Cennini Holding
ActiveSummary
Cennini Holding has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €68.49M and a net result of €55k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 90% of 4539 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
77
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability51▲+39
Solvency100▲+47
Growth78▲+27
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €150k at 30 days acceptable
Liquidity ample (current ratio 74.63 against 24.28 in 2024; short-term debt: 0.8% and cash: 2% of total assets), and 5.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← 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
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
94.1%
Return on assets
0.1%
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
1920212222232425
2019 to 2025 · latest year €68.49M
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 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
29 d late
2023
30 d late
2022
31 d late
2022
on the day
2021
28 d late
2020
26 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€1.52M▲ 122%
2024 · €684k
2019: €646k
2020: €747k
2021: €925k
2022: €327k
2022: €175k
2023: €814k
2024: €684k
2019 → 2025
EBIT margin
-17.0%▲ 132.5pp
2024 · -149.5%
2019: -111.4%
2020: -97.2%
2021: -78.5%
2022: -289.4%
2022: -376.1%
2023: -92.8%
2024: -149.5%
2019 → 2025
Net result
€55k
2024 · €-57k
2019: €-1.95M
2020: €-1.95M
2021: €-1.27M
2022: €1.29M
2022: €-1.44M
2023: €-45k
2024: €-57k
2019 → 2025
Working capital
€42.29M▲ 38.7%
2024 · €30.49M
2019: €12.31M
2020: €14.01M
2021: €15.97M
2022: €18.53M
2022: €18.56M
2023: €26.82M
2024: €30.49M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20222022202320242025Trend
Turnover€327k-€175k▼ 46.5%€814k▲ 365%€684k▼ 15.9%€1.52M▲ 122%
Equity€19.97M-€18.53M▼ 7.2%€18.49M▼ 0.2%€18.43M▼ 0.3%€68.49M▲ 272%
Operating result€-947k-€-658k▲ 30.5%€-755k▼ 14.7%€-1.02M▼ 35.6%€-258k▲ 74.8%
Net result€1.29M-€-1.44M€-45k▲ 96.9%€-57k▼ 27.2%€55k
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72.77M
Fixed assets
€29.91M ▼ 9.7%
Current assets
€42.86M ▲ 34.8%
Equity and liabilities €72.77M
Equity
€68.49M ▲ 272%
Provisions
€101k ▼ 2.9%
Debt
€4.19M ▼ 91.0%
Debt's share of the balance-sheet total falls from 71.4% to 5.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€585k▲
2024 · €-221k
Cash flow
€898k▲
2024 · €745k
Current ratio
74.63▲
2024 · 24.28
Debt to equity
0.06▼
2024 · 2.52
ROE
0.1%▲
2024 · -0.3%
ROA
0.1%▲
2024 · -0.1%
Interest coverage
0.91▲
2024 · -0.13
Debt ≤ 1 year
€574k▼
2024 · €1.31M
Debt > 1 year
€3.57M▼
2024 · €44.77M
Income taxes
€-203▲
2024 · €-5k
Staff costs
€86k▲
2024 · €82k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 92 lines
Balance sheet
Code20242025
Assets
Total assets20/58€64.91M€72.77M▲
Fixed assets21/28€33.11M€29.91M▼
Tangible fixed assets22/27€19.73M€19.74M▲
Land and buildings22€19.67M€19.71M▲
Plant, machinery and equipment23€23k€16k▼
Furniture and vehicles24€23k€9k▼
Other tangible fixed assets26€8k€8k=
Financial fixed assets28€13.39M€10.17M▼
Affiliated companies280/1€1.97M€1.97M=
Participating interests280€1.97M€1.97M=
Other financial fixed assets284/8€11.42M€8.20M▼
Shares284€7.83M€4.96M▼
Amounts receivable and cash guarantees285/8€3.59M€3.24M▼
Current assets29/58€31.80M€42.86M▲
Amounts receivable after more than one year29€27.55M€36.42M▲
Other amounts receivable291€27.55M€36.42M▲
Stocks and contracts in progress3€401k€0▼
Stocks30/36€401k€0▼
Property held for sale35€401k€0▼
Amounts receivable within one year40/41€2.17M€3.69M▲
Trade receivables40€860k€1.59M▲
Other amounts receivable41€1.31M€2.10M▲
Current investments50/53€612k€612k=
Other investments51/53€612k€612k=
Cash at bank and in hand54/58€592k€1.48M▲
Deferred charges and accrued income490/1€478k€668k▲
Equity and liabilities
Total equity and liabilities10/49€64.91M€72.77M▲
Equity10/15€18.43M€68.49M▲
Contributions10/11€21.49M€71.49M▲
Capital10€21.38M€71.38M▲
Issued capital100€21.38M€71.38M▲
Outside capital11€114k€114k=
Share premium1100/10€114k€114k=
Reserves13€522k€513k▼
Non-distributable reserves130/1€100k€100k=
Legal reserve130€100k€100k=
Tax-exempt reserves132€313k€304k▼
Distributable reserves133€109k€109k=
Profit (loss) carried forward14€-3.58M€-3.51M▲
Provisions and deferred taxes16€104k€101k▼
Deferred taxes168€104k€101k▼
Amounts payable17/49€46.38M€4.19M▼
Amounts payable after more than one year17€44.77M€3.57M▼
Financial debts170/4€44.75M€3.55M▼
Credit institutions173€261k€157k▼
Other loans174€44.49M€3.40M▼
Other amounts payable178/9€15k€15k=
Amounts payable within one year42/48€1.31M€574k▼
Current portion of amounts payable after more than one year42€104k€104k=
Financial debts43€500k€0▼
Credit institutions430/8€500k€0▼
Trade debts44€360k€440k▲
