CSAY
ActiveSummary
The computed 12-month bankruptcy probability of CSAY is 2.0% (moderate). The 2025 annual accounts show equity of €51k and a net result of €2k. Equity is growing by ~10.5% per year across the filed fiscal years. Its solvency ranks better than 79% of 27965 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability39▲+7
Solvency99▲+21
Growth52▼-8
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity ample (current ratio 3.76 against 2.03 in 2024; short-term debt: 25.6% and cash: 20.6% of total assets), and 25.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
74.4%
Return on assets
2.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
4 d early
2024
9 d late
2023
20 d early
2022
23 d late
2021
31 d early
2020
7 d early
2019
3 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · 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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
€205k▼ 24.4%
2024 · €272k
2019: €154k
2020: €156k▲ +1.8% vs 2019
2021: €262k▲ +67.6% vs 2020
2022: €153k▼ -41.6% vs 2021lowest in 7 years
2023: €251k▲ +63.8% vs 2022
2024: €272k▲ +8.5% vs 2023highest in 7 years
2025: €205k▼ -24.4% vs 2024
2019 → 2025
EBIT margin
3.5%▲ 2.8pp
2024 · 0.7%
2019: 12.0%highest in 7 years
2020: 4.7%▼ -60.8% vs 2019
2021: 3.3%▼ -28.8% vs 2020
2022: -0.8%▼ -123% vs 2021lowest in 7 years
2023: 5.6%▲ +823% vs 2022
2024: 0.7%▼ -87.8% vs 2023
2025: 3.5%▲ +404% vs 2024
2019 → 2025
Net result
€2k▲ 399%
2024 · €339
2019: €14khighest in 7 years
2020: €6k▼ -58.0% vs 2019
2021: €8k▲ +34.5% vs 2020
2022: €-2k▼ -123% vs 2021lowest in 7 years
2023: €11k▲ +685% vs 2022
2024: €339▼ -96.8% vs 2023
2025: €2k▲ +399% vs 2024
2019 → 2025
Working capital
€49k▲ 9.1%
2024 · €45k
2019: €20klowest in 7 years
2020: €28k▲ +39.0% vs 2019
2021: €37k▲ +29.0% vs 2020
2022: €33k▼ -9.2% vs 2021
2023: €43k▲ +29.4% vs 2022
2024: €45k▲ +4.0% vs 2023
2025: €49k▲ +9.1% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€262k-€153k▼ 41.6%€251k▲ 63.8%€272k▲ 8.5%€205k▼ 24.4%
2021: €262k
2022: €153k▼ -41.6% vs 2021lowest in 5 years
2023: €251k▲ +63.8% vs 2022
2024: €272k▲ +8.5% vs 2023highest in 5 years
2025: €205k▼ -24.4% vs 2024
Equity€40k-€39k▼ 4.5%€49k▲ 27.6%€50k▲ 0.7%€51k▲ 3.4%
2021: €40k
2022: €39k▼ -4.5% vs 2021lowest in 5 years
2023: €49k▲ +27.6% vs 2022
2024: €50k▲ +0.7% vs 2023
2025: €51k▲ +3.4% vs 2024highest in 5 years
Operating result€9k-€-1k€14k€2k▼ 86.8%€7k▲ 281%
2021: €9k
2022: €-1k▼ -114% vs 2021lowest in 5 years
2023: €14k▲ +1285% vs 2022highest in 5 years
2024: €2k▼ -86.8% vs 2023
2025: €7k▲ +281% vs 2024
Net result€8k-€-2k€11k€339▼ 96.8%€2k▲ 399%
2021: €8k
2022: €-2k▼ -123% vs 2021lowest in 5 years
2023: €11k▲ +685% vs 2022highest in 5 years
2024: €339▼ -96.8% vs 2023
2025: €2k▲ +399% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 281% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €69k
Fixed assets
€3k ▼ 48.5%
Current assets
€66k ▼ 24.4%
Equity and liabilities €69k
Equity
€51k ▲ 3.4%
Debt
€18k ▼ 59.1%
Debt's share of the balance-sheet total falls from 46.5% to 25.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€10k▲
2024 · €5k
Cash flow
€4k▲
2024 · €3k
Current ratio
3.76▲
2024 · 2.03
Quick ratio
3.38▲
2024 · 1.86
Debt to equity
0.34▼
2024 · 0.87
ROE
3.3%▲
2024 · 0.7%
ROA
2.5%▲
2024 · 0.4%
Interest coverage
2.16▲
2024 · 1.90
Debt ≤ 1 year
€18k▼
2024 · €43k
Income taxes
€2k▲
2024 · €1k
Staff costs
€2k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€93k€69k▼
