Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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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 2024 and 2025.
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Busy address KBO
27 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
CEFALY Technology from Liège, company number BE0870578661, closed financial year 2025 with a result of € -1.6 million after tax. For that financial year CEFALY Technology recorded revenue of € 14 million and equity of € -16 million. Compared with financial year 2024, the result moved from € -6.3 million to € -1.6 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 October 19, 2026.
€ -16 million
▼ € 1.6 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.6 million
▲ 74 % less loss than in 2024
Profit after tax over the fiscal year.
€ 595,925
▲ 18% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -23.4 million.
People and assets in 2025
4.1
▲ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 704,575
▲ 51% vs 2024
€ 171,800 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.
€ 858
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 16.4 million
▲ 23% vs 2024
€ 43,051 is repaid this year. At this pace the long-term loan is gone in ≈ 382 years.
€ 2.5 million
▼ 6% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 78 days on average.
€ 960,115
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 10,809,628 | € 13,757,926 | € 14,174,572 | € 13,956,973 | ▼ 2% |
| Profit after taxes | € -3,885,013 | € -2,634,840 | € -6,290,257 | € -1,637,638 | ▲ € 4.7 million |
| Equity | € -5,475,308 | € -8,110,148 | € -14,400,405 | € -16,038,062 | ▼ € 1.6 million |
| Total debts | € 11,399,540 | € 14,286,136 | € 21,176,921 | € 20,134,856 | ▼ 5% |
| Cash | € 728,029 | € 196,584 | € 504,105 | € 595,925 | ▲ 18% |
| Retained profit | € -12,808,595 | € -15,443,436 | € -21,733,693 | € -23,371,331 | ▼ € 1.6 million |
| Bank debt | € 8,825,656 | € 10,272,281 | € 13,408,918 | € 16,429,504 | ▲ 23% |
| Balance sheet total | € 6,589,747 | € 6,825,129 | € 6,941,515 | € 4,846,795 | ▼ 30% |
| Employees (FTE) | 5.3 | 3.8 | 3.6 | 4.1 | ▲ 0.5 |
Key figures of CEFALY Technology, 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 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 2025: loss of € 1.6 million. filed late Source: NBB ↗
- Andrew Page became a director. NBB
- Gabriel Becher became a director. NBB
- Michael Mitchnik became a director. NBB
- Start of the company according to the CBE. KBO
- New establishment in Liège. KBO
In short
From € 3.9 million loss in 2022 to € 1.6 million loss in 2025.
Paid € 885,695 in corporate taxes since 2022.
Pays suppliers within 78 days on average.
Management
Behind CEFALY Technology are Andrew Page, Gabriel Becher and Michael Mitchnik. It owns 100% of Cefaly US INC itself.
Directors
According to the 2025 annual accounts
since 2025
since 2019
Michael Mitchnik
Director
since 2019
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 27 companies are registered at this address.
All companies at this address →EYED PHARMA
€ 10.5 million revenue · 2025
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
+22 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