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Karsel

Active
Private limited companyfounded 201511 yrs activeDeinse Baan 14, 9750 Kruisem, BelgiumKBO/BCE: BE 0636.943.174
Summary

Karsel has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-6k) and a net result of €-40k. Equity is growing by ~34% per year across the filed fiscal years. Its solvency ranks better than 28% of 4659 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).

Checked score

Score 2025
Axes · tick = 2024
Profitability3▼-75
Solvency23▼-30
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.02 against 0.28 in 2024; short-term debt: 102% and cash: 2.2% of total assets), and equity is negative.
Credit check for your own amount and term

Signals

Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 2025
Solvency, return and age of the figures
Solvency
-2%
Return on assets
-12.6%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025
Equity per financial year
18192021232425
2018 to 2025 · latest year €-6k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filings
Deviation from the deadline
2025
31 d late
2024
68 d late
2023
29 d late
2021
31 d late
2020
61 d late
2019
28 d late
2018
30 d late
← 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 months
Position in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · 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

Financials · fiscal year 2025, micro schema

Equity
€-6k
2024 · €77k
2018: €-21klowest value 2019: €12k▲ +156% vs 2018 2020: €34k▲ +189% vs 2019 2021: €49k▲ +45.8% vs 2020 2023: €65k 2024: €77k▲ +17.7% vs 2023highest value 2025: €-6k▼ -108% vs 2024
2018 → 2025
Total assets
€317k▲ 16.4%
2024 · €273k
2018: €29k 2019: €22k▼ -22.1% vs 2018lowest value 2020: €49k▲ +117% vs 2019 2021: €92k▲ +88.4% vs 2020 2023: €201k 2024: €273k▲ +35.4% vs 2023 2025: €317k▲ +16.4% vs 2024highest value
2018 → 2025
Net result
€-40k
2024 · €20k
2018: €4k 2019: €33k▲ +749% vs 2018 2020: €22k▼ -32.2% vs 2019 2021: €16k▼ -29.9% vs 2020 2023: €45khighest value 2024: €20k▼ -54.5% vs 2023 2025: €-40k▼ -297% vs 2024lowest value
2018 → 2025
Working capital
€-317k▼ 125%
2024 · €-141k
2018: €-34k 2019: €1k▲ +104% vs 2018 2020: €24k▲ +1676% vs 2019 2021: €36k▲ +46.1% vs 2020 2023: €37khighest value 2024: €-141k▼ -485% vs 2023 2025: €-317k▼ -125% vs 2024lowest value
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20202021202320242025Trend
Equity€34k-€49k▲ 45.8%€65k▲ 31.8%€77k▲ 17.7%€-6k 2020: €34k 2021: €49k▲ +45.8% vs 2020 2023: €65k 2024: €77k▲ +17.7% vs 2023highest value 2025: €-6k▼ -108% vs 2024lowest value
Operating result€24k-€14k▼ 41.8%€42k▲ 208%€25k▼ 40.6%€-40k 2020: €24k 2021: €14k▼ -41.8% vs 2020 2023: €42khighest value 2024: €25k▼ -40.6% vs 2023 2025: €-40k▼ -259% vs 2024lowest value
Net result€22k-€16k▼ 29.9%€45k▲ 188%€20k▼ 54.5%€-40k 2020: €22k 2021: €16k▼ -29.9% vs 2020 2023: €45khighest value 2024: €20k▼ -54.5% vs 2023 2025: €-40k▼ -297% vs 2024lowest value
