CSE
ActiveSummary
CSE has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €222k and a net result of €72k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 94% of 9494 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency100▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19k at 30 days acceptable
Liquidity ample (current ratio 15.97 against 3.44 in 2024; short-term debt: 6.1% and cash: 17.7% of total assets), and 6.1% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer 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
93.9%
Return on assets
30.5%
Age of the figures
9 mo
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
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €222k
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 30-07-2026, 1 day ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
1 d early
2024
30 d late
2023
61 d late
2022
30 d late
2021
31 d late
2020
30 d late
2019
29 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
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€222k▲ 48.1%
2024 · €150k
2018: €13k
2019: €23k▲ +83.6% vs 2018
2020: €23k● 0.0% vs 2019
2021: €-21k▼ -191% vs 2020lowest in 8 years
2022: €45k▲ +311% vs 2021
2023: €151k▲ +236% vs 2022
2024: €150k▼ -1.0% vs 2023
2025: €222k▲ +48.1% vs 2024highest in 8 years
2018 → 2025
Total assets
€236k▲ 12.3%
2024 · €210k
2018: €25klowest in 8 years
2019: €32k▲ +29.7% vs 2018
2020: €42k▲ +30.5% vs 2019
2021: €36k▼ -13.0% vs 2020
2022: €93k▲ +156% vs 2021
2023: €201k▲ +117% vs 2022
2024: €210k▲ +4.5% vs 2023
2025: €236k▲ +12.3% vs 2024highest in 8 years
2018 → 2025
Net result
€72k▼ 16.3%
2024 · €86k
2018: €6k
2019: €11k▲ +63.5% vs 2018
2020: €-15k▼ -242% vs 2019
2021: €-30k▼ -97.0% vs 2020lowest in 8 years
2022: €66k▲ +324% vs 2021
2023: €106k▲ +60.4% vs 2022highest in 8 years
2024: €86k▼ -19.1% vs 2023
2025: €72k▼ -16.3% vs 2024
2018 → 2025
Working capital
€216k▲ 46.4%
2024 · €147k
2018: €13k
2019: €20k▲ +58.7% vs 2018
2020: €18k▼ -8.2% vs 2019
2021: €-20k▼ -210% vs 2020lowest in 8 years
2022: €41k▲ +300% vs 2021
2023: €147k▲ +260% vs 2022
2024: €147k▲ +0.5% vs 2023
2025: €216k▲ +46.4% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-21k-€45k€151k▲ 236%€150k▼ 1.0%€222k▲ 48.1%
2021: €-21klowest in 5 years
2022: €45k▲ +311% vs 2021
2023: €151k▲ +236% vs 2022
2024: €150k▼ -1.0% vs 2023
2025: €222k▲ +48.1% vs 2024highest in 5 years
Operating result€-29k-€101k€141k▲ 39.8%€109k▼ 22.3%€85k▼ 22.6%
2021: €-29klowest in 5 years
2022: €101k▲ +447% vs 2021
2023: €141k▲ +39.8% vs 2022highest in 5 years
2024: €109k▼ -22.3% vs 2023
2025: €85k▼ -22.6% vs 2024
Net result€-30k-€66k€106k▲ 60.4%€86k▼ 19.1%€72k▼ 16.3%
2021: €-30klowest in 5 years
2022: €66k▲ +324% vs 2021
2023: €106k▲ +60.4% vs 2022highest in 5 years
2024: €86k▼ -19.1% vs 2023
2025: €72k▼ -16.3% 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 has fallen two years in a row; 2025 is 23% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €236k
Fixed assets
€6k ▲ 149%
Current assets
€230k ▲ 10.7%
Equity and liabilities €236k
Equity
€222k ▲ 48.1%
Debt
€14k ▼ 76.2%
Debt's share of the balance-sheet total falls from 28.8% to 6.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€88k▼
2024 · €112k
Cash flow
€76k▼
2024 · €88k
Current ratio
15.97▲
2024 · 3.44
Debt to equity
0.06▼
2024 · 0.40
ROE
32.5%▼
2024 · 57.4%
ROA
30.5%▼
2024 · 40.9%
Interest coverage
207.55▲
2024 · 153.64
Debt ≤ 1 year
€14k▼
2024 · €61k
Income taxes
€17k▼
2024 · €23k
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 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€210k€236k▲
