KDZ PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 27 filings
Equity
€19,363▲ 118%
2024 · €8,893
Net result
€10,471▲ 5.0%
2024 · €9,972
Total assets
€134,898▲ 28.3%
2024 · €105,124
Solvency
14.4%▲ 5.9pp
2024 · 8.5%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,792
▲ 43.9%
2025
20182025
Net result
€10,471
▲ 5.0%
2025
middle half of the sector
20182025
Equity
€19,363
▲ 118%
2025
lowest quarter of the sector
20182025
Total assets
€134,898
▲ 28.3%
2025
lowest quarter of the sector
20182025
Debt
€115,534
▲ 20.1%
2025
20182025
Working capital
€19,363
▲ 118%
2025
middle half of the sector
20182025
Solvency
14.4%
▲ 5.9pp
2025
lowest quarter of the sector
20182025
Current ratio
1.17
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
7.8%
▼ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
5.6
▼ 9.7%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€77,810--€12,950-€3,150▲ 75.7%€32,109-€33,541-€52,736▼ 57.2%€13,057€18,792▲ 43.9%
Net result€63,481--€14,821-€2,675below the sector's middle half▲ 82.0%€26,014within the sector's middle half-€32,865below the sector's middle half-€52,065below the sector's middle half▼ 58.4%€9,972within the sector's middle half€10,471within the sector's middle half▲ 5.0%
Equity€62,938-€48,117▼ 23.5%€57,836below the sector's middle half▲ 20.2%€83,851below the sector's middle half▲ 45.0%€50,986below the sector's middle half▼ 39.2%-€1,079below the sector's middle half€8,893below the sector's middle half€19,363below the sector's middle half▲ 118%
Total assets€193,847-€64,068▼ 66.9%€63,691below the sector's middle half▼ 0.6%€153,886below the sector's middle half▲ 142%€178,372below the sector's middle half▲ 15.9%€161,095below the sector's middle half▼ 9.7%€105,124below the sector's middle half▼ 34.7%€134,898below the sector's middle half▲ 28.3%
Debt€130,910-€15,952▼ 87.8%€5,855▼ 63.3%€70,035▲ 12×€127,386▲ 81.9%€162,174▲ 27.3%€96,231▼ 40.7%€115,534▲ 20.1%
Working capital€62,938-€48,117▼ 23.5%€57,836within the sector's middle half▲ 20.2%€83,851within the sector's middle half▲ 45.0%€50,986within the sector's middle half▼ 39.2%-€1,079within the sector's middle half€8,893within the sector's middle half€19,363within the sector's middle half▲ 118%
Solvency32.5%-75.1%▲ 42.6pp90.8%above the sector's middle half▲ 15.7pp54.5%within the sector's middle half▼ 36.3pp28.6%within the sector's middle half▼ 25.9pp-0.7%below the sector's middle half▼ 29.3pp8.5%below the sector's middle half▲ 9.1pp14.4%below the sector's middle half▲ 5.9pp
Current ratio1.48-4.02▲ 2.5410.88above the sector's middle half▲ 6.862.20within the sector's middle half▼ 8.681.40within the sector's middle half▼ 0.800.99within the sector's middle half▼ 0.411.09within the sector's middle half▲ 0.101.17within the sector's middle half▲ 0.08
Return on assets (ROA)32.7%--23.1%▼ 55.9pp-4.2%below the sector's middle half▲ 18.9pp16.9%above the sector's middle half▲ 21.1pp-18.4%below the sector's middle half▼ 35.3pp-32.3%below the sector's middle half▼ 13.9pp9.5%within the sector's middle half▲ 41.8pp7.8%within the sector's middle half▼ 1.7pp
Staff (FTE)2.9-2.3▼ 20.7%0.2below the sector's middle half▼ 91.3%1.6within the sector's middle half▲ 700%2.8within the sector's middle half▲ 75.0%2.5above the sector's middle half▼ 10.7%6.2above the sector's middle half▲ 148%5.6above the sector's middle half▼ 9.7%
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 44% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €134,898
Equity
€19,363 ▲ 118%
Debt
€115,534 ▲ 20.1%
Debt's share of the balance-sheet total falls from 91.5% to 85.6%. Equity and debt are higher.