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
€-50k€-25k€0€25k€50kOperating result 2020: €24k€24kNet result 2020: €22k€22kOperating result 2021: €14k€14kNet result 2021: €16k€16kOperating result 2023: €42k€42kNet result 2023: €45k€45kOperating result 2024: €25k€25kNet result 2024: €20k€20kOperating result 2025: €-40k€-40kNet result 2025: €-40k€-40k20202021202320242025€-50k€-25k€0€25k€50kOperating result 2023: €42k€42kNet result 2023: €45k€45kOperating result 2024: €25k€25kNet result 2024: €20k€20kOperating result 2025: €-40k€-40kNet result 2025: €-40k€-40k202320242025
The operating result turns negative in 2025: a loss of €40k after €25k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €317k
Fixed assets €311k ▲ 42.9%
Current assets €7k ▼ 87.6%
Key figures and ratios
2025 value · change against 2024
EBITDA
€-15k▼
2024 · €32k
Cash flow
€-15k▼
2024 · €27k
Solvency
-2.0%▼
2024 · 28.1%
Current ratio
0.02▼
2024 · 0.28
Debt to equity
-50.61▼
2024 · 2.56
ROA
-12.6%▼
2024 · 7.5%
Interest coverage
-84.49▼
2024 · 211.50
Debt
€324k▲
2024 · €196k
Debt ≤ 1 year
€324k▲
2024 · €196k
Staff costs
€137k▲
2024 · €121k
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 · 43 lines
Balance sheet Code20242025
Assets
Total assets20/58€273k€317k▲
Fixed assets21/28€217k€311k▲
Tangible fixed assets22/27€197k€290k▲
Land and buildings22€3k€102k▲
Furniture and vehicles24€5k€3k▼
Leasing and similar rights25€780€2k▲
Other tangible fixed assets26€188k€182k▼
Financial fixed assets28€20k€20k=
Current assets29/58€55k€7k▼
Stocks and contracts in progress3€1k-
Stocks30/36€1k-
Amounts receivable within one year40/41€47k-
Other amounts receivable41€47k-
Cash at bank and in hand54/58€7k€7k▼
Equity and liabilities
Total equity and liabilities10/49€273k€317k▲
Equity10/15€77k€-6k▼
Contributions10/11€19k€19k=
Profit (loss) carried forward14€58k€-25k▼
Amounts payable17/49€196k€324k▲
Amounts payable within one year42/48€196k€324k▲
Trade debts44€16k€19k▲
Suppliers440/4€16k€19k▲
Taxes, remuneration and social security45€27k€34k▲
Taxes450/3€26k€32k▲
Remuneration and social security454/9€1k€2k▲
Other amounts payable47/48€153k€271k▲
Income statement Code20242025
Remuneration, social security and pensions62€121k€137k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€25k▲
Other operating charges640/8€2k€4k▲
Gross operating margin9900€155k€126k▼
Operating profit (loss)9901€25k€-40k▼
Financial income75/76B€3k-
Recurring financial income75€3k-
Financial charges65/66B€152€179▲
Recurring financial charges65€152€179▲
Profit (loss) for the period before taxes9903€28k€-40k▼
Income taxes67/77€8k-
Profit (loss) for the period9904€20k€-40k▼
Profit (loss) for the period to be appropriated9905€20k€-40k▼
Appropriation of the result
Profit (loss) to be appropriated9906€58k€18k▼
Profit (loss) brought forward from the previous period14P€38k€58k▲
Profit to be distributed694/7-€43k
Return on contributions (dividend)694-€43k

