KORAY
ActiveThe file of KORAY contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 2.2% (moderate). The 2024 annual accounts show equity of €32,361 and a net result of -€2,561. Equity is growing by ~29.3% per year across the filed fiscal years. Its solvency ranks better than 66% of 18934 sector peers (fiscal year 2024).
Checked score
Score 2024
Axes · tick = 2023
Profitability28▲+9
Solvency73▼-6
Growth52▼-26
Track record85
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days only on tighter terms
Liquidity ample (current ratio 1.53 against 1.87 in 2023; short-term debt: 52.4% and cash: 1.6% of total assets), but 52.4% 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more 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
47.6%
Return on assets
-3.8%
Age of the figures
21 mo
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 · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 22-08-2025, 22 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
22 d late
2023
217 d late
2022
30 d late
2021
25 d late
2020
22 d early
2019
29 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 41 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 53% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€32,361▼ 7.3%
2023 · €34,922
Total assets
€67,967▲ 4.4%
2023 · €65,080
Net result
-€2,561
2023 · €122
Working capital
€18,697▼ 28.4%
2023 · €26,102
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, 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
Line20202021202220232024
Operating result€8,316▼ 16.3%-€856€3,173-€1,528-€4,447▼ 191%
Net result€8,890within the sector's middle half▲ 90.6%€361within the sector's middle half▼ 95.9%€5,171within the sector's middle half▲ 1,333%€122within the sector's middle half▼ 97.6%-€2,561within the sector's middle half
Equity€16,868within the sector's middle half▲ 111%€17,228within the sector's middle half▲ 2.1%€34,800within the sector's middle half▲ 102%€34,922within the sector's middle half▲ 0.4%€32,361within the sector's middle half▼ 7.3%
Total assets€37,989below the sector's middle half▲ 35.2%€30,618below the sector's middle half▼ 19.4%€56,399within the sector's middle half▲ 84.2%€65,080within the sector's middle half▲ 15.4%€67,967within the sector's middle half▲ 4.4%
Debt€21,121▲ 5.0%€13,389▼ 36.6%€21,599▲ 61.3%€30,159▲ 39.6%€35,606▲ 18.1%
Working capital€14,725within the sector's middle half€15,477within the sector's middle half▲ 5.1%€28,405within the sector's middle half▲ 83.5%€26,102within the sector's middle half▼ 8.1%€18,697within the sector's middle half▼ 28.4%
Solvency44.4%within the sector's middle half▲ 16.0pp56.3%within the sector's middle half▲ 11.9pp61.7%above the sector's middle half▲ 5.4pp53.7%within the sector's middle half▼ 8.0pp47.6%within the sector's middle half▼ 6.0pp
Current ratio1.70within the sector's middle half▲ 0.882.16within the sector's middle half▲ 0.462.32above the sector's middle half▲ 0.161.87within the sector's middle half▼ 0.451.53within the sector's middle half▼ 0.34
Return on assets (ROA)23.4%above the sector's middle half▲ 6.8pp1.2%within the sector's middle half▼ 22.2pp9.2%within the sector's middle half▲ 8.0pp0.2%within the sector's middle half▼ 9.0pp-3.8%within the sector's middle half▼ 4.0pp
Staff (FTE)0.1below the sector's middle half0.8▲ 700%1▲ 25.0%1.3▲ 30.0%
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €4,447 in 2024 against €1,528 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €67,967
Fixed assets
€13,664 ▲ 54.9%
Current assets
€54,302 ▼ 3.5%
Equity and liabilities €67,967
Equity
€32,361 ▼ 7.3%
Debt
€35,606 ▲ 18.1%
Debt's share of the balance-sheet total rises from 46.3% to 52.4%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
1.48▼
2023 · 1.80
Debt to equity
1.10▲
2023 · 0.86
ROE
-7.9%▼
2023 · 0.3%
Debt ≤ 1 year
€35,606▲
2023 · €30,159
Staff costs
€18,057▲
2023 · €12,522
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 higher bankruptcy probability: 2.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 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% | 1.9% |
| 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €11,119 | €15,470 | €12,522 | €18,057 | ▲ 44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,182 | €1,887 | €1,167 | €230 | - | - |
| Other operating charges640/8 | - | €1,207 | €3,130 | €4,481 | €3,469 | ▼ 22.6% |
| Gross operating margin9900 | €22,785 | €13,358 | €22,940 | €15,705 | €17,080 | ▲ 8.8% |
| Operating profit (loss)9901 | €8,316 | -€856 | €3,173 | -€1,528 | -€4,447 | ▼ 191% |
| Financial income75/76B | - | €1,491 | €2,186 | €2,180 | €2,236 | ▲ 2.6% |
| Recurring financial income75 | €1,328 | €1,491 | €2,186 | €2,180 | €2,236 | ▲ 2.6% |
| Financial charges65/66B | - | €275 | €187 | €530 | €350 | ▼ 33.9% |
| Recurring financial charges65 | €464 | €275 | €187 | €530 | €350 | ▼ 33.9% |
| Profit (loss) for the period before taxes9903 | €9,180 | €361 | €5,171 | €122 | -€2,561 | ▼ 2,200% |
| Income taxes67/77 | €290 | - | - | - | - | - |
| Profit (loss) for the period9904 | €8,890 | €361 | €5,171 | €122 | -€2,561 | ▼ 2,200% |
