CSA Management
ActiveSummary
CSA Management has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €189 and a net result of €62,100. The figures fluctuate too strongly year-on-year for a reliable trend projection. The computed 12-month bankruptcy probability is 0.5% (very low).
Overview
- Equity
- €189
- Profit
- €62,100
- Holdings
- 1
Why 81raises riskNo main activity registeredEquity €189 (0.6% of total assets)lowers riskSize: total assets €29,536Liquidity: current ratio 0.89, cash €18,145, halvedShow the evidence
Checked score
About 5 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 (no NACE code, micro): better than 16% on solvency, 35% on liquidity, 90% on profitability and 4% on growth.
The bankruptcy probability was computed on 20-10-2026 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 52 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Highest result from 2018 to 2025net €62,100 ▲328%
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 318% above 2024 and is the highest 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).
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 1,325 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 95.1% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,473 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 1,325 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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €63,128 | €60,885 | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €732 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €33,941 | €36,081 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,559 | €6,617 | €2,837 | €10,262 | €10,204 | €9,954 | €9,954 | €7,768 | ▼ 22.0% |
| Other operating charges640/8 | - | - | - | €125 | €151 | €151 | €151 | €151 | = |
| Non-recurring operating charges66A | - | - | - | - | - | - | €126 | €108 | ▼ 14.1% |
| Gross operating margin9900 | €11,534 | €14,120 | €18,064 | €25,422 | €31,563 | €26,611 | €30,366 | €92,140 | ▲ 203% |
| Operating profit (loss)9901 | €4,755 | €7,313 | €12,157 | €15,035 | €21,209 | €16,505 | €20,135 | €84,112 | ▲ 318% |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €759 | €629 | €500 | €334 | €169 | ▼ 49.4% |
| Recurring financial charges65 | €307 | €217 | €419 | €759 | €629 | €500 | €334 | €169 | ▼ 49.4% |
| Profit (loss) for the period before taxes9903 | €4,449 | €7,096 | €11,738 | €14,276 | €20,580 | €16,006 | €19,801 | €83,943 | ▲ 324% |
| Income taxes67/77 | €2,345 | €2,189 | €1,933 | €3,040 | €5,453 | €3,398 | €5,292 | €21,843 | ▲ 313% |
| Profit (loss) for the period9904 | €2,104 | €4,908 | €9,805 | €11,236 | €15,127 | €12,607 | €14,508 | €62,100 | ▲ 328% |
| Profit (loss) for the period to be appropriated9905 | €2,104 | €4,908 | €9,805 | €11,236 | €15,127 | €12,607 | €14,508 | €62,100 | ▲ 328% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €25,345 | €18,801 | €59,142 | €59,588 | €68,229 | €74,262 | €80,043 | €29,536 | ▼ 63.1% |
| Fixed assets21/28 | €23,504 | €17,811 | €47,799 | €37,537 | €38,333 | €17,379 | €7,425 | €3,461 | ▼ 53.4% |
| Tangible fixed assets22/27 | €23,504 | €17,811 | €47,799 | €37,537 | €27,333 | €17,379 | €7,425 | €961 | ▼ 87.1% |
| Furniture and vehicles24 | - | - | - | €37,537 | €27,333 | €17,379 | €7,425 | €961 | ▼ 87.1% |
| Financial fixed assets28 | - | - | - | - | €11,000 | €0 | - | €2,500 | - |
| Current assets29/58 | €1,841 | €991 | €11,343 | €22,052 | €29,896 | €56,883 | €72,618 | €26,074 | ▼ 64.1% |
| Amounts receivable within one year40/41 | €568 | €635 | €242 | €5,656 | €2,789 | €4,344 | €2,250 | €6,024 | ▲ 168% |
| Trade receivables40 | - | - | - | €242 | €242 | €242 | €242 | €242 | = |
| Other amounts receivable41 | - | - | - | €5,414 | €2,547 | €4,102 | €2,008 | €5,782 | ▲ 188% |
| Cash at bank and in hand54/58 | €1,073 | €156 | €8,786 | €14,313 | €25,268 | €50,576 | €68,308 | €18,145 | ▼ 73.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,082 | €1,839 | €1,963 | €2,061 | €1,905 | ▼ 7.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €25,345 | €18,801 | €59,142 | €59,588 | €68,229 | €74,262 | €80,043 | €29,536 | ▼ 63.1% |
| Equity10/15 | €2,111 | €7,018 | €16,823 | €28,058 | €43,185 | €54,992 | €4,501 | €189 | ▼ 95.8% |
| Contributions10/11 | €1 | €1 | - | €1 | €1 | €1 | €1 | €1 | = |
| Reserves13 | €0 | €0 | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | €2,110 | €7,017 | €16,822 | €28,057 | €43,184 | €54,991 | €4,500 | €188 | ▼ 95.8% |
