KORTESCH
ActiveSummary
KORTESCH has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €215,964 and a net result of €223,455. Equity is growing by ~24.6% per year across the filed fiscal years. Its solvency ranks better than 33% of 10519 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability98▼-2
Solvency48=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14,000 at 30 days acceptable
Liquidity tight (current ratio 1.44 against 1.41 in 2024; short-term debt: 42% and cash: 3.1% of total assets), and 77.3% of the assets are financed with debt.
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Signals
Four 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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
22.7%
Return on assets
23.4%
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 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
120 d early
2023
106 d early
2022
60 d early
2021
61 d early
2020
36 d early
2019
on the day
← 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 55 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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 31 May (5 of the last 5 filed years within 59 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€215,964▲ 0.2%
2024 · €215,509
Total assets
€953,419▲ 1.7%
2024 · €937,906
Net result
€223,455▼ 29.3%
2024 · €316,116
Working capital
€174,821▲ 19.2%
2024 · €146,659
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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€455,775▲ 26.8%€293,554▼ 35.6%€290,777▼ 0.9%€360,980▲ 24.1%€263,611▼ 27.0%
Net result€430,820above the sector's middle half▲ 29.3%€265,987above the sector's middle half▼ 38.3%€247,698above the sector's middle half▼ 6.9%€316,116above the sector's middle half▲ 27.6%€223,455above the sector's middle half▼ 29.3%
Equity€70,707below the sector's middle half▲ 18.1%€166,694within the sector's middle half▲ 136%€199,393within the sector's middle half▲ 19.6%€215,509within the sector's middle half▲ 8.1%€215,964within the sector's middle half▲ 0.2%
Total assets€504,392within the sector's middle half▼ 11.5%€1.0mwithin the sector's middle half▲ 101%€987,616within the sector's middle half▼ 2.7%€937,906within the sector's middle half▼ 5.0%€953,419within the sector's middle half▲ 1.7%
Debt€433,685▼ 14.9%€848,505▲ 95.6%€788,223▼ 7.1%€722,396▼ 8.4%€737,455▲ 2.1%
Working capital-€44,160below the sector's middle half▲ 17.5%€6,537below the sector's middle half€109,898within the sector's middle half▲ 1,581%€146,659within the sector's middle half▲ 33.5%€174,821within the sector's middle half▲ 19.2%
Solvency14.0%below the sector's middle half▲ 3.5pp16.4%below the sector's middle half▲ 2.4pp20.2%within the sector's middle half▲ 3.8pp23.0%within the sector's middle half▲ 2.8pp22.7%within the sector's middle half▼ 0.3pp
Current ratio0.84below the sector's middle half=1.02below the sector's middle half▲ 0.171.28within the sector's middle half▲ 0.271.41within the sector's middle half▲ 0.131.44within the sector's middle half▲ 0.03
Return on assets (ROA)85.4%above the sector's middle half▲ 27.0pp26.2%above the sector's middle half▼ 59.2pp25.1%above the sector's middle half▼ 1.1pp33.7%above the sector's middle half▲ 8.6pp23.4%above the sector's middle half▼ 10.3pp
Staff (FTE)3.4within the sector's middle half▲ 13.3%3.5within the sector's middle half▲ 2.9%2within the sector's middle half▼ 42.9%4within the sector's middle half▲ 100%4within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 27% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €953,419
Fixed assets
€378,297 ▼ 12.8%
Current assets
€575,122 ▲ 14.0%
Equity and liabilities €953,419
Equity
€215,964 ▲ 0.2%
Debt
€737,455 ▲ 2.1%
Debt's share of the balance-sheet total rises from 77.0% to 77.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€323,264▼