Suppliers440/4€360k€440k▲
Taxes, remuneration and social security45€50k€30k▼
Taxes450/3€42k€22k▼
Remuneration and social security454/9€8k€9k▲
Other amounts payable47/48€295k€0▼
Accrued charges and deferred income492/3€300k€44k▼
Income statement
Code20242025
Operating income70/76A€721k€2.31M▲
Turnover70€684k€1.52M▲
Other operating income74€36k€24k▼
Non-recurring operating income76A-€770k
Operating charges60/66A€1.74M€2.57M▲
Goods for resale, raw materials and consumables60-€401k
Change in stocks: decrease (increase)609-€401k
Services and other goods61€708k€1.14M▲
Remuneration, social security and pensions62€82k€86k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€802k€844k▲
Other operating charges640/8€152k€99k▼
Operating profit (loss)9901€-1.02M€-258k▲
Financial income75/76B€2.72M€6.19M▲
Recurring financial income75€2.72M€3.93M▲
Income from financial fixed assets750€2.56M€2.26M▼
Other financial income752/9€157k€1.66M▲
Non-recurring financial income76B€4k€2.26M▲
Financial charges65/66B€1.76M€5.88M▲
Recurring financial charges65€1.76M€5.10M▲
Debt charges650€1.74M€646k▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€4.42M
Other financial charges652/9€17k€36k▲
Non-recurring financial charges66B-€777k
Profit (loss) for the period before taxes9903€-65k€51k▲
Transfer from deferred taxes780€3k€3k=
Income taxes67/77€-5k€-203▲
Taxes670/3€3k€1k▼
Tax adjustments and reversals of tax provisions77€8k€1k▼
Profit (loss) for the period9904€-57k€55k▲
Transfer from tax-exempt reserves789€9k€9k=
Profit (loss) for the period to be appropriated9905€-48k€64k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-3.58M€-3.51M▲
Profit (loss) brought forward from the previous period14P€-3.53M€-3.58M▼
Social balance
Average headcount (FTE)90871.21.3▲
The notes to these accounts (75 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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
31-12
Financial
Back to profitnet €55k
Net result €55k after 3 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 74.63
Current ratio from 24.28 to 74.63; short-term debt falls from €1.31M to €574k.
31-12
Financial
Equity above €50MEq €68.49M ▲272%
Equity rises from €18.43M to €68.49M.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
24-03
State Gazette act
General meeting · Director resignation
Director appointment · Permanent representative
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
21-05
State Gazette act
General meeting · Director resignation
Director appointment · Permanent representative
2023
31-12
Financial
Liquidity times 5current ratio 29.79
Current ratio from 6.48 to 29.79; short-term debt falls from €3.38M to €932k.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
Financial
Back to profitnet €1.29M
Net result €1.29M after 3 loss-making years.
Show earlier events
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 28 days late
2021
26-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
2020
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
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 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, Roeselare · 3 establishment units since 1997
Ground area
2.4 ha
Building footprint
1,476 m²
Volume, LiDAR
3,155 m³
3 parcels, Flanders · tallest building 18.0 m, ±2 floors. Linked by address, not a title deed.
129
companies at this address
See who is registered here
3 establishment units
Cennini Holding nv
since 19972.082.362.742
Cennini Holding nv
since 20142.231.443.230
Ginkgo
since 20192.300.617.888
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36503C0935/00N002 | Flanders | 1.5 ha | 1 · 406 m² | 6.4 m · 1 fl. |
| 36017A1278/00X003 | Flanders | 7,646 m² | 1 · 828 m² | 0.6 m |
| 36503C1685/00A000 | Flanders | 1,277 m² | 1 · 241 m² | 18.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
3 connected companiesLinked via shared directors
Shared director
→
Shared director
→
Shared director
→
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 88,667 EUR awarded · 80,729 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 7,938 EUR | 0 EUR |
| 2023 | 1 | 0 EUR | 80,729 EUR |
| 2022 | 1 | 80,729 EUR | 0 EUR |
Schemes
Erfgoedpremie voor beschermde monumenten en landschappen - standaardprocedure
Recognitions · licences · registrations
Legal Entity Identifier
549300L4FLXFWC8YEK58
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Of 12,020 companies in sector 68203 we hold annual accounts for 5,984. 445 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded18-06-1986
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68310Real estate agency activities
68121Development of residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 39 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.