CS Immo
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 5 filings
Turnover
≈ €78,000
Estimated: probably between €67,000 and €100,000
EBIT margin
Not included in this filing
Net result
€12,311▼ 9.8%
2024 · €13,647
Working capital
-€44,097▼ 83.6%
2024 · -€24,015
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€30,315
▲ 0.8%
2025
20212025
Net result
€12,311
▼ 9.8%
2025
middle half of the sector
20212025
Equity
€146,539
▲ 9.2%
2025
lowest quarter of the sector
20212025
Total assets
€735,673
▼ 4.7%
2025
lowest quarter of the sector
20212025
Debt
€589,134
▼ 7.6%
2025
20212025
Working capital
-€44,097
▼ 83.6%
2025
middle half of the sector
20212025
Solvency
19.9%
▲ 2.5pp
2025
middle half of the sector
20212025
Current ratio
0.02
▼ 0.32
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
1.7%
▼ 0.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€16,503-€30,724▲ 86.2%€30,976▲ 0.8%€30,062▼ 3.0%€30,315▲ 0.8%
Net result-€7,961within the sector's middle half-€13,621within the sector's middle half€14,919within the sector's middle half▲ 9.5%€13,647within the sector's middle half▼ 8.5%€12,311within the sector's middle half▼ 9.8%
Equity€92,039within the sector's middle half-€105,661within the sector's middle half▲ 14.8%€120,580within the sector's middle half▲ 14.1%€134,227within the sector's middle half▲ 11.3%€146,539below the sector's middle half▲ 9.2%
Total assets€888,448within the sector's middle half-€820,145within the sector's middle half▼ 7.7%€796,976within the sector's middle half▼ 2.8%€772,119within the sector's middle half▼ 3.1%€735,673below the sector's middle half▼ 4.7%
Debt€796,408-€714,485▼ 10.3%€676,396▼ 5.3%€637,892▼ 5.7%€589,134▼ 7.6%
Working capital-€14,806within the sector's middle half--€10,542within the sector's middle half▲ 28.8%-€18,117within the sector's middle half▼ 71.9%-€24,015within the sector's middle half▼ 32.6%-€44,097within the sector's middle half▼ 83.6%
Solvency10.4%within the sector's middle half-12.9%within the sector's middle half▲ 2.5pp15.1%within the sector's middle half▲ 2.2pp17.4%within the sector's middle half▲ 2.3pp19.9%within the sector's middle half▲ 2.5pp
Current ratio0.85within the sector's middle half-0.70within the sector's middle half▼ 0.150.49within the sector's middle half▼ 0.210.34below the sector's middle half▼ 0.150.02below the sector's middle half▼ 0.32
Return on assets (ROA)-0.9%below the sector's middle half-1.7%within the sector's middle half▲ 2.6pp1.9%within the sector's middle half▲ 0.2pp1.8%within the sector's middle half▼ 0.1pp1.7%within the sector's middle half▼ 0.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 1% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €735,673
Fixed assets
€734,871 ▼ 3.3%
Current assets
€802 ▼ 93.5%
Equity and liabilities €735,673
Equity
€146,539 ▲ 9.2%
Debt
€589,134 ▼ 7.6%
Debt's share of the balance-sheet total falls from 82.6% to 80.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€55,192▲
2024 · €54,815
Cash flow
€37,188▼
2024 · €38,401
Debt to equity
4.02▼
2024 · 4.75
ROE
8.4%▼
2024 · 10.2%
Interest coverage
4.08▲
2024 · 3.71
Debt ≤ 1 year
€44,898▲
2024 · €36,387
Debt > 1 year
€543,377▼
2024 · €600,687
Income taxes
€4,482▲
2024 · €1,645
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €660,430 | €641,604 | €610,707 | €579,298 | €547,371 |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | €772,000 | €772,000 | €772,000 | €772,000 | €772,000 |
| Carrying value of the mortgaged assets | €796,289 | €789,189 | €766,243 | €743,298 | €720,444 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €825,758 | €15,721 | €9,094 | €4,865 | - |
| Depreciation and write-downs of the year | €26,026 | €25,294 | €25,142 | €24,754 | €24,876 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,026 | €25,294 | €25,142 | €24,754 | €24,876 | ▲ 0.5% |
| Other operating charges640/8 | €924 | €4,084 | €5,280 | €4,877 | €5,166 | ▲ 5.9% |
| Gross operating margin9900 | €43,453 | €60,102 | €61,398 | €59,693 | €60,358 | ▲ 1.1% |
| Operating profit (loss)9901 | €16,503 | €30,724 | €30,976 | €30,062 | €30,315 | ▲ 0.8% |
| Financial income75/76B | - | - | €0 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €0 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €24,464 | €17,103 | €16,057 | €14,769 | €13,522 | ▼ 8.4% |
