Kovalam
ActiveKovalam has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-541k) and a net result of €-93k. Equity is shrinking by ~30.2% per year across the filed fiscal years. Its solvency ranks better than 5% of 4522 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
27
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability13▼-1
Solvency0▼-7
Growth58=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.83 against 0.95 in 2023; short-term debt: 118.6% and cash: 0.1% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
Sector 68
lower
← 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 2025Solvency, return and age of the figures
Solvency
-27.3%
Return on assets
-4.7%
Age of the figures
15 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2021222325
2020 to 2025 · latest year €-541k
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 27-02-2026, 27 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 · 8 filingsDeviation from the deadline
2025
27 d late
2023
on the day
2022
28 d late
2021
on the day
2020
29 d late
2018
13 d late
2017
54 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close19-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-93k▲ 0.5%
2023 · €-93k
2020: €-198k
2021: €162k
2022: €-344k
2023: €-93k
2020 → 2025
Working capital
€-401k▼ 243%
2023 · €-117k
2020: €796k
2021: €671k
2022: €-29k
2023: €-117k
2020 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232025Trend
Equity€-121k-€40k€-304k€-397k▼ 30.7%€-541k▼ 36.2%
Operating result€-165k-€181k€-316k€-85k▲ 72.9%€-90k▼ 4.7%
Net result€-198k-€162k€-344k€-93k▲ 72.9%€-93k▲ 0.5%
Result per fiscal year
Operating resultNet result
The operating result is €-90k in 2025, compared with €-85k in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €1.98M
Fixed assets
€32k▲ 327%
Current assets
€1.95M▼ 12.3%
Key figures and ratios
EBITDA
€-82k▼
2023 · €-80k
Cash flow
€-85k▲
2023 · €-88k
Solvency
-27.3%▼
2023 · -17.8%
Current ratio
0.83▼
2023 · 0.95
Quick ratio
0.05▼
2023 · 0.27
Debt / equity
-4.66▲
2023 · -6.61
ROA
-4.7%▼
2023 · -4.2%
Interest coverage
-24.45▼
2023 · -10.11
Debt
€2.52M▼
2023 · €2.63M
Debt ≤ 1 year
€2.35M▲
2023 · €2.34M
Debt > 1 year
€155k▼
2023 · €288k
Staff costs
€39k▼
2023 · €43k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2023
Balance sheet
Code20232025
Assets
Total assets20/58€2.23M€1.98M▼
Fixed assets21/28€7k€32k▲
Tangible fixed assets22/27€688€31k▲
Furniture and vehicles24€688€31k▲
Financial fixed assets28€7k€597▼
Current assets29/58€2.22M€1.95M▼
Stocks and contracts in progress3€1.59M€1.84M▲
Stocks30/36€1.59M€1.84M▲
Amounts receivable within one year40/41€615k€109k▼
Trade receivables40€172k€80k▼
Other amounts receivable41€443k€29k▼
Cash at bank and in hand54/58€14k€1k▼
Deferred charges and accrued income490/1-€244
Equity and liabilities
Total equity and liabilities10/49€2.23M€1.98M▼
Equity10/15€-397k€-541k▼
Contributions10/11€100k€100k=
Profit (loss) carried forward14€-497k€-641k▼
Amounts payable17/49€2.63M€2.52M▼
Amounts payable after more than one year17€288k€155k▼
Financial debts170/4€288k€155k▼
Amounts payable within one year42/48€2.34M€2.35M▲
Current portion of amounts payable after more than one year42-€11k
Trade debts44€168k€2k▼
Suppliers440/4€168k€2k▼
Taxes, remuneration and social security45€24k€31k▲
Taxes450/3€8k€26k▲
Remuneration and social security454/9€16k€5k▼
Other amounts payable47/48€2.15M€2.31M▲
Accrued charges and deferred income492/3-€17k
Income statement
Code20232025
Remuneration, social security and pensions62€43k€39k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€8k▲
Other operating charges640/8€6k€16k▲
Gross operating margin9900€-32k€-27k▲
Operating profit (loss)9901€-85k€-90k▼
Financial income75/76B-€0
Recurring financial income75-€0
Financial charges65/66B€8k€3k▼
Recurring financial charges65€8k€3k▼
Profit (loss) for the period before taxes9903€-93k€-93k▲
Profit (loss) for the period9904€-93k€-93k▲
Profit (loss) for the period to be appropriated9905€-93k€-93k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-497k€-641k▼
Profit (loss) brought forward from the previous period14P€-404k€-548k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-02
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
28-02
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
30-06
Financial
Weakest financial yearnet €-344k ▼313%
Net result drops to €-344k, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
Financial
Back to profitnet €162k
Net result €162k after one loss-making year.
01-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 29 days late
2019
13-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 13 days late
2018
23-04
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 54 days late
2017
07-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 7 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Vorst · 2 establishment units since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Penelopelaan 691190 VorstGround area
1,226 m²
Building footprint
474 m²
Volume, LiDAR
3,930 m³
2 parcels, Brussels · tallest building 14.6 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
Penelopelaan 69, 1190 Vorst
since 20152.249.320.528
EK Development
since 20212.321.336.989
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21614H0026/00P009 | Brussels | 927 m² | 1 · 402 m² | 14.6 m · 2 fl. |
| 21383B0020/00S056 | Brussels | 299 m² | 1 · 72 m² | 11.9 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
DOMO BUILD
BE 0875.380.656
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Bureau SAVINI
BE 0896.923.069
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TEXXIS
BE 0865.396.386
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VANRILLAER ET COMPAGNIE
BE 0431.701.666
Sint-Jans-Molenbeek · Eq €40k
THITHO CONSULTING
BE 0479.271.258
Schoten · Eq €40k
Of 7,322 companies in sector 68110 we hold annual accounts for 5,382. 3,114 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded27-08-2015
Fiscal year end30-06
Activities, NACEBEL
68110Buying and selling of own real estate
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.