KERAT
ActiveSummary
KERAT has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €202,121 and a net result of €10,806. Equity remains stable across the filed fiscal years (±1.6% per year). Its solvency ranks better than 53% of 11472 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability32▼-46
Solvency70=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 3.73 against 3.8 in 2024; short-term debt: 26.1% and cash: 11.1% of total assets), but 54.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
45.2%
Return on assets
2.4%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €202,121
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
28 d early
2023
20 d early
2022
14 d early
2021
24 d early
2020
24 d early
2019
39 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 24 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€202,121▲ 5.2%
2024 · €192,145
Total assets
€447,179▲ 3.7%
2024 · €431,427
Net result
€10,806▼ 70.9%
2024 · €37,095
Working capital
€318,626▲ 3.9%
2024 · €306,556
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€8,318€3,053▼ 63.3%€7,205▲ 136%€56,607▲ 686%€5,234▼ 90.8%
Net result€3,673below the sector's middle half€2,638below the sector's middle half▼ 28.2%€1,729below the sector's middle half▼ 34.5%€37,095above the sector's middle half▲ 2,045%€10,806within the sector's middle half▼ 70.9%
Equity€159,113within the sector's middle half▲ 1.8%€160,951within the sector's middle half▲ 1.2%€161,880within the sector's middle half▲ 0.6%€192,145above the sector's middle half▲ 18.7%€202,121above the sector's middle half▲ 5.2%
Total assets€329,074below the sector's middle half▲ 4.7%€353,754below the sector's middle half▲ 7.5%€365,478below the sector's middle half▲ 3.3%€431,427above the sector's middle half▲ 18.0%€447,179above the sector's middle half▲ 3.7%
Debt€169,962▲ 7.5%€192,803▲ 13.4%€203,598▲ 5.6%€239,283▲ 17.5%€245,058▲ 2.4%
Working capital€262,553▲ 6.7%€270,497▲ 3.0%€268,625▼ 0.7%€306,556▲ 14.1%€318,626▲ 3.9%
Solvency48.4%within the sector's middle half▼ 1.4pp45.5%within the sector's middle half▼ 2.9pp44.3%within the sector's middle half▼ 1.2pp44.5%within the sector's middle half▲ 0.2pp45.2%within the sector's middle half▲ 0.7pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 91% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €447,179
Fixed assets
€11,991 ▼ 21.2%
Current assets
€435,188 ▲ 4.6%
Equity and liabilities €447,179
Equity
€202,121 ▲ 5.2%
Debt
€245,058 ▲ 2.4%
Debt's share of the balance-sheet total falls from 55.5% to 54.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€11,112▼
2024 · €63,523
Cash flow
€16,685▼
2024 · €44,010
Current ratio
3.73▼
2024 · 3.80
Quick ratio
3.73▼
2024 · 3.79
Debt to equity
1.21▼
2024 · 1.25
ROE
5.3%▼
2024 · 19.3%
ROA
2.4%▼
2024 · 8.6%
Interest coverage
1.18▼
2024 · 5.84
Debt ≤ 1 year
€116,562▲
2024 · €109,659
Debt > 1 year
€120,000=
2024 · €120,000
Income taxes
€1,315▼
2024 · €14,042
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 16,986 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
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 16,986 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,925 | €6,106 | €4,347 | €6,916 | €5,878 | ▼ 15.0% |
| Other operating charges640/8 | €1,258 | €1,128 | €1,219 | €1,361 | €1,301 | ▼ 4.4% |
| Gross operating margin9900 | €18,501 | €10,286 | €12,771 | €64,884 | €12,413 | ▼ 80.9% |
| Operating profit (loss)9901 | €8,318 | €3,053 | €7,205 | €56,607 | €5,234 | ▼ 90.8% |
| Financial income75/76B | €1,650 | €5,220 | €3,338 | €5,409 | €16,321 | ▲ 202% |
| Recurring financial income75 | €1,650 | €5,220 | €3,338 | €5,409 | €16,321 | ▲ 202% |
| Financial charges65/66B | €5,824 | €5,341 | €7,896 | €10,879 | €9,434 | ▼ 13.3% |
| Recurring financial charges65 | €5,824 | €5,341 | €7,896 | €10,879 | €9,434 | ▼ 13.3% |
| Profit (loss) for the period before taxes9903 | €4,144 | €2,931 | €2,647 | €51,136 | €12,121 | ▼ 76.3% |
| Income taxes67/77 | €470 | €293 | €918 | €14,042 | €1,315 | ▼ 90.6% |
| Profit (loss) for the period9904 | €3,673 | €2,638 | €1,729 | €37,095 | €10,806 | ▼ 70.9% |
| Profit (loss) for the period to be appropriated9905 | €3,673 | €2,638 | €1,729 | €37,095 | €10,806 | ▼ 70.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €329,074 | €353,754 | €365,478 | €431,427 | €447,179 | ▲ 3.7% |
| Fixed assets21/28 | €21,359 | €15,254 | €20,095 | €15,213 | €11,991 | ▼ 21.2% |
| Tangible fixed assets22/27 | €21,359 | €15,254 | €20,095 | €15,213 | €11,991 | ▼ 21.2% |
| Land and buildings22 | €3,581 | €2,865 | €2,148 | €1,432 | €716 | ▼ 50.0% |
| Plant, machinery and equipment23 | €17,154 | €12,389 | €14,118 | €9,102 | €5,568 | ▼ 38.8% |
| Furniture and vehicles24 | €624 | - | €3,828 | €4,678 | €5,707 | ▲ 22.0% |
| Current assets29/58 | €307,715 | €338,500 | €345,383 | €416,215 | €435,188 | ▲ 4.6% |
| Stocks and contracts in progress3 | €8,100 | €3,050 | €4,850 | €800 | €700 | ▼ 12.5% |
