KANAL
ActiveSummary
For the legal form of KANAL, Checked does not compute a bankruptcy probability. The 2025 annual accounts show equity of €170.2m and a net result of €3.5m. Equity is growing by ~29.1% per year across the filed fiscal years. Its solvency ranks better than 92% of 67 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+1
Solvency100=
Growth52▼-33
Track record100
Credit verdict
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.88 against 5.15 in 2024; short-term debt: 10.8% and cash: 1.7% of total assets), and 11.4% of the assets are financed with debt.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 20-05-2026, 72 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
72 d early
2024
12 d early
2023
54 d early
2022
11 d early
2021
116 d late
2020
1 d early
2019
92 d late
← 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 8 days after the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 30% of the sector filed late.
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. Usually files around 19 July (4 of the last 5 filed years within 60 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#1 company by total assets in Belgium, Libraries, archives and museums sector#1 company by equity in Belgium, Libraries, archives and museums sector#1 fastest grower in Belgium, Libraries, archives and museums sector
Turnover
€55,892▼ 74.2%
2024 · €216,778
EBIT margin
5835.8%▲ 5485.1pp
2024 · 350.6%
Net result
€3.5m▲ 52.4%
2024 · €2.3m
Working capital
-€2.5m
2024 · €54.3m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 91, Libraries, archives, museums and other cultural 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€161,533€216,778▲ 34.2%€55,892▼ 74.2%
Operating result-€63,199€1.2m€204,008▼ 83.0%€760,119▲ 273%€3.3m▲ 329%
Net result-€165,177below the sector's middle half€1.0mabove the sector's middle half€1.4mabove the sector's middle half▲ 36.0%€2.3mabove the sector's middle half▲ 64.1%€3.5mabove the sector's middle half▲ 52.4%
EBIT margin126.3%350.6%▲ 224.4pp5835.8%▲ 5485.1pp
Equity€72.0mabove the sector's middle half▲ 9,402%€122.6mabove the sector's middle half▲ 70.4%€146.3mabove the sector's middle half▲ 19.3%€156.6mabove the sector's middle half▲ 7.0%€170.2mabove the sector's middle half▲ 8.7%
Total assets€75.8mabove the sector's middle half▲ 64.2%€126.9mabove the sector's middle half▲ 67.4%€148.4mabove the sector's middle half▲ 16.9%€175.1mabove the sector's middle half▲ 18.0%€192.1mabove the sector's middle half▲ 9.7%
Debt€3.9m▼ 90.9%€4.3m▲ 11.7%€2.1m▼ 51.5%€18.4m▲ 781%€21.9m▲ 18.8%
Working capital€56.4mabove the sector's middle half▲ 67.6%€91.1mabove the sector's middle half▲ 61.5%€90.1mabove the sector's middle half▼ 1.0%€54.3mabove the sector's middle half▼ 39.8%-€2.5mbelow the sector's middle half
Solvency94.9%above the sector's middle half▲ 93.3pp96.6%above the sector's middle half▲ 1.7pp98.6%above the sector's middle half▲ 2.0pp89.5%above the sector's middle half▼ 9.1pp88.6%above the sector's middle half▼ 0.9pp
Current ratio15.63above the sector's middle half▲ 6.2722.18above the sector's middle half▲ 6.5553.04above the sector's middle half▲ 30.865.15within the sector's middle half▼ 47.890.88below the sector's middle half▼ 4.27
Return on assets (ROA)-0.2%within the sector's middle half▼ 1.6pp0.8%within the sector's middle half▲ 1.0pp0.9%within the sector's middle half▲ 0.1pp1.3%within the sector's middle half▲ 0.4pp1.8%within the sector's middle half▲ 0.5pp
Staff (FTE)27above the sector's middle half▲ 8.0%33above the sector's middle half▲ 22.2%50.5above the sector's middle half▲ 53.0%70.1above the sector's middle half▲ 38.8%81.9above the sector's middle half▲ 16.8%
