ALGORA
ActiveFrom the official registers: KBO 18 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
ALGORA has been active since 2007 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.3m and a net result of -€605,439. The figures fluctuate too strongly year-on-year for a reliable trend projection. The computed 12-month bankruptcy probability is 0.6% (low).
Overview
Official details
KBO- Status
- Active since 09-07-2007 Normal situation
- Legal form
- Public limited company
- Registered office
- Molièrelaan 117, 1190 Vorst
- Activity
- “Deprendredesparticipationsfinancièresouindustrielles,dansdessociétéscotéesounon” (deed in French)From the articles, 5 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.165.254.388 1190 Vorst, since 09-07-2007
- Financial year end
- 31 December
- Peppol
- Reachable since 16-07-2026
Who decides
- ZALESKI Hélène Marie ChristineManaging director
- OCZKOWSKI François Romain EtienneDirector
- Holdings
- Shares in 3 companies including Lutetia arbians and Lutetia management
How it is doing
- Bankruptcy probabilitywithin 12 months
- 0.6%
- Gross margin
- -€2,851
- ▲ 70.6%
- Loss
- €605,439
- Equity
- €2.3m
- ▼ 21.1%
- Total assets
- €12.0m
- ▼ 4.8%
Why 68raises riskLiquidity: current ratio 0.00, cash €1,000Loss of €605,439 (financial year 2025)No main activity registeredlowers riskSize: total assets €12.0mShow the evidence
Checked score
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, medium-sized): better than 21% on solvency, 7% on liquidity, 19% on profitability and 9% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 24 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials · financial year 2025, full format
2025 annual accounts filed late (28 days) Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00471532.
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 28-08-2026
- Format
- full format
- Reference
- 2026-00471532
Source amounts without an identifiable currency are assumed to be EUR.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €2,851 in 2025 against €10,658 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.008m | €0.008m | €0 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Gross operating margin9900 | -€0.01m | -€0.03m | -€0.03m | -€0.006m | -€0.01m | -€0.007m | -€0.01m | -€0.003m | ▲ 70.6% |
| Operating profit (loss)9901 | -€0.03m | -€0.04m | -€0.03m | -€0.007m | -€0.01m | -€0.008m | -€0.01m | -€0.003m | ▲ 73.2% |
| Financial income75/76B | - | - | - | €0 | - | €3.1m | €1.1m | €0.02m | ▼ 98.1% |
| Recurring financial income75 | €261 | €0 | €1 | €0 | - | €193 | €0 | €0.02m | - |
| Non-recurring financial income76B | - | - | - | - | - | €3.1m | €1.1m | €0.02m | ▼ 98.1% |
| Financial charges65/66B | - | - | - | €301 | -€0.003m | €314 | €176 | €0.6m | ▲ 3,532× |
| Recurring financial charges65 | €0.001m | €0.001m | €1.3m | €301 | -€0.003m | €314 | €176 | €0 | ▼ 100% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | €0.6m | - |
| Profit (loss) for the period before taxes9903 | -€0.03m | -€0.04m | -€1.4m | -€0.007m | -€0.009m | €3.1m | €1.0m | -€0.6m | - |
| Income taxes67/77 | €0 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€0.03m | -€0.04m | -€1.4m | -€0.007m | -€0.009m | €3.1m | €1.0m | -€0.6m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.03m | -€0.04m | -€1.4m | -€0.007m | -€0.009m | €3.1m | €1.0m | -€0.6m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.2m | €9.2m | €7.9m | €7.9m | €8.4m | €11.5m | €12.6m | €12.0m | ▼ 4.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €7.9m | €7.9m | €7.9m | €7.9m | €8.4m | €11.5m | €12.6m | €12.0m | ▼ 4.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.008m | €0 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €7.9m | €7.9m | €7.9m | €7.9m | €8.4m | €11.5m | €12.6m | €12.0m | ▼ 4.8% |
| Current assets29/58 | €1.3m | €1.3m | €0.02m | €0.008m | €0.05m | €0.04m | €0.001m | €0.001m | = |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.3m | €1.3m | €0 | - | - | €0.005m | €0 | - | - |
| Other amounts receivable41 | - | - | - | - | - | €0.005m | €0 | - | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.02m | €0.008m | €0.05m | €0.04m | €0.001m | €0.001m | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.2m | €9.2m | €7.9m | €7.9m | €8.4m | €11.5m | €12.6m | €12.0m | ▼ 4.8% |
| Equity10/15 | €0.1m | €0.08m | -€1.3m | -€1.3m | -€1.3m | €1.8m | €2.9m | €2.3m | ▼ 21.1% |
| Contributions10/11 | €9.0m | €9.0m | €9.0m | €9.0m | €9.0m | €9.0m | €9.0m | €9.0m | = |
| Capital10 | - | - | - | €9.0m | €9.0m | €9.0m | €9.0m | €9.0m | = |
| Issued capital100 | - | - | - | €9.0m | €9.0m | €9.0m | €9.0m | €9.0m | = |
| Profit (loss) carried forward14 | -€8.9m | -€8.9m | -€10.3m | -€10.3m | -€10.3m | -€7.2m | -€6.1m | -€6.7m | ▼ 9.9% |
| Amounts payable17/49 | €9.1m | €9.2m | €9.2m | €9.2m | €9.7m | €9.7m | €9.7m | €9.7m | = |
| Amounts payable within one year42/48 | €9.1m | €9.2m | €9.2m | €9.2m | €9.7m | €9.7m | €9.7m | €9.7m | = |
| Trade debts44 | €0.005m | €305 | €0.02m | €62 | €9 | €0 | - | - | - |
| Suppliers440/4 | - | - | - | €62 | €9 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €9.2m | €9.7m | €9.7m | €9.7m | €9.7m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.03m | -€0.04m | -€1.4m | -€0.007m | -€0.009m | €3.1m | €1.0m | -€0.6m | - |
| + Depreciation and write-downs630 | €0.008m | €0.008m | €0 | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€0.02m | -€0.03m | -€1.4m | -€0.007m | -€0.009m | €3.1m | €1.0m | -€0.6m | - |
| Investment in fixed assets (approximation) | - | €0 | €0.02m | €0 | -€0.5m | -€3.1m | -€1.1m | €0.6m | - |
| Change in cash | - | €0.001m | -€0.005m | -€0.009m | €0.04m | -€0.01m | -€0.04m | €0 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-08-2026 | 2026-00471532 | NBB |
| 31-12-2024 | full format | 28-08-2025 | 2025-00463165 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00420653 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00401114 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20407924 | |
| 31-12-2020 | full format | 08-07-2021 | 2021-33900164 | |
| 31-12-2019 | full format | 14-09-2020 | 2020-53400160 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-37500149 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60600583 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27600203 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Day-to-day management 1
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| OCZKOWSKI François Romain Etienne |
|
| ZALESKI Hélène Marie Christine |
|
How the board is organised
- Board ruleHow the board is made up, meets and takes decisions.
