Summary
KOVU 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 €817,334 and a net result of -€22,782. Equity is growing by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 73% of 1502 sector peers (fiscal year 2025). The company has been active since 1992 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 · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-08-2026, 23 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 · 10 filingsDeviation from the deadline
2025
23 d late
2024
31 d late
2023
79 d late
2022
32 d late
2021
30 d late
2020
30 d late
2019
31 d late
← 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 37 days after 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 31 August (4 of the last 5 filed years within 30 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
€817,334▼ 2.7%
2024 · €840,116
Net result
-€22,782
2024 · €57,343
Total assets
€1.2m▼ 5.0%
2024 · €1.3m
Solvency
65.7%▲ 1.6pp
2024 · 64.1%
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€10,474▲ 3.4%€4,257▼ 59.4%€106,311▲ 2,397%€78,515▼ 26.1%€35,698▼ 54.5%
Net result-€862below the sector's middle half€3,118below the sector's middle half€60,532within the sector's middle half▲ 1,842%€57,343within the sector's middle half▼ 5.3%-€22,782below the sector's middle half
Equity€719,146above the sector's middle half▼ 0.1%€721,952within the sector's middle half▲ 0.4%€782,774above the sector's middle half▲ 8.4%€840,116above the sector's middle half▲ 7.3%€817,334above the sector's middle half▼ 2.7%
Total assets€1.2mwithin the sector's middle half▼ 2.7%€1.2mwithin the sector's middle half▲ 0.5%€1.3mwithin the sector's middle half▲ 1.6%€1.3mwithin the sector's middle half▲ 4.4%€1.2mwithin the sector's middle half▼ 5.0%
Debt€510,587▼ 6.1%€513,648▲ 0.6%€472,765▼ 8.0%€470,279▼ 0.5%€427,385▼ 9.1%
Working capital-€381,806below the sector's middle half▲ 9.7%-€379,001below the sector's middle half▲ 0.7%-€367,345below the sector's middle half▲ 3.1%-€223,122below the sector's middle half▲ 39.3%-€222,916below the sector's middle half▲ 0.1%
Solvency58.5%within the sector's middle half▲ 1.5pp58.4%within the sector's middle half▼ 0.1pp62.3%within the sector's middle half▲ 3.9pp64.1%within the sector's middle half▲ 1.8pp65.7%within the sector's middle half▲ 1.6pp
Current ratio0.25below the sector's middle half▲ 0.030.26below the sector's middle half▲ 0.010.22below the sector's middle half▼ 0.040.52below the sector's middle half▲ 0.300.48below the sector's middle half▼ 0.05
Return on assets (ROA)-0.1%below the sector's middle half▼ 0.5pp0.3%below the sector's middle half▲ 0.3pp4.8%within the sector's middle half▲ 4.6pp4.4%within the sector's middle half▼ 0.4pp-1.8%below the sector's middle half▼ 6.2pp
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 schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 55% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.0m ▼ 2.2%
Current assets
€202,363 ▼ 17.4%
Equity and liabilities €1.2m
Equity
€817,334 ▼ 2.7%
Debt
€427,385 ▼ 9.1%
Debt's share of the balance-sheet total falls from 35.9% to 34.3%. Equity and debt are lower.
Key figures and ratios
ROE
-2.8%▼
2024 · 6.8%
Debt ≤ 1 year
€425,279▼
2024 · €468,223
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 | - | - | - | €50,494 | €5,081 | ▼ 89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,722 | - | €27,503 | €26,541 | €22,938 | ▼ 13.6% |
| Other operating charges640/8 | €255 | - | - | €2,812 | €621 | ▼ 77.9% |
| Non-recurring operating charges66A | - | - | €1,990 | - | - | - |
| Gross operating margin9900 | €52,451 | €4,257 | €135,804 | €107,868 | €59,257 | ▼ 45.1% |
| Operating profit (loss)9901 | €10,474 | €4,257 | €106,311 | €78,515 | €35,698 | ▼ 54.5% |
| Financial income75/76B | - | - | - | €619 | - | - |
| Recurring financial income75 | - | - | - | €619 | - | - |
| Financial charges65/66B | €109 | €5 | €23,663 | €124 | €58,480 | ▲ 47,077% |
| Recurring financial charges65 | €109 | €5 | €23,663 | €124 | €58,480 | ▲ 47,077% |
| Profit (loss) for the period before taxes9903 | €10,365 | €4,252 | €82,648 | €79,010 | -€22,782 | ▼ 129% |
| Income taxes67/77 | €11,227 | €1,135 | €22,116 | €21,668 | - | - |