2024 · €422,162
Cash flow
€283,108▼
2024 · €377,299
Quick ratio
1.24▲
2024 · 1.11
Debt to equity
3.41▲
2024 · 3.35
ROE
103.5%▼
2024 · 146.7%
Interest coverage
9.35▼
2024 · 11.23
Debt ≤ 1 year
€400,301▲
2024 · €357,647
Debt > 1 year
€337,154▼
2024 · €364,750
Income taxes
€5,913▼
2024 · €8,509
Staff costs
€172,697▼
2024 · €173,073
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,815 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,662 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% | 1.7% |
| 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 75% 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 3,815 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €10,947 | - | - | - | - |
| Remuneration, social security and pensions62 | €117,473 | €141,536 | €144,997 | €173,073 | €172,697 | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,150 | €29,398 | €67,695 | €61,182 | €59,653 | ▼ 2.5% |
| Other operating charges640/8 | €2,547 | €3,080 | €3,386 | €4,378 | €4,254 | ▼ 2.8% |
| Non-recurring operating charges66A | - | - | €12,426 | - | €1,168 | - |
| Gross operating margin9900 | €602,945 | €467,567 | €519,281 | €599,613 | €501,382 | ▼ 16.4% |
| Operating profit (loss)9901 | €455,775 | €293,554 | €290,777 | €360,980 | €263,611 | ▼ 27.0% |
| Financial income75/76B | €253 | €226 | €657 | €1,234 | €314 | ▼ 74.5% |
| Recurring financial income75 | €253 | €226 | €657 | €1,234 | €314 | ▼ 74.5% |
| Financial charges65/66B | €16,376 | €20,980 | €35,684 | €37,589 | €34,557 | ▼ 8.1% |
| Recurring financial charges65 | €16,376 | €20,980 | €35,684 | €37,589 | €34,557 | ▼ 8.1% |
| Profit (loss) for the period before taxes9903 | €439,652 | €272,800 | €255,750 | €324,625 | €229,368 | ▼ 29.3% |
| Income taxes67/77 | €8,832 | €6,814 | €8,052 | €8,509 | €5,913 | ▼ 30.5% |
| Profit (loss) for the period9904 | €430,820 | €265,987 | €247,698 | €316,116 | €223,455 | ▼ 29.3% |
| Profit (loss) for the period to be appropriated9905 | €430,820 | €265,987 | €247,698 | €316,116 | €223,455 | ▼ 29.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €504,392 | €1.0m | €987,616 | €937,906 | €953,419 | ▲ 1.7% |
| Fixed assets21/28 | €270,216 | €603,761 | €490,303 | €433,600 | €378,297 | ▼ 12.8% |
| Tangible fixed assets22/27 | €268,516 | €602,061 | €488,603 | €431,900 | €376,597 | ▼ 12.8% |
| Land and buildings22 | €216,813 | €210,349 | €207,476 | €200,616 | €193,756 | ▼ 3.4% |
| Plant, machinery and equipment23 | €39,650 | €320,439 | €263,971 | €218,519 | €175,727 | ▼ 19.6% |
| Furniture and vehicles24 | €12,053 | €71,273 | €17,156 | €12,765 | €7,115 | ▼ 44.3% |
| Financial fixed assets28 | €1,700 | €1,700 | €1,700 | €1,700 | €1,700 | = |
| Current assets29/58 | €234,177 | €411,437 | €497,313 | €504,306 | €575,122 | ▲ 14.0% |
| Stocks and contracts in progress3 | €115,217 | €125,106 | €102,393 | €105,543 | €76,766 | ▼ 27.3% |
| Stocks30/36 | €115,217 | €125,106 | €102,393 | €105,543 | €76,766 | ▼ 27.3% |
| Amounts receivable within one year40/41 | €26,081 | €205,683 | €319,056 | €352,395 | €452,899 | ▲ 28.5% |
| Trade receivables40 | - | €4,568 | €197 | - | €20 | - |
| Other amounts receivable41 | €26,081 | €201,116 | €318,860 | €352,395 | €452,879 | ▲ 28.5% |
| Cash at bank and in hand54/58 | €81,807 | €67,291 | €61,590 | €31,719 | €29,808 | ▼ 6.0% |
| Deferred charges and accrued income490/1 | €11,072 | €13,357 | €14,273 | €14,648 | €15,649 | ▲ 6.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €504,392 | €1.0m | €987,616 | €937,906 | €953,419 | ▲ 1.7% |
| Equity10/15 | €70,707 | €166,694 | €199,393 | €215,509 | €215,964 | ▲ 0.2% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €60,707 | €156,694 | €189,393 | €205,509 | €205,964 | ▲ 0.2% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €58,847 | €154,834 | €189,393 | €205,509 | €205,964 | ▲ 0.2% |
