C.S.M.
Open bankruptcyA bankruptcy procedure is open for C.S.M. according to publications in the Belgian State Gazette. The file additionally contains 1 administrative flag. The 2023 annual accounts show equity of €82k and a net result of €-122k.
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 27-09-2024, 58 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
58 d late
2022
32 d late
2021
130 d late
2020
24 d late
2019
98 d late
← before the deadline
after the deadline →
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
Financials · fiscal year 2023, micro schema
Turnover
€641k▼ 23.1%
2022 · €834k
2020: €658k
2021: €783k
2022: €834k
2020 → 2023
EBIT margin
-18.3%▼ 13.1pp
2022 · -5.3%
2020: 6.0%
2021: 9.5%
2022: -5.3%
2020 → 2023
Net result
€-122k▼ 156%
2022 · €-48k
2018: €-33k
2020: €38k
2021: €70k
2022: €-48k
2018 → 2023
Working capital
€-41k
2022 · €63k
2018: €35k
2020: €20k
2021: €101k
2022: €63k
2018 → 2023
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20182020202120222023Trend
Turnover€658k€783k▲ 19.1%€834k▲ 6.4%€641k▼ 23.1%
Equity€169k-€182k▲ 7.8%€252k▲ 38.5%€204k▼ 19.0%€82k▼ 59.9%
Operating result€-31k-€39k€74k▲ 89.2%€-44k€-118k▼ 168%
Net result€-33k-€38k€70k▲ 83.7%€-48k€-122k▼ 156%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €118k in 2023 against €44k in 2022; the loss grows and 2023 has the lowest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €155k
Fixed assets
€129k▼ 16.3%
Current assets
€26k▼ 79.0%
Equity and liabilities €155k
Equity
€82k▼ 59.9%
Debt
€73k▼ 3.5%
The debt ratio rises from 27.2% to 47.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-92k▼
2022 · €-17k
Cash flow
€-97k▼
2022 · €-21k
Solvency
52.7%▼
2022 · 72.8%
Current ratio
0.39▼
2022 · 1.98
Quick ratio
0.39▼
2022 · 1.98
Debt / equity
0.90▲
2022 · 0.37
ROE
-149.5%▼
2022 · -23.4%
ROA
-78.8%▼
2022 · -17.1%
Interest coverage
-20.70▼
2022 · -4.85
Debt
€73k▼
2022 · €76k
Debt ≤ 1 year
€68k▲
2022 · €64k
Debt > 1 year
€6k▼
2022 · €12k
Income taxes
€363▼
2022 · €381
Staff costs
€522k▼
2022 · €545k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2023 against 2022
Balance sheet
Code20222023
Assets
Total assets20/58€280k€155k▼
Fixed assets21/28€154k€129k▼
Intangible fixed assets21-€0
Tangible fixed assets22/27€148k€123k▼
Land and buildings22€110k€106k▼
Plant, machinery and equipment23€11k€8k▼
Furniture and vehicles24€10k€1k▼
Other tangible fixed assets26€17k€8k▼
Financial fixed assets28€5k€5k=
Current assets29/58€126k€26k▼
Amounts receivable within one year40/41€30k€14k▼
Trade receivables40€30k€14k▼
Other amounts receivable41-€40
Cash at bank and in hand54/58€95k€11k▼
Deferred charges and accrued income490/1€486€2k▲
Equity and liabilities
Total equity and liabilities10/49€280k€155k▼
Equity10/15€204k€82k▼
Profit (loss) carried forward14€204k€82k▼
Amounts payable17/49€76k€73k▼
Amounts payable after more than one year17€12k€6k▼
Financial debts170/4€12k€6k▼
Amounts payable within one year42/48€64k€68k▲
Current portion of amounts payable after more than one year42€11k€7k▼
Trade debts44€18k€25k▲
Suppliers440/4€18k€25k▲
Taxes, remuneration and social security45€34k€36k▲
Taxes450/3€882€363▼
Remuneration and social security454/9€34k€36k▲
Income statement
Code20222023
Turnover70€834k€641k▼
Goods, raw materials, services and sundry goods60/61€419k€406k▼
Remuneration, social security and pensions62€545k€522k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€27k€25k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€2k
Other operating charges640/8€4k€8k▲
Non-recurring operating charges66A€29k€570▼
Gross operating margin9900€560k€441k▼
Operating profit (loss)9901€-44k€-118k▼
Financial income75/76B-€140
Recurring financial income75-€140
Financial charges65/66B€4k€4k▲
Recurring financial charges65€4k€4k▲
Profit (loss) for the period before taxes9903€-47k€-122k▼
Income taxes67/77€381€363▼
Profit (loss) for the period9904€-48k€-122k▼
Profit (loss) for the period to be appropriated9905€-48k€-122k▼
Appropriation of the result
Profit (loss) to be appropriated9906€204k€82k▼
Profit (loss) brought forward from the previous period14P€252k€204k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
03-11
KBO administration
Address struck
31-01
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Liège · C.S.M. ASBL RUE DU XIII AOUT 42, 4050 CHAUDFONTAINE · event 23-01-2025
2024
27-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 58 days late
2023
31-12
Financial
Weakest financial yearnet €-122k
Net result drops to €-122k, the lowest in the series.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 32 days late
2022
08-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 130 days late
2021
31-12
Financial
Highest result since 2018net €70k ▲83.7%
Operating result €74k, net result €70k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 3.33
Current ratio from 1.29 to 3.33; short-term debt falls from €70k to €44k.
31-12
Financial
Equity above €200kEq €252k ▲38.5%
2 profitable years in a row build equity to €252k.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 24 days late
2020
31-12
Financial
Back to profitnet €38k
Net result €38k after one loss-making year.
06-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 98 days late
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
01-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 32 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
16 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Ground area
3.7 ha
Building footprint
215 m²
Volume, LiDAR
937 m³
Parcel 62022A0192/00V006, Wallonia · tallest building 19.7 m, ±1 floor. Linked by address, not a title deed.
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62022A0192/00V006 | Wallonia | 3.7 ha | 1 · 214 m² | 19.6 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | CHARLOTTE MUSCH RUE DES ECOLIERS 3,
4020 LIEGE 2 |
23-01-2025 → present |
| Curator | FRANCOIS ANCION RUE DES
ECOLIERS 3, 4020 LIEGE 2 |
23-01-2025 → present |
Public money · subsidies and aid
Wallonia-Brussels Federation
2024 · 2 entries · 70,019 EUR in total| Year | Entries | paid |
|---|---|---|
| 2024 | 2 | 70,019 EUR |
Budget allocations
Sub. - PV : CDV
Sub. - PV : Opérateur PAD
Company data · Crossroads Bank
Identification
Legal formNon-profit association
Founded04-12-1996
Fiscal year end31-12
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.