CISEO
ActiveSummary
CISEO has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €617,068 and a net result of -€4,881. Equity remains stable across the filed financial years (±0.5% per year). Its solvency ranks better than 81% of 125 sector peers (NACE 27, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Overview
Activity
Manufacture of electrical equipment
NACE 27120
1 site
Size
€234,990turnover 2025
- Equity
- €617,068
- Loss
- -€4,881
Structure
- Parent
- CILYX GROUP · 100%
- Board
- 4 members
2025 accounts 57 days early4 of 9 deeds summarised
Why 80raises riskLiquidity: current ratio 3.82, cash €1,170, halvedSector: Manufacture of electrical equipment (NACE 27)lowers riskLegal form: public limited companyEquity €617,068 (73.1% of total assets)Show the evidence
Checked score
Score 2025
80
/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 40% of its sector peers (NACE 27, micro)
Financial strength · tick = 2024
Average
Solvency
98+20
equity 73.1% of total assets
Liquidity
40+5
short-term debt 26.2% · cash 0.1%
Profitability
36+10
return on assets -0.6%
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.5%
12-2024: 0.5%● unchanged vs 11-2024
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.4%▼ -0.1 percentage points vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.5%▲ +0.1 percentage points vs 04-2025
06-2025: 0.6%▲ +0.1 percentage points vs 05-2025highest value
07-2025: 0.3%▼ -0.3 percentage points vs 06-2025
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.2%▼ -0.1 percentage points vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025lowest value
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.3%▲ +0.1 percentage points vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.5%▲ +0.2 percentage points vs 06-2026
08-2026: 0.5%● unchanged vs 07-2026
09-2026: 0.5%● unchanged vs 08-2026
10-2026: 0.5%● unchanged vs 09-2026
Credit of up to €23,000 on 30-day terms is acceptable
Liquidity ample (current ratio 3.82, compared with 2.2 in 2024, above the usual 1.5; short-term debt: 26.2% and cash: 0.1% of total assets), and 26.9% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 27, micro): better than 77% on solvency, 32% on liquidity, 30% on profitability and 21% on growth.
The bankruptcy probability was computed on 28-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
Six 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
1819202122232425
2018 to 2025 · latest year -€4,881
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 04-06-2026, 57 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
57 days early
2024
51 days early
2023
37 days early
2022
19 days early
2021
29 days late
2020
9 days early
2019
28 days 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 25 days before the deadline; the sector median (NACE 27) for financial year 2024 is 6 days before the deadline, and 37% 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 25 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
29-10-2026 today31-12-2026 year end31-07-2027 deadline
- Annual accounts filedfinancial year 2025 · full…
- Resignation: SRL BELLERIVE Management & Co…Gazette deed
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
Turnover
€234,990▼ 74.3%
2024 · €915,847
EBIT margin
4.7%▲ 9.7pp
2024 · -5.0%
Net result
-€4,881▲ 90.9%
2024 · -€53,436
Working capital
€623,118▼ 3.0%
2024 · €642,571
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €11,036 after a loss of €46,136 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€0.2m
2025
Operating result€0.01m
2025
Net result-€0.005m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€0.8m
2025
Equity€0.6m
2025
Debt€0.2m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.6m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin4.7%
2025
Return on assets (ROA)-0.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency73.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.82
