CSM
ActiveSummary
CSM has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€26,586) and a net result of -€18,113. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 31942 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability21▼-15
Solvency14▼-8
Growth55=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.66 against 0.86 in 2024; short-term debt: 34.3% and cash: 2.2% of total assets), and equity is negative.
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Signals
Seven 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
-10.7%
Return on assets
-7.3%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€26,586
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 05-06-2026, 56 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
56 d early
2024
40 d early
2023
66 d early
2022
60 d early
2021
57 d early
2020
37 d early
2019
52 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 53 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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. Usually files around 4 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€198,777▼ 28.2%
2024 · €276,759
EBIT margin
-7.0%▼ 5.8pp
2024 · -1.2%
Net result
-€18,113▼ 94.9%
2024 · -€9,295
Working capital
-€28,960▼ 368%
2024 · -€6,188
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
Line20212022202320242025
Turnover€389,340▲ 7.0%€369,303▼ 5.1%€371,436▲ 0.6%€276,759▼ 25.5%€198,777▼ 28.2%
Operating result€10,023▼ 61.7%€3,582▼ 64.3%€3,050▼ 14.8%-€3,260-€13,848▼ 325%
Net result€213below the sector's middle half-€3,928below the sector's middle half-€3,398below the sector's middle half▲ 13.5%-€9,295below the sector's middle half▼ 174%-€18,113below the sector's middle half▼ 94.9%
EBIT margin2.6%▼ 4.6pp1.0%▼ 1.6pp0.8%▼ 0.1pp-1.2%▼ 2.0pp-7.0%▼ 5.8pp
Equity€8,147below the sector's middle half€4,219below the sector's middle half▼ 48.2%€821below the sector's middle half▼ 80.5%-€8,473below the sector's middle half-€26,586below the sector's middle half▼ 214%
Total assets€329,245within the sector's middle half▼ 9.7%€288,880within the sector's middle half▼ 12.3%€257,103within the sector's middle half▼ 11.0%€246,096within the sector's middle half▼ 4.3%€249,394within the sector's middle half▲ 1.3%
Debt€321,098▼ 20.3%€284,661▼ 11.3%€256,281▼ 10.0%€254,569▼ 0.7%€275,981▲ 8.4%
Working capital€1,288within the sector's middle half-€8,630below the sector's middle half-€13,861below the sector's middle half▼ 60.6%-€6,188below the sector's middle half▲ 55.4%-€28,960below the sector's middle half▼ 368%
Solvency2.5%below the sector's middle half▲ 12.9pp1.5%below the sector's middle half▼ 1.0pp0.3%below the sector's middle half▼ 1.1pp-3.4%below the sector's middle half▼ 3.8pp-10.7%below the sector's middle half▼ 7.2pp
Current ratio1.02within the sector's middle half▲ 0.390.84below the sector's middle half▼ 0.180.72below the sector's middle half▼ 0.120.86below the sector's middle half▲ 0.140.66below the sector's middle half▼ 0.20
Return on assets (ROA)0.1%below the sector's middle half▲ 42.2pp-1.4%below the sector's middle half▼ 1.4pp-1.3%below the sector's middle half=-3.8%below the sector's middle half▼ 2.5pp-7.3%below the sector's middle half▼ 3.5pp
Staff (FTE)1▲ 42.9%0.8▼ 20.0%1▲ 25.0%1=1=
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €13,848 in 2025 against €3,260 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €249,394
Fixed assets
€192,857 ▼ 7.4%
Current assets
€56,538 ▲ 49.5%
Key figures and ratios
EBITDA
€4,481▼
2024 · €14,256
Cash flow
€216▼
2024 · €8,221
Quick ratio
0.08▼
2024 · 0.23
Debt to equity
-10.38▲
2024 · -30.04
Interest coverage
0.92▼
2024 · 2.41
Debt ≤ 1 year
