KINTSUGI
ActiveSummary
KINTSUGI has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €17,391 and a net result of €15,193. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 26% of 19362 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability75▲+3
Solvency30▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.42 against 0.21 in 2023; short-term debt: 22.5% and cash: 5.6% of total assets), and 94.7% 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
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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
5.3%
Return on assets
4.6%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-06-2025, 38 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
38 d early
2023
33 d early
2022
32 d early
2021
31 d early
2020
33 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 33 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€17,391▲ 691%
2023 · €2,198
Total assets
€327,549▲ 1.3%
2023 · €323,437
Net result
€15,193▲ 73.9%
2023 · €8,739
Working capital
-€42,397▲ 23.3%
2023 · -€55,295
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€9,601-€8,739€142▼ 98.4%€13,208▲ 9,173%€23,372▲ 77.0%
Net result-€14,074-€3,975-€4,441€8,739€15,193▲ 73.9%
Equity-€6,074--€2,100▲ 65.4%-€6,541▼ 212%€2,198€17,391▲ 691%
Total assets€356,440-€345,046▼ 3.2%€329,741▼ 4.4%€323,437▼ 1.9%€327,549▲ 1.3%
Debt€362,514-€347,145▼ 4.2%€336,281▼ 3.1%€321,238▼ 4.5%€310,158▼ 3.4%
Working capital-€61,057--€58,821▲ 3.7%-€59,567▼ 1.3%-€55,295▲ 7.2%-€42,397▲ 23.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 77% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €327,549
Fixed assets
€296,405 ▼ 4.0%
Current assets
€31,144 ▲ 117%
Equity and liabilities €327,549
Equity
€17,391 ▲ 691%
Debt
€310,158 ▼ 3.4%
Debt's share of the balance-sheet total falls from 99.3% to 94.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,326▲
2023 · €32,976
Cash flow
€31,147▲
2023 · €28,506
Current ratio
0.42▲
2023 · 0.21
Debt to equity
17.83
ROE
87.4%▼
2023 · 397.6%
ROA
4.6%▲
2023 · 2.7%
Interest coverage
9.41▲
2023 · 7.38
Debt ≤ 1 year
€73,541▲
2023 · €69,667
Debt > 1 year
€236,617▼
2023 · €251,571
Income taxes
€3,999
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,248 companies that looked in July 2024 the way this one looks now, 2.4% went bankrupt within 24 months and 94% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.4%
went bankrupt
2.6%
stopped otherwise
94%
still going
A further 0.6% 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 497,058 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 1,248 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,026 | €18,865 | €19,185 | €19,768 | €15,954 | ▼ 19.3% |
| Other operating charges640/8 | - | €4,559 | €4,211 | €5,308 | €5,013 | ▼ 5.6% |
| Gross operating margin9900 | €11,006 | €32,164 | €23,539 | €38,284 | €44,339 | ▲ 15.8% |
| Operating profit (loss)9901 | -€9,601 | €8,739 | €142 | €13,208 | €23,372 | ▲ 77.0% |
| Financial income75/76B | - | €22 | €0 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €22 | €0 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | €4,787 | €4,584 | €4,469 | €4,180 | ▼ 6.5% |
| Recurring financial charges65 | €4,474 | €4,787 | €4,584 | €4,469 | €4,180 | ▼ 6.5% |
| Profit (loss) for the period before taxes9903 | -€14,074 | €3,975 | -€4,441 | €8,739 | €19,192 | ▲ 120% |
| Income taxes67/77 | - | - | - | - | €3,999 | - |
| Profit (loss) for the period9904 | -€14,074 | €3,975 | -€4,441 | €8,739 | €15,193 | ▲ 73.9% |
| Profit (loss) for the period to be appropriated9905 | -€14,074 | €3,975 | -€4,441 | €8,739 | €15,193 | ▲ 73.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €356,440 | €345,046 | €329,741 | €323,437 | €327,549 | ▲ 1.3% |
| Formation expenses20 | €1,694 | €1,254 | €814 | €374 | €0 | ▼ 100% |
| Fixed assets21/28 | €348,874 | €336,264 | €318,757 | €308,691 | €296,405 | ▼ 4.0% |