Fixed assets21/28€5k€3k▼
Tangible fixed assets22/27€5k€2k▼
Plant, machinery and equipment23€1k€810▼
Furniture and vehicles24€3k€1k▼
Financial fixed assets28€55€268▲
Current assets29/58€88k€66k▼
Stocks and contracts in progress3€8k€7k▼
Stocks30/36€8k€7k▼
Amounts receivable within one year40/41€52k€44k▼
Trade receivables40€48k€37k▼
Other amounts receivable41€5k€6k▲
Cash at bank and in hand54/58€27k€14k▼
Deferred charges and accrued income490/1€1k€2k▲
Equity and liabilities
Total equity and liabilities10/49€93k€69k▼
Equity10/15€50k€51k▲
Contributions10/11€12k€12k=
Reserves13€1k€1k=
Non-distributable reserves130/1€1k€1k=
Reserves not available under the articles1311€1k€1k=
Profit (loss) carried forward14€36k€38k▲
Amounts payable17/49€43k€18k▼
Amounts payable within one year42/48€43k€18k▼
Trade debts44€29k€11k▼
Suppliers440/4€29k€11k▼
Advances received on contracts in progress46€8k€4k▼
Taxes, remuneration and social security45€4k€2k▼
Taxes450/3€2k€2k▲
Remuneration and social security454/9€2k-
Other amounts payable47/48€2k-
Income statement
Code20242025
Turnover70€272k€205k▼
Goods, raw materials, services and sundry goods60/61€267k€194k▼
Remuneration, social security and pensions62-€2k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€3k▼
Other operating charges640/8€474€467▼
Gross operating margin9900€5k€12k▲
Operating profit (loss)9901€2k€7k▲
Financial income75/76B€2k€846▼
Recurring financial income75€2k€846▼
Financial charges65/66B€2k€5k▲
Recurring financial charges65€2k€5k▲
Profit (loss) for the period before taxes9903€2k€3k▲
Income taxes67/77€1k€2k▲
Profit (loss) for the period9904€339€2k▲
Profit (loss) for the period to be appropriated9905€339€2k▲
Appropriation of the result
Profit (loss) to be appropriated9906€36k€38k▲
Profit (loss) brought forward from the previous period14P€35k€36k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €262k | €153k | €251k | €272k | €205k | ▼ 24.4% |
| Goods, raw materials, services and sundry goods60/61 | €250k | €150k | €241k | €267k | €194k | ▼ 27.5% |
| Remuneration, social security and pensions62 | €434 | €531 | €651 | - | €2k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €2k | €2k | €3k | €3k | ▼ 8.7% |
| Other operating charges640/8 | €428 | €1k | €825 | €474 | €467 | ▼ 1.4% |
| Gross operating margin9900 | €12k | €3k | €18k | €5k | €12k | ▲ 130% |
| Operating profit (loss)9901 | €9k | €-1k | €14k | €2k | €7k | ▲ 281% |
| Financial income75/76B | €2k | €783 | €2k | €2k | €846 | ▼ 62.7% |
| Recurring financial income75 | €2k | €783 | €2k | €2k | €846 | ▼ 62.7% |
| Financial charges65/66B | €171 | €727 | €1k | €2k | €5k | ▲ 81.5% |
| Recurring financial charges65 | €171 | €727 | €1k | €2k | €5k | ▲ 81.5% |
| Profit (loss) for the period before taxes9903 | €11k | €-1k | €15k | €2k | €3k | ▲ 109% |
| Income taxes67/77 | €3k | €685 | €4k | €1k | €2k | ▲ 34.2% |
| Profit (loss) for the period9904 | €8k | €-2k | €11k | €339 | €2k | ▲ 399% |
| Profit (loss) for the period to be appropriated9905 | €8k | €-2k | €11k | €339 | €2k | ▲ 399% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €65k | €61k | €116k | €93k | €69k | ▼ 25.7% |
| Fixed assets21/28 | €4k | €5k | €6k | €5k | €3k | ▼ 48.5% |
| Tangible fixed assets22/27 | €4k | €5k | €6k | €5k | €2k | ▼ 53.5% |
| Plant, machinery and equipment23 | €2k | €1k | €2k | €1k | €810 | ▼ 41.9% |
| Furniture and vehicles24 | €2k | €4k | €4k | €3k | €1k | ▼ 58.1% |
