KERSHA
ActiveSummary
KERSHA has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €350,812 and a net result of -€24,465. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 89% of 7967 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability12▼-76
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity ample (current ratio 10.29 against 11.07 in 2024; short-term debt: 6.8% and cash: 4.9% of total assets), and 18.1% of the assets are financed with debt.
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Signals
Three 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
9 d early
2023
5 d early
2022
5 d early
2021
33 d early
2020
26 d early
2019
66 d late
← 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 6 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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. Usually files around 22 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€350,812▼ 6.5%
2024 · €375,277
Total assets
€428,491▼ 9.3%
2024 · €472,504
Net result
-€24,465
2024 · €71,209
Working capital
€270,911▼ 8.5%
2024 · €296,026
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,134€33,343▲ 367%-€3,437€96,452-€26,831
Net result€2,362below the sector's middle half€23,279within the sector's middle half▲ 886%-€8,531below the sector's middle half€71,209within the sector's middle half-€24,465below the sector's middle half
Equity€289,319within the sector's middle half▲ 0.8%€312,598within the sector's middle half▲ 8.0%€304,067within the sector's middle half▼ 2.7%€375,277within the sector's middle half▲ 23.4%€350,812within the sector's middle half▼ 6.5%
Total assets€584,930within the sector's middle half▼ 3.4%€645,493within the sector's middle half▲ 10.4%€593,583within the sector's middle half▼ 8.0%€472,504within the sector's middle half▼ 20.4%€428,491within the sector's middle half▼ 9.3%
Debt€295,611▼ 7.1%€332,895▲ 12.6%€289,516▼ 13.0%€97,228▼ 66.4%€77,679▼ 20.1%
Working capital€266,479within the sector's middle half▲ 2.8%€295,217within the sector's middle half▲ 10.8%€290,746within the sector's middle half▼ 1.5%€296,026within the sector's middle half▲ 1.8%€270,911within the sector's middle half▼ 8.5%
Solvency49.5%within the sector's middle half▲ 2.1pp48.4%within the sector's middle half▼ 1.0pp51.2%within the sector's middle half▲ 2.8pp79.4%above the sector's middle half▲ 28.2pp81.9%above the sector's middle half▲ 2.4pp
Current ratio4.72above the sector's middle half▼ 0.977.17above the sector's middle half▲ 2.4510.18above the sector's middle half▲ 3.0011.07above the sector's middle half▲ 0.9010.29above the sector's middle half▼ 0.79
Return on assets (ROA)0.4%below the sector's middle half▲ 1.3pp3.6%within the sector's middle half▲ 3.2pp-1.4%below the sector's middle half▼ 5.0pp15.1%above the sector's middle half▲ 16.5pp-5.7%below the sector's middle half▼ 20.8pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €26,831 after €96,452 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €428,491
Fixed assets
€128,412 ▼ 12.7%
Current assets
€300,079 ▼ 7.8%
Equity and liabilities €428,491
Equity
€350,812 ▼ 6.5%
Debt
€77,679 ▼ 20.1%
Debt's share of the balance-sheet total falls from 20.6% to 18.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€7,346▼
2024 · €115,859
Cash flow
-€4,980▼
2024 · €90,616
Debt to equity
0.22▼
2024 · 0.26
ROE
-7.0%▼
2024 · 19.0%
Interest coverage
-1.84▼
2024 · 9.08
Debt ≤ 1 year
€29,169▼
2024 · €29,383
Debt > 1 year
€48,511▼
2024 · €66,764
Income taxes
€493▼
2024 · €18,950
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,910 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 6,910 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 | - | €5,899 | - | €130,349 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,982 | €30,589 | €31,889 | €19,407 | €19,484 | ▲ 0.4% |
| Other operating charges640/8 | €13,980 | €1,676 | €3,942 | €2,396 | €1,084 | ▼ 54.8% |
| Non-recurring operating charges66A | - | €328 | - | - | - | - |
| Gross operating margin9900 | €65,096 | €65,937 | €32,395 | €118,255 | -€6,262 | ▼ 105% |
| Operating profit (loss)9901 | €7,134 | €33,343 | -€3,437 | €96,452 | -€26,831 | ▼ 128% |
| Financial income75/76B | €4,511 | €5,952 | €3,214 | €6,471 | €6,848 | ▲ 5.8% |
| Recurring financial income75 | €4,511 | €5,952 | €3,214 | €6,471 | €6,848 | ▲ 5.8% |
| Financial charges65/66B | €5,076 | €5,917 | €7,935 | €12,764 | €3,989 | ▼ 68.7% |
| Recurring financial charges65 | €5,076 | €5,917 | €7,935 | €12,764 | €3,989 | ▼ 68.7% |
| Profit (loss) for the period before taxes9903 | €6,570 | €33,378 | -€8,158 | €90,159 | -€23,971 | ▼ 127% |
| Income taxes67/77 | €4,208 | €10,099 | €372 | €18,950 | €493 | ▼ 97.4% |
| Profit (loss) for the period9904 | €2,362 | €23,279 | -€8,531 | €71,209 | -€24,465 | ▼ 134% |
| Profit (loss) for the period to be appropriated9905 | €2,362 | €23,279 | -€8,531 | €71,209 | -€24,465 | ▼ 134% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €584,930 | €645,493 | €593,583 | €472,504 | €428,491 | ▼ 9.3% |