above
within
below
the middle half (P25 to P75) of NACE 91, Libraries, archives, museums and other cultural activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 329% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €192.1m
Fixed assets
€173.9m ▲ 61.5%
Current assets
€18.2m ▼ 73.0%
Equity and liabilities €192.1m
Equity
€170.2m ▲ 8.7%
Debt
€21.9m ▲ 18.8%
Debt's share of the balance-sheet total rises from 10.5% to 11.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.6m▲
2024 · €978,457
Cash flow
€3.9m▲
2024 · €2.5m
Quick ratio
0.88▼
2024 · 5.14
Debt to equity
0.13▲
2024 · 0.12
ROE
2.1%▲
2024 · 1.5%
Interest coverage
1821.16▲
2024 · 504.76
Debt ≤ 1 year
€20.7m▲
2024 · €13.1m
Debt > 1 year
€3,975▼
2024 · €860,650
Income taxes
€108,078▼
2024 · €672,293
Staff costs
€7.6m▲
2024 · €6.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €8.2m | €11.5m | €14.3m | €20.8m | ▲ 44.9% |
| Turnover70 | - | - | €161,533 | €216,778 | €55,892 | ▼ 74.2% |
| Own construction capitalised72 | - | - | €57,580 | - | - | - |
| Other operating income74 | - | €66,703 | €64,740 | €88,366 | €110,803 | ▲ 25.4% |
| Non-recurring operating income76A | €2,983 | €16,638 | €191,849 | €557,822 | €20,272 | ▼ 96.4% |
| Operating charges60/66A | - | €7.0m | €11.3m | €13.6m | €17.5m | ▲ 28.9% |
| Goods for resale, raw materials and consumables60 | - | €5,929 | €109,266 | €8,391 | €7,594 | ▼ 9.5% |
| Purchases600/8 | - | €23,528 | €103,688 | €32,150 | €8,278 | ▼ 74.3% |
| Change in stocks: decrease (increase)609 | - | -€17,600 | €5,577 | -€23,759 | -€685 | ▲ 97.1% |
| Services and other goods61 | - | €3.3m | €5.1m | €6.2m | €8.4m | ▲ 34.3% |
| Remuneration, social security and pensions62 | €2.6m | €3.2m | €4.8m | €6.5m | €7.6m | ▲ 18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €207,164 | €180,684 | €224,099 | €218,338 | €364,045 | ▲ 66.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €6,335 | - | €8,023 | -€7,202 | - | - |
| Other operating charges640/8 | €281,222 | €326,782 | €378,493 | €666,001 | €1.0m | ▲ 53.0% |
| Non-recurring operating charges66A | €41,010 | - | €691,340 | €2,068 | €118,227 | ▲ 5,617% |
| Gross operating margin9900 | €3.0m | - | - | - | - | - |
| Operating profit (loss)9901 | -€63,199 | €1.2m | €204,008 | €760,119 | €3.3m | ▲ 329% |
| Financial income75/76B | €7,351 | €2,688 | €1.8m | €2.2m | €385,417 | ▼ 82.8% |
| Recurring financial income75 | €7,351 | €2,688 | €1.8m | €2.2m | €385,417 | ▼ 82.8% |
| Income from financial fixed assets750 | - | - | - | - | €94 | - |
| Income from current assets751 | - | - | €1.8m | €2.2m | €360,398 | ▼ 83.9% |
| Other financial income752/9 | - | €2,688 | €4,021 | €155 | €24,926 | ▲ 15,961% |
| Financial charges65/66B | €109,237 | €170,025 | €55,523 | €18,670 | €18,013 | ▼ 3.5% |
| Recurring financial charges65 | €109,237 | €170,025 | €55,523 | €18,670 | €18,013 | ▼ 3.5% |
| Debt charges650 | - | - | €15,500 | €1,938 | €1,991 | ▲ 2.7% |
| Other financial charges652/9 | - | €170,025 | €40,023 | €16,731 | €16,022 | ▼ 4.2% |
| Profit (loss) for the period before taxes9903 | -€165,085 | €1.0m | €1.9m | €3.0m | €3.6m | ▲ 21.7% |
| Income taxes67/77 | €92 | €6 | €538,164 | €672,293 | €108,078 | ▼ 83.9% |
| Taxes670/3 | - | €6 | €538,164 | €672,293 | €108,078 | ▼ 83.9% |
| Profit (loss) for the period9904 | -€165,177 | €1.0m | €1.4m | €2.3m | €3.5m | ▲ 52.4% |
| Profit (loss) for the period to be appropriated9905 | -€165,177 | €1.0m | €1.4m | €2.3m | €3.5m | ▲ 52.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €75.8m | €126.9m | €148.4m | €175.1m | €192.1m | ▲ 9.7% |
