Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 62 % of short-term debt in 2024; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 5.3 to 3.6.
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Busy address KBO
24 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2024
CEFALY Technology from Liège, company number BE0870578661, closed financial year 2024 with a result of € -6.3 million after tax. For that financial year CEFALY Technology recorded revenue of € 14.2 million and equity of € -14.4 million. Compared with financial year 2023, the result moved from € -2.6 million to € -6.3 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on December 3, 2025.
€ -14.4 million
▼ € 6.3 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -6.3 million
▼ 139 % more loss than in 2023
Profit after tax over the fiscal year.
€ 504,105
▲ 156% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -21.7 million.
People and assets in 2024
3.6
▼ 0.2 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 468,047
▲ 12% vs 2023
€ 130,000 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.
Debts at end 2024
€ 13.4 million
▲ 31% vs 2023
€ 56,126 is repaid this year. At this pace the long-term loan is gone in ≈ 238 years.
€ 2.7 million
▲ 51% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 62 days on average.
€ 957,032
▲ € 793,354 vs 2023
Taxes, VAT and social contributions still to pay.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 11,664,431 | € 10,809,628 | € 13,757,926 | € 14,174,572 | ▲ 3% |
| Profit after taxes | € -8,896,188 | € -3,885,013 | € -2,634,840 | € -6,290,257 | ▼ € 3.7 million |
| Equity | € -1,590,295 | € -5,475,308 | € -8,110,148 | € -14,400,405 | ▼ € 6.3 million |
| Total debts | € 9,943,464 | € 11,399,540 | € 14,286,136 | € 21,176,921 | ▲ 48% |
| Cash | € 2,640,278 | € 728,029 | € 196,584 | € 504,105 | ▲ 156% |
| Retained profit | € -8,923,583 | € -12,808,595 | € -15,443,436 | € -21,733,693 | ▼ € 6.3 million |
| Bank debt | € 7,708,176 | € 8,825,656 | € 10,272,281 | € 13,408,918 | ▲ 31% |
| Balance sheet total | € 8,865,425 | € 6,589,747 | € 6,825,129 | € 6,941,515 | ▲ 2% |
| Employees (FTE) | 5.6 | 5.3 | 3.8 | 3.6 | ▼ 0.2 |
Key figures of CEFALY Technology, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to CEFALY Technology?
What happened at CEFALY Technology in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2024: loss of € 6.3 million. filed late Source: NBB ↗
- Andrew Page became a director. NBB
- Jennifer Trainor-McDermott stepped down as director. NBB
- Gabriel W. Becher became a director. NBB
- Michael Mitchnik became a director. NBB
- Jennifer Trainor-McDermott became a director. NBB
- Start of the company according to the CBE. KBO
- New establishment in Liège. KBO
In short
From € 8.9 million loss in 2021 to € 6.3 million loss in 2024.
Paid € 926,596 in corporate taxes since 2021.
Pays suppliers within 62 days on average.
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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
Behind CEFALY Technology are Gabriel W. Becher, Michael Mitchnik and Andrew Page. It owns 100% of CEFALY US INC itself.
Directors
According to the 2024 annual accounts
Gabriel W. Becher
Director
since 2019
Michael Mitchnik
Director
since 2019
Andrew Page
Director
since 2025
since 2019 · until 2025
Establishments
Establishment units
Physical locations of this company
Boulevard de Patience et Beaujonc 3
4000 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 24 companies are registered at this address.
All companies at this address →Hyloris Developments
€ 5.1 million revenue · 2025
ONCORADIOMICS
€ 2.4 million gross margin · 2025
DERMAX
€ 1.6 million revenue · 2025
Hyloris
€ 384,852 revenue · 2025
Hyloris Pharmaceuticals
€ 3.8 million revenue · 2025
+19 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0870.578.661
- VAT number
- BE 0870.578.661
- Registered office
- Boulevard de Patience et Beaujonc 3, 4000 Liège
- Names & denominations
- CEFALY Technology
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 13 December 2004
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Vervaardiging van medische en tandheelkundige instrumenten en benodigdheden
Vervaardiging van elektrische apparaten voor de geneeskunde, de tandheelkunde en de veeartsenijkunde
Vervaardiging van bestralingsapparatuur en van elektromedische en elektrotherapeutische apparatuur