| Fixed assets21/28 | €246,875 | €302,446 | €271,154 | €147,096 | €128,412 | ▼ 12.7% |
| Tangible fixed assets22/27 | €246,141 | €301,712 | €271,154 | €147,096 | €128,412 | ▼ 12.7% |
| Land and buildings22 | €196,436 | €179,625 | €167,650 | €62,785 | €62,570 | ▼ 0.3% |
| Plant, machinery and equipment23 | - | €0 | €0 | - | - | - |
| Furniture and vehicles24 | €49,705 | €122,087 | €103,504 | €84,311 | €65,842 | ▼ 21.9% |
| Financial fixed assets28 | €734 | €734 | - | - | - | - |
| Current assets29/58 | €338,055 | €343,047 | €322,429 | €325,409 | €300,079 | ▼ 7.8% |
| Amounts receivable after more than one year29 | €150,000 | €150,000 | €215,688 | €222,158 | €235,895 | ▲ 6.2% |
| Other amounts receivable291 | €150,000 | €150,000 | €215,688 | €222,158 | €235,895 | ▲ 6.2% |
| Stocks and contracts in progress3 | €61,907 | €38,205 | €6,444 | - | - | - |
| Contracts in progress37 | €61,907 | €38,205 | €6,444 | - | - | - |
| Amounts receivable within one year40/41 | €78,437 | €94,110 | €45,126 | €34,616 | €33,234 | ▼ 4.0% |
| Trade receivables40 | €62,645 | €46,512 | €14,719 | €29,877 | €12,464 | ▼ 58.3% |
| Other amounts receivable41 | €15,792 | €47,598 | €30,407 | €4,739 | €20,770 | ▲ 338% |
| Cash at bank and in hand54/58 | €47,505 | €60,732 | €53,742 | €67,743 | €20,853 | ▼ 69.2% |
| Deferred charges and accrued income490/1 | €205 | - | €1,430 | €891 | €10,098 | ▲ 1,033% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €584,930 | €645,493 | €593,583 | €472,504 | €428,491 | ▼ 9.3% |
| Equity10/15 | €289,319 | €312,598 | €304,067 | €375,277 | €350,812 | ▼ 6.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €25,139 | €25,139 | €96,349 | €96,349 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | €23,279 | €25,139 | €96,349 | €96,349 | = |
| Profit (loss) carried forward14 | €268,859 | €268,859 | €260,328 | €260,328 | €235,864 | ▼ 9.4% |
| Amounts payable17/49 | €295,611 | €332,895 | €289,516 | €97,228 | €77,679 | ▼ 20.1% |
| Amounts payable after more than one year17 | €224,035 | €285,065 | €257,821 | €66,764 | €48,511 | ▼ 27.3% |
| Financial debts170/4 | €224,035 | €285,065 | €257,821 | €66,764 | €48,511 | ▼ 27.3% |
| Amounts payable within one year42/48 | €71,576 | €47,830 | €31,684 | €29,383 | €29,169 | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | €34,083 | €28,790 | €27,243 | €17,968 | €18,254 | ▲ 1.6% |
| Financial debts43 | €4,838 | €11,683 | - | €1,250 | €5,096 | ▲ 308% |
| Credit institutions430/8 | €4,838 | €11,683 | - | €1,250 | €5,096 | ▲ 308% |
| Trade debts44 | €30,514 | €7,357 | €2,396 | €1,603 | €2,819 | ▲ 75.9% |
| Suppliers440/4 | €30,514 | €7,357 | €2,396 | €1,603 | €2,819 | ▲ 75.9% |
| Taxes, remuneration and social security45 | €994 | - | €2,032 | €8,550 | €3,000 | ▼ 64.9% |
| Taxes450/3 | €994 | - | €2,032 | €6,950 | €3,000 | ▼ 56.8% |
| Remuneration and social security454/9 | - | - | - | €1,600 | - | - |
| Other amounts payable47/48 | €1,147 | €0 | €12 | €12 | - | - |
| Accrued charges and deferred income492/3 | - | - | €11 | €1,081 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,362 | €23,279 | -€8,531 | €71,209 | -€24,465 | ▼ 134% |
| + Depreciation and write-downs630 | €43,982 | €30,589 | €31,889 | €19,407 | €19,484 | ▲ 0.4% |
| Operating cash flow (approximation) | €46,343 | €53,868 | €23,359 | €90,616 | -€4,980 | ▼ 105% |
| Investment in fixed assets (approximation) | - | -€86,160 | -€597 | €104,651 | -€801 | ▼ 101% |
| Change in cash | - | €13,227 | -€6,990 | €14,001 | -€46,891 | ▼ 435% |
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
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€24,465
Net result drops to -€24,465, the lowest in the series.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €71,209
Net result €71,209 after one loss-making year.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €2,362
Net result €2,362 after one loss-making year.
05-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
05-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 66 days late
2019
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-04
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.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Beringen · 1 establishment unit since 2007
Ground area
549 m²
Building footprint
95 m²
Volume, LiDAR
582 m³
Parcel 71522D0113/00M005, Flanders · tallest building 9.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
KERSHA
since 20072.161.783.768
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71522D0113/00M005 | Flanders | 549 m² | 1 · 94 m² | 9.6 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.
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Of 15,524 companies in sector 43990 we hold annual accounts for 7,429. 5,186 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
Founded07-03-2007
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0887748948
Also
9925:BE0887748948
Registered
15-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.