CERHUM
ActiveSummary
The annual accounts of CERHUM for fiscal year 2025 show a net loss of 56% of the equity at the start of that year. The 2025 annual accounts show equity of €1.35M and a net result of €-1.25M. Equity is growing by ~26.6% per year across the filed fiscal years. Its solvency ranks better than 18% of 286 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-3
Solvency46▼-14
Growth64▲+14
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.56 against 3.32 in 2024; short-term debt: 17.7% and cash: 3.7% of total assets), and 78.7% of the assets are financed with debt.
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 23
Relative position
BE, all sectors
reference
Manufacture of other non-metallic mineral products (NACE 23)
about 17% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
21.3%
Return on assets
-19.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-1.25M
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 286 sector peers (2025).
NBB · sector comparisonPosition among 286 sector peers
Solvency
better than 18%
← 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 31-07-2026, 0 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
on the day
2024
58 d early
2023
41 d late
2022
24 d early
2021
5 d early
2020
28 d late
2019
31 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, full schema
Turnover
€137k▲ 128%
2024 · €60k
2019: €50k
2020: €26k▼ -48.5% vs 2019
2021: €22k▼ -13.6% vs 2020
2022: €16k▼ -27.7% vs 2021lowest in 7 years
2023: €41k▲ +157% vs 2022
2024: €60k▲ +45.0% vs 2023
2025: €137k▲ +128% vs 2024highest in 7 years
2019 → 2025
EBIT margin
-929.7%▲ 465.7pp
2024 · -1395.4%
2019: -24.1%highest in 7 years
2020: -318.8%▼ -1220% vs 2019
2021: -198.0%▲ +37.9% vs 2020
2022: -1698.7%▼ -758% vs 2021lowest in 7 years
2023: -1419.3%▲ +16.4% vs 2022
2024: -1395.4%▲ +1.7% vs 2023
2025: -929.7%▲ +33.4% vs 2024
2019 → 2025
Net result
€-1.25M▼ 69.5%
2024 · €-740k
2019: €-27k
2020: €6k▲ +121% vs 2019highest in 7 years
2021: €-38k▼ -752% vs 2020
2022: €-323k▼ -753% vs 2021
2023: €-400k▼ -23.7% vs 2022
2024: €-740k▼ -85.1% vs 2023
2025: €-1.25M▼ -69.5% vs 2024lowest in 7 years
2019 → 2025
Working capital
€-491k
2024 · €802k
2019: €504k
2020: €-343k▼ -168% vs 2019
2021: €218k▲ +163% vs 2020
2022: €-239k▼ -210% vs 2021
2023: €252k▲ +205% vs 2022
2024: €802k▲ +219% vs 2023highest in 7 years
2025: €-491k▼ -161% vs 2024lowest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€22k-€16k▼ 27.7%€41k▲ 157%€60k▲ 45.0%€137k▲ 128%
2021: €22k
2022: €16k▼ -27.7% vs 2021lowest in 5 years
2023: €41k▲ +157% vs 2022
2024: €60k▲ +45.0% vs 2023
2025: €137k▲ +128% vs 2024highest in 5 years
Equity€1.17M-€3.53M▲ 202%€3.12M▼ 11.7%€2.24M▼ 28.3%€1.35M▼ 39.8%
2021: €1.17Mlowest in 5 years
2022: €3.53M▲ +202% vs 2021highest in 5 years
2023: €3.12M▼ -11.7% vs 2022
2024: €2.24M▼ -28.3% vs 2023
2025: €1.35M▼ -39.8% vs 2024
Operating result€-44k-€-273k▼ 521%€-586k▼ 115%€-835k▼ 42.6%€-1.27M▼ 52.2%
2021: €-44khighest in 5 years
2022: €-273k▼ -521% vs 2021
2023: €-586k▼ -115% vs 2022
2024: €-835k▼ -42.6% vs 2023
2025: €-1.27M▼ -52.2% vs 2024lowest in 5 years
Net result€-38k-€-323k▼ 753%€-400k▼ 23.7%€-740k▼ 85.1%€-1.25M▼ 69.5%
2021: €-38khighest in 5 years
2022: €-323k▼ -753% vs 2021
2023: €-400k▼ -23.7% vs 2022
2024: €-740k▼ -85.1% vs 2023
2025: €-1.25M▼ -69.5% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.27M in 2025 against €835k 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 €6.32M
Fixed assets
€5.69M ▲ 8.3%
