Korazon
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 11-09-2026 at the NBB all 36 filings
Turnover
€972,203▲ 1.4%
2025 · €958,545
EBIT margin
-2.4%▲ 10.1pp
2025 · -12.5%
Net result
-€23,950▲ 80.0%
2025 · -€119,905
Working capital
€153,473▼ 8.1%
2025 · €167,089
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€972,203
▲ 1.4%
2026
20192026
Operating result
-€23,216
▲ 80.6%
2026
20192026
Net result
-€23,950
▲ 80.0%
2026
20192026
EBIT margin
-2.4%
▲ 10.1pp
2026
20192026
Equity
€175,464
▼ 12.0%
2026
20192026
Total assets
€321,086
▼ 12.2%
2026
20192026
Debt
€145,622
▼ 12.5%
2026
20192026
Working capital
€153,473
▼ 8.1%
2026
20192026
Solvency
54.6%
▲ 0.1pp
2026
20192026
Current ratio
2.06
▲ 0.05
2026
20192026
Return on assets (ROA)
-7.5%
▲ 25.3pp
2026
20192026
Staff (FTE)
6.5
▼ 9.7%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€1.0m-€1.1m▲ 17.8%€1.2m▲ 2.6%€1.0m▼ 14.9%€0.9m▼ 7.1%€1.0m▲ 11.6%€1.0m▼ 7.4%€1.0m▲ 1.4%
Operating result€0.02m-€0.06m▲ 245%€0.1m▲ 93.0%-€0.05m-€0.07m▼ 30.5%€0.03m-€0.1m-€0.02m▲ 80.6%
Net result€0.006m-€0.04m▲ 531%€0.08mabove the sector's middle half▲ 104%-€0.06mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 30.2%€0.03mwithin the sector's middle half-€0.1mbelow the sector's middle half-€0.02m▲ 80.0%
EBIT margin1.7%-4.8%▲ 3.2pp9.1%▲ 4.3pp-5.5%▼ 14.6pp-7.7%▼ 2.2pp2.7%▲ 10.4pp-12.5%▼ 15.1pp-2.4%▲ 10.1pp
Equity€0.3m-€0.3m▲ 9.7%€0.4mwithin the sector's middle half▲ 20.4%€0.4mwithin the sector's middle half▼ 13.3%€0.3mwithin the sector's middle half▼ 20.0%€0.3mwithin the sector's middle half▲ 9.3%€0.2mwithin the sector's middle half▼ 37.6%€0.2m▼ 12.0%
Total assets€0.5m-€0.5m▲ 12.2%€0.6mwithin the sector's middle half▲ 12.2%€0.5mwithin the sector's middle half▼ 20.0%€0.4mwithin the sector's middle half▼ 12.6%€0.5mwithin the sector's middle half▲ 11.6%€0.4mwithin the sector's middle half▼ 22.6%€0.3m▼ 12.2%
Debt€0.2m-€0.2m▲ 16.9%€0.2m▼ 2.8%€0.1m▼ 35.4%€0.1m▲ 10.1%€0.2m▲ 16.7%€0.2m▲ 8.7%€0.1m▼ 12.5%
Working capital€0.2m-€0.3m▲ 25.3%€0.4mabove the sector's middle half▲ 28.1%€0.3mabove the sector's middle half▼ 20.3%€0.2mwithin the sector's middle half▼ 20.0%€0.3mwithin the sector's middle half▲ 15.0%€0.2mabove the sector's middle half▼ 39.7%€0.2m▼ 8.1%
Solvency66.3%-64.8%▼ 1.4pp69.5%above the sector's middle half▲ 4.7pp75.4%above the sector's middle half▲ 5.9pp69.0%above the sector's middle half▼ 6.4pp67.6%above the sector's middle half▼ 1.4pp54.5%within the sector's middle half▼ 13.1pp54.6%▲ 0.1pp
Current ratio2.62-2.58▼ 0.043.05within the sector's middle half▲ 0.473.53above the sector's middle half▲ 0.482.83above the sector's middle half▼ 0.692.81within the sector's middle half▼ 0.032.00within the sector's middle half▼ 0.802.06▲ 0.05
Return on assets (ROA)1.3%-7.1%▲ 5.9pp13.0%above the sector's middle half▲ 5.9pp-11.6%below the sector's middle half▼ 24.6pp-17.2%below the sector's middle half▼ 5.7pp5.7%within the sector's middle half▲ 23.0pp-32.8%below the sector's middle half▼ 38.5pp-7.5%▲ 25.3pp
Staff (FTE)9.9-10.4▲ 5.1%9.3within the sector's middle half▼ 10.6%8.6within the sector's middle half▼ 7.5%7.5within the sector's middle half▼ 12.8%6.9within the sector's middle half▼ 8.0%7.2within the sector's middle half▲ 4.3%6.5▼ 9.7%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is a loss of €23,216, smaller than the loss of €119,432 in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €321,086
Fixed assets
€22,193 ▼ 31.3%
Current assets
€298,893 ▼ 10.4%
Equity and liabilities €321,086
Equity
€175,464 ▼ 12.0%
Debt
€145,622 ▼ 12.5%