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 27, Manufacture of electrical equipment: 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€4.9m-€3.5m▼ 29.2%€3.9m▲ 12.2%€2.6m▼ 33.6%€3.0m▲ 13.5%€2.5m▼ 16.0%€0.9m▼ 63.1%€0.2m▼ 74.3%
Operating result€0.1m--€0.5m€0.07m-€0.4m€0.005m€0.6m▲ 135×-€0.05m€0.01m
Net result€0.06m--€0.6m€0.009mwithin the sector's middle half-€0.4mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 83.4%€0.6mwithin the sector's middle half-€0.05mbelow the sector's middle half-€0.005mwithin the sector's middle half▲ 90.9%
EBIT margin3.0%--13.6%▼ 16.6pp1.9%▲ 15.5pp-14.1%▼ 16.0pp0.2%▲ 14.3pp25.6%▲ 25.4pp-5.0%▼ 30.6pp4.7%▲ 9.7pp
Equity€0.6m-€0.6m▼ 6.8%€0.6mwithin the sector's middle half▼ 3.3%€0.1mbelow the sector's middle half▼ 75.0%€0.07mbelow the sector's middle half▼ 50.6%€0.7mwithin the sector's middle half▲ 848%€0.6mwithin the sector's middle half▼ 7.9%€0.6mwithin the sector's middle half▼ 0.8%
Total assets€3.5m-€4.1m▲ 16.7%€3.2mwithin the sector's middle half▼ 22.0%€2.7mwithin the sector's middle half▼ 14.8%€3.2mwithin the sector's middle half▲ 17.8%€1.6mwithin the sector's middle half▼ 49.4%€1.2mwithin the sector's middle half▼ 26.8%€0.8mbelow the sector's middle half▼ 28.4%
Debt€2.8m-€3.5m▲ 22.1%€2.6m▼ 25.8%€2.5m▼ 1.7%€3.1m▲ 21.9%€0.9m▼ 70.1%€0.6m▼ 40.0%€0.2m▼ 58.9%
Working capital€0.8m-€1.1m▲ 41.6%€0.7mwithin the sector's middle half▼ 34.9%€0.1mwithin the sector's middle half▼ 83.8%-€0.1mbelow the sector's middle half€0.9mwithin the sector's middle half€0.6mwithin the sector's middle half▼ 30.3%€0.6mwithin the sector's middle half▼ 3.0%
Solvency18.4%-14.7%▼ 3.7pp18.2%below the sector's middle half▲ 3.5pp5.3%below the sector's middle half▼ 12.9pp2.2%below the sector's middle half▼ 3.1pp41.9%within the sector's middle half▲ 39.7pp52.8%within the sector's middle half▲ 10.9pp73.1%above the sector's middle half▲ 20.3pp
Current ratio1.47-1.56▲ 0.101.43within the sector's middle half▼ 0.131.06below the sector's middle half▼ 0.370.95below the sector's middle half▼ 0.112.34within the sector's middle half▲ 1.382.20within the sector's middle half▼ 0.143.82above the sector's middle half▲ 1.62
Return on assets (ROA)1.6%--13.5%▼ 15.1pp0.3%within the sector's middle half▲ 13.8pp-15.9%below the sector's middle half▼ 16.2pp-2.3%below the sector's middle half▲ 13.7pp37.8%above the sector's middle half▲ 40.0pp-4.5%below the sector's middle half▼ 42.3pp-0.6%within the sector's middle half▲ 4.0pp
Staff (FTE)23.9-26.1▲ 9.2%22.5within the sector's middle half▼ 13.8%20.5within the sector's middle half▼ 8.9%20.4within the sector's middle half▼ 0.5%4.6below the sector's middle half▼ 77.5%0below the sector's middle half▼ 100%0below the sector's middle half
above
within
below
the middle half of NACE 27, Manufacture of electrical equipment: 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
Equity and liabilities €844,116
Equity
€617,068 ▼ 0.8%
Provisions
€0 ▼ 100%
Debt
€227,048 ▼ 58.9%
Debt's share of the balance-sheet total falls from 46.9% to 26.9%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.37▼
2024 · 0.89
ROE
-0.8%▲
2024 · -8.6%
Debt ≤ 1 year
€220,998▼
2024 · €536,102
Income taxes
€0▼
2024 · €1,224
Staff costs
€403▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 929 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 92.8% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
1.7%
went bankrupt
5.5%
stopped otherwise
92.8%
still going
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,445 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% | 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% |
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 929 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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €4.9m | €3.5m | €3.9m | €2.6m | €3.0m | €2.5m | €0.9m | €0.2m | ▼ 74.3% |
