KAIZEN
ActiveSummary
KAIZEN has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27k and a net result of €10k. Equity is growing by ~11.5% per year across the filed fiscal years. Its solvency ranks better than 79% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+99
Solvency96▲+30
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity ample (current ratio 2.62 against 2.31 in 2024; short-term debt: 24.7% and cash: 28.3% of total assets), and 29.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · 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 →
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
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
70.6%
Return on assets
26.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
31 d early
2023
30 d early
2022
31 d early
2021
60 d early
2020
31 d early
2019
31 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, micro schema
Equity
€27k▲ 60.9%
2024 · €17k
2018: €17k
2019: €10k▼ -39.2% vs 2018lowest in 8 years
2020: €10k▲ +1.2% vs 2019
2021: €10k▲ +1.1% vs 2020
2022: €13k▲ +25.5% vs 2021
2023: €23k▲ +78.9% vs 2022
2024: €17k▼ -28.7% vs 2023
2025: €27k▲ +60.9% vs 2024highest in 8 years
2018 → 2025
Total assets
€38k▼ 6.4%
2024 · €40k
2018: €43k
2019: €35k▼ -18.7% vs 2018
2020: €30k▼ -14.4% vs 2019
2021: €24k▼ -19.3% vs 2020lowest in 8 years
2022: €44k▲ +82.7% vs 2021
2023: €49k▲ +10.8% vs 2022highest in 8 years
2024: €40k▼ -17.0% vs 2023
2025: €38k▼ -6.4% vs 2024
2018 → 2025
Net result
€10k
2024 · €-7k
2018: €12khighest in 8 years
2019: €-7k▼ -155% vs 2018
2020: €123▲ +102% vs 2019
2021: €117▼ -4.9% vs 2020
2022: €3k▲ +2148% vs 2021
2023: €10k▲ +289% vs 2022
2024: €-7k▼ -165% vs 2023lowest in 8 years
2025: €10k▲ +251% vs 2024
2018 → 2025
Working capital
€15k▲ 6.4%
2024 · €14k
2018: €-2k
2019: €-9k▼ -251% vs 2018lowest in 8 years
2020: €1k▲ +116% vs 2019
2021: €6k▲ +334% vs 2020
2022: €10k▲ +57.8% vs 2021
2023: €23k▲ +137% vs 2022highest in 8 years
2024: €14k▼ -37.9% vs 2023
2025: €15k▲ +6.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€10k-€13k▲ 25.5%€23k▲ 78.9%€17k▼ 28.7%€27k▲ 60.9%
2021: €10klowest in 5 years
2022: €13k▲ +25.5% vs 2021
2023: €23k▲ +78.9% vs 2022
2024: €17k▼ -28.7% vs 2023
2025: €27k▲ +60.9% vs 2024highest in 5 years
Operating result€222-€3k▲ 1,467%€11k▲ 214%€-6k€11k
2021: €222
2022: €3k▲ +1467% vs 2021
2023: €11k▲ +214% vs 2022
2024: €-6k▼ -157% vs 2023lowest in 5 years
2025: €11k▲ +276% vs 2024highest in 5 years
Net result€117-€3k▲ 2,148%€10k▲ 289%€-7k€10k
2021: €117
2022: €3k▲ +2148% vs 2021
2023: €10k▲ +289% vs 2022highest in 5 years
2024: €-7k▼ -165% vs 2023lowest in 5 years
2025: €10k▲ +251% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €11k after a loss of €6k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €38k
Fixed assets
€13k ▼ 13.0%
Current assets
€24k ▼ 2.4%
Equity and liabilities €38k
Equity
€27k ▲ 60.9%
Debt
€11k ▼ 53.3%
Debt's share of the balance-sheet total falls from 59.0% to 29.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€18k▲
2024 · €24
Cash flow
€17k▲
2024 · €-408
Current ratio
2.62▲
2024 · 2.31
Debt to equity
0.42▼
2024 · 1.44
ROE
37.9%▲
2024 · -40.3%
ROA
26.7%▲
2024 · -16.5%
Interest coverage
63.45▲
2024 · 0.07
Debt ≤ 1 year
€9k▼
2024 · €11k
Debt > 1 year
€881▼
2024 · €6k
Income taxes
€990▲
2024 · €315
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 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€40k€38k▼
Fixed assets21/28€15k€13k▼
Tangible fixed assets22/27€15k€13k▼
Plant, machinery and equipment23€898€669▼
Furniture and vehicles24€347€91▼
Leasing and similar rights25€11k€6k▼
Other tangible fixed assets26€3k€7k▲
Current assets29/58€25k€24k▼
Amounts receivable within one year40/41€19k€11k▼
Trade receivables40€11k-
Other amounts receivable41€8k€11k▲
Cash at bank and in hand54/58€5k€11k▲
Deferred charges and accrued income490/1€1k€2k▲
Equity and liabilities
Total equity and liabilities10/49€40k€38k▼
Equity10/15€17k€27k▲
Contributions10/11€19k€19k=
Reserves13€21k€21k=
Tax-exempt reserves132€19k€19k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€-23k€-13k▲
Amounts payable17/49€24k€11k▼
Amounts payable after more than one year17€6k€881▼
Financial debts170/4€6k€881▼
Amounts payable within one year42/48€11k€9k▼
Current portion of amounts payable after more than one year42€5k€5k▲
Trade debts44€5k€3k▼
Suppliers440/4€5k€3k▼
Taxes, remuneration and social security45€1k€2k▲
Taxes450/3€610€1k▲
Remuneration and social security454/9€400€200▼
Accrued charges and deferred income492/3€7k€901▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€7k▲
Other operating charges640/8€1k€2k▲
Gross operating margin9900€1k€20k▲
Operating profit (loss)9901€-6k€11k▲
Financial income75/76B€241€393▲
Recurring financial income75€241€393▲
Financial charges65/66B€359€289▼
Recurring financial charges65€359€289▼
Profit (loss) for the period before taxes9903€-6k€11k▲
Income taxes67/77€315€990▲
Profit (loss) for the period9904€-7k€10k▲
Profit (loss) for the period to be appropriated9905€-7k€10k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-23k€-13k▲
Profit (loss) brought forward from the previous period14P€-16k€-23k▼
The notes to these accounts (7 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €10k | €8k | €6k | €7k | ▲ 18.3% |
| Other operating charges640/8 | €949 | €984 | €1k | €1k | €2k | ▲ 20.2% |
| Gross operating margin9900 | €7k | €14k | €20k | €1k | €20k | ▲ 1,345% |
| Operating profit (loss)9901 | €222 | €3k | €11k | €-6k | €11k | ▲ 276% |
| Financial income75/76B | €0 | €63 | €281 | €241 | €393 | ▲ 62.9% |
| Recurring financial income75 | €0 | €63 | €281 | €241 | €393 | ▲ 62.9% |
| Financial charges65/66B | €105 | €440 | €458 | €359 | €289 | ▼ 19.3% |
| Recurring financial charges65 | €105 | €440 | €458 | €359 | €289 | ▼ 19.3% |
| Profit (loss) for the period before taxes9903 | €117 | €3k | €11k | €-6k | €11k | ▲ 274% |
| Income taxes67/77 | - | €474 | €530 | €315 | €990 | ▲ 215% |
| Profit (loss) for the period9904 | €117 | €3k | €10k | €-7k | €10k | ▲ 251% |
| Profit (loss) for the period to be appropriated9905 | €117 | €3k | €10k | €-7k | €10k | ▲ 251% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €24k | €44k | €49k | €40k | €38k | ▼ 6.4% |
| Fixed assets21/28 | €9k | €25k | €18k | €15k | €13k | ▼ 13.0% |
| Tangible fixed assets22/27 | €9k | €25k | €18k | €15k | €13k | ▼ 13.0% |
| Plant, machinery and equipment23 | €6k | €3k | €1k | €898 | €669 | ▼ 25.6% |
| Furniture and vehicles24 | €3k | €859 | €603 | €347 | €91 | ▼ 73.7% |
| Leasing and similar rights25 | - | €21k | €16k | €11k | €6k | ▼ 46.1% |
| Other tangible fixed assets26 | - | - | - | €3k | €7k | ▲ 114% |
| Current assets29/58 | €15k | €19k | €31k | €25k | €24k | ▼ 2.4% |
| Stocks and contracts in progress3 | €4k | - | - | - | - | - |
| Contracts in progress37 | €4k | - | - | - | - | - |
| Amounts receivable within one year40/41 | €9k | €7k | €12k | €19k | €11k | ▼ 39.9% |
| Trade receivables40 | €4k | - | €5k | €11k | - | - |
