - | |
630 |
404 | 932 | 477 | |
640/8 |
149 | 523 | 434 | |
9901 |
-23,708 | -304 | 160 | |
75/76B |
1 | 20 | 10 | |
75 |
1 | 20 | 10 | |
65/66B |
189 | 234 | 61 | |
65 |
189 | 234 | 61 | |
9903 |
-23,897 | -518 | 109 | |
67/77 |
- | 99 | 22 | |
9904 |
-23,897 | -616 | 87 | |
9905 |
-23,897 | -616 | 87 | |
| Appropriation of the result | ||||
9906 |
-24,426 | -529 | 87 | |
14P |
-529 | 87 | - | |
| Social balance sheet | ||||
9087 |
1.5 | 1.8 | - | |
Hours worked1013 |
1,808 | 927 | - | |
| Document | ||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| -23,304 | 628 | 637 | ||
| -23,493 | 316 | 564 | ||
| 5,549 | 66,400 | - | ||
| 4,464 | -1,036 | - | ||
| -3,971 | -40,929 | 2,155 | ||
| 5.7% | 34.1% | - | ||
| 0.85 | 0.17 | - | ||
| 16.66 | 1.93 | - | ||
| - | -2.4% | - | ||
| -86.0% | -0.8% | - | ||
| -123.28 | 2.68 | 10.51 |
A ratio outside any meaningful range has been withheld (balance sheet total €27,799, equity €1,574).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 2 |
| full-time | 1 | 2 |
| part-time | 1 | - |
| in full-time equivalents | 1.5 | 2 |
| 1.5 | 1.8 | |
| On a permanent contract | 2 | 1 |
| Joined | 4 | 2 |
| Left | 4 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €5,549 | €66,000 | - |
| Financial fixed assets | - | €400 | - |
| €404 | €932 | €477 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Insights on CGeS
The operating result for 2025 is a loss of €23,708, larger than the loss of €304 in 2024. It is the lowest result since 2023.
Debt's share of the balance-sheet total rises from 65.9% to 94.3%. Equity and debt are lower.
Board & ownership
Board
2 directors, since incorporationDirector (not named in the articles)
since 17-08-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 30-07-2026
Director (not named in the articles)
since 17-08-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 30-07-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Article 10. Pouvoir de représentation Chaque administrateur représente la société à l'égard des tiers et en justice, soit en demandant, soit…”deed of 22-08-2023
Mandates through the years
2 names, the dashed line is todayGELMINI Christophe
Director (not named in the articles)
Director (not named in the articles)
GELMINI Sébastien
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- GELMINI Christophe
- Director (not named in the articles), from 17-08-2023 to date
- GELMINI Sébastien
- Director (not named in the articles), from 17-08-2023 to date
Control
Capital
- Contribution
- €26,000
- Shares
- 300
- Contribution per share
- €86.67
- Equity per share
- €5.25 in 2025
- Source
- 2025 annual accounts
Articles of association
deed of 22-08-2023 (in French)- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Organe d'administration décide souverainement des appels de fonds complémentaires moyennant traitement égal”“300 actions émises lors constitution deviennent classe A si actions émises après constitution, actions émises en contrepartie d'apports…”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Thursday of June at 18:00
Shareholders
At incorporation
deed of 22-08-2023 ↗
- GELMINI Christophe 150 shares (50%) · €1,500
- GELMINI Sébastien 150 shares (50%) · €1,500
Network & group
No group
CGeS has no parent and no holdings in its annual accounts.
