Summary
van Cutsem & Partners has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €24k. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 7% of 3307 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
No current score
Insufficient figures
A score requires measurable solvency, liquidity and profitability. Missing figures are not a judgement about the company.
Axes · tick = 2024
Profitability-
Solvency27=
Growth68=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit check for your own amount and term
Signals
Six 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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
2.1%
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 7% of 3307 sector peers (2025).
NBB · sector comparisonPosition among 3307 sector peers
Solvency
better than 7%
← weakest
strongest →
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
7 d early
2023
1 d early
2022
4 d early
2021
9 d early
2020
4 d early
2019
6 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€18k▲ 124%
2018 · €8k
2018: €8k
2019: €18k▲ +124% vs 2018
2018 → 2019
Working capital
€330k▼ 6.3%
2024 · €352k
2018: €185klowest in 8 years
2019: €264k▲ +43.0% vs 2018
2020: €471k▲ +78.0% vs 2019highest in 8 years
2021: €241k▼ -48.8% vs 2020
2022: €332k▲ +37.7% vs 2021
2023: €225k▼ -32.1% vs 2022
2024: €352k▲ +56.5% vs 2023
2025: €330k▼ -6.3% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€24k-€24k=€24k=€24k=€24k=
2021: €24khighest in 5 years
2022: €24k● 0.0% vs 2021highest in 5 years
2023: €24k● 0.0% vs 2022highest in 5 years
2024: €24k● 0.0% vs 2023highest in 5 years
2025: €24k● 0.0% vs 2024highest in 5 years
Operating result€19k-€17k▼ 8.5%€27k▲ 53.7%€29k▲ 6.9%€23k▼ 18.3%
2021: €19k
2022: €17k▼ -8.5% vs 2021lowest in 5 years
2023: €27k▲ +53.7% vs 2022
2024: €29k▲ +6.9% vs 2023highest in 5 years
2025: €23k▼ -18.3% vs 2024
Result per fiscal year
Operating result
The operating result falls in 2025; 2025 is 18% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.14M
Fixed assets
€8k ▼ 21.4%
Current assets
€1.13M ▲ 11.6%
Equity and liabilities €1.14M
Equity
€24k =
Debt
€1.11M ▲ 11.5%
Debt's share of the balance-sheet total rises from 97.7% to 97.9%. Debt is higher.
Key figures and ratios
EBITDA
€25k▼
2024 · €30k
Current ratio
1.41▼
2024 · 1.54
Debt to equity
46.50▲
2024 · 41.69
Interest coverage
1.27▲
2024 · 1.19
Debt ≤ 1 year
€798k▲
2024 · €658k
Income taxes
€3k▲
2024 · €3k
Staff costs
€107k▼
2024 · €116k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.02M€1.14M▲
Fixed assets21/28€10k€8k▼
Tangible fixed assets22/27€8k€6k▼
Furniture and vehicles24€8k€6k▼
Financial fixed assets28€2k€2k=
Current assets29/58€1.01M€1.13M▲
Amounts receivable within one year40/41€823k€823k=
Trade receivables40€784k€725k▼
Other amounts receivable41€39k€98k▲
Cash at bank and in hand54/58€135k€250k▲
Deferred charges and accrued income490/1€52k€54k▲
Equity and liabilities
Total equity and liabilities10/49€1.02M€1.14M▲
Equity10/15€24k€24k=
Contributions10/11€9k€9k=
Reserves13€14k€14k=
Distributable reserves133€14k€14k=
Profit (loss) carried forward14€891€891=
Amounts payable17/49€996k€1.11M▲
Amounts payable within one year42/48€658k€798k▲
Financial debts43€350k€340k▼
Credit institutions430/8€350k€340k▼
Trade debts44€287k€426k▲
Suppliers440/4€287k€426k▲
Taxes, remuneration and social security45€21k€32k▲
Taxes450/3-€19k
Remuneration and social security454/9€21k€13k▼
Accrued charges and deferred income492/3€338k€314k▼
Income statement
Code20242025
Remuneration, social security and pensions62€116k€107k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-7k-
Other operating charges640/8€11k€998▼
Non-recurring operating charges66A-€79k
Gross operating margin9900€151k€212k▲
Operating profit (loss)9901€29k€23k▼
Financial income75/76B€1€37▲
Recurring financial income75€1€37▲
Non-recurring financial income76B€1€37▲
Financial charges65/66B€26k€20k▼
Recurring financial charges65€26k€20k▼
Profit (loss) for the period before taxes9903€3k€3k▲
Income taxes67/77€3k€3k▲
Appropriation of the result
Profit (loss) to be appropriated9906€891€891=
Profit (loss) brought forward from the previous period14P€891€891=
Social balance
Average headcount (FTE)90871.01.0=
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €200k | €120k | €101k | €116k | €107k | ▼ 8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33k | €7k | €491 | €2k | €2k | ▲ 5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €2k | €5k | €-698 | €-7k | - | - |