Debt's share of the balance-sheet total falls from 45.5% to 45.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€8,436▲
2025 · -€105,139
Cash flow
-€9,170▲
2025 · -€105,612
Debt to equity
0.83▼
2025 · 0.83
ROE
-13.6%▲
2025 · -60.1%
Interest coverage
-28.89▲
2025 · -206.97
Debt ≤ 1 year
€145,420▼
2025 · €166,476
Income taxes
€836▼
2025 · €899
Customer credit
77 days▲
2025 · 76 days
Supplier credit
22 days▲
2025 · 22 days
Staff costs
€557,827▼
2025 · €589,149
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 8 | 8 | 8 | 7 |
| full-time | 4 | 4 | 4 | 4 | 3 |
| part-time | 5 | 4 | 4 | 4 | 4 |
| in full-time equivalents | 7.7 | 6.9 | 6.9 | 6.6 | 5.6 |
| Average over the year, in full-time equivalents | 8.6 | 7.5 | 6.9 | 7.2 | 6.5 |
| On a permanent contract | 9 | 8 | 8 | 8 | 7 |
| Joined | 0 | 0 | - | 1 | 0 |
| Left | 2 | 1 | - | 1 | 1 |
| Training hours | 72 | 70 | 73 | 64 | 74 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €45,442 | €11,422 | €4,417 | €4,258 | €4,648 |
| Depreciation and write-downs of the year | €24,608 | €24,051 | €13,465 | €14,293 | €14,780 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €17,165 awarded · €17,159 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €117 | €0 |
| 2024 | 2 | €3,956 | €3,746 |
| 2023 | 2 | €5,804 | €6,125 |
| 2022 | 2 | €7,288 | €7,288 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.0m | €1.1m | €1.2m | €1.0m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 1.4% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 11.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.03m | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 3.4% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 21.1% |
| Gross operating margin9900 | €0.6m | €0.7m | €0.7m | €0.5m | €0.5m | €0.6m | €0.5m | €0.6m | ▲ 12.3% |
| Operating profit (loss)9901 | €0.02m | €0.06m | €0.1m | -€0.05m | -€0.07m | €0.03m | -€0.1m | -€0.02m | ▲ 80.6% |
| Financial income75/76B | - | - | - | - | - | €0.001m | €0.001m | €394 | ▼ 57.8% |
| Recurring financial income75 | €7 | €31 | - | - | - | €0.001m | €0.001m | €394 | ▼ 57.8% |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | €462 | €0.001m | €292 | ▼ 42.5% |
| Recurring financial charges65 | €0.001m | €0.001m | €410 | €0.001m | €0.001m | €462 | €0.001m | €292 | ▼ 42.5% |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.05m | €0.1m | -€0.06m | -€0.07m | €0.03m | -€0.1m | -€0.02m | ▲ 80.6% |
| Income taxes67/77 | €0.008m | €0.02m | €0.03m | €444 | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 7.0% |
| Profit (loss) for the period9904 | €0.006m | €0.04m | €0.08m | -€0.06m | -€0.07m | €0.03m | -€0.1m | -€0.02m | ▲ 80.0% |
| Profit (loss) for the period to be appropriated9905 | €0.006m | €0.04m | €0.08m | -€0.06m | -€0.07m | €0.03m | -€0.1m | -€0.02m | ▲ 80.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €481,256 | €539,838 | €605,933 | €484,446 | €423,480 | €472,523 | €365,890 | €321,086 | ▼ 12.2% |
| Fixed assets21/28 | €100,057 | €57,430 | €43,202 | €64,036 | €51,407 | €42,359 | €32,325 | €22,193 | ▼ 31.3% |
| Intangible fixed assets21 | €51,485 | €38,614 | €25,742 | €12,871 | - | - | - | - | - |
| Tangible fixed assets22/27 | €43,572 | €13,816 | €12,460 | €46,165 | €46,407 | €37,359 | €27,325 | €17,193 | ▼ 37.1% |
| Furniture and vehicles24 | - | - | - | €46,165 | €46,407 | €37,359 | €27,325 | €17,193 | ▼ 37.1% |
| Financial fixed assets28 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Current assets29/58 | €381,199 | €482,408 | €562,731 | €420,410 | €372,073 | €430,164 | €333,565 | €298,893 | ▼ 10.4% |
