CUSHFIELD DEVELOPMENT
ActiveSummary
CUSHFIELD DEVELOPMENT has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€242,249) and a net result of €47,553. Equity remains stable across the filed fiscal years (±2.4% per year). Its solvency ranks better than 8% of 14254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+1
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 2.12 against 2.61 in 2024; short-term debt: 39.3% and cash: 0.2% of total assets), but equity is negative.
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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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
-46.3%
Return on assets
9.1%
Age of the figures
15 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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 14254 sector peers (2025).
NBB · sector comparisonPosition among 14254 sector peers
Solvency
better than 8%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 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 · 10 filingsDeviation from the deadline
2025
2 d late
2024
21 d late
2023
on the day
2022
2 d early
2021
on the day
2020
13 d late
2019
22 d late
← 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 8 days after 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 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€242,249▲ 16.4%
2024 · -€289,802
Total assets
€523,774▼ 23.0%
2024 · €680,483
Net result
€47,553▼ 11.9%
2024 · €53,971
Working capital
€231,649▼ 36.7%
2024 · €366,117
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
Line20212022202320242025
Operating result-€161,671€21,288€86,730▲ 307%€55,592▼ 35.9%€48,603▼ 12.6%
Net result-€162,061below the sector's middle half€8,593within the sector's middle half€84,830above the sector's middle half▲ 887%€53,971above the sector's middle half▼ 36.4%€47,553above the sector's middle half▼ 11.9%
Equity-€437,197below the sector's middle half▼ 58.9%-€428,603below the sector's middle half▲ 2.0%-€343,773below the sector's middle half▲ 19.8%-€289,802below the sector's middle half▲ 15.7%-€242,249below the sector's middle half▲ 16.4%
Total assets€791,197within the sector's middle half▲ 8.7%€1.2mabove the sector's middle half▲ 47.9%€844,218within the sector's middle half▼ 27.9%€680,483within the sector's middle half▼ 19.4%€523,774within the sector's middle half▼ 23.0%
Debt€1.2m▲ 22.4%€1.6m▲ 30.1%€1.2m▼ 25.7%€970,286▼ 18.3%€766,024▼ 21.1%
Working capital€644,520above the sector's middle half▲ 47.5%€743,064above the sector's middle half▲ 15.3%€524,425above the sector's middle half▼ 29.4%€366,117above the sector's middle half▼ 30.2%€231,649above the sector's middle half▼ 36.7%
Solvency-55.3%below the sector's middle half▼ 17.5pp-36.6%below the sector's middle half▲ 18.6pp-40.7%below the sector's middle half▼ 4.1pp-42.6%below the sector's middle half▼ 1.9pp-46.3%below the sector's middle half▼ 3.7pp
Current ratio6.50above the sector's middle half▼ 5.693.34above the sector's middle half▼ 3.173.27above the sector's middle half▼ 0.072.61within the sector's middle half▼ 0.662.12within the sector's middle half▼ 0.49
Return on assets (ROA)-20.5%below the sector's middle half▼ 36.0pp0.7%within the sector's middle half▲ 21.2pp10.0%above the sector's middle half▲ 9.3pp7.9%above the sector's middle half▼ 2.1pp9.1%within the sector's middle half▲ 1.1pp
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.
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 13% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €523,774
Fixed assets
€86,159 ▼ 1.1%
Current assets
€437,615 ▼ 26.2%
Key figures and ratios
EBITDA
€49,572▼
2024 · €56,809
Cash flow
€48,523▼
2024 · €55,188
Quick ratio
1.95▼
2024 · 2.48
Debt to equity
-3.16▲
2024 · -3.35
Interest coverage
47.24▲
2024 · 35.04
Debt ≤ 1 year
€205,966▼
2024 · €227,238
Debt > 1 year
€519,845▼
2024 · €702,835
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 268 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Small
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
93%
still going
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
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 268 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,324 | €3,431 | €3,483 | €1,217 | €969 | ▼ 20.4% |
| Other operating charges640/8 | €868 | €0 | €1,776 | €689 | €1,918 | ▲ 178% |
| Gross operating margin9900 | -€157,480 | €24,718 | €91,990 | €57,499 | €51,490 | ▼ 10.5% |
| Operating profit (loss)9901 | -€161,671 | €21,288 | €86,730 | €55,592 | €48,603 | ▼ 12.6% |
| Financial income75/76B | €8,250 | - | €101 | - | - | - |
| Recurring financial income75 | €8,250 | - | €101 | - | - | - |
| Financial charges65/66B | €8,639 | €12,694 | €2,001 | €1,621 | €1,049 | ▼ 35.3% |
| Recurring financial charges65 | €8,639 | €12,694 | €2,001 | €1,621 | €1,049 | ▼ 35.3% |
| Profit (loss) for the period before taxes9903 | -€162,061 | €8,593 | €84,830 | €53,971 | €47,553 | ▼ 11.9% |
