ELCEM
ActiveSummary
ELCEM has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €221,274 and a net result of €16,752. Equity is growing by ~10.7% per year across the filed fiscal years. Its solvency ranks better than 75% of 812 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-2
Solvency82▼-16
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity ample (current ratio 1.8 against 2.23 in 2024; short-term debt: 29.1% and cash: 19.2% of total assets), and 43.4% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Manufacture of food products (NACE 10)
about 60% more 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
56.6%
Return on assets
4.3%
Age of the figures
9 mo
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
21 d early
2023
15 d early
2022
27 d early
2021
13 d early
2020
16 d early
2019
16 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 18 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€221,274▲ 8.2%
2024 · €204,522
Total assets
€390,768▲ 38.7%
2024 · €281,803
Net result
€16,752▼ 3.4%
2024 · €17,343
Working capital
€90,933▼ 4.4%
2024 · €95,157
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,402€57,687▲ 275%€26,099▼ 54.8%€23,844▼ 8.6%€23,375▼ 2.0%
Net result€14,207within the sector's middle half€54,308above the sector's middle half▲ 282%€3,573within the sector's middle half▼ 93.4%€17,343within the sector's middle half▲ 385%€16,752within the sector's middle half▼ 3.4%
Equity€129,297above the sector's middle half▲ 12.3%€183,605above the sector's middle half▲ 42.0%€187,178above the sector's middle half▲ 1.9%€204,522above the sector's middle half▲ 9.3%€221,274within the sector's middle half▲ 8.2%
Total assets€163,282within the sector's middle half▲ 2.6%€214,232within the sector's middle half▲ 31.2%€276,539within the sector's middle half▲ 29.1%€281,803within the sector's middle half▲ 1.9%€390,768within the sector's middle half▲ 38.7%
Debt€33,985▼ 22.8%€30,627▼ 9.9%€89,361▲ 192%€77,282▼ 13.5%€169,494▲ 119%
Working capital€127,192above the sector's middle half▲ 21.6%€157,793above the sector's middle half▲ 24.1%€83,192above the sector's middle half▼ 47.3%€95,157above the sector's middle half▲ 14.4%€90,933within the sector's middle half▼ 4.4%
Solvency79.2%above the sector's middle half▲ 6.9pp85.7%above the sector's middle half▲ 6.5pp67.7%above the sector's middle half▼ 18.0pp72.6%above the sector's middle half▲ 4.9pp56.6%within the sector's middle half▼ 16.0pp
Current ratio4.74above the sector's middle half▲ 1.376.15above the sector's middle half▲ 1.411.93within the sector's middle half▼ 4.222.23above the sector's middle half▲ 0.301.80within the sector's middle half▼ 0.43
Return on assets (ROA)8.7%within the sector's middle half▲ 16.4pp25.4%above the sector's middle half▲ 16.6pp1.3%within the sector's middle half▼ 24.1pp6.2%within the sector's middle half▲ 4.9pp4.3%within the sector's middle half▼ 1.9pp
Staff (FTE)4.7▲ 56.7%4.2▼ 10.6%3.6▼ 14.3%3▼ 16.7%4within the sector's middle half▲ 33.3%
above
within
below
the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 2% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €390,768
Fixed assets
€186,306 ▲ 70.4%
Current assets
€204,462 ▲ 18.6%
Equity and liabilities €390,768
Equity
€221,274 ▲ 8.2%
Debt
€169,494 ▲ 119%
Debt's share of the balance-sheet total rises from 27.4% to 43.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€67,464▲
2024 · €49,784
Cash flow
€60,842▲
2024 · €43,283
Quick ratio
1.78▼
2024 · 2.19
Debt to equity
0.77▲
2024 · 0.38
ROE
7.6%▼
2024 · 8.5%
Interest coverage
50.02▼
2024 · 82.43
Debt ≤ 1 year
€113,528▲
2024 · €77,282
Debt > 1 year
€49,965
Income taxes
€5,374▼
2024 · €5,897
Staff costs
€141,820▲
2024 · €96,247
