KENEMA
ActiveThe file of KENEMA contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 4.2% (elevated). The 2025 annual accounts show equity of €45,168 and a net result of €17,055. Equity is growing by ~11.9% per year across the filed fiscal years. Its solvency ranks better than 82% of 4695 sector peers (fiscal year 2025).
Checked score
Score 2025
59
/ 100
Fair
An elevated bankruptcy probability caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency100▲+16
Growth52=
Track record85
Bankruptcy probability, 12 months
4.2%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days only on tighter terms
Liquidity ample (current ratio 3.5 against 3.77 in 2024; short-term debt: 24.7% and cash: 4% of total assets), and 25.5% of the assets are financed with debt.
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Signals
Six 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 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
74.5%
Return on assets
28.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 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 · 6 filingsDeviation from the deadline
2025
29 d late
2024
63 d late
2023
61 d late
2022
53 d late
2021
24 d late
2020
24 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 42 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 49% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€45,168▲ 60.7%
2024 · €28,113
Total assets
€60,628▲ 27.8%
2024 · €47,449
Net result
€17,055▲ 44.0%
2024 · €11,842
Working capital
€37,448▲ 63.0%
2024 · €22,981
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,089▼ 64.8%€27,428▲ 202%-€33,766€13,164€17,601▲ 33.7%
Net result€5,824within the sector's middle half▼ 70.8%€21,877within the sector's middle half▲ 276%-€34,377below the sector's middle half€11,842within the sector's middle half€17,055within the sector's middle half▲ 44.0%
Equity€28,771within the sector's middle half▲ 25.4%€50,648within the sector's middle half▲ 76.0%€16,271within the sector's middle half▼ 67.9%€28,113within the sector's middle half▲ 72.8%€45,168within the sector's middle half▲ 60.7%
Total assets€40,180below the sector's middle half▲ 14.8%€96,188within the sector's middle half▲ 139%€67,122within the sector's middle half▼ 30.2%€47,449within the sector's middle half▼ 29.3%€60,628within the sector's middle half▲ 27.8%
Debt€11,409▼ 5.4%€45,540▲ 299%€50,851▲ 11.7%€19,336▼ 62.0%€15,460▼ 20.0%
Working capital€21,961▲ 329%€39,505▲ 79.9%€7,804▼ 80.2%€22,981▲ 194%€37,448▲ 63.0%
Solvency71.6%above the sector's middle half▲ 6.1pp52.7%within the sector's middle half▼ 19.0pp24.2%within the sector's middle half▼ 28.4pp59.2%within the sector's middle half▲ 35.0pp74.5%above the sector's middle half▲ 15.3pp
above
within
below
the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, 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
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 34% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €60,628
Fixed assets
€8,200 ▼ 49.3%
Current assets
€52,428 ▲ 67.6%
Equity and liabilities €60,628
Equity
€45,168 ▲ 60.7%
Debt
€15,460 ▼ 20.0%
Debt's share of the balance-sheet total falls from 40.8% to 25.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,563▲
2024 · €22,316
Cash flow
€25,017▲
2024 · €20,994
Current ratio
3.50▼
2024 · 3.77
Debt to equity
0.34▼
2024 · 0.69
ROE
37.8%▼
2024 · 42.1%
ROA
28.1%▲
2024 · 25.0%
Interest coverage
35.45▲
2024 · 16.88
Debt ≤ 1 year
€14,980▲
2024 · €8,306
Debt > 1 year
€480▼
2024 · €11,030
Income taxes
€852
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 4.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 26,964 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 | - | €6,000 | €20,359 | €612 | €250 | ▼ 59.2% |
| Remuneration, social security and pensions62 | - | - | €5,708 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,462 | €9,901 | €10,166 | €9,152 | €7,962 | ▼ 13.0% |
| Other operating charges640/8 | €5,259 | €2,056 | €2,999 | €4,498 | €6,871 | ▲ 52.8% |
| Gross operating margin9900 | €34,810 | €39,385 | -€14,893 | €26,814 | €32,434 | ▲ 21.0% |
| Operating profit (loss)9901 | €9,089 | €27,428 | -€33,766 | €13,164 | €17,601 | ▲ 33.7% |
| Financial income75/76B | - | €1,039 | - | - | €1,027 | - |
| Recurring financial income75 | - | €1,039 | - | - | €1,027 | - |
| Financial charges65/66B | €195 | €947 | €982 | €1,322 | €721 | ▼ 45.5% |
| Recurring financial charges65 | €195 | €947 | €982 | €1,322 | €721 | ▼ 45.5% |
| Profit (loss) for the period before taxes9903 | €8,894 | €27,520 | -€34,748 | €11,842 | €17,907 | ▲ 51.2% |
| Income taxes67/77 | €3,070 | €5,643 | -€371 | - | €852 | - |
| Profit (loss) for the period9904 | €5,824 | €21,877 | -€34,377 | €11,842 | €17,055 | ▲ 44.0% |
