AZAR
ActiveSummary
AZAR has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.26M and a net result of €241k. Equity is growing by ~8% per year across the filed fiscal years. Its solvency ranks better than 64% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+9
Solvency73▲+8
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90k at 30 days acceptable
Liquidity ample (current ratio 1.59 against 1.21 in 2024; short-term debt: 15.2% and cash: 0.9% of total assets), but 51.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
48.4%
Return on assets
9.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-08-2026, 6 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.
NBB · 10 filingsDeviation from the deadline
2025
6 d late
2024
11 d late
2023
21 d late
2022
12 d late
2021
30 d late
2019
58 d early
2018
8 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€840k▼ 34.7%
2018 · €1.29M
2018: €1.29M
2019: €840k▼ -34.7% vs 2018
2018 → 2019
EBIT margin
61.7%▲ 73.5pp
2018 · -11.8%
2018: -11.8%
2019: 61.7%▲ +624% vs 2018
2018 → 2019
Net result
€241k▲ 396%
2024 · €49k
2018: €-216klowest value
2019: €437k▲ +302% vs 2018highest value
2021: €78k
2022: €28k▼ -64.4% vs 2021
2023: €70k▲ +151% vs 2022
2024: €49k▼ -30.5% vs 2023
2025: €241k▲ +396% vs 2024
2018 → 2025
Working capital
€236k▲ 405%
2024 · €47k
2018: €-176klowest value
2019: €591k▲ +435% vs 2018highest value
2021: €573k
2022: €262k▼ -54.4% vs 2021
2023: €139k▼ -46.8% vs 2022
2024: €47k▼ -66.5% vs 2023
2025: €236k▲ +405% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€873k-€900k▲ 3.2%€970k▲ 7.8%€1.02M▲ 5.0%€1.26M▲ 23.6%
2021: €873klowest in 5 years
2022: €900k▲ +3.2% vs 2021
2023: €970k▲ +7.8% vs 2022
2024: €1.02M▲ +5.0% vs 2023
2025: €1.26M▲ +23.6% vs 2024highest in 5 years
Operating result€245k-€104k▼ 57.7%€159k▲ 53.6%€142k▼ 10.7%€379k▲ 166%
2021: €245k
2022: €104k▼ -57.7% vs 2021lowest in 5 years
2023: €159k▲ +53.6% vs 2022
2024: €142k▼ -10.7% vs 2023
2025: €379k▲ +166% vs 2024highest in 5 years
Net result€78k-€28k▼ 64.4%€70k▲ 151%€49k▼ 30.5%€241k▲ 396%
2021: €78k
2022: €28k▼ -64.4% vs 2021lowest in 5 years
2023: €70k▲ +151% vs 2022
2024: €49k▼ -30.5% vs 2023
2025: €241k▲ +396% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 166% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.60M
Fixed assets
€1.97M ▼ 13.9%
Current assets
€632k ▲ 132%
Equity and liabilities €2.60M
Equity
€1.26M ▲ 23.6%
Provisions
€144k ▲ 114%
Debt
€1.20M ▼ 18.7%
Debt's share of the balance-sheet total falls from 57.6% to 46.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€463k▲
2024 · €247k
Cash flow
€325k▲
2024 · €154k
Current ratio
1.59▲
2024 · 1.21
Quick ratio
1.01▼
2024 · 1.21
Debt to equity
0.95▼
2024 · 1.45
ROE
19.1%▲
2024 · 4.8%
ROA
9.3%▲
2024 · 1.9%
Interest coverage
13.78▲
2024 · 6.98
Debt ≤ 1 year
€397k▲
2024 · €226k
Debt > 1 year
€799k▼
2024 · €1.25M
Income taxes
€29k▼
2024 · €63k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 61 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.56M€2.60M▲
Fixed assets21/28€2.29M€1.97M▼
Tangible fixed assets22/27€2.29M€1.97M▼
Land and buildings22€1.81M€1.46M▼
Furniture and vehicles24€53k€35k▼
Other tangible fixed assets26€420k€476k▲
Financial fixed assets28€1k€1k=
Current assets29/58€273k€632k▲
Stocks and contracts in progress3-€233k
Stocks30/36-€233k
Amounts receivable within one year40/41€242k€373k▲
Trade receivables40€126k€17k▼
Other amounts receivable41€116k€355k▲
Cash at bank and in hand54/58€23k€24k▲
Deferred charges and accrued income490/1€8k€3k▼
Equity and liabilities
Total equity and liabilities10/49€2.56M€2.60M▲
Equity10/15€1.02M€1.26M▲
Contributions10/11€119k€119k=
Reserves13€236k€499k▲
Non-distributable reserves130/1€12k€12k=
Reserves not available under the articles1311€12k€12k=
Tax-exempt reserves132-€262k
Distributable reserves133€225k€225k=
Profit (loss) carried forward14€664k€643k▼
Provisions and deferred taxes16€67k€144k▲
Provisions for liabilities and charges160/5€22k€11k▼
Other liabilities and charges164/5€22k€11k▼
Deferred taxes168€46k€133k▲
Amounts payable17/49€1.47M€1.20M▼
Amounts payable after more than one year17€1.25M€799k▼
Financial debts170/4€1.25M€799k▼
Amounts payable within one year42/48€226k€397k▲
Current portion of amounts payable after more than one year42€142k€133k▼
