Summary
KENSULT is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €151,577 and a net result of €46,521. Equity is growing by about 7% per year across the filed financial years. Its solvency ranks better than 37% of 9,701 sector peers (NACE 64, financial year 2025). The company has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€151,577▲ 44.3%
2024 · €105,056
Net result
€46,521▲ 99.6%
2024 · €23,305
Total assets
€426,652▲ 6.6%
2024 · €400,096
Solvency
35.5%▲ 9.3pp
2024 · 26.3%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 89% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€71,355
2025
Net result€46,521
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€426,652
2025
Equity€151,577
2025
Debt€275,075
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€96,442
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)10.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency35.5%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.89
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€37,623-€60,496▲ 60.8%€25,152▼ 58.4%€11,085▼ 55.9%€32,176▲ 190%€24,655▼ 23.4%€37,837▲ 53.5%€71,355▲ 88.6%
Net result€21,773-€38,009▲ 74.6%€1,667below the sector's middle half▼ 95.6%€17,782within the sector's middle half▲ 967%€981below the sector's middle half▼ 94.5%€12,108within the sector's middle half▲ 1,134%€23,305within the sector's middle half▲ 92.5%€46,521within the sector's middle half▲ 99.6%
Equity€60,225-€98,234▲ 63.1%€99,901within the sector's middle half▲ 1.7%€117,683within the sector's middle half▲ 17.8%€96,401within the sector's middle half▼ 18.1%€100,380within the sector's middle half▲ 4.1%€105,056within the sector's middle half▲ 4.7%€151,577within the sector's middle half▲ 44.3%
Total assets€317,387-€313,733▼ 1.2%€424,509within the sector's middle half▲ 35.3%€402,382within the sector's middle half▼ 5.2%€347,579within the sector's middle half▼ 13.6%€359,332within the sector's middle half▲ 3.4%€400,096within the sector's middle half▲ 11.3%€426,652within the sector's middle half▲ 6.6%
Debt€257,161-€215,499▼ 16.2%€324,608▲ 50.6%€284,699▼ 12.3%€251,178▼ 11.8%€258,952▲ 3.1%€295,040▲ 13.9%€275,075▼ 6.8%
Working capital-€13,626-€21,562€36,387within the sector's middle half▲ 68.8%€47,526within the sector's middle half▲ 30.6%€42,014within the sector's middle half▼ 11.6%€85,735within the sector's middle half▲ 104%€68,344within the sector's middle half▼ 20.3%€96,442within the sector's middle half▲ 41.1%
Solvency19.0%-31.3%▲ 12.3pp23.5%within the sector's middle half▼ 7.8pp29.2%within the sector's middle half▲ 5.7pp27.7%within the sector's middle half▼ 1.5pp27.9%within the sector's middle half▲ 0.2pp26.3%within the sector's middle half▼ 1.7pp35.5%within the sector's middle half▲ 9.3pp
Current ratio0.75-1.55▲ 0.801.52within the sector's middle half▼ 0.031.71within the sector's middle half▲ 0.192.02within the sector's middle half▲ 0.302.17within the sector's middle half▲ 0.151.81within the sector's middle half▼ 0.361.89within the sector's middle half▲ 0.08
Return on assets (ROA)6.9%-12.1%▲ 5.3pp0.4%below the sector's middle half▼ 11.7pp4.4%within the sector's middle half▲ 4.0pp0.3%below the sector's middle half▼ 4.1pp3.4%within the sector's middle half▲ 3.1pp5.8%within the sector's middle half▲ 2.5pp10.9%within the sector's middle half▲ 5.1pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €426,652
Fixed assets
€222,010 ▼ 10.3%
Current assets
€204,642 ▲ 34.0%
Equity and liabilities €426,652
Equity
€151,577 ▲ 44.3%
Debt
€275,075 ▼ 6.8%
Debt's share of the balance-sheet total falls from 73.7% to 64.5%. Equity is higher and debt is lower.