| Recurring financial charges65 | €24,464 | €17,103 | €16,057 | €14,769 | €13,522 | ▼ 8.4% |
| Profit (loss) for the period before taxes9903 | -€7,961 | €13,621 | €14,919 | €15,292 | €16,793 | ▲ 9.8% |
| Income taxes67/77 | - | - | - | €1,645 | €4,482 | ▲ 172% |
| Profit (loss) for the period9904 | -€7,961 | €13,621 | €14,919 | €13,647 | €12,311 | ▼ 9.8% |
| Profit (loss) for the period to be appropriated9905 | -€7,961 | €13,621 | €14,919 | €13,647 | €12,311 | ▼ 9.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €888,448 | €820,145 | €796,976 | €772,119 | €735,673 | ▼ 4.7% |
| Formation expenses20 | €2,878 | €1,036 | €0 | - | - | - |
| Fixed assets21/28 | €802,380 | €794,648 | €779,637 | €759,748 | €734,871 | ▼ 3.3% |
| Tangible fixed assets22/27 | €802,380 | €794,648 | €779,637 | €759,748 | €734,871 | ▼ 3.3% |
| Land and buildings22 | €796,289 | €789,189 | €766,243 | €743,298 | €720,444 | ▼ 3.1% |
| Plant, machinery and equipment23 | €6,091 | €5,459 | €13,393 | €16,450 | €14,427 | ▼ 12.3% |
| Current assets29/58 | €83,190 | €24,461 | €17,339 | €12,371 | €802 | ▼ 93.5% |
| Amounts receivable within one year40/41 | €37,726 | - | - | - | €85 | - |
| Trade receivables40 | €55 | - | - | - | €85 | - |
| Other amounts receivable41 | €37,671 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €45,464 | €24,461 | €17,339 | €12,371 | €716 | ▼ 94.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €888,448 | €820,145 | €796,976 | €772,119 | €735,673 | ▼ 4.7% |
| Equity10/15 | €92,039 | €105,661 | €120,580 | €134,227 | €146,539 | ▲ 9.2% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | - | €5,661 | €20,580 | €34,227 | €46,539 | ▲ 36.0% |
| Non-distributable reserves130/1 | - | €283 | €1,029 | €10,000 | €10,000 | = |
| Legal reserve130 | - | €283 | €1,029 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | €5,378 | €19,551 | €24,227 | €36,539 | ▲ 50.8% |
| Profit (loss) carried forward14 | -€7,961 | - | - | - | - | - |
| Amounts payable17/49 | €796,408 | €714,485 | €676,396 | €637,892 | €589,134 | ▼ 7.6% |
| Amounts payable after more than one year17 | €697,480 | €678,109 | €639,658 | €600,687 | €543,377 | ▼ 9.5% |
| Financial debts170/4 | €697,480 | €678,109 | €639,658 | €600,687 | €540,187 | ▼ 10.1% |
| Other amounts payable178/9 | - | - | - | - | €3,190 | - |
| Amounts payable within one year42/48 | €97,996 | €35,003 | €35,456 | €36,387 | €44,898 | ▲ 23.4% |
| Current portion of amounts payable after more than one year42 | €32,950 | €33,496 | €34,049 | €34,612 | €35,184 | ▲ 1.7% |
| Financial debts43 | €50,000 | - | - | - | - | - |
| Credit institutions430/8 | €50,000 | - | - | - | - | - |
| Trade debts44 | €15,045 | €180 | €273 | €0 | €1,116 | - |
| Suppliers440/4 | €15,045 | €180 | €273 | €0 | €1,116 | - |
| Taxes, remuneration and social security45 | - | €1,327 | €1,134 | €1,775 | €8,599 | ▲ 384% |
| Taxes450/3 | - | €1,327 | €1,134 | €1,775 | €8,599 | ▲ 384% |
| Accrued charges and deferred income492/3 | €933 | €1,373 | €1,282 | €818 | €858 | ▲ 4.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,961 | €13,621 | €14,919 | €13,647 | €12,311 | ▼ 9.8% |
| + Depreciation and write-downs630 | €26,026 | €25,294 | €25,142 | €24,754 | €24,876 | ▲ 0.5% |
| Operating cash flow (approximation) | €18,065 | €38,915 | €40,061 | €38,401 | €37,188 | ▼ 3.2% |
| Investment in fixed assets (approximation) | - | -€17,563 | -€10,130 | -€4,865 | €0 | - |
| Change in cash | - | -€21,003 | -€7,122 | -€4,968 | -€11,655 | ▼ 135% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,372 companies had the same profile as CS Immo has now. Two years later, 96.6% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.6%
was still going
1.4%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CS Immo itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,372 companies, not a prediction for CS Immo. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-06-2026 | 2026-00177009 | |
| 31-12-2024 | abbreviated format | 25-03-2025 | 2025-00054142 | |
| 31-12-2023 | abbreviated format | 09-04-2024 | 2024-00060995 | |
| 31-12-2022 | abbreviated format | 10-05-2023 | 2023-00084037 | |
| 31-12-2021 | abbreviated format | 04-05-2022 | 2022-20019219 |