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Accounts by statement
Line20202021202320242025Change
Remuneration, social security and pensions62-€68k€115k€121k€137k▲ 13.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€3k€3k€7k€25k▲ 252%
Other operating charges640/8-€5k€6k€2k€4k▲ 175%
Gross operating margin9900€92k€89k€166k€155k€126k▼ 18.4%
Operating profit (loss)9901€24k€14k€42k€25k€-40k▼ 259%
Financial income75/76B-€2k€2k€3k--
Recurring financial income75€352€2k€2k€3k--
Financial charges65/66B-€78€126€152€179▲ 17.6%
Recurring financial charges65€77€78€126€152€179▲ 17.6%
Profit (loss) for the period before taxes9903€24k€16k€45k€28k€-40k▼ 244%
Income taxes67/77€2k€533€-156€8k--
Profit (loss) for the period9904€22k€16k€45k€20k€-40k▼ 297%
Profit (loss) for the period to be appropriated9905€22k€16k€45k€20k€-40k▼ 297%
Line20202021202320242025Change
Assets
Total assets20/58€49k€92k€201k€273k€317k▲ 16.4%
Fixed assets21/28€9k€14k€29k€217k€311k▲ 42.9%
Tangible fixed assets22/27€9k€14k€8k€197k€290k▲ 47.3%
Land and buildings22-€7k€4k€3k€102k▲ 3,124%
Furniture and vehicles24-€4k€3k€5k€3k▼ 32.9%
Leasing and similar rights25-€2k€1k€780€2k▲ 212%
Other tangible fixed assets26---€188k€182k▼ 3.1%
Financial fixed assets28--€20k€20k€20k=
Current assets29/58€39k€78k€173k€55k€7k▼ 87.6%
Stocks and contracts in progress3€400€13k€101k€1k--
Stocks30/36-€13k€101k€1k--
Amounts receivable within one year40/41€35k€49k€47k€47k--
Other amounts receivable41-€49k€47k€47k--
Cash at bank and in hand54/58€4k€16k€25k€7k€7k▼ 6.4%
Deferred charges and accrued income490/1-€173----
Equity and liabilities
Total equity and liabilities10/49€49k€92k€201k€273k€317k▲ 16.4%
Equity10/15€34k€49k€65k€77k€-6k▼ 108%
Contributions10/11-€19k€19k€19k€19k=
Profit (loss) carried forward14€15k€31k€47k€58k€-25k▼ 143%
Amounts payable17/49€15k€42k€136k€196k€324k▲ 65.2%
Amounts payable within one year42/48€15k€42k€136k€196k€324k▲ 65.2%
Trade debts44€8k€26k€8k€16k€19k▲ 22.0%
Suppliers440/4-€26k€8k€16k€19k▲ 22.0%
Taxes, remuneration and social security45-€16k€34k€27k€34k▲ 24.8%
Taxes450/3-€7k€20k€26k€32k▲ 23.4%
Remuneration and social security454/9-€10k€15k€1k€2k▲ 48.9%
Other amounts payable47/48--€94k€153k€271k▲ 76.8%
Line20202021202320242025Change
Profit (loss) for the period9904€22k€16k€45k€20k€-40k▼ 297%
+ Depreciation and write-downs630€2k€3k€3k€7k€25k▲ 252%
Operating cash flow (approximation)€25k€18k€48k€27k€-15k▼ 156%
Investment in fixed assets (approximation)-€-7k-€-196k€-118k▲ 39.8%
Change in cash-€13k-€-17k€-470▲ 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.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
2026
31-08
NBB filing Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial Weakest financial yearnet €-40k
Net result drops to €-40k, the lowest in the series.
07-10
NBB filing Annual accounts filed
fiscal year 2024 · micro schema · 68 days late
2024
29-08
NBB filing Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial Highest result since 2018net €45k ▲188%
Operating result €42k, net result €45k, both a record.
2022
31-08
NBB filing Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
30-09
NBB filing Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
31-12
Financial Liquidity doublescurrent ratio 2.65
Current ratio from 1.13 to 2.65.
28-08
NBB filing Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
31-12
Financial Liquidity quadruplescurrent ratio 1.13
Current ratio from 0.32 to 1.13; short-term debt falls from €50k to €11k.
30-08
NBB filing Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
20-06
NBB filing Annual accounts filed
fiscal year 2017 · micro schema
2017
22-09
NBB filing Annual accounts filed
fiscal year 2016 · abbreviated schema · 53 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts

We know of 3 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
3 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, Kruisem · 1 establishment unit since 2015
seat establishment The establishment unit on the map
Ground area
2,037 m²
Building footprint
495 m²
Volume, LiDAR
2,508 m³
2 parcels, Flanders · tallest building 12.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
De Cliént
Stationsstraat 51, 9100 Sint-NiklaasHairdressing
since 20152.245.722.620
2 parcels
Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
45036A0041/00B000 Flanders 1,907 m² 1 · 380 m² 11.5 m · 1 fl.
46443E0364/00K000 Flanders 130 m² 1 · 115 m² 12.8 m · 3 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.

Recognitions · licences · registrations

Food safety, FASFC

1 site
Sint-Niklaas2.245.722.620
1 permission
Verkooppunt LM>3 maand · since 29-07-2024

Similar companies · same sector, comparable size

Of 21,742 companies in sector 96210 we hold annual accounts for 2,831. 1,913 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
Founded10-09-2015
Fiscal year end31-12
Activities, NACEBEL 2025
96210Hairdressing and barber services

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