HOLDING ZEN
ActiveSummary
HOLDING ZEN has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €136k and a net result of €25k. Equity is growing by ~19.2% per year across the filed fiscal years. Its solvency ranks better than 66% of 8692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability85▲+6
Solvency94▲+13
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity short (current ratio 0.83 against 0.42 in 2024; short-term debt: 15.8% and cash: 6.7% of total assets), and 30.7% 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
69.3%
Return on assets
12.8%
Age of the figures
9 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-08-2026, 7 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
7 d late
2024
42 d early
2023
28 d late
2022
17 d late
2021
19 d early
2020
17 d early
2019
24 d early
← 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
Not included in this filing
EBIT margin
Not included in this filing
Net result
€25k▲ 50.0%
2024 · €17k
2018: €-94klowest in 8 years
2019: €26k▲ +128% vs 2018
2020: €11k▼ -57.6% vs 2019
2021: €42k▲ +273% vs 2020highest in 8 years
2022: €14k▼ -66.8% vs 2021
2023: €16k▲ +17.4% vs 2022
2024: €17k▲ +2.7% vs 2023
2025: €25k▲ +50.0% vs 2024
2018 → 2025
Working capital
€-5k▲ 81.5%
2024 · €-29k
2018: €-16k
2019: €-14k▲ +16.0% vs 2018
2020: €-19k▼ -37.0% vs 2019
2021: €-26k▼ -38.7% vs 2020
2022: €-38k▼ -45.4% vs 2021lowest in 8 years
2023: €-34k▲ +10.3% vs 2022
2024: €-29k▲ +15.2% vs 2023
2025: €-5k▲ +81.5% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€74k-€88k▲ 18.7%€104k▲ 18.5%€111k▲ 6.4%€136k▲ 22.6%
2021: €74klowest in 5 years
2022: €88k▲ +18.7% vs 2021
2023: €104k▲ +18.5% vs 2022
2024: €111k▲ +6.4% vs 2023
2025: €136k▲ +22.6% vs 2024highest in 5 years
Operating result€50k-€24k▼ 51.7%€27k▲ 12.3%€28k▲ 1.1%€38k▲ 37.6%
2021: €50khighest in 5 years
2022: €24k▼ -51.7% vs 2021lowest in 5 years
2023: €27k▲ +12.3% vs 2022
2024: €28k▲ +1.1% vs 2023
2025: €38k▲ +37.6% vs 2024
Net result€42k-€14k▼ 66.8%€16k▲ 17.4%€17k▲ 2.7%€25k▲ 50.0%
2021: €42khighest in 5 years
2022: €14k▼ -66.8% vs 2021lowest in 5 years
2023: €16k▲ +17.4% vs 2022
2024: €17k▲ +2.7% vs 2023
2025: €25k▲ +50.0% vs 2024
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 38% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €196k
Fixed assets
€170k ▼ 3.7%
Current assets
€26k ▲ 24.7%
Equity and liabilities €196k
Equity
€136k ▲ 22.6%
Debt
€60k ▼ 30.5%
Debt's share of the balance-sheet total falls from 43.9% to 30.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41k▲
2024 · €37k
Cash flow
€28k▲
2024 · €27k
Current ratio
0.83▲
2024 · 0.42
Debt to equity
0.44▼
2024 · 0.78
ROE
18.4%▲
2024 · 15.1%
ROA
12.8%▲
2024 · 8.4%
Interest coverage
19.72▲
2024 · 15.59
Debt ≤ 1 year
€31k▼
2024 · €49k
Debt > 1 year
€29k▼
2024 · €38k
Income taxes
€11k▲
2024 · €9k
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 · 51 lines
Balance sheet
Code20242025
Assets
Total assets20/58€197k€196k▼
Fixed assets21/28€177k€170k▼
Tangible fixed assets22/27€77k€70k▼
Land and buildings22€74k€70k▼
Furniture and vehicles24€3k€0▼
Financial fixed assets28€100k€100k=
Current assets29/58€21k€26k▲
Amounts receivable within one year40/41€4k€10k▲
Trade receivables40-€9k
Other amounts receivable41€4k€777▼
Cash at bank and in hand54/58€16k€13k▼
Deferred charges and accrued income490/1€1k€3k▲
Equity and liabilities
Total equity and liabilities10/49€197k€196k▼
Equity10/15€111k€136k▲
Contributions10/11€13k€13k=
Reserves13€98k€123k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€96k€121k▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€87k€60k▼
Amounts payable after more than one year17€38k€29k▼
Financial debts170/4€38k€29k▼
Amounts payable within one year42/48€49k€31k▼
Current portion of amounts payable after more than one year42€11k€8k▼
Trade debts44€285€3k▲
Suppliers440/4€285€3k▲
Taxes, remuneration and social security45€10k€15k▲
Taxes450/3€10k€15k▲
Other amounts payable47/48€27k€5k▼
Accrued charges and deferred income492/3€60€220▲
Income statement
Code20242025
Non-recurring operating income76A-€4k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€3k▼
Other operating charges640/8€2k€2k▲
Gross operating margin9900€39k€43k▲
Operating profit (loss)9901€28k€38k▲
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€2k€2k▼
Recurring financial charges65€2k€2k▼
Profit (loss) for the period before taxes9903€25k€36k▲
Income taxes67/77€9k€11k▲
Profit (loss) for the period9904€17k€25k▲
Profit (loss) for the period to be appropriated9905€17k€25k▲
Appropriation of the result
Profit (loss) to be appropriated9906€17k€25k▲
Transfer from equity791/2€10k€0▼
Transfer to equity691/2€17k€25k▲
To other reserves6921€17k€25k▲
Profit to be distributed694/7€10k€0▼
Return on contributions (dividend)694€10k€0▼
Social balance
Average headcount (FTE)90870.00.0=
