KAISIN

Active

Public limited companyfounded 200322 yrs activeRue Martinroux(L) 32, 6220 Fleurus, BelgiumKBO/BCE: BE 0862.336.631

Summary

KAISIN has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€94,947) and a net result of €134,685. Equity is growing by ~9% per year across the filed fiscal years. Its solvency ranks better than 9% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysis Watch Report Compare

KAISINActiveChecked score 59/100

Risk analysis Report Compare

Checked score

Score 2025

59 / 100

Fair

Negative equity caps the score. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability89▲+15

Solvency17▲+12

Growth85=

Track record100

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity short (current ratio 0.01 against 0.01 in 2024; short-term debt: 54.4% and cash: 0.1% of total assets), and equity is negative.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 68

Relative position

BE, all sectors

reference

Real estate activities (NACE 68)

about 43% fewer bankruptcies

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 4613 sector peers (2025).

NBB · sector comparison

Position among 4613 sector peers

Solvency

better than 9%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-06-2026, 56 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

56 d early

2024

69 d early

2023

69 d early

2022

53 d early

2021

58 d early

2020

65 d early

2019

66 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 62 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 3 June (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

28-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

On 22 December 2003, KAISIN was incorporated.¹ Revenue went from EUR 55,100 in 2018 to EUR 288,239 in 2025.²

Go further with this company

How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed

Is this your company? See how customers and banks see it.

Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, full schema

Turnover

€288,239▲ 13.5%

2024 · €253,969

EBIT margin

58.2%▲ 5.1pp

2024 · 53.2%

Net result

€134,685▲ 54.5%

2024 · €87,152

Working capital

-€624,063▲ 12.9%

2024 · -€716,281

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.

Every figure with its change against the fiscal year before

favourable unfavourable

Line20212022202320242025

Turnover€100,406▲ 0.6%€220,181▲ 119%€260,531▲ 18.3%€253,969▼ 2.5%€288,239▲ 13.5%

Operating result€24,488▲ 1,382%€73,002▲ 198%€117,455▲ 60.9%€135,022▲ 15.0%€167,841▲ 24.3%

Net result€3,498€35,683▲ 920%€62,108▲ 74.1%€87,152▲ 40.3%€134,685▲ 54.5%

EBIT margin24.4%▲ 22.7pp33.2%▲ 8.8pp45.1%▲ 11.9pp53.2%▲ 8.1pp58.2%▲ 5.1pp

Equity-€414,575▲ 0.8%-€378,892▲ 8.6%-€316,784▲ 16.4%-€229,632▲ 27.5%-€94,947▲ 58.7%

Total assets€287,220▼ 24.6%€1.3m▲ 358%€1.2m▼ 7.7%€1.2m▼ 4.4%€1.2m▲ 0.1%

Debt€701,795▼ 12.2%€1.7m▲ 142%€1.5m▼ 9.6%€1.4m▼ 9.1%€1.3m▼ 9.6%

Working capital-€600,047▲ 3.0%-€968,847▼ 61.5%-€814,134▲ 16.0%-€716,281▲ 12.0%-€624,063▲ 12.9%

Solvency-144.3%▼ 34.6pp-28.8%▲ 115.5pp-26.1%▲ 2.7pp-19.8%▲ 6.3pp-8.2%▲ 11.6pp

Current ratio0.02▼ 0.050.00▼ 0.020.00=0.01=0.01▲ 0.01

Return on assets (ROA)1.2%▲ 6.6pp2.7%▲ 1.5pp5.1%▲ 2.4pp7.5%▲ 2.4pp11.6%▲ 4.1pp

above within below the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.

Result per fiscal year

Operating resultNet result

The operating result has risen four years in a row; 2025 is 24% above 2024 and is the highest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €1.2m

99.3%

Fixed assets €1.2m ▼ 0.3%

Current assets €8,132 ▲ 76.3%

Key figures and ratios

2025 value · change against 2024

EBITDA

€218,273▲

2024 · €190,263

Cash flow

€185,117▲

2024 · €142,393

Debt to equity

-13.24▼

2024 · -6.06

Interest coverage

6.67▲

2024 · 4.01

Debt ≤ 1 year

€632,195▼

2024 · €720,893

Debt > 1 year

€611,206▼

2024 · €656,598

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 317 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 92% are still going.