| Financial fixed assets28 | €175 | €230 | €55 | €55 | €268 | ▲ 387% |
| Current assets29/58 | €61k | €55k | €110k | €88k | €66k | ▼ 24.4% |
| Stocks and contracts in progress3 | €7k | €8k | €8k | €8k | €7k | ▼ 10.2% |
| Stocks30/36 | €7k | €8k | €8k | €8k | €7k | ▼ 10.2% |
| Amounts receivable within one year40/41 | €29k | €24k | €77k | €52k | €44k | ▼ 17.1% |
| Trade receivables40 | €25k | €23k | €73k | €48k | €37k | ▼ 21.4% |
| Other amounts receivable41 | €4k | €790 | €4k | €5k | €6k | ▲ 25.0% |
| Cash at bank and in hand54/58 | €25k | €24k | €25k | €27k | €14k | ▼ 46.5% |
| Deferred charges and accrued income490/1 | €947 | - | €321 | €1k | €2k | ▲ 45.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €65k | €61k | €116k | €93k | €69k | ▼ 25.7% |
| Equity10/15 | €40k | €39k | €49k | €50k | €51k | ▲ 3.4% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Capital10 | €12k | - | - | - | - | - |
| Issued capital100 | €19k | - | - | - | - | - |
| Uncalled capital101 | €6k | - | - | - | - | - |
| Reserves13 | €1k | €1k | €1k | €1k | €1k | = |
| Non-distributable reserves130/1 | €1k | €1k | €1k | €1k | €1k | = |
| Legal reserve130 | €1k | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €1k | €1k | €1k | €1k | = |
| Profit (loss) carried forward14 | €27k | €25k | €35k | €36k | €38k | ▲ 4.7% |
| Amounts payable17/49 | €25k | €22k | €67k | €43k | €18k | ▼ 59.1% |
| Amounts payable within one year42/48 | €25k | €22k | €67k | €43k | €18k | ▼ 59.1% |
| Trade debts44 | €17k | €14k | €36k | €29k | €11k | ▼ 61.0% |
| Suppliers440/4 | €17k | €14k | €36k | €29k | €11k | ▼ 61.0% |
| Advances received on contracts in progress46 | - | €393 | €17k | €8k | €4k | ▼ 53.4% |
| Taxes, remuneration and social security45 | €3k | €3k | €7k | €4k | €2k | ▼ 40.2% |
| Taxes450/3 | €3k | €685 | €5k | €2k | €2k | ▲ 32.9% |
| Remuneration and social security454/9 | - | €2k | €2k | €2k | - | - |
| Other amounts payable47/48 | €5k | €5k | €7k | €2k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8k | €-2k | €11k | €339 | €2k | ▲ 399% |
| + Depreciation and write-downs630 | €2k | €2k | €2k | €3k | €3k | ▼ 8.7% |
| Operating cash flow (approximation) | €10k | €230 | €13k | €3k | €4k | ▲ 34.8% |
| Investment in fixed assets (approximation) | - | €-4k | €-3k | €-1k | €-213 | ▲ 85.2% |
| Change in cash | - | €-763 | €1k | €2k | €-12k | ▼ 858% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
09-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 9 days late
2024
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 23 days late
2022
31-12
Financial
Weakest financial yearnet €-2k
Net result drops to €-2k, the lowest in the series; recovery starts the following year.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ottignies-Louvain-la-Neuve · 1 establishment unit since 2018
Ground area
135 m²
Building footprint
45 m²
Volume, LiDAR
275 m³
Parcel 25385E0058/00P000, Wallonia · tallest building 7.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CSAY SPRL
since 20182.282.703.473
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25385E0058/00P000 | Wallonia | 135 m² | 1 · 45 m² | 7.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,528 companies in sector 43222 we hold annual accounts for 5,663. 4,576 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43221Plumbing work
Contact
E-mail
chauffage.andre@gmail.com
Phone
+32472887724
Scores and ratios are computed by Checked and are not a credit decision.