| Other amounts receivable41 | €4k | €7k | €7k | €8k | €11k | ▲ 40.5% |
| Cash at bank and in hand54/58 | €831 | €11k | €17k | €5k | €11k | ▲ 132% |
| Deferred charges and accrued income490/1 | €1k | €1k | €1k | €1k | €2k | ▲ 58.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €24k | €44k | €49k | €40k | €38k | ▼ 6.4% |
| Equity10/15 | €10k | €13k | €23k | €17k | €27k | ▲ 60.9% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €21k | €21k | €21k | €21k | €21k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Tax-exempt reserves132 | €19k | €19k | €19k | €19k | €19k | = |
| Distributable reserves133 | - | - | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €-29k | €-26k | €-16k | €-23k | €-13k | ▲ 44.4% |
| Amounts payable17/49 | €14k | €31k | €25k | €24k | €11k | ▼ 53.3% |
| Amounts payable after more than one year17 | - | €16k | €11k | €6k | €881 | ▼ 85.6% |
| Financial debts170/4 | - | €16k | €11k | €6k | €881 | ▼ 85.6% |
| Amounts payable within one year42/48 | €9k | €9k | €8k | €11k | €9k | ▼ 14.0% |
| Current portion of amounts payable after more than one year42 | - | €5k | €5k | €5k | €5k | ▲ 1.8% |
| Trade debts44 | €6k | €4k | €3k | €5k | €3k | ▼ 45.0% |
| Suppliers440/4 | €6k | €4k | €3k | €5k | €3k | ▼ 45.0% |
| Taxes, remuneration and social security45 | - | €675 | €496 | €1k | €2k | ▲ 48.9% |
| Taxes450/3 | - | €675 | €296 | €610 | €1k | ▲ 114% |
| Remuneration and social security454/9 | - | - | €200 | €400 | €200 | ▼ 50.0% |
| Other amounts payable47/48 | €3k | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €5k | €5k | €6k | €7k | €901 | ▼ 86.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €117 | €3k | €10k | €-7k | €10k | ▲ 251% |
| + Depreciation and write-downs630 | €6k | €10k | €8k | €6k | €7k | ▲ 18.3% |
| Operating cash flow (approximation) | €6k | €12k | €19k | €-408 | €17k | ▲ 4,388% |
| Investment in fixed assets (approximation) | - | €-25k | €-1k | €-4k | €-5k | ▼ 41.5% |
| Change in cash | - | €10k | €7k | €-13k | €6k | ▲ 148% |
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
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €10k
Net result €10k after one loss-making year.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-7k
Net result drops to €-7k, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
01-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €123
Net result €123 after one loss-making year.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
17-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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, Tongeren-Borgloon · 1 establishment unit since 1997
Ground area
897 m²
Building footprint
159 m²
Volume, LiDAR
825 m³
Parcel 73031B0722/00R000, Flanders · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
KAIZEN
since 19972.079.877.760
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73031B0722/00R000 | Flanders | 897 m² | 1 · 159 m² | 7.7 m · 2 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.
Similar companies · same sector, comparable size
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AGENCE IMMOBILIERE HAPPY HOUSE
BE 0877.202.375
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GIC IMMO
BE 0535.820.971
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Of 11,748 companies in sector 68310 we hold annual accounts for 6,905. 4,253 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
Founded12-11-1996
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
Scores and ratios are computed by Checked and are not a credit decision.