| Non-recurring operating income76A | - | - | - | €0.05m | €0.1m | €0.8m | €0.02m | €0.03m | ▲ 24.5% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.8m | €2.6m | €2.0m | €0.7m | €0.2m | ▼ 67.9% |
| Remuneration, social security and pensions62 | - | - | - | €1.5m | €1.4m | €0.3m | €0 | €403 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.001m | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.01m | - | -€0.02m | -€0.01m | -€0.005m | ▲ 57.1% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.02m | €0.004m | €0.001m | €0.002m | ▲ 67.4% |
| Non-recurring operating charges66A | - | - | - | €0.05m | €0.06m | €0.06m | €0.05m | €0 | ▼ 100% |
| Gross operating margin9900 | €3.1m | €1.6m | €2.0m | €1.4m | €1.8m | €1.0m | -€0.007m | €0.009m | - |
| Operating profit (loss)9901 | €0.1m | -€0.5m | €0.07m | -€0.4m | €0.005m | €0.6m | -€0.05m | €0.01m | - |
| Financial income75/76B | - | - | - | €0.003m | €0.003m | €0.02m | €0.01m | €0 | ▼ 100% |
| Recurring financial income75 | €0.005m | €0.008m | €0.007m | €0.003m | €0.003m | €0.02m | €0.01m | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.06m | €0.07m | €0.04m | €0.02m | €0.02m | ▼ 13.1% |
| Recurring financial charges65 | €0.09m | €0.08m | €0.07m | €0.06m | €0.07m | €0.04m | €0.02m | €0.02m | ▼ 13.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €0.06m | -€0.5m | €0.01m | -€0.4m | -€0.07m | €0.6m | -€0.05m | -€0.005m | ▲ 90.7% |
| Income taxes67/77 | €0.007m | €0.007m | €0.004m | €0.004m | €0.004m | €0.001m | €0.001m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.06m | -€0.6m | €0.009m | -€0.4m | -€0.07m | €0.6m | -€0.05m | -€0.005m | ▲ 90.9% |
| Profit (loss) for the period to be appropriated9905 | €0.06m | -€0.6m | €0.009m | -€0.4m | -€0.07m | €0.6m | -€0.05m | -€0.005m | ▲ 90.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.5m | €4.1m | €3.2m | €2.7m | €3.2m | €1.6m | €1.2m | €0.8m | ▼ 28.4% |
| Fixed assets21/28 | €1.1m | €1.1m | €0.9m | €0.8m | €0.7m | - | - | - | - |
| Intangible fixed assets21 | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.3m | €0.1m | €0.09m | €0.07m | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €315 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.04m | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €0.02m | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €0.03m | - | - | - | - | - |
| Current assets29/58 | €2.4m | €3.0m | €2.3m | €1.9m | €2.5m | €1.6m | €1.2m | €0.8m | ▼ 28.4% |
| Amounts receivable after more than one year29 | - | - | - | €0.02m | €0.004m | - | €0.8m | €0.8m | ▼ 7.6% |
| Trade receivables290 | - | - | - | €0.02m | €0.004m | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | - | - | €0.8m | €0.8m | ▼ 7.6% |
| Stocks and contracts in progress3 | €0.7m | €0.03m | €0.06m | €0.6m | €0.7m | €0.3m | €0.03m | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | - | €0.007m | €0 | - | - |
| Contracts in progress37 | - | - | - | €0.6m | €0.7m | €0.3m | €0.03m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €1.4m | €1.9m | €1.3m | €1.1m | €1.2m | €1.3m | €0.2m | €0.009m | ▼ 96.3% |
| Trade receivables40 | - | - | - | €1.0m | €1.0m | €0.4m | €0.2m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.9m | €0.02m | €0.009m | ▼ 63.4% |
| Cash at bank and in hand54/58 | €0.2m | €0.7m | €0.1m | €0.1m | €0.05m | €0.05m | €0.07m | €0.001m | ▼ 98.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.6m | - | - | €0.06m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.5m | €4.1m | €3.2m | €2.7m | €3.2m | €1.6m | €1.2m | €0.8m | ▼ 28.4% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.1m | €0.07m | €0.7m | €0.6m | €0.6m | ▼ 0.8% |
| Contributions10/11 | €0.6m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Legal reserve130 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | €0.01m | -€0.5m | -€0.5m | -€1.0m | -€1.0m | -€0.4m | -€0.5m | -€0.5m | ▼ 1.0% |