The notes to these accounts (20 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 | €0 | - | - | - | €4k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €10k | €10k | €10k | €3k | ▼ 66.5% |
| Other operating charges640/8 | €2k | €1k | €2k | €2k | €2k | ▲ 8.0% |
| Gross operating margin9900 | €62k | €36k | €39k | €39k | €43k | ▲ 10.1% |
| Operating profit (loss)9901 | €50k | €24k | €27k | €28k | €38k | ▲ 37.6% |
| Financial income75/76B | €0 | €0 | €0 | €0 | - | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | - | - |
| Financial charges65/66B | €4k | €3k | €3k | €2k | €2k | ▼ 12.8% |
| Recurring financial charges65 | €4k | €3k | €3k | €2k | €2k | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | €47k | €21k | €24k | €25k | €36k | ▲ 42.4% |
| Income taxes67/77 | €5k | €7k | €8k | €9k | €11k | ▲ 27.6% |
| Profit (loss) for the period9904 | €42k | €14k | €16k | €17k | €25k | ▲ 50.0% |
| Profit (loss) for the period to be appropriated9905 | €42k | €14k | €16k | €17k | €25k | ▲ 50.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €276k | €215k | €201k | €197k | €196k | ▼ 0.8% |
| Fixed assets21/28 | €207k | €197k | €187k | €177k | €170k | ▼ 3.7% |
| Tangible fixed assets22/27 | €107k | €97k | €87k | €77k | €70k | ▼ 8.5% |
| Land and buildings22 | €84k | €80k | €77k | €74k | €70k | ▼ 4.5% |
| Furniture and vehicles24 | €23k | €16k | €10k | €3k | €0 | ▼ 100% |
| Financial fixed assets28 | €100k | €100k | €100k | €100k | €100k | = |
| Current assets29/58 | €69k | €18k | €14k | €21k | €26k | ▲ 24.7% |
| Amounts receivable within one year40/41 | €55k | €4k | €6k | €4k | €10k | ▲ 163% |
| Trade receivables40 | €31k | €1k | €0 | - | €9k | - |
| Other amounts receivable41 | €24k | €3k | €6k | €4k | €777 | ▼ 79.2% |
| Cash at bank and in hand54/58 | €14k | €13k | €7k | €16k | €13k | ▼ 16.0% |
| Deferred charges and accrued income490/1 | €929 | €977 | €2k | €1k | €3k | ▲ 123% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €276k | €215k | €201k | €197k | €196k | ▼ 0.8% |
| Equity10/15 | €74k | €88k | €104k | €111k | €136k | ▲ 22.6% |
| Contributions10/11 | €13k | €13k | €13k | €13k | €13k | = |
| Reserves13 | €62k | €75k | €92k | €98k | €123k | ▲ 25.5% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €60k | €73k | €90k | €96k | €121k | ▲ 25.9% |
| Profit (loss) carried forward14 | €0 | €0 | - | €0 | €0 | - |
| Amounts payable17/49 | €202k | €127k | €97k | €87k | €60k | ▼ 30.5% |
| Amounts payable after more than one year17 | €106k | €71k | €49k | €38k | €29k | ▼ 22.5% |
| Financial debts170/4 | €106k | €71k | €49k | €38k | €29k | ▼ 22.5% |
| Amounts payable within one year42/48 | €95k | €56k | €48k | €49k | €31k | ▼ 37.1% |
| Current portion of amounts payable after more than one year42 | €35k | €35k | €22k | €11k | €8k | ▼ 26.3% |
| Trade debts44 | €62 | €935 | €685 | €285 | €3k | ▲ 1,055% |
| Suppliers440/4 | €62 | €935 | €685 | €285 | €3k | ▲ 1,055% |
| Taxes, remuneration and social security45 | €10k | €11k | €12k | €10k | €15k | ▲ 41.2% |
| Taxes450/3 | €10k | €11k | €12k | €10k | €15k | ▲ 41.2% |
| Other amounts payable47/48 | €51k | €8k | €13k | €27k | €5k | ▼ 83.2% |
| Accrued charges and deferred income492/3 | €632 | €632 | €0 | €60 | €220 | ▲ 267% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42k | €14k | €16k | €17k | €25k | ▲ 50.0% |
| + Depreciation and write-downs630 | €10k | €10k | €10k | €10k | €3k | ▼ 66.5% |
| Operating cash flow (approximation) | €52k | €24k | €26k | €27k | €28k | ▲ 6.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €3k | - |
| Change in cash | - | €-1k | €-6k | €9k | €-2k | ▼ 128% |
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
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 7 days late
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
31-12
Financial
Equity above €100kEq €104k ▲18.5%
5 profitable years in a row build equity to €104k.
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 17 days late
2022
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €42k ▲273%
Operating result €50k, net result €42k, both a record.
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €26k
Net result €26k after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
27-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 27 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Esneux · 1 establishment unit since 2012
Ground area
1,757 m²
Building footprint
92 m²
Volume, LiDAR
802 m³
Parcel 62032B0584/00T000, Wallonia · tallest building 11.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
HOLDING ZEN
since 20122.211.210.218
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62032B0584/00T000 | Wallonia | 1,757 m² | 1 · 92 m² | 11.4 m · 3 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.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 40,887 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
Founded08-03-2012
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.