INTER-CERAM
ActiveFinancials · financial year 2024, full format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 06-05-2025 PDF all 27 filings
Turnover
€8.8m▼ 18.9%
2023 · €10.8m
EBIT margin
-8.8%▼ 5.6pp
2023 · -3.2%
Net result
-€1.1m▼ 81.9%
2023 · -€580,681
Working capital
€1.1m▲ 211%
2023 · €349,404
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€8.8m
▼ 18.9%
2024
20182024
Operating result
-€773,917
▼ 124%
2024
20182024
Net result
-€1.1m
▼ 81.9%
2024
lowest quarter of the sector
20182024
EBIT margin
-8.8%
▼ 5.6pp
2024
20182024
Equity
€2.1m
▲ 79.0%
2024
middle half of the sector
20182024
Total assets
€6.1m
▼ 11.3%
2024
middle half of the sector
20182024
Debt
€4.0m
▼ 30.2%
2024
20182024
Working capital
€1.1m
▲ 211%
2024
middle half of the sector
20182024
Solvency
34.9%
▲ 17.6pp
2024
middle half of the sector
20182024
Current ratio
1.27
▲ 0.21
2024
middle half of the sector
20182024
Return on assets (ROA)
-17.2%
▼ 8.8pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€13.9m-€14.2m▲ 2.2%€11.4m▼ 20.0%€11.2m▼ 1.4%€11.5m▲ 2.6%€10.8m▼ 6.1%€8.8m▼ 18.9%
Operating result€0.1m-€0.1m▲ 4.0%€0.1m▼ 10.7%€0.2m▲ 95.7%€0.5m▲ 123%-€0.3m-€0.8m▼ 124%
Net result€0.02m-€0.02m▲ 7.0%€0.02mwithin the sector's middle half▼ 11.7%€0.1mwithin the sector's middle half▲ 552%€0.3mwithin the sector's middle half▲ 176%-€0.6mbelow the sector's middle half-€1.1mbelow the sector's middle half▼ 81.9%
EBIT margin0.9%-0.9%=1.0%▲ 0.1pp2.0%▲ 1.0pp4.4%▲ 2.4pp-3.2%▼ 7.6pp-8.8%▼ 5.6pp
Equity€1.3m-€1.3m▲ 1.7%€1.3mwithin the sector's middle half▲ 1.5%€1.4mwithin the sector's middle half▲ 9.4%€1.8mwithin the sector's middle half▲ 23.8%€1.2mwithin the sector's middle half▼ 32.7%€2.1mwithin the sector's middle half▲ 79.0%
Total assets€4.3m-€5.2m▲ 22.5%€4.3mwithin the sector's middle half▼ 17.6%€4.4mwithin the sector's middle half▲ 1.0%€7.5mwithin the sector's middle half▲ 70.8%€6.9mwithin the sector's middle half▼ 7.4%€6.1mwithin the sector's middle half▼ 11.3%
Debt€3.0m-€4.0m▲ 31.2%€3.0m▼ 23.9%€2.9m▼ 2.7%€5.7m▲ 93.8%€5.7m▲ 0.5%€4.0m▼ 30.2%
Working capital€0.7m-€0.7m▲ 4.1%€0.9mwithin the sector's middle half▲ 20.9%€0.9mwithin the sector's middle half▲ 4.3%€1.2mwithin the sector's middle half▲ 29.1%€0.3mwithin the sector's middle half▼ 71.0%€1.1mwithin the sector's middle half▲ 211%
Solvency29.6%-24.6%▼ 5.0pp30.3%within the sector's middle half▲ 5.7pp32.9%within the sector's middle half▲ 2.5pp23.8%within the sector's middle half▼ 9.0pp17.3%below the sector's middle half▼ 6.5pp34.9%within the sector's middle half▲ 17.6pp
Current ratio1.26-1.20▼ 0.061.33within the sector's middle half▲ 0.131.34within the sector's middle half▲ 0.011.22within the sector's middle half▼ 0.111.06below the sector's middle half▼ 0.161.27within the sector's middle half▲ 0.21
Return on assets (ROA)0.5%-0.4%▼ 0.1pp0.4%within the sector's middle half=2.8%within the sector's middle half▲ 2.4pp4.6%within the sector's middle half▲ 1.7pp-8.4%below the sector's middle half▼ 13.0pp-17.2%below the sector's middle half▼ 8.8pp
Staff (FTE)27-24.3▼ 10.0%20.2within the sector's middle half▼ 16.9%20within the sector's middle half▼ 1.0%19.1within the sector's middle half▼ 4.5%18within the sector's middle half▼ 5.8%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a loss of €773,917, larger than the loss of €345,774 in 2023. It is the lowest result since 2018.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €6.1m
Fixed assets
€1.1m ▲ 15.6%
Current assets
€5.1m ▼ 15.4%
Equity and liabilities €6.1m
Equity
€2.1m ▲ 79.0%
Debt
€4.0m ▼ 30.2%
Debt's share of the balance-sheet total falls from 82.7% to 65.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€773,917▼
2023 · -€160,259
Cash flow
-€1.1m▼
2023 · -€395,166
Quick ratio
0.16▼
2023 · 0.16
Debt to equity
1.86▼
2023 · 4.78
ROE
-49.4%▼
2023 · -48.6%
Interest coverage
-3.48▼
2023 · -1.04
Debt ≤ 1 year
€4.0m▼
2023 · €5.6m
Debt > 1 year
€0▼
2023 · €64,371
Income taxes
€3,735▲
2023 · €1,705
Customer credit
24 days▼
2023 · 29 days
Supplier credit
55 days▼
2023 · 60 days
Staff costs
€1.3m▼
2023 · €1.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 21 | 20 | 20 |
| full-time | 15 | 15 | 13 |
| part-time | 6 | 5 | 7 |