Key figures and ratios
ROE
30.7%▲
2024 · 22.2%
Debt ≤ 1 year
€108,200▲
2024 · €84,386
Debt > 1 year
€166,875▼
2024 · €210,654
Income taxes
€21,318▲
2024 · €10,799
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €4,787 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,431 | €23,661 | €41,065 | €44,409 | €31,699 | €17,018 | €14,481 | €25,355 | ▲ 75.1% |
| Other operating charges640/8 | - | - | - | €2,063 | €1,479 | €514 | €1,088 | €1,603 | ▲ 47.3% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €551 | €0 | -€629 | - |
| Gross operating margin9900 | €75,041 | €89,070 | €72,331 | €62,343 | €65,354 | €42,738 | €53,407 | €97,685 | ▲ 82.9% |
| Operating profit (loss)9901 | €37,623 | €60,496 | €25,152 | €11,085 | €32,176 | €24,655 | €37,837 | €71,355 | ▲ 88.6% |
| Financial income75/76B | - | - | - | €0 | - | €1,281 | €206 | €1,454 | ▲ 605% |
| Recurring financial income75 | €0 | €0 | €5 | €0 | - | €1,281 | €206 | €1,454 | ▲ 605% |
| Financial charges65/66B | - | - | - | €3,055 | €15,845 | €4,906 | €3,940 | €4,971 | ▲ 26.2% |
| Recurring financial charges65 | €4,073 | €3,943 | €8,679 | €3,055 | €15,845 | €4,906 | €3,940 | €4,971 | ▲ 26.2% |
| Profit (loss) for the period before taxes9903 | €33,550 | €56,553 | €16,479 | €8,029 | €16,331 | €21,030 | €34,104 | €67,839 | ▲ 98.9% |
| Income taxes67/77 | €11,777 | €18,544 | €14,812 | -€9,753 | €15,350 | €8,922 | €10,799 | €21,318 | ▲ 97.4% |
| Profit (loss) for the period9904 | €21,773 | €38,009 | €1,667 | €17,782 | €981 | €12,108 | €23,305 | €46,521 | ▲ 99.6% |
| Profit (loss) for the period to be appropriated9905 | €21,773 | €38,009 | €1,667 | €17,782 | €981 | €12,108 | €23,305 | €46,521 | ▲ 99.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €317,387 | €313,733 | €424,509 | €402,382 | €347,579 | €359,332 | €400,096 | €426,652 | ▲ 6.6% |
| Fixed assets21/28 | €276,695 | €253,034 | €317,935 | €288,184 | €264,242 | €200,112 | €247,366 | €222,010 | ▼ 10.3% |
| Tangible fixed assets22/27 | €276,695 | €253,034 | €317,935 | €288,184 | €264,242 | €200,112 | €247,366 | €222,010 | ▼ 10.3% |
| Land and buildings22 | - | - | - | €224,880 | €210,645 | €196,411 | €185,519 | €173,459 | ▼ 6.5% |
| Plant, machinery and equipment23 | - | - | - | €2,385 | €1 | €0 | €1,765 | €1,337 | ▼ 24.3% |
| Furniture and vehicles24 | - | - | - | €60,919 | €53,596 | €3,701 | €60,081 | €47,215 | ▼ 21.4% |
| Current assets29/58 | €40,692 | €60,699 | €106,574 | €114,198 | €83,337 | €159,220 | €152,730 | €204,642 | ▲ 34.0% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €22,190 | €22,190 | €20,982 | ▼ 5.4% |
| Other amounts receivable291 | - | - | - | - | - | €22,190 | €22,190 | €20,982 | ▼ 5.4% |
| Amounts receivable within one year40/41 | €31,182 | €11,330 | €29,704 | €40,014 | €14,973 | €25,196 | €38,884 | €56,118 | ▲ 44.3% |
| Trade receivables40 | - | - | - | €26,269 | €629 | €18,884 | €34,033 | €55,797 | ▲ 63.9% |
| Other amounts receivable41 | - | - | - | €13,745 | €14,344 | €6,312 | €4,851 | €322 | ▼ 93.4% |
| Current investments50/53 | - | - | - | - | - | - | - | €29,702 | - |
| Cash at bank and in hand54/58 | €9,510 | €49,369 | €76,871 | €74,184 | €68,364 | €111,835 | €75,402 | €67,220 | ▼ 10.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €16,254 | €30,618 | ▲ 88.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €317,387 | €313,733 | €424,509 | €402,382 | €347,579 | €359,332 | €400,096 | €426,652 | ▲ 6.6% |
