CSM Development
ActiveSummary
CSM Development has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-5.19M) and a net result of €-268k. Equity is shrinking by ~23% per year across the filed fiscal years. Its solvency ranks better than 5% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
balance sheet total too small for a liquidity verdict, and equity is negative.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2025Age of the figures
Age of the figures
9 mo
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 · 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 · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €-5.19M
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 24-07-2026, 7 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
7 d early
2024
35 d early
2023
41 d early
2022
13 d early
2021
17 d early
2020
1 d early
2019
66 d late
← 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-268k▲ 16.9%
2024 · €-322k
2019: €-6k
2020: €-4k▲ +30.1% vs 2019highest in 7 years
2021: €-96k▼ -2093% vs 2020
2022: €-4.28M▼ -4380% vs 2021lowest in 7 years
2023: €-275k▲ +93.6% vs 2022
2024: €-322k▼ -16.9% vs 2023
2025: €-268k▲ +16.9% vs 2024
2019 → 2025
Working capital
€-1k
2024 · €2k
2019: €56khighest in 7 years
2020: €51k▼ -7.8% vs 2019
2021: €-44k▼ -186% vs 2020
2022: €-108k▼ -144% vs 2021lowest in 7 years
2023: €7k▲ +107% vs 2022
2024: €2k▼ -70.3% vs 2023
2025: €-1k▼ -159% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-44k-€-4.33M▼ 9,697%€-4.60M▼ 6.4%€-4.92M▼ 7.0%€-5.19M▼ 5.4%
2021: €-44khighest in 5 years
2022: €-4.33M▼ -9697% vs 2021
2023: €-4.60M▼ -6.4% vs 2022
2024: €-4.92M▼ -7.0% vs 2023
2025: €-5.19M▼ -5.4% vs 2024lowest in 5 years
Operating result€-4k-€-4.19M▼ 101,091%€30k€-5k€-3k▲ 37.3%
2021: €-4k
2022: €-4.19M▼ -101091% vs 2021lowest in 5 years
2023: €30k▲ +101% vs 2022highest in 5 years
2024: €-5k▼ -115% vs 2023
2025: €-3k▲ +37.3% vs 2024
Net result€-96k-€-4.28M▼ 4,380%€-275k▲ 93.6%€-322k▼ 16.9%€-268k▲ 16.9%
2021: €-96khighest in 5 years
2022: €-4.28M▼ -4380% vs 2021lowest in 5 years
2023: €-275k▲ +93.6% vs 2022
2024: €-322k▼ -16.9% vs 2023
2025: €-268k▲ +16.9% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3k in 2025 against €5k in 2024; the loss shrinks.
Key figures and ratios
Debt
€5.19M▲
2024 · €4.93M
Debt ≤ 1 year
€2k▼
2024 · €3k
Debt > 1 year
€5.19M▲
2024 · €4.93M
Ratios withheld: a balance sheet total of €1k is too small for a meaningful ratio.
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 · 25 lines
Balance sheet
Code20242025
Assets
Total assets20/58€5k€1k▼
Current assets29/58€5k€1k▼
Cash at bank and in hand54/58€5k€1k▼
Equity and liabilities
Total equity and liabilities10/49€5k€1k▼
Equity10/15€-4.92M€-5.19M▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Profit (loss) carried forward14€-4.98M€-5.25M▼
Amounts payable17/49€4.93M€5.19M▲
Amounts payable after more than one year17€4.93M€5.19M▲
Other amounts payable178/9€4.93M€5.19M▲
Amounts payable within one year42/48€3k€2k▼
Trade debts44€3k€2k▼
Suppliers440/4€3k€2k▼
Income statement
Code20242025
Other operating charges640/8€387€418▲
Gross operating margin9900€-4k€-2k▲
Operating profit (loss)9901€-5k€-3k▲
Financial charges65/66B€317k€265k▼
Recurring financial charges65€317k€265k▼
Profit (loss) for the period before taxes9903€-322k€-268k▲
Profit (loss) for the period9904€-322k€-268k▲
Profit (loss) for the period to be appropriated9905€-322k€-268k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-4.98M€-5.25M▼
Profit (loss) brought forward from the previous period14P€-4.66M€-4.98M▼
The notes to these accounts (3 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 |
|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €3.33M | €0 | - | - | - |
| Other operating charges640/8 | €744 | €0 | €960 | €387 | €418 | ▲ 8.0% |
| Gross operating margin9900 | €-3k | €-856k | €31k | €-4k | €-2k | ▲ 41.5% |
| Operating profit (loss)9901 | €-4k | €-4.19M | €30k | €-5k | €-3k | ▲ 37.3% |
| Financial income75/76B | - | €92 | €0 | - | - | - |
| Recurring financial income75 | - | €92 | €0 | - | - | - |
| Financial charges65/66B | €91k | €93k | €305k | €317k | €265k | ▼ 16.6% |
| Recurring financial charges65 | €91k | €93k | €305k | €317k | €265k | ▼ 16.6% |
| Profit (loss) for the period before taxes9903 | €-96k | €-4.28M | €-275k | €-322k | €-268k | ▲ 16.9% |
| Profit (loss) for the period9904 | €-96k | €-4.28M | €-275k | €-322k | €-268k | ▲ 16.9% |
| Profit (loss) for the period to be appropriated9905 | €-96k | €-4.28M | €-275k | €-322k | €-268k | ▲ 16.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.00M | €72k | €11k | €5k | €1k | ▼ 79.5% |
