CSE CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of CSE CONSTRUCT is 4.0% (moderate). The 2025 annual accounts show equity of €2,872 and a net result of -€328. Equity is growing by ~5.7% per year across the filed fiscal years. Its solvency ranks better than 12% of 28051 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability68▲+26
Solvency32▼-1
Growth78=
Track record94
Bankruptcy probability, 12 months
4.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
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Signals
Six signals. The signal on the left, the evidence on the right.
+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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
6.7%
Return on assets
-0.8%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 28051 sector peers (2025).
NBB · sector comparisonPosition among 28051 sector peers
Solvency
better than 12%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 4 filingsDeviation from the deadline
2025
27 d late
2024
20 d late
2023
30 d late
2022
21 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 25 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€2,872▼ 10.3%
2024 · €3,200
Total assets
€42,771▲ 8.6%
2024 · €39,391
Net result
-€328▲ 77.7%
2024 · -€1,469
Working capital
-€3,621▲ 62.1%
2024 · -€9,553
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result-€3,501-€3,173-€578€1,814
Net result-€3,507-€3,176-€1,469-€328▲ 77.7%
Equity€1,493-€4,669▲ 213%€3,200▼ 31.5%€2,872▼ 10.3%
Total assets€2,742-€14,843▲ 441%€39,391▲ 165%€42,771▲ 8.6%
Debt€1,249-€10,174▲ 715%€36,191▲ 256%€39,899▲ 10.2%
Working capital€1,493-€4,090▲ 174%-€9,553-€3,621▲ 62.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €1,814 after a loss of €578 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €42,771
Fixed assets
€21,039 ▼ 22.9%
Current assets
€21,732 ▲ 79.7%
Equity and liabilities €42,771
Equity
€2,872 ▼ 10.3%
Debt
€39,899 ▲ 10.2%
Debt's share of the balance-sheet total rises from 91.9% to 93.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€8,075▲
2024 · €2,586
Cash flow
€5,933▲
2024 · €1,696
Current ratio
0.86▲
2024 · 0.56
Quick ratio
0.62▲
2024 · 0.28
Debt to equity
13.89▲
2024 · 11.31
ROE
-11.4%▲
2024 · -45.9%
ROA
-0.8%▲
2024 · -3.7%
Interest coverage
6.76▲
2024 · 3.37
Debt ≤ 1 year
€25,352▲
2024 · €21,645
Debt > 1 year
€14,546=
2024 · €14,546
Income taxes
€948▲
2024 · €123
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €272 | €3,165 | €6,261 | ▲ 97.8% |
| Other operating charges640/8 | €213 | €224 | €851 | €1,582 | ▲ 85.9% |
| Gross operating margin9900 | -€3,288 | €3,669 | €3,437 | €9,656 | ▲ 181% |
| Operating profit (loss)9901 | -€3,501 | €3,173 | -€578 | €1,814 | ▲ 414% |
| Financial income75/76B | - | €14 | - | - | - |
| Recurring financial income75 | - | €14 | - | - | - |
| Financial charges65/66B | €6 | €10 | €768 | €1,194 | ▲ 55.5% |
| Recurring financial charges65 | €6 | €10 | €768 | €1,194 | ▲ 55.5% |
| Profit (loss) for the period before taxes9903 | -€3,507 | €3,176 | -€1,346 | €620 | ▲ 146% |
| Income taxes67/77 | - | - | €123 | €948 | ▲ 671% |
| Profit (loss) for the period9904 | -€3,507 | €3,176 | -€1,469 | -€328 | ▲ 77.7% |
| Profit (loss) for the period to be appropriated9905 | -€3,507 | €3,176 | -€1,469 | -€328 | ▲ 77.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €2,742 | €14,843 | €39,391 | €42,771 | ▲ 8.6% |
| Fixed assets21/28 | - | €579 | €27,300 | €21,039 | ▼ 22.9% |
| Tangible fixed assets22/27 | - | €579 | €27,300 | €21,039 | ▼ 22.9% |
| Plant, machinery and equipment23 | - | - | €1,021 | €811 | ▼ 20.6% |
| Furniture and vehicles24 | - | €579 | €26,279 | €20,228 | ▼ 23.0% |