| Equity10/15 | €60,225 | €98,234 | €99,901 | €117,683 | €96,401 | €100,380 | €105,056 | €151,577 | ▲ 44.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €54,025 | €92,034 | €92,034 | €92,034 | €70,752 | €74,731 | €79,407 | €125,928 | ▲ 58.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Other1319 | - | - | - | - | - | - | - | €1,860 | - |
| Distributable reserves133 | - | - | - | €90,174 | €68,892 | €72,871 | €77,547 | €124,068 | ▲ 60.0% |
| Profit (loss) carried forward14 | - | - | €1,667 | €19,449 | €19,449 | €19,449 | €19,449 | €19,449 | = |
| Amounts payable17/49 | €257,161 | €215,499 | €324,608 | €284,699 | €251,178 | €258,952 | €295,040 | €275,075 | ▼ 6.8% |
| Amounts payable after more than one year17 | €202,844 | €176,362 | €254,421 | €218,026 | €209,855 | €185,467 | €210,654 | €166,875 | ▼ 20.8% |
| Financial debts170/4 | - | - | - | €218,026 | €209,855 | €185,467 | €210,654 | €166,875 | ▼ 20.8% |
| Amounts payable within one year42/48 | €54,317 | €39,137 | €70,187 | €66,672 | €41,323 | €73,486 | €84,386 | €108,200 | ▲ 28.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €38,202 | €27,151 | €47,032 | €47,273 | €39,868 | ▼ 15.7% |
| Financial debts43 | - | - | - | - | - | - | - | €4,403 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €4,403 | - |
| Trade debts44 | €4,375 | €3,659 | €9,531 | €24,466 | €211 | €2,301 | €16,562 | €7,244 | ▼ 56.3% |
| Suppliers440/4 | - | - | - | €24,466 | €211 | €2,301 | €16,562 | €7,244 | ▼ 56.3% |
| Advances received on contracts in progress46 | - | - | - | - | €629 | €629 | €629 | €39,609 | ▲ 6,200% |
| Taxes, remuneration and social security45 | - | - | - | €3,655 | €13,328 | €23,524 | €15,977 | €17,076 | ▲ 6.9% |
| Taxes450/3 | - | - | - | €3,655 | €13,328 | €23,524 | €15,977 | €17,076 | ▲ 6.9% |
| Other amounts payable47/48 | - | - | - | €349 | €4 | €0 | €3,946 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,773 | €38,009 | €1,667 | €17,782 | €981 | €12,108 | €23,305 | €46,521 | ▲ 99.6% |
| + Depreciation and write-downs630 | €24,431 | €23,661 | €41,065 | €44,409 | €31,699 | €17,018 | €14,481 | €25,355 | ▲ 75.1% |
| Operating cash flow (approximation) | €46,205 | €61,670 | €42,732 | €62,191 | €32,680 | €29,126 | €37,787 | €71,876 | ▲ 90.2% |
| Investment in fixed assets (approximation) | - | €0 | -€105,965 | -€14,658 | -€7,757 | €47,112 | -€61,735 | €0 | - |
| Change in cash | - | €39,859 | €27,501 | -€2,686 | -€5,820 | €43,471 | -€36,433 | -€8,182 | ▲ 77.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00330960 |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00419709 |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00241861 |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00320591 |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20250686 |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60900049 |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49600562 |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55300047 |
| 31-12-2017 | micro format | 05-07-2018 | 2018-28300153 |
| 31-12-2016 | abbreviated format | 22-09-2017 | 2017-61700326 |
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Of the 24,462 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,970. 13,402 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.