ACTIVE

CEBELEC

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Financial year 2025 · closed on 31/12/2025

Net result

3,7 M €

+168.5% YoY

Gross margin

-59,1 k €

-84.2% YoY

Equity

64,9 M €

+6.0% YoY

Workforce

0,0 ETP

What does CEBELEC do?

CEBELEC is a Public limited company incorporated in 1997. Its registered office is in Knokke-Heist.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0461.506.006

Incorporation

24/09/1997

Legal form

Public limited company

Registered office

Boslaan 9A
8300 Knokke-Heist · FlandreSee on map

Contributed capital

1 772 438,70 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	-59,1 k €	-84.2%	-32,1 k €	+5.2%	-33,9 k €	+1.1%	-34,3 k €	-597%	-4,9 k €	+78.0%	-22,3 k €	-219%	-7 k €	-128%	-3,1 k €	-26.4%	-2,4 k €	+9.3%	-2,7 k €	-23.6%	-2,2 k €	0.0%	-2,2 k €	-0.9%	-2,1 k €	-2.3%	-2,1 k €	+83.6%	-12,7 k €	-11.2%	-11,5 k €	-407%	-2,3 k €	+18.4%	-2,8 k €	-522%	-445 €
EBITDA	-60,4 k €	-57.9%	-38,2 k €	+10.9%	-42,9 k €	-7.0%	-40,1 k €	-267%	-10,9 k €	+55.2%	-24,4 k €	-175%	-8,9 k €	-120%	-4 k €	-18.9%	-3,4 k €	+6.8%	-3,6 k €	-16.3%	-3,1 k €	-0.0%	-3,1 k €	-0.8%	-3,1 k €	-1.7%	-3,1 k €	+77.7%	-13,7 k €	-10.3%	-12,4 k €	-428%	-2,3 k €	+40.3%	-3,9 k €	-166%	-1,5 k €
Operating result	-60,4 k €	-57.9%	-38,2 k €	+10.9%	-42,9 k €	-7.0%	-40,1 k €	-267%	-10,9 k €	+55.2%	-24,4 k €	-175%	-8,9 k €	-120%	-4 k €	-18.9%	-3,4 k €	+6.8%	-3,6 k €	-16.3%	-3,1 k €	-0.0%	-3,1 k €	-0.8%	-3,1 k €	-1.7%	-3,1 k €	+77.7%	-13,7 k €	-10.3%	-12,4 k €	-428%	-2,3 k €	+40.3%	-3,9 k €	-166%	-1,5 k €
Net result	3,7 M €	+168%	1,4 M €	-70.1%	4,6 M €	+1290%	-383,8 k €	-130%	1,3 M €	+2103%	-64,7 k €	-100%	52,3 M €	+2621%	1,9 M €	-56.4%	4,4 M €	+40.5%	3,1 M €	-3.6%	3,2 M €	+1.2%	3,2 M €	+1.5%	3,2 M €	-2.6%	3,3 M €	+40.9%	2,3 M €	+7.9%	2,1 M €	-1.3%	2,2 M €	+3211%	65,4 k €	-85.5%	449,8 k €
Balance sheet
Equity	64,9 M €	+6.0%	61,2 M €	+2.3%	59,9 M €	-13.5%	69,2 M €	-0.6%	69,6 M €	-12.2%	79,3 M €	-0.1%	79,3 M €	+193%	27,1 M €	+7.6%	25,2 M €	+21.2%	20,8 M €	+17.8%	17,6 M €	-9.1%	19,4 M €	+19.9%	16,2 M €	+24.3%	13 M €	+33.3%	9,8 M €	+30.9%	7,5 M €	+40.2%	5,3 M €	+68.7%	3,2 M €	+2.1%	3,1 M €
Total assets	65,5 M €	+6.6%	61,4 M €	+2.6%	59,9 M €	-13.5%	69,2 M €	-0.5%	69,6 M €	-12.5%	79,5 M €	-1.2%	80,5 M €	+197%	27,1 M €	+6.6%	25,4 M €	+21.6%	20,9 M €	+18.5%	17,6 M €	-9.1%	19,4 M €	+19.8%	16,2 M €	+24.4%	13 M €	+33.2%	9,8 M €	+30.2%	7,5 M €	+39.4%	5,4 M €	+69.6%	3,2 M €	+2.4%	3,1 M €
Cash	2,4 M €	+20.3%	2 M €	-55.6%	4,5 M €	+1.7%	4,4 M €	+4.7%	4,2 M €	-87.4%	33,3 M €	-27.8%	46,2 M €	+556%	7 M €	-11.1%	7,9 M €	+6.9%	7,4 M €	+25.6%	5,9 M €	-40.2%	9,9 M €	+14.0%	8,6 M €	+37.9%	6,3 M €	+113%	2,9 M €	+12.7%	2,6 M €	+581%	383,7 k €	+10360%	3,7 k €	-95.3%	77,3 k €
Debts	578,4 k €	+186%	202,2 k €	+4950%	4 k €	-86.8%	30,3 k €		–		210,6 k €	-81.3%	1,1 M €	+143664%	785,3 €	-99.7%	235,7 k €	+82.4%	129,2 k €		–		–		–		–		8,8 k €	-83.2%	52,4 k €	-23.6%	68,5 k €	+170%	25,4 k €	+51.9%	16,7 k €
Other
Workforce	0,0 ETP		0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 31 ended

