Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 13 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 14.5 to 11.7.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
Financials
Financial year 2025
Firecell Belgium from Antwerpen, company number BE0521909785, closed financial year 2025 with a result of € -2 million after tax. For that financial year Firecell Belgium recorded a gross margin of € 755,484 and equity of € 789,089. Compared with financial year 2024, the result moved from € -1.9 million to € -2 million. The company made a loss. The buffer shrank hard: equity is 66 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 13, 2026.
€ 789,089
▼ 66% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -2 million
▼ 8 % more loss than in 2024
Profit after tax over the fiscal year.
€ 64,513
▼ 59% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -10.7 million.
People and assets in 2025
11.7
▼ 2.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.1 million
▼ 16% vs 2024
€ 97,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 11,122
▼ 64% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 4.3 million
▲ 23% vs 2024
Loans from banks and other lenders, long and short.
€ 1.1 million
▲ 182% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 154,445
▼ 14% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -392,722 | € 965,274 | € 616,535 | € 755,484 | ▲ 23% |
| Profit after taxes | € -2,204,923 | € -1,345,385 | € -1,898,005 | € -2,049,743 | ▼ € 151,738 |
| Equity | € 3,120,426 | € 2,850,893 | € 2,315,230 | € 789,089 | ▼ 66% |
| Total debts | € 6,837,965 | € 4,326,945 | € 6,208,981 | € 7,699,121 | ▲ 24% |
| Cash | € 4,006,670 | € 76,565 | € 159,155 | € 64,513 | ▼ 59% |
| Retained profit | € -5,407,441 | € -6,752,826 | € -8,650,830 | € -10,700,573 | ▼ € 2 million |
| Bank debt | € 500,000 | € 1,750,000 | € 3,515,000 | € 4,324,491 | ▲ 23% |
| Balance sheet total | € 9,958,391 | € 7,177,838 | € 8,524,211 | € 8,488,210 | |
| Employees (FTE) | 14.5 | 14.5 | 14 | 11.7 | ▼ 2.3 |
Key figures of Firecell Belgium, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Firecell Belgium?
What happened at Firecell Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 2 million. Source: NBB ↗
- FIRECELL GROUP HOLDING BO became a director. NBB
- Sebastian RUBIN stepped down as director. NBB
- VAN TETERING SCALE UP CONSULTANCY BV stepped down as director. NBB
- Stan CLAES stepped down as director. NBB
- CAPITAL-E II PARTNERS NV stepped down as director. NBB
- QBIC VENTURE PARTNERS II NV stepped down as director. NBB
- COGITO FUND I SCSP SICAV-RAIF BO stepped down as director. NBB
In short
From € 2.2 million loss in 2022 to € 2 million loss in 2025.
Paid € 4,087 in corporate taxes since 2022.
On average € 64,600 of value added per employee in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Ark Angels Activator Fund, QBIC II FUND ARKIV, CAPITAL-E II ARKIV comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Firecell BelgiumBehind Firecell Belgium is FIRECELL GROUP HOLDING BO. The shares are held by Ark Angels Activator Fund (12.3%), QBIC II FUND ARKIV (8%) and CAPITAL-E II ARKIV. It owns 100% of Accelleran itself.
Directors
According to the 2025 annual accounts
Director · represented by Stan CLAES
since 2026
Sebastian RUBIN
Director
since 2022 · until 2026
VAN TETERING SCALE UP CONSULTANCY BV
Director · represented by Jan Van Tetering
since 2024 · until 2026
Stan CLAES
Managing director
since 2021 · until 2026
Director · represented by Marc WACHSMUTH
Also active at: CAPITAL-E II ARKIV
since 2016 · until 2026
Director · represented by Sofie BAETEN
Also active at: EYED PHARMA, Indigo Diabetes, QBIC II FUND ARKIV, Blue Foot Membranes, Aloxy, Sentea, UniD Manufacturing, CROWDSCAN +4 more
since 2021 · until 2026
COGITO FUND I SCSP SICAV-RAIF BO
Director · represented by Martin JASINSKI
since 2021 · until 2026
Shareholders
Participations
Accelleran
100%
Establishments
Establishment units
Physical locations of this company
Koningin Astridplein 41-42 box 101
2018 Antwerpen
Kievitplein 20
2018 Antwerpen
Active since 12 March 2013
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0521.909.785
- VAT number
- BE 0521.909.785
- Registered office
- Koningin Astridplein 41-42 bus 101, 2018 Antwerpen
- Names & denominations
- Firecell Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 7 March 2013
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
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