| Amounts payable17/49 | €433,685 | €848,505 | €788,223 | €722,396 | €737,455 | ▲ 2.1% |
| Amounts payable after more than one year17 | €155,348 | €443,604 | €400,808 | €364,750 | €337,154 | ▼ 7.6% |
| Financial debts170/4 | €155,348 | €443,604 | €400,808 | €364,750 | €337,154 | ▼ 7.6% |
| Amounts payable within one year42/48 | €278,337 | €404,901 | €387,415 | €357,647 | €400,301 | ▲ 11.9% |
| Current portion of amounts payable after more than one year42 | €17,308 | €70,888 | €108,388 | €76,056 | €78,790 | ▲ 3.6% |
| Financial debts43 | €6,302 | €103,879 | €71,911 | €63,181 | €106,702 | ▲ 68.9% |
| Credit institutions430/8 | €6,302 | €103,879 | €71,911 | €63,181 | €106,702 | ▲ 68.9% |
| Trade debts44 | €216,516 | €204,862 | €180,572 | €176,031 | €171,068 | ▼ 2.8% |
| Suppliers440/4 | €216,516 | €204,862 | €180,572 | €176,031 | €171,068 | ▼ 2.8% |
| Taxes, remuneration and social security45 | €35,938 | €25,271 | €26,543 | €42,378 | €43,740 | ▲ 3.2% |
| Taxes450/3 | €4,488 | €1,237 | €1,979 | €5,143 | €5,040 | ▼ 2.0% |
| Remuneration and social security454/9 | €31,451 | €24,035 | €24,564 | €37,236 | €38,699 | ▲ 3.9% |
| Other amounts payable47/48 | €2,272 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €430,820 | €265,987 | €247,698 | €316,116 | €223,455 | ▼ 29.3% |
| + Depreciation and write-downs630 | €27,150 | €29,398 | €67,695 | €61,182 | €59,653 | ▼ 2.5% |
| Operating cash flow (approximation) | €457,970 | €295,385 | €315,394 | €377,299 | €283,108 | ▼ 25.0% |
| Investment in fixed assets (approximation) | - | -€362,944 | €45,763 | -€4,480 | -€4,350 | ▲ 2.9% |
| Change in cash | - | -€14,516 | -€5,701 | -€29,872 | -€1,911 | ▲ 93.6% |
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
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €223,455 ▼29.3%
Net result drops to €223,455, the lowest in the series.
02-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €200,000Eq €215,509 ▲8.1%
7 profitable years in a row build equity to €215,509.
16-04
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
Equity above €150,000Eq €166,694 ▲136%
5 profitable years in a row build equity to €166,694.
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €430,820 ▲29.3%
Operating result €455,775, net result €430,820, both a record.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
02-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-03
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 3 acts read
About the unread acts
We know of 3 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
3 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, Nieuwpoort · 1 establishment unit since 2004
Ground area
477 m²
Building footprint
474 m²
Volume, LiDAR
2,629 m³
Parcel 38402D0101/00C000, Flanders · tallest building 15.3 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
KORTESCH
since 20042.142.214.217
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38402D0101/00C000 | Flanders | 477 m² | 1 · 474 m² | 15.3 m · 1 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.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 6 entries · 4,960 EUR awarded · 5,158 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 2 | -7,992 EUR | 263 EUR |
| 2023 | 2 | 0 EUR | 4,055 EUR |
| 2022 | 2 | 12,952 EUR | 840 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 site · 1 with a smileyNieuwpoort2.142.214.217
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Of 10,510 companies in sector 47110 we hold annual accounts for 5,854. 4,149 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
Founded16-08-2004
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
47621Retail sale of newspapers and periodicals
E-invoicing
Reachable via Peppol
Peppol ID
0208:0866800809
Also
9925:BE0866800809
Registered
03-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.