CERHUM
ActiveSummary
The annual accounts of CERHUM for fiscal year 2025 show a net loss of 56% of the equity at the start of that year. The 2025 annual accounts show equity of €1.3m and a net result of -€1.3m. Equity is growing by ~26.6% per year across the filed fiscal years. Its solvency ranks better than 18% of 286 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-3
Solvency46▼-14
Growth64▲+14
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.56 against 3.32 in 2024; short-term debt: 17.7% and cash: 3.7% of total assets), and 78.7% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 23
Relative position
BE, all sectors
reference
Manufacture of other non-metallic mineral products (NACE 23)
about 17% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
21.3%
Return on assets
-19.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€1.3m
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 286 sector peers (2025).
NBB · sector comparisonPosition among 286 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
on the day
2024
58 d early
2023
41 d late
2022
24 d early
2021
5 d early
2020
28 d late
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 11 days before the deadline, and 34% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€136,720▲ 128%
2024 · €59,853
EBIT margin
-929.7%▲ 465.7pp
2024 · -1395.4%
Net result
-€1.3m▼ 69.5%
2024 · -€740,151
Working capital
-€491,033
2024 · €801,983
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 23, Manufacture of other non-metallic mineral products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€22,220▼ 13.6%€16,075▼ 27.7%€41,270▲ 157%€59,853▲ 45.0%€136,720▲ 128%
Operating result-€44,006▲ 46.3%-€273,058▼ 521%-€585,743▼ 115%-€835,173▼ 42.6%-€1.3m▼ 52.2%
Net result-€37,893below the sector's middle half-€323,270below the sector's middle half▼ 753%-€399,789below the sector's middle half▼ 23.7%-€740,151below the sector's middle half▼ 85.1%-€1.3mbelow the sector's middle half▼ 69.5%
EBIT margin-198.0%▲ 120.7pp-1698.7%▼ 1500.6pp-1419.3%▲ 279.3pp-1395.4%▲ 23.9pp-929.7%▲ 465.7pp
Equity€1.2mwithin the sector's middle half▲ 34.3%€3.5mwithin the sector's middle half▲ 202%€3.1mwithin the sector's middle half▼ 11.7%€2.2mwithin the sector's middle half▼ 28.3%€1.3mwithin the sector's middle half▼ 39.8%
Total assets€4.0mwithin the sector's middle half▲ 59.5%€5.0mwithin the sector's middle half▲ 23.5%€5.3mwithin the sector's middle half▲ 6.5%€6.4mwithin the sector's middle half▲ 21.2%€6.3mwithin the sector's middle half▼ 1.3%
Debt€2.9m▲ 72.8%€1.4m▼ 49.7%€2.2m▲ 51.1%€4.2m▲ 92.2%€5.0m▲ 19.3%
Working capital€217,939-€239,122€251,520€801,983▲ 219%-€491,033
Solvency29.0%within the sector's middle half▼ 5.5pp71.1%above the sector's middle half▲ 42.0pp59.0%within the sector's middle half▼ 12.1pp34.9%within the sector's middle half▼ 24.1pp21.3%below the sector's middle half▼ 13.6pp
Staff (FTE)5.1below the sector's middle half▲ 15.9%6.9below the sector's middle half▲ 35.3%5.9below the sector's middle half▼ 14.5%6.7below the sector's middle half▲ 13.6%7.1within the sector's middle half▲ 6.0%
above
within
below
the middle half (P25 to P75) of NACE 23, Manufacture of other non-metallic mineral products, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2022 Net result -753% on 2021. This fiscal year ran 21 months, the previous one 12.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.3m in 2025 against €835,173 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.3m
Fixed assets
€5.7m ▲ 8.3%
Current assets
€629,357 ▼ 45.1%
Equity and liabilities €6.3m
Equity
€1.3m ▼ 39.8%
Debt
€5.0m ▲ 19.3%
Debt's share of the balance-sheet total rises from 65.1% to 78.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€682,827▼
2024 · -€240,902
Cash flow
-€666,249▼
2024 · -€145,880
Current ratio
0.56▼
2024 · 3.32
Quick ratio
0.54▼
2024 · 3.20
Debt to equity
3.70▲
2024 · 1.87
ROE
-93.2%▼
2024 · -33.1%
ROA
-19.8%▼
2024 · -11.5%
Interest coverage
-2.75▼
2024 · -1.36
Debt ≤ 1 year
€1.1m▲
2024 · €345,369
