KAIROS
ActiveSummary
KAIROS has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €32.7m and a net result of €4.4m. Equity remains stable across the filed financial years (±1% per year). Its solvency ranks better than 80% of 5,684 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, full format
Turnover
€3.7m▲ 0.4%
2024 · €3.7m
EBIT margin
-69.6%▼ 57.3pp
2024 · -12.3%
Net result
€4.4m▲ 57.3%
2024 · €2.8m
Working capital
€16.6m▲ 80.2%
2024 · €9.2m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €2.6m in 2025 against €458,516 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€3.7m
2025
Operating result-€2.6m
2025
Net result€4.4m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€40.9m
2025
Equity€32.7m
2025
Debt€8.2m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€16.6m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin-69.6%
2025
Return on assets (ROA)10.8%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency79.9%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.02
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)7.6
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€5.6m-€6.5m▲ 15.8%€6.3m▼ 1.9%€4.2m▼ 34.0%€20.7m▲ 394%€17.7m▼ 14.2%€3.7m▼ 79.0%€3.7m▲ 0.4%
Operating result€0.2m-€1.5m▲ 507%€1.0m▼ 31.6%€0.3m▼ 68.5%€0.02m▼ 92.3%€1.4m▲ 5,514%-€0.5m-€2.6m▼ 466%
Net result€5.9m-€1.4m▼ 75.7%€6.6mabove the sector's middle half▲ 361%€0.3mabove the sector's middle half▼ 95.1%€0.3mabove the sector's middle half▲ 4.9%€1.3mabove the sector's middle half▲ 271%€2.8mabove the sector's middle half▲ 123%€4.4mabove the sector's middle half▲ 57.3%
EBIT margin4.4%-22.8%▲ 18.5pp15.9%▼ 6.9pp7.6%▼ 8.3pp0.1%▼ 7.5pp7.8%▲ 7.6pp-12.3%▼ 20.1pp-69.6%▼ 57.3pp
Equity€30.5m-€31.9m▲ 4.7%€38.5mabove the sector's middle half▲ 20.7%€33.8mabove the sector's middle half▼ 12.1%€34.2mabove the sector's middle half▲ 1.0%€30.4mabove the sector's middle half▼ 10.9%€28.3mabove the sector's middle half▼ 7.2%€32.7mabove the sector's middle half▲ 15.6%
Total assets€38.3m-€40.0m▲ 4.4%€56.9mabove the sector's middle half▲ 42.3%€58.3mabove the sector's middle half▲ 2.4%€50.7mabove the sector's middle half▼ 13.0%€45.5mabove the sector's middle half▼ 10.3%€41.9mabove the sector's middle half▼ 8.0%€40.9mabove the sector's middle half▼ 2.4%
Debt€7.9m-€8.1m▲ 3.0%€18.4m▲ 127%€24.4m▲ 32.8%€16.5m▼ 32.4%€15.0m▼ 8.9%€13.6m▼ 9.5%€8.2m▼ 39.8%
Working capital€26.9m-€28.9m▲ 7.5%€36.9mabove the sector's middle half▲ 27.5%€16.1mabove the sector's middle half▼ 56.3%€18.4mabove the sector's middle half▲ 13.9%€16.3mabove the sector's middle half▼ 11.1%€9.2mabove the sector's middle half▼ 43.8%€16.6mabove the sector's middle half▲ 80.2%
Solvency79.5%-79.8%▲ 0.3pp67.7%above the sector's middle half▼ 12.1pp58.1%within the sector's middle half▼ 9.6pp67.4%above the sector's middle half▲ 9.4pp66.9%above the sector's middle half▼ 0.5pp67.5%above the sector's middle half▲ 0.6pp79.9%above the sector's middle half▲ 12.5pp
Current ratio4.42-4.57▲ 0.153.00within the sector's middle half▼ 1.571.66within the sector's middle half▼ 1.342.13within the sector's middle half▲ 0.472.09within the sector's middle half▼ 0.051.67within the sector's middle half▼ 0.413.02within the sector's middle half▲ 1.34
Return on assets (ROA)15.4%-3.6%▼ 11.8pp11.6%above the sector's middle half▲ 8.0pp0.6%within the sector's middle half▼ 11.1pp0.7%within the sector's middle half▲ 0.1pp2.8%within the sector's middle half▲ 2.1pp6.7%above the sector's middle half▲ 3.9pp10.8%above the sector's middle half▲ 4.1pp
Staff (FTE)2.1-1▼ 52.4%3.5within the sector's middle half▲ 250%11.8above the sector's middle half▲ 237%11above the sector's middle half▼ 6.8%10.4above the sector's middle half▼ 5.5%9.4above the sector's middle half▼ 9.6%7.6above the sector's middle half▼ 19.1%
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2023 Net result +271% on 2022. Merger absorbing IMMO BAM, effective 07-07-2022, in the previous financial year; now counts for a full year for the first time.
