Karbodak
ActiveSummary
The annual accounts of Karbodak for fiscal year 2025 show a net loss of 59% of the equity at the start of that year. The 2025 annual accounts show equity of €7,801 and a net result of -€11,093. Equity is growing by ~37.3% per year across the filed fiscal years. Its solvency ranks better than 20% of 28374 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability12▼-40
Solvency43▼-12
Growth52=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.52 against 0.56 in 2024; short-term debt: 79.4% of total assets), and 81.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.3%
Return on assets
-26%
Age of the figures
9 mo
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 28374 sector peers (2025).
NBB · sector comparisonPosition among 28374 sector peers
Solvency
better than 20%
← weakest
strongest →
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 01-06-2026, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 d early
2024
51 d early
2023
55 d early
2022
54 d early
2021
9 d late
2020
40 d early
2019
29 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 40 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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 7 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€7,801▼ 58.7%
2024 · €18,893
Total assets
€42,720▼ 32.8%
2024 · €63,527
Net result
-€11,093
2024 · €163
Working capital
-€16,157▲ 1.4%
2024 · -€16,394
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€14,524▲ 5,929%€24,424▲ 68.2%-€9,485€5,638-€4,365
Net result€10,691within the sector's middle half€18,518within the sector's middle half▲ 73.2%-€14,798below the sector's middle half€163within the sector's middle half-€11,093below the sector's middle half
Equity€15,010below the sector's middle half▲ 248%€33,528within the sector's middle half▲ 123%€18,730below the sector's middle half▼ 44.1%€18,893below the sector's middle half▲ 0.9%€7,801below the sector's middle half▼ 58.7%
Total assets€65,406below the sector's middle half▼ 3.7%€70,832within the sector's middle half▲ 8.3%€75,544within the sector's middle half▲ 6.7%€63,527below the sector's middle half▼ 15.9%€42,720below the sector's middle half▼ 32.8%
Debt€50,396▼ 20.8%€37,304▼ 26.0%€56,814▲ 52.3%€44,633▼ 21.4%€34,920▼ 21.8%
Working capital€10,982within the sector's middle half€31,516within the sector's middle half▲ 187%-€15,044below the sector's middle half-€16,394below the sector's middle half▼ 9.0%-€16,157below the sector's middle half▲ 1.4%
Solvency22.9%within the sector's middle half▲ 16.6pp47.3%within the sector's middle half▲ 24.4pp24.8%within the sector's middle half▼ 22.5pp29.7%within the sector's middle half▲ 4.9pp18.3%below the sector's middle half▼ 11.5pp
Current ratio1.31within the sector's middle half▲ 0.372.22within the sector's middle half▲ 0.910.52below the sector's middle half▼ 1.700.56below the sector's middle half▲ 0.040.52below the sector's middle half▼ 0.03
Return on assets (ROA)16.3%within the sector's middle half▲ 16.7pp26.1%above the sector's middle half▲ 9.8pp-19.6%below the sector's middle half▼ 45.7pp0.3%within the sector's middle half▲ 19.8pp-26.0%below the sector's middle half▼ 26.2pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €4,365 after €5,638 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €42,720
Fixed assets
€24,965 ▼ 41.8%
Current assets
€17,755 ▼ 14.0%
Equity and liabilities €42,720
Equity
€7,801 ▼ 58.7%
Debt
€34,920 ▼ 21.8%
Debt's share of the balance-sheet total rises from 70.3% to 81.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€9,426▼
2024 · €21,353
Cash flow
€2,699▼
2024 · €15,878
Quick ratio
0.48▼
2024 · 0.52
Debt to equity
4.48▲
2024 · 2.36
ROE
-142.2%▼
2024 · 0.9%
Interest coverage
1.43▼
2024 · 4.00
Debt ≤ 1 year
€33,912▼
2024 · €37,034
Debt > 1 year
€1,007▼
2024 · €7,599
Income taxes
€141▲
2024 · €140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,294 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
6.0%
stopped otherwise
90%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,340 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% 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 1,294 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,100 | €10,372 | €4,819 | €8,342 | ▲ 73.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,421 | €7,437 | €16,870 | €15,714 | €13,791 | ▼ 12.2% |
| Other operating charges640/8 | €333 | €2,189 | €1,718 | €553 | €528 | ▼ 4.6% |
| Non-recurring operating charges66A | €598 | - | - | - | €1,613 | - |
| Gross operating margin9900 | €22,876 | €34,050 | €9,102 | €21,905 | €11,566 | ▼ 47.2% |
| Operating profit (loss)9901 | €14,524 | €24,424 | -€9,485 | €5,638 | -€4,365 | ▼ 177% |
| Financial income75/76B | €50 | €12 | €53 | €0 | €4 | ▲ 9,275% |
| Recurring financial income75 | €50 | €12 | €53 | €0 | €4 | ▲ 9,275% |
| Financial charges65/66B | €1,543 | €715 | €5,234 | €5,335 | €6,590 | ▲ 23.5% |
| Recurring financial charges65 | €1,543 | €715 | €5,234 | €5,335 | €6,590 | ▲ 23.5% |
