Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 45 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
90 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
CSM Development from Brussel, company number BE0692645524, closed financial year 2025 with a result of € -267,567 after tax. For that financial year CSM Development recorded a gross margin of € -2,473 and equity of € -5.2 million. Compared with financial year 2024, the result moved from € -322,048 to € -267,567. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 24, 2026.
€ -5.2 million
▼ € 267,567 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -267,567
▲ 17 % less loss than in 2024
Profit after tax over the fiscal year.
€ 1,075
▼ 79% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -5.3 million.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 2,385
▼ 21% vs 2024
Supplier invoices still open on the last day of the fiscal year.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -856,442 | € 30,843 | € -4,228 | € -2,473 | ▲ € 1,755 |
| Profit after taxes | € -4,281,387 | € -275,401 | € -322,048 | € -267,567 | ▲ € 54,481 |
| Equity | € -4,325,539 | € -4,600,941 | € -4,922,989 | € -5,190,557 | ▼ € 267,567 |
| Total debts | € 4,397,066 | € 4,611,557 | € 4,928,229 | € 5,191,632 | ▲ 5% |
| Cash | € 71,527 | € 10,616 | € 5,240 | € 1,075 | ▼ 79% |
| Retained profit | € -4,387,539 | € -4,662,941 | € -4,984,989 | € -5,252,557 | ▼ € 267,567 |
| Balance sheet total | € 71,527 | € 10,616 | € 5,240 | € 1,075 | ▼ 79% |
Key figures of CSM Development, 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 CSM Development?
What happened at CSM Development in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- RLG CONSULTING SRL stepped down as director. NBB
- ADEL YAHIA CONSULT SRL stepped down as director. NBB
- CDEW CONSULTING SRL stepped down as director. NBB
- B2B GROUP SA stepped down as director. NBB
- QUEEN-K SRL stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 267,567. Source: NBB ↗
- KB FINANCIAL SERVICES SRL stepped down as director. NBB
- RLG CONSULTING SRL became a director. NBB
In short
From € 4.3 million loss in 2022 to € 267,567 loss in 2025.
A new publication or filing at CSM Development? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of "IMMOBEL" OU "COMPAGNIE IMMOBILIERE DE BELGIQUE " OU " IMMOBILIEN VENNOOTSCHAP VAN BELGIE" comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
CSM DevelopmentThe shares are held by "IMMOBEL" OU "COMPAGNIE IMMOBILIERE DE BELGIQUE " OU " IMMOBILIEN VENNOOTSCHAP VAN BELGIE" (50%).
Directors
According to the 2025 annual accounts
Director · represented by YAHIA Adel
Also active at: COMPAGNIE IMMOBILIERE DE WALLONIE, Infinito, Entreprises et Gestion Immobilières, Lotinvest Development, QUOMAGO S.A., COSIMO, VELDIMMO, LES JARDINS DU NORD - NOORDWARANDE +45 more
since 2023 · until 2027
Director · represented by LEGENDRE Raphaël
Also active at: Europea Housing, Engeland Development
since 2024 · until 2028
Director · represented by DE WALQUE Christophe
Also active at: Engeland Development
since 2023 · until 2027
since 2023 · until 2027
Director · represented by THIEL Olivier
Also active at: COMPAGNIE IMMOBILIERE DE WALLONIE, Infinito, QUOMAGO S.A., COSIMO, VELDIMMO, LES JARDINS DU NORD - NOORDWARANDE, ESPACE NIVELLES, IMMOBEL Project Management +29 more
since 2023 · until 2027
Director · represented by BREDA Karel
Also active at: GOODWAYS, Lotinvest Development, COSIMO, FONCIERE JENNIFER, 'T Park Development, FLINT LAND, VESALIUS CONSTRUCT, ULP-I +18 more
since 2018 · until 2026
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Anspachlaan 1
1000 Brussel
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 90 companies are registered at this address.
All companies at this address →bpost
€ 2.2 billion revenue · 2025
COMPAGNIE IMMOBILIERE DE WALLONIE same network
€ -5,696 gross margin · 2025
Infinito same network
€ -3,366 gross margin · 2025
TotalEnergies Marketing Belgium
€ 6.1 billion revenue · 2025
TotalEnergies Petrochemicals & Refining
€ 15.5 billion revenue · 2025
+85 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0692.645.524
- VAT number
- BE 0692.645.524
- Registered office
- Anspachlaan 1, 1000 Brussel
- Names & denominations
- CSM Development
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 16 March 2018
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
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