Checked.be
Active
BE 0831.407.487Private limited company (pre-2019)
KSA-Solutions
Grotesteenweg 12 ·2440 Geel, Belgium· 15 yrs active
Sector: Other manufacturing not elsewhere classified
(32990)
Conclusion
KSA-Solutions has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-86k) and a net result of €-134k. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 15% of 622 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €-86k |
| Net result | €-134k |
| Better than sector | 15% |
| Active | 15 yrs |
Financial profile
56
/ 100
Mixed profile: strong on profitability, weaker on health.
All 5 axes are computed from data Checked has read.
Health
7
Profitability
100
Solvency
41
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2010, 15 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
7
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
No credit
negative equity or figures too weak
Score history
60
2021
17
2022
66
2023
51
2024
7
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.86 (< 1.0)
-10
Quick ratio
Quick ratio 0.44 (< 0.6)
-5
Equity
Negative equity
-25
Profitability
ROE 155% (≥ 10%)
+10
Interest coverage
Interest coverage -4.0× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 04-11-2025 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
stable
Equity: stable across 5 fiscal years (±1.3%/year).
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 32, Other manufacturing · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -17.8% | 40.9% | |
| Net result | €-134k | €6k | |
| Equity | €-86k | €50k | |
| Gross operating margin | €-75k | €34k | |
| Staff costs | €23k | €61k |
€-104k
-
21-25
€-134k
-
21-25
€-129k
-
21-25
€485k
-9.9%
21-25
€-86k
-
21-25
€-81k
-
21-25
€23k
-
21-25
€342
-98.5%
21-25
€571k
+16.4%
21-25
€563k
+21.7%
21-25
€8k
-70.6%
21-25
0.86
-25.4%
21-25
0.44
-31.3%
21-25
-17.8%
-
21-25
-6.63
-
21-25
155.3%
+2305.5%
21-25
-27.6%
-
21-25
-4.03
-
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €-104k | €55k | €53k | €10k | €22k |
| Net profit | €-134k | €3k | €17k | €-2k | €10k |
| Cash flow | €-129k | €5k | €20k | €-285 | €10k |
| Staff costs | €23k | - | €0 | €79 | - |
| Income taxes | €342 | €23k | €14k | €1k | €4k |
| Dividends | - | - | - | - | - |
| Total assets | €485k | €538k | €544k | €473k | €331k |
| Equity | €-86k | €48k | €45k | €28k | €30k |
| Debt | €571k | €491k | €500k | €445k | €301k |
| of which ≤ 1y | €563k | €462k | €451k | €436k | €301k |
| of which > 1y | €8k | €28k | €49k | €8k | - |
| Working capital | €-81k | €68k | €81k | €32k | €27k |
| Employees (FTE) | - | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.86 | 1.15 | 1.18 | 1.07 | 1.09 |
| Quick ratio | 0.44 | 0.64 | 0.80 | 0.55 | 0.55 |
| Working capital ratio | -16.6% | 12.7% | 14.8% | 6.8% | 8.0% |
| Solvency | -17.8% | 8.8% | 8.2% | 5.9% | 9.1% |
| Debt / equity | -6.63 | 10.31 | 11.22 | 15.86 | - |
| Long-term debt ratio | -0.10 | 0.60 | 1.10 | 0.28 | - |
| Interest coverage | -4.03 | 2.04 | 2.36 | 0.94 | - |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -27.6% | 0.6% | 3.0% | -0.4% | 2.9% |
| ROE | 155.3% | 6.5% | 37.1% | -6.9% | 31.7% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (26 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €485k | €538k | €544k | €473k | €331k |
| Fixed assets | 21/28 | €3k | €8k | €13k | €4k | €3k |
| Intangible fixed assets | 21 | - | €0 | - | - | - |
| Tangible fixed assets | 22/27 | €2k | €7k | €13k | €4k | €3k |
| Financial fixed assets | 28 | €465 | €465 | - | - | - |
| Current assets | 29/58 | €482k | €531k | €532k | €468k | €328k |
| Stocks & contracts in progress | 3 | €234k | €234k | €172k | €227k | €161k |
| Amounts receivable within one year | 40/41 | €191k | €247k | €174k | €128k | €62k |
| Cash & bank | 54/58 | €48k | €49k | €185k | €113k | €104k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €485k | €538k | €544k | €473k | €331k |
| Equity | 10/15 | €-86k | €48k | €45k | €28k | €30k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | - |
| Reserves | 13 | €2k | €2k | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €-107k | €27k | €24k | €8k | €10k |
| Amounts payable | 17/49 | €571k | €491k | €500k | €445k | €301k |
| Amounts payable after one year | 17 | €8k | €28k | €49k | €8k | - |
| Amounts payable within one year | 42/48 | €563k | €462k | €451k | €436k | €301k |
| Trade debts payable within one year | 44 | €128k | €40k | €84k | €109k | €116k |
| Income statement | ||||||
| Gross operating margin | 9900 | €-75k | €71k | €65k | €17k | €36k |
| Operating result | 9901 | €-109k | €53k | €50k | €8k | €22k |
| Financial income | 75 | €1k | €49 | €3k | €2k | €1 |
| Financial charges | 65 | €26k | €27k | €22k | €11k | €10k |
| Result before taxes | 9903 | €-133k | €26k | €30k | €-460 | €12k |
| Income taxes | 67/77 | €342 | €23k | €14k | €1k | €4k |
| Net result for the period | 9904 | €-134k | €3k | €17k | €-2k | €8k |
| Result to be appropriated | 9905 | €-134k | €3k | €17k | €-2k | €8k |
Legal Structure
| NACE primary | Other manufacturing not elsewhere classified(32990) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 22-11-2010 |
| Status | Active |
| Postal code | 2440 |
Establishment units
Grotesteenweg 12, 2440 Geel
since 20102.194.041.713
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13375M1264/00G002 | Flanders | 2,987 m² | 1 · 1,025 m² | 8.0 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2025
04-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 4 days late
05-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 217 days late
31-03
Financial
Weakest financial yearnet €-134k ▼4448%
Net result drops to €-134k, the lowest in the series.
2024
22-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 114 days late
2023
31-03
Financial
Back to profitnet €17k
Net result €17k after one loss-making year.
2022
21-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 51 days late
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2020
16-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
20-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 50 days late
2017
17-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
21-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 51 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Other manufacturing not elsewhere classified3299045194Wholesale trade46713General electrical installation work43211Rental and leasing activities77120
Names & trade names
| Legal nameNL | KSA-Solutions |
Similar companies
DE GRYZE -VAN HECKE
BE 0425.045.288 · Maldegem
Elfa Company
BE 0756.669.185 · Antwerpen
SAPHIR PLUS
BE 0898.015.904 · Anderlecht
ATELIER STORES
BE 0463.603.085 · Eghezée
TRIUMF
BE 0400.705.812 · Schaarbeek