Financial debts43€76€185k▲
Credit institutions430/8-€185k
Other loans439€76-
Trade debts44€6k€4k▼
Suppliers440/4€6k€4k▼
Advances received on contracts in progress46-€10k
Taxes, remuneration and social security45€51k€33k▼
Taxes450/3€51k€33k▼
Other amounts payable47/48€27k€32k▲
Accrued charges and deferred income492/3-€3k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€105k€85k▼
Other operating charges640/8€16k€16k▲
Gross operating margin9900€263k€479k▲
Operating profit (loss)9901€142k€379k▲
Financial income75/76B€5k€12k▲
Recurring financial income75€5k€12k▲
Financial charges65/66B€35k€34k▼
Recurring financial charges65€35k€34k▼
Profit (loss) for the period before taxes9903€112k€357k▲
Transfer to deferred taxes680-€87k
Income taxes67/77€63k€29k▼
Profit (loss) for the period9904€49k€241k▲
Transfer to tax-exempt reserves689-€262k
Profit (loss) for the period to be appropriated9905€49k€-21k▼
Appropriation of the result
Profit (loss) to be appropriated9906€712k€643k▼
Profit (loss) brought forward from the previous period14P€664k€664k=
Transfer to equity691/2€49k-
To other reserves6921€49k-
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €73k | - | - | - | - |
| Remuneration, social security and pensions62 | €23k | €13k | €4k | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €206k | €127k | €106k | €105k | €85k | ▼ 19.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €29k | - | - | - | - | - |
| Other operating charges640/8 | €79k | €21k | €65k | €16k | €16k | ▲ 1.5% |
| Non-recurring operating charges66A | €178k | - | - | - | - | - |
| Gross operating margin9900 | €761k | €265k | €335k | €263k | €479k | ▲ 82.2% |
| Operating profit (loss)9901 | €245k | €104k | €159k | €142k | €379k | ▲ 166% |
| Financial income75/76B | €5k | €4k | €3k | €5k | €12k | ▲ 139% |
| Recurring financial income75 | €5k | €4k | €3k | €5k | €12k | ▲ 139% |
| Financial charges65/66B | €72k | €58k | €49k | €35k | €34k | ▼ 5.1% |
| Recurring financial charges65 | €72k | €58k | €49k | €35k | €34k | ▼ 5.1% |
| Profit (loss) for the period before taxes9903 | €178k | €50k | €113k | €112k | €357k | ▲ 219% |
| Transfer to deferred taxes680 | - | - | - | - | €87k | - |
| Income taxes67/77 | €100k | €22k | €43k | €63k | €29k | ▼ 54.2% |
| Profit (loss) for the period9904 | €78k | €28k | €70k | €49k | €241k | ▲ 396% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €262k | - |
| Profit (loss) for the period to be appropriated9905 | €78k | €28k | €70k | €49k | €-21k | ▼ 144% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.05M | €3.03M | €2.59M | €2.56M | €2.60M | ▲ 1.6% |
| Fixed assets21/28 | €2.22M | €2.42M | €2.25M | €2.29M | €1.97M | ▼ 13.9% |
| Tangible fixed assets22/27 | €2.21M | €2.41M | €2.25M | €2.29M | €1.97M | ▼ 13.9% |
| Land and buildings22 | €2.14M | €2.34M | €1.90M | €1.81M | €1.46M | ▼ 19.6% |
| Furniture and vehicles24 | €29k | €22k | €57k | €53k | €35k | ▼ 34.6% |
| Other tangible fixed assets26 | €42k | €55k | €286k | €420k | €476k | ▲ 13.2% |
| Financial fixed assets28 | €4k | €4k | €1k | €1k | €1k | = |
| Current assets29/58 | €834k | €611k | €344k | €273k | €632k | ▲ 132% |
| Stocks and contracts in progress3 | €121k | €121k | - | - | €233k | - |
| Stocks30/36 | €121k | €121k | - | - | €233k | - |
| Amounts receivable within one year40/41 | €108k | €55k | €196k | €242k | €373k | ▲ 54.0% |
| Trade receivables40 | €33k | €9k | €22k | €126k | €17k | ▼ 86.1% |
| Other amounts receivable41 | €76k | €45k | €173k | €116k | €355k | ▲ 206% |
| Cash at bank and in hand54/58 | €589k | €413k | €138k | €23k | €24k | ▲ 2.8% |
| Deferred charges and accrued income490/1 | €16k | €23k | €10k | €8k | €3k | ▼ 59.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.05M | €3.03M | €2.59M | €2.56M | €2.60M | ▲ 1.6% |
| Equity10/15 | €873k | €900k | €970k | €1.02M | €1.26M | ▲ 23.6% |
| Contributions10/11 | €119k | €119k | €119k | €119k | €119k | = |
| Capital10 | €119k | €119k | - | - | - | - |
| Issued capital100 | €119k | €119k | - | - | - | - |
| Reserves13 | €90k | €118k | €188k | €236k | €499k | ▲ 111% |
| Non-distributable reserves130/1 | €12k | €12k | €12k | €12k | €12k | = |
| Legal reserve130 | €12k | €12k | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €12k | €12k | €12k | = |
| Tax-exempt reserves132 | - | - | - | - | €262k | - |
| Distributable reserves133 | €78k | €106k | €176k | €225k | €225k | = |
| Profit (loss) carried forward14 | €664k | €664k | €664k | €664k | €643k | ▼ 3.2% |
| Provisions and deferred taxes16 | €174k | €90k | €78k | €67k | €144k | ▲ 114% |
| Provisions for liabilities and charges160/5 | €128k | €44k | €32k | €22k | €11k | ▼ 49.9% |
| Major repairs and maintenance162 | €29k | - | - | - | - | - |
| Other liabilities and charges164/5 | €99k | €44k | €32k | €22k | €11k | ▼ 49.9% |
| Deferred taxes168 | €46k | €46k | €46k | €46k | €133k | ▲ 192% |
| Amounts payable17/49 | €2.00M | €2.04M | €1.55M | €1.47M | €1.20M | ▼ 18.7% |
| Amounts payable after more than one year17 | €1.74M | €1.69M | €1.34M | €1.25M | €799k | ▼ 36.0% |
| Financial debts170/4 | €1.74M | €1.69M | €1.34M | €1.25M | €799k | ▼ 36.0% |
| Amounts payable within one year42/48 | €261k | €350k | €205k | €226k | €397k | ▲ 75.3% |
| Current portion of amounts payable after more than one year42 | €118k | €132k | €140k | €142k | €133k | ▼ 5.8% |
| Financial debts43 | - | - | - | €76 | €185k | ▲ 242,237% |
| Credit institutions430/8 | - | - | - | - | €185k | - |
| Other loans439 | - | - | - | €76 | - | - |
| Trade debts44 | €46k | €52k | €12k | €6k | €4k | ▼ 29.6% |
| Suppliers440/4 | €46k | €52k | €12k | €6k | €4k | ▼ 29.6% |
| Advances received on contracts in progress46 | - | - | - | - | €10k | - |
| Taxes, remuneration and social security45 | €62k | €36k | €25k | €51k | €33k | ▼ 36.4% |
| Taxes450/3 | €57k | €20k | €5k | €51k | €33k | ▼ 36.4% |
| Remuneration and social security454/9 | €5k | €17k | €19k | - | - | - |
| Other amounts payable47/48 | €35k | €130k | €28k | €27k | €32k | ▲ 15.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €78k | €28k | €70k | €49k | €241k | ▲ 396% |
| + Depreciation and write-downs630 | €206k | €127k | €106k | €105k | €85k | ▼ 19.5% |
| Operating cash flow (approximation) | €284k | €155k | €176k | €154k | €325k | ▲ 112% |
| Investment in fixed assets (approximation) | - | €-329k | €63k | €-144k | €233k | ▲ 263% |
| Change in cash | - | €-175k | €-275k | €-115k | €634 | ▲ 101% |
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
06-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 6 days late
2025
11-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 11 days late
2024
31-12
Financial
Equity above €1MEq €1.02M ▲5%
5 profitable years in a row build equity to €1.02M.
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 21 days late
2023
12-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 12 days late
2022
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2020
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €437k
Net result €437k after one loss-making year.
31-12
Financial
Liquidity times 5current ratio 3.96
Current ratio from 0.88 to 3.96; short-term debt falls from €1.42M to €199k.
31-12
Financial
Equity above €500kEq €794k ▲122%
Equity rises from €357k to €794k.
08-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 8 days late
2018
17-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 17 days late
2016
30-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 61 days late
2015
17-11
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 109 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 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
15 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, Sint-Jans-Molenbeek · 1 establishment unit since 2018
Ground area
183 m²
Building footprint
112 m²
Volume, LiDAR
1,582 m³
Parcel 21012A0179/00V011, Brussels · tallest building 19.8 m, ±5 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Azar
since 20182.303.570.846
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21012A0179/00V011 | Brussels | 183 m² | 1 · 112 m² | 19.8 m · 5 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.
Similar companies · same sector, comparable size
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EVEREST URBAN LIVING
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DOMITOR
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 3,621 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
Founded03-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
Scores and ratios are computed by Checked and are not a credit decision.