CHS Group · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of CHS Group is 0.5% (low). The 2023 annual accounts show equity of €1.18M and a net result of €114k. Equity is growing by ~83.9% per year across the filed fiscal years. Its solvency ranks better than 79% of 40 sector peers (fiscal year 2023). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.

Signals

3 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 79% of 40 peers (2023). A comfortable equity buffer.

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2022 and 2023).

View the result trend

Growing equity

Equity grew over 2021-2023. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2024 was due at the National Bank by 31-07-2025. Nothing is on record today, 386 days later. 2 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Filed after the deadline

The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 08-10-2024, 69 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.

How we compute the deadline

The year end is derived from 9 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2023, that is 31-07-2024.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	08-10-2024	69 d late	2024-00503783
31-12-2022	31-07-2023	25-09-2023	56 d late	2023-00470520
31-12-2021	31-07-2022	29-08-2022	29 d late	2022-20395413
31-12-2020	31-07-2021	28-10-2021	89 d late	2021-73700106
31-12-2019	31-07-2020	27-08-2020	27 d late	2020-45000016
31-12-2018	31-07-2019	30-08-2019	30 d late	2019-55100054
31-12-2017	31-07-2018	27-07-2018	4 d early	2018-38200182
31-12-2016	31-07-2017	30-08-2017	30 d late	2017-50400364
31-12-2015	31-07-2016	31-08-2016	31 d late	2016-51100381

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Established

Founded in 2014, 12 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.5% Low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Annual accounts: weaker financial profile +Long track record −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€114k-75.6%

Working capital€1.21M+42.5%

CSV export

Annual accounts & ratios

Source: NBB · 2023

Annual accounts filed on 08-10-2024 with the NBB · fiscal year 2023 · verkort

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~83.9%/year over 6 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2023 · NACE 23 · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	71.3%	33.1%	better than 79% of 40 sector peers
Net result	€114k	€26k	better than 72% of 40 sector peers
Equity	€1.18M	€166k	better than 79% of 40 sector peers
Gross operating margin	€86k	€267k	better than 15% of 40 sector peers
Total assets	€1.65M	€1.03M	better than 65% of 40 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P79

Weakening position over 2021-2023 · n=34-40

Net result P72

Stable position over 2021-2023 · n=34-40

Equity P79

Improving position over 2021-2023 · n=34-40

Gross operating margin P15

Weakening position over 2021-2023 · n=34-40

Describes the position versus peers, not a forecast.

EBITDA

€83k

-87.6% 18-23

Net profit

€114k

-75.6% 18-23

Cash flow

€127k

-73.5% 18-23

Total assets

€1.65M

+23.7% 18-23

Equity

€1.18M

+10.7% 18-23

Working capital

€1.21M

+42.5% 18-23

Employees (FTE)

1

-53.8% 18-23

Staff costs

€33k

-29.4% 18-23

Show 11 other metrics

Income taxes

€-50k

- 18-23

Debt

€475k

+74.4% 18-23

Debt ≤ 1y

€361k

+32.7% 18-23

Debt > 1y

€39k

-33.9% 18-23

Current ratio

4.35

+5.6% 18-23

Quick ratio

4.35

+5.6% 18-23

Solvency

71.3%

-10.5% 18-23

Debt / equity

0.40

+57.5% 18-23

ROE

9.7%

-77.9% 18-23

ROA

6.9%

-80.2% 18-23

Interest coverage

15.42

-89.5% 18-23

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2023
Deposit	verkort
Revenue	-
EBITDA	€83k
Net profit	€114k
Cash flow	€127k
Staff costs	-
Income taxes	€-50k
Dividends	-
Total assets	€1.65M
Equity	€1.18M
Debt	€475k
of which ≤ 1y	€361k
of which > 1y	-
Working capital	€1.21M
Employees (FTE)	-

Ratios (computed)

	2023
Current ratio	4.35
Quick ratio	4.35
Working capital ratio	73.2%
Solvency	71.3%
Debt / equity	0.40
Long-term debt ratio	-
Interest coverage	15.42
Gross margin	-
Net margin	-
ROA	6.9%
ROE	9.7%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2023

Assets

Fixed assets €82k · 5.0% Current assets €1.57M · 95.0%

Equity & liabilities

Equity €1.18M · 71.3% Debt €475k · 28.7%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€1.65M
Fixed assets	21/28	€82k
Tangible fixed assets	22/27	€28k
Financial fixed assets	28	€54k
Current assets	29/58	€1.57M
Amounts receivable within one year	40/41	€1.14M
Investments	50/53	€181k
Cash & bank	54/58	€180k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€1.65M
Equity	10/15	€1.18M
Contributions / capital	10/11	€12k
Reserves	13	€2k
Accumulated profits (losses)	14	€1.16M
Amounts payable	17/49	€475k
Amounts payable within one year	42/48	€361k
Trade debts payable within one year	44	€297k
Income statement
Gross operating margin	9900	€86k
Operating result	9901	€70k
Financial income	75	€214
Financial charges	65	€5k
Result before taxes	9903	€64k
Income taxes	67/77	€-50k
Net result for the period	9904	€114k
Result to be appropriated	9905	€114k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2023 · computed

86 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2023. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

1 location

Veerweg 50, 9090 Merelbeke-Melle

Reparatie en onderhoud van verwarmingsinstallaties

since 20142.231.008.611

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area400 m²

Buildings1

Building footprint272 m²

Volume (LiDAR)2,479 m³

Tallest building12.8 m · ±3 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44040D0004/00L000	Flanders	400 m²	1 · 272 m²	12.8 m · 3 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

0 of 4 acts read

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.

Have them read with priority Sign in to place this company at the front of the reading queue.

The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Financial profile

5 of 5 axes measured

82 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 86

Profitability 48

Solvency 100

Growth 78

Stability 100

Credit advice

verdict per customer and amount

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We hold annual accounts for 61 of the 395 companies in this sector. 31 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Vervaardiging van artikelen van beton voor de bouw23610Bouw van rioleringen42212Waterbouw, muv baggerwerken42919Overige werkzaamheden in verband met de afwerking van gebouwen43350Overige gespecialiseerde bouwactiviteiten, neg43990Overige gespecialiseerde bouwwerkzaamheden43999

Primary activity highlighted.

Names & trade names

Legal nameNL

CHS Group

Registered office

Veerweg 48

9090 Merelbeke-Melle, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.