Debt > 1 year
€3.9m▲
2024 · €3.6m
Income taxes
-€33,281▲
2024 · -€44,333
Staff costs
€503,931▲
2024 · €433,942
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,295 companies that looked in July 2024 the way this one looks now, 3.6% went bankrupt within 24 months and 89% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
3.6%
went bankrupt
5.9%
stopped otherwise
89%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,295 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €22,220 | €16,075 | €41,270 | €59,853 | €136,720 | ▲ 128% |
| Goods, raw materials, services and sundry goods60/61 | - | €1.4m | €731,301 | €1.1m | €1.4m | ▲ 23.6% |
| Remuneration, social security and pensions62 | - | €696,368 | €384,470 | €433,942 | €503,931 | ▲ 16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €100,888 | €44,632 | €616,678 | €594,271 | €588,265 | ▼ 1.0% |
| Other operating charges640/8 | - | €2,947 | €8,238 | €4,154 | €4,575 | ▲ 10.1% |
| Gross operating margin9900 | €258,025 | €470,888 | €423,643 | €197,194 | -€174,322 | ▼ 188% |
| Operating profit (loss)9901 | -€44,006 | -€273,058 | -€585,743 | -€835,173 | -€1.3m | ▼ 52.2% |
| Financial income75/76B | - | €5,750 | €237,268 | €227,815 | €231,480 | ▲ 1.6% |
| Recurring financial income75 | €14,138 | €5,750 | €237,268 | €227,815 | €231,480 | ▲ 1.6% |
| Financial charges65/66B | - | €109,295 | €93,285 | €177,127 | €248,182 | ▲ 40.1% |
| Recurring financial charges65 | €30,520 | €109,295 | €93,285 | €177,127 | €248,182 | ▲ 40.1% |
| Profit (loss) for the period before taxes9903 | -€60,388 | -€376,603 | -€441,760 | -€784,484 | -€1.3m | ▼ 64.2% |
| Income taxes67/77 | -€22,494 | -€53,333 | -€41,971 | -€44,333 | -€33,281 | ▲ 24.9% |
| Profit (loss) for the period9904 | -€37,893 | -€323,270 | -€399,789 | -€740,151 | -€1.3m | ▼ 69.5% |
| Profit (loss) for the period to be appropriated9905 | -€37,893 | -€323,270 | -€399,789 | -€740,151 | -€1.3m | ▼ 69.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.0m | €5.0m | €5.3m | €6.4m | €6.3m | ▼ 1.3% |
| Formation expenses20 | €55 | €6,834 | €5,279 | €3,725 | €2,170 | ▼ 41.7% |
| Fixed assets21/28 | €2.8m | €4.4m | €4.7m | €5.3m | €5.7m | ▲ 8.3% |
| Intangible fixed assets21 | €2.7m | €4.4m | €4.6m | €5.2m | €5.7m | ▲ 8.4% |
| Tangible fixed assets22/27 | €99,729 | €60,969 | €28,076 | €20,845 | €16,843 | ▼ 19.2% |
| Plant, machinery and equipment23 | - | €28,745 | €4,928 | €235 | €28 | ▼ 88.2% |
| Furniture and vehicles24 | - | €7,559 | €4,737 | €6,859 | €6,113 | ▼ 10.9% |
| Other tangible fixed assets26 | - | €24,664 | €18,411 | €13,751 | €10,703 | ▼ 22.2% |
| Current assets29/58 | €1.2m | €520,698 | €614,376 | €1.1m | €629,357 | ▼ 45.1% |
| Amounts receivable after more than one year29 | - | €139,352 | €181,324 | €169,255 | €180,609 | ▲ 6.7% |
| Other amounts receivable291 | - | €139,352 | €181,324 | €169,255 | €180,609 | ▲ 6.7% |
| Stocks and contracts in progress3 | €26,367 | €25,664 | €24,244 | €42,307 | €29,537 | ▼ 30.2% |
| Stocks30/36 | - | €25,664 | €24,244 | €42,307 | €29,537 | ▼ 30.2% |
| Amounts receivable within one year40/41 | €87,493 | €247,865 | €72,882 | €127,269 | €187,202 | ▲ 47.1% |
| Trade receivables40 | - | €3,057 | €24,228 | €18,340 | €62,355 | ▲ 240% |
| Other amounts receivable41 | - | €244,808 | €48,655 | €108,929 | €124,847 | ▲ 14.6% |
| Current investments50/53 | - | - | €0 | - | - | - |
| Cash at bank and in hand54/58 | €960,406 | €107,817 | €335,925 | €808,522 | €232,009 | ▼ 71.3% |
| Deferred charges and accrued income490/1 | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.0m | €5.0m | €5.3m | €6.4m | €6.3m | ▼ 1.3% |
| Equity10/15 | €1.2m | €3.5m | €3.1m | €2.2m | €1.3m | ▼ 39.8% |
| Contributions10/11 | €217,840 | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Capital10 | - | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Issued capital100 | - | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Profit (loss) carried forward14 | -€72,855 | -€396,125 | -€795,914 | -€1.5m | -€2.8m | ▼ 81.7% |