| Fixed assets21/28 | €15.6m | €31.6m | €56.6m | €107.7m | €173.9m | ▲ 61.5% |
| Intangible fixed assets21 | €81,988 | €55,066 | €360,866 | €576,562 | €741,902 | ▲ 28.7% |
| Tangible fixed assets22/27 | €15.5m | €31.5m | €56.2m | €105.1m | €170.0m | ▲ 61.7% |
| Plant, machinery and equipment23 | €208,990 | €240,090 | €136,641 | €120,369 | €81,705 | ▼ 32.1% |
| Furniture and vehicles24 | €48,927 | €48,331 | €40,906 | €45,567 | €73,111 | ▲ 60.4% |
| Leasing and similar rights25 | - | - | €19,255 | €14,251 | €9,248 | ▼ 35.1% |
| Other tangible fixed assets26 | €2.0m | €2.5m | €3.2m | €4.0m | €5.4m | ▲ 36.7% |
| Assets under construction and advance payments27 | €13.2m | €28.7m | €52.8m | €101.0m | €164.4m | ▲ 62.8% |
| Financial fixed assets28 | €40,983 | €44,102 | €8,583 | €2.0m | €3.2m | ▲ 57.9% |
| Affiliated companies280/1 | - | - | - | €2.0m | €3.2m | ▲ 57.5% |
| Participating interests280 | - | - | - | €2.0m | €3.2m | ▲ 57.5% |
| Other financial fixed assets284/8 | - | €44,102 | €8,583 | €3,315 | €13,893 | ▲ 319% |
| Shares284 | - | - | €10 | €10 | €10 | = |
| Amounts receivable and cash guarantees285/8 | - | €44,102 | €8,573 | €3,305 | €13,883 | ▲ 320% |
| Current assets29/58 | €60.2m | €95.4m | €91.8m | €67.4m | €18.2m | ▼ 73.0% |
| Stocks and contracts in progress3 | €80,094 | €97,693 | €92,116 | €115,875 | €5,152 | ▼ 95.6% |
| Stocks30/36 | €80,094 | €97,693 | €92,116 | €115,875 | €5,152 | ▼ 95.6% |
| Goods purchased for resale34 | - | €97,693 | €92,116 | €115,875 | €5,152 | ▼ 95.6% |
| Amounts receivable within one year40/41 | €9.6m | €32.6m | €12.1m | €176,635 | €13.5m | ▲ 7,541% |
| Trade receivables40 | €927,451 | €2.6m | €1.8m | €57,880 | €25,828 | ▼ 55.4% |
| Other amounts receivable41 | €8.7m | €30.0m | €10.4m | €118,754 | €13.5m | ▲ 11,244% |
| Current investments50/53 | - | €4.0m | €75.5m | €61.5m | - | - |
| Cash at bank and in hand54/58 | €50.5m | €58.6m | €2.9m | €3.4m | €3.3m | ▼ 3.4% |
| Deferred charges and accrued income490/1 | €12,539 | €371 | €1.2m | €2.1m | €1.4m | ▼ 35.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €75.8m | €126.9m | €148.4m | €175.1m | €192.1m | ▲ 9.7% |
| Equity10/15 | €72.0m | €122.6m | €146.3m | €156.6m | €170.2m | ▲ 8.7% |
| Contributions10/11 | €25,000 | €1.2m | €1.9m | €2.6m | €3.0m | ▲ 14.0% |
| Capital10 | €25,000 | €1.2m | €1.9m | €2.6m | €3.0m | ▲ 14.0% |
| Reserves13 | - | - | - | €2.7m | €5.8m | ▲ 117% |
| Profit (loss) carried forward14 | €567,139 | €449,259 | €1.1m | - | - | - |
| Investment grants15 | €71.4m | €121.0m | €143.3m | €151.3m | €161.4m | ▲ 6.7% |
| Amounts payable17/49 | €3.9m | €4.3m | €2.1m | €18.4m | €21.9m | ▲ 18.8% |
| Amounts payable after more than one year17 | - | - | €14,250 | €860,650 | €3,975 | ▼ 99.5% |
| Financial debts170/4 | - | - | €14,250 | €9,198 | €3,975 | ▼ 56.8% |
| Leasing and similar obligations172 | - | - | €14,250 | €9,198 | €3,975 | ▼ 56.8% |
| Trade debts175 | - | - | - | €851,452 | - | - |
| Suppliers1750 | - | - | - | €851,452 | - | - |
| Amounts payable within one year42/48 | €3.9m | €4.3m | €1.7m | €13.1m | €20.7m | ▲ 58.5% |
| Current portion of amounts payable after more than one year42 | - | - | €4,909 | €5,053 | €5,223 | ▲ 3.4% |
| Trade debts44 | €3.2m | €3.7m | €1.2m | €11.6m | €19.9m | ▲ 71.9% |
| Suppliers440/4 | €3.2m | €3.7m | €1.2m | €11.6m | €19.9m | ▲ 71.9% |
| Advances received on contracts in progress46 | €10,974 | €526 | - | - | - | - |
| Taxes, remuneration and social security45 | €648,275 | €557,945 | €534,551 | €970,030 | €776,855 | ▼ 19.9% |
| Taxes450/3 | €186,107 | €236,722 | €62 | €306,158 | €228 | ▼ 99.9% |
