CS PROJECTS
ActiveSummary
CS PROJECTS has been active since 2006 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of €241,577. Equity remains stable across the filed financial years (±0.7% per year). Its solvency ranks better than 58% of 9,797 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Staff
- 1 FTE
- Equity
- €1.5m
- Profit
- €241,577
- D’heedene SabrinaDirector
- TDV InvestDirector · permanent representative Devriendt Thijs
Why 94lowers riskFigures for financial year 2025 (filed 24-07-2026)Size: 1 FTE, total assets €2.9mFounded in 2006Equity €1.5m (50.9% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 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 46, micro): better than 58% on solvency, 42% on liquidity, 71% on profitability and 27% on growth.
The bankruptcy probability was computed on 30-10-2026 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 10 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Weakest financial yearnet €241,577 ▼28.6%
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 24% below 2024 and is 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 46, Wholesale trade: 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).
Peer companies
Historical observationOf the 31,368 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% 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 497,445 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% | 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% |
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 31,368 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €8,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €85,981 | €89,019 | €86,859 | €93,333 | €72,158 | ▼ 22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,654 | €63,607 | €52,564 | €41,463 | €52,271 | €70,915 | €69,328 | €75,451 | ▲ 8.8% |
| Other operating charges640/8 | - | - | - | €7,469 | €14,772 | €7,656 | €8,690 | €9,026 | ▲ 3.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €7,139 | €0 | ▼ 100% |
| Gross operating margin9900 | €670,001 | €707,153 | €781,048 | €855,590 | €751,174 | €630,920 | €652,208 | €516,926 | ▼ 20.7% |
| Operating profit (loss)9901 | €528,757 | €549,902 | €626,691 | €720,676 | €595,112 | €465,490 | €473,718 | €360,292 | ▼ 23.9% |
| Financial income75/76B | - | - | - | €30,003 | €50,045 | €53,566 | €58,752 | €50,710 | ▼ 13.7% |
| Recurring financial income75 | €28,534 | €33,237 | €28,630 | €30,003 | €50,045 | €53,566 | €58,752 | €50,710 | ▼ 13.7% |
| Financial charges65/66B | - | - | - | €33,784 | €29,638 | €21,856 | €65,029 | €71,313 | ▲ 9.7% |
| Recurring financial charges65 | €29,536 | €31,070 | €27,509 | €33,784 | €29,638 | €21,856 | €65,029 | €71,313 | ▲ 9.7% |
| Profit (loss) for the period before taxes9903 | €527,755 | €552,070 | €627,812 | €716,895 | €615,519 | €497,199 | €467,441 | €339,689 | ▼ 27.3% |
| Income taxes67/77 | €153,240 | €170,402 | €176,929 | €187,617 | €163,103 | €137,443 | €128,999 | €98,112 | ▼ 23.9% |
| Profit (loss) for the period9904 | €374,516 | €381,668 | €450,883 | €529,278 | €452,416 | €359,757 | €338,442 | €241,577 | ▼ 28.6% |
| Profit (loss) for the period to be appropriated9905 | €374,516 | €381,668 | €450,883 | €529,278 | €452,416 | €359,757 | €338,442 | €241,577 | ▼ 28.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €2.1m | €2.4m | €2.2m | €2.6m | €2.7m | €2.8m | €2.9m | ▲ 2.3% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.7m | €0.7m | €0.9m | €0.8m | €0.8m | €0.8m | ▼ 5.6% |
| Intangible fixed assets21 | - | - | - | €0.003m | €0.002m | €257 | €0 | - | - |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.7m | €0.7m | €0.9m | €0.8m | €0.8m | €0.8m | ▼ 5.6% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | ▲ 19.0% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 31.7% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Current assets29/58 | €1.0m | €1.3m | €1.7m | €1.5m | €1.7m | €1.9m | €2.0m | €2.1m | ▲ 5.5% |
| Stocks and contracts in progress3 | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 17.1% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 17.1% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.1m | €0.2m | €1.2m | €1.2m | €1.6m | €1.6m | ▼ 0.3% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 31.2% |
| Other amounts receivable41 | - | - | - | €0.02m | €1.0m | €1.1m | €1.5m | €1.5m | ▲ 2.0% |
| Current investments50/53 | - | - | - | - | - | €0.3m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.8m | €1.0m | €1.4m | €1.2m | €0.4m | €0.2m | €0.2m | €0.4m | ▲ 60.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.006m | €0.006m | €0.007m | €0.006m | ▼ 9.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €2.1m | €2.4m | €2.2m | €2.6m | €2.7m | €2.8m | €2.9m | ▲ 2.3% |