| Other operating charges640/8 | €27k | €4k | €57k | €11k | €998 | ▼ 90.7% |
| Non-recurring operating charges66A | - | - | - | - | €79k | - |
| Gross operating margin9900 | €281k | €153k | €184k | €151k | €212k | ▲ 40.8% |
| Operating profit (loss)9901 | €19k | €17k | €27k | €29k | €23k | ▼ 18.3% |
| Financial income75/76B | €1 | €2k | €1 | €1 | €37 | ▲ 3,411% |
| Recurring financial income75 | €1 | €2k | €1 | €1 | €37 | ▲ 3,411% |
| Non-recurring financial income76B | €1 | €2k | €1 | €1 | €37 | ▲ 3,411% |
| Financial charges65/66B | €14k | €15k | €25k | €26k | €20k | ▼ 21.9% |
| Recurring financial charges65 | €14k | €15k | €25k | €26k | €20k | ▼ 21.9% |
| Profit (loss) for the period before taxes9903 | €5k | €5k | €2k | €3k | €3k | ▲ 15.6% |
| Income taxes67/77 | €5k | €5k | €2k | €3k | €3k | ▲ 15.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €936k | €910k | €964k | €1.02M | €1.14M | ▲ 11.3% |
| Fixed assets21/28 | €10k | €3k | €7k | €10k | €8k | ▼ 21.4% |
| Tangible fixed assets22/27 | €7k | - | €5k | €8k | €6k | ▼ 26.2% |
| Plant, machinery and equipment23 | €7k | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €5k | €8k | €6k | ▼ 26.2% |
| Financial fixed assets28 | €3k | €3k | €2k | €2k | €2k | = |
| Current assets29/58 | €926k | €908k | €958k | €1.01M | €1.13M | ▲ 11.6% |
| Amounts receivable within one year40/41 | €722k | €708k | €778k | €823k | €823k | = |
| Trade receivables40 | €671k | €663k | €735k | €784k | €725k | ▼ 7.6% |
| Other amounts receivable41 | €50k | €45k | €43k | €39k | €98k | ▲ 155% |
| Cash at bank and in hand54/58 | €205k | €200k | €179k | €135k | €250k | ▲ 84.6% |
| Deferred charges and accrued income490/1 | - | - | - | €52k | €54k | ▲ 4.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €936k | €910k | €964k | €1.02M | €1.14M | ▲ 11.3% |
| Equity10/15 | €24k | €24k | €24k | €24k | €24k | = |
| Contributions10/11 | €9k | €9k | €9k | €9k | €9k | = |
| Reserves13 | €14k | €14k | €14k | €14k | €14k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €12k | €12k | €14k | €14k | €14k | = |
| Profit (loss) carried forward14 | €891 | €891 | €891 | €891 | €891 | = |
| Amounts payable17/49 | €912k | €886k | €940k | €996k | €1.11M | ▲ 11.5% |
| Amounts payable within one year42/48 | €686k | €576k | €733k | €658k | €798k | ▲ 21.1% |
| Current portion of amounts payable after more than one year42 | €23k | - | - | - | - | - |
| Financial debts43 | €400k | €400k | €400k | €350k | €340k | ▼ 2.9% |
| Credit institutions430/8 | €400k | €400k | €400k | €350k | €340k | ▼ 2.9% |
| Trade debts44 | €236k | €163k | €321k | €287k | €426k | ▲ 48.2% |
| Suppliers440/4 | €236k | €163k | €321k | €287k | €426k | ▲ 48.2% |
| Taxes, remuneration and social security45 | €27k | €13k | €12k | €21k | €32k | ▲ 50.7% |
| Taxes450/3 | €12k | - | - | - | €19k | - |
| Remuneration and social security454/9 | €14k | €13k | €12k | €21k | €13k | ▼ 38.9% |
| Accrued charges and deferred income492/3 | €227k | €311k | €208k | €338k | €314k | ▼ 7.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| + Depreciation and write-downs630 | €33k | €7k | €491 | €2k | €2k | ▲ 5.2% |
| Operating cash flow (approximation) | €33k | €7k | €491 | €2k | €2k | ▲ 5.2% |
| Investment in fixed assets (approximation) | - | €0 | €-5k | €-5k | €0 | ▲ 100% |
| Change in cash | - | €-4k | €-21k | €-44k | €115k | ▲ 361% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
25-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
NBB filing
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Elsene · 1 establishment unit since 2014
Ground area
5,672 m²
Building footprint
3,878 m²
Volume, LiDAR
86,391 m³
Parcel 21807G0131/00T000, Brussels · tallest building 45.8 m, ±8 floors. Linked by address, not a title deed.
142
companies at this address
See who is registered here
1 establishment unit
Louizalaan 235, 1050 Elsene
since 20142.228.843.432
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0131/00T000 | Brussels | 5,672 m² | 1 · 3,878 m² | 45.8 m · 8 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 22,056 companies in sector 69101 we hold annual accounts for 9,055. 6,408 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
Founded28-12-1990
Fiscal year end31-12
Activities, NACEBEL 2025
69101Activities of lawyers
Scores and ratios are computed by Checked and are not a credit decision.