€85,497▲
2024 · €43,994
Debt > 1 year
€190,119▼
2024 · €210,165
Staff costs
€24,872▲
2024 · €23,583
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,338 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 90% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
2.5%
went bankrupt
5.6%
stopped otherwise
90%
still going
A further 1.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 2,338 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €389,340 | €369,303 | €371,436 | €276,759 | €198,777 | ▼ 28.2% |
| Goods, raw materials, services and sundry goods60/61 | €349,018 | €329,133 | €325,676 | €244,845 | €172,384 | ▼ 29.6% |
| Remuneration, social security and pensions62 | €9,019 | €16,555 | €23,619 | €23,583 | €24,872 | ▲ 5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,415 | €23,415 | €23,086 | €17,516 | €18,329 | ▲ 4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€36,312 | - | - | - | - |
| Other operating charges640/8 | €1,629 | €37,873 | €1,709 | €1,730 | €1,628 | ▼ 5.9% |
| Non-recurring operating charges66A | - | - | - | €2,019 | - | - |
| Gross operating margin9900 | €44,087 | €45,113 | €51,464 | €41,588 | €30,981 | ▼ 25.5% |
| Operating profit (loss)9901 | €10,023 | €3,582 | €3,050 | -€3,260 | -€13,848 | ▼ 325% |
| Financial income75/76B | €96 | €5 | €8 | €13 | €588 | ▲ 4,317% |
| Recurring financial income75 | €96 | €5 | €8 | €13 | €588 | ▲ 4,317% |
| Financial charges65/66B | €8,480 | €4,952 | €6,287 | €5,921 | €4,853 | ▼ 18.0% |
| Recurring financial charges65 | €8,480 | €4,952 | €6,287 | €5,921 | €4,853 | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | €1,639 | -€1,364 | -€3,229 | -€9,167 | -€18,113 | ▼ 97.6% |
| Income taxes67/77 | €1,425 | €2,564 | €168 | €128 | - | - |
| Profit (loss) for the period9904 | €213 | -€3,928 | -€3,398 | -€9,295 | -€18,113 | ▼ 94.9% |
| Profit (loss) for the period to be appropriated9905 | €213 | -€3,928 | -€3,398 | -€9,295 | -€18,113 | ▼ 94.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €329,245 | €288,880 | €257,103 | €246,096 | €249,394 | ▲ 1.3% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €267,985 | €244,571 | €221,955 | €208,289 | €192,857 | ▼ 7.4% |
| Intangible fixed assets21 | €4,000 | €2,000 | €0 | €0 | €903 | - |
| Tangible fixed assets22/27 | €263,810 | €242,396 | €221,780 | €208,114 | €191,779 | ▼ 7.8% |
| Land and buildings22 | €233,669 | €218,268 | €202,867 | €190,526 | €178,089 | ▼ 6.5% |
| Plant, machinery and equipment23 | €2,629 | €1,272 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | €27,512 | €22,856 | €18,914 | €17,589 | €13,690 | ▼ 22.2% |
| Financial fixed assets28 | €175 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €61,260 | €44,310 | €35,148 | €37,806 | €56,538 | ▲ 49.5% |
| Stocks and contracts in progress3 | - | - | - | €27,704 | €49,451 | ▲ 78.5% |
| Stocks30/36 | - | - | - | €27,704 | €49,451 | ▲ 78.5% |
| Amounts receivable within one year40/41 | €14,141 | €5,280 | €4,864 | €6 | €705 | ▲ 12,269% |
| Trade receivables40 | €14,135 | €5,275 | €4,859 | €0 | €105 | - |
| Other amounts receivable41 | €6 | €6 | €6 | €6 | €600 | ▲ 10,426% |
| Cash at bank and in hand54/58 | €44,974 | €37,514 | €29,237 | €9,252 | €5,516 | ▼ 40.4% |
| Deferred charges and accrued income490/1 | €2,145 | €1,516 | €1,046 | €845 | €866 | ▲ 2.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €329,245 | €288,880 | €257,103 | €246,096 | €249,394 | ▲ 1.3% |
| Equity10/15 | €8,147 | €4,219 | €821 | -€8,473 | -€26,586 | ▼ 214% |
| Contributions10/11 | €434 | €434 | €434 | €434 | €434 | = |
