CSE 3
ActiveSummary
CSE 3 has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.5m and a net result of €762,382. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 87% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▲+62
Solvency100=
Growth52▲+30
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €420,000 at 30 days acceptable
Liquidity ample (current ratio 16.12 against 0.41 in 2024; short-term debt: 1.7% and cash: 0.5% of total assets), and 10.3% of the assets are financed with debt.
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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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
89.7%
Return on assets
12.4%
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 08-07-2026, 23 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
23 d early
2024
27 d early
2024
43 d early
2023
34 d early
2022
11 d early
2021
27 d early
2020
22 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#5 company by equity in Waterloo, Real estate sector
Turnover
€247,582▼ 50.6%
2024 · €501,478
EBIT margin
-171.2%▼ 170.7pp
2024 · -0.6%
Net result
€762,382
2024 · -€432,745
Working capital
€1.6m
2024 · -€286,603
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420242025
Turnover€394,682▼ 2.0%€437,465▲ 10.8%€501,478▲ 14.6%€247,582-
Operating result-€195,136▼ 29.8%€287,184-€2,775-€423,877-€747,501
Net result-€195,790below the sector's middle half▼ 30.0%€285,195above the sector's middle half-€4,354-€432,745-€762,382above the sector's middle half
EBIT margin-49.4%▼ 12.1pp65.6%▲ 115.1pp-0.6%▼ 66.2pp-171.2%-
Equity€4.9mabove the sector's middle half▼ 3.8%€5.2mabove the sector's middle half▲ 5.8%€5.2m▼ 0.1%€4.8m-€5.5mabove the sector's middle half▲ 16.0%
Total assets€5.0mwithin the sector's middle half▼ 2.0%€6.1mwithin the sector's middle half▲ 20.2%€5.8m▼ 4.8%€5.8m-€6.2mwithin the sector's middle half▲ 5.4%
Debt€125,581▲ 317%€856,352▲ 582%€570,548▼ 33.4%€1.1m-€631,654▼ 41.6%
Working capital-€73,407within the sector's middle half-€321,432below the sector's middle half▼ 338%-€511,208▼ 59.0%-€286,603-€1.6mabove the sector's middle half
Solvency97.5%above the sector's middle half▼ 1.9pp85.9%above the sector's middle half▼ 11.6pp90.1%▲ 4.2pp81.5%-89.7%above the sector's middle half▲ 8.2pp
Current ratio0.17below the sector's middle half▼ 5.050.32below the sector's middle half▲ 0.150.02▼ 0.300.41-16.12above the sector's middle half▲ 15.71
Return on assets (ROA)-3.9%below the sector's middle half▼ 1.0pp4.7%above the sector's middle half▲ 8.6pp-0.1%▼ 4.8pp-7.4%-12.4%above the sector's middle half▲ 19.8pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.2m
Fixed assets
€4.4m ▼ 21.3%
Current assets
€1.7m ▲ 757%
Equity and liabilities €6.2m
Equity
€5.5m ▲ 16.0%
Debt
€631,654 ▼ 41.6%
Debt's share of the balance-sheet total falls from 18.5% to 10.3%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
1.23▲
2024 · 0.26
Debt to equity
0.11▼
2024 · 0.23
ROE
13.8%▲
2024 · -9.1%
Debt ≤ 1 year
€106,385▼
2024 · €486,816
Debt > 1 year
€525,269▼
2024 · €594,226
Income taxes
€95,800
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €570,099 | €940,148 | €501,478 | €318,877 | €925,912 | ▲ 190% |
| Turnover70 | €394,682 | €437,465 | €501,478 | €247,582 | - | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €71,295 | €114,827 | ▲ 61.1% |
| Other operating income74 | €175,418 | - | - | - | €811,085 | - |
| Non-recurring operating income76A | - | €502,683 | - | - | - | - |
| Operating charges60/66A | €765,235 | €652,964 | €504,253 | €742,754 | €178,411 | ▼ 76.0% |
| Services and other goods61 | €539,489 | €417,946 | €272,798 | €537,444 | €78,372 | ▼ 85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €145,682 | €149,505 | €149,239 | €110,289 | - | - |