- 2022 Turnover +394% on 2021. Merger absorbing IMMO BAM, effective 07-07-2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40.9m
Fixed assets
€16.1m ▼ 15.5%
Current assets
€24.8m ▲ 8.6%
Equity and liabilities €40.9m
Equity
€32.7m ▲ 15.6%
Debt
€8.2m ▼ 39.8%
Debt's share of the balance-sheet total falls from 32.5% to 20.1%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
2.54▲
2024 · 1.40
Debt to equity
0.25▼
2024 · 0.48
ROE
13.5%▲
2024 · 9.9%
Debt ≤ 1 year
€8.2m▼
2024 · €13.6m
Income taxes
-€1,906▼
2024 · €185,323
Staff costs
€1.1m▼
2024 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,372 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93.5%
still going
A further 0.1% 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 497,474 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 31,372 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €16.9m | €15.9m | €10.4m | €5.4m | €4.1m | ▼ 23.9% |
| Turnover70 | €5.6m | €6.5m | €6.3m | €4.2m | €20.7m | €17.7m | €3.7m | €3.7m | ▲ 0.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €11.1m | -€6.7m | -€7.6m | €1.5m | €0.2m | ▼ 88.9% |
| Other operating income74 | - | - | - | €1.6m | €1.9m | €0.3m | €0.2m | €0.2m | ▼ 5.2% |
| Non-recurring operating income76A | - | - | - | - | - | - | €341 | - | - |
| Operating charges60/66A | - | - | - | €16.6m | €15.9m | €9.0m | €5.8m | €6.7m | ▲ 14.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €12.9m | €12.0m | €4.6m | €2.2m | €2.5m | ▲ 12.5% |
| Purchases600/8 | - | - | - | €12.9m | €12.0m | €4.6m | €2.2m | €2.5m | ▲ 12.5% |
| Services and other goods61 | - | - | - | €2.2m | €2.7m | €3.1m | €2.4m | €3.0m | ▲ 28.6% |
| Remuneration, social security and pensions62 | - | - | - | €1.4m | €1.3m | €1.3m | €1.2m | €1.1m | ▼ 8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.002m | €0.008m | €0.004m | €0.001m | €0.001m | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.08m | -€0.2m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 25.1% |
| Non-recurring operating charges66A | - | - | - | €0.008m | - | - | - | - | - |
| Operating profit (loss)9901 | €0.2m | €1.5m | €1.0m | €0.3m | €0.02m | €1.4m | -€0.5m | -€2.6m | ▼ 466% |
| Financial income75/76B | - | - | - | €0.2m | €0.4m | €2.4m | €3.9m | €7.3m | ▲ 87.7% |
| Recurring financial income75 | €5.8m | €0.5m | €5.9m | €0.2m | €0.2m | €2.4m | €3.9m | €7.3m | ▲ 87.7% |
| Income from financial fixed assets750 | - | - | - | - | - | €1.8m | €3.2m | €6.8m | ▲ 111% |
| Income from current assets751 | - | - | - | €0.2m | €0.2m | €0.6m | €0.7m | €0.5m | ▼ 25.4% |
| Non-recurring financial income76B | - | - | - | - | €0.2m | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.04m | €2.0m | €0.4m | €0.3m | ▼ 36.1% |
| Recurring financial charges65 | €0.02m | €0.008m | €0.007m | €0.1m | €0.04m | €0.2m | €0.3m | €0.1m | ▼ 47.7% |
| Debt charges650 | €0.006m | €0.004m | €0.002m | €0.004m | €0.03m | €0.1m | €0.2m | €0.1m | ▼ 28.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.09m | €0.004m | €0.005m | €0.08m | - | - |
| Other financial charges652/9 | - | - | - | €0.005m | €0.01m | €0.01m | €0.007m | €0.01m | ▲ 38.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €1.8m | €0.2m | €0.1m | ▼ 17.6% |