| Investment grants15 | - | - | - | €0.006m | €0.004m | - | - | - | - |
| Provisions and deferred taxes16 | - | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.005m | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | €0.03m | €0.02m | €0.005m | €0 | ▼ 100% |
| Environmental obligations163 | - | - | - | €0.03m | €0.03m | - | €0.005m | €0 | ▼ 100% |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.02m | - | - | - |
| Amounts payable17/49 | €2.8m | €3.5m | €2.6m | €2.5m | €3.1m | €0.9m | €0.6m | €0.2m | ▼ 58.9% |
| Amounts payable after more than one year17 | €1.2m | €1.5m | €0.9m | €0.7m | €0.5m | €0.2m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.7m | €0.5m | €0.2m | €0 | - | - |
| Amounts payable within one year42/48 | €1.6m | €1.9m | €1.6m | €1.8m | €2.6m | €0.7m | €0.5m | €0.2m | ▼ 58.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 20.0% |
| Financial debts43 | - | - | - | €0.1m | €0.8m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.1m | €0.8m | - | - | - | - |
| Trade debts44 | €0.3m | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | €0.1m | €0.001m | ▼ 99.3% |
| Suppliers440/4 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | €0.001m | ▼ 99.3% |
| Advances received on contracts in progress46 | - | - | - | €0.9m | €0.6m | €0.2m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.05m | €0.09m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €0.06m | €0.09m | €0.05m | €0.09m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.3m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.007m | €0.1m | - | €0.04m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.04m | €0.01m | €0.02m | €0.006m | ▼ 62.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,010 | -€550,047 | €9,180 | -€430,087 | -€71,605 | €608,284 | -€53,436 | -€4,881 | ▲ 90.9% |
| + Depreciation and write-downs630 | €202,255 | €212,652 | €261,244 | €234,455 | €234,655 | - | - | - | - |
| Operating cash flow (approximation) | €257,265 | -€337,395 | €270,424 | -€195,632 | €163,050 | €608,284 | -€53,436 | -€4,881 | ▲ 90.9% |
| Investment in fixed assets (approximation) | - | -€192,633 | -€44,961 | -€154,251 | -€172,976 | - | - | - | - |
| Change in cash | - | €498,622 | -€554,416 | -€16,564 | -€44,752 | -€3,702 | €17,196 | -€66,001 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 04-06-2026 | 2026-00137220 |
| 31-12-2024 | full format | 10-06-2025 | 2025-00127719 |
| 31-12-2023 | full format | 24-06-2024 | 2024-00161662 |
| 31-12-2022 | full format | 12-07-2023 | 2023-00231095 |
| 31-12-2021 | full format | 29-08-2022 | 2022-20331693 |
| 31-12-2020 | full format | 22-07-2021 | 2021-38000430 |
| 31-12-2019 | full format | 03-07-2020 | 2020-25900154 |
| 31-12-2018 | full format | 22-07-2019 | 2019-35200316 |
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Of the 154 active companies whose main activity is manufacture of electrical equipment (NACE 27120), figures are known for 113. 86 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
under verification, last change in 2025
This board is reconstructed from a single act (24024998). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 4
KREUIL
CurrentDirector · Limited partnership · permanent representative: Fabien Defays
MARELEO
CurrentDirector · Limited partnership · permanent representative: Grégory Reichling
NOSHAQ PARTNERS
CurrentDirector · Private limited company · permanent representative: Benoît Fellin
Investpartner SC SCRL
CurrentDirector · Legal entity · from a recent deed
Permanent representatives 3
Benoît Fellin
CurrentPermanent representative · for NOSHAQ PARTNERS
Fabien Defays
CurrentPermanent representative · for KREUIL
Grégory Reichling
CurrentPermanent representative · for MARELEO
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ.