Key figures and ratios
ROE
54.1%▼
2024 · 112.1%
Debt ≤ 1 year
€115,534▲
2024 · €96,231
Income taxes
€8,804▲
2024 · €2,559
Staff costs
€425,991▲
2024 · €406,133
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 6 | 6 | 6 |
| full-time | 3 | 1 | 4 | 5 | 3 |
| part-time | - | 1 | 2 | 1 | 3 |
| in full-time equivalents | 3 | 1.9 | 5.5 | 5.6 | 5.6 |
| Average over the year, in full-time equivalents | 1.6 | 2.8 | 2.5 | 6.2 | 5.6 |
| On a permanent contract | 3 | 2 | 6 | 6 | 6 |
| Joined | 3 | 1 | 5 | 2 | 6 |
| Left | 0 | 2 | 1 | 2 | 6 |
| Training hours | 15 | 15 | 43 | 86 | 82 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Subsidies and aid
Flemish government
2025 · 1 entry · €831 awarded · €831 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €6,000 | €11,250 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €94,131 | €217,607 | €199,173 | €406,133 | €425,991 | ▲ 4.9% |
| Other operating charges640/8 | - | - | - | €120 | €122 | €132 | €141 | €144 | ▲ 2.6% |
| Gross operating margin9900 | €284,792 | €253,995 | -€20,098 | €126,360 | €184,187 | €146,569 | €419,330 | €444,927 | ▲ 6.1% |
| Operating profit (loss)9901 | €77,810 | -€12,950 | -€3,150 | €32,109 | -€33,541 | -€52,736 | €13,057 | €18,792 | ▲ 43.9% |
| Financial income75/76B | - | - | - | €512 | €1,547 | €1,017 | - | €615 | - |
| Recurring financial income75 | €893 | €226 | €578 | €512 | €1,547 | €1,017 | - | €615 | - |
| Financial charges65/66B | - | - | - | €101 | €183 | €117 | €526 | €133 | ▼ 74.8% |
| Recurring financial charges65 | €1,909 | €1,869 | €103 | €101 | €183 | €117 | €516 | €123 | ▼ 76.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €10 | €10 | ▼ 0.4% |
| Profit (loss) for the period before taxes9903 | €76,794 | -€14,593 | -€2,675 | €32,521 | -€32,178 | -€51,836 | €12,530 | €19,275 | ▲ 53.8% |
| Income taxes67/77 | €13,312 | €228 | - | €6,507 | €687 | €229 | €2,559 | €8,804 | ▲ 244% |
| Profit (loss) for the period9904 | €63,481 | -€14,821 | -€2,675 | €26,014 | -€32,865 | -€52,065 | €9,972 | €10,471 | ▲ 5.0% |
| Profit (loss) for the period to be appropriated9905 | €63,481 | -€14,821 | -€2,675 | €26,014 | -€32,865 | -€52,065 | €9,972 | €10,471 | ▲ 5.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €193,847 | €64,068 | €63,691 | €153,886 | €178,372 | €161,095 | €105,124 | €134,898 | ▲ 28.3% |
| Current assets29/58 | €193,847 | €64,068 | €63,691 | €153,886 | €178,372 | €161,095 | €105,124 | €134,898 | ▲ 28.3% |
| Amounts receivable within one year40/41 | €193,847 | €64,068 | €63,691 | €153,886 | €178,372 | €160,884 | €105,124 | €134,898 | ▲ 28.3% |
| Trade receivables40 | - | - | - | €98,112 | €50,850 | €160,800 | €105,000 | €134,869 | ▲ 28.4% |
| Other amounts receivable41 | - | - | - | €55,773 | €127,522 | €84 | €124 | €28 | ▼ 77.1% |
| Cash at bank and in hand54/58 | - | - | - | - | - | €210 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €193,847 | €64,068 | €63,691 | €153,886 | €178,372 | €161,095 | €105,124 | €134,898 | ▲ 28.3% |
| Equity10/15 | €62,938 | €48,117 | €57,836 | €83,851 | €50,986 | -€1,079 | €8,893 | €19,363 | ▲ 118% |
| Contributions10/11 | €6,197 | €6,197 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €54,881 | €40,060 | €37,385 | €63,399 | €30,535 | -€21,530 | -€11,559 | -€1,088 | ▲ 90.6% |
| Amounts payable17/49 | €130,910 | €15,952 | €5,855 | €70,035 | €127,386 | €162,174 | €96,231 | €115,534 | ▲ 20.1% |
| Amounts payable within one year42/48 | €130,910 | €15,952 | €5,855 | €70,035 | €127,386 | €162,174 | €96,231 | €115,534 | ▲ 20.1% |
| Trade debts44 | €26,999 | €3,235 | €5,855 | €10,461 | €99,294 | €9,908 | €22,594 | €29,206 | ▲ 29.3% |
| Suppliers440/4 | - | - | - | €10,461 | €99,294 | €9,908 | €22,594 | €29,206 | ▲ 29.3% |
| Taxes, remuneration and social security45 | - | - | - | €59,574 | €28,091 | €31,105 | €73,402 | €80,882 | ▲ 10.2% |
| Taxes450/3 | - | - | - | €39,024 | €570 | €98 | €5,327 | €11,815 | ▲ 122% |
| Remuneration and social security454/9 | - | - | - | €20,550 | €27,522 | €31,007 | €68,074 | €69,066 | ▲ 1.5% |
| Other amounts payable47/48 | - | - | - | - | - | €121,160 | €236 | €5,447 | ▲ 23× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,481 | -€14,821 | -€2,675 | €26,014 | -€32,865 | -€52,065 | €9,972 | €10,471 | ▲ 5.0% |
| Operating cash flow (approximation) | €63,481 | -€14,821 | -€2,675 | €26,014 | -€32,865 | -€52,065 | €9,972 | €10,471 | ▲ 5.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00166045 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00131749 | |
| 31-12-2023 | abbreviated format | 12-06-2024 | 2024-00127558 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00176541 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20100213 | |
| 31-12-2020 | abbreviated format | 11-06-2021 | 2021-19200051 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-21000217 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-21500276 | |
| 31-12-2017 | abbreviated format | 20-06-2018 | 2018-21200112 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-17400328 |