Current assets
€629k ▼ 45.1%
Equity and liabilities €6.32M
Equity
€1.35M ▼ 39.8%
Debt
€4.98M ▲ 19.3%
Debt's share of the balance-sheet total rises from 65.1% to 78.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-683k▼
2024 · €-241k
Cash flow
€-666k▼
2024 · €-146k
Current ratio
0.56▼
2024 · 3.32
Quick ratio
0.54▼
2024 · 3.20
Debt to equity
3.70▲
2024 · 1.87
ROE
-93.2%▼
2024 · -33.1%
ROA
-19.8%▼
2024 · -11.5%
Interest coverage
-2.75▼
2024 · -1.36
Debt ≤ 1 year
€1.12M▲
2024 · €345k
Debt > 1 year
€3.86M▲
2024 · €3.64M
Income taxes
€-33k▲
2024 · €-44k
Staff costs
€504k▲
2024 · €434k
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 · 57 lines
Balance sheet
Code20242025
Assets
Total assets20/58€6.41M€6.32M▼
Formation expenses20€4k€2k▼
Fixed assets21/28€5.26M€5.69M▲
Intangible fixed assets21€5.24M€5.68M▲
Tangible fixed assets22/27€21k€17k▼
Plant, machinery and equipment23€235€28▼
Furniture and vehicles24€7k€6k▼
Other tangible fixed assets26€14k€11k▼
Current assets29/58€1.15M€629k▼
Amounts receivable after more than one year29€169k€181k▲
Other amounts receivable291€169k€181k▲
Stocks and contracts in progress3€42k€30k▼
Stocks30/36€42k€30k▼
Amounts receivable within one year40/41€127k€187k▲
Trade receivables40€18k€62k▲
Other amounts receivable41€109k€125k▲
Cash at bank and in hand54/58€809k€232k▼
Equity and liabilities
Total equity and liabilities10/49€6.41M€6.32M▼
Equity10/15€2.24M€1.35M▼
Contributions10/11€2.25M€2.25M=
Capital10€2.25M€2.25M=
Issued capital100€2.25M€2.25M=
Profit (loss) carried forward14€-1.54M€-2.79M▼
Investment grants15€1.52M€1.89M▲
Amounts payable17/49€4.17M€4.98M▲
Amounts payable after more than one year17€3.64M€3.86M▲
Financial debts170/4€3.64M€3.86M▲
Amounts payable within one year42/48€345k€1.12M▲
Current portion of amounts payable after more than one year42€42k€52k▲
Financial debts43€0€568k▲
Credit institutions430/8€0€568k▲
Trade debts44€223k€304k▲
Suppliers440/4€223k€304k▲
Advances received on contracts in progress46€2k€2k=
Taxes, remuneration and social security45€63k€172k▲
Taxes450/3€0€102k▲
Remuneration and social security454/9€63k€70k▲
Other amounts payable47/48€16k€22k▲
Accrued charges and deferred income492/3€185k€0▼
Income statement
Code20242025
Turnover70€60k€137k▲
Goods, raw materials, services and sundry goods60/61€1.15M€1.42M▲
Remuneration, social security and pensions62€434k€504k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€594k€588k▼
Other operating charges640/8€4k€5k▲
Gross operating margin9900€197k€-174k▼
Operating profit (loss)9901€-835k€-1.27M▼
Financial income75/76B€228k€231k▲
Recurring financial income75€228k€231k▲
Financial charges65/66B€177k€248k▲
Recurring financial charges65€177k€248k▲
Profit (loss) for the period before taxes9903€-784k€-1.29M▼
Income taxes67/77€-44k€-33k▲
Profit (loss) for the period9904€-740k€-1.25M▼
Profit (loss) for the period to be appropriated9905€-740k€-1.25M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-1.54M€-2.79M▼
Profit (loss) brought forward from the previous period14P€-796k€-1.54M▼
Social balance
Average headcount (FTE)90876.77.1▲
The notes to these accounts (19 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €22k | €16k | €41k | €60k | €137k | ▲ 128% |
| Goods, raw materials, services and sundry goods60/61 | - | €1.37M | €731k | €1.15M | €1.42M | ▲ 23.6% |
| Remuneration, social security and pensions62 | - | €696k | €384k | €434k | €504k | ▲ 16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €101k | €45k | €617k | €594k | €588k | ▼ 1.0% |