| Tangible fixed assets22/27 | €348,874 | €336,264 | €318,757 | €308,691 | €296,216 | ▼ 4.0% |
| Land and buildings22 | - | €336,165 | €318,728 | €306,628 | €293,008 | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | - | €0 | - |
| Furniture and vehicles24 | - | €99 | €29 | €2,063 | €3,208 | ▲ 55.5% |
| Financial fixed assets28 | - | - | - | - | €189 | - |
| Current assets29/58 | €5,873 | €7,528 | €10,170 | €14,372 | €31,144 | ▲ 117% |
| Amounts receivable within one year40/41 | €0 | €2,320 | €250 | €1,495 | €6,535 | ▲ 337% |
| Trade receivables40 | - | €2,320 | €250 | €1,495 | €6,535 | ▲ 337% |
| Cash at bank and in hand54/58 | €4,957 | €3,668 | €2,991 | €11,778 | €18,298 | ▲ 55.4% |
| Deferred charges and accrued income490/1 | - | €1,540 | €6,929 | €1,099 | €6,312 | ▲ 475% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €356,440 | €345,046 | €329,741 | €323,437 | €327,549 | ▲ 1.3% |
| Equity10/15 | -€6,074 | -€2,100 | -€6,541 | €2,198 | €17,391 | ▲ 691% |
| Contributions10/11 | - | €8,000 | €8,000 | €8,000 | €8,000 | = |
| Profit (loss) carried forward14 | -€14,074 | -€10,100 | -€14,541 | -€5,802 | €9,391 | ▲ 262% |
| Amounts payable17/49 | €362,514 | €347,145 | €336,281 | €321,238 | €310,158 | ▼ 3.4% |
| Amounts payable after more than one year17 | €295,084 | €280,796 | €266,289 | €251,571 | €236,617 | ▼ 5.9% |
| Financial debts170/4 | - | €280,796 | €266,289 | €251,571 | €236,617 | ▼ 5.9% |
| Amounts payable within one year42/48 | €66,930 | €66,349 | €69,737 | €69,667 | €73,541 | ▲ 5.6% |
| Current portion of amounts payable after more than one year42 | - | €14,288 | €14,507 | €14,718 | €14,955 | ▲ 1.6% |
| Trade debts44 | €3,516 | €1,562 | €1,782 | €1,502 | €1,130 | ▼ 24.7% |
| Suppliers440/4 | - | €1,562 | €1,782 | €1,502 | €1,130 | ▼ 24.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €3,999 | - |
| Taxes450/3 | - | - | - | - | €3,999 | - |
| Other amounts payable47/48 | - | €50,498 | €53,447 | €53,447 | €53,457 | = |
| Accrued charges and deferred income492/3 | - | €0 | €255 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,074 | €3,975 | -€4,441 | €8,739 | €15,193 | ▲ 73.9% |
| + Depreciation and write-downs630 | €16,026 | €18,865 | €19,185 | €19,768 | €15,954 | ▼ 19.3% |
| Operating cash flow (approximation) | €1,952 | €22,840 | €14,744 | €28,506 | €31,147 | ▲ 9.3% |
| Investment in fixed assets (approximation) | - | -€6,256 | -€1,679 | -€9,702 | -€3,668 | ▲ 62.2% |
| Change in cash | - | -€1,290 | -€677 | €8,787 | €6,520 | ▼ 25.8% |
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
2025
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2020net €15,193 ▲73.9%
Operating result €23,372, net result €15,193, both a record.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €8,739
Net result €8,739 after one loss-making year.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €3,975
Net result €3,975 after one loss-making year.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro 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, Liège · 1 establishment unit since 2019
Ground area
444 m²
Building footprint
444 m²
Parcel 62804D0416/00K000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue de Joie 38, 4000 Liège
since 20192.299.493.579
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62804D0416/00K000 | Wallonia | 444 m² | 1 · 444 m² | - |
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 12,042 companies in sector 68203 we hold annual accounts for 5,995. 1,971 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
Founded04-11-2019
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
85592Vocational training
Contact
E-mail
kintsugi00@gmail.com
E-mail
samirabourhaba@yahoo.frLiège
Phone
0497 84 60 39Liège
E-invoicing
Reachable via Peppol
Peppol ID
0208:0737380439
Also
9925:BE0737380439
Registered
18-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.