CORSA
ActiveSummary
CORSA has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €594k and a net result of €-5k. Equity is growing by ~30.1% per year across the filed fiscal years. Its solvency ranks better than 88% of 13417 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability26▼-74
Solvency100▲+3
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 5.64 against 4.24 in 2024; short-term debt: 6.4% and cash: 4.1% of total assets), and 23.2% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more 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
76.8%
Return on assets
-0.7%
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 17-08-2026, 17 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
17 d late
2024
28 d late
2023
30 d late
2022
17 d late
2021
22 d late
2020
27 d late
2019
90 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, micro schema
Equity
€594k▼ 0.9%
2024 · €600k
Total assets
€774k▼ 6.8%
2024 · €831k
Net result
€-5k
2024 · €287k
Working capital
€229k▼ 5.7%
2024 · €243k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€31k▼ 92.3%€41k▲ 33.2%€32k▼ 21.6%€437k▲ 1,246%€-14k
Net result€18k▼ 94.1%€20k▲ 9.5%€12k▼ 41.3%€287k▲ 2,355%€-5k
Equity€283k▲ 4.7%€303k▲ 7.0%€315k▲ 3.9%€600k▲ 90.5%€594k▼ 0.9%
Total assets€709k▲ 11.2%€689k▼ 2.9%€690k▲ 0.2%€831k▲ 20.3%€774k▼ 6.8%
Debt€357k▲ 20.4%€318k▼ 10.8%€310k▼ 2.5%€168k▼ 45.8%€119k▼ 29.2%
Working capital€-64k€-72k▼ 12.4%€-70k▲ 1.8%€243k€229k▼ 5.7%
Staff (FTE)1.1▲ 1,000%1.1=1▼ 9.1%1=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €14k after €437k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €774k
Fixed assets
€496k ▼ 3.2%
Current assets
€279k ▼ 12.5%
Equity and liabilities €774k
Equity
€594k ▼ 0.9%
Provisions
€61k ▼ 3.4%
Debt
€119k ▼ 29.2%
Debt's share of the balance-sheet total falls from 20.2% to 15.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3k▼
2024 · €453k
Cash flow
€11k▼
2024 · €303k
Current ratio
5.64▲
2024 · 4.24
Debt to equity
0.20▼
2024 · 0.28
ROE
-0.9%▼
2024 · 47.8%
ROA
-0.7%▼
2024 · 34.5%
Interest coverage
0.99▼
2024 · 34.98
Debt ≤ 1 year
€49k▼
2024 · €75k
Debt > 1 year
€70k▼
2024 · €92k
Income taxes
€1k▼
2024 · €143k
Staff costs
€0▼
2024 · €1k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €11k | - | - | €456k | €5k | ▼ 99.0% |
| Remuneration, social security and pensions62 | €6k | €8k | €4k | €1k | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35k | €22k | €23k | €16k | €16k | ▲ 0.8% |
| Other operating charges640/8 | €6k | €6k | €8k | €8k | €581 | ▼ 92.4% |
| Non-recurring operating charges66A | €278 | €462 | €0 | - | - | - |
| Gross operating margin9900 | €78k | €79k | €67k | €462k | €4k | ▼ 99.2% |
| Operating profit (loss)9901 | €31k | €41k | €32k | €437k | €-14k | ▼ 103% |
| Financial income75/76B | €2k | €3k | €3k | €4k | €11k | ▲ 169% |
| Recurring financial income75 | €2k | €3k | €3k | €4k | €11k | ▲ 169% |
| Financial charges65/66B | €14k | €16k | €15k | €13k | €3k | ▼ 77.2% |
| Recurring financial charges65 | €14k | €16k | €15k | €13k | €3k | ▼ 77.2% |
| Profit (loss) for the period before taxes9903 | €20k | €29k | €21k | €428k | €-6k | ▼ 101% |
| Transfer from deferred taxes780 | €2k | €2k | €2k | €2k | €2k | = |
| Income taxes67/77 | €3k | €11k | €12k | €143k | €1k | ▼ 99.0% |
| Profit (loss) for the period9904 | €18k | €20k | €12k | €287k | €-5k | ▼ 102% |
