KAEMINGK
ActiveSummary
KAEMINGK has been active since 1991 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €278,702. Equity has been growing by about 22% per year since 2018. Its solvency ranks better than 72% of 9,848 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 23-09-1991 Normal situation
- Activity
- Non-specialised wholesale trade NACE 46900and 2 others
- Establishment unit
- 2.055.233.030 9700 Oudenaarde, since 05-12-1991
- Financial year end
- 31 December
- Peppol
- Reachable since 09-12-2025
Board and ownership
- De Vos JanDirector · since 15-07-2021
- MALPERTUUS10%· score 972023 annual accounts of MALPERTUUS
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €1.2m
- ▲ 0.8%
- Turnover
- ≈ €5.2m
- estimated
- Profit
- €278,702
- ▲ 1.7%
- Equity
- €1.6m
- ▼ 7.9%
- Total assets
- €2.5m
- ▼ 7.0%
- Employees on 31-12-2025
- 18
- ▲ 12.5%
Score breakdownlowers riskLiquidity: current ratio 3.59, cash €1.0mFounded in 1991Equity €1.6m (65.5% of total assets)Profit of €278,702 (financial year 2025)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 71% of them on solvency, 90% on liquidity, 77% on profitability and 28% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 48 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)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-06-2026 PDF all 35 filings
Every figure per financial year
The operating result for 2025 is 2% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 20 | 9 | 10 | 16 | 18 |
| full-time | 10 | 4 | 5 | 6 | 5 |
| part-time | 10 | 5 | 5 | 10 | 13 |
| in full-time equivalents | 17.5 | 8.2 | 8.9 | 13.1 | 14 |
| Average over the year, in full-time equivalents | 11 | 9.6 | 9 | 9.7 | 9.9 |
| On a permanent contract | 11 | 9 | 10 | 10 | 10 |
| Joined | 138 | 86 | 104 | 92 | 135 |
| Left | 135 | 97 | 104 | 86 | 133 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €47,432 | €29,865 | €35,055 | €8,901 | €211,511 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €56,150 | €55,231 | €51,266 | €49,767 | €42,269 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.06m | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.04m | ▼ 15.1% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.004m | €0.003m | €0.003m | €0.003m | ▲ 0.6% |
| Gross operating margin9900 | €0.8m | €0.8m | €0.7m | €0.9m | €1.6m | €1.1m | €1.2m | €1.2m | ▲ 0.8% |
| Operating profit (loss)9901 | €0.1m | €0.2m | €0.08m | €0.2m | €0.8m | €0.3m | €0.4m | €0.4m | ▼ 1.9% |
| Financial income75/76B | - | - | - | €376 | €89 | €0.02m | €0.03m | €0.03m | ▲ 2.7% |
| Recurring financial income75 | €412 | €0.001m | €0.02m | €376 | €89 | €0.02m | €0.03m | €0.03m | ▲ 2.7% |
| Financial charges65/66B | - | - | - | €0.001m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 22.9% |
| Recurring financial charges65 | €400 | €0.001m | €0.001m | €0.001m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 22.9% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.2m | €0.1m | €0.2m | €0.8m | €0.3m | €0.4m | €0.4m | ▼ 0.1% |
| Income taxes67/77 | €0.05m | €0.06m | €0.03m | €0.08m | €0.3m | €0.1m | €0.1m | €0.1m | ▼ 3.7% |
| Profit (loss) for the period9904 | €0.09m | €0.1m | €0.07m | €0.2m | €0.5m | €0.2m | €0.3m | €0.3m | ▲ 1.7% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.1m | €0.07m | €0.2m | €0.5m | €0.2m | €0.3m | €0.3m | ▲ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €1.8m | €1.6m | €2.0m | €2.9m | €2.3m | €2.7m | €2.5m | ▼ 7.0% |
| Fixed assets21/28 | €0.08m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 152% |
| Tangible fixed assets22/27 | €0.08m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 152% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.003m | €0.003m | €0.002m | €0.001m | ▼ 45.3% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.07m | €0.06m | €0.04m | €0.1m | ▲ 190% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.09m | €0.07m | €0.2m | ▲ 139% |