| Profit (loss) for the period to be appropriated9905 | €5,824 | €21,877 | -€34,377 | €11,842 | €17,055 | ▲ 44.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €40,180 | €96,188 | €67,122 | €47,449 | €60,628 | ▲ 27.8% |
| Fixed assets21/28 | €6,810 | €35,480 | €25,314 | €16,162 | €8,200 | ▼ 49.3% |
| Tangible fixed assets22/27 | €6,810 | €35,480 | €25,314 | €16,162 | €8,200 | ▼ 49.3% |
| Furniture and vehicles24 | €6,810 | €35,480 | €25,314 | €16,162 | €8,200 | ▼ 49.3% |
| Current assets29/58 | €33,370 | €60,708 | €41,808 | €31,287 | €52,428 | ▲ 67.6% |
| Amounts receivable within one year40/41 | €1,745 | €15,590 | €25,636 | €27,245 | €50,032 | ▲ 83.6% |
| Other amounts receivable41 | €1,745 | €15,590 | €25,636 | €27,245 | €50,032 | ▲ 83.6% |
| Cash at bank and in hand54/58 | €28,153 | €41,996 | €15,851 | €4,042 | €2,396 | ▼ 40.7% |
| Deferred charges and accrued income490/1 | €3,472 | €3,122 | €321 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €40,180 | €96,188 | €67,122 | €47,449 | €60,628 | ▲ 27.8% |
| Equity10/15 | €28,771 | €50,648 | €16,271 | €28,113 | €45,168 | ▲ 60.7% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €25,771 | €47,648 | €13,271 | €25,113 | €42,168 | ▲ 67.9% |
| Amounts payable17/49 | €11,409 | €45,540 | €50,851 | €19,336 | €15,460 | ▼ 20.0% |
| Amounts payable after more than one year17 | - | €24,337 | €16,847 | €11,030 | €480 | ▼ 95.6% |
| Financial debts170/4 | - | €24,337 | €16,847 | €11,030 | €480 | ▼ 95.6% |
| Amounts payable within one year42/48 | €11,409 | €21,203 | €34,004 | €8,306 | €14,980 | ▲ 80.4% |
| Current portion of amounts payable after more than one year42 | - | €7,315 | €7,490 | €6,159 | €7,852 | ▲ 27.5% |
| Trade debts44 | €2,817 | €4,300 | €23,568 | €2,047 | €5,496 | ▲ 168% |
| Suppliers440/4 | €2,817 | €4,300 | €23,568 | €2,047 | €5,496 | ▲ 168% |
| Taxes, remuneration and social security45 | €8,586 | €9,588 | €2,946 | €100 | €1,632 | ▲ 1,532% |
| Taxes450/3 | €8,586 | €9,588 | €2,946 | €100 | €1,632 | ▲ 1,532% |
| Other amounts payable47/48 | €6 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,824 | €21,877 | -€34,377 | €11,842 | €17,055 | ▲ 44.0% |
| + Depreciation and write-downs630 | €20,462 | €9,901 | €10,166 | €9,152 | €7,962 | ▼ 13.0% |
| Operating cash flow (approximation) | €26,286 | €31,778 | -€24,211 | €20,994 | €25,017 | ▲ 19.2% |
| Investment in fixed assets (approximation) | - | -€38,571 | €0 | €0 | €0 | - |
| Change in cash | - | €13,843 | -€26,145 | -€11,809 | -€1,646 | ▲ 86.1% |
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
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
21-01
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Brussel · event 13-01-2026
2025
09-12
Bankruptcy
Opening
Ondernemingsrechtbank Brussel · event 02-12-2025
02-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 63 days late
2024
31-12
Financial
Back to profitnet €11,842
Net result €11,842 after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 3.77
Current ratio from 1.23 to 3.77; short-term debt falls from €34,004 to €8,306.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-12
Financial
Weakest financial yearnet -€34,377
Net result drops to -€34,377, the lowest in the series; recovery starts the following year.
22-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 53 days late
2022
31-12
Financial
Highest result since 2020net €21,877 ▲276%
Operating result €27,428, net result €21,877, both a record.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 2.92
Current ratio from 1.42 to 2.92; short-term debt falls from €12,066 to €11,409.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Schaarbeek · 1 establishment unit since 2019
Ground area
1,564 m²
Building footprint
1,047 m²
Volume, LiDAR
7,887 m³
2 parcels, Brussels, Flanders · tallest building 18.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
KENEMA
since 20192.290.225.230
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21015A0483/00A004 | Brussels | 1,390 m² | 1 · 962 m² | 18.4 m · 2 fl. |
| 41303D0808/02G002 | Flanders | 174 m² | 1 · 85 m² | 9.9 m · 2 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | STEFFI VANHULLE GROTE BAAN 68, 9120 BEVEREN-
KRUIBEKE-ZWIJNDRECHT |
02-12-2025 → 13-01-2026 |
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Of 6,972 companies in sector 49320 we hold annual accounts for 2,715. 2,159 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
Founded12-06-2019
Fiscal year end31-12
Activities, NACEBEL 2025
49320Non-scheduled passenger transport by road
49310Scheduled passenger transport by road
E-invoicing
Reachable via Peppol
Peppol ID
0208:0727950752
Also
9925:BE0727950752
Registered
11-05-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.