LE CERF
ActiveLE CERF has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €53k and a net result of €-12k. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 58% of 1520 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-15
Solvency62▼-28
Growth52=
Stability100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity tight (current ratio 1.02 against 1.64 in 2024), and 59.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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
Sector 10
higher
← 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
40.6%
Return on assets
-9.2%
Age of the figures
14 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 27-02-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
21 d late
2023
40 d late
2022
59 d late
2021
3 d late
2020
2 d late
2019
on the day
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close13-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-12k
2024 · €2k
2019: €10k
2020: €14k
2021: €7k
2022: €-6k
2023: €-4k
2024: €2k
2019 → 2025
Working capital
€1k▼ 95.6%
2024 · €26k
2019: €30k
2020: €46k
2021: €56k
2022: €43k
2023: €18k
2024: €26k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€72k-€66k▼ 8.1%€63k▼ 5.8%€64k▲ 3.1%€53k▼ 18.5%
Operating result€11k-€-3k€-3k▲ 13.4%€3k€-11k
Net result€7k-€-6k€-4k▲ 34.0%€2k€-12k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €11k after €3k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €129k
Fixed assets
€61k▲ 34.0%
Current assets
€68k▲ 2.8%
Equity and liabilities €129k
Equity
€53k▼ 18.5%
Debt
€77k▲ 61.6%
The debt ratio rises from 42.5% to 59.4%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€4k▼
2024 · €16k
Cash flow
€3k▼
2024 · €14k
Solvency
40.6%▼
2024 · 57.5%
Current ratio
1.02▼
2024 · 1.64
Quick ratio
0.80▼
2024 · 1.43
Debt / equity
1.46▲
2024 · 0.74
ROE
-22.6%▼
2024 · 3.0%
ROA
-9.2%▼
2024 · 1.7%
Interest coverage
3.00▼
2024 · 12.30
Debt
€77k▲
2024 · €48k
Debt ≤ 1 year
€67k▲
2024 · €40k
Debt > 1 year
€10k▲
2024 · €7k
Staff costs
€52k▲
2024 · €24k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€112k€129k▲
Fixed assets21/28€46k€61k▲
Intangible fixed assets21€2k-
Tangible fixed assets22/27€44k€61k▲
Plant, machinery and equipment23€41k€60k▲
Furniture and vehicles24€2k€1k▼
Financial fixed assets28€125€125=
Current assets29/58€66k€68k▲
Stocks and contracts in progress3€9k€15k▲
Stocks30/36€9k€15k▲
Amounts receivable within one year40/41€47k€50k▲
Trade receivables40€46k€46k▼
Other amounts receivable41€552€3k▲
Cash at bank and in hand54/58€10k€4k▼
Deferred charges and accrued income490/1€840€391▼
Equity and liabilities
Total equity and liabilities10/49€112k€129k▲
Equity10/15€64k€53k▼
Contributions10/11€22k€22k=
Profit (loss) carried forward14€42k€31k▼
Amounts payable17/49€48k€77k▲
Amounts payable after more than one year17€7k€10k▲
Financial debts170/4€7k€10k▲
Amounts payable within one year42/48€40k€67k▲
Current portion of amounts payable after more than one year42€6k€6k▲
Trade debts44€13k€25k▲
Suppliers440/4€13k€25k▲
Taxes, remuneration and social security45€5k€17k▲
Taxes450/3€772€2k▲
Remuneration and social security454/9€4k€15k▲
Other amounts payable47/48€16k€19k▲
Income statement
Code20242025
Remuneration, social security and pensions62€24k€52k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13k€15k▲
Other operating charges640/8€1k€899▼
Gross operating margin9900€41k€56k▲
Operating profit (loss)9901€3k€-11k▼
Financial income75/76B€108€774▲
Recurring financial income75€108€774▲
Financial charges65/66B€1k€1k▲
Recurring financial charges65€1k€1k▲
Profit (loss) for the period before taxes9903€2k€-12k▼
Profit (loss) for the period9904€2k€-12k▼
Profit (loss) for the period to be appropriated9905€2k€-12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€42k€31k▼
Profit (loss) brought forward from the previous period14P€41k€42k▲
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
30-06
Financial
Weakest financial yearnet €-12k ▼716%
Net result drops to €-12k, the lowest in the series.
21-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
2024
30-06
Financial
Back to profitnet €2k
Net result €2k after 2 loss-making years.
11-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 40 days late
2023
31-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 59 days late
2022
03-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 3 days late
2021
02-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 2 days late
2020
30-06
Financial
Highest result since 2019net €14k ▲48.7%
Operating result €15k, net result €14k, both a record.
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
05-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
30-01
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.
Directors · office · real estate
Directors
1 director, no change since 2024
VANDER BORGHT Paule
CurrentDirector · since 10-01-2024
10-01-2024
Appointed as Director
10-01-2024
Appointed as Managing director
Location & real-estate footprint
Registered office, Beloeil · 2 establishment units since 2009
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue des Prés (Bas) 57971 BeloeilGround area
1,181 m²
Building footprint
298 m²
Volume, LiDAR
3,086 m³
2 parcels, Wallonia · tallest building 14.5 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
LE CERF
since 20092.175.634.576
Les écuries du Val de Verne
since 20142.232.361.562
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 51007B0451/00F000 | Wallonia | 1,041 m² | 1 · 158 m² | 14.5 m · 3 fl. |
| 51007A0538/00A012 | Wallonia | 140 m² | 1 · 140 m² | 5.8 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels 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 siteBeloeil2.175.634.576
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Of 4,201 companies in sector 10712 we hold annual accounts for 1,851. 1,525 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded16-01-2009
Fiscal year end30-06
Activities, NACEBEL
10712Artisanal bread and fresh pastry making
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.