CMD
ActiveSummary
CMD has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €335,305 and a net result of €28,294. Equity is growing by ~8.4% per year across the filed fiscal years. Its solvency ranks better than 81% of 31840 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability85▲+1
Solvency100=
Growth63=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19,000 at 30 days acceptable
Liquidity ample (current ratio 4.84 against 4.6 in 2024; short-term debt: 14.4% and cash: 10.4% of total assets), and 15.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
84.1%
Return on assets
7.1%
Age of the figures
9 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
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 06-06-2026, 55 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
55 d early
2024
51 d early
2023
50 d early
2022
27 d early
2021
31 d early
2020
44 d early
2019
50 d early
← 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 44 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€191,754▲ 0.2%
2024 · €191,464
EBIT margin
20.6%▲ 3.7pp
2024 · 16.9%
Net result
€28,294▲ 45.5%
2024 · €19,443
Working capital
€220,119▲ 14.4%
2024 · €192,361
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€179,932▼ 8.9%€191,028▲ 6.2%€171,829▼ 10.1%€191,464▲ 11.4%€191,754▲ 0.2%
Operating result€38,469▼ 35.8%€24,698▼ 35.8%€12,925▼ 47.7%€32,324▲ 150%€39,446▲ 22.0%
Net result€26,164▼ 41.1%€14,358▼ 45.1%€6,320▼ 56.0%€19,443▲ 208%€28,294▲ 45.5%
EBIT margin21.4%▼ 8.9pp12.9%▼ 8.5pp7.5%▼ 5.4pp16.9%▲ 9.4pp20.6%▲ 3.7pp
Equity€266,891▲ 10.9%€281,248▲ 5.4%€287,568▲ 2.2%€307,011▲ 6.8%€335,305▲ 9.2%
Total assets€322,101▲ 3.5%€331,508▲ 2.9%€345,862▲ 4.3%€366,703▲ 6.0%€398,851▲ 8.8%
Debt€55,210▼ 21.8%€50,259▼ 9.0%€58,294▲ 16.0%€59,692▲ 2.4%€63,545▲ 6.5%
Working capital€69,436▲ 344%€104,957▲ 51.2%€143,422▲ 36.6%€192,361▲ 34.1%€220,119▲ 14.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 22% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €398,851
Fixed assets
€121,412 ▲ 0.4%
Current assets
€277,439 ▲ 12.9%
Equity and liabilities €398,851
Equity
€335,305 ▲ 9.2%
Debt
€63,545 ▲ 6.5%
Debt's share of the balance-sheet total falls from 16.3% to 15.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€67,449▲
2024 · €60,070
Cash flow
€56,297▲
2024 · €47,189
Current ratio
4.84▲
2024 · 4.60
Debt to equity
0.19▼
2024 · 0.19
ROE
8.4%▲
2024 · 6.3%
ROA
7.1%▲
2024 · 5.3%
Interest coverage
16.13▼
2024 · 19.75
Debt ≤ 1 year
€57,320▲
2024 · €53,467
Debt > 1 year
€6,150=
2024 · €6,150
Income taxes
€10,603▲
2024 · €9,979
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €179,932 | €191,028 | €171,829 | €191,464 | €191,754 | ▲ 0.2% |
| Non-recurring operating income76A | - | €3,620 | €0 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €111,789 | €140,423 | €127,883 | €128,662 | €123,136 | ▼ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,143 | €27,733 | €27,746 | €27,746 | €28,003 | ▲ 0.9% |
| Other operating charges640/8 | €1,530 | €1,795 | €3,276 | €2,732 | €1,169 | ▼ 57.2% |
| Gross operating margin9900 | €68,143 | €54,225 | €43,946 | €62,802 | €68,618 | ▲ 9.3% |
| Operating profit (loss)9901 | €38,469 | €24,698 | €12,925 | €32,324 | €39,446 | ▲ 22.0% |
| Financial income75/76B | €5 | - | €213 | €139 | €3,634 | ▲ 2,509% |
| Recurring financial income75 | €5 | - | €213 | €139 | €3,634 | ▲ 2,509% |
| Financial charges65/66B | €1,766 | €3,068 | €2,626 | €3,042 | €4,182 | ▲ 37.5% |
| Recurring financial charges65 | €1,766 | €3,068 | €2,626 | €3,042 | €4,182 | ▲ 37.5% |
| Profit (loss) for the period before taxes9903 | €36,708 | €21,630 | €10,512 | €29,422 | €38,897 | ▲ 32.2% |
| Income taxes67/77 | €10,544 | €7,272 | €4,191 | €9,979 | €10,603 | ▲ 6.3% |
| Profit (loss) for the period9904 | €26,164 | €14,358 | €6,320 | €19,443 | €28,294 | ▲ 45.5% |
| Profit (loss) for the period to be appropriated9905 | €26,164 | €14,358 | €6,320 | €19,443 | €28,294 | ▲ 45.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €322,101 | €331,508 | €345,862 | €366,703 | €398,851 | ▲ 8.8% |
| Fixed assets21/28 | €203,230 | €176,367 | €148,621 | €120,875 | €121,412 | ▲ 0.4% |
| Tangible fixed assets22/27 | €202,296 | €175,433 | €147,687 | €119,942 | €120,478 | ▲ 0.4% |
| Land and buildings22 | €201,796 | €175,433 | €147,687 | €119,942 | €96,076 | ▼ 19.9% |
