Cusher
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00507609.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 25 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €37,000
Estimated: probably between €20,000 and €74,000
Total assets
€138,143▼ 8.6%
2024 · €151,114
Net result
-€8,888▲ 52.7%
2024 · -€18,791
Working capital
-€20,078▼ 93.4%
2024 · -€10,380
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,597
▲ 68.7%
2025
20182025
Net result
-€8,888
▲ 52.7%
2025
lowest quarter of the sector
20182025
Equity
€6,369
▼ 58.3%
2025
lowest quarter of the sector
20182025
Total assets
€138,143
▼ 8.6%
2025
lowest quarter of the sector
20182025
Debt
€131,774
▼ 3.0%
2025
20182025
Working capital
-€20,078
▼ 93.4%
2025
lowest quarter of the sector
20182025
Solvency
4.6%
▼ 5.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.71
▼ 0.13
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-6.4%
▲ 6.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,316-€18,985▲ 159%€8,745▼ 53.9%€13,320▲ 52.3%€4,808▼ 63.9%€9,430▲ 96.1%-€14,685-€4,597▲ 68.7%
Net result€687-€11,987▲ 17×-€11,017below the sector's middle half€10,286within the sector's middle half€9,449within the sector's middle half▼ 8.1%€4,336within the sector's middle half▼ 54.1%-€18,791below the sector's middle half-€8,888below the sector's middle half▲ 52.7%
Equity€9,007-€20,994▲ 133%€9,978below the sector's middle half▼ 52.5%€20,263below the sector's middle half▲ 103%€29,712within the sector's middle half▲ 46.6%€34,048below the sector's middle half▲ 14.6%€15,257below the sector's middle half▼ 55.2%€6,369below the sector's middle half▼ 58.3%
Total assets€113,249-€111,703▼ 1.4%€152,223within the sector's middle half▲ 36.3%€153,043within the sector's middle half▲ 0.5%€146,080within the sector's middle half▼ 4.6%€154,838below the sector's middle half▲ 6.0%€151,114below the sector's middle half▼ 2.4%€138,143below the sector's middle half▼ 8.6%
Debt€104,242-€90,709▼ 13.0%€142,245▲ 56.8%€132,780▼ 6.7%€116,368▼ 12.4%€120,790▲ 3.8%€135,857▲ 12.5%€131,774▼ 3.0%
Working capital€12,196-€8,669▼ 28.9%€932below the sector's middle half▼ 89.2%€4,705below the sector's middle half▲ 405%€4,693below the sector's middle half▼ 0.3%€10,704below the sector's middle half▲ 128%-€10,380below the sector's middle half-€20,078below the sector's middle half▼ 93.4%
Solvency8.0%-18.8%▲ 10.8pp6.6%below the sector's middle half▼ 12.2pp13.2%below the sector's middle half▲ 6.7pp20.3%below the sector's middle half▲ 7.1pp22.0%below the sector's middle half▲ 1.6pp10.1%below the sector's middle half▼ 11.9pp4.6%below the sector's middle half▼ 5.5pp
Current ratio1.23-1.12▼ 0.111.02below the sector's middle half▼ 0.101.08below the sector's middle half▲ 0.071.10below the sector's middle half▲ 0.021.26within the sector's middle half▲ 0.160.84below the sector's middle half▼ 0.420.71below the sector's middle half▼ 0.13
Return on assets (ROA)0.6%-10.7%▲ 10.1pp-7.2%below the sector's middle half▼ 18.0pp6.7%within the sector's middle half▲ 14.0pp6.5%within the sector's middle half▼ 0.3pp2.8%within the sector's middle half▼ 3.7pp-12.4%below the sector's middle half▼ 15.2pp-6.4%below the sector's middle half▲ 6.0pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €4,597, smaller than the loss of €14,685 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €138,143
Fixed assets
€89,579 ▼ 6.8%
Current assets
€48,564 ▼ 11.8%
Equity and liabilities €138,143
Equity
€6,369 ▼ 58.3%
Debt
€131,774 ▼ 3.0%
Debt's share of the balance-sheet total rises from 89.9% to 95.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1,902▲
2024 · -€7,606
Cash flow
-€2,389▲
2024 · -€11,712
Debt to equity
20.69▲
2024 · 8.90
ROE
-139.5%▼
2024 · -123.2%
Interest coverage
0.52▲
2024 · -1.89
Debt ≤ 1 year
€68,642▲
2024 · €65,417
Debt > 1 year
€63,132▼
2024 · €70,440
Income taxes
€651▲