Fixed assets21/28€2k€6k▲
Tangible fixed assets22/27€2k€6k▲
Plant, machinery and equipment23€2k€530▼
Furniture and vehicles24€827€5k▲
Financial fixed assets28€100€100=
Current assets29/58€208k€230k▲
Amounts receivable within one year40/41€36k€35k▼
Trade receivables40€9k-
Other amounts receivable41€27k€35k▲
Current investments50/53€34k€150k▲
Cash at bank and in hand54/58€135k€42k▼
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€210k€236k▲
Equity10/15€150k€222k▲
Contributions10/11€19k€19k=
Reserves13€17k€17k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€15k€15k=
Profit (loss) carried forward14€114k€186k▲
Amounts payable17/49€61k€14k▼
Amounts payable within one year42/48€61k€14k▼
Trade debts44€0€0=
Suppliers440/4€0€0=
Taxes, remuneration and social security45€44k€14k▼
Taxes450/3€38k€12k▼
Remuneration and social security454/9€6k€2k▼
Other amounts payable47/48€16k€707▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€4k▲
Other operating charges640/8€648€4k▲
Gross operating margin9900€112k€93k▼
Operating profit (loss)9901€109k€85k▼
Financial income75/76B€314€4k▲
Recurring financial income75€314€4k▲
Financial charges65/66B€727€425▼
Recurring financial charges65€727€425▼
Profit (loss) for the period before taxes9903€109k€89k▼
Income taxes67/77€23k€17k▼
Profit (loss) for the period9904€86k€72k▼
Profit (loss) for the period to be appropriated9905€86k€72k▼
Appropriation of the result
Profit (loss) to be appropriated9906€114k€186k▲
Profit (loss) brought forward from the previous period14P€28k€114k▲
Transfer from equity791/2€100k-
Profit to be distributed694/7€100k-
Return on contributions (dividend)694€100k-
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12k | €12k | €2k | €2k | €4k | ▲ 51.0% |
| Other operating charges640/8 | €449 | €142 | €969 | €648 | €4k | ▲ 563% |
| Gross operating margin9900 | €-16k | €113k | €144k | €112k | €93k | ▼ 17.7% |
| Operating profit (loss)9901 | €-29k | €101k | €141k | €109k | €85k | ▼ 22.6% |
| Financial income75/76B | €0 | - | €0 | €314 | €4k | ▲ 1,291% |
| Recurring financial income75 | €0 | - | €0 | €314 | €4k | ▲ 1,291% |
| Financial charges65/66B | €209 | €24k | €1k | €727 | €425 | ▼ 41.6% |
| Recurring financial charges65 | €209 | €277 | €1k | €727 | €425 | ▼ 41.6% |
| Non-recurring financial charges66B | - | €24k | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €-29k | €77k | €140k | €109k | €89k | ▼ 18.7% |
| Income taxes67/77 | €272 | €10k | €33k | €23k | €17k | ▼ 27.6% |
| Profit (loss) for the period9904 | €-30k | €66k | €106k | €86k | €72k | ▼ 16.3% |
| Profit (loss) for the period to be appropriated9905 | €-30k | €66k | €106k | €86k | €72k | ▼ 16.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €36k | €93k | €201k | €210k | €236k | ▲ 12.3% |
| Fixed assets21/28 | €15k | €14k | €5k | €2k | €6k | ▲ 149% |
| Tangible fixed assets22/27 | €15k | €14k | €5k | €2k | €6k | ▲ 155% |
| Plant, machinery and equipment23 | - | €0 | €3k | €2k | €530 | ▼ 65.4% |
| Furniture and vehicles24 | €15k | €14k | €2k | €827 | €5k | ▲ 563% |
| Financial fixed assets28 | - | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €21k | €79k | €197k | €208k | €230k | ▲ 10.7% |
| Amounts receivable within one year40/41 | €4k | €23k | €18k | €36k | €35k | ▼ 1.3% |
| Trade receivables40 | €1k | €17k | €13k | €9k | - | - |
| Other amounts receivable41 | €3k | €5k | €5k | €27k | €35k | ▲ 31.1% |
| Current investments50/53 | - | - | - | €34k | €150k | ▲ 340% |