| Financial fixed assets28 | €0.001m | €0.001m | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €2.0m | €1.7m | €1.4m | €1.8m | €2.8m | €2.2m | €2.6m | €2.2m | ▼ 13.9% |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.3m | €0.5m | €0.02m | €0.6m | €0.2m | €0.1m | ▼ 54.1% |
| Trade receivables40 | - | - | - | €0.5m | €0.001m | €0.5m | €0.2m | €0.09m | ▼ 53.4% |
| Other amounts receivable41 | - | - | - | €0 | €0.02m | €0.1m | €0.01m | €0.005m | ▼ 62.5% |
| Current investments50/53 | - | - | - | - | €0.4m | €0.6m | €1.7m | €1.1m | ▼ 37.4% |
| Cash at bank and in hand54/58 | €1.3m | €1.1m | €1.1m | €1.3m | €2.3m | €1.0m | €0.6m | €1.0m | ▲ 63.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0 | €0.02m | €0.03m | €0.02m | ▼ 6.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €1.8m | €1.6m | €2.0m | €2.9m | €2.3m | €2.7m | €2.5m | ▼ 7.0% |
| Equity10/15 | €0.4m | €0.5m | €0.6m | €0.7m | €1.3m | €1.5m | €1.8m | €1.6m | ▼ 7.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.3m | €0.5m | €0.5m | €0.7m | €1.2m | €1.4m | €1.7m | €1.6m | ▼ 8.2% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.7m | €1.2m | €1.4m | €1.7m | €1.6m | ▼ 8.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €1.7m | €1.3m | €1.1m | €1.2m | €1.6m | €0.8m | €0.9m | €0.9m | ▼ 5.3% |
| Amounts payable after more than one year17 | €1.1m | €0.7m | €0.6m | €0.6m | €0.6m | €0.3m | €0.3m | €0.2m | ▼ 35.3% |
| Other amounts payable178/9 | - | - | - | €0.6m | €0.6m | €0.3m | €0.3m | €0.2m | ▼ 35.3% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.5m | €0.6m | €1.0m | €0.5m | €0.5m | €0.6m | ▲ 14.7% |
| Trade debts44 | €0.3m | €0.4m | €0.3m | €0.4m | €0.6m | €0.2m | €0.3m | €0.4m | ▲ 34.1% |
| Suppliers440/4 | - | - | - | €0.4m | €0.6m | €0.2m | €0.3m | €0.4m | ▲ 34.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.5m | €0.2m | €0.3m | €0.2m | ▼ 10.9% |
| Taxes450/3 | - | - | - | €0.08m | €0.3m | €0.04m | €0.06m | €0.05m | ▼ 4.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 12.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.01m | €0.03m | ▲ 152% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.03m | €0.02m | €0.03m | €0.02m | ▼ 20.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.09m | €0.1m | €0.07m | €0.2m | €0.5m | €0.2m | €0.3m | €0.3m | ▲ 1.7% |
| + Depreciation and write-downs630 | €0.04m | €0.06m | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.04m | ▼ 15.1% |
| Operating cash flow (approximation) | €0.1m | €0.2m | €0.1m | €0.2m | €0.6m | €0.3m | €0.3m | €0.3m | ▼ 0.9% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.1m | -€0.05m | -€0.03m | -€0.02m | -€0.009m | -€0.2m | ▼ 2,276% |
| Change in cash | - | -€0.2m | €0.03m | €0.2m | €1.0m | -€1.4m | -€0.3m | €0.4m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as KAEMINGK has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KAEMINGK itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for KAEMINGK. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00144481 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00129504 | |
| 31-12-2023 | abbreviated format | 04-06-2024 | 2024-00109392 | |
| 31-12-2022 | abbreviated format | 07-06-2023 | 2023-00114697 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20163578 | |
| 31-12-2020 | abbreviated format | 07-06-2021 | 2021-17700169 | |
| 31-12-2019 | abbreviated format | 18-06-2020 | 2020-17900348 | |
| 31-12-2018 | abbreviated format | 06-06-2019 | 2019-16600560 | |
| 31-12-2017 | abbreviated format | 05-06-2018 | 2018-16900517 | |
| 31-12-2016 | abbreviated format | 09-06-2017 | 2017-16500132 |
Board & ownership
Directors
Owners and capital
Shareholders
1 ownerOwners 1
- Sourceaccounts MALPERTUUS 2023Equity €501,051 Profit of €49,862 in 2025 (profit of €180,335 in 2024) Checked score 9710%
Network & group
Connections & network
1 current directorThe network starts from the directors of KAEMINGK. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank