CEDES
0448.462.375 · rovalta.com · 22/09/2026
ACTIVE
CEDES
Financial year 2025 · closed on 31/12/2025
Net result
135,3 k €
+75.8% YoY
Gross margin
265,8 k €
+35.1% YoY
Equity
721,1 k €
+0.2% YoY
Overview
What does CEDES do?
CEDES is a Public limited company incorporated in 1992. Its main activity is: Management consultancy activities. Its registered office is in Bruxelles.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0448.462.375
Incorporation
23/10/1992
Legal form
Public limited company
Registered office
Rue de la Presse 4
1000 Bruxelles · BruxellesSee on map
1000 Bruxelles · BruxellesSee on map
Contributed capital
247 893,52 €
Latest accounts
31/12/2025
Activities (NACE)
70200Management consultancy activities· main70220Business and other management consultancy activities74142Specialised design activities47690Retail sale of cultural and recreation goods in specialised stores47787Other retail sale of new goods in specialised stores68321Management of real estate on a fee or contract basis+4
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
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Financials
Trend over 20 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||||
| Gross margin | 265,8 k € | +35.1% | 196,7 k € | +1.1% | 194,6 k € | +3.9% | 187,3 k € | +27.2% | 147,3 k € | +35.3% | 108,9 k € | -55.4% | 244,3 k € | +155% | 95,8 k € | +50.3% | 63,8 k € | -2.3% | 65,3 k € | +38.3% | 47,2 k € | +32.7% | 35,6 k € | -81.0% | 186,8 k € | +18.2% | 158,1 k € | -30.3% | 226,9 k € | +274% | 60,7 k € | -17.1% | 73,2 k € | +525% | -17,2 k € | -211% | 15,5 k € | +158% | -26,4 k € |
| EBITDA | 258,3 k € | +36.5% | 189,2 k € | +4.1% | 181,8 k € | +1.3% | 179,6 k € | +27.7% | 140,6 k € | +40.7% | 99,9 k € | -57.7% | 236,1 k € | +169% | 87,6 k € | +56.7% | 55,9 k € | -3.4% | 57,9 k € | +46.6% | 39,5 k € | +387% | 8,1 k € | -92.6% | 109,2 k € | -25.5% | 146,6 k € | -31.7% | 214,6 k € | +302% | 53,4 k € | -19.8% | 66,6 k € | +411% | -21,4 k € | -283% | 11,7 k € | +139% | -29,8 k € |
| Operating result | 176,7 k € | +52.5% | 115,9 k € | -5.0% | 122 k € | -6.9% | 131 k € | +39.3% | 94,1 k € | +38.9% | 67,7 k € | -67.8% | 210,4 k € | +280% | 55,3 k € | +341% | 12,6 k € | -35.3% | 19,4 k € | +371% | 4,1 k € | +117% | -24,9 k € | -131% | 79,4 k € | -35.7% | 123,5 k € | -36.1% | 193,3 k € | +546% | 29,9 k € | -38.1% | 48,3 k € | +233% | -36,4 k € | -2500% | -1,4 k € | +95.3% | -29,8 k € |
| Net result | 135,3 k € | +75.8% | 77 k € | -9.4% | 85 k € | -5.5% | 90 k € | +34.2% | 67,1 k € | +57.7% | 42,5 k € | -70.5% | 144,1 k € | +353% | 31,8 k € | +207% | 10,3 k € | +197% | 3,5 k € | +122% | -15,8 k € | +65.9% | -46,4 k € | -203% | 45,1 k € | -59.6% | 111,5 k € | -36.8% | 176,5 k € | +1212% | 13,5 k € | -56.5% | 31 k € | +157% | -54,2 k € | -187% | -18,9 k € | +60.3% | -47,6 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||||
| Equity | 721,1 k € | +0.2% | 719,9 k € | +6.2% | 677,9 k € | +5.4% | 642,8 k € | +1.6% | 632,8 k € | -0.5% | 635,8 k € | +4.5% | 608,2 k € | +21.6% | 500,1 k € | +6.8% | 468,3 k € | +2.3% | 458 k € | +0.8% | 454,5 k € | -3.4% | 470,4 k € | -9.0% | 516,8 k € | +9.6% | 471,7 k € | +31.0% | 360,2 k € | +96.1% | 183,7 k € | +7.9% | 170,2 k € | +22.2% | 139,3 k € | -28.0% | 193,4 k € | -8.9% | 212,3 k € |
| Total assets | 1,2 M € | +2.2% | 1,2 M € | +5.5% | 1,1 M € | +4.0% | 1,1 M € | +3.7% | 1 M € | +3.5% | 995,2 k € | +4.1% | 956,2 k € | +14.5% | 834,8 k € | -5.5% | 883 k € | -3.7% | 917,2 k € | +7.0% | 857,1 k € | +1.6% | 843,6 k € | -7.4% | 910,8 k € | +8.2% | 841,8 k € | -11.8% | 954,9 k € | +11.6% | 855,3 k € | -1.2% | 865,9 k € | +8.3% | 799,7 k € | -1.4% | 811,1 k € | +2.7% | 789,8 k € |
| Cash | 105,1 k € | -14.3% | 122,6 k € | -32.9% | 182,8 k € | +15.0% | 159 k € | -6.1% | 169,4 k € | +36.6% | 124 k € | -9.5% | 136,9 k € | +337% | 31,4 k € | +207% | 10,2 k € | -41.1% | 17,3 k € | +14634% | 117,7 € | -99.6% | 31,1 k € | -48.5% | 60,4 k € | +112% | 28,5 k € | -75.4% | 115,7 k € | +422% | 22,1 k € | +44.1% | 15,4 k € | +856% | 1,6 k € | -91.9% | 19,8 k € | +591% | 2,9 k € |
| Debts | 470,6 k € | +5.7% | 445,1 k € | +4.2% | 427,3 k € | +1.6% | 420,7 k € | +6.6% | 394,6 k € | +10.5% | 357,3 k € | +3.2% | 346,1 k € | +4.1% | 332,5 k € | -19.2% | 411,6 k € | -9.9% | 456,8 k € | +14.0% | 400,7 k € | +7.8% | 371,6 k € | -4.4% | 388,7 k € | +5.0% | 370,1 k € | -37.8% | 594,7 k € | -11.4% | 671,4 k € | -3.5% | 695,7 k € | +5.3% | 660,4 k € | +6.9% | 617,7 k € | +7.0% | 577,4 k € |
