Result
€1.3m €1.3m
Back in profit in 2025, after a loss of €20,417 in 2024.
ELZENWALLE
Lifetime
20 annual accounts with figures on one time axis, 32 filings since 1994peak €3.0m (2025)
€3.0m▲ 22×
lowest -€3.0m (2007)
€1.3m▲ €1.3m
peak €44.0m (2025)
€44.0m▲ 3.0%
€1.4m▲ 12.8%
peak 5 FTE (2024)
5 FTEunchanged
Board5 names since 2019
2 directorsOPUS TERRAE and 1 other
Owners3 names in the annual accounts
consolidatesINTERNATIONAL REAL ESTATE SERVICES
Documentsfilings and deeds
24-09-202655 days late
2025financial year
Gross margin from €137,167 to €3.0mBack to profit: €1.3mReappointment: KPMG Bedrijfsrevisoren (statutory auditor) 06-03Investments €3.6mCash from €36,926 to €13,689
Key points
from the 2025 annual accountsTurnover
≈ €13.0m estimated
The accounts state no turnover.
Liquidity
0.23 was 0.97 in 2024
Short-term debts rose from €1.2m to €1.4m.
Filings
32 annual accounts since 1994
The 2025 accounts came 55 days late. The other nine of the last ten were filed on time.
Board
1 joined · 1 left
Board changed. Latest change 16-10-2026 · 2 in office.
Position in the sector
95.4%
Higher solvency than 95% of companies in wholesale trade. Sector median 45.2% · 6,191 companies.
Checked score
85
Excellent
Financially stronger than 63% of micro companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,888 companies (NACE 46, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%lowest value
01-2025: 0.2%● unchanged vs 12-2024lowest value
02-2025: 0.2%● unchanged vs 01-2025lowest value
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.1 percentage points vs 06-2025
08-2025: 0.2%▼ -0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.3%▲ +0.1 percentage points vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.6%▲ +0.3 percentage points vs 07-2026
09-2026: 0.7%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.4%▼ -0.3 percentage points vs 09-2026
11-2026: 0.4%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 0.23, cash €13,689, halved
Last filed accounts filed 55 days late; 1 of the last 3 accounts late
lowers risk
Founded in 1993
Size: 5 FTE, total assets €46.2m
Calculation
The band follows from the bankruptcy probability. 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 (NACE 46, micro). It does better than 90% of them on solvency, 53% on liquidity, 58% on profitability and 50% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit verdict
Credit of up to €3,700,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.23 (0.97 in 2024), below 1. Short-term debt is 3% and cash 0% of total assets. 4.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-09-2026, 55 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
55 days late
2024
14 days early
2023
15 days early
2022
7 days early
2021
20 days early
2020
16 days early
2019
22 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 6 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 17 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- DEUS 99.4%equity -€40.2m (2024) · 2024 annual accounts of DEUS
- International Real Estate NV consolidatesequity -€157.2m (2024) · annual accounts 2025
Recent changes
New managing director and day-to-day manager
OPUS TERRAE BV appointed, Paul Gheysens resigned · Permanent representative: Paul Gheysens · General meeting of 24-09-2026 · Gazette deed
Reappointment: KPMG Bedrijfsrevisoren (statutory auditor)
General meeting of 28-06-2024 · Gazette deed
2 directors reappointed
Changes of role: PASSIONATA (managing director) and Paul GHEYSENS (chair of the board and managing director) · Reappointments: PASSIONATA (director) and Paul GHEYSENS (director) · Permanent representative: Ria VANDOORNE · General meeting of 22-12-2023 · Gazette deed
2 directors appointed, 1 resignation, 1 statutory auditor reappointed
Resignation: Ria VANDOORNE (managing director) · Appointments: PASSIONATA (managing director) and Paul GHEYSENS (managing director and chair of the board) · Permanent representative: Ria VANDOORNE · General meeting of 01-07-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ELZENWALLE Ypres | - | - | 95.4% | 5 |
| NICOLAS ORTS Uccle | - | - | 24.3% | 1.7 |
| W.V.T. Industries Aartselaar | €16.3m | -7.2% | 18.5% | 5.9 |
| Food Group België Bruges | €1.8m | -5.1% | 85.6% | 3 |
| DE DEURWAERDER-van PUTTEN Gistel | - | - | 88.4% | 9.2 |
| FKS TRADING Torhout | - | - | 53.2% | 7.7 |
| ASSOCIATED WEAVERS INTERNATIONAL Ronse | €5.0m | 0.3% | 76.9% | 8.5 |
These companies have the same main activity as ELZENWALLE: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €6m and €105m, founded between 1984 and 2015.
Official details
Source: KBO- Status
- Active since 10-09-1993Normal situation
- Registered office
- 10 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Agents in non-specialised wholesale tradeNACE 46190and 1 other
- Joint committees
- 100Auxiliary committee for blue-collar workers
- 200Auxiliary committee for white-collar workers
- 302Hotels and catering · annual accounts 2025
- Establishment unit
- 2.063.817.9268900 Ypres, since 06-10-1993
- Financial year end
- 31 December
- Peppol
- Reachable
Insights on ELZENWALLE
ELZENWALLE has existed since 1993. The present size dates from 2025. The gross margin rose that year from €137,167 to €3.0m.
DEUS holds 99.4% of the shares. In October 2026, the Official Gazette published the appointment of OPUS TERRAE as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ELZENWALLE
- What is the company number of ELZENWALLE?
- The company number of ELZENWALLE is 0450.893.711. The VAT number is the same number with BE in front: BE 0450.893.711.
- Where is ELZENWALLE based?
- The registered office is at Kemmelseweg 72, 8902 Ypres.Company details
- What does ELZENWALLE do?
- According to the KBO register, the main activity is agents in non-specialised wholesale trade (NACE 46190).
- What is the legal form of ELZENWALLE?
- ELZENWALLE is a public limited company (NV).
- When was ELZENWALLE founded?
- ELZENWALLE was founded on 10-09-1993.
- Is ELZENWALLE still active?
- Yes, ELZENWALLE is an active enterprise in the KBO register.
- How many employees does ELZENWALLE have?
- ELZENWALLE had an average of 5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does ELZENWALLE fall under?
- In its 2025 annual accounts, ELZENWALLE states joint committees 100 (Auxiliary committee for blue-collar workers), 200 (Auxiliary committee for white-collar workers) and 302 (Hotels and catering).
- What is the turnover of ELZENWALLE?
- The turnover in financial year 2025 is ≈ €13.0m. This figure is estimated from the gross margin of €3.0m and 98 comparable companies (NACE 46). It probably lies between €7.6m and €21.0m.
- Is ELZENWALLE profitable?
- In financial year 2025, ELZENWALLE made a profit of €1.3m.
- Where can I find the annual accounts of ELZENWALLE?
- ELZENWALLE filed 32 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ELZENWALLE due?
- ELZENWALLE must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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