| Other operating charges640/8 | €80,065 | €85,513 | €82,216 | €95,021 | €100,039 | ▲ 5.3% |
| Operating profit (loss)9901 | -€195,136 | €287,184 | -€2,775 | -€423,877 | €747,501 | ▲ 276% |
| Financial income75/76B | - | - | - | - | €137,572 | - |
| Recurring financial income75 | - | - | - | - | €137,572 | - |
| Income from financial fixed assets750 | - | - | - | - | €137,572 | - |
| Financial charges65/66B | €654 | €2,867 | €1,579 | €8,868 | €26,891 | ▲ 203% |
| Recurring financial charges65 | €654 | €2,867 | €1,579 | €8,868 | €26,891 | ▲ 203% |
| Debt charges650 | - | €2,170 | €792 | €8,483 | €25,203 | ▲ 197% |
| Other financial charges652/9 | €654 | €697 | €787 | €385 | €1,687 | ▲ 338% |
| Profit (loss) for the period before taxes9903 | -€195,790 | €284,317 | -€4,354 | -€432,745 | €858,182 | ▲ 298% |
| Income taxes67/77 | - | -€878 | - | - | €95,800 | - |
| Taxes670/3 | - | - | - | - | €95,800 | - |
| Tax adjustments and reversals of tax provisions77 | - | €878 | - | - | - | - |
| Profit (loss) for the period9904 | -€195,790 | €285,195 | -€4,354 | -€432,745 | €762,382 | ▲ 276% |
| Profit (loss) for the period to be appropriated9905 | -€195,790 | €285,195 | -€4,354 | -€432,745 | €762,382 | ▲ 276% |
| Line | 2022 | 2023 | 2024 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.0m | €6.1m | €5.8m | €5.8m | €6.2m | ▲ 5.4% |
| Formation expenses20 | €4,718 | €2,226 | - | - | - | - |
| Fixed assets21/28 | €5.0m | €5.9m | €5.8m | €5.6m | €4.4m | ▼ 21.3% |
| Tangible fixed assets22/27 | €5.0m | €5.9m | €5.8m | €5.6m | - | - |
| Land and buildings22 | €4.9m | €5.8m | €5.6m | €5.5m | - | - |
| Plant, machinery and equipment23 | €161,397 | €142,489 | €123,581 | €109,547 | - | - |
| Financial fixed assets28 | - | - | - | - | €4.4m | - |
| Affiliated companies280/1 | - | - | - | - | €4.4m | - |
| Amounts receivable281 | - | - | - | - | €4.4m | - |
| Other financial fixed assets284/8 | - | - | - | - | €90,000 | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €90,000 | - |
| Current assets29/58 | €15,049 | €153,095 | €12,176 | €200,214 | €1.7m | ▲ 757% |
| Stocks and contracts in progress3 | - | - | - | €71,781 | €1.6m | ▲ 2,107% |
| Contracts in progress37 | - | - | - | €71,781 | €1.6m | ▲ 2,107% |
| Amounts receivable within one year40/41 | - | €113,574 | €2 | - | €88,181 | - |
| Trade receivables40 | - | €112,065 | - | - | €2,886 | - |
| Other amounts receivable41 | - | €1,509 | €2 | - | €85,295 | - |
| Cash at bank and in hand54/58 | €6,367 | €30,141 | €1,572 | €117,787 | €32,296 | ▼ 72.6% |
| Deferred charges and accrued income490/1 | €8,682 | €9,380 | €10,602 | €10,646 | €10,166 | ▼ 4.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.0m | €6.1m | €5.8m | €5.8m | €6.2m | ▲ 5.4% |
| Equity10/15 | €4.9m | €5.2m | €5.2m | €4.8m | €5.5m | ▲ 16.0% |
| Contributions10/11 | €5.3m | €5.3m | €5.3m | €5.3m | €5.3m | = |
| Capital10 | €5.3m | €5.3m | - | - | - | - |
| Issued capital100 | €5.3m | €5.3m | - | - | - | - |
| Reserves13 | €95 | €95 | €95 | €95 | €95 | = |
| Non-distributable reserves130/1 | €95 | €95 | €95 | €95 | €95 | = |
| Legal reserve130 | €95 | €95 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €95 | €95 | €95 | = |
| Profit (loss) carried forward14 | -€344,622 | -€59,427 | -€63,781 | -€496,526 | €265,855 | ▲ 154% |
| Amounts payable17/49 | €125,581 | €856,352 | €570,548 | €1.1m | €631,654 | ▼ 41.6% |
| Amounts payable after more than one year17 | - | €275,025 | €25,000 | €594,226 | €525,269 | ▼ 11.6% |
| Financial debts170/4 | - | €275,025 | €25,000 | - | - | - |
| Other loans174 | - | €275,025 | €25,000 | - | - | - |
| Other amounts payable178/9 | - | - | - | €594,226 | €525,269 | ▼ 11.6% |
| Amounts payable within one year42/48 | €88,456 | €474,527 | €523,384 | €486,816 | €106,385 | ▼ 78.1% |