| Investment grants15 | - | €1.7m | €1.7m | €1.5m | €1.9m | ▲ 23.9% |
| Amounts payable17/49 | €2.9m | €1.4m | €2.2m | €4.2m | €5.0m | ▲ 19.3% |
| Amounts payable after more than one year17 | €1.9m | €676,807 | €1.8m | €3.6m | €3.9m | ▲ 5.9% |
| Financial debts170/4 | - | €676,807 | €1.8m | €3.6m | €3.9m | ▲ 5.9% |
| Amounts payable within one year42/48 | €962,625 | €759,820 | €362,856 | €345,369 | €1.1m | ▲ 224% |
| Current portion of amounts payable after more than one year42 | - | €135,979 | €74,714 | €41,707 | €52,083 | ▲ 24.9% |
| Financial debts43 | - | €425,672 | €1,718 | €0 | €567,974 | - |
| Credit institutions430/8 | - | €425,672 | €1,718 | €0 | €567,974 | - |
| Trade debts44 | €221,443 | €145,967 | €227,518 | €222,618 | €304,354 | ▲ 36.7% |
| Suppliers440/4 | - | €145,967 | €227,518 | €222,618 | €304,354 | ▲ 36.7% |
| Advances received on contracts in progress46 | - | €2,050 | €2,050 | €2,050 | €2,050 | = |
| Taxes, remuneration and social security45 | - | €44,521 | €46,689 | €63,084 | €172,064 | ▲ 173% |
| Taxes450/3 | - | €0 | €31 | €0 | €102,476 | - |
| Remuneration and social security454/9 | - | €44,521 | €46,658 | €63,084 | €69,588 | ▲ 10.3% |
| Other amounts payable47/48 | - | €5,631 | €10,167 | €15,911 | €21,865 | ▲ 37.4% |
| Accrued charges and deferred income492/3 | - | €0 | €47,288 | €184,862 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€37,893 | -€323,270 | -€399,789 | -€740,151 | -€1.3m | ▼ 69.5% |
| + Depreciation and write-downs630 | €100,888 | €44,632 | €616,678 | €594,271 | €588,265 | ▼ 1.0% |
| Operating cash flow (approximation) | €62,995 | -€278,639 | €216,889 | -€145,880 | -€666,249 | ▼ 357% |
| Investment in fixed assets (approximation) | - | -€1.6m | -€846,732 | -€1.2m | -€1.0m | ▲ 13.6% |
| Change in cash | - | -€852,589 | €228,109 | €472,596 | -€576,513 | ▼ 222% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€1.3m
Net result drops to -€1.3m, the lowest in the series.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 41 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 1.69
Current ratio from 0.69 to 1.69; short-term debt falls from €759,820 to €362,856.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €2mEq €3.5m ▲202%
Equity rises from €1.2m to €3.5m.
2021
26-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-03
Financial
Liquidity triplescurrent ratio 1.23
Current ratio from 0.43 to 1.23.
31-03
Financial
Equity above €1mEq €1.2m ▲34.3%
Equity rises from €869,974 to €1.2m.
2020
28-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 28 days late
31-03
Financial
Back to profitnet €5,813
Net result €5,813 after one loss-making year.
Show earlier events
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
28-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
14 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
Registered office, Liège · 1 establishment unit since 2016
Ground area
1.5 ha
Building footprint
2,969 m²
Parcel 62826C0049/00B004, Wallonia. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
CERHUM
since 20162.249.498.690
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62826C0049/00B004 | Wallonia | 1.5 ha | 1 · 2,969 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 ownersOwners 2
-
10.07%
-
10.07%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
European research
3 projects · 539,100 EUR EU contributionProgrammes
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Identification & contact
Identification
Legal formPublic limited company
Founded15-10-2015
Fiscal year end31-12
Activities, NACEBEL 2025
23440Manufacture of other non-metallic mineral products
32500Manufacture of medical and dental instruments and supplies
70200Business and other management consultancy
72109Other research and development on natural sciences
74112Other professional, scientific and technical activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0640975802
Also
9925:BE0640975802
Registered
05-08-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.