| in full-time equivalents | 20 | 19.1 | 18.4 |
| Average over the year, in full-time equivalents | 19.6 | 18.7 | 18 |
| On a permanent contract | 21 | 20 | 20 |
| Joined | 2 | 2 | 2 |
| Left | 2 | 3 | 2 |
| Agency workers, average number | 0.6 | 0.6 | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €750,000 | €1.3m | €1.3m |
| Pledge on the business | - | €1.3m | €950,000 | €950,000 |
| Pledge on other assets, amount secured | - | €45,000 | - | - |
Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €105,185 | €322,638 | €299,320 | €186,619 |
| Depreciation and write-downs of the year | €170,303 | €156,496 | €185,515 | €0 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fee for the audit | €5,000 | €5,285 | €5,832 | €5,932 |
Source: notes to the 2021 to 2024 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €11.3m | €11.6m | €10.9m | €8.8m | ▼ 18.8% |
| Turnover70 | €13.9m | €14.2m | €11.4m | €11.2m | €11.5m | €10.8m | €8.8m | ▼ 18.9% |
| Other operating income74 | - | - | - | €0.03m | €0.1m | €0.05m | €0.05m | ▲ 5.4% |
| Non-recurring operating income76A | - | - | - | - | €0.007m | €0 | - | - |
| Operating charges60/66A | - | - | - | €11.0m | €11.1m | €11.2m | €9.6m | ▼ 14.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.5m | €7.2m | €7.5m | €6.1m | ▼ 19.0% |
| Purchases600/8 | - | - | - | €8.1m | €10.1m | €6.8m | €5.4m | ▼ 20.3% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.7m | -€2.9m | €0.7m | €0.6m | ▼ 5.5% |
| Services and other goods61 | - | - | - | €2.2m | €2.2m | €2.4m | €2.2m | ▼ 10.5% |
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.2m | €1.4m | €1.3m | ▼ 7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.1m | €0.2m | -€0.3m | €0.05m | - |
| Other operating charges640/8 | - | - | - | €0.2m | €0.04m | €0.04m | €0.03m | ▼ 16.6% |
| Non-recurring operating charges66A | - | - | - | - | €0.02m | €0 | - | - |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.1m | €0.2m | €0.5m | -€0.3m | -€0.8m | ▼ 124% |
| Financial income75/76B | - | - | - | €0.001m | - | - | €457 | - |
| Recurring financial income75 | €0.005m | €0.02m | €0.003m | €0.001m | - | - | €457 | - |
| Income from current assets751 | - | - | - | - | - | - | €185 | - |
| Other financial income752/9 | - | - | - | €0.001m | - | - | €273 | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 19.7% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 19.7% |
| Debt charges650 | €0.02m | €0.02m | €0.01m | €0.01m | €0.06m | €0.2m | €0.2m | ▲ 44.6% |
| Other financial charges652/9 | - | - | - | €0.09m | €0.09m | €0.08m | €0.06m | ▼ 28.4% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.02m | €0.02m | €0.1m | €0.4m | -€0.6m | -€1.1m | ▼ 81.8% |
| Income taxes67/77 | €0.001m | €0.002m | €0.003m | €0.002m | €0.02m | €0.002m | €0.004m | ▲ 119% |
| Taxes670/3 | - | - | - | €0.002m | €0.02m | €0.002m | €0.004m | ▲ 119% |
| Profit (loss) for the period9904 | €0.02m | €0.02m | €0.02m | €0.1m | €0.3m | -€0.6m | -€1.1m | ▼ 81.9% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.02m | €0.02m | €0.1m | €0.3m | -€0.6m | -€1.1m | ▼ 81.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.3m | €5.2m | €4.3m | €4.4m | €7.5m | €6.9m | €6.1m | ▼ 11.3% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.7m | €0.7m | €0.8m | €0.9m | €1.1m | ▲ 15.6% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 29.8% |
| Land and buildings22 | - | - | - | €0.001m | €0.06m | €0.06m | €0.07m | ▲ 32.8% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 48.0% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 11.8% |
| Other tangible fixed assets26 | - | - | - | €0.04m | €0.03m | €0.02m | €0.02m | = |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 15.9% |
| Affiliated companies280/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Participating interests280 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Other financial fixed assets284/8 | - | - | - | €0.05m | €0.05m | €0.05m | €0.003m | ▼ 93.0% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.05m | €0.05m | €0.05m | €0.003m | ▼ 93.0% |
| Current assets29/58 | €3.4m | €4.4m | €3.6m | €3.7m | €6.7m | €6.0m | €5.1m | ▼ 15.4% |
| Stocks and contracts in progress3 | €2.2m | €2.1m | €2.1m | €2.7m | €5.4m | €5.1m | €4.5m | ▼ 12.5% |