| Current portion of amounts payable after more than one year42 | - | €470,499 | €250,025 | - | - | - |
| Financial debts43 | - | - | €270,000 | - | - | - |
| Other loans439 | - | - | €270,000 | - | - | - |
| Trade debts44 | €87,578 | €4,028 | €3,359 | €486,816 | €10,586 | ▼ 97.8% |
| Suppliers440/4 | €87,578 | €4,028 | €3,359 | €486,816 | €10,586 | ▼ 97.8% |
| Taxes, remuneration and social security45 | €878 | - | - | - | €95,800 | - |
| Taxes450/3 | €878 | - | - | - | €95,800 | - |
| Accrued charges and deferred income492/3 | €37,125 | €106,800 | €22,164 | - | - | - |
| Line | 2022 | 2023 | 2024 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€195,790 | €285,195 | -€4,354 | -€432,745 | €762,382 | ▲ 276% |
| + Depreciation and write-downs630 | €145,682 | €149,505 | €149,239 | €110,289 | - | - |
| Operating cash flow (approximation) | -€50,109 | €434,700 | €144,885 | -€322,457 | €762,382 | ▲ 336% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€2,226 | - | €1.2m | - |
| Change in cash | - | €23,774 | -€28,569 | - | -€85,491 | - |
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
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
30-03
State Gazette act
Resignation: Absolute Consulting SRL (director)Director discharge · Power of attorney5 facts ▸
State Gazette act
Resignation: Absolute Consulting SRL (director)
Director discharge · Power of attorney5 facts ▸
- General meeting, 25/02/2026
- Director resignation, Absolute Consulting SRL (director)
- Director discharge, Absolute Consulting SRL (director)
- Power of attorney, Guillaume Hellebaut
- Power of attorney, Jean-Matthieu Jonet
2025
31-12
Financial
Back to profitnet €762,382
Net result €762,382 after 2 loss-making years.
31-12
Financial
Liquidity times 39current ratio 16.12
Current ratio from 0.41 to 16.12; short-term debt falls from €486,816 to €106,385.
31-12
Financial
Equity above €5mEq €5.5m ▲16%
Equity rises from €4.8m to €5.5m.
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema
2024
31-12
Financial
Weakest financial yearnet -€432,745
Net result drops to -€432,745, the lowest in the series; recovery starts the following year.
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema
2023
27-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
31-03
Financial
Back to profitnet €285,195
Net result €285,195 after 2 loss-making years.
31-03
Financial
Equity above €5mEq €5.2m ▲5.8%
Equity rises from €4.9m to €5.2m.
2022
20-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
04-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
09-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2025
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
7 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Waterloo
Ground area
1.0 ha
Building footprint
1,772 m²
Volume, LiDAR
33,713 m³
Parcel 25763M0621/00F000, Wallonia · tallest building 22.9 m, ±6 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25763M0621/00F000indicative | Wallonia | 1.0 ha | 1 · 1,772 m² | 22.9 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
0 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2025, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| ABSOlute Consulting |
|
Structure & network
Part of the group
JEC INVEST
31 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- CPB HOLDING
- C.P. Bourg
- CSE 3
Highest known parent: CPB HOLDING. The sources do not say who stands above it.
Owners 2
- C.P. Bourgparent100%
- JEC INVESTparentSourceaccounts JEC INVEST 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 1,701 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
Founded13-02-2019
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
E-invoicing
Reachable via Peppol
Peppol ID
0208:0720683175
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.