| Other operating charges640/8 | - | €3k | €8k | €4k | €5k | ▲ 10.1% |
| Gross operating margin9900 | €258k | €471k | €424k | €197k | €-174k | ▼ 188% |
| Operating profit (loss)9901 | €-44k | €-273k | €-586k | €-835k | €-1.27M | ▼ 52.2% |
| Financial income75/76B | - | €6k | €237k | €228k | €231k | ▲ 1.6% |
| Recurring financial income75 | €14k | €6k | €237k | €228k | €231k | ▲ 1.6% |
| Financial charges65/66B | - | €109k | €93k | €177k | €248k | ▲ 40.1% |
| Recurring financial charges65 | €31k | €109k | €93k | €177k | €248k | ▲ 40.1% |
| Profit (loss) for the period before taxes9903 | €-60k | €-377k | €-442k | €-784k | €-1.29M | ▼ 64.2% |
| Income taxes67/77 | €-22k | €-53k | €-42k | €-44k | €-33k | ▲ 24.9% |
| Profit (loss) for the period9904 | €-38k | €-323k | €-400k | €-740k | €-1.25M | ▼ 69.5% |
| Profit (loss) for the period to be appropriated9905 | €-38k | €-323k | €-400k | €-740k | €-1.25M | ▼ 69.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.02M | €4.97M | €5.29M | €6.41M | €6.32M | ▼ 1.3% |
| Formation expenses20 | €55 | €7k | €5k | €4k | €2k | ▼ 41.7% |
| Fixed assets21/28 | €2.84M | €4.44M | €4.67M | €5.26M | €5.69M | ▲ 8.3% |
| Intangible fixed assets21 | €2.74M | €4.38M | €4.64M | €5.24M | €5.68M | ▲ 8.4% |
| Tangible fixed assets22/27 | €100k | €61k | €28k | €21k | €17k | ▼ 19.2% |
| Plant, machinery and equipment23 | - | €29k | €5k | €235 | €28 | ▼ 88.2% |
| Furniture and vehicles24 | - | €8k | €5k | €7k | €6k | ▼ 10.9% |
| Other tangible fixed assets26 | - | €25k | €18k | €14k | €11k | ▼ 22.2% |
| Current assets29/58 | €1.18M | €521k | €614k | €1.15M | €629k | ▼ 45.1% |
| Amounts receivable after more than one year29 | - | €139k | €181k | €169k | €181k | ▲ 6.7% |
| Other amounts receivable291 | - | €139k | €181k | €169k | €181k | ▲ 6.7% |
| Stocks and contracts in progress3 | €26k | €26k | €24k | €42k | €30k | ▼ 30.2% |
| Stocks30/36 | - | €26k | €24k | €42k | €30k | ▼ 30.2% |
| Amounts receivable within one year40/41 | €87k | €248k | €73k | €127k | €187k | ▲ 47.1% |
| Trade receivables40 | - | €3k | €24k | €18k | €62k | ▲ 240% |
| Other amounts receivable41 | - | €245k | €49k | €109k | €125k | ▲ 14.6% |
| Current investments50/53 | - | - | €0 | - | - | - |
| Cash at bank and in hand54/58 | €960k | €108k | €336k | €809k | €232k | ▼ 71.3% |
| Deferred charges and accrued income490/1 | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.02M | €4.97M | €5.29M | €6.41M | €6.32M | ▼ 1.3% |
| Equity10/15 | €1.17M | €3.53M | €3.12M | €2.24M | €1.35M | ▼ 39.8% |
| Contributions10/11 | €218k | €2.25M | €2.25M | €2.25M | €2.25M | = |
| Capital10 | - | €2.25M | €2.25M | €2.25M | €2.25M | = |
| Issued capital100 | - | €2.25M | €2.25M | €2.25M | €2.25M | = |
| Profit (loss) carried forward14 | €-73k | €-396k | €-796k | €-1.54M | €-2.79M | ▼ 81.7% |
| Investment grants15 | - | €1.68M | €1.66M | €1.52M | €1.89M | ▲ 23.9% |
| Amounts payable17/49 | €2.85M | €1.44M | €2.17M | €4.17M | €4.98M | ▲ 19.3% |
| Amounts payable after more than one year17 | €1.89M | €677k | €1.76M | €3.64M | €3.86M | ▲ 5.9% |
| Financial debts170/4 | - | €677k | €1.76M | €3.64M | €3.86M | ▲ 5.9% |
| Amounts payable within one year42/48 | €963k | €760k | €363k | €345k | €1.12M | ▲ 224% |
| Current portion of amounts payable after more than one year42 | - | €136k | €75k | €42k | €52k | ▲ 24.9% |
| Financial debts43 | - | €426k | €2k | €0 | €568k | - |
| Credit institutions430/8 | - | €426k | €2k | €0 | €568k | - |