2024 · €74
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €82,052 | - | - |
| Mortgages, amount registered | - | - | €110,000 | €110,000 | €110,000 |
| Carrying value of the mortgaged assets | - | - | €89,282 | €84,869 | €80,452 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €9,935 | €16,480 | - | - |
| Depreciation and write-downs of the year | €6,475 | €7,289 | €7,515 | €7,079 | €6,499 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €396 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,824 | €18,518 | €8,159 | €6,475 | €7,289 | €7,515 | €7,079 | €6,499 | ▼ 8.2% |
| Other operating charges640/8 | - | €3,075 | - | €2,358 | €2,827 | €3,478 | €3,180 | €3,806 | ▲ 19.7% |
| Gross operating margin9900 | €35,677 | €40,578 | €19,169 | €22,153 | €14,925 | €20,423 | -€4,427 | €5,708 | - |
| Operating profit (loss)9901 | €7,316 | €18,985 | €8,745 | €13,320 | €4,808 | €9,430 | -€14,685 | -€4,597 | ▲ 68.7% |
| Financial income75/76B | - | - | - | €492 | €10,007 | €4,736 | €0 | - | - |
| Recurring financial income75 | €55 | - | - | €492 | €10,007 | €4,736 | €0 | - | - |
| Financial charges65/66B | - | €3,291 | - | €3,435 | €4,282 | €6,942 | €4,032 | €3,640 | ▼ 9.7% |
| Recurring financial charges65 | €4,981 | €3,291 | €3,482 | €3,435 | €4,282 | €6,942 | €4,032 | €3,640 | ▼ 9.7% |
| Profit (loss) for the period before taxes9903 | €2,390 | €15,694 | -€10,466 | €10,377 | €10,533 | €7,223 | -€18,717 | -€8,237 | ▲ 56.0% |
| Income taxes67/77 | €1,704 | €3,707 | €551 | €91 | €1,085 | €2,887 | €74 | €651 | ▲ 783% |
| Profit (loss) for the period9904 | €687 | €11,987 | -€11,017 | €10,286 | €9,449 | €4,336 | -€18,791 | -€8,888 | ▲ 52.7% |
| Profit (loss) for the period to be appropriated9905 | €687 | €11,987 | -€11,017 | €10,286 | €9,449 | €4,336 | -€18,791 | -€8,888 | ▲ 52.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €113,249 | €111,703 | €152,223 | €153,043 | €146,080 | €154,838 | €151,114 | €138,143 | ▼ 8.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €47,067 | €28,549 | €98,642 | €92,167 | €94,812 | €103,156 | €96,078 | €89,579 | ▼ 6.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €46,352 | €27,834 | €97,927 | €91,452 | €94,098 | €103,062 | €95,983 | €89,484 | ▼ 6.8% |
| Land and buildings22 | - | €17,145 | - | €88,135 | €83,718 | €95,782 | €84,869 | €80,452 | ▼ 5.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0 | €6,500 | €6,500 | = |
| Furniture and vehicles24 | - | €9,954 | - | €3,317 | €3,395 | €1,926 | €890 | €438 | ▼ 50.8% |
| Leasing and similar rights25 | - | - | - | - | €6,984 | €5,354 | €3,724 | €2,094 | ▼ 43.8% |
| Other tangible fixed assets26 | - | €736 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €715 | €715 | €715 | €715 | €715 | €95 | €95 | €95 | = |
| Current assets29/58 | €66,183 | €83,154 | €53,581 | €60,877 | €51,267 | €51,682 | €55,037 | €48,564 | ▼ 11.8% |
| Amounts receivable after more than one year29 | - | €38,000 | - | €38,000 | €38,000 | €38,000 | €35,000 | €29,000 | ▼ 17.1% |
| Other amounts receivable291 | - | €38,000 | - | €38,000 | €38,000 | €38,000 | €35,000 | €29,000 | ▼ 17.1% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €22,030 | €44,598 | €14,483 | €19,384 | €12,162 | €10,363 | €18,999 | €17,265 | ▼ 9.1% |
| Trade receivables40 | - | €34,598 | - | €9,384 | €2,162 | €363 | €8,243 | €6,221 | ▼ 24.5% |
| Other amounts receivable41 | - | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,756 | €11,044 | ▲ 2.7% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €144 | €133 | €1,098 | €3,492 | €1,105 | €477 | €1,038 | €22 | ▼ 97.8% |
| Deferred charges and accrued income490/1 | - | €423 | - | - | - | €2,842 | €0 | €2,277 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €113,249 | €111,703 | €152,223 | €153,043 | €146,080 | €154,838 | €151,114 | €138,143 | ▼ 8.6% |
