CESHA
ActiveThe computed 12-month bankruptcy probability of CESHA is 2.3% (moderate). The 2025 annual accounts show equity of €14k and a net result of €6k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 29% of 18237 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
43
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability62▼-3
Solvency34▲+3
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity short (current ratio 0.71 against 0.55 in 2024; short-term debt: 70.1% and cash: 5.7% of total assets), and 91.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← 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
8.8%
Return on assets
3.6%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €14k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 7 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
7 d early
2022
6 d early
2021
4 d early
2020
5 d early
2019
8 d early
← before the deadline
after the deadline →
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
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€6k▼ 47.1%
2024 · €11k
2019: €8k
2020: €2k
2021: €5k
2022: €502
2023: €13k
2024: €11k
2019 → 2025
Working capital
€-32k▲ 14.5%
2024 · €-37k
2019: €-4k
2020: €-5k
2021: €-7k
2022: €-9k
2023: €-35k
2024: €-37k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€21k-€21k▲ 2.4%€8k▼ 62.5%€8k=€14k▲ 69.9%
Operating result€11k-€9k▼ 13.7%€24k▲ 154%€19k▼ 22.8%€15k▼ 18.1%
Net result€5k-€502▼ 89.2%€13k▲ 2,452%€11k▼ 16.9%€6k▼ 47.1%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 18% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €155k
Fixed assets
€78k▼ 19.2%
Current assets
€77k▲ 69.5%
Equity and liabilities €155k
Equity
€14k▲ 69.9%
Debt
€141k▲ 5.5%
The debt ratio falls from 94.3% to 91.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34k▼
2024 · €37k
Cash flow
€24k▼
2024 · €29k
Solvency
8.8%▲
2024 · 5.7%
Current ratio
0.71▲
2024 · 0.55
Quick ratio
0.54▲
2024 · 0.35
Debt / equity
10.31▼
2024 · 16.59
ROE
41.1%▼
2024 · 132.0%
ROA
3.6%▼
2024 · 7.5%
Interest coverage
4.68▲
2024 · 4.46
Debt
€141k▲
2024 · €134k
Debt ≤ 1 year
€109k▲
2024 · €82k
Debt > 1 year
€33k▼
2024 · €51k
Income taxes
€2k▲
2024 · €-2
Staff costs
€144k▼
2024 · €156k
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€142k€155k▲
Fixed assets21/28€96k€78k▼
Intangible fixed assets21€91k€75k▼
Tangible fixed assets22/27€5k€3k▼
Plant, machinery and equipment23€4k€2k▼
Furniture and vehicles24€2k€1k▼
Current assets29/58€45k€77k▲
Stocks and contracts in progress3€16k€19k▲
Stocks30/36€16k€19k▲
Amounts receivable within one year40/41€14k€49k▲
Trade receivables40€7k€29k▲
Other amounts receivable41€8k€21k▲
Cash at bank and in hand54/58€14k€9k▼
Deferred charges and accrued income490/1€940€31▼
Equity and liabilities
Total equity and liabilities10/49€142k€155k▲
Equity10/15€8k€14k▲
Contributions10/11€6k€6k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€0€6k▲
Amounts payable17/49€134k€141k▲
Amounts payable after more than one year17€51k€33k▼
Financial debts170/4€51k€33k▼
Amounts payable within one year42/48€82k€109k▲
Current portion of amounts payable after more than one year42€20k€13k▼
Financial debts43€0€3k▲
Credit institutions430/8€0€3k▲
Trade debts44€41k€60k▲
Suppliers440/4€41k€60k▲
Taxes, remuneration and social security45€21k€32k▲
Taxes450/3€9k€24k▲
Remuneration and social security454/9€12k€8k▼
Other amounts payable47/48€0€21▲
Income statement
Code20242025
Non-recurring operating income76A€0€2k▲
Remuneration, social security and pensions62€156k€144k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€19k=
Other operating charges640/8€3k€1k▼
Non-recurring operating charges66A€0-
Gross operating margin9900€196k€179k▼
Operating profit (loss)9901€19k€15k▼
Financial income75/76B€441€4▼
Recurring financial income75€441€4▼
Financial charges65/66B€8k€7k▼
Recurring financial charges65€8k€7k▼
Profit (loss) for the period before taxes9903€11k€8k▼
Income taxes67/77€-2€2k▲
Profit (loss) for the period9904€11k€6k▼
Profit (loss) for the period to be appropriated9905€11k€6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€11k€6k▼
Transfer from equity791/2€0-
Profit to be distributed694/7€11k€0▼
Return on contributions (dividend)694€11k€0▼
The notes to these accounts (12 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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2019net €13k ▲2452%
Operating result €24k, net result €13k, both a record.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €502 ▼89.2%
Net result drops to €502, the lowest in the series; recovery starts the following year.
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Braine-l'Alleud · 2 establishment units since 2019
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 Gaston Dubois 21428 Braine-l'AlleudGround area
467 m²
Building footprint
306 m²
Volume, LiDAR
2,077 m³
Parcel 25054A0037/00S000, Wallonia · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Rue Gaston Dubois 2, 1428 Braine-l'Alleud
since 20192.284.340.496
Rue Dury (Emile) 52, 1410 Waterloo
since 20232.359.761.164
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25054A0037/00S000 | Wallonia | 467 m² | 1 · 306 m² | 10.2 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
2 sitesBraine-l'Alleud2.284.340.496
Waterloo2.359.761.164
Similar companies · same sector, comparable size
BOULANGERIE VERSLEGERS
BE 0506.932.787
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BE 0804.469.203
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FLAVICIM
BE 0899.365.885
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IBRA DIENST
BE 1010.294.689
Ronse · Eq €14k
TARTERIE DE BUZET
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Of 2,407 companies in sector 47241 we hold annual accounts for 1,099. 756 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-12-2018
Fiscal year end31-12
Activities, NACEBEL
10712Artisanal bread and fresh pastry making
47241Retail sale of bread and pastry (bakery outlets)
Sources
Crossroads Bank for EnterprisesNational Bank · 7 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.