| Profit (loss) for the period to be appropriated9905 | €8,890 | €361 | €5,171 | €122 | -€2,561 | ▼ 2,200% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €37,989 | €30,618 | €56,399 | €65,080 | €67,967 | ▲ 4.4% |
| Formation expenses20 | - | - | - | - | €0 | - |
| Fixed assets21/28 | €2,142 | €1,752 | €6,395 | €8,819 | €13,664 | ▲ 54.9% |
| Tangible fixed assets22/27 | €2,117 | €1,727 | €6,370 | €8,794 | €13,639 | ▲ 55.1% |
| Plant, machinery and equipment23 | - | €831 | €1,305 | €1,265 | €2,034 | ▲ 60.8% |
| Furniture and vehicles24 | - | €896 | €1,620 | €1,620 | €5,696 | ▲ 252% |
| Other tangible fixed assets26 | - | - | €3,445 | €5,910 | €5,910 | = |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €35,847 | €28,866 | €50,004 | €56,261 | €54,302 | ▼ 3.5% |
| Stocks and contracts in progress3 | €1,125 | €1,882 | €1,758 | €1,967 | €1,780 | ▼ 9.5% |
| Stocks30/36 | - | €1,882 | €1,758 | €1,967 | €1,780 | ▼ 9.5% |
| Amounts receivable within one year40/41 | €23,840 | €24,129 | €43,207 | €48,144 | €51,450 | ▲ 6.9% |
| Trade receivables40 | - | - | €1,721 | €1,662 | €19,434 | ▲ 1,069% |
| Other amounts receivable41 | - | €24,129 | €41,486 | €46,482 | €32,016 | ▼ 31.1% |
| Cash at bank and in hand54/58 | €10,882 | €2,855 | €5,039 | €6,150 | €1,072 | ▼ 82.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €37,989 | €30,618 | €56,399 | €65,080 | €67,967 | ▲ 4.4% |
| Equity10/15 | €16,868 | €17,228 | €34,800 | €34,922 | €32,361 | ▼ 7.3% |
| Contributions10/11 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €6,200 | €18,600 | - | - | - |
| Issued capital100 | - | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | €12,400 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €8,808 | €9,168 | €14,340 | €14,462 | €11,901 | ▼ 17.7% |
| Amounts payable17/49 | €21,121 | €13,389 | €21,599 | €30,159 | €35,606 | ▲ 18.1% |
| Amounts payable within one year42/48 | €21,121 | €13,389 | €21,599 | €30,159 | €35,606 | ▲ 18.1% |
| Trade debts44 | €13,431 | €12,726 | €18,188 | €23,077 | €14,866 | ▼ 35.6% |
| Suppliers440/4 | - | €12,726 | €18,188 | €23,077 | €14,866 | ▼ 35.6% |
| Advances received on contracts in progress46 | - | - | - | - | €20,600 | - |
| Taxes, remuneration and social security45 | - | €663 | €3,411 | €7,081 | €140 | ▼ 98.0% |
| Taxes450/3 | - | €663 | €3,411 | €6,161 | €24 | ▼ 99.6% |
| Remuneration and social security454/9 | - | - | - | €920 | €116 | ▼ 87.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,890 | €361 | €5,171 | €122 | -€2,561 | ▼ 2,200% |
| + Depreciation and write-downs630 | €2,182 | €1,887 | €1,167 | €230 | - | - |
| Operating cash flow (approximation) | €11,072 | €2,248 | €6,339 | €352 | -€2,561 | ▼ 827% |
| Investment in fixed assets (approximation) | - | -€1,496 | -€5,811 | -€2,654 | -€4,845 | ▼ 82.5% |
| Change in cash | - | -€8,027 | €2,184 | €1,111 | -€5,078 | ▼ 557% |
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
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
05-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 217 days late
2024
31-12
Financial
Weakest financial yearnet -€2,561
Net result drops to -€2,561, the lowest in the series.
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
18-08
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Gent, afdeling Gent · event 14-08-2023
04-07
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Gent · event 27-06-2023
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €8,890 ▲90.6%
Net result €8,890, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 1.70
Current ratio from 0.82 to 1.70.
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €4,663
Net result €4,663 after one loss-making year.
Show earlier events
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 14 days late
2016
29-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 29 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
11 acts for this company are 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, Nazareth-De Pinte · 1 establishment unit since 2013
Ground area
837 m²
Building footprint
235 m²
Volume, LiDAR
1,588 m³
Parcel 44018A0714/00H002, Flanders · tallest building 11.7 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
KORAY
since 20132.221.345.827
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44018A0714/00H002 | Flanders | 837 m² | 1 · 235 m² | 11.7 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | GERT RYDANT BRUSSELSESTEENWEG 691, 9050 GENT-
BRUGGE |
27-06-2023 → 14-08-2023 |
Recognitions · licences · registrations
Food safety, FASFC
1 siteNazareth-De Pinte2.221.345.827
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Of 21,853 companies in sector 56112 we hold annual accounts for 9,777. 8,417 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
Founded27-06-2013
Fiscal year end31-12
Activities, NACEBEL 2025
56112Limited-service restaurants, excluding mobile food services
56210Event catering
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536322502
Also
9925:BE0536322502
Registered
12-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.