Equity
NCEE has made a profit in every financial year since 2021.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 52% of them on solvency, 32% on liquidity, 74% on profitability and 83% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-10-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 26,972 companies had the same profile as NCEE has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NCEE itself: 0.9% within 12 months.
The method was tested on the 497,447 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 26,972 companies, not a prediction for NCEE. 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.
Liquidity is ample, with a current ratio of 1.76 (1.45 in 2024), above the usual 1.5. Short-term debt is 46.9% and cash 12.1% of total assets. However, 51.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 56 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| NCEE Rebecq | €215,269 | €114,101 | 48.2% | 2.8 |
| NRGIE CHAUFFAGE Jodoigne | €208,455 | €156,386 | 81.7% | 2 |
| BEAR RENOVATIONS Antwerp | €173,669 | €154,104 | 60.3% | 3 |
| PHILO POOL Manhay | €175,023 | €105,009 | 38.1% | 2.4 |
| Paintcrew Herent | €291,756 | €146,809 | 9.3% | 3.7 |
| DE POOLDOKTER Ronse | €169,836 | €162,522 | 28.2% | 2 |
| CYRIL COUCLET Villers-le-Bouillet | €390,137 | €163,397 | 54.1% | 2.6 |
These companies have the same main activity as NCEE: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €170,000 and €390,000, founded between 2019 and 2021.
NCEE has existed since 2020. The gross margin grew from €13,641 in 2021 to €114,101 in 2025.
Solvency rose in 2025 from 34.4% to 48.2% because of the retained profit and lower debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 58% of 2,460 companies in 2025.
Higher than 54% of 2,433 companies in 2025.
Higher than 85% of 2,451 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half · Staff: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 4 people joined and 8 left. Training hours in 2025: 28,836.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
215,269 | 202,617 | 178,720 | 61,211 | 9,210 | |
21/28 |
37,385 | 56,791 | 58,253 | 17,924 | 595 | |
22/27 |
35,795 | 55,201 | 56,303 | 17,564 | 595 | |
23 |
1,093 | 3,820 | 6,437 | 1,642 | 595 | |
24 |
34,702 | 43,398 | 37,914 | - | - | |
25 |
- | 7,983 | 11,953 | 15,922 | - | |
28 |
1,590 | 1,590 | 1,950 | 360 | - | |
29/58 |
177,885 | 145,826 | 120,467 | 43,287 | 8,615 | |
3 |
- | 15,086 | 13,808 | 388 | - | |
30/36 |
- | 15,086 | 13,808 | 388 | - | |
40/41 |
146,952 | 106,691 | 95,000 | 18,530 | 2,771 | |
40 |
64,421 | 59,944 | 31,239 | 15,896 | 1,670 | |
41 |
82,531 | 46,747 | 63,762 | 2,634 | 1,101 | |
54/58 |
26,004 | 20,796 | 8,343 | 24,219 | 5,844 | |
490/1 |
4,929 | 3,253 | 3,315 | 151 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
215,269 | 202,617 | 178,720 | 61,211 | 9,210 | |
10/15 |
103,678 | 69,651 | 64,434 | 8,237 | 6,491 | |
10/11 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
11 |
- | 1,000 | - | - | - | |
1109/19 |
- | 1,000 | - | - | - | |
14 |
102,678 | 68,651 | 63,434 | 7,237 | 5,491 | |
17/49 |
111,591 | 132,966 | 114,286 | 52,974 | 2,719 | |
17 |
9,652 | 22,650 | 34,509 | 11,723 | - | |
170/4 |
9,652 | 22,650 | 34,509 | 11,723 | - | |
42/48 |
100,858 | 100,367 | 70,343 | 20,507 | 2,719 | |
42 |
8,283 | 11,858 | 11,716 | 3,296 | - | |
44 |
63,638 | 74,891 | 32,353 | 13,925 | 966 | |
440/4 |
63,638 | 74,891 | 32,353 | 13,925 | 779 | |
441 |
- | - | - | - | 188 | |
45 |
28,937 | 13,618 | 26,275 | 3,286 | 1,753 | |
450/3 |
19,878 | 5,913 | 21,106 | 1,277 | 1,753 | |
454/9 |
9,059 | 7,705 | 5,168 | 2,010 | - | |
492/3 |
1,081 | 9,948 | 9,434 | 20,744 | - | |
| Income statement | ||||||
70 |
- | - | - | - | 81,349 | |
76A |
5,811 | 8,918 | 0 | - | - | |
9900 |
114,101 | 47,045 | 87,484 | 5,041 | 13,641 | |
