ACTIVE

CEMACO

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Financial year 2025 · closed on 31/12/2025

Net result

2 k €

+38.5% YoY

Gross margin

4,6 k €

+12.2% YoY

Equity

104,9 k €

+1.9% YoY

What does CEMACO do?

CEMACO is a Private limited company incorporated in 2010. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0822.292.358

Incorporation

15/01/2010

Legal form

Private limited company

Registered office

Chaussée de Tongres 156
4000 Liège · WallonieSee on map

Contributed capital

78 700,00 €

Latest accounts

31/12/2025

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	4,6 k €	+12.2%	4,1 k €	+40.7%	2,9 k €	+90.4%	1,5 k €	-30.5%	2,2 k €	-90.5%	23,3 k €	-66.2%	69 k €	+6.7%	64,7 k €	-21.1%	82 k €	-21.7%	104,7 k €	-16.1%	124,8 k €	-26.4%	169,5 k €	+52.2%	111,4 k €	+3.1%	108,1 k €	+8.5%	99,6 k €	+68.8%	59 k €
EBITDA	3,9 k €	+21.3%	3,2 k €	+27.7%	2,5 k €	+279%	670 €	-29.3%	948 €	-88.2%	8 k €	-80.6%	41,4 k €	+400%	8,3 k €	-76.1%	34,6 k €	+588%	5 k €	-49.9%	10,1 k €	-82.7%	58,1 k €	+186%	20,3 k €	-8.7%	22,2 k €	+80.5%	12,3 k €	-58.8%	29,9 k €
Operating result	3,3 k €	+28.6%	2,6 k €	+14.4%	2,2 k €	+495%	376 €	+71.7%	219 €	-94.8%	4,2 k €	-88.9%	37,7 k €	+643%	5,1 k €	-81.8%	27,8 k €	+1237%	-2,4 k €	-156%	4,4 k €	-90.7%	47,2 k €	+420%	9,1 k €	+13.4%	8 k €	+5.9%	7,6 k €	-69.9%	25,1 k €
Net result	2 k €	+38.5%	1,4 k €	+29.6%	1,1 k €	+2268%	47 €	+142%	-112 €	-104%	2,8 k €	-89.0%	25,1 k €	+811%	2,8 k €	-85.9%	19,5 k €	+1578%	1,2 k €	-73.4%	4,4 k €	-86.0%	31,3 k €	+337%	7,2 k €	+34.1%	5,4 k €	+32.7%	4 k €	-77.8%	18,1 k €
Balance sheet
Equity	104,9 k €	+1.9%	102,9 k €	+1.4%	101,4 k €	+1.1%	100,3 k €	+0.0%	100,3 k €	-0.1%	100,4 k €	-49.2%	197,6 k €	+14.5%	172,5 k €	+1.6%	169,8 k €	+13.0%	150,3 k €	+0.8%	149,1 k €	+3.0%	144,7 k €	+27.6%	113,4 k €	+6.8%	106,2 k €	+5.3%	100,9 k €	+314%	24,3 k €
Total assets	108,4 k €	+2.2%	106,1 k €	-1.0%	107,1 k €	+6.5%	100,6 k €	-0.4%	101 k €	-53.0%	215 k €	-0.5%	216 k €	-22.6%	278,9 k €	+43.4%	194,4 k €	+4.5%	186 k €	-7.6%	201,4 k €	+11.9%	180 k €	+28.7%	139,8 k €	+0.0%	139,8 k €	+13.2%	123,5 k €	+172%	45,4 k €
Cash	42 €	-94.5%	757 €	-38.0%	1,2 k €	+81.0%	674 €	-58.1%	1,6 k €	-56.1%	3,7 k €	+8621%	42 €	+4100%	1 €	-100.0%	2,1 k €	-85.2%	14,3 k €	+369%	3,1 k €	-51.1%	6,2 k €	+3491%	174 €	-97.2%	6,1 k €	+1155%	490 €	-97.5%	20 k €
Debts	3,6 k €	+10.5%	3,2 k €	-43.3%	5,7 k €	+2292%	238 €	-66.0%	701 €	-99.4%	114,3 k €	+523%	18,4 k €	-82.7%	106,4 k €	+331%	24,7 k €	-31.0%	35,8 k €	-31.7%	52,3 k €	+49.5%	35 k €	+32.6%	26,4 k €	-21.3%	33,5 k €	+48.1%	22,6 k €	+7.5%	21,1 k €
Other
Workforce	–		–		0,0 ETP		–		0,0 ETP	-100%	1,8 ETP	-40.0%	3,0 ETP	-21.1%	3,8 ETP	0.0%	3,8 ETP	-5.0%	4,0 ETP	-42.9%	7,0 ETP	0.0%	7,0 ETP	+20.7%	5,8 ETP	+23.4%	4,7 ETP	+9.3%	4,3 ETP	+153%	1,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 1 ended

