Checked.be
Active
BE 0808.907.150Private limited company
KAZES
Kerselarenweg 25 ·1982 Zemst, Belgium· 17 yrs active
Sector: Agents in non-specialised wholesale trade
(46190)
Conclusion
KAZES has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €557k and a net result of €104k. Equity is growing by ~12.5% per year across the filed fiscal years. Its solvency ranks better than 60% of 7728 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €557k |
| Net result | €104k |
| Better than sector | 60% |
| Active | 17 yrs |
Financial profile
93
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
100
Profitability
93
Solvency
93
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2009, 17 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
100
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€55k
estimate, not credit advice
Score history
63
2022
49
2023
44
2024
100
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.83 (≥ 1.5)
+10
Quick ratio
Quick ratio 1.83 (≥ 1.0)
+5
Leverage
Debt/equity 0.84 (< 1.0)
+10
Profitability
ROE 19% (≥ 10%)
+10
Interest coverage
Interest coverage 11.2× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 31-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Gross margin: growth of ~25.6%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 54.2% | 44.7% | |
| Net result | €104k | €31k | |
| Equity | €557k | €398k | |
| Gross operating margin | €206k | €211k | |
| Total assets | €1.03M | €1.07M |
€205k
+241.6%
22-25
€104k
+8474.6%
22-25
€138k
+283.6%
22-25
€1.03M
+16.2%
22-25
€557k
+42.2%
22-25
€76k
-
22-25
€49k
+1612.9%
22-25
€470k
-4.5%
22-25
€91k
+5.8%
22-25
€379k
-6.6%
22-25
1.83
+491.5%
22-25
1.83
+491.5%
22-25
54.2%
+22.3%
22-25
0.84
-32.8%
22-25
18.6%
+5931.8%
22-25
10.1%
+7278.5%
22-25
11.17
+294.5%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - |
| EBITDA | €205k | €60k | €81k | €98k |
| Net profit | €104k | €1k | €33k | €51k |
| Cash flow | €138k | €36k | €61k | €78k |
| Staff costs | - | - | - | - |
| Income taxes | €49k | €3k | €12k | €15k |
| Dividends | - | - | - | - |
| Total assets | €1.03M | €884k | €1.10M | €600k |
| Equity | €557k | €392k | €391k | €358k |
| Debt | €470k | €492k | €706k | €242k |
| of which ≤ 1y | €91k | €86k | €567k | €62k |
| of which > 1y | €379k | €406k | €140k | €180k |
| Working capital | €76k | €-60k | €-509k | €-29k |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 1.83 | 0.31 | 0.10 | 0.53 |
| Quick ratio | 1.83 | 0.31 | 0.10 | 0.53 |
| Working capital ratio | 7.4% | -6.8% | -46.4% | -4.8% |
| Solvency | 54.2% | 44.3% | 35.6% | 59.6% |
| Debt / equity | 0.84 | 1.26 | 1.81 | 0.68 |
| Long-term debt ratio | 0.68 | 1.04 | 0.36 | 0.50 |
| Interest coverage | 11.17 | 2.83 | 10.23 | 21.17 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 10.1% | 0.1% | 3.0% | 8.5% |
| ROE | 18.6% | 0.3% | 8.4% | 14.2% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €1.03M | €884k | €1.10M | €600k |
| Fixed assets | 21/28 | €860k | €858k | €1.04M | €567k |
| Tangible fixed assets | 22/27 | €860k | €858k | €1.04M | €567k |
| Current assets | 29/58 | €167k | €27k | €58k | €33k |
| Amounts receivable within one year | 40/41 | €163k | €27k | €39k | €12k |
| Cash & bank | 54/58 | €4k | - | €19k | €20k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.03M | €884k | €1.10M | €600k |
| Equity | 10/15 | €557k | €392k | €391k | €358k |
| Contributions / capital | 10/11 | €6k | €6k | €6k | €6k |
| Reserves | 13 | €118k | €14k | €14k | €14k |
| Accumulated profits (losses) | 14 | €433k | €371k | €370k | €337k |
| Amounts payable | 17/49 | €470k | €492k | €706k | €242k |
| Amounts payable after one year | 17 | €379k | €406k | €140k | €180k |
| Amounts payable within one year | 42/48 | €91k | €86k | €567k | €62k |
| Trade debts payable within one year | 44 | €68 | €2k | €497k | €1k |
| Income statement | |||||
| Gross operating margin | 9900 | €206k | €104k | €84k | €100k |
| Operating result | 9901 | €170k | €25k | €53k | €71k |
| Financial income | 75 | - | - | €0 | €5 |
| Financial charges | 65 | €18k | €21k | €8k | €5k |
| Result before taxes | 9903 | €152k | €4k | €45k | €66k |
| Income taxes | 67/77 | €49k | €3k | €12k | €15k |
| Net result for the period | 9904 | €104k | €1k | €33k | €51k |
| Result to be appropriated | 9905 | €104k | €1k | €33k | €51k |
Legal Structure
| NACE primary | Agents in non-specialised wholesale trade(46190) |
| Legal form | Private limited company(610) |
| Incorporation | 07-01-2009 |
| Status | Active |
| Postal code | 1982 |
Establishment units
KAZES
since 20092.175.276.963
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23096C0703/00G000 | Flanders | 2,523 m² | 1 · 140 m² | 7.0 m · 2 fl. |
| 23092A0199/00L002 | Flanders | 791 m² | 1 · 91 m² | - |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2022net €104k ▲8475%
Operating result €170k, net result €104k, both a record.
31-12
Financial
Liquidity times 6current ratio 1.83
Current ratio from 0.31 to 1.83.
31-12
Financial
Equity above €500kEq €557k ▲42.2%
4 profitable years in a row build equity to €557k.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Weakest financial yearnet €1k ▼96.3%
Net result drops to €1k, the lowest in the series; recovery starts the following year.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
29-06
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.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Agents in non-specialised wholesale trade46190Retail sale of information and communication equipment47400Retail trade47410Real estate agency activities68310Real estate activities68311Other business support services82990
Names & trade names
| Legal nameNL | KAZES |
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