| Transfer from tax-exempt reserves789 | €6k | €6k | €6k | €6k | €6k | = |
| Profit (loss) for the period to be appropriated9905 | €24k | €26k | €18k | €293k | €1k | ▼ 99.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €709k | €689k | €690k | €831k | €774k | ▼ 6.8% |
| Fixed assets21/28 | €592k | €593k | €577k | €512k | €496k | ▼ 3.2% |
| Tangible fixed assets22/27 | €591k | €592k | €576k | €512k | €496k | ▼ 3.2% |
| Land and buildings22 | €560k | €555k | €548k | €504k | €492k | ▼ 2.5% |
| Plant, machinery and equipment23 | €11k | €16k | €14k | €3k | €2k | ▼ 42.1% |
| Furniture and vehicles24 | €6k | €5k | €3k | €0 | - | - |
| Leasing and similar rights25 | €13k | €16k | €11k | €5k | €2k | ▼ 55.2% |
| Financial fixed assets28 | €2k | €1k | €1k | €137 | €25 | ▼ 81.7% |
| Current assets29/58 | €117k | €96k | €113k | €318k | €279k | ▼ 12.5% |
| Stocks and contracts in progress3 | €17k | €17k | €17k | €0 | - | - |
| Stocks30/36 | €17k | €17k | €17k | €0 | - | - |
| Amounts receivable within one year40/41 | €48k | €56k | €64k | €78k | €81k | ▲ 3.6% |
| Trade receivables40 | - | €674 | €250 | €0 | - | - |
| Other amounts receivable41 | €48k | €55k | €64k | €78k | €81k | ▲ 3.6% |
| Current investments50/53 | - | - | - | €180k | €165k | ▼ 8.1% |
| Cash at bank and in hand54/58 | €53k | €23k | €27k | €60k | €32k | ▼ 47.1% |
| Deferred charges and accrued income490/1 | - | €432 | €6k | €0 | €560 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €709k | €689k | €690k | €831k | €774k | ▼ 6.8% |
| Equity10/15 | €283k | €303k | €315k | €600k | €594k | ▼ 0.9% |
| Contributions10/11 | €120k | €120k | €120k | €120k | €120k | = |
| Reserves13 | €243k | €237k | €248k | €533k | €527k | ▼ 1.0% |
| Non-distributable reserves130/1 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves not available under the articles1311 | €12k | €12k | €0 | - | - | - |
| Other1319 | - | - | €12k | €12k | €12k | = |
| Tax-exempt reserves132 | €208k | €201k | €195k | €188k | €182k | ▼ 3.4% |
| Distributable reserves133 | €23k | €23k | €41k | €332k | €333k | ▲ 0.4% |
| Profit (loss) carried forward14 | €-80k | €-54k | €-53k | €-53k | €-53k | ▲ 0.1% |
| Provisions and deferred taxes16 | €69k | €67k | €65k | €63k | €61k | ▼ 3.4% |
| Deferred taxes168 | €69k | €67k | €65k | €63k | €61k | ▼ 3.4% |
| Amounts payable17/49 | €357k | €318k | €310k | €168k | €119k | ▼ 29.2% |
| Amounts payable after more than one year17 | €175k | €150k | €125k | €92k | €70k | ▼ 24.5% |
| Financial debts170/4 | €175k | €150k | €125k | €92k | €70k | ▼ 24.5% |
| Amounts payable within one year42/48 | €181k | €167k | €184k | €75k | €49k | ▼ 34.3% |
| Current portion of amounts payable after more than one year42 | €74k | €44k | €53k | €34k | €24k | ▼ 29.6% |
| Financial debts43 | €64k | €67k | €67k | €0 | - | - |
| Credit institutions430/8 | €64k | €67k | €67k | €0 | - | - |
| Trade debts44 | €25k | €30k | €29k | €3k | €2k | ▼ 25.1% |
| Suppliers440/4 | €25k | €30k | €29k | €3k | €2k | ▼ 25.1% |
| Taxes, remuneration and social security45 | €13k | €26k | €35k | €37k | €23k | ▼ 37.3% |
| Taxes450/3 | €13k | €26k | €33k | €36k | €23k | ▼ 35.3% |
| Remuneration and social security454/9 | €194 | €207 | €2k | €1k | €0 | ▼ 100% |
| Other amounts payable47/48 | €6k | - | - | €1k | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €1k | €1k | €2k | €694 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18k | €20k | €12k | €287k | €-5k | ▼ 102% |