| Stocks30/36 | €1,100 | €1,050 | €850 | €800 | €700 | ▼ 12.5% |
| Contracts in progress37 | €7,000 | €2,000 | €4,000 | - | - | - |
| Amounts receivable within one year40/41 | €239 | €17,453 | €4,397 | €5,912 | €9,243 | ▲ 56.3% |
| Trade receivables40 | €207 | €16,147 | - | €1,796 | €574 | ▼ 68.1% |
| Other amounts receivable41 | €33 | €1,306 | €4,397 | €4,116 | €8,669 | ▲ 111% |
| Current investments50/53 | €294,892 | €312,114 | €305,766 | €342,610 | €374,795 | ▲ 9.4% |
| Cash at bank and in hand54/58 | €2,763 | €3,866 | €27,132 | €64,372 | €49,570 | ▼ 23.0% |
| Deferred charges and accrued income490/1 | €1,721 | €2,018 | €3,238 | €2,520 | €880 | ▼ 65.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €329,074 | €353,754 | €365,478 | €431,427 | €447,179 | ▲ 3.7% |
| Equity10/15 | €159,113 | €160,951 | €161,880 | €192,145 | €202,121 | ▲ 5.2% |
| Contributions10/11 | €130,000 | €130,000 | €130,000 | €130,000 | €130,000 | = |
| Reserves13 | €23,825 | €26,463 | €28,191 | €59,285 | €70,091 | ▲ 18.2% |
| Non-distributable reserves130/1 | €2,900 | €2,900 | €2,900 | €2,900 | €2,900 | = |
| Reserves not available under the articles1311 | €2,900 | €2,900 | €2,900 | €2,900 | €2,900 | = |
| Tax-exempt reserves132 | €258 | €258 | €258 | €258 | €258 | = |
| Distributable reserves133 | €20,667 | €23,305 | €25,033 | €56,127 | €66,933 | ▲ 19.3% |
| Profit (loss) carried forward14 | €5,288 | €4,488 | €3,689 | €2,860 | €2,030 | ▼ 29.0% |
| Amounts payable17/49 | €169,962 | €192,803 | €203,598 | €239,283 | €245,058 | ▲ 2.4% |
| Amounts payable after more than one year17 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Other amounts payable178/9 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Amounts payable within one year42/48 | €45,162 | €68,003 | €76,758 | €109,659 | €116,562 | ▲ 6.3% |
| Trade debts44 | €4,432 | €1,064 | €6,005 | €1,652 | €163 | ▼ 90.1% |
| Suppliers440/4 | €4,432 | €1,064 | €6,005 | €1,652 | €163 | ▼ 90.1% |
| Advances received on contracts in progress46 | - | €9,091 | - | - | - | - |
| Taxes, remuneration and social security45 | €3,084 | €6,541 | - | €8,578 | €7,537 | ▼ 12.1% |
| Taxes450/3 | €3,084 | €6,541 | - | €8,578 | €7,537 | ▼ 12.1% |
| Other amounts payable47/48 | €37,645 | €51,308 | €70,753 | €99,429 | €108,861 | ▲ 9.5% |
| Accrued charges and deferred income492/3 | €4,800 | €4,800 | €6,840 | €9,624 | €8,496 | ▼ 11.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,673 | €2,638 | €1,729 | €37,095 | €10,806 | ▼ 70.9% |
| + Depreciation and write-downs630 | €8,925 | €6,106 | €4,347 | €6,916 | €5,878 | ▼ 15.0% |
| Operating cash flow (approximation) | €12,599 | €8,744 | €6,076 | €44,010 | €16,685 | ▼ 62.1% |
| Investment in fixed assets (approximation) | - | €0 | -€9,188 | -€2,034 | -€2,657 | ▼ 30.6% |
| Change in cash | - | €1,102 | €23,266 | €37,241 | -€14,803 | ▼ 140% |
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
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Equity above €200,000Eq €202,121 ▲5.2%
5 profitable years in a row build equity to €202,121.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €37,095 ▲2,045%
Operating result €56,607, net result €37,095, both a record.
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €3,673
Net result €3,673 after one loss-making year.
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€3,736
Net result drops to -€3,736, the lowest in the series; recovery starts the following year.
22-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
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.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Wervik · 1 establishment unit since 1995
Ground area
2,208 m²
Building footprint
396 m²
Volume, LiDAR
2,257 m³
Parcel 33029B0737/00D000, Flanders · tallest building 12.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
KERAT
since 19952.073.051.138
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33029B0737/00D000 | Flanders | 2,208 m² | 1 · 396 m² | 12.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
1 categoryKERAT BV27876
Similar companies · same sector, comparable size
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BE 0673.546.026
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BE 0401.089.753
Sint-Martens-Latem · Eq €198,944
KENTO
BE 0839.245.780
Lebbeke · Eq €209,837
MACRIPACK
BE 0823.114.284
Antwerpen · Eq €187,374
RUBCO
BE 0420.070.871
Oudsbergen · Eq €185,118
Of 432 companies in sector 46869 we hold annual accounts for 244. 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 (pre-2019)
Founded30-06-1995
Fiscal year end31-12
Activities, NACEBEL 2025
46869Wholesale trade
46494Wholesale of non-electrical household articles
47791Retail sale of antiques
90201Performing arts by independent artists
E-invoicing
Reachable via Peppol
Peppol ID
0208:0455459540
Also
9925:BE0455459540
Registered
08-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.