Maarten De Ceulaer
ActiveMaarten De Ceulaer has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €54k and a net result of €7k. Equity is shrinking by ~16.5% per year across the filed fiscal years. Its solvency ranks better than 23% of 1987 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
53
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability54▲+3
Solvency37=
Growth32=
Track record94
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity short (current ratio 0.34 against 0.8 in 2024; short-term debt: 33.6% and cash: 5.1% of total assets), and 87.6% 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 · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Sector 90
lower
← fewer bankruptcies
more bankruptcies →
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
12.4%
Return on assets
1.6%
Age of the figures
15 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 1987 sector peers (2025).
NBB · sector comparisonPosition among 1987 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 25-02-2026, 25 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 · 3 filingsDeviation from the deadline
2025
25 d late
2024
3 d late
2023
29 d late
← 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 close22-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€54k▲ 12.3%
2024 · €48k
2023: €71k
2024: €48k
2023 → 2025
Total assets
€433k▲ 12.8%
2024 · €383k
2023: €124k
2024: €383k
2023 → 2025
Net result
€7k
2024 · €-23k
2023: €71k
2024: €-23k
2023 → 2025
Working capital
€-97k▼ 442%
2024 · €-18k
2023: €57k
2024: €-18k
2023 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€71k-€48k▼ 33.0%€54k▲ 12.3%
Operating result€91k-€-16k€17k
Net result€71k-€-23k€7k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €17k after a loss of €16k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €433k
Fixed assets
€384k▲ 22.9%
Current assets
€49k▼ 31.2%
Equity and liabilities €433k
Equity
€54k▲ 12.3%
Debt
€379k▲ 12.9%
The debt ratio rises from 87.6% to 87.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€41k▲
2024 · €36k
Cash flow
€31k▲
2024 · €28k
Solvency
12.4%▼
2024 · 12.4%
Current ratio
0.34▼
2024 · 0.80
Quick ratio
0.25▼
2024 · 0.62
Debt / equity
7.08▲
2024 · 7.05
ROE
12.5%▲
2024 · -47.7%
ROA
1.6%▲
2024 · -5.9%
Interest coverage
3.95▼
2024 · 4.77
Debt
€379k▲
2024 · €336k
Debt ≤ 1 year
€145k▲
2024 · €89k
Debt > 1 year
€222k▼
2024 · €235k
Income taxes
€146▲
2024 · €144
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€383k€433k▲
Fixed assets21/28€312k€384k▲
Tangible fixed assets22/27€312k€384k▲
Land and buildings22€303k€381k▲
Plant, machinery and equipment23€1k€663▼
Furniture and vehicles24€8k€2k▼
Current assets29/58€71k€49k▼
Stocks and contracts in progress3€16k€13k▼
Stocks30/36€16k€13k▼
Amounts receivable within one year40/41€49k€14k▼
Trade receivables40€48k€14k▼
Other amounts receivable41€715-
Cash at bank and in hand54/58€7k€22k▲
Equity and liabilities
Total equity and liabilities10/49€383k€433k▲
Equity10/15€48k€54k▲
Contributions10/11€1k€1k=
Reserves13€47k€53k▲
Distributable reserves133€47k€53k▲
Amounts payable17/49€336k€379k▲
Amounts payable after more than one year17€235k€222k▼
Financial debts170/4€235k€222k▼
Amounts payable within one year42/48€89k€145k▲
Current portion of amounts payable after more than one year42€13k€13k▲
Trade debts44€3k€1k▼
Suppliers440/4€3k€1k▼
Taxes, remuneration and social security45€88€2k▲
Taxes450/3€88€2k▲
Other amounts payable47/48€73k€129k▲
Accrued charges and deferred income492/3€12k€12k=
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€51k€24k▼
Other operating charges640/8€3k€2k▼
Non-recurring operating charges66A€541€380▼
Gross operating margin9900€39k€43k▲
Operating profit (loss)9901€-16k€17k▲
Financial income75/76B€511€40▼
Recurring financial income75€511€40▼
Financial charges65/66B€7k€10k▲
Recurring financial charges65€7k€10k▲
Profit (loss) for the period before taxes9903€-23k€7k▲
Income taxes67/77€144€146▲
Profit (loss) for the period9904€-23k€7k▲
Profit (loss) for the period to be appropriated9905€-23k€7k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-23k€7k▲
Transfer from equity791/2€23k-
Transfer to equity691/2-€6k
To other reserves6921-€6k
Profit to be distributed694/7€800€833▲
Return on contributions (dividend)694€800€833▲
The notes to these accounts (8 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
25-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
30-06
Financial
Back to profitnet €7k
Net result €7k after one loss-making year.
03-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 3 days late
2024
30-06
Financial
Weakest financial yearnet €-23k ▼132%
Net result drops to €-23k, the lowest in the series; recovery starts the following year.
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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 2022
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.
Veeweidestraat 49B1070 AnderlechtGround area
528 m²
Building footprint
300 m²
Volume, LiDAR
2,753 m³
2 parcels, Brussels · tallest building 16.6 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Maarten De Ceulaer
since 20222.334.947.673
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21308H0507/00P004 | Brussels | 349 m² | 1 · 141 m² | 16.6 m · 4 fl. |
| 21308H0507/00W003 | Brussels | 179 m² | 1 · 158 m² | 11.5 m · 3 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.
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Of 8,303 companies in sector 90201 we hold annual accounts for 602. 485 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded27-07-2022
Fiscal year end30-06
Activities, NACEBEL
90201Performing arts by independent artists
46471Wholesale trade
46473Wholesale trade
47120Other non-specialised retail sale
47530Retail trade
47690Retail sale of other cultural and recreation goods
47787Retail trade
47910Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 3 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryE-mail:info@maartendeceulaer.com