| Profit (loss) for the period before taxes9903 | €6.0m | €2.0m | €6.9m | €0.5m | €0.3m | €1.8m | €3.0m | €4.4m | ▲ 47.5% |
| Income taxes67/77 | €0.07m | €0.5m | €0.3m | €0.1m | €0.003m | €0.5m | €0.2m | -€0.002m | - |
| Taxes670/3 | - | - | - | €0.1m | €0.003m | €0.5m | €0.2m | €23 | ▼ 100.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.008m | - | - | €0 | €0.002m | - |
| Profit (loss) for the period9904 | €5.9m | €1.4m | €6.6m | €0.3m | €0.3m | €1.3m | €2.8m | €4.4m | ▲ 57.3% |
| Profit (loss) for the period to be appropriated9905 | €5.9m | €1.4m | €6.6m | €0.3m | €0.3m | €1.3m | €2.8m | €4.4m | ▲ 57.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38.3m | €40.0m | €56.9m | €58.3m | €50.7m | €45.5m | €41.9m | €40.9m | ▼ 2.4% |
| Fixed assets21/28 | €3.6m | €3.0m | €1.7m | €17.7m | €16.1m | €14.1m | €19.1m | €16.1m | ▼ 15.5% |
| Tangible fixed assets22/27 | €0.03m | €0.01m | €0.009m | €0.001m | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | - | - | - | - | - |
| Financial fixed assets28 | €3.5m | €3.0m | €1.7m | €17.7m | €16.1m | €14.1m | €19.1m | €16.1m | ▼ 15.5% |
| Affiliated companies280/1 | - | - | - | €17.7m | €16.0m | €14.0m | €19.1m | €16.1m | ▼ 15.5% |
| Participating interests280 | - | - | - | €17.2m | €9.0m | €7.3m | €8.1m | €5.7m | ▼ 29.2% |
| Amounts receivable281 | - | - | - | €0.5m | €7.1m | €6.8m | €11.0m | €10.4m | ▼ 5.4% |
| Companies linked by participating interests282/3 | - | - | - | - | €0.08m | €0.08m | €0.007m | €0.007m | = |
| Participating interests282 | - | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Amounts receivable283 | - | - | - | - | €0.08m | €0.08m | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €363 | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 3.2% |
| Shares284 | - | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €363 | €0.001m | €448 | €0.001m | €441 | ▼ 18.1% |
| Current assets29/58 | €34.8m | €37.0m | €55.3m | €40.6m | €34.6m | €31.4m | €22.8m | €24.8m | ▲ 8.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €3.5m | €4.0m | €8.1m | ▲ 99.9% |
| Other amounts receivable291 | - | - | - | - | - | €3.5m | €4.0m | €8.1m | ▲ 99.9% |
| Stocks and contracts in progress3 | €3.5m | €2.3m | €3.7m | €14.2m | €9.9m | €2.3m | €3.8m | €3.9m | ▲ 4.3% |
| Stocks30/36 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Property held for sale35 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Contracts in progress37 | - | - | - | €14.2m | €9.6m | €2.0m | €3.5m | €3.6m | ▲ 4.7% |
| Amounts receivable within one year40/41 | €1.3m | €2.4m | €12.8m | €13.9m | €3.3m | €6.1m | €5.3m | €3.4m | ▼ 36.8% |
| Trade receivables40 | - | - | - | €9.3m | €3.1m | €4.8m | €4.7m | €2.9m | ▼ 38.1% |
| Other amounts receivable41 | - | - | - | €4.6m | €0.2m | €1.3m | €0.7m | €0.5m | ▼ 27.4% |
| Current investments50/53 | - | - | - | - | €1 | €1 | €0 | - | - |
| Other investments51/53 | - | - | - | - | €1 | €1 | €0 | - | - |
