AZORG
ActiveSummary
AZORG has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €273.3m and a net result of -€5.1m. Its solvency ranks better than 33% of 2356 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes
Profitability47
Solvency65
Growth-
Track record67
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days only on tighter terms
Liquidity ample (current ratio 1.57; short-term debt: 28% and cash: 1.8% of total assets), but 60.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six 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 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Young company
A young company has little track record yet and statistically fails more often than an established 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
39.5%
Return on assets
-0.7%
Age of the figures
9 mo
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 03-07-2026, 28 days ahead of the deadline.
NBB · 1 filingDeviation from the deadline
2025
28 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#1 company by total assets in East Flanders, Health and social work sector#1 company by equity in East Flanders, Health and social work sector#1 employer in East Flanders, Human health sector
Turnover
€824.9m
EBIT margin
-1.0%
Net result
-€5.1m
Working capital
€109.7m
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Balance-sheet composition
Assets €689.6m
Fixed assets
€386.3m
Current assets
€303.3m
Equity and liabilities €691.2m
Equity
€273.3m
Provisions
€3.1m
Debt
€414.7m
Debt finances 60.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€27.5m
Cash flow
€30.6m
Current ratio
1.57
Quick ratio
1.44
Debt to equity
1.52
ROE
-1.9%
ROA
-0.7%
Interest coverage
4.27
Debt ≤ 1 year
€193.6m
Debt > 1 year
€218.3m
Staff costs
€328.9m
Peer companies
Historical observationOf the 251 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Large
- solvency 30% or more
- a small loss
- without age
0.4%
went bankrupt
4.8%
stopped otherwise
94%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 251 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2025 |
|---|---|
| Operating income70/76A | €921.0m |
| Turnover70 | €824.9m |
| Other operating income74 | €89.0m |
| Non-recurring operating income76A | €7.1m |
| Operating charges60/66A | €929.2m |
| Goods for resale, raw materials and consumables60 | €248.3m |
| Purchases600/8 | €250.4m |
| Change in stocks: decrease (increase)609 | -€2.1m |
| Services and other goods61 | €305.3m |
| Remuneration, social security and pensions62 | €328.9m |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35.6m |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €97,478 |
| Other operating charges640/8 | €1.8m |
| Non-recurring operating charges66A | €8.4m |
| Operating profit (loss)9901 | -€8.2m |
| Financial income75/76B | €9.9m |
| Recurring financial income75 | €3.6m |
| Income from financial fixed assets750 | €329,463 |
| Other financial income752/9 | €3.3m |
| Non-recurring financial income76B | €6.3m |
| Financial charges65/66B | €6.8m |
| Recurring financial charges65 | €6.8m |
| Debt charges650 | €6.4m |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €3,174 |
| Other financial charges652/9 | €370,139 |
| Profit (loss) for the period before taxes9903 | -€5.1m |
| Profit (loss) for the period9904 | -€5.1m |
| Profit (loss) for the period to be appropriated9905 | -€5.1m |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €691.2m | |
| Formation expenses20 | €1.6m | |
| Fixed assets21/28 | €386.3m | |
| Intangible fixed assets21 | €11.1m | |
| Tangible fixed assets22/27 | €373.5m | |
| Land and buildings22 | €296.4m | |
| Plant, machinery and equipment23 | €43.9m | |
| Furniture and vehicles24 | €24.6m | |
| Other tangible fixed assets26 | €273,441 | |
| Assets under construction and advance payments27 | €8.4m | |
| Financial fixed assets28 | €1.7m | |
| Affiliated companies280/1 | €1.4m | |
| Participating interests280 | €1.4m | |
| Other financial fixed assets284/8 | €307,500 | |
| Amounts receivable and cash guarantees285/8 | €307,500 | |
| Current assets29/58 | €303.3m | |
| Amounts receivable after more than one year29 | €981,326 | |
| Other amounts receivable291 | €981,326 | |
| Stocks and contracts in progress3 | €25.4m | |
| Stocks30/36 | €25.4m | |
| Raw materials and consumables30/31 | €25.4m | |
| Amounts receivable within one year40/41 | €227.2m | |
| Trade receivables40 | €139.8m | |
| Other amounts receivable41 | €87.4m | |
| Current investments50/53 | €33.3m | |
| Cash at bank and in hand54/58 | €12.4m | |
| Deferred charges and accrued income490/1 | €3.9m | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €691.2m | |