| Equity10/15 | €9,007 | €20,994 | €9,978 | €20,263 | €29,712 | €34,048 | €15,257 | €6,369 | ▼ 58.3% |
| Contributions10/11 | €28,110 | €28,110 | - | €28,110 | €28,110 | €28,110 | €28,110 | €28,110 | = |
| Capital10 | - | €28,110 | - | - | - | - | - | - | - |
| Issued capital100 | - | €31,000 | - | - | - | - | - | - | - |
| Uncalled capital101 | - | €2,891 | - | - | - | - | - | - | - |
| Reserves13 | €6,887 | €6,887 | €6,887 | €6,887 | €6,887 | €6,887 | €6,887 | €6,887 | = |
| Non-distributable reserves130/1 | - | €2,500 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Legal reserve130 | - | €2,500 | - | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Tax-exempt reserves132 | - | €4,387 | - | €4,387 | €4,387 | €4,387 | €4,387 | €4,387 | = |
| Profit (loss) carried forward14 | -€25,989 | -€14,003 | -€25,019 | -€14,733 | -€5,285 | -€949 | -€19,740 | -€28,628 | ▼ 45.0% |
| Amounts payable17/49 | €104,242 | €90,709 | €142,245 | €132,780 | €116,368 | €120,790 | €135,857 | €131,774 | ▼ 3.0% |
| Amounts payable after more than one year17 | €50,255 | €16,224 | €89,596 | €76,118 | €68,788 | €78,807 | €70,440 | €63,132 | ▼ 10.4% |
| Financial debts170/4 | - | €16,224 | - | €76,118 | €68,788 | €78,807 | €70,440 | €63,132 | ▼ 10.4% |
| Amounts payable within one year42/48 | €53,987 | €74,485 | €52,649 | €56,172 | €46,575 | €40,978 | €65,417 | €68,642 | ▲ 4.9% |
| Current portion of amounts payable after more than one year42 | - | €33,368 | - | €20,166 | €9,247 | €8,151 | €8,366 | €7,308 | ▼ 12.6% |
| Financial debts43 | - | €1,992 | - | - | €1,992 | €8,642 | €8,732 | €10,322 | ▲ 18.2% |
| Credit institutions430/8 | - | €1,992 | - | - | €1,992 | €8,642 | €8,732 | €10,322 | ▲ 18.2% |
| Trade debts44 | €10,108 | €9,877 | €8,699 | €7,773 | €9,636 | €9,928 | €6,009 | €5,469 | ▼ 9.0% |
| Suppliers440/4 | - | €9,877 | - | €7,773 | €9,636 | €9,928 | €6,009 | €5,469 | ▼ 9.0% |
| Taxes, remuneration and social security45 | - | €12,578 | - | €10,980 | €3,082 | €5,114 | €5,104 | €6,967 | ▲ 36.5% |
| Taxes450/3 | - | €12,578 | - | €3,949 | €3,082 | €5,114 | €5,104 | €3,274 | ▼ 35.9% |
| Remuneration and social security454/9 | - | - | - | €7,031 | - | - | - | €3,693 | - |
| Other amounts payable47/48 | - | €16,670 | - | €17,253 | €22,617 | €9,143 | €37,206 | €38,575 | ▲ 3.7% |
| Accrued charges and deferred income492/3 | - | - | - | €490 | €1,005 | €1,005 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €687 | €11,987 | -€11,017 | €10,286 | €9,449 | €4,336 | -€18,791 | -€8,888 | ▲ 52.7% |
| + Depreciation and write-downs630 | €25,824 | €18,518 | €8,159 | €6,475 | €7,289 | €7,515 | €7,079 | €6,499 | ▼ 8.2% |
| Operating cash flow (approximation) | €26,510 | €30,505 | -€2,857 | €16,761 | €16,738 | €11,852 | -€11,712 | -€2,389 | ▲ 79.6% |
| Investment in fixed assets (approximation) | - | €0 | -€78,252 | €0 | -€9,935 | -€15,860 | €0 | €0 | - |
| Change in cash | - | -€11 | €965 | €2,395 | -€2,387 | -€628 | €561 | -€1,015 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 974 companies had the same profile as Cusher has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cusher itself: 1.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 974 companies, not a prediction for Cusher. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00507609 | |
| 31-12-2024 | abbreviated format | 27-08-2025 | 2025-00475494 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00429076 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00143840 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20255020 | |
| 31-12-2020 | micro format | 03-09-2021 | 2021-66200233 | |
| 31-12-2019 | micro format | 09-11-2022 | 2022-20520481 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-27500285 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-35100105 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46100069 |