| Cash at bank and in hand54/58 | €15k | €54k | €177k | €135k | €42k | ▼ 69.1% |
| Deferred charges and accrued income490/1 | €1k | €2k | €2k | €3k | €3k | ▲ 11.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €36k | €93k | €201k | €210k | €236k | ▲ 12.3% |
| Equity10/15 | €-21k | €45k | €151k | €150k | €222k | ▲ 48.1% |
| Contributions10/11 | €6k | €6k | €6k | €19k | €19k | = |
| Reserves13 | €17k | €17k | €17k | €17k | €17k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Other1319 | €2k | - | - | - | - | - |
| Distributable reserves133 | €15k | €15k | €15k | €15k | €15k | = |
| Profit (loss) carried forward14 | €-45k | €22k | €128k | €114k | €186k | ▲ 63.1% |
| Amounts payable17/49 | €57k | €48k | €50k | €61k | €14k | ▼ 76.2% |
| Amounts payable after more than one year17 | €16k | €10k | - | - | - | - |
| Financial debts170/4 | €16k | €10k | - | - | - | - |
| Amounts payable within one year42/48 | €41k | €38k | €50k | €61k | €14k | ▼ 76.2% |
| Current portion of amounts payable after more than one year42 | €7k | €7k | - | - | - | - |
| Trade debts44 | €2k | €1k | €191 | €0 | €0 | - |
| Suppliers440/4 | €2k | €1k | €191 | €0 | €0 | - |
| Taxes, remuneration and social security45 | €2k | €11k | €49k | €44k | €14k | ▼ 69.0% |
| Taxes450/3 | €2k | €4k | €46k | €38k | €12k | ▼ 70.0% |
| Remuneration and social security454/9 | - | €7k | €3k | €6k | €2k | ▼ 62.4% |
| Other amounts payable47/48 | €31k | €19k | €312 | €16k | €707 | ▼ 95.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-30k | €66k | €106k | €86k | €72k | ▼ 16.3% |
| + Depreciation and write-downs630 | €12k | €12k | €2k | €2k | €4k | ▲ 51.0% |
| Operating cash flow (approximation) | €-17k | €79k | €108k | €88k | €76k | ▼ 14.5% |
| Investment in fixed assets (approximation) | - | €-11k | €7k | €0 | €-7k | - |
| Change in cash | - | €39k | €122k | €-41k | €-93k | ▼ 127% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Liquidity times 5current ratio 15.97
Current ratio from 3.44 to 15.97; short-term debt falls from €61k to €14k.
31-12
Financial
Equity above €200kEq €222k ▲48.1%
4 profitable years in a row build equity to €222k.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-12
Financial
Highest result since 2018net €106k ▲60.4%
Operating result €141k, net result €106k, both a record.
31-12
Financial
Equity above €150kEq €151k ▲236%
2 profitable years in a row build equity to €151k.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Back to profitnet €66k
Net result €66k after 2 loss-making years.
31-12
Financial
Liquidity quadruplescurrent ratio 2.07
Current ratio from 0.50 to 2.07; short-term debt falls from €41k to €38k.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet €-30k
Net result drops to €-30k, the lowest in the series; recovery starts the following year.
Show earlier events
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
16-07
NBB filing
Annual accounts filed
fiscal year 2018 · 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, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2018
Ground area
373 m²
Building footprint
103 m²
Volume, LiDAR
677 m³
Parcel 11011A0590/00Y000, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CSE
since 20182.277.563.958
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11011A0590/00Y000 | Flanders | 373 m² | 1 · 103 m² | 10.5 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 11,571 companies in sector 71121 we hold annual accounts for 6,561. 5,058 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
Founded05-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.