Summary
Kormades is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.2m and a net result of -€29,978. Equity is shrinking by ~4% per year across the filed fiscal years. Its solvency ranks better than 95% of 1501 sector peers (fiscal year 2025). The company has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
34 d early
2023
35 d early
2022
60 d early
2021
33 d early
2020
32 d early
2019
43 d early
← 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 38 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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 27 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#4 company by equity in Bredene, Finance and insurance sector#8 company by total assets in Bredene, Finance and insurance sector#8 oldest company in Bredene, Finance and insurance sector
Equity
€1.2m▼ 2.4%
2024 · €1.2m
Net result
-€29,978
2024 · €6,677
Total assets
€1.2m▼ 2.6%
2024 · €1.2m
Solvency
99.4%▲ 0.2pp
2024 · 99.2%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance 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
Line20212022202320242025
Operating result-€6,935▲ 15.7%-€4,052▲ 41.6%€8,336€9,414▲ 12.9%-€30,772
Net result-€8,159below the sector's middle half▲ 17.5%€105,255within the sector's middle half€6,049below the sector's middle half▼ 94.3%€6,677below the sector's middle half▲ 10.4%-€29,978below the sector's middle half
Equity€1.4mabove the sector's middle half▼ 7.0%€1.4mabove the sector's middle half▼ 1.2%€1.3mabove the sector's middle half▼ 5.8%€1.2mabove the sector's middle half▼ 7.3%€1.2mabove the sector's middle half▼ 2.4%
Total assets€1.5mwithin the sector's middle half▼ 7.2%€1.5mwithin the sector's middle half▼ 1.3%€1.4mwithin the sector's middle half▼ 5.9%€1.2mwithin the sector's middle half▼ 8.9%€1.2mwithin the sector's middle half▼ 2.6%
Debt€38,966▼ 14.8%€37,325▼ 4.2%€33,610▼ 10.0%€9,630▼ 71.3%€7,472▼ 22.4%
Working capital€399,206above the sector's middle half▼ 21.5%€379,602above the sector's middle half▼ 4.9%€295,988within the sector's middle half▼ 22.0%€155,179within the sector's middle half▼ 47.6%€144,673within the sector's middle half▼ 6.8%
Solvency97.4%above the sector's middle half▲ 0.2pp97.4%above the sector's middle half▲ 0.1pp97.5%above the sector's middle half▲ 0.1pp99.2%above the sector's middle half▲ 1.7pp99.4%above the sector's middle half▲ 0.2pp
Current ratio27.99above the sector's middle half▼ 16.9917.40above the sector's middle half▼ 10.5911.06above the sector's middle half▼ 6.3417.11above the sector's middle half▲ 6.0621.51above the sector's middle half▲ 4.39
Return on assets (ROA)-0.6%below the sector's middle half▲ 0.1pp7.2%within the sector's middle half▲ 7.8pp0.4%below the sector's middle half▼ 6.8pp0.5%below the sector's middle half▲ 0.1pp-2.5%below the sector's middle half▼ 3.0pp
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €30,772 after €9,414 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.1m ▼ 1.8%
Current assets
€151,727 ▼ 7.9%
Equity and liabilities €1.2m
Equity
€1.2m ▼ 2.4%
Debt
€7,472 ▼ 22.4%
Debt's share of the balance-sheet total falls from 0.8% to 0.6%. Equity and debt are lower.
Key figures and ratios
ROE
-2.5%▼
2024 · 0.5%
Debt ≤ 1 year
€7,054▼
2024 · €9,630
Income taxes
-€34▼
2024 · €2,905
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,461 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,253 | €9,150 | €9,361 | €17,143 | €19,055 | ▲ 11.2% |
| Other operating charges640/8 | €2,017 | €1,988 | €2,161 | €2,301 | €3,381 | ▲ 46.9% |
| Gross operating margin9900 | €4,334 | €7,086 | €19,858 | €28,858 | -€8,336 | ▼ 129% |
| Operating profit (loss)9901 | -€6,935 | -€4,052 | €8,336 | €9,414 | -€30,772 | ▼ 427% |
| Financial income75/76B | €0 | €120,833 | €371 | €771 | €941 | ▲ 22.1% |
| Recurring financial income75 | €0 | €120,833 | €371 | €771 | €941 | ▲ 22.1% |
| Financial charges65/66B | €943 | €713 | €1,111 | €603 | €181 | ▼ 69.9% |
| Recurring financial charges65 | €943 | €713 | €1,111 | €603 | €181 | ▼ 69.9% |
| Profit (loss) for the period before taxes9903 | -€7,878 | €116,068 | €7,596 | €9,581 | -€30,012 | ▼ 413% |
| Income taxes67/77 | €280 | €10,813 | €1,548 | €2,905 | -€34 | ▼ 101% |
| Profit (loss) for the period9904 | -€8,159 | €105,255 | €6,049 | €6,677 | -€29,978 | ▼ 549% |
| Profit (loss) for the period to be appropriated9905 | -€8,159 | €105,255 | €6,049 | €6,677 | -€29,978 | ▼ 549% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.5m | €1.4m | €1.2m | €1.2m | ▼ 2.6% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €1.1m | €1.1m | ▼ 1.8% |
| Tangible fixed assets22/27 | €193,366 | €185,053 | €175,692 | €214,314 | €195,259 | ▼ 8.9% |
| Land and buildings22 | €188,149 | €180,806 | €173,463 | €166,120 | €158,777 | ▼ 4.4% |
| Plant, machinery and equipment23 | - | €769 | €490 | €211 | - | - |
| Furniture and vehicles24 | €5,217 | €3,478 | €1,739 | €47,983 | €36,482 | ▼ 24.0% |
| Financial fixed assets28 | €870,000 | €870,000 | €870,000 | €870,000 | €870,000 | = |
| Current assets29/58 | €413,999 | €402,753 | €325,424 | €164,809 | €151,727 | ▼ 7.9% |
| Amounts receivable within one year40/41 | €220 | €35 | €962 | €8,603 | €14,083 | ▲ 63.7% |
| Trade receivables40 | - | - | - | €7,500 | €13,260 | ▲ 76.8% |
| Other amounts receivable41 | €220 | €35 | €962 | €1,103 | €823 | ▼ 25.4% |
| Cash at bank and in hand54/58 | €412,563 | €401,445 | €313,112 | €154,727 | €136,411 | ▼ 11.8% |
| Deferred charges and accrued income490/1 | €1,216 | €1,273 | €11,350 | €1,479 | €1,234 | ▼ 16.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.4m | €1.2m | €1.2m | ▼ 2.6% |
| Equity10/15 | €1.4m | €1.4m | €1.3m | €1.2m | €1.2m | ▼ 2.4% |
| Contributions10/11 | €870,000 | €870,000 | €870,000 | €870,000 | €870,000 | = |
| Reserves13 | €568,399 | €550,481 | €467,506 | €369,493 | €339,515 | ▼ 8.1% |
| Non-distributable reserves130/1 | €87,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | €87,000 | - | - | - | - | - |
| Distributable reserves133 | €481,399 | €550,481 | €467,506 | €369,493 | €339,515 | ▼ 8.1% |
| Amounts payable17/49 | €38,966 | €37,325 | €33,610 | €9,630 | €7,472 | ▼ 22.4% |
| Amounts payable after more than one year17 | €24,167 | €14,167 | €4,167 | - | - | - |
| Financial debts170/4 | €24,167 | €14,167 | €4,167 | - | - | - |
| Amounts payable within one year42/48 | €14,792 | €23,151 | €29,436 | €9,630 | €7,054 | ▼ 26.7% |
| Current portion of amounts payable after more than one year42 | €10,000 | €10,000 | €10,000 | €4,167 | - | - |
| Trade debts44 | €1,337 | €175 | €1,601 | €417 | €1,074 | ▲ 157% |
| Suppliers440/4 | €1,337 | €175 | €1,601 | €417 | €1,074 | ▲ 157% |
| Taxes, remuneration and social security45 | €2,114 | €9,453 | €13,575 | €1,098 | €1,805 | ▲ 64.4% |
| Taxes450/3 | €2,114 | €9,453 | €13,575 | €1,098 | €1,805 | ▲ 64.4% |
| Other amounts payable47/48 | €1,342 | €3,524 | €4,260 | €3,948 | €4,175 | ▲ 5.8% |
| Accrued charges and deferred income492/3 | €7 | €7 | €7 | - | €418 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,159 | €105,255 | €6,049 | €6,677 | -€29,978 | ▼ 549% |
| + Depreciation and write-downs630 | €9,253 | €9,150 | €9,361 | €17,143 | €19,055 | ▲ 11.2% |
| Operating cash flow (approximation) | €1,094 | €114,405 | €15,410 | €23,820 | -€10,923 | ▼ 146% |
| Investment in fixed assets (approximation) | - | -€837 | €0 | -€55,766 | €0 | ▲ 100% |
| Change in cash | - | -€11,118 | -€88,333 | -€158,386 | -€18,316 | ▲ 88.4% |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€29,978
Net result drops to -€29,978, the lowest in the series.
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €105,255
Net result €105,255 after 3 loss-making years.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-06
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 4 acts read
About the unread acts
We know of 4 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
4 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, Bredene · 1 establishment unit since 2010
Ground area
782 m²
Building footprint
263 m²
Volume, LiDAR
2,461 m³
Parcel 35002B0232/00V000, Flanders · tallest building 12.2 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Kormades
since 20102.186.084.842
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35002B0232/00V000 | Flanders | 782 m² | 1 · 263 m² | 12.2 m · 4 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
97%
According to the 2025 annual accounts of Kormades and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 853 companies in sector 66210 we hold annual accounts for 511. 269 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
Founded17-03-2010
Fiscal year end31-12
Activities, NACEBEL 2025
66210Risk and damage evaluation
64210Activities of holding companies
66300Activities auxiliary to financial services and insurance activities
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0824014208
Also
9925:BE0824014208
Registered
01-04-2025
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.