Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 37 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
CERHUM from Liège, company number BE0640975802, closed financial year 2025 with a result of € -1.3 million after tax. For that financial year CERHUM recorded revenue of € 136,720 and equity of € 1.3 million. Compared with financial year 2024, the result moved from € -740,151 to € -1.3 million. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 31, 2026.
€ 1.3 million
▼ 40% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.3 million
▼ 69 % more loss than in 2024
Profit after tax over the fiscal year.
€ 232,009
▼ 71% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -2.8 million.
People and assets in 2025
7.1
▲ 0.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 503,931
▲ 16% vs 2024
€ 71,000 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 6,113
▼ 11% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 4.5 million
▲ 22% vs 2024
€ 52,083 is repaid this year. At this pace the long-term loan is gone in ≈ 75 years.
€ 304,354
▲ 37% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 172,064
▲ 173% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 16,075 | € 41,270 | € 59,853 | € 136,720 | ▲ 128% |
| Gross margin | € 470,888 | € 423,643 | € 197,194 | € -174,322 | ▼ € 371,516 |
| Profit after taxes | € -323,270 | € -399,789 | € -740,151 | € -1,254,514 | ▼ € 514,363 |
| Equity | € 3,529,111 | € 3,117,277 | € 2,236,450 | € 1,346,406 | ▼ 40% |
| Total debts | € 1,436,627 | € 2,170,638 | € 4,172,225 | € 4,977,392 | ▲ 19% |
| Cash | € 107,817 | € 335,925 | € 808,522 | € 232,009 | ▼ 71% |
| Retained profit | € -396,125 | € -795,914 | € -1,536,066 | € -2,790,580 | ▼ € 1.3 million |
| Bank debt | € 1,238,459 | € 1,836,926 | € 3,683,701 | € 4,477,060 | ▲ 22% |
| Balance sheet total | € 4,965,738 | € 5,287,916 | € 6,408,675 | € 6,323,798 | ▼ 1% |
| Employees (FTE) | 6.9 | 5.9 | 6.7 | 7.1 | ▲ 0.4 |
Key figures of CERHUM, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to CERHUM?
What happened at CERHUM in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- JEAN NIZET stepped down as director. NBB
- RALF HALBACH stepped down as director. NBB
- SA SPARAXIS stepped down as director. NBB
- Denis ZENNER stepped down as director. NBB
- THIBAUT BREULS stepped down as director. NBB
- PIERRE RION stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 1.3 million. Source: NBB ↗
- CEDRIC CONSTANT stepped down as director. NBB
In short
From € 323,270 loss in 2022 to € 1.3 million loss in 2025.
On average € 29,400 of value added per employee in 2024.
Management
The stake of NOSHAQ VENTURE, NOSHAQ SPIN-OFFS comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
CERHUMBehind CERHUM is CONSTANT DEVELOPMENTS SRL. The shares are held by NOSHAQ VENTURE (10.1%) and NOSHAQ SPIN-OFFS (10.1%).
Directors
According to the 2025 annual accounts
(Autre fonction) · represented by CEDRIC CONSTANT
since 2023
JEAN NIZET
Director
since 2022 · until 2028
Director · represented by SOPHIE SAUVAGE
Also active at: C.P. Bourg, A.M.B., Jean Goldschmidt International, Ateliers Pierre Cerfontaine, Floridienne, Fonderies J. Marichal Ketin et Cie, JUNGLING, MEBF +224 more
since 2023 · until 2028
since 2025 · until 2026
Denis ZENNER
Director
Also active at: COREX Belgium, Cartamundi, SMART PACKAGING SOLUTIONS, ZENDEN, VPK FINANCE, Blue Box Partners
since 2026 · until 2028
THIBAUT BREULS
Director
since 2022 · until 2028
RALF HALBACH
Director
since 2025 · until 2028
PIERRE RION
Director
Also active at: MULTITEL, n-Side, DOMAINE DE MELLEMONT, AGENCE DU NUMERIQUE, LES NEWS 24, THE POD, Wallonie Entreprendre, Société digitale des Eaux de Wallonie
since 2022 · until 2028
Shareholders
10.1%
10.1%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Rue des Pôles 1
4000 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0640.975.802
- VAT number
- BE 0640.975.802
- Registered office
- Rue des Pôles 1, 4000 Liège
- Names & denominations
- CERHUM
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 October 2015
- Peppol
- Active · Active since 5 Aug 2025
- Activities · NACE
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