| Equity10/15 | €1.3m | €1.6m | €1.7m | €1.8m | €1.7m | €1.7m | €1.6m | €1.5m | ▼ 9.3% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.3m | €1.6m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 9.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €1.7m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 9.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.7m | €0.5m | €1.0m | €1.0m | €1.2m | €1.4m | ▲ 18.1% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.04m | €0.008m | ▼ 78.8% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.04m | €0.008m | ▼ 78.8% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.5m | €0.3m | €0.8m | €0.9m | €1.1m | €1.4m | ▲ 21.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.09m | €0.08m | €0.08m | €0.03m | ▼ 59.8% |
| Trade debts44 | €0.05m | €0.04m | €0.006m | €0.01m | €0.007m | €0.01m | €0.02m | €0.008m | ▼ 56.9% |
| Suppliers440/4 | - | - | - | €0.01m | €0.007m | €0.01m | €0.02m | €0.008m | ▼ 56.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.06m | €0.05m | €0.05m | ▼ 2.2% |
| Taxes450/3 | - | - | - | €0.09m | €0.1m | €0.05m | €0.04m | €0.04m | ▼ 1.4% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.02m | €0.009m | €0.009m | ▼ 5.8% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.6m | €0.8m | €1.0m | €1.3m | ▲ 30.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.03m | €0.04m | ▲ 29.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €374,516 | €381,668 | €450,883 | €529,278 | €452,416 | €359,757 | €338,442 | €241,577 | ▼ 28.6% |
| + Depreciation and write-downs630 | €66,654 | €63,607 | €52,564 | €41,463 | €52,271 | €70,915 | €69,328 | €75,451 | ▲ 8.8% |
| Operating cash flow (approximation) | €441,169 | €445,274 | €503,447 | €570,741 | €504,687 | €430,672 | €407,770 | €317,028 | ▼ 22.3% |
| Investment in fixed assets (approximation) | - | -€2,865 | -€31,773 | -€39,530 | -€188,629 | -€12,802 | -€50,602 | -€30,529 | ▲ 39.7% |
| Change in cash | - | €275,449 | €377,463 | -€256,022 | -€769,048 | -€151,892 | -€742 | €148,028 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00332399 |
| 31-12-2024 | abbreviated format | 14-07-2025 | 2025-00273009 |
| 31-12-2023 | abbreviated format | 24-07-2024 | 2024-00290196 |
| 31-12-2022 | abbreviated format | 24-07-2023 | 2023-00263726 |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20245718 |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-28800438 |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-37600461 |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-39900349 |
| 31-12-2017 | abbreviated format | 11-07-2018 | 2018-32800502 |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-08500397 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| D’heedene Sabrina |
|
| TDV Invest |
|
Owners and capital
Capital and shareholders
- 28-12-2023 Converted to available equity
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
28-12
Gazette deed
Appointments: D’heedene Sabrina (director) and TDV INVEST (director)Permanent representative: Devriendt Thijs · Amendment of the articles · Capital conversion10 facts ▸
- General meeting, 18-12-2023
- Amendment of the articles (10 times)
- Capital conversion, “beschikbaar voor toekomstige uitkeringen” (deed in Dutch)
- Purpose change
- Capital
- Other provision, “nieuwe terminologie WVV sedert 2020-01-01, bestuurder” (deed in Dutch)
- Director appointment, D’heedene Sabrina (director (not named in the articles))
- Director appointment, TDV INVEST (director (not named in the articles))
- Permanent representative, Devriendt Thijs
- Registered office clause, “Lokeren, Hillarestraat 87” (deed in Dutch)
About the unread acts
Of the 7 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 6 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 30 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
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 46384C0959/00F002 | Flanders | 6,024 m² | 1 · 137 m² | 8.6 m · 2 |
| 46384C0957/00R000 | Flanders | 2,102 m² | 1 · 116 m² | - |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CS Projects
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “ARTIKEL 12. BEVOEGDHEDEN VAN HET BESTUURSORGAAN Als er slechts één bestuurder is, is het geheel van de bevoegdheden van de bestuurders aan…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Natuurlijke personen of rechtspersonen, al dan niet aandeelhouder, 1” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Friday of June at 16:00