| Stocks30/36 | - | - | - | €2.7m | €5.4m | €5.1m | €4.5m | ▼ 12.5% |
| Goods purchased for resale34 | - | - | - | €2.7m | €5.4m | €5.1m | €4.5m | ▼ 12.5% |
| Amounts receivable within one year40/41 | €1.0m | €2.2m | €1.5m | €0.9m | €1.2m | €0.9m | €0.6m | ▼ 34.2% |
| Trade receivables40 | - | - | - | €0.9m | €1.2m | €0.9m | €0.6m | ▼ 34.2% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 24.1% |
| Cash at bank and in hand54/58 | €0.2m | €0.03m | €0.009m | €0.01m | €0.04m | €0.04m | €0.02m | ▼ 47.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | €0 | €0.03m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.3m | €5.2m | €4.3m | €4.4m | €7.5m | €6.9m | €6.1m | ▼ 11.3% |
| Equity10/15 | €1.3m | €1.3m | €1.3m | €1.4m | €1.8m | €1.2m | €2.1m | ▲ 79.0% |
| Contributions10/11 | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | €3.2m | ▲ 27.8% |
| Capital10 | - | - | - | €2.5m | €2.5m | €2.5m | €3.2m | ▲ 27.8% |
| Issued capital100 | - | - | - | €2.5m | €2.5m | €2.5m | €3.2m | ▲ 27.8% |
| Profit (loss) carried forward14 | -€1.2m | -€1.2m | -€1.2m | -€1.1m | -€0.7m | -€1.3m | -€1.1m | ▲ 19.1% |
| Amounts payable17/49 | €3.0m | €4.0m | €3.0m | €2.9m | €5.7m | €5.7m | €4.0m | ▼ 30.2% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.06m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | - | €0.2m | €0.06m | €0 | ▼ 100% |
| Subordinated loans170 | - | - | - | - | €0.07m | €0.02m | €0 | ▼ 100% |
| Credit institutions173 | - | - | - | - | €0.1m | €0.05m | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €0.2m | - | - | - | - |
| Amounts payable within one year42/48 | €2.7m | €3.7m | €2.7m | €2.8m | €5.5m | €5.6m | €4.0m | ▼ 29.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.07m | €0.08m | €0.05m | ▼ 36.7% |
| Financial debts43 | - | - | - | €0.8m | €0.8m | €1.3m | €1.3m | = |
| Credit institutions430/8 | - | - | - | €0.8m | €0.8m | €1.3m | €1.3m | = |
| Trade debts44 | €1.6m | €2.1m | €1.8m | €1.5m | €1.7m | €1.6m | €1.3m | ▼ 23.3% |
| Suppliers440/4 | - | - | - | €1.5m | €1.7m | €1.6m | €1.3m | ▼ 23.3% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €0.2m | €0.1m | €0.2m | ▲ 45.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 27.2% |
| Taxes450/3 | - | - | - | €0.1m | €0.2m | €0.2m | €0.08m | ▼ 52.5% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €2.4m | €2.2m | €1.0m | ▼ 54.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.03m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.02m | €0.02m | €0.1m | €0.3m | -€0.6m | -€1.1m | ▼ 81.9% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Operating cash flow (approximation) | €0.3m | €0.3m | €0.2m | €0.3m | €0.5m | -€0.4m | -€1.1m | ▼ 167% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.08m | -€0.1m | -€0.3m | -€0.3m | -€0.1m | ▲ 52.7% |
| Change in cash | - | -€0.2m | -€0.02m | €0.006m | €0.03m | -€0.006m | -€0.02m | ▼ 177% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 147 companies had the same profile as INTER-CERAM has now. Two years later, 91.8% were still going and 2.0% had gone bankrupt.
- Medium-sized
- solvency 30% or more
- a loss of 10% of the balance sheet or more
- without age
91.8%
was still going
5.4%
stopped otherwise
2.0%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTER-CERAM itself: 1.7% within 12 months.
Test of the method
The method was tested on the 497,446 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 147 companies, not a prediction for INTER-CERAM. 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.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | full format | 06-05-2025 | 2025-00091213 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00440275 | |
| 31-12-2022 | full format | 17-07-2023 | 2023-00247083 | |
| 31-12-2021 | full format | 25-04-2022 | 2022-20009991 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-46300526 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-39300107 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-59600266 | |
| 31-12-2017 | full format | 08-06-2018 | 2018-17400256 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-22300305 | |
| 31-12-2015 | full format | 28-06-2016 | 2016-24500310 |