CERHUM
ActiveSummary
The computed 12-month bankruptcy probability of CERHUM is 1.7% (moderate). The annual accounts of CERHUM for financial 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 about 27% per year across the filed financial years. Its solvency ranks better than 18% of 360 sector peers (NACE 23, financial year 2025). The company has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 7.1 FTE
- Equity
- €1.3m
- Loss
- -€1.3m
- Largest shareholder
- NOSHAQ SPIN-OFFS · 10.07%
Why 54raises riskLoss of €1.3m, the second in a row (financial year 2025)Liquidity: current ratio 0.56, cash €232,009, halved1 of the last 3 latelowers riskSector: Manufacture of other non-metallic mineral products (NACE 23)Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 23, micro): better than 24% on solvency, 44% on liquidity, 3% on profitability and 55% on growth.
The bankruptcy probability was computed on 19-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 7 days before the deadline; the sector median (NACE 23) for financial year 2024 is 10 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Resignation: NOLENS Grégory Ghislain Armand Francis…Share issue · Capital contribution…
- Weakest financial yearnet -€1.3m
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
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.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 23, Manufacture of other non-metallic mineral products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
- 2022 Net result -753% on 2021. This financial year ran 21 months, the previous one 12.
Peer companies
Historical observationOf the 1,294 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 89.5% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,472 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,294 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.05m | €0.03m | €0.02m | €0.02m | €0.04m | €0.06m | €0.1m | ▲ 128% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.4m | €0.7m | €1.1m | €1.4m | ▲ 23.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.4m | €0.4m | €0.5m | ▲ 16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.09m | €0.09m | €0.1m | €0.04m | €0.6m | €0.6m | €0.6m | ▼ 1.0% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.008m | €0.004m | €0.005m | ▲ 10.1% |
| Gross operating margin9900 | €0.3m | €0.2m | €0.3m | €0.5m | €0.4m | €0.2m | -€0.2m | - |
| Operating profit (loss)9901 | -€0.01m | -€0.08m | -€0.04m | -€0.3m | -€0.6m | -€0.8m | -€1.3m | ▼ 52.2% |
| Financial income75/76B | - | - | - | €0.006m | €0.2m | €0.2m | €0.2m | ▲ 1.6% |
| Recurring financial income75 | €94 | €0.05m | €0.01m | €0.006m | €0.2m | €0.2m | €0.2m | ▲ 1.6% |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €0.2m | €0.2m | ▲ 40.1% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.03m | €0.1m | €0.09m | €0.2m | €0.2m | ▲ 40.1% |
| Profit (loss) for the period before taxes9903 | -€0.03m | -€0.05m | -€0.06m | -€0.4m | -€0.4m | -€0.8m | -€1.3m | ▼ 64.2% |
| Income taxes67/77 | -€0.002m | -€0.06m | -€0.02m | -€0.05m | -€0.04m | -€0.04m | -€0.03m | ▲ 24.9% |
| Profit (loss) for the period9904 | -€0.03m | €0.006m | -€0.04m | -€0.3m | -€0.4m | -€0.7m | -€1.3m | ▼ 69.5% |
| Profit (loss) for the period to be appropriated9905 | -€0.03m | €0.006m | -€0.04m | -€0.3m | -€0.4m | -€0.7m | -€1.3m | ▼ 69.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.2m | €2.5m | €4.0m | €5.0m | €5.3m | €6.4m | €6.3m | ▼ 1.3% |
| Formation expenses20 | €0.005m | €0.002m | €55 | €0.007m | €0.005m | €0.004m | €0.002m | ▼ 41.7% |
| Fixed assets21/28 | €1.4m | €2.3m | €2.8m | €4.4m | €4.7m | €5.3m | €5.7m | ▲ 8.3% |
| Intangible fixed assets21 | €0.6m | €2.1m | €2.7m | €4.4m | €4.6m | €5.2m | €5.7m | ▲ 8.4% |
| Tangible fixed assets22/27 | €0.8m | €0.2m | €0.1m | €0.06m | €0.03m | €0.02m | €0.02m | ▼ 19.2% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.005m | €235 | €28 | ▼ 88.2% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.005m | €0.007m | €0.006m | ▼ 10.9% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 22.2% |
| Current assets29/58 | €0.7m | €0.3m | €1.2m | €0.5m | €0.6m | €1.1m | €0.6m | ▼ 45.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 6.7% |
| Other amounts receivable291 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 6.7% |