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 17,027 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €6,891 | €7,083 | €12,613 | - | €8,272 | - |
| Remuneration, social security and pensions62 | €102,856 | €121,844 | €118,157 | €96,247 | €141,820 | ▲ 47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,535 | €3,663 | €15,938 | €25,939 | €44,089 | ▲ 70.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €6,000 | - |
| Other operating charges640/8 | €2,193 | €1,479 | €6,520 | €2,155 | €2,151 | ▼ 0.2% |
| Non-recurring operating charges66A | €375 | €2,050 | - | €880 | €960 | ▲ 9.1% |
| Gross operating margin9900 | €131,360 | €186,722 | €166,714 | €149,065 | €218,395 | ▲ 46.5% |
| Operating profit (loss)9901 | €15,402 | €57,687 | €26,099 | €23,844 | €23,375 | ▼ 2.0% |
| Financial income75/76B | €116 | €79 | €5 | - | €101 | - |
| Recurring financial income75 | €116 | €79 | €5 | - | €101 | - |
| Financial charges65/66B | €1,049 | €1,074 | €673 | €604 | €1,349 | ▲ 123% |
| Recurring financial charges65 | €1,049 | €1,074 | €673 | €604 | €1,349 | ▲ 123% |
| Profit (loss) for the period before taxes9903 | €14,469 | €56,692 | €25,431 | €23,240 | €22,127 | ▼ 4.8% |
| Income taxes67/77 | €262 | €2,384 | €21,858 | €5,897 | €5,374 | ▼ 8.9% |
| Profit (loss) for the period9904 | €14,207 | €54,308 | €3,573 | €17,343 | €16,752 | ▼ 3.4% |
| Profit (loss) for the period to be appropriated9905 | €14,207 | €54,308 | €3,573 | €17,343 | €16,752 | ▼ 3.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €163,282 | €214,232 | €276,539 | €281,803 | €390,768 | ▲ 38.7% |
| Fixed assets21/28 | €2,105 | €25,812 | €103,986 | €109,364 | €186,306 | ▲ 70.4% |
| Tangible fixed assets22/27 | €2,080 | €25,337 | €103,512 | €108,889 | €185,831 | ▲ 70.7% |
| Plant, machinery and equipment23 | €2,080 | €1,657 | €28,833 | €52,814 | €33,015 | ▼ 37.5% |
| Furniture and vehicles24 | - | - | - | - | €12,624 | - |
| Other tangible fixed assets26 | - | €23,680 | €74,679 | €56,075 | €140,192 | ▲ 150% |
| Financial fixed assets28 | €25 | €475 | €475 | €475 | €475 | = |
| Current assets29/58 | €161,177 | €188,420 | €172,553 | €172,439 | €204,462 | ▲ 18.6% |
| Stocks and contracts in progress3 | €1,935 | €2,755 | €3,348 | €3,480 | €2,770 | ▼ 20.4% |
| Stocks30/36 | €1,935 | €2,755 | €3,348 | €3,480 | €2,770 | ▼ 20.4% |
| Amounts receivable within one year40/41 | €56,621 | €83,185 | €90,168 | €96,438 | €116,667 | ▲ 21.0% |
| Trade receivables40 | €56,386 | €82,615 | €87,659 | €92,190 | €116,413 | ▲ 26.3% |
| Other amounts receivable41 | €236 | €570 | €2,509 | €4,247 | €254 | ▼ 94.0% |
| Cash at bank and in hand54/58 | €100,538 | €99,355 | €73,332 | €65,189 | €75,194 | ▲ 15.3% |
| Deferred charges and accrued income490/1 | €2,083 | €3,125 | €5,705 | €7,333 | €9,832 | ▲ 34.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €163,282 | €214,232 | €276,539 | €281,803 | €390,768 | ▲ 38.7% |
| Equity10/15 | €129,297 | €183,605 | €187,178 | €204,522 | €221,274 | ▲ 8.2% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Outside capital11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Share premium1100/10 | - | - | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | €18,592 | €18,592 | - | - | - | - |
| Reserves13 | €110,705 | €165,013 | €168,586 | €185,930 | €202,682 | ▲ 9.0% |
| Non-distributable reserves130/1 | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | €17,764 | €17,764 | €17,764 | €17,764 | €17,764 | = |
| Distributable reserves133 | €91,082 | €145,390 | €150,822 | €168,165 | €184,918 | ▲ 10.0% |
| Amounts payable17/49 | €33,985 | €30,627 | €89,361 | €77,282 | €169,494 | ▲ 119% |
| Amounts payable after more than one year17 | - | - | - | - | €49,965 | - |