| Stocks and contracts in progress3 | €29,577 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €254,828 | €295,885 | €262,141 | €198,243 | €188,340 | €240,027 | €200,579 | €205,280 | ▲ 2.3% |
| Trade receivables40 | - | - | - | €197,521 | €187,085 | €239,724 | €200,579 | €205,280 | ▲ 2.3% |
| Other amounts receivable41 | - | - | - | €722 | €1,255 | €303 | - | - | - |
| Cash at bank and in hand54/58 | €96,794 | €184,931 | €298,998 | €217,891 | €180,914 | €189,496 | €132,986 | €93,613 | ▼ 29.6% |
| Deferred charges and accrued income490/1 | - | - | - | €4,276 | €2,819 | €641 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €481,256 | €539,838 | €605,933 | €484,446 | €423,480 | €472,523 | €365,890 | €321,086 | ▼ 12.2% |
| Equity10/15 | €318,910 | €349,984 | €421,304 | €365,247 | €292,233 | €319,319 | €199,414 | €175,464 | ▼ 12.0% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €13,106 | €13,188 | €13,188 | €13,188 | €13,188 | €13,188 | €13,188 | €3,188 | ▼ 75.8% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €11,329 | €11,329 | €11,329 | €11,329 | €1,329 | ▼ 88.3% |
| Profit (loss) carried forward14 | €287,212 | €318,204 | €389,524 | €333,467 | €260,453 | €287,539 | €167,634 | €153,684 | ▼ 8.3% |
| Amounts payable17/49 | €162,346 | €189,854 | €184,629 | €119,199 | €131,247 | €153,204 | €166,476 | €145,622 | ▼ 12.5% |
| Amounts payable after more than one year17 | €8,537 | €2,526 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €145,715 | €187,328 | €184,629 | €119,199 | €131,247 | €153,204 | €166,476 | €145,420 | ▼ 12.6% |
| Trade debts44 | €17,764 | €42,161 | €50,659 | €26,396 | €25,347 | €38,186 | €28,716 | €25,566 | ▼ 11.0% |
| Suppliers440/4 | - | - | - | €26,396 | €25,347 | €38,186 | €28,716 | €25,566 | ▼ 11.0% |
| Taxes, remuneration and social security45 | - | - | - | €92,803 | €105,900 | €115,018 | €137,760 | €119,854 | ▼ 13.0% |
| Taxes450/3 | - | - | - | €17,126 | €31,802 | €32,164 | €50,002 | €32,903 | ▼ 34.2% |
| Remuneration and social security454/9 | - | - | - | €75,677 | €74,098 | €82,854 | €87,758 | €86,951 | ▼ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €202 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,113 | €38,574 | €78,820 | -€56,057 | -€73,014 | €27,086 | -€119,905 | -€23,950 | ▲ 80.0% |
| + Depreciation and write-downs630 | €38,537 | €26,800 | €21,620 | €24,608 | €24,051 | €13,465 | €14,293 | €14,780 | ▲ 3.4% |
| Operating cash flow (approximation) | €44,650 | €65,374 | €100,440 | -€31,449 | -€48,963 | €40,551 | -€105,612 | -€9,170 | ▲ 91.3% |
| Investment in fixed assets (approximation) | - | €15,827 | -€7,392 | -€45,442 | -€11,422 | -€4,417 | -€4,259 | -€4,648 | ▼ 9.1% |
| Change in cash | - | €88,137 | €114,067 | -€81,107 | -€36,977 | €8,582 | -€56,510 | -€39,373 | ▲ 30.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as Korazon has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Korazon itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for Korazon. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 11-09-2026 | 2026-00513591 | |
| 31-03-2025 | abbreviated format | 29-10-2025 | 2025-00552774 | |
| 31-03-2024 | abbreviated format | 09-10-2024 | 2024-00503680 | |
| 31-03-2023 | abbreviated format | 31-10-2023 | 2023-00499381 | |
| 31-03-2022 | abbreviated format | 26-09-2022 | 2022-20436388 | |
| 31-03-2021 | abbreviated format | 24-09-2021 | 2021-68400325 | |
| 31-03-2020 | abbreviated format | 30-09-2020 | 2020-58100134 | |
| 31-03-2019 | abbreviated format | 09-10-2019 | 2019-69300330 | |
| 31-03-2018 | abbreviated format | 21-09-2018 | 2018-64000161 | |
| 31-03-2017 | abbreviated format | 20-09-2017 | 2017-61800139 |