Small
20 years or older
negative equity
a profit of 5% of the balance sheet or more

1.3% went bankrupt

4.1% stopped otherwise

92% still going

A further 2.8% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.

The companies in ten equal groups, from lowest to highest expected share.
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.4%
3	0.5%	0.5%
4	0.6%	0.7%
5	0.8%	0.9%
6	1.2%	1.3%
7	1.5%	1.7%
8	1.7%	1.7%
9	2.7%	2.8%
10	5.3%	5.7%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 317 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

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines

Balance sheet Code20242025

Assets

Total assets20/58€1.2m€1.2m▲

Fixed assets21/28€1.2m€1.2m▼

Tangible fixed assets22/27€1.2m€1.2m▼

Land and buildings22€1.2m€1.1m▼

Plant, machinery and equipment23€5,032€36,958▲

Current assets29/58€4,612€8,132▲

Stocks and contracts in progress3€0€0=

Amounts receivable within one year40/41€3,521€7,130▲

Trade receivables40€3,521€6,130▲

Other amounts receivable41€0€1,000▲

Cash at bank and in hand54/58€1,090€1,002▼

Equity and liabilities

Total equity and liabilities10/49€1.2m€1.2m▲

Equity10/15-€229,632-€94,947▲

Contributions10/11€212,500€212,500=

Capital10€212,500€212,500=

Issued capital100€212,500€212,500=

Reserves13€6,250€6,250=

Non-distributable reserves130/1€6,250€6,250=

Legal reserve130€6,250€6,250=

Profit (loss) carried forward14-€448,382-€313,697▲

Amounts payable17/49€1.4m€1.3m▼

Amounts payable after more than one year17€656,598€611,206▼

Financial debts170/4€577,731€532,339▼

Credit institutions173€577,731€532,339▼

Other amounts payable178/9€78,867€78,867=

Amounts payable within one year42/48€720,893€632,195▼

Current portion of amounts payable after more than one year42€44,540€45,392▲

Trade debts44€22,970€37,221▲

Suppliers440/4€22,970€37,221▲

Other amounts payable47/48€653,383€549,582▼

Accrued charges and deferred income492/3€14,052€14,052=

Income statement Code20242025

Operating income70/76A€253,969€288,239▲

Turnover70€253,969€288,239▲

Other operating income74€0-

Operating charges60/66A€118,947€120,398▲

Services and other goods61€36,266€35,425▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€55,242€50,432▼

Other operating charges640/8€27,439€34,542▲

Operating profit (loss)9901€135,022€167,841▲

Financial charges65/66B€47,870€33,156▼

Recurring financial charges65€47,870€33,156▼

Debt charges650€47,483€32,716▼

Other financial charges652/9€387€440▲

Profit (loss) for the period before taxes9903€87,152€134,685▲

Profit (loss) for the period9904€87,152€134,685▲

Profit (loss) for the period to be appropriated9905€87,152€134,685▲

Appropriation of the result

Profit (loss) to be appropriated9906-€448,382-€313,697▲

Profit (loss) brought forward from the previous period14P-€535,534-€448,382▲

The notes to these accounts (35 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Operating income70/76A	€100,415	€220,181	€265,390	€253,969	€288,239	▲ 13.5%
Turnover70	€100,406	€220,181	€260,531	€253,969	€288,239	▲ 13.5%
Other operating income74	€9	€0	€4,860	€0	-	-
Operating charges60/66A	€75,927	€147,180	€147,936	€118,947	€120,398	▲ 1.2%
Services and other goods61	€5,084	€6,556	€15,359	€36,266	€35,425	▼ 2.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€58,813	€131,486	€101,363	€55,242	€50,432	▼ 8.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	€0	-€13,187	€0	-	-	-
Other operating charges640/8	€12,029	€22,324	€31,214	€27,439	€34,542	▲ 25.9%
Operating profit (loss)9901	€24,488	€73,002	€117,455	€135,022	€167,841	▲ 24.3%
Financial charges65/66B	€20,991	€37,319	€55,346	€47,870	€33,156	▼ 30.7%
Recurring financial charges65	€20,991	€37,319	€55,346	€47,870	€33,156	▼ 30.7%
Debt charges650	€20,662	€36,707	€54,960	€47,483	€32,716	▼ 31.1%
Other financial charges652/9	€329	€611	€386	€387	€440	▲ 13.8%
Profit (loss) for the period before taxes9903	€3,498	€35,683	€62,108	€87,152	€134,685	▲ 54.5%
Profit (loss) for the period9904	€3,498	€35,683	€62,108	€87,152	€134,685	▲ 54.5%
Profit (loss) for the period to be appropriated9905	€3,498	€35,683	€62,108	€87,152	€134,685	▲ 54.5%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€287,220	€1.3m	€1.2m	€1.2m	€1.2m	▲ 0.1%
Fixed assets21/28	€274,688	€1.3m	€1.2m	€1.2m	€1.2m	▼ 0.3%
Tangible fixed assets22/27	€274,688	€1.3m	€1.2m	€1.2m	€1.2m	▼ 0.3%
Land and buildings22	€274,237	€1.3m	€1.2m	€1.2m	€1.1m	▼ 3.0%
Plant, machinery and equipment23	€451	€6,594	€5,813	€5,032	€36,958	▲ 634%
Current assets29/58	€12,532	€2,091	€2,265	€4,612	€8,132	▲ 76.3%
Stocks and contracts in progress3	€0	€0	€0	€0	€0	-
Amounts receivable within one year40/41	€8,735	€160	€1,131	€3,521	€7,130	▲ 102%
Trade receivables40	€8,735	€160	€287	€3,521	€6,130	▲ 74.1%
Other amounts receivable41	-	-	€843	€0	€1,000	-
Cash at bank and in hand54/58	€3,797	€1,931	€1,135	€1,090	€1,002	▼ 8.1%
Equity and liabilities
Total equity and liabilities10/49	€287,220	€1.3m	€1.2m	€1.2m	€1.2m	▲ 0.1%
Equity10/15	-€414,575	-€378,892	-€316,784	-€229,632	-€94,947	▲ 58.7%
Contributions10/11	€212,500	€212,500	€212,500	€212,500	€212,500	=
Capital10	€212,500	€212,500	€212,500	€212,500	€212,500	=
Issued capital100	€212,500	€212,500	€212,500	€212,500	€212,500	=
Reserves13	€6,250	€6,250	€6,250	€6,250	€6,250	=
Non-distributable reserves130/1	€6,250	€6,250	€6,250	€6,250	€6,250	=
Legal reserve130	€6,250	€6,250	€6,250	€6,250	€6,250	=
Profit (loss) carried forward14	-€633,325	-€597,642	-€535,534	-€448,382	-€313,697	▲ 30.0%
Amounts payable17/49	€701,795	€1.7m	€1.5m	€1.4m	€1.3m	▼ 9.6%
Amounts payable after more than one year17	€89,216	€719,343	€701,138	€656,598	€611,206	▼ 6.9%
Financial debts170/4	€89,216	€665,976	€622,272	€577,731	€532,339	▼ 7.9%
Credit institutions173	€89,216	€665,976	€622,272	€577,731	€532,339	▼ 7.9%
Other amounts payable178/9	-	€53,367	€78,867	€78,867	€78,867	=
Amounts payable within one year42/48	€612,580	€970,937	€816,399	€720,893	€632,195	▼ 12.3%
Current portion of amounts payable after more than one year42	€43,535	€42,884	€43,704	€44,540	€45,392	▲ 1.9%
Trade debts44	€2,270	€10,001	€0	€22,970	€37,221	▲ 62.0%
Suppliers440/4	€2,270	€10,001	€0	€22,970	€37,221	▲ 62.0%
Other amounts payable47/48	€566,774	€918,052	€772,695	€653,383	€549,582	▼ 15.9%
Accrued charges and deferred income492/3	-	€4,606	€14,052	€14,052	€14,052	=

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€3,498	€35,683	€62,108	€87,152	€134,685	▲ 54.5%
+ Depreciation and write-downs630	€58,813	€131,486	€101,363	€55,242	€50,432	▼ 8.7%
Operating cash flow (approximation)	€62,311	€167,169	€163,471	€142,393	€185,117	▲ 30.0%
Investment in fixed assets (approximation)	-	-€1.2m	€0	€0	-€47,507	-
Change in cash	-	-€1,867	-€796	-€44	-€89	▼ 99.9%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Timeline · acts, filings and financial milestones