| Profit (loss) for the period before taxes9903 | €13,031 | €23,720 | -€14,667 | €303 | -€10,952 | ▼ 3,717% |
| Income taxes67/77 | €2,340 | €5,202 | €132 | €140 | €141 | ▲ 1.0% |
| Profit (loss) for the period9904 | €10,691 | €18,518 | -€14,798 | €163 | -€11,093 | ▼ 6,894% |
| Profit (loss) for the period to be appropriated9905 | €10,691 | €18,518 | -€14,798 | €163 | -€11,093 | ▼ 6,894% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €65,406 | €70,832 | €75,544 | €63,527 | €42,720 | ▼ 32.8% |
| Fixed assets21/28 | €19,305 | €13,559 | €59,110 | €42,887 | €24,965 | ▼ 41.8% |
| Tangible fixed assets22/27 | €19,305 | €13,559 | €59,110 | €42,887 | €24,965 | ▼ 41.8% |
| Plant, machinery and equipment23 | €3,704 | €3,840 | €4,823 | €4,450 | €2,763 | ▼ 37.9% |
| Furniture and vehicles24 | €15,601 | €9,719 | €54,287 | €38,436 | €22,202 | ▼ 42.2% |
| Current assets29/58 | €46,102 | €57,273 | €16,434 | €20,640 | €17,755 | ▼ 14.0% |
| Stocks and contracts in progress3 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Stocks30/36 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Amounts receivable within one year40/41 | €38,831 | €50,803 | €14,086 | €17,205 | €15,993 | ▼ 7.0% |
| Trade receivables40 | €38,528 | €50,369 | €12,488 | €15,905 | €12,796 | ▼ 19.5% |
| Other amounts receivable41 | €303 | €434 | €1,598 | €1,300 | €3,197 | ▲ 146% |
| Cash at bank and in hand54/58 | €5,136 | €4,970 | - | - | - | - |
| Deferred charges and accrued income490/1 | €634 | - | €847 | €1,935 | €262 | ▼ 86.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €65,406 | €70,832 | €75,544 | €63,527 | €42,720 | ▼ 32.8% |
| Equity10/15 | €15,010 | €33,528 | €18,730 | €18,893 | €7,801 | ▼ 58.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €8,810 | €27,328 | €12,530 | €12,693 | €1,601 | ▼ 87.4% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €6,950 | €25,468 | €12,530 | €12,693 | €1,601 | ▼ 87.4% |
| Amounts payable17/49 | €50,396 | €37,304 | €56,814 | €44,633 | €34,920 | ▼ 21.8% |
| Amounts payable after more than one year17 | €15,277 | €11,547 | €25,336 | €7,599 | €1,007 | ▼ 86.7% |
| Financial debts170/4 | €15,277 | €11,547 | €25,336 | €7,599 | €1,007 | ▼ 86.7% |
| Amounts payable within one year42/48 | €35,120 | €25,757 | €31,477 | €37,034 | €33,912 | ▼ 8.4% |
| Current portion of amounts payable after more than one year42 | €3,693 | €3,730 | €16,840 | €19,629 | €8,384 | ▼ 57.3% |
| Financial debts43 | - | - | €1,835 | €3,794 | €4,714 | ▲ 24.3% |
| Credit institutions430/8 | - | - | €1,835 | €3,794 | €4,714 | ▲ 24.3% |
| Trade debts44 | €26,207 | €16,572 | €11,174 | €9,644 | €20,673 | ▲ 114% |
| Suppliers440/4 | €26,207 | €16,572 | €11,174 | €9,644 | €20,673 | ▲ 114% |
| Taxes, remuneration and social security45 | €3,205 | €5,202 | €195 | €140 | €141 | ▲ 1.0% |
| Taxes450/3 | €3,205 | €5,202 | €195 | €140 | €141 | ▲ 1.0% |
| Other amounts payable47/48 | €2,015 | €254 | €1,434 | €3,828 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,691 | €18,518 | -€14,798 | €163 | -€11,093 | ▼ 6,894% |
| + Depreciation and write-downs630 | €7,421 | €7,437 | €16,870 | €15,714 | €13,791 | ▼ 12.2% |
| Operating cash flow (approximation) | €18,111 | €25,956 | €2,071 | €15,878 | €2,699 | ▼ 83.0% |
| Investment in fixed assets (approximation) | - | -€1,692 | -€62,420 | €509 | €4,130 | ▲ 711% |
| Change in cash | - | -€166 | - | - | - | - |
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
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €163
Net result €163 after one loss-making year.
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€14,798
Net result drops to -€14,798, the lowest in the series; recovery starts the following year.
07-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €18,518 ▲73.2%
Operating result €24,424, net result €18,518, both a record.
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
31-12
Financial
Back to profitnet €10,691
Net result €10,691 after one loss-making year.
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 3 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Lummen · 1 establishment unit since 2011
Ground area
3,032 m²
Building footprint
174 m²
Volume, LiDAR
893 m³
Parcel 71542D1918/00P000, Flanders · tallest building 7.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Karbodak
since 20112.200.351.760
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71542D1918/00P000 | Flanders | 3,032 m² | 1 · 174 m² | 7.1 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.
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Of 8,576 companies in sector 43410 we hold annual accounts for 4,371. 1,993 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
Founded23-06-2011
Fiscal year end31-12
Activities, NACEBEL 2025
43410Roofing work
43230Insulation installation
43310Plastering work
43320Joinery installation
43421Specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0837397832
Also
9925:BE0837397832
Registered
18-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.