See the directors and other office holders in the KBO →
Not every act has been read: a resignation may still be missing
5 of this company's 9 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
6 people since 2023, 4 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| KREUIL |
|
| MARELEO |
|
| NOSHAQ PARTNERS |
|
| Investpartner SC SCRLfrom an act |
|
| BELLERIVE & CO MANAGEMENT |
|
| LASER ENGINEERING APPLICATIONS |
|
The directors' other companies
1 current director with another company that went bankrupt, was dissolved or struck off
4 other companies of this director went bankrupt (2025, 2026).
- GALLER HOLDING bankruptcy on 24-04-2026Official Gazettemandate since 2020
- Gembloux.beer bankruptcy on 27-11-2025Official Gazettemandate until 2025
- GALLER BOUTIQUES bankruptcy according to the KBO registermandate since 2025
- LA CHOCOLATERIE GALLER bankruptcy according to the KBO registermandate since 2025
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it. Only boards we have read from the Gazette; other companies may still be missing.
Owners and capital
Owners
1 ownerChain of control
- CILYX GROUP
- CISEO
Highest known parent: CILYX GROUP. The sources do not say who stands above it.
Owners 1
-
100%
According to the 2025 annual accounts of CISEO and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
Capital over the years
- 11-01-2024 Capital stated in the deed · €1,101,400 · 2,036 shares
Group and network
Connections & network
7 connected companiesThis company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
ADVANCED MECHANICAL AND OPTICAL SYSTEMS
Shared corporate director
→
Capaul
Shared corporate director
→
CILYX
Shared corporate director
→
EURO HEAT PIPES
Shared corporate director
→
Show 3 more companies with a shared director
REVERSE METALLURGY
Shared corporate director
→
SCHREDER
Shared corporate director
→
TELEMIS HOLDING
Shared corporate director
→
History
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2026
04-06
NBB filing
Annual accounts filed
financial year 2025 · full format
2025
23-09
Gazette deed
Resignation: SRL BELLERIVE Management & Co. (director)2 facts ▸
Gazette deed
Resignation: SRL BELLERIVE Management & Co. (director)
2 facts ▸
- General meeting, 03-06-2025
- Director resignation, SRL BELLERIVE Management & Co. (director)
10-06
NBB filing
Annual accounts filed
financial year 2024 · full format
2024
24-06
NBB filing
Annual accounts filed
financial year 2023 · full format
08-02
Gazette deed
Reappointments: Mareleo SComm, Kreuil SComm and Investpartner SC SCRLPermanent representatives: Grégory Reichling, Fabien Defays and Benoît Fellin9 facts ▸
Gazette deed
Reappointments: Mareleo SComm, Kreuil SComm and Investpartner SC SCRL
Permanent representatives: Grégory Reichling, Fabien Defays and Benoît Fellin9 facts ▸
- General meeting, 06-06-2023
- Other provision, “pleine et entière, décharge aux administrateurs” (deed in French)
- Director reappointment, Mareleo SComm (director)
- Director reappointment, Kreuil SComm (director)
- Director reappointment, Investpartner SC SCRL (director)
- Permanent representative, Grégory Reichling (représentant dans le cadre de cette fonction)
- Permanent representative, Fabien Defays (représentant dans le cadre de cette fonction)
- Permanent representative, Benoît Fellin (représentant dans le cadre de cette fonction)
- Director in office, Bellerive & Co management (director)
11-01
Gazette deed
Reappointments: MARELEO, KREUIL and 2 othersPermanent representative: Benoît FELLIN · Name change · Amendment of the articles12 facts ▸
Gazette deed
Reappointments: MARELEO, KREUIL and 2 others
Permanent representative: Benoît FELLIN · Name change · Amendment of the articles12 facts ▸
- General meeting, 21-12-2023
- Name change, CISEO
- Amendment of the articles
- Other provision, “fixation adresse siège hors statuts, hors statuts” (deed in French)
- Capital, €1,101,400
- Registered office clause, “4102 Seraing, rue Louis Plescia”, 7 (deed in French)
- Other provision, 4, “composition actuelle organe d'administration” (deed in French)
- Director reappointment, MARELEO (director)
- Director reappointment, KREUIL (director)
- Director reappointment, NOSHAQ PARTNERS (director)
- Director reappointment, BELLERIVE & CO MANAGEMENT (director)
- Permanent representative, Benoît FELLIN
2023
31-12
Financial
Back to profitnet €608,284
Net result €608,284 after 2 loss-making years.
31-12
Financial
Liquidity more than doubledcurrent ratio 2.34
Current ratio from 0.95 to 2.34; short-term debt falls from €2.6m to €689,863.
31-12
Financial
Equity above €500,000equity €675,385 ▲848%
Equity rises from €71,275 to €675,385.
12-07
NBB filing
Annual accounts filed
financial year 2022 · full format
28-06
Gazette deed
Resignation: LASER ENGINEERING APPLICATIONS (director)Director discharge4 facts ▸
Gazette deed
Resignation: LASER ENGINEERING APPLICATIONS (director)
Director discharge4 facts ▸
- General meeting, 20-01-2023
- Director resignation, LASER ENGINEERING APPLICATIONS (director)
- Other provision, “convention de cession d'actions”, 29-06-2022 (deed in French)
- Director discharge, LASER ENGINEERING APPLICATIONS
2022
29-08
NBB filing
Annual accounts filed
financial year 2021 · full format · 29 days late
Show earlier events
2021
22-07
NBB filing
Annual accounts filed
financial year 2020 · full format
2020
31-12
Financial
Back to profitnet €9,180
Net result €9,180 after one loss-making year.
03-07
NBB filing
Annual accounts filed
financial year 2019 · full format
2019
31-12
Financial
Weakest financial yearnet -€550,047
Net result drops to -€550,047, the lowest in the series; recovery starts the following year.
22-07
NBB filing
Annual accounts filed
financial year 2018 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
4 of 9 deeds read
About the unread acts
Of the 9 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Register details
Identification
Legal formPublic limited company
Founded09-06-2017
Financial year end31-12
Activities, NACEBEL 2025
27120Manufacture of electrical equipment
33200Installation of industrial machinery and equipment
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0676685361
Also
9925:BE0676685361
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Seraing · 1 establishment unit since 2017
Ground area
5,917 m²
Building footprint
992 m²
Building volume
7,824 m³
Parcel 62343C0058/00Y000, Wallonia · tallest building 9.8 m. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
CISEO
since 2017unit no. 2.264.828.155
1 parcel
Wallonia
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62343C0058/00Y000 | Wallonia | 5,917 m² | 1 · 992 m² | 9.8 m · 3 |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “La société a pour objet le développement et la gestion de projets industriels dans le domaine du génie mécanique; Les différentes activités…” (deed in French)
8 activities (deed in French)
- La société a pour objet le développement et la gestion de projets industriels dans le domaine du génie mécanique.
- Les différentes activités pouvant notamment couvrir la conception,l’intégration et la mise en service d’installations électromécaniques,la gestion de projets industriels.
- Les projets pourront notamment concerner les machines et applications spéciales.
- L’activité de la société s’exerce particulièrement dans le domaine des sciences de la vie(médical,pharmaceutique,agro-alimentaire,etc.).
- La société développe aussi bien des équipements de production que des équipements médicaux.
- Ces derniers peuvent être produits en série.
- La société pourra d’une façon générale accomplir toutes opérations commerciales,industrielles,financières,mobilières ou immobilières se rapportant directement ou non à son objet social ou qui seraient de nature à en faciliter directement ou indirectement sa réalisation.
- La société peut également participer à la création et au développement d’entreprises commerciales,financières,industrielles ou immobilières et leur prêter tout concours que ce soit par des prêts,des garanties ou de toute autre manière,elle peut également acquérir des actions,obligations et valeurs mobilières de toutes espèces et peut se livrer à toutes opérations commerciales,industrielles,financières ou immobilières généralement quelconques se rapportant directement ou indirectement à son objet ou pouvant faciliter sa réalisation.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CISEO
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région Wallonne, simple décision publiée aux annexes du Moniteur Belge” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Seule assemblée générale nomme nouvel administrateur si place vacante avant fin, 6 ans” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Wednesday of May at 18:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque raison que ce soit à n'importe quel moment, organe d'administration en fonction agissant en collège de liquidateurs” (deed in French)2 more provisions on this in the deed