| Remuneration and social security454/9 | €462,169 | €321,223 | €534,488 | €663,872 | €776,627 | ▲ 17.0% |
| Accrued charges and deferred income492/3 | €15,275 | €23,138 | €348,569 | €4.5m | €1.2m | ▼ 73.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€165,177 | €1.0m | €1.4m | €2.3m | €3.5m | ▲ 52.4% |
| + Depreciation and write-downs630 | €207,164 | €180,684 | €224,099 | €218,338 | €364,045 | ▲ 66.7% |
| Operating cash flow (approximation) | €41,987 | €1.2m | €1.6m | €2.5m | €3.9m | ▲ 53.6% |
| Investment in fixed assets (approximation) | - | -€16.2m | -€25.2m | -€51.4m | -€66.6m | ▼ 29.6% |
| Change in cash | - | €8.1m | -€55.7m | €513,274 | -€115,701 | ▼ 123% |
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
12-06
State Gazette act
Founder · Incorporation
Founding capital · Bank account
20-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €3.5m ▲52.4%
Operating result €3.3m, net result €3.5m, both a record.
19-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity doublescurrent ratio 53.04
Current ratio from 22.18 to 53.04; short-term debt falls from €4.3m to €1.7m.
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €1.0m
Net result €1.0m after one loss-making year.
31-12
Financial
Equity above €100mEq €122.6m ▲70.4%
Equity rises from €72.0m to €122.6m.
24-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 116 days late
2021
31-12
Financial
Equity above €50mEq €72.0m ▲9,402%
Equity rises from €757,316 to €72.0m.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
31-12
Financial
Equity above €500,000Eq €757,316 ▲648%
2 profitable years in a row build equity to €757,316.
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 92 days late
2019
31-12
Financial
Back to profitnet €838,636
Net result €838,636 after one loss-making year.
31-12
Financial
Liquidity times 16current ratio 10.25
Current ratio from 0.65 to 10.25; short-term debt falls from €3.0m to €987,566.
31-12
Financial
Equity above €100,000Eq €101,260
Equity rises from -€737,376 to €101,260.
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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, Brussel · 3 establishment units since 2018
Ground area
2,258 m²
Building footprint
941 m²
Volume, LiDAR
15,714 m³
3 parcels, Brussels · tallest building 37.9 m, ±11 floors. Linked by address, not a title deed.
3 establishment units
KANAL
since 20182.271.135.036
K1
since 20222.335.116.038
Fondation Kanal
since 20262.393.125.701
3 parcels
Brussels
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21814P0236/00H002 | Brussels | 1,173 m² | - | - |
| 21812N1454/00E010 | Brussels | 561 m² | 1 · 372 m² | 37.9 m · 11 fl. |
| 21814P0166/00E006 | Brussels | 524 m² | 1 · 569 m² | 14.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteBrussel2.335.116.038
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Of 214 companies in sector 91210 we hold annual accounts for 78. 3 are within a factor 10 of this equity. See the whole sector
Identification & contact
Identification
Legal formPublic-utility foundation
Founded03-10-2017
Fiscal year end31-12
Activities, NACEBEL 2025
91210Libraries, archives, museums and other cultural activities
46170Agents in the wholesale of food, beverages and tobacco
46389Wholesale of other food products
47784Retail sale of souvenirs and religious articles
56301Cafés and bars
68203Renting and operating of own or leased non-residential real estate, excluding land
82300Organisation of conventions and trade shows
E-invoicing
Reachable via Peppol
Peppol ID
0208:0682473786
Also
9925:BE0682473786
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.