| Amounts payable17/49 | €23,234 | €11,783 | €42,319 | €31,530 | €25,044 | €19,270 | €75,542 | €29,347 | ▼ 61.2% |
| Amounts payable after more than one year17 | €10,225 | €0 | €31,016 | €23,149 | €15,126 | €6,943 | €0 | - | - |
| Financial debts170/4 | - | - | - | €23,149 | €15,126 | €6,943 | €0 | - | - |
| Amounts payable within one year42/48 | €13,009 | €11,783 | €11,303 | €8,381 | €9,918 | €12,327 | €75,542 | €29,347 | ▼ 61.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,867 | €8,023 | €8,183 | €6,943 | €0 | ▼ 100% |
| Trade debts44 | €390 | €132 | €96 | €57 | €195 | €2 | €74 | €173 | ▲ 134% |
| Suppliers440/4 | - | - | - | €57 | €195 | €2 | €74 | €173 | ▲ 134% |
| Taxes, remuneration and social security45 | - | - | - | €457 | €1,693 | €3,455 | €13,268 | €16,173 | ▲ 21.9% |
| Taxes450/3 | - | - | - | €457 | €493 | €3,455 | €13,268 | €16,173 | ▲ 21.9% |
| Remuneration and social security454/9 | - | - | - | €0 | €1,200 | €0 | €0 | €0 | - |
| Other amounts payable47/48 | - | - | - | €0 | €7 | €687 | €55,257 | €13,000 | ▼ 76.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,104 | €4,908 | €9,805 | €11,236 | €15,127 | €12,607 | €14,508 | €62,100 | ▲ 328% |
| + Depreciation and write-downs630 | €6,559 | €6,617 | €2,837 | €10,262 | €10,204 | €9,954 | €9,954 | €7,768 | ▼ 22.0% |
| Operating cash flow (approximation) | €8,662 | €11,525 | €12,642 | €21,498 | €25,330 | €22,561 | €24,462 | €69,868 | ▲ 186% |
| Investment in fixed assets (approximation) | - | -€924 | -€32,826 | €0 | -€11,000 | €11,000 | €0 | -€3,805 | - |
| Change in cash | - | -€917 | €8,630 | €5,527 | €10,954 | €25,308 | €17,732 | -€50,163 | - |
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 (10)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 21-04-2026 | 2026-00083438 |
| 31-12-2024 | micro format | 27-05-2025 | 2025-00107075 |
| 31-12-2023 | micro format | 22-05-2024 | 2024-00092570 |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00146471 |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20089733 |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23600318 |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30600242 |
| 31-12-2018 | micro format | 23-08-2019 | 2019-50200445 |
| 31-12-2017 | micro format | 26-06-2018 | 2018-22800032 |
| 31-12-2016 | micro format | 28-06-2017 | 2017-23200515 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
1 ownerOwners 1
- Nicolas COSCIAnatural personSourceown accounts 2025100%
According to the 2025 annual accounts of CSA Management and those of the other companies, 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.
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
50%
According to the 2025 annual accounts of CSA Management and those of the other companies, 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.
Connections & network
No directors read yet: 1 of 4 Gazette acts processed.
History
Acts, filings and financial milestones
27-12
Gazette deed
Reappointment: COSCIA Nicolas (director)Name change · Purpose change · Amendment of the articles6 facts ▸
- Name change, CSA Management
- Purpose change
- Other provision, “dispense de lecture du rapport article 5:101 CSA” (deed in French)
- Amendment of the articles
- Capital
- Director reappointment, COSCIA Nicolas (director (not named in the articles))
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 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 21 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 |
|---|---|---|---|---|
| 25059C0013/00H002 | Wallonia | 702 m² | 1 · 139 m² | 7.2 m · 2 |
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
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, Article 2” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “1, organe d’administration” (deed in French)“Frais représentation,voyages et déplacements, fixe ou proportionnelle” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, Article 8” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Toutes cessions entre vifs à titre onéreux ou gratuit,volontaires ou forcées,exclusion et retrait,usufruit,nue-propriété ou pleine…” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues pour modifications aux statuts, assemblée générale” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment, désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments” (deed in French)