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

24-06

State Gazette act Reappointments: PINEAPPLE, ICEBERG LAKE TRAIL and Gathon Claudia

Appointment: PINEAPPLE (managing director) · Permanent representative: Gathon Florence7 facts ▸

General meeting, 08-05-2026
Director reappointment, PINEAPPLE (director)
Director reappointment, ICEBERG LAKE TRAIL (director)
Director reappointment, Gathon Claudia (director)
Board meeting, 08-05-2026
Director appointment, PINEAPPLE (managing director)
Permanent representative, Gathon Florence (permanent representative)

05-06

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Highest result since 2018net €134,685 ▲54.5%

Operating result €167,841, net result €134,685, both a record.

23-05

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

23-05

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

08-06

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

03-06

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

31-12

Financial Back to profitnet €3,498

Net result €3,498 after 3 loss-making years.

27-05

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

26-05

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

07-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

17-05

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

23-05

NBB filing Annual accounts filed

fiscal year 2016 · full schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

1 of 10 acts read

About the unread acts

Of the 10 Belgian State Gazette acts we know for this company, 1 has been read. The other 9 have 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

under verification, last change in 2026

This board is reconstructed from a single act (26080539). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.

Board 3

Gathon Claudia

Director

Current

Iceberg Lake Trail

Director · Private limited company · perm. rep.: Gathon Jérôme

Current

Pineapple

Director · Private limited company · perm. rep.: Gathon Florence

Current

Day-to-day management 1

Pineapple

Managing director · since 08-05-2026 · Private limited company · perm. rep.: Gathon Florence

Current

Permanent representatives 2

Gathon Florence

Permanent representative · for Pineapple

Current

Gathon Jérôme

Permanent representative · for Iceberg Lake Trail

Current

Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →

Not every act has been read: a resignation may be missing here

9 of this company's 10 Belgian State Gazette acts have 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, Fleurus · 1 establishment unit since 2003

seat establishment The establishment unit on the map

Ground area

2.3 ha

Building footprint

3,193 m²

Volume, LiDAR

9,095 m³

2 parcels, Wallonia · tallest building 6.9 m, ±2 floors. Linked by address, not a title deed.

1 establishment unit

Rue Pont-à-Migneloux 24, 6041 Charleroi

NACE 6712003

since 20032.180.436.769

2 parcels

Wallonia 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
52332B0491/00H002	Wallonia	1.3 ha	1 · 1,326 m²	-
52028A0484/00E003	Wallonia	1.0 ha	1 · 1,867 m²	6.8 m · 2 fl.

Linked by address, not proof of ownership

Good to know

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Mandate history

3 people since 2026, 3 in office

All 3 In office 3

Board
Day-to-day management
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
Pineapple	Managing director, from 08-05-2026 to date Director, already before 24-06-2026 to date
Gathon Claudia	Director, already before 24-06-2026 to date
Iceberg Lake Trail	Director, already before 24-06-2026 to date

See the board, name and seat on a given date →

Structure & network

Owners and holdings

1 owner

Chain of control

Highest known parent: Larochette International. The sources do not say who stands above it.

Owners 1

MONDIAL IMMOparent

Sourceaccounts MONDIAL IMMO 2025

100%

Holdings 0

No holding stated in the accounts, acts or LEI register we read.

According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.

Connections & network

3 current directors

Depth

The network starts from this company’s directors. Other companies they run appear here as nodes.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, scroll to zoom.

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Identification & contact

Identification

Legal formPublic limited company

Founded22-12-2003

Fiscal year end31-12

Activities, NACEBEL 2025

68203Renting and operating of own or leased non-residential real estate, excluding land

77399Renting and leasing of other machinery, equipment and tangible goods

E-invoicing

Reachable via Peppol

Peppol ID 0208:0862336631

Registered 16-01-2026

If you follow this company, Checked tells you the day it leaves the Peppol register.

Scores and ratios are computed by Checked and are not a credit decision.