KENMIDES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 21-01-2026 PDF all 28 filings
Turnover
€135,848▲ 4.5%
2021 · €129,955
EBIT margin
0.9%▲ 6.8pp
2021 · -5.9%
Net result
€373,780
2024 · -€89,949
Working capital
-€107,271▲ 65.6%
2024 · -€311,853
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
€514,536
2025
20182025
Net result
€373,780
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.2m
▲ 44.3%
2025
highest quarter of the sector
20182025
Total assets
€2.4m
▲ 66.2%
2025
middle half of the sector
20182025
Debt
€1.1m
▲ 76.3%
2025
20182025
Working capital
-€107,271
▲ 65.6%
2025
middle half of the sector
20182025
Solvency
50.2%
▼ 7.6pp
2025
middle half of the sector
20182025
Current ratio
0.90
▲ 0.81
2025
middle half of the sector
20182025
Return on assets (ROA)
15.4%
▲ 21.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Turnover€0.2m-€0.1m▼ 16.1%€0.1m▼ 3.9%€0.1m▼ 2.5%€0.1m▲ 4.5%
Operating result€0.5m-€0.5m▼ 4.4%€0.003m▼ 99.5%-€0.008m€0.001m-€0.001m-€0.5m
Net result€0.4m-€0.4m▼ 2.2%€0.009mwithin the sector's middle half▼ 97.6%-€0.01mbelow the sector's middle half-€0.003mwithin the sector's middle half▲ 77.1%-€0.09mbelow the sector's middle half-€0.4mabove the sector's middle half
EBIT margin321.8%-366.7%▲ 44.9pp2.0%▼ 364.7pp-5.9%▼ 7.9pp0.9%▲ 6.8pp
Equity€0.5m-€0.9m▲ 73.6%€1.0mabove the sector's middle half▲ 0.8%€0.9mabove the sector's middle half▼ 1.3%€0.9mabove the sector's middle half▼ 0.5%€0.8mabove the sector's middle half-€1.2mabove the sector's middle half▲ 44.3%
Total assets€1.4m-€1.7m▲ 22.6%€1.8mabove the sector's middle half▲ 4.7%€1.8mabove the sector's middle half▲ 2.7%€1.9mabove the sector's middle half▲ 3.5%€1.5mabove the sector's middle half-€2.4mwithin the sector's middle half▲ 66.2%
Debt€0.7m-€0.6m▼ 24.9%€0.6m▲ 13.5%€0.7m▲ 9.9%€0.8m▲ 11.1%€0.6m-€1.1m▲ 76.3%
Working capital€0.02m-€0.6m▲ 29×€0.6mabove the sector's middle half▼ 1.0%€0.4mabove the sector's middle half▼ 25.4%€0.4mabove the sector's middle half▼ 3.5%-€0.3mbelow the sector's middle half--€0.1mwithin the sector's middle half▲ 65.6%
Solvency39.2%-55.5%▲ 16.3pp53.4%within the sector's middle half▼ 2.1pp51.4%within the sector's middle half▼ 2.1pp49.4%within the sector's middle half▼ 2.0pp57.8%within the sector's middle half-50.2%within the sector's middle half▼ 7.6pp
Current ratio1.05-2.39▲ 1.352.04within the sector's middle half▼ 0.351.78within the sector's middle half▼ 0.261.82within the sector's middle half▲ 0.040.09below the sector's middle half-0.90within the sector's middle half▲ 0.81
Return on assets (ROA)29.5%-23.5%▼ 6.0pp0.5%within the sector's middle half▼ 23.0pp-0.7%within the sector's middle half▼ 1.2pp-0.1%within the sector's middle half▲ 0.5pp-6.2%below the sector's middle half-15.4%above the sector's middle half▲ 21.6pp
Staff (FTE)0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a profit of €514,536, after a loss of €798 in 2024. It is the highest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€1.4m ▲ 1.2%
Current assets
€979,408 ▲ 32×
Equity and liabilities €2.4m
Equity
€1.2m ▲ 44.3%
Provisions
€122,011
Debt
€1.1m ▲ 76.3%
Debt's share of the balance-sheet total rises from 42.2% to 44.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€610,448▲
2024 · €140,796
Cash flow
€469,691▲
2024 · €51,645
Debt to equity
0.89▲
2024 · 0.73
ROE
30.7%▲
2024 · -10.7%
Interest coverage
37.77▲
2024 · 3.24
Debt ≤ 1 year
€1.1m▲
2024 · €342,783
Debt > 1 year
€0▼
2024 · €273,480
Income taxes
€2,582▼
2024 · €234,921
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €286,773 | €212,628 | €657,798 | €213,096 |
| Depreciation and write-downs of the year | €94,495 | €86,321 | €141,594 | €95,912 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €165,384 | €138,700 | €133,307 | €129,955 | €135,848 | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €488,045 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €34,651 | €39,490 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €110,979 | €93,050 | €97,282 | €94,495 | €86,321 | €141,594 | €95,912 | ▼ 32.3% |
| Other operating charges640/8 | - | - | - | €8,418 | €8,810 | €19,310 | €12,862 | ▼ 33.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €5,454 | €0 | ▼ 100% |
| Gross operating margin9900 | €654,771 | €614,888 | €108,290 | €95,304 | €96,358 | €165,559 | €623,310 | ▲ 276% |
| Operating profit (loss)9901 | €532,196 | €508,605 | €2,688 | -€7,609 | €1,227 | -€798 | €514,536 | - |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €10 | - | €17,711 | - | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €7,284 | €8,297 | €43,499 | €16,163 | ▼ 62.8% |
| Recurring financial charges65 | €17,542 | €11,355 | €10,915 | €7,284 | €8,297 | €43,499 | €16,163 | ▼ 62.8% |
| Profit (loss) for the period before taxes9903 | €514,664 | €497,250 | €9,484 | -€14,893 | -€7,070 | -€44,297 | €498,373 | - |
