Karsel
ActiveSummary
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 2025Solvency, 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 2025Equity 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 filingsDeviation 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 monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
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
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
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
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| 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% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| 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% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| 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.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
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
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
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 siteSint-Niklaas2.245.722.620
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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.