Active mandates

Christian Bultiauw

Managing director · since 02 juin 2015

Active

Caroline Bultiauw

Managing director · since 14 janvier 2011

Active

Joëlle Bultiauw

Managing director · since 14 janvier 2011

Active

Ended mandates

Caroline Bultiauw

Director · since 24 novembre 2021

Ended

Caroline Bultiauw

Managing director · since 24 novembre 2021 · until 07 juin 2027

Ended

Caroline Bultiauw

Managing director · since 24 novembre 2021

Ended

Joelle Bultiauw

Director · since 24 novembre 2021

Ended

At this address

Other companies at this address

Company	CBE no.
CB CLASSIC CARS● Active	0439.583.610
COFIMEX● Active	0446.217.618
UNIMMO INVEST● Active	0550.626.834
VIGNÉE INVEST● Active	0440.374.852
ZATTARA● Active	0879.223.836

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	31/08/2026	01/10/2025	29/07/2024	08/08/2023	15/07/2022	19/08/2021
General meeting	01/06/2026	31/08/2025	30/06/2024	20/07/2023	30/06/2022	20/07/2021
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

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	01/06/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	31/08/2025	01/10/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	29/07/2024	Dutch	PDF
Abridged model	31/12/2022	20/07/2023	08/08/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	15/07/2022	Dutch	PDF
Abridged model	31/12/2020	20/07/2021	19/08/2021	Dutch	PDF
Abridged model	31/12/2019	14/08/2020	14/09/2020	Dutch	PDF
Abridged model	31/12/2018	03/06/2019	20/06/2019	Dutch	PDF
Abridged model	31/12/2017	04/06/2018	25/06/2018	Dutch	PDF
Abridged model	31/12/2016	06/06/2017	29/06/2017	Dutch	PDF
Abridged model	31/12/2015	06/06/2016	21/06/2016	Dutch	PDF
Abridged model	31/12/2014	01/06/2015	16/06/2015	Dutch	PDF
Abridged model	31/12/2013	02/06/2014	15/07/2014	Dutch	PDF
Abridged model	31/12/2012	03/06/2013	26/08/2013	Dutch	PDF
Abridged model	31/12/2011	04/06/2012	28/08/2012	Dutch	PDF
Abridged model	31/12/2010	06/06/2011	23/06/2011	Dutch	PDF
Abridged model	31/12/2009	07/06/2010	09/08/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	01/07/2009	Dutch	PDF
Abridged model	31/12/2007	02/06/2008	16/06/2008	Dutch	PDF
Abridged model	31/12/2006	04/06/2007	26/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 31 ended

Active mandates

Christian Bultiauw

Managing director · since 02 juin 2015

Active

Caroline Bultiauw

Managing director · since 14 janvier 2011

Active

Joëlle Bultiauw

Managing director · since 14 janvier 2011

Active

Ended mandates

Caroline Bultiauw

Director · since 24 novembre 2021

Ended

Caroline Bultiauw

Managing director · since 24 novembre 2021 · until 07 juin 2027

Ended

Caroline Bultiauw

Managing director · since 24 novembre 2021

Ended

Joelle Bultiauw

Director · since 24 novembre 2021

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other31/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates10/12/2021
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares30/03/2021
KAPITAAL - AANDELEN
PDF
Registered office26/02/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates18/09/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/02/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/06/2016
ADRESSEN ANDERS DAN MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/02/2011
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20253,7 M €↑
2024
Annual accounts 20241,4 M €↓
2023
Annual accounts 20234,6 M €↑
2022
Annual accounts 2022-383,8 k €↓
2021
Annual accounts 20211,3 M €↑
2020
Annual accounts 2020-64,7 k €↓
2019
Annual accounts 201952,3 M €↑
2018
Annual accounts 20181,9 M €↓
2017
Annual accounts 20174,4 M €↑
2016
Annual accounts 20163,1 M €↓
2015
Annual accounts 20153,2 M €↑
2014
Annual accounts 20143,2 M €↑
2013
Annual accounts 20133,2 M €↓
2012
Annual accounts 20123,3 M €↑
2011
Annual accounts 20112,3 M €↑
2010
Annual accounts 20102,1 M €↓
2009
Annual accounts 20092,2 M €↑
2008
Annual accounts 200865,4 k €↓
2007
Annual accounts 2007449,8 k €
24/09/1997
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

CEBELEC

Overview

What does CEBELEC do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline