KORMA
ActiveSummary
KORMA has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €747k and a net result of €229k. Equity is shrinking by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 60% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability85▲+3
Solvency67▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60k at 30 days acceptable
Liquidity tight (current ratio 1.18 against 1.26 in 2024; short-term debt: 53.4% and cash: 60.3% of total assets), and 57.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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 →
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
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
42.2%
Return on assets
13%
Age of the figures
9 mo
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 10-04-2026, 112 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
112 d early
2024
on the day
2023
131 d early
2022
123 d early
2021
118 d early
2020
62 d early
2019
143 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€747k▼ 1.3%
2024 · €756k
2018: €1.79M
2019: €1.89M▲ +5.6% vs 2018highest in 8 years
2020: €479k▼ -74.7% vs 2019lowest in 8 years
2021: €597k▲ +24.8% vs 2020
2022: €806k▲ +35.0% vs 2021
2023: €921k▲ +14.3% vs 2022
2024: €756k▼ -17.9% vs 2023
2025: €747k▼ -1.3% vs 2024
2018 → 2025
Total assets
€1.77M▼ 4.4%
2024 · €1.85M
2018: €1.80M
2019: €1.89M▲ +5.3% vs 2018highest in 8 years
2020: €1.03M▼ -45.6% vs 2019lowest in 8 years
2021: €1.15M▲ +11.8% vs 2020
2022: €1.47M▲ +28.2% vs 2021
2023: €1.66M▲ +12.5% vs 2022
2024: €1.85M▲ +11.6% vs 2023
2025: €1.77M▼ -4.4% vs 2024
2018 → 2025
Net result
€229k▲ 19.1%
2024 · €192k
2018: €64klowest in 8 years
2019: €100k▲ +55.6% vs 2018
2020: €138k▲ +38.2% vs 2019
2021: €119k▼ -13.9% vs 2020
2022: €156k▲ +31.5% vs 2021
2023: €235k▲ +50.3% vs 2022highest in 8 years
2024: €192k▼ -18.0% vs 2023
2025: €229k▲ +19.1% vs 2024
2018 → 2025
Working capital
€174k▼ 30.8%
2024 · €251k
2018: €872khighest value
2020: €-359klowest value
2021: €-122k▲ +65.9% vs 2020
2022: €146k▲ +219% vs 2021
2023: €410k▲ +180% vs 2022
2024: €251k▼ -38.6% vs 2023
2025: €174k▼ -30.8% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€597k-€806k▲ 35.0%€921k▲ 14.3%€756k▼ 17.9%€747k▼ 1.3%
2021: €597klowest in 5 years
2022: €806k▲ +35.0% vs 2021
2023: €921k▲ +14.3% vs 2022highest in 5 years
2024: €756k▼ -17.9% vs 2023
2025: €747k▼ -1.3% vs 2024
Operating result€194k-€250k▲ 29.3%€230k▼ 8.3%€276k▲ 20.2%€328k▲ 18.9%
2021: €194klowest in 5 years
2022: €250k▲ +29.3% vs 2021
2023: €230k▼ -8.3% vs 2022
2024: €276k▲ +20.2% vs 2023
2025: €328k▲ +18.9% vs 2024highest in 5 years
Net result€119k-€156k▲ 31.5%€235k▲ 50.3%€192k▼ 18.0%€229k▲ 19.1%
2021: €119klowest in 5 years
2022: €156k▲ +31.5% vs 2021
2023: €235k▲ +50.3% vs 2022highest in 5 years
2024: €192k▼ -18.0% vs 2023
2025: €229k▲ +19.1% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 19% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.77M
Fixed assets
€651k ▲ 5.9%
Current assets
€1.12M ▼ 9.5%
Equity and liabilities €1.77M
Equity
€747k ▼ 1.3%
Debt
€1.02M ▼ 6.6%
Debt's share of the balance-sheet total falls from 59.1% to 57.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€372k▼
2024 · €384k
Cash flow
€273k▼
2024 · €300k
Current ratio
1.18▼
2024 · 1.26
Debt to equity
1.37▼
2024 · 1.45
ROE
30.7%▲
2024 · 25.4%
ROA
13.0%▲
2024 · 10.4%
Interest coverage
10.34▲
2024 · 9.51
Debt ≤ 1 year
€945k▼
2024 · €985k
Income taxes
€76k▲
2024 · €64k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.85M€1.77M▼
Fixed assets21/28€614k€651k▲
Tangible fixed assets22/27€605k€641k▲
Land and buildings22€541k€594k▲
Plant, machinery and equipment23€7k€6k▼
Furniture and vehicles24€56k€40k▼
Financial fixed assets28€10k€10k=
Current assets29/58€1.24M€1.12M▼
Amounts receivable within one year40/41€60k€52k▼
Trade receivables40€48k€36k▼
Other amounts receivable41€12k€16k▲
Cash at bank and in hand54/58€1.18M€1.07M▼
Equity and liabilities
Total equity and liabilities10/49€1.85M€1.77M▼
Equity10/15€756k€747k▼
Contributions10/11€58k€58k=
Capital10€58k€58k=
Issued capital100€58k€58k=
Reserves13€688k€688k=
Non-distributable reserves130/1€161k€161k=
Legal reserve130€161k€161k=
Distributable reserves133€528k€528k=
Profit (loss) carried forward14€10k€331▼
Amounts payable17/49€1.09M€1.02M▼
Amounts payable within one year42/48€985k€945k▼
Trade debts44-€65k
Suppliers440/4-€65k
Taxes, remuneration and social security45€12k€18k▲
Taxes450/3€12k€18k▲
Other amounts payable47/48€973k€862k▼
Accrued charges and deferred income492/3€109k€78k▼
Income statement
Code20242025
Non-recurring operating income76A€44k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€108k€44k▼
Other operating charges640/8€60k€59k▼
Gross operating margin9900€444k€431k▼
Operating profit (loss)9901€276k€328k▲
Financial income75/76B€21k€13k▼
Recurring financial income75€21k€13k▼
Financial charges65/66B€40k€36k▼
Recurring financial charges65€40k€36k▼
Profit (loss) for the period before taxes9903€257k€306k▲
Income taxes67/77€64k€76k▲
Profit (loss) for the period9904€192k€229k▲
Profit (loss) for the period to be appropriated9905€192k€229k▲
Appropriation of the result
Profit (loss) to be appropriated9906€210k€239k▲
Profit (loss) brought forward from the previous period14P€18k€10k▼
Transfer from equity791/2€157k-
Profit to be distributed694/7€357k€239k▼
Return on contributions (dividend)694€357k€239k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €44k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €97k | €92k | €93k | €108k | €44k | ▼ 59.5% |
| Other operating charges640/8 | €41k | €43k | €55k | €60k | €59k | ▼ 1.6% |
| Gross operating margin9900 | €332k | €386k | €378k | €444k | €431k | ▼ 2.9% |
| Operating profit (loss)9901 | €194k | €250k | €230k | €276k | €328k | ▲ 18.9% |
| Financial income75/76B | €1k | - | €108k | €21k | €13k | ▼ 35.9% |
| Recurring financial income75 | €1k | - | €108k | €21k | €13k | ▼ 35.9% |
| Financial charges65/66B | €21k | €21k | €29k | €40k | €36k | ▼ 10.9% |
| Recurring financial charges65 | €21k | €21k | €29k | €40k | €36k | ▼ 10.9% |
| Profit (loss) for the period before taxes9903 | €174k | €229k | €308k | €257k | €306k | ▲ 19.1% |
| Income taxes67/77 | €55k | €73k | €74k | €64k | €76k | ▲ 19.0% |
| Profit (loss) for the period9904 | €119k | €156k | €235k | €192k | €229k | ▲ 19.1% |
| Profit (loss) for the period to be appropriated9905 | €119k | €156k | €235k | €192k | €229k | ▲ 19.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.15M | €1.47M | €1.66M | €1.85M | €1.77M | ▼ 4.4% |
| Fixed assets21/28 | €769k | €681k | €592k | €614k | €651k | ▲ 5.9% |
| Tangible fixed assets22/27 | €759k | €667k | €582k | €605k | €641k | ▲ 6.0% |
| Land and buildings22 | €759k | €667k | €574k | €541k | €594k | ▲ 9.8% |
| Plant, machinery and equipment23 | - | - | €8k | €7k | €6k | ▼ 11.8% |
| Furniture and vehicles24 | - | - | - | €56k | €40k | ▼ 28.7% |
| Financial fixed assets28 | €10k | €14k | €10k | €10k | €10k | = |
| Current assets29/58 | €381k | €794k | €1.07M | €1.24M | €1.12M | ▼ 9.5% |
| Amounts receivable within one year40/41 | €43k | €42k | €44k | €60k | €52k | ▼ 14.1% |
| Trade receivables40 | €26k | €28k | €41k | €48k | €36k | ▼ 25.4% |
| Other amounts receivable41 | €18k | €14k | €3k | €12k | €16k | ▲ 30.9% |
| Cash at bank and in hand54/58 | €330k | €752k | €1.02M | €1.18M | €1.07M | ▼ 9.3% |
| Deferred charges and accrued income490/1 | €8k | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.15M | €1.47M | €1.66M | €1.85M | €1.77M | ▼ 4.4% |
| Equity10/15 | €597k | €806k | €921k | €756k | €747k | ▼ 1.3% |
| Contributions10/11 | €20k | €58k | €58k | €58k | €58k | = |
| Capital10 | €20k | €58k | €58k | €58k | €58k | = |
| Issued capital100 | €20k | €58k | €58k | €58k | €58k | = |
| Revaluation surpluses12 | - | €4k | - | - | - | - |
| Reserves13 | €575k | €727k | €846k | €688k | €688k | = |
| Non-distributable reserves130/1 | €157k | €161k | €161k | €161k | €161k | = |
| Legal reserve130 | €157k | €161k | €161k | €161k | €161k | = |
| Distributable reserves133 | €418k | €567k | €685k | €528k | €528k | = |
| Profit (loss) carried forward14 | €2k | €17k | €18k | €10k | €331 | ▼ 96.7% |
| Amounts payable17/49 | €553k | €668k | €737k | €1.09M | €1.02M | ▼ 6.6% |
| Amounts payable within one year42/48 | €503k | €648k | €657k | €985k | €945k | ▼ 4.1% |
| Trade debts44 | - | €408 | - | - | €65k | - |
| Suppliers440/4 | - | €408 | - | - | €65k | - |
| Taxes, remuneration and social security45 | €3k | €20k | €41k | €12k | €18k | ▲ 50.5% |
| Taxes450/3 | €3k | €20k | €41k | €12k | €18k | ▲ 50.5% |
| Other amounts payable47/48 | €500k | €627k | €616k | €973k | €862k | ▼ 11.4% |
| Accrued charges and deferred income492/3 | €49k | €20k | €80k | €109k | €78k | ▼ 28.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €119k | €156k | €235k | €192k | €229k | ▲ 19.1% |
| + Depreciation and write-downs630 | €97k | €92k | €93k | €108k | €44k | ▼ 59.5% |
| Operating cash flow (approximation) | €216k | €249k | €327k | €300k | €273k | ▼ 9.1% |
| Investment in fixed assets (approximation) | - | €-4k | €-4k | €-130k | €-80k | ▲ 38.8% |
| Change in cash | - | €422k | €271k | €153k | €-109k | ▼ 171% |
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
10-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
22-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €235k ▲50.3%
Net result €235k, the highest in the series.
30-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €500kEq €597k ▲24.8%
4 profitable years in a row build equity to €597k.
30-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Leuven · 1 establishment unit since 1997
Ground area
506 m²
Building footprint
111 m²
Volume, LiDAR
680 m³
Parcel 24126D0371/00G000, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
KORMA
since 19972.083.700.946
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24126D0371/00G000 | Flanders | 506 m² | 1 · 111 m² | 10.4 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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NICHE INVEST
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 4,954 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
Founded10-10-1997
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.