- One provision in the deed
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Paiement dettes, charges, frais ou consignation montants nécessaires, actif net en espèces ou titres au pro rata actions”2 more provisions on this in the deed
Articles of association, deed of 09-04-2025 (in French)
Owners and capital
Capital and shareholders
- 09-04-2025 Capital stated in the deed · €9,000,000 · 9,000 shares
Other provisions of the articles of association
- Other provisionsRules from the articles on subjects other than the board, the shares, the purpose and the meetings.
- Other provision: “Admission à l'assemblée générale, assiste lorsqu'il est délibéré sur base d'un rapport qu'il a établi”Other provision: “Assemblée annuelle à majorité des voix sur proposition du conseil d'administration, affectation des bénéfices”Other provision: “Paiement des dividendes et acomptes, avant fin exercice social de fixation du dividende”4 more provisions in the deed, see the deed of 09-04-2025
Articles of association, deed of 09-04-2025 (in French)
Group and network
Holdings and subsidiaries
3 holdingsHoldings 3
Source for every holding own accounts 2024
- Lutetia arbiansFRsubsidiaryEquity -€2.0mResult -€137,502100%
- Lutetia managementFRsubsidiaryEquity -€2.2mResult -€148,163100%
- Societa camuna di partecipazioniITEquity €75.8mResult €6.4m16.59%
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
09-04
Gazette deed
Resignations: ZALESKI Hélène Marie Christine (director) and OCZKOWSKI François Romain Etienne (director)Reappointments: ZALESKI Hélène Marie Christine (director) and OCZKOWSKI François Romain Etienne (director) · Appointment: ZALESKI Hélène Marie Christine (managing director) · Director discharge11 facts ▸
- Director resignation, ZALESKI Hélène Marie Christine (director)
- Director resignation, OCZKOWSKI François Romain Etienne (director)
- Director reappointment, ZALESKI Hélène Marie Christine (director (not named in the articles))
- Director reappointment, OCZKOWSKI François Romain Etienne (director (not named in the articles))
- Director discharge, ZALESKI Hélène Marie Christine
- Director discharge, OCZKOWSKI François Romain Etienne
- Director appointment, ZALESKI Hélène Marie Christine (managing director)
- Registered office clause, “1190 Forest, avenue Molière 117” (deed in French)
- General meeting, “26mars2025” (deed in French)
- Amendment of the articles (2 times)
- Capital, €9,000,000
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
Register details
Who it is
KBO recordWhere it is based
Invoicing and payment
Financial year and general meeting
Accounts at the NBBScores and ratios are computed by Checked and are not a credit decision.
Purpose, financial year and meetings according to the articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Deprendredesparticipationsfinancièresouindustrielles,dansdessociétéscotéesounon…”
5 activities
- Deprendredesparticipationsfinancièresouindustrielles,dansdessociétéscotéesounon
- Defournirtousservicesdemanagementetdegestion,ausenslepluslargeduterme,etdanscecadredepubliertousarticlesetouvrages
- Deréalisertouteacquisitionetventeainsiquettoutnégocedechevauxetaccessoireséquestres,encomprisd'ensemblesimmobiliersàdestinationdemanège
- Fairelagestiondesonproprepatrimoineetréalisertoutesopérationsserattachantdirectementouindirectementàsonobjet,quecesoitenmatièrecommerciale,industrielle,mobilière,immobilièreoufinancière
- S'intéresserpartoutesvoiesdedroitdanstoutesaffaires,entreprisesousociétés,ayantunobjetidentique,analogueouconnexeouquisontdenatureàfavoriserledéveloppementdesonentrepriseetàlelui faciliter
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- ALGORA
- Legal form clauseThe legal form, such as BV, NV or CV, which decides which company-law rules apply.
- One provision in the deed
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Meetings and financial year
- Financial yearThe twelve-month period the company draws up its annual accounts for.
- “Titre VII: Exercice social - Comptes annuels - Affectation du bénéfice Article 33: Exercice social - Comptes annuels L’exercice social…”
Articles of association, deed of 09-04-2025 (in French)
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21383B0163/00L004 | Brussels | 483 m² | 1 · 142 m² | 26.0 m · 6 |