| Trade debts44 | €221k | €146k | €228k | €223k | €304k | ▲ 36.7% |
| Suppliers440/4 | - | €146k | €228k | €223k | €304k | ▲ 36.7% |
| Advances received on contracts in progress46 | - | €2k | €2k | €2k | €2k | = |
| Taxes, remuneration and social security45 | - | €45k | €47k | €63k | €172k | ▲ 173% |
| Taxes450/3 | - | €0 | €31 | €0 | €102k | - |
| Remuneration and social security454/9 | - | €45k | €47k | €63k | €70k | ▲ 10.3% |
| Other amounts payable47/48 | - | €6k | €10k | €16k | €22k | ▲ 37.4% |
| Accrued charges and deferred income492/3 | - | €0 | €47k | €185k | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-38k | €-323k | €-400k | €-740k | €-1.25M | ▼ 69.5% |
| + Depreciation and write-downs630 | €101k | €45k | €617k | €594k | €588k | ▼ 1.0% |
| Operating cash flow (approximation) | €63k | €-279k | €217k | €-146k | €-666k | ▼ 357% |
| Investment in fixed assets (approximation) | - | €-1.64M | €-847k | €-1.18M | €-1.02M | ▲ 13.6% |
| Change in cash | - | €-853k | €228k | €473k | €-577k | ▼ 222% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-1.25M
Net result drops to €-1.25M, the lowest in the series.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 41 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 1.69
Current ratio from 0.69 to 1.69; short-term debt falls from €760k to €363k.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €2MEq €3.53M ▲202%
Equity rises from €1.17M to €3.53M.
2021
26-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-03
Financial
Liquidity triplescurrent ratio 1.23
Current ratio from 0.43 to 1.23.
31-03
Financial
Equity above €1MEq €1.17M ▲34.3%
Equity rises from €870k to €1.17M.
2020
28-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 28 days late
31-03
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
Show earlier events
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
28-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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, Liège · 1 establishment unit since 2016
Ground area
1.5 ha
Building footprint
2,969 m²
Parcel 62826C0049/00B004, Wallonia. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
CERHUM
since 20162.249.498.690
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62826C0049/00B004 | Wallonia | 1.5 ha | 1 · 2,969 m² | - |
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.
Public money · subsidies and aid
European research
3 projects · 539,100 EUR EU contributionProgrammes
Horizon Europe
Horizon 2020
Projects
Initiatives to Accelerate the Translation of Research into Market-Ready Surgical Implantable Medical Devices by Strengthening Regulatory Science and Improved Regulatory Competencies Among Researchers
Development Of Ceramics 3D-Printing, Additive Manufacturing
End-to-end multidisciplinary optimal design for improved personalized bioactive glass/ceramic bone substitute implants
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Of 14 companies in sector 23440 we hold annual accounts for 5. 3 are within a factor 10 of this equity. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-10-2015
Fiscal year end31-12
Activities, NACEBEL 2025
23440Manufacture of other non-metallic mineral products
32500Manufacture of medical and dental instruments and supplies
70200Business and other management consultancy
72109Other research and development on natural sciences
74112Other professional, scientific and technical activities
Scores and ratios are computed by Checked and are not a credit decision.