| Reserves13 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Non-distributable reserves130/1 | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | €0 | - | - | - | - | - |
| Distributable reserves133 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Profit (loss) carried forward14 | €213 | -€3,715 | -€7,112 | -€16,407 | -€34,520 | ▼ 110% |
| Amounts payable17/49 | €321,098 | €284,661 | €256,281 | €254,569 | €275,981 | ▲ 8.4% |
| Amounts payable after more than one year17 | €260,529 | €231,187 | €206,770 | €210,165 | €190,119 | ▼ 9.5% |
| Financial debts170/4 | €260,529 | €231,187 | €206,770 | €210,165 | €190,119 | ▼ 9.5% |
| Amounts payable within one year42/48 | €59,972 | €52,939 | €49,009 | €43,994 | €85,497 | ▲ 94.3% |
| Current portion of amounts payable after more than one year42 | €32,701 | €32,989 | €28,064 | €23,347 | €21,943 | ▼ 6.0% |
| Trade debts44 | €13,693 | €11,247 | €10,786 | €7,266 | €14,038 | ▲ 93.2% |
| Suppliers440/4 | €13,693 | €11,247 | €10,786 | €7,266 | €14,038 | ▲ 93.2% |
| Taxes, remuneration and social security45 | €10,680 | €6,882 | €8,031 | €5,871 | €7,632 | ▲ 30.0% |
| Taxes450/3 | €9,597 | €5,720 | €5,296 | €2,823 | €4,612 | ▲ 63.4% |
| Remuneration and social security454/9 | €1,083 | €1,162 | €2,735 | €3,048 | €3,020 | ▼ 0.9% |
| Other amounts payable47/48 | €2,898 | €1,822 | €2,128 | €7,510 | €41,884 | ▲ 458% |
| Accrued charges and deferred income492/3 | €597 | €535 | €503 | €410 | €365 | ▼ 11.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €213 | -€3,928 | -€3,398 | -€9,295 | -€18,113 | ▼ 94.9% |
| + Depreciation and write-downs630 | €23,415 | €23,415 | €23,086 | €17,516 | €18,329 | ▲ 4.6% |
| Operating cash flow (approximation) | €23,628 | €19,487 | €19,688 | €8,221 | €216 | ▼ 97.4% |
| Investment in fixed assets (approximation) | - | €0 | -€470 | -€3,850 | -€2,897 | ▲ 24.8% |
| Change in cash | - | -€7,461 | -€8,276 | -€19,985 | -€3,736 | ▲ 81.3% |
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
05-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
21-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
26-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €213
Net result €213 after one loss-making year.
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€153,858
Net result drops to -€153,858, the lowest in the series; recovery starts the following year.
09-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €13,855
Net result €13,855 after one loss-making year.
22-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 57 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Rochefort · 2 establishment units since 2015
Ground area
1,577 m²
Building footprint
178 m²
2 parcels, Wallonia. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
C S M
since 20152.238.605.590
MINo by csm
since 20192.287.327.504
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91114B0166/00Z002 | Wallonia | 1,318 m² | 1 · 120 m² | - |
| 91114A1089/00H002 | Wallonia | 258 m² | 1 · 58 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2021 list no shareholders, and no other source names one.
Holdings 1
-
17%
According to the 2021 annual accounts of CSM and those 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 82,646 companies in sector 70200 we hold annual accounts for 52,627. 4,278 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
Founded30-10-2014
Fiscal year end31-12
Activities, NACEBEL 2025
47713Retail trade
70200Business and other management consultancy
73300Public relations and communication consultancy
82100Office administrative and support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0566957971
Also
9925:BE0566957971
Registered
05-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.