60/61 |
- | - | - | - | 67,709 | |
62 |
36,211 | 22,400 | 2,136 | - | - | |
630 |
14,705 | 16,513 | 11,612 | 4,862 | 504 | |
631/4 |
- | - | - | -5,040 | 5,040 | |
640/8 |
5,936 | 1,383 | 1,559 | 1,087 | 124 | |
66A |
0 | 490 | 0 | - | - | |
9901 |
57,249 | 6,260 | 72,176 | 4,132 | 7,972 | |
75/76B |
3,141 | 1,872 | 1,950 | 263 | - | |
75 |
3,141 | 1,872 | 1,950 | 263 | - | |
65/66B |
10,620 | 2,690 | 2,280 | 1,153 | 728 | |
65 |
4,789 | 2,690 | 2,280 | 1,153 | 728 | |
66B |
5,830 | - | - | - | - | |
9903 |
49,770 | 5,442 | 71,845 | 3,242 | 7,244 | |
67/77 |
15,743 | 225 | 15,649 | 1,496 | 1,753 | |
9904 |
34,027 | 5,217 | 56,197 | 1,746 | 5,491 | |
9905 |
34,027 | 5,217 | 56,197 | 1,746 | 5,491 | |
| Appropriation of the result | ||||||
9906 |
102,678 | 68,651 | 63,434 | 7,237 | 5,491 | |
14P |
68,651 | 63,434 | 7,237 | 5,491 | - | |
| Social balance sheet | ||||||
9087 |
2.8 | 2.8 | - | - | - | |
Hours worked1013 |
320,060 | 23,532 | - | - | - | |
| Document | ||||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 12-05-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-10-2025 | full format | 12-05-2026 | 2026-00109112 | |
| 31-10-2024 | micro format | 28-02-2025 | 2025-00041106 | |
| 31-10-2023 | micro format | 22-02-2024 | 2024-00033013 | |
| 31-10-2022 | micro format | 04-05-2023 | 2023-00078892 | |
| 31-10-2021 | full format | 19-04-2022 | 2022-20004460 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 71,954 | 22,772 | 83,788 | 8,995 | 8,476 | ||
| 48,732 | 21,729 | 67,809 | 6,608 | 5,995 | ||
| 3,282 | 15,410 | 51,942 | 22,191 | 1,099 | ||
| 5,208 | 12,453 | -15,876 | 18,375 | - | ||
| 77,026 | 45,459 | 50,123 | 22,780 | 5,896 | ||
| - | - | - | - | 9.8% | ||
| 48.2% | 34.4% | 36.1% | 13.5% | 70.5% | ||
| 1.76 | 1.45 | 1.71 | 2.11 | 3.17 | ||
| 1.76 | 1.30 | 1.52 | 2.09 | 3.17 | ||
| 1.08 | 1.91 | 1.77 | 6.43 | 0.42 | ||
| 32.8% | 7.5% | 87.2% | 21.2% | 84.6% | ||
| 15.8% | 2.6% | 31.4% | 2.9% | 59.6% | ||
| 15.02 | 8.46 | 36.74 | 7.80 | 11.64 | ||
| - | - | - | - | 7 days | ||
| - | - | - | - | 5 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-10-2025 | 31-10-2024 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 4 |
| full-time | 1 | 4 |
| part-time | 1 | - |
| in full-time equivalents | 1.3 | 4 |
| 2.8 | 2.8 | |
| Joined | 4 | 4 |
| Left | 8 | 2 |
| Training hours | 28,836 | 2,352 |
Source: social balance sheet in the 2024 to 2025 annual accounts
| Item | 31-10-2025 | 31-10-2024 | 31-10-2023 | 31-10-2022 | 31-10-2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,282 | €15,410 | €50,352 | €21,831 | €1,099 |
| Financial fixed assets | - | - | €1,590 | €360 | - |
| €14,705 | €16,513 | €11,612 | €4,862 | €504 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is over 9.1 times that of 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 65.6% to 51.8%. Equity is higher and debt is lower.
NCEE has no parent and no holdings in its annual accounts. NCEE shares no director with another company.
Deadline for the 2026 accounts: 31-05-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 7 December 2020, NCEE was incorporated as a private limited company by three natural persons, with a starting capital of €1,000.12 Of the 2 current board members, IORDACHE Mariana Livia has served longest, since 2020.3 Total assets went from €9,210 in 2021 to €215,269 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Rue Docteur Colson 16 registered office 1430 Rebecq | ||
| Oud-Strijderslaan 31 1140 Evere | 07-12-2020 | 2.312.366.370 |
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21372C0017/00L005 | Brussels | 217 m² | 1 · 85 m² | 12.1 m · 4 |
| 25090B0085/00C000 | Wallonia | 95 m² | 1 · 97 m² | 11.1 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0759.504.060
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