| Profit (loss) for the period9904 | -€162,061 | €8,593 | €84,830 | €53,971 | €47,553 | ▼ 11.9% |
| Profit (loss) for the period to be appropriated9905 | -€162,061 | €8,593 | €84,830 | €53,971 | €47,553 | ▼ 11.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €791,197 | €1.2m | €844,218 | €680,483 | €523,774 | ▼ 23.0% |
| Fixed assets21/28 | €29,545 | €109,091 | €88,516 | €87,129 | €86,159 | ▼ 1.1% |
| Tangible fixed assets22/27 | €7,352 | €3,921 | €3,346 | €2,129 | €1,159 | ▼ 45.5% |
| Plant, machinery and equipment23 | - | - | €2,856 | €2,129 | €1,159 | ▼ 45.5% |
| Furniture and vehicles24 | €7,352 | €3,921 | €490 | €0 | - | - |
| Financial fixed assets28 | €22,194 | €105,170 | €85,170 | €85,000 | €85,000 | = |
| Current assets29/58 | €761,652 | €1.1m | €755,702 | €593,355 | €437,615 | ▼ 26.2% |
| Stocks and contracts in progress3 | - | - | - | €30,929 | €36,975 | ▲ 19.5% |
| Stocks30/36 | - | - | - | €30,929 | €36,975 | ▲ 19.5% |
| Amounts receivable within one year40/41 | €559,870 | €595,987 | €166,566 | €531,457 | €370,644 | ▼ 30.3% |
| Trade receivables40 | €278,828 | €517,427 | €136,055 | €497,779 | €334,702 | ▼ 32.8% |
| Other amounts receivable41 | €281,042 | €78,560 | €30,510 | €33,678 | €35,942 | ▲ 6.7% |
| Cash at bank and in hand54/58 | €6,052 | €6,718 | €6,585 | €2,121 | €1,148 | ▼ 45.9% |
| Deferred charges and accrued income490/1 | €195,729 | €458,354 | €582,551 | €28,848 | €28,848 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €791,197 | €1.2m | €844,218 | €680,483 | €523,774 | ▼ 23.0% |
| Equity10/15 | -€437,197 | -€428,603 | -€343,773 | -€289,802 | -€242,249 | ▲ 16.4% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€443,397 | -€434,803 | -€349,973 | -€296,002 | -€248,449 | ▲ 16.1% |
| Amounts payable17/49 | €1.2m | €1.6m | €1.2m | €970,286 | €766,024 | ▼ 21.1% |
| Amounts payable after more than one year17 | €865,861 | €1.0m | €702,130 | €702,835 | €519,845 | ▼ 26.0% |
| Financial debts170/4 | €865,861 | €1.0m | €702,130 | €702,835 | €519,845 | ▼ 26.0% |
| Amounts payable within one year42/48 | €117,131 | €317,995 | €231,277 | €227,238 | €205,966 | ▼ 9.4% |
| Trade debts44 | €117,131 | €296,930 | €143,546 | €82,863 | €62,589 | ▼ 24.5% |
| Suppliers440/4 | €117,131 | €296,930 | €143,546 | €82,863 | €62,589 | ▼ 24.5% |
| Taxes, remuneration and social security45 | - | - | - | €5,247 | €8,862 | ▲ 68.9% |
| Taxes450/3 | - | - | - | €5,247 | €8,862 | ▲ 68.9% |
| Other amounts payable47/48 | - | €21,065 | €87,731 | €139,127 | €134,516 | ▼ 3.3% |
| Accrued charges and deferred income492/3 | €245,401 | €254,584 | €254,584 | €40,213 | €40,213 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€162,061 | €8,593 | €84,830 | €53,971 | €47,553 | ▼ 11.9% |
| + Depreciation and write-downs630 | €3,324 | €3,431 | €3,483 | €1,217 | €969 | ▼ 20.4% |
| Operating cash flow (approximation) | -€158,737 | €12,024 | €88,313 | €55,188 | €48,523 | ▼ 12.1% |
| Investment in fixed assets (approximation) | - | -€82,976 | €17,092 | €170 | €0 | ▼ 100% |
| Change in cash | - | €666 | -€132 | -€4,465 | -€973 | ▲ 78.2% |
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
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 2 days late
2025
21-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
2024
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Back to profitnet €8,593
Net result €8,593 after one loss-making year.
30-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
13-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 13 days late
2020
30-09
Financial
Back to profitnet €113,220
Net result €113,220 after 2 loss-making years.
22-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 22 days late
2019
30-09
Financial
Weakest financial yearnet -€391,064
Net result drops to -€391,064, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
23-11
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 207 days late
2017
12-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 135 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, Machelen (Brab.) · 1 establishment unit since 2013
Ground area
4,851 m²
Building footprint
1,846 m²
Volume, LiDAR
34,181 m³
Parcel 23015B0207/00E002, Flanders · tallest building 22.7 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
SHC
since 20132.228.731.485
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23015B0207/00E002 | Flanders | 4,851 m² | 1 · 1,846 m² | 22.7 m · 6 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 9,698 companies in sector 68121 we hold annual accounts for 7,393. 1,542 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
Founded28-06-2013
Fiscal year end30-06
Abbreviation NL
CDev
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
Contact
E-mail
n.ouassif@elliadis.comMachelen (Brab.)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536226391
Registered
20-11-2020
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.