| Stocks and contracts in progress3 | €0.02m | €0.01m | €0.03m | €0.03m | €0.02m | €0.04m | €0.03m | ▼ 30.2% |
| Stocks30/36 | - | - | - | €0.03m | €0.02m | €0.04m | €0.03m | ▼ 30.2% |
| Amounts receivable within one year40/41 | €0.4m | €0.1m | €0.09m | €0.2m | €0.07m | €0.1m | €0.2m | ▲ 47.1% |
| Trade receivables40 | - | - | - | €0.003m | €0.02m | €0.02m | €0.06m | ▲ 240% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.05m | €0.1m | €0.1m | ▲ 14.6% |
| Current investments50/53 | - | - | - | - | €0 | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.05m | €1.0m | €0.1m | €0.3m | €0.8m | €0.2m | ▼ 71.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.2m | €2.5m | €4.0m | €5.0m | €5.3m | €6.4m | €6.3m | ▼ 1.3% |
| Equity10/15 | €0.6m | €0.9m | €1.2m | €3.5m | €3.1m | €2.2m | €1.3m | ▼ 39.8% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €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 | -€0.04m | -€0.03m | -€0.07m | -€0.4m | -€0.8m | -€1.5m | -€2.8m | ▼ 81.7% |
| Investment grants15 | - | - | - | €1.7m | €1.7m | €1.5m | €1.9m | ▲ 23.9% |
| Amounts payable17/49 | €1.6m | €1.7m | €2.9m | €1.4m | €2.2m | €4.2m | €5.0m | ▲ 19.3% |
| Amounts payable after more than one year17 | €1.3m | €1.0m | €1.9m | €0.7m | €1.8m | €3.6m | €3.9m | ▲ 5.9% |
| Financial debts170/4 | - | - | - | €0.7m | €1.8m | €3.6m | €3.9m | ▲ 5.9% |
| Amounts payable within one year42/48 | €0.2m | €0.6m | €1.0m | €0.8m | €0.4m | €0.3m | €1.1m | ▲ 224% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.07m | €0.04m | €0.05m | ▲ 24.9% |
| Financial debts43 | - | - | - | €0.4m | €0.002m | €0 | €0.6m | - |
| Credit institutions430/8 | - | - | - | €0.4m | €0.002m | €0 | €0.6m | - |
| Trade debts44 | €0.06m | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 36.7% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 36.7% |
| Advances received on contracts in progress46 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.05m | €0.06m | €0.2m | ▲ 173% |
| Taxes450/3 | - | - | - | €0 | €31 | €0 | €0.1m | - |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.05m | €0.06m | €0.07m | ▲ 10.3% |
| Other amounts payable47/48 | - | - | - | €0.006m | €0.01m | €0.02m | €0.02m | ▲ 37.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €0.05m | €0.2m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.03m | €0.006m | -€0.04m | -€0.3m | -€0.4m | -€0.7m | -€1.3m | ▼ 69.5% |
| + Depreciation and write-downs630 | €0.09m | €0.09m | €0.1m | €0.04m | €0.6m | €0.6m | €0.6m | ▼ 1.0% |
| Operating cash flow (approximation) | €0.06m | €0.1m | €0.06m | -€0.3m | €0.2m | -€0.1m | -€0.7m | ▼ 357% |
| Investment in fixed assets (approximation) | - | -€0.9m | -€0.7m | -€1.6m | -€0.8m | -€1.2m | -€1.0m | ▲ 13.6% |
| Change in cash | - | -€0.2m | €0.9m | -€0.9m | €0.2m | €0.5m | -€0.6m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 31-07-2026 | 2026-00372835 |
| 31-12-2024 | full format | 03-06-2025 | 2025-00115976 |
| 31-12-2023 | full format | 10-09-2024 | 2024-00463330 |
| 31-12-2022 | full format | 07-07-2023 | 2023-00223768 |
| 31-03-2021 | full format | 26-10-2021 | 2021-73300463 |
| 31-03-2020 | full format | 28-11-2020 | 2020-73200574 |
| 31-03-2019 | full format | 30-09-2019 | 2019-67700175 |
| 31-03-2018 | full format | 30-10-2018 | 2018-71100579 |
| 31-03-2017 | full format | 28-11-2017 | 2017-70700537 |
Similar companies · same sector, comparable size
Subsidies and aid
European research
3 projects · €539,100 EU contributionPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| NOLENS Grégory Ghislain Armand Francis |
|
Owners and capital
Owners
2 ownersOwners 2
-
10.07%
-
10.07%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 04-05-2026 Capital increase of €950,240 · to €3,200,154.59
- 04-05-2026 Capital increase of €3,362,840 · to €6,562,994.59 · 70,059 new shares · in kind
- 04-05-2026 Capital increase of €950,240
Group and network
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
04-05
Gazette deed
Resignation: NOLENS Grégory Ghislain Armand Francis (director)Share issue · Capital contribution · Capital increase31 facts ▸
- General meeting, 19-03-2026 (4 times)
- Other provision, “lecture du rapport du conseil d'administration, dispense de lecture” (deed in French)
- Other provision, “adhésion au rapport du conseil d'administration, adhérer sans réserve aux conclusions” (deed in French)