| Financial debts170/4 | - | - | - | - | €49,965 | - |
| Amounts payable within one year42/48 | €33,985 | €30,627 | €89,361 | €77,282 | €113,528 | ▲ 46.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €14,990 | - |
| Financial debts43 | €233 | €233 | €233 | €483 | €483 | = |
| Credit institutions430/8 | - | €233 | - | €483 | €483 | = |
| Other loans439 | €233 | - | €233 | - | - | - |
| Trade debts44 | €7,667 | €5,575 | €38,310 | €34,029 | €27,821 | ▼ 18.2% |
| Suppliers440/4 | €7,667 | €5,575 | €38,310 | €34,029 | €27,821 | ▼ 18.2% |
| Taxes, remuneration and social security45 | €23,750 | €22,484 | €48,482 | €41,774 | €68,475 | ▲ 63.9% |
| Taxes450/3 | €4,473 | €4,093 | €24,883 | €14,343 | €19,015 | ▲ 32.6% |
| Remuneration and social security454/9 | €19,276 | €18,391 | €23,599 | €27,431 | €49,459 | ▲ 80.3% |
| Other amounts payable47/48 | €2,335 | €2,335 | €2,335 | €995 | €1,759 | ▲ 76.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €6,000 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,207 | €54,308 | €3,573 | €17,343 | €16,752 | ▼ 3.4% |
| + Depreciation and write-downs630 | €10,535 | €3,663 | €15,938 | €25,939 | €44,089 | ▲ 70.0% |
| Operating cash flow (approximation) | €24,742 | €57,971 | €19,512 | €43,283 | €60,842 | ▲ 40.6% |
| Investment in fixed assets (approximation) | - | -€27,370 | -€94,113 | -€31,317 | -€121,031 | ▼ 286% |
| Change in cash | - | -€1,182 | -€26,023 | -€8,143 | €10,005 | ▲ 223% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €200,000Eq €204,522 ▲9.3%
4 profitable years in a row build equity to €204,522.
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €54,308 ▲282%
Operating result €57,687, net result €54,308, both a record.
31-12
Financial
Equity above €150,000Eq €183,605 ▲42%
2 profitable years in a row build equity to €183,605.
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €14,207
Net result €14,207 after one loss-making year.
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€12,171
Net result drops to -€12,171, the lowest in the series; recovery starts the following year.
15-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-06
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 13 acts read
About the unread acts
We know of 13 Belgian State Gazette acts for this company. None of them has 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.
Directors · office · real estate
Directors
13 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 1996
Ground area
133 m²
Building footprint
105 m²
Volume, LiDAR
771 m³
Parcel 21306D0190/00G008, Brussels · tallest building 11.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ELCEM
since 19962.076.240.953
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21306D0190/00G008 | Brussels | 133 m² | 1 · 105 m² | 11.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteAnderlecht2.076.240.953
Similar companies · same sector, comparable size
BADR HALAL INTERNATIONAL
BE 0458.067.751
Sint-Jans-Molenbeek · Eq €226,140
LA BAGUETTE CROQUANTE BXL
BE 0673.810.005
Brussel · Eq €213,273
SIEDE
BE 0668.361.276
Oostkamp · Eq €209,617
Bakkerij Peter Poiz
BE 0745.652.856
Torhout · Eq €234,323
DIBELL
BE 0886.213.774
Geraardsbergen · Eq €235,502
Of 514 companies in sector 10711 we hold annual accounts for 329. 231 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-01-1996
Fiscal year end31-12
Activities, NACEBEL 2025
10711Manufacture of food products
47241Retail sale of bread and pastry (bakery outlets)
10712Artisanal bread and fresh pastry making
E-invoicing
Reachable via Peppol
Peppol ID
0208:0456932554
Also
9925:BE0456932554
Registered
31-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.