Earlier ties
| RADI-X via GELMINI Christophe, no longer at RADI-X · Director · deed of 25-03-2020 founded in 2020 |
total assets €247,092 (2025) |
Connections & network
The network starts from the earlier ties.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Timeline
8 events since 2023Filings
Financial
Establishments
Address
2023202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · 1 day before the deadline
Registered office moved within EsneuxNew registered office: Rue de la Corniche 35, 4130 Esneux · Previous registered office: Rue Bovière2, 4130 Esneux · Board meeting of 01-01-20262 points ▸
- Board meeting, 01-01-2026
- Registered-office move, Rue de la Corniche 35, 4130 Esneux
2025
Weakest financial year net -€23,897 The net result drops to -€23,897, the lowest from 2023 to 2025.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0804896102
Annual accounts 2024 filed PDFmicro format · 8 days late
2024
Annual accounts 2023 filed PDFmicro format · 23 days late
2023
IncorporationFounding capital of €3,000, 300 shares · Founders: GELMINI Christophe and GELMINI Sébastien · Appointments: GELMINI Christophe (director) and GELMINI Sébastien (director) · published on 22-08-20236 points ▸
- Founder, GELMINI Christophe
- Founder, GELMINI Sébastien
- Founding capital, €3,000, 300 shares
- Registered office clause, Rue Bovière, numéro 2, 4130 Esneux
- Director appointment, GELMINI Christophe (director (not named in the articles))
- Director appointment, GELMINI Sébastien (director (not named in the articles))
- The deed holds 7 more points.
First establishment Rue de la Corniche 35, Esneux
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0804.896.102
- VAT number
- BE 0804.896.102
- Peppol ID
- 0208:0804896102
- Other Peppol ID
- 9925:BE0804896102
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 18-08-2023
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Thursday of June at 18:00deed of 22-08-2023 (in French)
- Peppol
- Reachable since 20-10-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- CGeS in French
- Entity type
- Legal entity
Activities
NACEBEL 2025VAT activities
43211
General electrical installation work main activity
Social security (RSZ) activities
43211
General electrical installation work main activity
Joint committees annual accounts 2025
JC 124
Construction
JC 149
Sectors related to metal, mechanical and electrical engineering
Codes under NACEBEL 2008
VAT activities
43211
Specialised construction activities main activity
68311
Real estate activities
Social security (RSZ) activities
43211
Specialised construction activities main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Installation électrique,alarme intrusion et incendie,contrôle d’accès,domotique,éclairage,chauffage…”deed of 22-08-2023 (in French)
13 activities
- Installation électrique,alarme intrusion et incendie,contrôle d’accès,domotique,éclairage,chauffage électrique,parlophonie,vidéophonie,systéme de vidéo surveillance,armoire électrique,panneaux solaires/photovoltaïques et batteries et,d’une manière générale,toutes installations à caractère électrique ou électronique.
- L’achat et la revente de matériel électrique et électronique visé sous les travaux du point 1.
- L’achat et la revente en tant que simples marchandises,de matériel électrique,électronique ou autres appareils électroménagers.
- Le négoce et la vente en gros ou au détail de toute marchandises permettant de développer l’objet social de l’entreprise.
- La gestion et l’organisation de foires
- La production de matériaux publicitaires
- La consultance et la stratégie de communication
- Le transport,l’entreposage,le démarquage,le camionnage,l’expédition,la distribution,l’échantillonnage ou la répartition de tous colis,matériel,médicament.
- L’intermédiaire commercial.
- La conception,la fabrication,la fourniture,l’exploitation,l’entretien,la maintenance,le conseil,la négociation,l’étude,le dépôt,la gestion,la location,l’acquisition,l’aliénation,l’échange,l’importation,l’exportation de tous services,procédés,produits de toute recherche et notamment de brevets,licences,
- Le know-how,l ’engineering.
- La gestion logistique.
- La location d’entrepôt et d’espace de stockage
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Rue de la Corniche 35 registered office 4130 Esneux | 18-08-2023 | 2.351.865.463 |
Buildings and parcels at the address
- Ground area
- 574 m²
- Buildings
- 80 m²
- Volume, LiDAR
- 621 m³
- Tallest building
- 8.8 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62032E0836/00Z003 | 574 m² | 1 · 80 m² | 8.8 m · 3 |
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0804.896.102