Estimate
Indicative valuation
As an indication, this company is worth
between 500 k€ and 1 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 2 active · 18 ended
Active mandates
Bernard Santens
ActivePatricia Desimpel
ActiveEnded mandates
Bernard Santens
EndedBernard Santens
EndedBernard Santens
EndedPatricia Desimpel
EndedAt this address
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Financials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Micro model | Micro model | Micro model | Micro model | Micro model | Micro model |
| Start of the financial year | 01/01/2025 | 01/01/2024 | 01/01/2023 | 01/01/2022 | 01/01/2021 | 01/01/2020 |
| Closing of the financial year | 31/12/2025 | 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | 31/12/2020 |
| Length of the financial year | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months |
| Filing date | 05/08/2026 | 11/06/2025 | 12/08/2024 | 20/07/2023 | 27/06/2022 | 30/08/2021 |
| General meeting | 06/07/2026 | 07/06/2025 | 07/08/2024 | 06/07/2023 | 04/06/2022 | 18/08/2021 |
| Currency of the financial year | EUR | EUR | EUR | EUR | EUR | EUR |
| NBB quality label | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls |
Ratios
Financial ratios
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
20 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Micro model | 31/12/2025 | 06/07/2026 | 05/08/2026 | Dutch | |
| Micro model | 31/12/2024 | 07/06/2025 | 11/06/2025 | Dutch | |
| Micro model | 31/12/2023 | 07/08/2024 | 12/08/2024 | Dutch | |
| Micro model | 31/12/2022 | 06/07/2023 | 20/07/2023 | Dutch | |
| Micro model | 31/12/2021 | 04/06/2022 | 27/06/2022 | Dutch | |
| Micro model | 31/12/2020 | 18/08/2021 | 30/08/2021 | Dutch | |
| Micro model | 31/12/2019 | 14/08/2020 | 11/09/2020 | Dutch | |
| Micro model | 31/12/2018 | 31/07/2019 | 29/08/2019 | Dutch | |
| Micro model | 31/12/2017 | 02/06/2018 | 29/06/2018 | Dutch | |
| Micro model | 31/12/2016 | 02/08/2017 | 30/08/2017 | Dutch | |
| Abridged model | 31/12/2015 | 04/06/2016 | 28/06/2016 | Dutch | |
| Abridged model | 31/12/2014 | 24/08/2015 | 26/08/2015 | Dutch | |
| Abridged model | 31/12/2013 | 02/08/2014 | 27/08/2014 | Dutch | |
| Abridged model | 31/12/2012 | 01/06/2013 | 30/08/2013 | Dutch | |
| Abridged model | 31/12/2011 | 02/06/2012 | 29/08/2012 | Dutch | |
| Abridged model | 31/12/2010 | 04/06/2011 | 30/08/2011 | Dutch | |
| Abridged model | 31/12/2009 | 05/06/2010 | 31/08/2010 | Dutch | |
| Abridged model | 31/12/2008 | 06/06/2009 | 31/08/2009 | Dutch | |
| Abridged model | 31/12/2007 | 07/06/2008 | 15/07/2008 | Dutch | |
| Abridged model | 31/12/2006 | 02/06/2007 | 31/08/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 500 k€ and 1 M€
The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 2 active · 18 ended
Active mandates
Bernard Santens
ActivePatricia Desimpel
ActiveEnded mandates
Bernard Santens
EndedBernard Santens
EndedBernard Santens
EndedPatricia Desimpel
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates14/09/2026herbenoeming bestuurders + gedelegeerd bestuurder
- Mandates24/08/2023STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
- Mandates05/11/2020ONTSLAGEN - BENOEMINGEN
- Registered office07/02/2017MAATSCHAPPELIJKE ZETEL
- Mandates02/02/2015ONTSLAGEN - BENOEMINGEN
- Mandates10/01/2012KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Registered office17/07/2009MAATSCHAPPELIJKE ZETEL
- Mandates20/09/2007ONTSLAGEN - BENOEMINGEN
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 2025135,3 k €↑
- 2024Annual accounts 202477 k €↓
- 2023Annual accounts 202385 k €↓
- 2022Annual accounts 202290 k €↑
- 2021Annual accounts 202167,1 k €↑
- 2020Annual accounts 202042,5 k €↓
- 2019Annual accounts 2019144,1 k €↑
- 2018Annual accounts 201831,8 k €↑
- 2017Annual accounts 201710,3 k €↑
- 2016Annual accounts 20163,5 k €↑
- 2015Annual accounts 2015-15,8 k €↑
- 2014Annual accounts 2014-46,4 k €↓
- 2013Annual accounts 201345,1 k €↓
- 2012Annual accounts 2012111,5 k €↓
- 2011Annual accounts 2011176,5 k €↑
- 2010Annual accounts 201013,5 k €↓
- 2009Annual accounts 200931 k €↑
- 2008Annual accounts 2008-54,2 k €↓
- 2007Annual accounts 2007-18,9 k €↑
- 2006Annual accounts 2006-47,6 k €
- 23/10/1992IncorporationPublic limited company