| Plant, machinery and equipment23 | - | - | - | - | €24,402 | - |
| Assets under construction and advance payments27 | €500 | - | - | - | - | - |
| Financial fixed assets28 | €934 | €934 | €934 | €934 | €934 | = |
| Current assets29/58 | €118,871 | €155,141 | €197,241 | €245,828 | €277,439 | ▲ 12.9% |
| Amounts receivable within one year40/41 | €13,074 | €11,026 | €10,212 | €14,650 | €13,797 | ▼ 5.8% |
| Trade receivables40 | €12,962 | €10,528 | €9,988 | €13,695 | €12,876 | ▼ 6.0% |
| Other amounts receivable41 | €111 | €498 | €224 | €955 | €921 | ▼ 3.6% |
| Current investments50/53 | - | - | - | €190,000 | €219,550 | ▲ 15.6% |
| Cash at bank and in hand54/58 | €102,437 | €139,646 | €184,076 | €38,837 | €41,370 | ▲ 6.5% |
| Deferred charges and accrued income490/1 | €3,361 | €4,469 | €2,954 | €2,342 | €2,722 | ▲ 16.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €322,101 | €331,508 | €345,862 | €366,703 | €398,851 | ▲ 8.8% |
| Equity10/15 | €266,891 | €281,248 | €287,568 | €307,011 | €335,305 | ▲ 9.2% |
| Contributions10/11 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | = |
| Capital10 | €22,000 | €22,000 | - | - | - | - |
| Issued capital100 | €22,000 | €22,000 | - | - | - | - |
| Reserves13 | €244,891 | €259,248 | €265,568 | €285,011 | €313,305 | ▲ 9.9% |
| Non-distributable reserves130/1 | €2,200 | €2,200 | - | - | - | - |
| Legal reserve130 | €2,200 | €2,200 | - | - | - | - |
| Distributable reserves133 | €242,691 | €257,048 | €265,568 | €285,011 | €313,305 | ▲ 9.9% |
| Amounts payable17/49 | €55,210 | €50,259 | €58,294 | €59,692 | €63,545 | ▲ 6.5% |
| Amounts payable after more than one year17 | €5,700 | - | €4,400 | €6,150 | €6,150 | = |
| Other amounts payable178/9 | €5,700 | - | €4,400 | €6,150 | €6,150 | = |
| Amounts payable within one year42/48 | €49,435 | €50,184 | €53,819 | €53,467 | €57,320 | ▲ 7.2% |
| Trade debts44 | €1,038 | €713 | €1,037 | €1,336 | €94 | ▼ 93.0% |
| Suppliers440/4 | €1,038 | €713 | €1,037 | €1,336 | €94 | ▼ 93.0% |
| Taxes, remuneration and social security45 | €14,113 | €11,274 | €11,205 | €13,826 | €14,727 | ▲ 6.5% |
| Taxes450/3 | €14,113 | €11,274 | €11,205 | €13,826 | €14,727 | ▲ 6.5% |
| Other amounts payable47/48 | €34,285 | €38,197 | €41,577 | €38,305 | €42,499 | ▲ 10.9% |
| Accrued charges and deferred income492/3 | €75 | €75 | €75 | €75 | €75 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,164 | €14,358 | €6,320 | €19,443 | €28,294 | ▲ 45.5% |
| + Depreciation and write-downs630 | €28,143 | €27,733 | €27,746 | €27,746 | €28,003 | ▲ 0.9% |
| Operating cash flow (approximation) | €54,307 | €42,091 | €34,066 | €47,189 | €56,297 | ▲ 19.3% |
| Investment in fixed assets (approximation) | - | -€870 | €0 | €0 | -€28,540 | - |
| Change in cash | - | €37,209 | €44,430 | -€145,239 | €2,534 | ▲ 102% |
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
06-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
11-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €6,320 ▼56%
Net result drops to €6,320, the lowest in the series; recovery starts the following year.
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €44,439 ▲42.9%
Operating result €59,878, net result €44,439, both a record.
31-12
Financial
Liquidity doublescurrent ratio 1.24
Current ratio from 0.56 to 1.24; short-term debt falls from €82,939 to €64,816.
31-12
Financial
Equity above €200,000Eq €240,727 ▲22.6%
3 profitable years in a row build equity to €240,727.
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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, Antwerpen · 1 establishment unit since 2008
Ground area
1,828 m²
Building footprint
295 m²
Volume, LiDAR
4,726 m³
Parcel 11346B0458/00H004, Flanders · tallest building 18.3 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
CMD
since 20082.168.494.881
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11346B0458/00H004 | Flanders | 1,828 m² | 1 · 295 m² | 18.3 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.
Recognitions · licences · registrations
Legal Entity Identifier
984500EG3OE9D945ED55
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,587. 37,481 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
Founded28-01-2008
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68110Buying and selling of own real estate
Scores and ratios are computed by Checked and are not a credit decision.