Active mandates

Ruggero ZENNARO

Mandate

Active

Ended mandates

Ruggero ZENNARO

Manager

Ended

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	29/08/2026	18/08/2025	25/07/2024	21/08/2023	27/08/2022	01/10/2021
General meeting	01/06/2026	06/06/2025	07/06/2024	02/06/2023	03/06/2022	04/06/2021
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

16 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	01/06/2026	29/08/2026	French	PDF
Abridged model	31/12/2024	06/06/2025	18/08/2025	French	PDF
Abridged model	31/12/2023	07/06/2024	25/07/2024	French	PDF
Abridged model	31/12/2022	02/06/2023	21/08/2023	French	PDF
Abridged model	31/12/2021	03/06/2022	27/08/2022	French	PDF
Abridged model	31/12/2020	04/06/2021	01/10/2021	French	PDF
Abridged model	31/12/2019	05/06/2020	19/09/2020	French	PDF
Abridged model	31/12/2018	07/06/2019	21/08/2019	French	PDF
Abridged model	31/12/2017	01/06/2018	28/08/2018	French	PDF
Abridged model	31/12/2016	02/06/2017	23/06/2017	French	PDF
Abridged model	31/12/2015	03/06/2016	25/08/2016	French	PDF
Abridged model	31/12/2014	05/06/2015	30/09/2015	French	PDF
Abridged model	31/12/2013	06/06/2014	31/08/2014	French	PDF
Abridged model	31/12/2012	07/06/2013	23/08/2013	French	PDF
Abridged model	31/12/2011	01/06/2012	28/08/2012	French	PDF
Abridged model	31/12/2010	03/06/2011	30/08/2011	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 1 active · 1 ended

Active mandates

Ruggero ZENNARO

Mandate

Active

Ended mandates

Ruggero ZENNARO

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DIVERS - DEMISSIONS, NOMINATIONS
PDF
Mandates04/01/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates16/10/2015
DEMISSIONS, NOMINATIONS
PDF
Capital / shares19/09/2011
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates16/06/2011
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Other19/01/2010
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 20252 k €↑
2024
Annual accounts 20241,4 k €↑
2023
Annual accounts 20231,1 k €↑
2022
Annual accounts 202247 €↑
2021
Annual accounts 2021-112 €↓
2020
Annual accounts 20202,8 k €↓
2019
Annual accounts 201925,1 k €↑
2018
Annual accounts 20182,8 k €↓
2017
Annual accounts 201719,5 k €↑
2016
Annual accounts 20161,2 k €↓
2015
Annual accounts 20154,4 k €↓
2014
Annual accounts 201431,3 k €↑
2013
Annual accounts 20137,2 k €↑
2012
Annual accounts 20125,4 k €↑
2011
Annual accounts 20114 k €↓
2010
Annual accounts 201018,1 k €
15/01/2010
IncorporationPrivate 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

CEMACO

Overview

What does CEMACO do?

Trend over 16 financial years

Indicative valuation

Board of directors

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