Summary
DE CEDER is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €414,925 and a net result of €89,798. Equity is growing by about 11% per year across the filed financial years. Its solvency ranks better than 72% of 6,658 sector peers (NACE 64, financial year 2025). The company has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
Equity
€414,925▼ 0.8%
2024 · €418,298
Net result
€89,798▼ 19.3%
2024 · €111,316
Total assets
€549,591▲ 19.4%
2024 · €460,190
Solvency
75.5%▼ 15.4pp
2024 · 90.9%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 28% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€113,652
2025
Net result€89,798
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€549,591
2025
Equity€414,925
2025
Debt€134,666
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€154,934
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)16.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency75.5%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio2.15
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€17,223-€84,577▲ 391%€84,863▲ 0.3%€111,814▲ 31.8%€75,063▼ 32.9%€157,208▲ 109%€113,652▼ 27.7%
Net result€13,259-€59,398within the sector's middle half▲ 348%€58,126within the sector's middle half▼ 2.1%€85,201within the sector's middle half▲ 46.6%€44,063within the sector's middle half▼ 48.3%€111,316above the sector's middle half▲ 153%€89,798within the sector's middle half▼ 19.3%
Equity€239,686-€299,084within the sector's middle half▲ 24.8%€276,604within the sector's middle half▼ 7.5%€330,245within the sector's middle half▲ 19.4%€374,309within the sector's middle half▲ 13.3%€418,298above the sector's middle half▲ 11.8%€414,925within the sector's middle half▼ 0.8%
Total assets€352,139-€396,555below the sector's middle half▲ 12.6%€388,435below the sector's middle half▼ 2.0%€431,912below the sector's middle half▲ 11.2%€451,817below the sector's middle half▲ 4.6%€460,190within the sector's middle half▲ 1.9%€549,591below the sector's middle half▲ 19.4%
Debt€112,453-€97,471▼ 13.3%€111,831▲ 14.7%€101,667▼ 9.1%€77,509▼ 23.8%€41,891▼ 46.0%€134,666▲ 221%
Working capital€91,184-€142,852within the sector's middle half▲ 56.7%€98,841within the sector's middle half▼ 30.8%€144,342within the sector's middle half▲ 46.0%€189,890within the sector's middle half▲ 31.6%€170,770above the sector's middle half▼ 10.1%€154,934within the sector's middle half▼ 9.3%
Solvency68.1%-75.4%within the sector's middle half▲ 7.4pp71.2%within the sector's middle half▼ 4.2pp76.5%within the sector's middle half▲ 5.3pp82.8%above the sector's middle half▲ 6.4pp90.9%above the sector's middle half▲ 8.1pp75.5%within the sector's middle half▼ 15.4pp
Current ratio3.49-4.40above the sector's middle half▲ 0.922.43within the sector's middle half▼ 1.982.69within the sector's middle half▲ 0.263.45above the sector's middle half▲ 0.765.15above the sector's middle half▲ 1.702.15within the sector's middle half▼ 3.00
Return on assets (ROA)3.8%-15.0%above the sector's middle half▲ 11.2pp15.0%above the sector's middle half=19.7%above the sector's middle half▲ 4.8pp9.8%within the sector's middle half▼ 10.0pp24.2%within the sector's middle half▲ 14.4pp16.3%above the sector's middle half▼ 7.9pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: 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.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €549,591
Fixed assets
€259,991 ▲ 4.7%
Current assets
€289,600 ▲ 36.7%
Equity and liabilities €549,591
Equity
€414,925 ▼ 0.8%
Debt
€134,666 ▲ 221%
Debt's share of the balance-sheet total rises from 9.1% to 24.5%. Equity is lower and debt is higher.
Key figures and ratios
ROE
21.6%▼
2024 · 26.6%
Debt ≤ 1 year
€134,666▲
2024 · €41,158
Income taxes
€34,044▼
2024 · €45,768
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,472 | €17,466 | €19,140 | €19,771 | €17,535 | €9,141 | €7,800 | ▼ 14.7% |
| Other operating charges640/8 | - | - | - | €2,411 | €1,777 | €1,311 | €1,711 | ▲ 30.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €211 | - |
| Gross operating margin9900 | €36,232 | €104,302 | €107,759 | €133,996 | €94,375 | €167,660 | €123,374 | ▼ 26.4% |
| Operating profit (loss)9901 | €17,223 | €84,577 | €84,863 | €111,814 | €75,063 | €157,208 | €113,652 | ▼ 27.7% |
| Financial income75/76B | - | - | - | €6,982 | €3,658 | €1,560 | €12,266 | ▲ 686% |
| Recurring financial income75 | €5,796 | €1,312 | €52 | €6,982 | €3,658 | €1,560 | €12,266 | ▲ 686% |
| Financial charges65/66B | - | - | - | €1,622 | €14,530 | €1,684 | €2,076 | ▲ 23.3% |
| Recurring financial charges65 | €3,129 | €1,250 | €1,528 | €1,622 | €14,530 | €1,684 | €2,076 | ▲ 23.3% |
| Profit (loss) for the period before taxes9903 | €19,890 | €84,639 | €83,387 | €117,174 | €64,191 | €157,084 | €123,842 | ▼ 21.2% |
| Income taxes67/77 | €6,631 | €25,241 | €25,261 | €31,973 | €20,128 | €45,768 | €34,044 | ▼ 25.6% |
| Profit (loss) for the period9904 | €13,259 | €59,398 | €58,126 | €85,201 | €44,063 | €111,316 | €89,798 | ▼ 19.3% |
| Profit (loss) for the period to be appropriated9905 | €13,259 | €59,398 | €58,126 | €85,201 | €44,063 | €111,316 | €89,798 | ▼ 19.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €352,139 | €396,555 | €388,435 | €431,912 | €451,817 | €460,190 | €549,591 | ▲ 19.4% |
| Fixed assets21/28 | €224,312 | €211,743 | €220,309 | €201,954 | €184,419 | €248,262 | €259,991 | ▲ 4.7% |
| Tangible fixed assets22/27 | €224,312 | €211,743 | €220,309 | €201,954 | €184,419 | €173,262 | €184,991 | ▲ 6.8% |
| Land and buildings22 | - | - | - | €187,974 | €178,989 | €170,840 | €178,139 | ▲ 4.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €648 | €923 | ▲ 42.5% |
| Furniture and vehicles24 | - | - | - | €13,980 | €5,429 | €1,774 | €5,929 | ▲ 234% |
| Financial fixed assets28 | - | - | - | - | - | €75,000 | €75,000 | = |
| Current assets29/58 | €127,827 | €184,811 | €168,126 | €229,959 | €267,398 | €211,928 | €289,600 | ▲ 36.7% |
| Amounts receivable within one year40/41 | €37,814 | €27,010 | €22,747 | €57,925 | €38,193 | €40,053 | €10,580 | ▼ 73.6% |
| Trade receivables40 | - | - | - | €40,522 | €29,256 | €38,127 | €6,437 | ▼ 83.1% |
| Other amounts receivable41 | - | - | - | €17,404 | €8,937 | €1,926 | €4,142 | ▲ 115% |
| Current investments50/53 | €11,777 | €48,527 | €77,527 | €119,071 | €172,325 | €85,678 | €85,678 | = |
| Cash at bank and in hand54/58 | €36,529 | €53,391 | €66,756 | €48,531 | €55,888 | €86,197 | €166,597 | ▲ 93.3% |
| Deferred charges and accrued income490/1 | - | - | - | €4,431 | €992 | - | €26,746 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €352,139 | €396,555 | €388,435 | €431,912 | €451,817 | €460,190 | €549,591 | ▲ 19.4% |
| Equity10/15 | €239,686 | €299,084 | €276,604 | €330,245 | €374,309 | €418,298 | €414,925 | ▼ 0.8% |
| Contributions10/11 | €86,806 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - |
| Reserves13 | €152,880 | €212,278 | €270,404 | €324,045 | €368,108 | €412,098 | €408,725 | ▼ 0.8% |
| Distributable reserves133 | - | - | - | €324,045 | €368,108 | €412,098 | €408,725 | ▼ 0.8% |
| Amounts payable17/49 | €112,453 | €97,471 | €111,831 | €101,667 | €77,509 | €41,891 | €134,666 | ▲ 221% |
| Amounts payable after more than one year17 | €74,648 | €55,050 | €42,547 | €16,050 | - | - | - | - |
| Financial debts170/4 | - | - | - | €16,050 | - | - | - | - |
| Amounts payable within one year42/48 | €36,643 | €41,959 | €69,285 | €85,617 | €77,509 | €41,158 | €134,666 | ▲ 227% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,497 | €50,717 | €10,006 | €11,447 | ▲ 14.4% |
| Trade debts44 | €2,306 | €7,333 | €7,737 | €21,530 | €9,867 | - | €22,069 | - |
| Suppliers440/4 | - | - | - | €21,530 | €9,867 | - | €22,069 | - |
| Taxes, remuneration and social security45 | - | - | - | €6,031 | €3,814 | €22,559 | €7,697 | ▼ 65.9% |
| Taxes450/3 | - | - | - | €6,031 | €3,814 | €22,559 | €5,022 | ▼ 77.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €2,675 | - |
| Other amounts payable47/48 | - | - | - | €31,560 | €13,110 | €8,593 | €93,454 | ▲ 988% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €733 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,259 | €59,398 | €58,126 | €85,201 | €44,063 | €111,316 | €89,798 | ▼ 19.3% |
| + Depreciation and write-downs630 | €16,472 | €17,466 | €19,140 | €19,771 | €17,535 | €9,141 | €7,800 | ▼ 14.7% |
| Operating cash flow (approximation) | €29,731 | €76,864 | €77,266 | €104,972 | €61,598 | €120,457 | €97,597 | ▼ 19.0% |
| Investment in fixed assets (approximation) | - | -€4,897 | -€27,706 | -€1,416 | €0 | -€72,984 | -€19,529 | ▲ 73.2% |
| Change in cash | - | €16,862 | €13,365 | -€18,225 | €7,357 | €30,309 | €80,400 | ▲ 165% |
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 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | abbreviated format | 13-03-2026 | 2026-00054397 |
| 30-09-2024 | micro format | 20-03-2025 | 2025-00050916 |
| 30-09-2023 | abbreviated format | 25-04-2024 | 2024-00072889 |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00077885 |
| 30-09-2021 | abbreviated format | 30-03-2022 | 2022-09400173 |
| 30-09-2020 | abbreviated format | 22-04-2021 | 2021-11000509 |
| 30-09-2019 | micro format | 18-04-2020 | 2020-09600545 |
| 30-09-2018 | micro format | 13-03-2019 | 2019-07000511 |
| 30-09-2017 | micro format | 07-02-2018 | 2018-04600417 |
| 30-09-2016 | abbreviated format | 17-03-2017 | 2017-06600331 |
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Of the 24,457 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,067. 13,862 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.