| Transfer from deferred taxes780 | - | - | - | €2,648 | €7,772 | €189,269 | €0 | ▼ 100% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €122,011 | - |
| Income taxes67/77 | €1,387 | - | €2,517 | - | €3,510 | €234,921 | €2,582 | ▼ 98.9% |
| Profit (loss) for the period9904 | €408,620 | €399,772 | €9,413 | -€12,245 | -€2,808 | -€89,949 | €373,780 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €10,590 | €31,089 | €757,078 | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €366,033 | - |
| Profit (loss) for the period to be appropriated9905 | -€10,008 | €9,860 | €19,197 | -€1,655 | €28,281 | €667,129 | €7,746 | ▼ 98.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €1.7m | €1.8m | €1.8m | €1.9m | €1.5m | €2.4m | ▲ 66.2% |
| Fixed assets21/28 | €0.9m | €0.7m | €0.7m | €0.8m | €1.0m | €1.4m | €1.4m | ▲ 1.2% |
| Tangible fixed assets22/27 | €0.9m | €0.7m | €0.7m | €0.8m | €1.0m | €1.4m | €1.4m | ▲ 1.2% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.9m | €1.4m | ▲ 64.0% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.4m | €0.5m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €265 | €0.06m | €154 | €0 | ▼ 100% |
| Financial fixed assets28 | €199 | €199 | €199 | €199 | €199 | €199 | €199 | = |
| Current assets29/58 | €0.5m | €1.0m | €1.1m | €1.0m | €0.9m | €0.03m | €1.0m | ▲ 32× |
| Stocks and contracts in progress3 | - | - | - | - | €0.002m | €0 | - | - |
| Stocks30/36 | - | - | - | - | €0.002m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.7m | €0.9m | €0.8m | €0.7m | €0.002m | €1.0m | ▲ 637× |
| Other amounts receivable41 | - | - | - | €0.8m | €0.7m | €0.002m | €1.0m | ▲ 637× |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.03m | €0.001m | ▼ 96.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.002m | €458 | ▼ 70.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €1.7m | €1.8m | €1.8m | €1.9m | €1.5m | €2.4m | ▲ 66.2% |
| Equity10/15 | €0.5m | €0.9m | €1.0m | €0.9m | €0.9m | €0.8m | €1.2m | ▲ 44.3% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.5m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €1.2m | ▲ 47.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.8m | €0.8m | €0 | €0.4m | - |
| Distributable reserves133 | - | - | - | €0.08m | €0.1m | €0.8m | €0.8m | ▲ 1.0% |
| Profit (loss) carried forward14 | -€0.01m | -€148 | - | -€0.002m | - | €0 | - | - |
| Provisions and deferred taxes16 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0 | €0.1m | - |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0 | €0.1m | - |
| Amounts payable17/49 | €0.7m | €0.6m | €0.6m | €0.7m | €0.8m | €0.6m | €1.1m | ▲ 76.3% |
| Amounts payable after more than one year17 | €0.3m | €0.1m | €0.08m | €0.1m | €0.3m | €0.3m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €0.1m | €0.3m | €0.3m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.6m | €0.6m | €0.5m | €0.3m | €1.1m | ▲ 217% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.07m | €0.07m | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | - | €0.8m | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | - | €0.8m | - |
| Trade debts44 | €0.03m | €0.03m | €0.008m | €0.05m | €0.04m | €0.03m | €0.08m | ▲ 141% |
| Suppliers440/4 | - | - | - | €0.05m | €0.04m | €0.03m | €0.08m | ▲ 141% |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.004m | €0.2m | €0.2m | ▼ 17.1% |
| Taxes450/3 | - | - | - | €0.003m | €0.004m | €0.2m | €0.2m | ▼ 17.1% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.002m | €0.009m | ▲ 270% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €408,620 | €399,772 | €9,413 | -€12,245 | -€2,808 | -€89,949 | €373,780 | - |
| + Depreciation and write-downs630 | €110,979 | €93,050 | €97,282 | €94,495 | €86,321 | €141,594 | €95,912 | ▼ 32.3% |
| Operating cash flow (approximation) | €519,599 | €492,822 | €106,695 | €82,250 | €83,513 | €51,645 | €469,691 | ▲ 809% |
| Investment in fixed assets (approximation) | - | €133,375 | -€47,886 | -€286,773 | -€212,628 | - | -€113,640 | - |
| Change in cash | - | -€62,818 | -€11,596 | -€11,867 | €1,189 | - | -€26,929 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 20,136 companies had the same profile as KENMIDES has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of KENMIDES itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for KENMIDES. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 21-01-2026 | 2026-00010854 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00023401 | |
| 31-12-2022 | micro format | 02-05-2023 | 2023-00079433 | |
| 31-12-2021 | micro format | 29-04-2022 | 2022-20019657 | |
| 31-12-2020 | micro format | 12-07-2021 | 2021-35400525 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-32600453 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31700142 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-18500294 | |
| 31-12-2016 | micro format | 19-06-2017 | 2017-20600159 | |
| 31-12-2015 | abbreviated format | 14-07-2016 | 2016-32600040 |