| Current assets29/58 | €2,742 | €14,264 | €12,091 | €21,732 | ▲ 79.7% |
| Stocks and contracts in progress3 | - | €6,000 | €6,000 | €6,000 | = |
| Stocks30/36 | - | €6,000 | €6,000 | €6,000 | = |
| Amounts receivable within one year40/41 | €1,289 | €3,092 | €440 | €2,968 | ▲ 575% |
| Trade receivables40 | - | €47 | €47 | €250 | ▲ 429% |
| Other amounts receivable41 | €1,289 | €3,045 | €392 | €2,718 | ▲ 593% |
| Cash at bank and in hand54/58 | €1,142 | €5,172 | €4,937 | €10,678 | ▲ 116% |
| Deferred charges and accrued income490/1 | €312 | - | €715 | €2,085 | ▲ 192% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €2,742 | €14,843 | €39,391 | €42,771 | ▲ 8.6% |
| Equity10/15 | €1,493 | €4,669 | €3,200 | €2,872 | ▼ 10.3% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€3,507 | -€331 | -€1,800 | -€2,128 | ▼ 18.2% |
| Amounts payable17/49 | €1,249 | €10,174 | €36,191 | €39,899 | ▲ 10.2% |
| Amounts payable after more than one year17 | - | - | €14,546 | €14,546 | = |
| Financial debts170/4 | - | - | €14,546 | €14,546 | = |
| Amounts payable within one year42/48 | €1,249 | €10,174 | €21,645 | €25,352 | ▲ 17.1% |
| Current portion of amounts payable after more than one year42 | - | - | €3,684 | - | - |
| Trade debts44 | €797 | €1,002 | €1,024 | €2,866 | ▲ 180% |
| Suppliers440/4 | €797 | €1,002 | €1,024 | €2,866 | ▲ 180% |
| Advances received on contracts in progress46 | - | €5,000 | €5,000 | €5,000 | = |
| Taxes, remuneration and social security45 | €452 | €2,480 | €1,122 | €1,071 | ▼ 4.5% |
| Taxes450/3 | €452 | €2,480 | €1,122 | €1,071 | ▼ 4.5% |
| Other amounts payable47/48 | - | €1,692 | €10,815 | €16,415 | ▲ 51.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,507 | €3,176 | -€1,469 | -€328 | ▲ 77.7% |
| + Depreciation and write-downs630 | - | €272 | €3,165 | €6,261 | ▲ 97.8% |
| Operating cash flow (approximation) | -€3,507 | €3,448 | €1,696 | €5,933 | ▲ 250% |
| Investment in fixed assets (approximation) | - | - | -€29,885 | €0 | ▲ 100% |
| Change in cash | - | €4,030 | -€235 | €5,742 | ▲ 2,540% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
20-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 20 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Back to profitnet €3,176
Net result €3,176 after one loss-making year.
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 21 days late
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, Kraainem · 2 establishment units since 2021
Ground area
1.2 ha
Building footprint
1,392 m²
Volume, LiDAR
43,488 m³
3 parcels, Flanders, Wallonia · tallest building 42.8 m, ±14 floors. Linked by address, not a title deed.
963
companies at this address
See who is registered here
2 establishment units
CSE CONSTRUCT
since 20212.326.440.575
CSE CONSTRUCT
since 20222.328.156.287
3 parcels
Flanders
2
(66.7%)
Wallonia
1
(33.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22002C0073/00N009 | Flanders | 1.1 ha | 1 · 865 m² | 42.8 m · 14 fl. |
| 38014E0102/00A000 | Flanders | 708 m² | 1 · 493 m² | 23.6 m · 7 fl. |
| 55022A0259/00L011 | Wallonia | 123 m² | 1 · 34 m² | 9.0 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,534 companies in sector 43222 we hold annual accounts for 5,666. 995 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
Founded23-12-2021
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
25110Manufacture of metal structures and parts of structures
33110Repair and maintenance of fabricated metal products
33140Repair and maintenance of electrical equipment
41001General construction of residential buildings
42219Civil engineering
43130Specialised construction activities
43221Plumbing work
Scores and ratios are computed by Checked and are not a credit decision.