Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
Of this, €594,490 falls due within a year.
Green is investment, beige is depreciation.
Less equity than 83% of companies in real estate. Sector median €73,060 · 17,215 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 26,627 companies (NACE 68, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 19% of them on solvency, 28% on liquidity, 40% on profitability and 2% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,564 companies had the same profile as Kovatech has now. Each dot stands for 4 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Kovatech itself is lower: 0.6% within 12 months. It rests on far more data about Kovatech than the profile alone.
The method was tested on the 497,448 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 1,564 companies, not a prediction for Kovatech. 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.
Liquidity is insufficient, with a current ratio of 0.77, below 1. Short-term debt is 38.3% and cash 2.5% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 2 accounts on average 31 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
These companies have the same main activity as Kovatech: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €1.4m and €1.7m, founded between 2020 and 2021.
Kovatech has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€10,008) and a net result of -€13,320.
Its solvency ranks better than 19% of 17,199 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €210,000. Estimated: probably between €160,000 and €400,000.
Higher than 19% of 17,199 companies in 2025.
Higher than 37% of 16,496 companies in 2025.
Higher than 31% of 16,875 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 4 people joined and 1 left. Training hours in 2025: 1.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
1.6m | 5,000 | |
21/28 |
1.1m | - | |
21 |
674,793 | - | |
22/27 |
418,186 | - | |
22 |
348,129 | - | |
24 |
70,057 | - | |
29/58 |
458,406 | 5,000 | |
3 |
159,758 | - | |
30/36 |
159,758 | - | |
40/41 |
255,755 | - | |
40 |
255,753 | - | |
41 |
2 | - | |
54/58 |
38,635 | 5,000 | |
490/1 |
4,259 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
1.6m | 5,000 | |
10/15 |
-10,008 | 5,000 | |
10/11 |
5,000 | 5,000 | |
14 |
-15,008 | - | |
17/49 |
1.6m | - | |
17 |
966,583 | - | |
170/4 |
966,583 | - | |
42/48 |
594,490 | - | |
42 |
125,207 | - | |
44 |
327,384 | - | |
440/4 |
327,384 | - | |
46 |
586 | - | |
45 |
63,592 | - | |
450/3 |
49,999 | - | |
454/9 |
13,593 | - | |
47/48 |
77,721 | - | |
492/3 |
319 | - | |
| Income statement | |||
9900 |
119,424 | - | |
62 |
51,446 | - | |
630 |
57,262 | - | |
640/8 |
3,858 | - | |
9901 |
6,858 | - | |
75/76B |
32 | - | |
75 |
32 | - | |
65/66B |
20,211 | - | |
65 |
18,211 | - | |
66B |
2,000 | - | |
9903 |
-13,320 | - | |
9904 |
-13,320 | - | |
9905 |
-13,320 | - | |
| Appropriation of the result | |||
9906 |
-15,008 | - | |
14P |
-1,688 | - | |
| Social balance sheet | |||
9087 |
0.7 | - | |
Hours worked1013 |
1,150 | - | |
| Document | |||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 10-08-2026.
2025 annual accounts filed 10 days after the deadline. Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00389730.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| 64,120 | - | ||
| 43,941 | - | ||
| 1.1m | - | ||
| 33,635 | - | ||
| -136,084 | - | ||
| -0.6% | 100.0% | ||
| 0.77 | - | ||
| 0.50 | - | ||
| -0.9% | - | ||
| 3.52 | - |
A ratio outside any meaningful range has been withheld (balance sheet total €1.6m, equity -€10,008).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 3 |
| full-time | 2 |
| part-time | 1 |
| in full-time equivalents | 2.8 |
| 0.7 | |
| On a permanent contract | 3 |
| Joined | 4 |
| Left | 1 |
| Training hours | 1 |
Source: social balance sheet in the 2025 annual accounts
| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €465,785 | - |
| Intangible fixed assets | €682,000 | - |
| €57,262 | - |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is €6,858. 2025 is the only financial year with this figure.
Equity is negative. Debt (€1.6m) exceeds the balance-sheet total (€1.6m).
Kovatech has no parent and no holdings in its annual accounts. BERNAERT Michaël Alexandre Dominique Alain is the only director.
| Debaere, Tonia (sole trader)
establishment since 18-05-2005 |
founded in 2005 0874.528.046 |
| Horeca Management Advies via MAERTENS Johan, at Kovatech until 2025 · Director (not named in the articles) · deed of 19-06-2020 Open bankruptcy · founded in 2018 |
total assets €739,187 (2022) |
| Het Pandschap Brugge via Maertens Guido (at Kovatech until 2025) and MAERTENS Johan (at Kovatech until 2025) · Director (not named in the articles) · deed of 03-06-2021 founded in 2021 · negative equity (2024) · accounts filed late |
total assets €84,417 (2024) |
| HERW!N via Maertens Guido, at Kovatech until 2025 · Director · deed of 27-08-2019 founded in 1994 |
15 FTE (2025) |
| Het Pandschap via Maertens Guido, at Kovatech until 2025 · Director · deed of 18-08-2026 founded in 2018 |
total assets €785,113 (2025) |
| Cultuurplatform SPELING via Maertens Guido, at Kovatech until 2025 · Director · deed of 07-02-2023 |
founded in 2013 |
| Energie voor Duurzaam Ondernemen via Maertens Guido, at Kovatech until 2025 · Director · deed of 26-10-2020 |
founded in 2020 |
| Poppentheater Uilenspiegel Brugge via Maertens Guido, at Kovatech until 2025 · Director · deed of 03-04-2025 |
founded in 2018 |
| ROTARY CLUB MALDEGEM via MAERTENS Johan, at Kovatech until 2025 · Director · deed of 28-09-2021 |
founded in 2002 |
| Sleutelwonen via Maertens Guido, at Kovatech until 2025 · Director · deed of 28-11-2023 |
founded in 2023 |
| Samenwerkingsverband Sociale Tewerkstelling via Maertens Guido, at Kovatech until 2025 · Director · deed of 22-08-2019 No longer active |
total assets €1 (2020) |
| DE KORTE KETEN via Maertens Guido, at Kovatech until 2025 · Director · deed of 20-02-2018 No longer active |
Deadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Kovatech was incorporated on 19 October 2020 as a private limited company by two natural persons, with a starting capital of €5,000.12 The name was changed to Kovatech in 2025.3 The registered office was moved to Beernem in 2025.3 Since 2025, BERNAERT Michaël Alexandre Dominique Alain has served as director.4
| Establishment | Since | Unit number |
|---|---|---|
| Kardinaal Cardijnlaan 19 registered office 8730 Beernem 46431 Wholesale of electrical household appliances and audio-video equipment | 04-01-2021 | 2.312.011.628 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 31003G0090/00C000 | 186 m² | 1 · 107 m² | 8.6 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0756.746.884
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