| + Depreciation and write-downs630 | €35k | €22k | €23k | €16k | €16k | ▲ 0.8% |
| Operating cash flow (approximation) | €53k | €42k | €35k | €303k | €11k | ▼ 96.2% |
| Investment in fixed assets (approximation) | - | €-23k | €-7k | €48k | €112 | ▼ 99.8% |
| Change in cash | - | €-30k | €4k | €33k | €-28k | ▼ 186% |
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
31-08
State Gazette act
Resignation: Johan Sabbe (non-statutory director)2 facts ▸
State Gazette act
Resignation: Johan Sabbe (non-statutory director)
2 facts ▸
- General meeting, 31-07-2026
- Director resignation, Johan Sabbe (non-statutory director)
17-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 17 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Liquidity times 7current ratio 4.24
Current ratio from 0.62 to 4.24; short-term debt falls from €184k to €75k.
31-12
Financial
Equity above €500kEq €600k ▲90.5%
5 profitable years in a row build equity to €600k.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 17 days late
2022
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 22 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
31-12
Financial
Back to profitnet €307k
Net result €307k after one loss-making year.
31-12
Financial
Liquidity times 10current ratio 3.16
Current ratio from 0.33 to 3.16; short-term debt falls from €164k to €84k.
31-12
Financial
Equity above €200kEq €270k
Equity rises from €-37k to €270k.
Show earlier events
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
31-12
Financial
Weakest financial yearnet €-12k
Net result drops to €-12k, the lowest in the series; recovery starts the following year.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
15-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 15 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
31-07-2026
Resigned as Non-statutory director
Not every act has been read: a resignation may be missing here
1 of this company's 2 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Middelkerke · 1 establishment unit since 1990
Ground area
461 m²
Building footprint
90 m²
Parcel 35022A0132/00G002, Flanders. Linked by address, not a title deed.
1 establishment unit
TAVERNE TEA-ROOM RESTAURANT
since 19902.049.793.607
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35022A0132/00G002 | Flanders | 460 m² | 1 · 90 m² | 0.0 m |
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.
Articles of association
Other provisions of the articles (1)
- Other statement: Naam en handtekening (dit geldt niet voor akten van het type Mededelingen), Naam en hoedanigheid van de instrumenterende notaris, hetzij van de perso(0)n(en) be…
Similar companies · same sector, comparable size
IL GUSTO
BE 0427.319.840
Aalst · Eq €594,786
TIANHAI
BE 0807.885.581
Diest · Eq €595,074
Den Teut
BE 0731.980.806
Mol · Eq €595,326
LAUSTI
BE 0478.606.413
Anzegem · Eq €596,171
La Brasserie du Quai 10
BE 0661.904.145
Charleroi · Eq €596,453
Of 20,501 companies in sector 56111 we hold annual accounts for 11,452. 5,799 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 (pre-2019)
Founded09-10-1990
Fiscal year end31-12
Activities, NACEBEL 2025
56111Full-service restaurants
56112Limited-service restaurants, excluding mobile food services
Scores and ratios are computed by Checked and are not a credit decision.