| Profit (loss) for the period9904 | -€862 | €3,118 | €60,532 | €57,343 | -€22,782 | ▼ 140% |
| Profit (loss) for the period to be appropriated9905 | -€862 | €3,118 | €60,532 | €57,343 | -€22,782 | ▼ 140% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.2m | €1.3m | €1.3m | €1.2m | ▼ 5.0% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | ▼ 2.2% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.1m | €965,244 | €942,306 | ▼ 2.4% |
| Land and buildings22 | €1.1m | €1.1m | €1.0m | €958,284 | €937,159 | ▼ 2.2% |
| Plant, machinery and equipment23 | €9,818 | €9,818 | €8,774 | €6,960 | €5,147 | ▼ 26.1% |
| Financial fixed assets28 | €50 | €50 | €100,050 | €100,050 | €100,050 | = |
| Current assets29/58 | €128,781 | €134,647 | €105,420 | €245,101 | €202,363 | ▼ 17.4% |
| Amounts receivable within one year40/41 | €20,586 | €20,711 | €37,145 | €32,009 | €15,605 | ▼ 51.2% |
| Trade receivables40 | €18,338 | €18,338 | €30,761 | €30,761 | €15,605 | ▼ 49.3% |
| Other amounts receivable41 | €2,248 | €2,373 | €6,384 | €1,248 | - | - |
| Cash at bank and in hand54/58 | €106,326 | €112,068 | €67,784 | €212,634 | €186,458 | ▼ 12.3% |
| Deferred charges and accrued income490/1 | €1,869 | €1,869 | €491 | €457 | €299 | ▼ 34.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.3m | €1.3m | €1.2m | ▼ 5.0% |
| Equity10/15 | €719,146 | €721,952 | €782,774 | €840,116 | €817,334 | ▼ 2.7% |
| Contributions10/11 | €738,000 | €738,000 | €738,000 | €738,000 | €738,000 | = |
| Profit (loss) carried forward14 | -€18,854 | -€16,048 | €44,774 | €102,116 | €79,334 | ▼ 22.3% |
| Amounts payable17/49 | €510,587 | €513,648 | €472,765 | €470,279 | €427,385 | ▼ 9.1% |
| Amounts payable within one year42/48 | €510,587 | €513,648 | €472,765 | €468,223 | €425,279 | ▼ 9.2% |
| Trade debts44 | €50,859 | €52,472 | €59,252 | €63,458 | €32,194 | ▼ 49.3% |
| Suppliers440/4 | €50,859 | €52,472 | €59,252 | €63,458 | €32,194 | ▼ 49.3% |
| Taxes, remuneration and social security45 | €3,710 | €5,157 | €25,224 | €21,668 | €17,477 | ▼ 19.3% |
| Taxes450/3 | €3,710 | €5,157 | €25,224 | €21,668 | €17,477 | ▼ 19.3% |
| Other amounts payable47/48 | €456,018 | €456,018 | €388,289 | €383,098 | €375,607 | ▼ 2.0% |
| Accrued charges and deferred income492/3 | - | - | - | €2,056 | €2,106 | ▲ 2.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€862 | €3,118 | €60,532 | €57,343 | -€22,782 | ▼ 140% |
| + Depreciation and write-downs630 | €41,722 | - | €27,503 | €26,541 | €22,938 | ▼ 13.6% |
| Operating cash flow (approximation) | €40,861 | €3,118 | €88,035 | €83,883 | €156 | ▼ 99.8% |
| Investment in fixed assets (approximation) | - | €0 | -€76,669 | €58,284 | €0 | ▼ 100% |
| Change in cash | - | €5,741 | -€44,284 | €144,850 | -€26,176 | ▼ 118% |
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
23-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 23 days late
2025
31-12
Financial
Weakest financial yearnet -€22,782
Net result drops to -€22,782, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 31 days late
2024
18-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 79 days late
2023
31-12
Financial
Highest result since 2018net €60,532 ▲1,842%
Operating result €106,311, net result €60,532, both a record.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 32 days late
2022
31-12
Financial
Back to profitnet €3,118
Net result €3,118 after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 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, Brugge
Ground area
410 m²
Building footprint
179 m²
Volume, LiDAR
1,554 m³
Parcel 31803C1231/00A000, Flanders · tallest building 13.4 m, ±3 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31803C1231/00A000 | Flanders | 410 m² | 1 · 179 m² | 13.4 m · 3 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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Of 592 companies in sector 66300 we hold annual accounts for 366. 225 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
Founded10-04-1992
Fiscal year end31-12
Activities, NACEBEL 2025
66300Activities auxiliary to financial services and insurance activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0447156142
Also
9925:BE0447156142
Registered
10-12-2025
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.