CM4Cure · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of CM4Cure is 0.7% (low). The 2025 annual accounts show equity of €1.77M and a net result of €-152k. Equity is growing by ~19.6% per year across the filed fiscal years. Its solvency ranks better than 45% of 84 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Signals

1 signal · with evidence

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-04-2026, 93 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

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.

How we compute the deadline

The year end is derived from 5 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	29-04-2026	93 d early	2026-00099585
31-12-2024	31-07-2025	24-06-2025	37 d early	2025-00186124
31-12-2023	31-07-2024	10-04-2024	112 d early	2024-00061418
31-12-2022	31-07-2023	04-04-2023	118 d early	2023-00053121
31-12-2021	31-07-2022	29-03-2022	124 d early	2022-09900052

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2021, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.7% Low

0%0,5%1,5%4%10%≥25%

Young company +Lower-failure-rate sector −Lower-risk legal form −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€-152k+57.6%

Working capital€159k-87.4%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 29-04-2026 with the NBB · fiscal year 2025 · volledig

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~19.6%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 72 · compared across all schema types (micro, abbreviated and full combined)

Metric	This company	Sector median	Position in the sector
Solvency	38.8%	46.6%	better than 45% of 84 sector peers
Net result	€-152k	€15k	better than 19% of 83 sector peers
Equity	€1.77M	€86k	better than 88% of 84 sector peers
Gross operating margin	€627k	€44k	better than 95% of 78 sector peers
Total assets	€4.57M	€251k	better than 88% of 84 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P45

Weakening position over 2021-2025 · n=84-255

Net result P19

Weakening position over 2021-2025 · n=83-253

Equity P88

Stable position over 2021-2025 · n=84-255

Gross operating margin P95

Improving position over 2021-2025 · n=78-246

Describes the position versus peers, not a forecast.

EBITDA

€-155k

+57.5% 21-25

Net profit

€-152k

+57.6% 21-25

Cash flow

€-111k

+65.6% 21-25

Total assets

€4.57M

+3.1% 21-25

Equity

€1.77M

+5.6% 21-25

Working capital

€159k

-87.4% 21-25

Employees (FTE)

9

+22.1% 21-25

Staff costs

€780k

+24.5% 21-25

Show 11 other metrics

Income taxes

€-48k

+2.4% 21-25

Debt

€2.80M

+1.5% 21-25

Debt ≤ 1y

€301k

-31.7% 21-25

Debt > 1y

€2.49M

+7.9% 21-25

Current ratio

1.53

-60.4% 21-25

Quick ratio

1.53

-60.4% 21-25

Solvency

38.8%

+2.5% 21-25

Debt / equity

1.58

-3.9% 21-25

ROE

-8.6%

+59.8% 21-25

ROA

-3.3%

+58.8% 21-25

Interest coverage

-24.62

+58.3% 21-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	volledig
Revenue	-
EBITDA	€-155k
Net profit	€-152k
Cash flow	€-111k
Staff costs	€780k
Income taxes	€-48k
Dividends	-
Total assets	€4.57M
Equity	€1.77M
Debt	€2.80M
of which ≤ 1y	€301k
of which > 1y	€2.49M
Working capital	€159k
Employees (FTE)	9.4

Ratios (computed)

	2025
Current ratio	1.53
Quick ratio	1.53
Working capital ratio	3.5%
Solvency	38.8%
Debt / equity	1.58
Long-term debt ratio	1.41
Interest coverage	-24.62
Gross margin	-
Net margin	-
ROA	-3.3%
ROE	-8.6%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	60d
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €4.11M · 89.9% Current assets €460k · 10.1%

Equity & liabilities

Equity €1.77M · 38.8% Debt €2.80M · 61.2%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€4.57M
Fixed assets	21/28	€4.11M
Formation expenses	20	€415
Intangible fixed assets	21	€4.02M
Tangible fixed assets	22/27	€92k
Current assets	29/58	€460k
Amounts receivable within one year	40/41	€70k
Cash & bank	54/58	€229k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€4.57M
Equity	10/15	€1.77M
Contributions / capital	10/11	€1.05M
Accumulated profits (losses)	14	€-573k
Amounts payable	17/49	€2.80M
Amounts payable after one year	17	€2.49M
Amounts payable within one year	42/48	€301k
Trade debts payable within one year	44	€151k
Income statement
Gross operating margin	9900	€627k
Operating result	9901	€-197k
Financial income	75	€3k
Financial charges	65	€6k
Result before taxes	9903	€-200k
Income taxes	67/77	€-48k
Net result for the period	9904	€-152k
Result to be appropriated	9905	€-152k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

56 / 100 Fair

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

1 director

5 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

Colm McCarthy
Director (executive)
State Gazette act 25030833 (05-03-2025)

Current
05-03-2025 → present

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Speur- en ontwikkelingswerk op biotechnologisch gebied(72101)
Legal form	Public limited company(014)
Incorporation	25-03-2021
Status	Active
Postal code	4000

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

53 companies at this address See who is registered here

Establishment units

1 location

CMD-COAT

Avenue de l'Hôpital 1, 4000 LiègeSpeur- en ontwikkelingswerk op biotechnologisch gebied

since 20212.316.309.916

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1.4 ha

Buildings1

Building footprint2.3 ha

Volume (LiDAR)538,905 m³

Tallest building48.9 m · ±8 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 1 (100%)