| Current assets29/58 | €4.00M | €72k | €11k | €5k | €1k | ▼ 79.5% |
| Stocks and contracts in progress3 | €3.33M | €0 | - | - | - | - |
| Stocks30/36 | €3.33M | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €602k | €0 | - | - | - | - |
| Trade receivables40 | €565 | €0 | - | - | - | - |
| Other amounts receivable41 | €602k | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €69k | €72k | €11k | €5k | €1k | ▼ 79.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.00M | €72k | €11k | €5k | €1k | ▼ 79.5% |
| Equity10/15 | €-44k | €-4.33M | €-4.60M | €-4.92M | €-5.19M | ▼ 5.4% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Profit (loss) carried forward14 | €-106k | €-4.39M | €-4.66M | €-4.98M | €-5.25M | ▼ 5.4% |
| Amounts payable17/49 | €4.05M | €4.40M | €4.61M | €4.93M | €5.19M | ▲ 5.3% |
| Amounts payable after more than one year17 | - | €4.22M | €4.61M | €4.93M | €5.19M | ▲ 5.4% |
| Other amounts payable178/9 | - | €4.22M | €4.61M | €4.93M | €5.19M | ▲ 5.4% |
| Amounts payable within one year42/48 | €4.05M | €179k | €3k | €3k | €2k | ▼ 21.3% |
| Trade debts44 | €22k | €179k | €3k | €3k | €2k | ▼ 21.3% |
| Suppliers440/4 | €22k | €179k | €3k | €3k | €2k | ▼ 21.3% |
| Other amounts payable47/48 | €4.03M | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-96k | €-4.28M | €-275k | €-322k | €-268k | ▲ 16.9% |
| Operating cash flow (approximation) | €-96k | €-4.28M | €-275k | €-322k | €-268k | ▲ 16.9% |
| Change in cash | - | €2k | €-61k | €-5k | €-4k | ▲ 22.5% |
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
14-09
State Gazette act
Reappointment: KB FINANCIAL SERVICES SRL (director)Resignation: Adel Yahia Consult SRL (director) · Appointments: L.A.W. SRL, Frederic Poesen and Jonas Nachtergaele · Permanent representative: Stéphanie De Wilde9 facts ▸
State Gazette act
Reappointment: KB FINANCIAL SERVICES SRL (director)
Resignation: Adel Yahia Consult SRL (director) · Appointments: L.A.W. SRL, Frederic Poesen and Jonas Nachtergaele · Permanent representative: Stéphanie De Wilde9 facts ▸
- General meeting, 24-06-2026
- Director reappointment, KB FINANCIAL SERVICES SRL (director)
- Director resignation, Adel Yahia Consult SRL (director)
- Director discharge, Adel Yahia Consult SRL
- Director appointment, L.A.W. SRL (director)
- Permanent representative, Stéphanie De Wilde (permanent representative)
- Auditor appointment, Frederic Poesen (permanent representative)
- Auditor appointment, Jonas Nachtergaele (permanent representative)
- Power of attorney, B-docs SRL
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity times 8current ratio 3.34
Current ratio from 0.40 to 3.34; short-term debt falls from €179k to €3k.
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-4.28M
Net result drops to €-4.28M, the lowest in the series; recovery starts the following year.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
05-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 66 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 10 acts read
About the unread acts
Of the 10 Belgian State Gazette acts we know for this company, 1 has been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
Lady At Work
CurrentDirector · since 01-07-2026 · Private limited company · perm. rep.: Stéphanie De Wilde
KB Financial Services
CurrentDirector · Private limited company
01-10-2026
Jonas Nachtergaele: Auditor of as Permanent representative
14-09-2026
ADEL YAHIA CONSULT: Resigned as Director
31-07-2026
Frederic Poesen: Auditor of as Permanent representative
01-07-2026
Lady At Work: Appointed as Director
Not every act has been read: a resignation may be missing here
9 of this company's 10 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel
Ground area
6,482 m²
Building footprint
4,827 m²
Volume, LiDAR
188,668 m³
Parcel 21812N1468/00B000, Brussels · tallest building 74.9 m, ±8 floors. Linked by address, not a title deed.
105
companies at this address
See who is registered here
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21812N1468/00B000 | Brussels | 6,482 m² | 1 · 4,827 m² | 74.9 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.
Structure & network
Connections & network
12 connected companiesThis company
Company
Director
Shareholding
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 5,030 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-03-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
Scores and ratios are computed by Checked and are not a credit decision.