| Cash at bank and in hand54/58 | €24.5m | €26.6m | €33.1m | €12.2m | €21.3m | €19.4m | €9.6m | €9.4m | ▼ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0.03m | €0.04m | €0.04m | €0.03m | ▼ 26.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38.3m | €40.0m | €56.9m | €58.3m | €50.7m | €45.5m | €41.9m | €40.9m | ▼ 2.4% |
| Equity10/15 | €30.5m | €31.9m | €38.5m | €33.8m | €34.2m | €30.4m | €28.3m | €32.7m | ▲ 15.6% |
| 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 | €30.4m | €31.8m | €38.5m | €33.8m | €34.1m | €30.4m | €28.2m | €32.6m | ▲ 15.7% |
| 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 | - | - | - | €33.8m | €34.1m | €30.4m | €28.2m | €32.6m | ▲ 15.7% |
| Amounts payable17/49 | €7.9m | €8.1m | €18.4m | €24.4m | €16.5m | €15.0m | €13.6m | €8.2m | ▼ 39.8% |
| Amounts payable within one year42/48 | €7.9m | €8.1m | €18.4m | €24.4m | €16.2m | €15.0m | €13.6m | €8.2m | ▼ 39.8% |
| Trade debts44 | €1.8m | €1.0m | €2.9m | €2.1m | €4.1m | €2.7m | €1.8m | €2.5m | ▲ 38.7% |
| Suppliers440/4 | - | - | - | €2.1m | €4.1m | €2.7m | €1.8m | €2.5m | ▲ 38.7% |
| Advances received on contracts in progress46 | - | - | - | €14.1m | €9.3m | €1.4m | €2.4m | €1.5m | ▼ 37.1% |
| Taxes, remuneration and social security45 | - | - | - | €4.2m | €0.3m | €0.5m | €0.3m | €0.2m | ▼ 23.4% |
| Taxes450/3 | - | - | - | €4.0m | €0.02m | €0.3m | €0.1m | €0.07m | ▼ 37.1% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.3m | €0.3m | €0.1m | €0.1m | ▼ 13.2% |
| Other amounts payable47/48 | - | - | - | €4.0m | €2.5m | €10.4m | €9.1m | €4.0m | ▼ 56.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.3m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5.9m | €1.4m | €6.6m | €0.3m | €0.3m | €1.3m | €2.8m | €4.4m | ▲ 57.3% |
| + Depreciation and write-downs630 | €0.002m | €0.008m | €0.004m | €0.001m | €0.001m | - | - | - | - |
| Operating cash flow (approximation) | €5.9m | €1.4m | €6.6m | €0.3m | €0.3m | €1.3m | €2.8m | €4.4m | ▲ 57.3% |
| Investment in fixed assets (approximation) | - | €0.6m | €1.3m | -€16.1m | €1.6m | €2.0m | -€5.0m | €3.0m | - |
| Change in cash | - | €2.1m | €6.5m | -€20.9m | €9.1m | -€1.9m | -€9.8m | -€0.3m | ▲ 97.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 11-06-2026 | 2026-00166121 |
| 31-12-2024 | full format | 13-06-2025 | 2025-00150995 |
| 31-12-2023 | full format | 12-06-2024 | 2024-00135189 |
| 31-12-2022 | full format | 04-07-2023 | 2023-00215980 |
| 31-12-2021 | full format | 12-07-2022 | 2022-20196689 |
| 31-12-2020 | full format | 27-07-2021 | 2021-44400199 |
| 31-12-2019 | full format | 29-07-2020 | 2020-38200420 |
| 31-12-2018 | full format | 30-07-2019 | 2019-41400270 |
| 31-12-2017 | full format | 09-07-2018 | 2018-30300570 |
| 31-12-2016 | full format | 22-08-2017 | 2017-46000343 |
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Public contracts
1 award · 2024
BRIDGECITY - promotieopdracht voor de bouw van 5.700 m² koopwoningen, van 5.300 m² sociale woningen, van 350 m² ruimte voor een voorziening en van 2.000 m² handelsruimte, de transformatie van een gebouw van 2.900 m² tot ruimten voor economische activiteiten, de aanleg van buitenruimten en de verkoop van de koopwoningen tegen geconventioneerde prijs
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.