| Equity10/15 | €273.3m | |
| Contributions10/11 | €41.6m | |
| Capital10 | €41.6m | |
| Revaluation surpluses12 | €18.6m | |
| Reserves13 | €81.6m | |
| Profit (loss) carried forward14 | €107.9m | |
| Investment grants15 | €23.6m | |
| Provisions and deferred taxes16 | €3.1m | |
| Provisions for liabilities and charges160/5 | €3.1m | |
| Pensions and similar obligations160 | €15,578 | |
| Major repairs and maintenance162 | €350,661 | |
| Other liabilities and charges164/5 | €2.8m | |
| Amounts payable17/49 | €414.7m | |
| Amounts payable after more than one year17 | €218.3m | |
| Financial debts170/4 | €196.9m | |
| Credit institutions173 | €196.9m | |
| Other amounts payable178/9 | €21.5m | |
| Amounts payable within one year42/48 | €193.6m | |
| Current portion of amounts payable after more than one year42 | €31.3m | |
| Financial debts43 | €95,876 | |
| Credit institutions430/8 | €95,876 | |
| Trade debts44 | €75.3m | |
| Suppliers440/4 | €75.3m | |
| Advances received on contracts in progress46 | €145 | |
| Taxes, remuneration and social security45 | €79.6m | |
| Taxes450/3 | €5.6m | |
| Remuneration and social security454/9 | €74.0m | |
| Accrued charges and deferred income492/3 | €2.8m | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | -€5.1m |
| + Depreciation and write-downs630 | €35.6m |
| Operating cash flow (approximation) | €30.6m |
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
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
23-12
State Gazette act
General meeting · Director reappointment
Merger · Accounting effect
25-10
State Gazette act
Demerger
State Gazette actNBB filing
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Aalst · 6 establishment units since 2024
Ground area
11.7 ha
Building footprint
1.7 ha
Volume, LiDAR
49,721 m³
6 parcels, Flanders · tallest building 24.0 m, ±6 floors. Linked by address, not a title deed.
91
companies at this address
See who is registered here
6 establishment units
AZORG, Campus Moorselbaan
since 20242.361.526.465
AZORG, Campus Merestraat
since 20242.367.355.868
AZORG, Campus Asse
since 20242.367.356.759
AZORG, Campus Geraardsbergen
since 20242.367.356.957
AZORG, Campus Wetteren
since 20242.367.357.749
AZORG, Campus Ninove
since 20242.367.358.046
6 parcels
Flanders
6
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41302C1191/00S000 | Flanders | 8.0 ha | 1 · 1,006 m² | 6.5 m · 1 fl. |
| 42302D0714/00N000 | Flanders | 1.7 ha | 1 · 1,738 m² | 24.0 m · 6 fl. |
| 23322L0303/00A002 | Flanders | 9,850 m² | 1 · 5,542 m² | - |
| 41018A0543/00M000 ProtectedMonument · Townscape or village viewOnze-Lieve-Vrouwhospitaal: bisschopsvleugel, gotische gaanderij, raadszaal, oostvleugel en pastorieSource ↗ |
Flanders | 5,895 m² | 1 · 6,746 m² | - |
| 41362B0787/00G002 | Flanders | 3,931 m² | 1 · 1,537 m² | 20.8 m · 5 fl. |
| 41303E0485/00N000 | Flanders | 1,280 m² | - | - |
Linked by address, not proof of ownership
Good to know
6 of 6 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
3 transactionsReceived a universality from:ONZE-LIEVE-VROUWZIEKENHUIS
Received a branch of activity from:A.V. A.S.Z.
Received a branch of activity from:VZW MEDISCHE STAF STEDELIJK ZIEKENHUIS CAMPUSSEN AALST, GERAARDSBERGEN, WETTEREN
Public money · subsidies and aid
Flemish government
2025 · 8 entries · 7,538,404 EUR awarded · 7,278,501 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 8 | 7,538,404 EUR | 7,278,501 EUR |
Schemes
Federal government
2025 · 2 entries · 434,791 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Volksgezondheid | 2 | 434,791 EUR |
Budget allocations
Recognitions · licences · registrations
Food safety, FASFC
6 sitesAalst2.361.526.465
Aalst2.367.355.868
Asse2.367.356.759
Geraardsbergen2.367.356.957
Show 2 more sites
Ninove2.367.358.046
Wetteren2.367.357.749
Care and welfare
9 services · 5 liveAZORG
AZORG – dienst fysische geneeskunde en revalidatie
AZORG, campussen Moorselbaan, Asse, Ninove
AZORG, campussen Wetteren, Geraardsbergen
Show 5 more services
MDT-Fysische geneeskunde en revalidatie
AZorg campus Asse
AZorg campus Geraardsbergen
AZorg campus Ninove
AZorg campus Wetteren
Legal Entity Identifier
699400G5MZTXZG5PXF84
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Of 157 companies in sector 86101 we hold annual accounts for 82. 40 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded24-01-2024
Fiscal year end31-12
Activities, NACEBEL 2025
86101Human health activities
56301Cafés and bars
68321Property management for co-owned buildings (syndics)
E-invoicing
Reachable via Peppol
Peppol ID
0208:1005154085
Also
9925:BE1005154085
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.