CS-E · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of CS-E is 0.4% (very low). The 2024 annual accounts show equity of €3k and a net result of €4k. Equity is growing by ~57.5% per year across the filed fiscal years. Its solvency ranks better than 25% of 2547 sector peers (fiscal year 2024). The company has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.

Signals

1 signal · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2023 and 2024).

View the result 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

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 20 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-08-2025, 30 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.

How we compute the deadline

The year end is derived from 10 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 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	30-08-2025	30 d late	2025-00447943
31-12-2023	31-07-2024	27-09-2024	58 d late	2024-00474781
31-12-2022	31-07-2023	22-12-2023	144 d late	2023-00534947
31-12-2021	31-07-2022	30-11-2022	122 d late	2022-20527967
31-12-2020	31-07-2021	28-07-2021	3 d early	2021-40800403
30-06-2019	31-01-2020	27-01-2020	4 d early	2020-02100416
30-06-2018	31-01-2019	21-12-2018	41 d early	2018-75500351
30-06-2017	31-01-2018	04-01-2018	27 d early	2018-00500264
30-06-2016	31-01-2017	20-12-2016	42 d early	2016-70900340
30-06-2015	31-01-2016	04-01-2016	27 d early	2016-00100557

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

Long-established

Founded in 1989, 36 years in business.

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

0.4% Very low

0%0,5%1,5%4%10%≥25%

Long track record −Annual accounts: weaker financial profile +

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€4k-21.1%

Working capital€2k

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 30-08-2025 with the NBB · fiscal year 2024 · micro

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 ~57.5%/year over 6 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 2024 · NACE 73, Advertising & market research · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	25.3%	56.2%	better than 25% of 2547 sector peers
Net result	€4k	€19k	better than 29% of 2549 sector peers
Equity	€3k	€43k	better than 14% of 2547 sector peers
Gross operating margin	€9k	€37k	better than 24% of 2546 sector peers
Total assets	€13k	€93k	better than 7% of 2549 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 P25

Improving position over 2020-2024 · n=385-2547

Net result P29

Weakening position over 2020-2024 · n=385-2549

Equity P14

Stable position over 2020-2024 · n=385-2547

Gross operating margin P24

Stable position over 2020-2024 · n=384-2546

Describes the position versus peers, not a forecast.

EBITDA

€8k

-16.6% 19-24

Net profit

€4k

-21.1% 19-24

Cash flow

€4k

-18.8% 19-24

Total assets

€13k

+12.7% 19-24

Equity

€3k

- 19-24

Working capital

€2k

- 19-24

Income taxes

€3k

+2.1% 19-24

Debt

€10k

-19.0% 19-24

Show 8 other metrics

Debt ≤ 1y

€10k

-17.9% 19-24

Current ratio

1.19

+49.6% 19-24

Quick ratio

0.81

+138.6% 19-24

Solvency

25.3%

- 19-24

Debt / equity

2.95

- 19-24

ROE

113.8%

- 19-24

ROA

28.8%

-30.0% 19-24

Interest coverage

11.05

+30.8% 19-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	micro
Revenue	-
EBITDA	€8k
Net profit	€4k
Cash flow	€4k
Staff costs	-
Income taxes	€3k
Dividends	-
Total assets	€13k
Equity	€3k
Debt	€10k
of which ≤ 1y	€10k
of which > 1y	-
Working capital	€2k
Employees (FTE)	-

Ratios (computed)

	2024
Current ratio	1.19
Quick ratio	0.81
Working capital ratio	14.0%
Solvency	25.3%
Debt / equity	2.95
Long-term debt ratio	-
Interest coverage	11.05
Gross margin	-
Net margin	-
ROA	28.8%
ROE	113.8%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €1k · 11.4% Current assets €12k · 88.6%

Equity & liabilities

Equity €3k · 25.3% Debt €10k · 74.7%

Full annual accounts (22 line items)

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

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€13k
Fixed assets	21/28	€1k
Tangible fixed assets	22/27	€1k
Current assets	29/58	€12k
Stocks & contracts in progress	3	€4k
Amounts receivable within one year	40/41	€5k
Cash & bank	54/58	€3k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€13k
Equity	10/15	€3k
Contributions / capital	10/11	€19k
Accumulated profits (losses)	14	€-15k
Amounts payable	17/49	€10k
Amounts payable within one year	42/48	€10k
Trade debts payable within one year	44	€698
Income statement
Gross operating margin	9900	€9k
Operating result	9901	€7k
Financial income	75	€237
Financial charges	65	€738
Result before taxes	9903	€7k
Income taxes	67/77	€3k
Net result for the period	9904	€4k
Result to be appropriated	9905	€4k

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 2024 · computed

73 / 100 Healthy

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 2024. Indicative, not credit advice.

Directors

Directors & mandates

2 directors

5 of this company's 6 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

MICHIELS Viviane
Opvolgend statutaire bestuurder
State Gazette act 26349572 (30-07-2026)

Current
30-07-2026 → present
LEPINOY Roland
Statutaire bestuurder
State Gazette act 26349572 (30-07-2026)

Current
23-07-2026 → present

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Insolvency mandates

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

Legal Structure

NACE primary	Activiteiten van reclamebureaus(73110)
Legal form	Private limited company(610)
Incorporation	22-12-1989
Status	Active
Postal code	2440

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

1 location

CS-E

Zammelseweg 7, 2440 GeelVervaardiging van producten van rubber

since 19902.046.744.243

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

Parcels1

Ground area470 m²

Buildings1

Building footprint161 m²

Volume (LiDAR)1,069 m³

Tallest building10.5 m · ±2 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.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
13375N1501/00B000	Flanders	470 m²	1 · 161 m²	10.5 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

1 of 6 acts read

Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

What every Belgian State Gazette publication actually says, each act broken down into appointments, capital movements, seat moves and statute amendments.

2026

30-07-2026 Resignations & appointments

4 facts