- Other provision, “lecture du rapport du réviseur d'entreprises, dispense de lecture” (deed in French)
- Other provision, “adhésion au rapport du réviseur d'entreprises, adhérer sans réserve aux conclusions” (deed in French)
- Other provision, “conclusion du rapport du réviseur d'entreprises, conséquences sur les droits patrimoniaux et sociaux des actionnaires ne peuvent être entièrement déterminées ca…” (deed in French)
- Other provision, “lecture du rapport du conseil d'administration sur l'apport en numéraire, dispense de lecture” (deed in French)
- Other provision, “adhésion au rapport du conseil d'administration sur l'apport en numéraire, adhérer sans réserves aux conclusions” (deed in French)
- Other provision, “rapport du réviseur d'entreprise sur l'apport en numéraire, données financières et comptables, description de chaque apport, évaluation adoptée, suppression du…” (deed in French)
- Other provision, “lecture du rapport du réviseur d'entreprise, dispense de lecture” (deed in French)
- Other provision, “conclusion du rapport du réviseur d'entreprise sur l'apport en numéraire, pas de faits laissant penser que les données ne sont pas fidèles et suffisantes” (deed in French)
- Other provision, “adhésion au rapport du réviseur d'entreprise sur l'apport en numéraire, adhérer sans réserves aux conclusions” (deed in French)
- +19 further facts in this act
09-04
Gazette deed
Resignations & appointmentsPermanent representative: SAUVAGE Sophie · Reappointment: Jean-Luc NIZET (director) · Appointments: Ralf HALBACH (director) and Cédric CONSTANT (director)37 facts ▸
- General meeting, 27-03-2025
- Incorporation, 13-10-2015
- Legal-form conversion, “société anonyme” (deed in French)
- Amendment of the articles
- Other provision, “ordre du jour, émission nouveaux droits de souscription actions classe B” (deed in French)
- Other provision, “appel public à l’épargne” (deed in French)
- Other provision, “emprunts et droits émis, titulaires interdits de participer à augmentation capital en numéraire et souscription instrument y aboutissant” (deed in French)
- General meeting, 99.72, 18722
- Shareholding, “B’’’”, 52 (deed in French)
- Board composition, Thibaut BREULS de TIECKEN (director)
- Board composition, Grégory NOLENS (director)
- Board composition, Jean-Luc NIZET (director)
- +25 further facts in this act
30-01
Gazette deed
MiscellaneousIncorporation · Financial instrument · Capital increase29 facts ▸
- General meeting, 21-12-2023
- Incorporation, 13-10-2015
- Other provision, “ordre du jour, première résolution, EMISSION DE DROITS DE SOUSCRIPTION EN ANTICIPATION DU PLAN D'OPTION SUR ACTIONS A ETABLIR” (deed in French)
- Other provision, “rapport spécial conseil article 7:180, émission de droits de souscription” (deed in French)
- Other provision, “dispense rapport article 7:179, émission éventuelle en dessous du pair comptable” (deed in French)
- Other provision, “rapport conseil article 7:155, émission non-proportionnelle entre classes existantes par exercice des droits” (deed in French)
- Other provision, “rapport du Réviseur d'entreprises, données financières et comptables des rapports sous 1 et le cas échéant sous 3” (deed in French)
- Financial instrument, “plan d'option sur actions visant à motiver nouveau Chief Executive Officer, Stock Option Plan, SOP”, 2306 (deed in French)
- Other provision, “description et approbation conditions émission et fixation conditions exercice des 2306 droits”, 6 (deed in French)
- Other provision, “engagement article 7:71, abstention jusqu'à fin période d'exercice de toute opération réduisant avantages légaux ou d'émission des titulaires” (deed in French)
- Other provision, “droit de souscription préférentielle et délais, proposition de renonciation”, 8 (deed in French)
- Capital increase (2 times)
- +17 further facts in this act
Show earlier events
About the unread acts
Of the 14 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 20 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62826C0049/00B004 | Wallonia | 1.5 ha | 1 · 2,969 m² | - |
How the parcels are linked
Articles of association
- Board ruleHow the board is made up, meets and takes decisions.
- “7, 16” (deed in French)
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 09-04-2025
Read from the deeds: 2 provisions, deed of 09-04-2025