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Complete company report
Generated 13-08-2026
Active BE 0823.747.160Private limited company (pre-2019)Open bankruptcy

KULAK GROUP

Louizalaan 231 ·1050 Elsene, Belgium· 16 yrs active
Conclusion Checked

A bankruptcy procedure is open for KULAK GROUP according to publications in the Belgian State Gazette. The 2021 annual accounts show negative equity (€-158k) and a net result of €73k.

Based on the State Gazette, CBE and 4 annual accounts.
Key figures
Equity €-158k
Net result €73k
Active 16 yrs
Board 1
Snowflake analysis 5 of 5 axes measured · computed by Checked
Health0Profitability0Solvency33Growth78Stability0
22 / 100

Fragile profile, watch health in particular.

All 5 axes are computed from data Checked has read.

Health 0
Profitability 0
Solvency 33
Growth 78
Stability 0
Bankruptcy probability (12 mo) Checked model v1 · free

Bankruptcy opened

A bankruptcy procedure is already open, a probability score is no longer meaningful. See the insolvency timeline for the state of the procedure.

Risk Assessment rule-based
50 / 100
High riskRegister: open bankruptcy
This score counts publications in the Belgian State Gazette only. The KBO register additionally records legal situation 050 for this company; it does not feed the figure above.
Components
· Open bankruptcy (+50)
Trust signals 2 signals
Register: open bankruptcy
The KBO register records legal situation 050 for this company. This is today's state according to the register itself; the register carries no start date.
Open bankruptcy
Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.
Administrative Flags 0 events
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.
Health barometer FY 2021 · computed
0 / 100 Critical
050100
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.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

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Computed by Checked from the NBB filing for FY 2021 and an insolvency signal from the Belgian State Gazette. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 01-09-2022 with the NBB · fiscal year 2021 · volledig
€-300k€-200k€-100k€0€100kOperating result 2018: €-7k€-7kNet result 2018: €-257k€-257kOperating result 2019: €-4k€-4kNet result 2019: €-262k€-262kOperating result 2020: €19k€19kNet result 2020: €-243k€-243kOperating result 2021: €79k€79kNet result 2021: €73k€73k2018201920202021
Operating resultNet result
EBITDA
€82k
- 18-21
Net profit
€73k
- 18-21
Cash flow
€75k
- 18-21
Total assets
€111k
+314.5% 18-21
Equity
€-158k
+31.5% 18-21
Working capital
€-192k
+17.0% 18-21
Income taxes
€7k
- 18-21
Debt
€270k
+4.7% 18-21
Debt ≤ 1y
€270k
+4.7% 18-21
Current ratio
0.29
+177.1% 18-21
Quick ratio
0.29
+177.1% 18-21
Solvency
-141.9%
+83.5% 18-21
Debt / equity
-1.70
- 18-21
ROE
-45.9%
- 18-21
ROA
65.1%
- 18-21
Interest coverage
345.84
- 18-21
Figures by fiscal year
Fiscal year2021
Depositvolledig
Revenue-
EBITDA€82k
Net profit€73k
Cash flow€75k
Staff costs-
Income taxes€7k
Dividends-
Total assets€111k
Equity€-158k
Debt€270k
of which ≤ 1y€270k
of which > 1y-
Working capital€-192k
Employees (FTE)-
Ratios (computed)
2021
Current ratio0.29
Quick ratio0.29
Working capital ratio-171.9%
Solvency-141.9%
Debt / equity-1.70
Long-term debt ratio-
Interest coverage345.84
Gross margin-
Net margin-
ROA65.1%
ROE-45.9%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2021
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2021
Balance sheet, Assets
TOTAL ASSETS 20/58€111k
Fixed assets 21/28€33k
Tangible fixed assets 22/27€33k
Current assets 29/58€78k
Amounts receivable within one year 40/41€71k
Cash & bank 54/58€6k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€111k
Equity 10/15€-158k
Contributions / capital 10/11€12k
Accumulated profits (losses) 14€-171k
Amounts payable 17/49€270k
Amounts payable within one year 42/48€270k
Trade debts payable within one year 44€107k
Income statement
Gross operating margin 9900€83k
Operating result 9901€79k
Financial charges 65€236
Result before taxes 9903€79k
Income taxes 67/77€7k
Net result for the period 9904€73k
Result to be appropriated 9905€73k
You're seeing the latest fiscal year only. Unlock 3 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 3 directors
Current directors & mandates
  • BAZIRE Thomas
    Director
    State Gazette act 24174321 (11-12-2024)
    Current
    11-12-2024 → present
Former directors (2)
  • BEN AZOUZ Abderazak
    Director
    State Gazette act 24174321 (11-12-2024)
    Former
    - → 11-12-2024
  • Mustafa KULAK
    Gérant
    State Gazette act 23034100 (09-03-2023)
    Former
    - → 09-03-2023
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Directors & mandates1 person
Role Name Tenure Source
Curator EYAL STERN
AVENUE LOUISE 54, 1050 IXELLES-
 02-12-2024 → present Belgian State Gazette
Legal Structure
NACE primary -
Legal form Private limited company (pre-2019)(015)
Incorporation08-03-2010
StatusActive
Postal code1050
First BS signal 10-12-2024
Latest BS signal 10-12-2024
Establishment units 1 location
ADVINTIS
Boulevard Frère-Orban 10, 4000 LiègeHouwen, bewerken en afwerken van natuursteen
since 20102.187.122.247
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
21807G0131/00T000 Brussels 5,672 m² 1 · 3,878 m² 45.8 m · 8 fl.
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 15 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2024
11-12-2024
State Gazette act Capital & shares
10-12-2024
Bankruptcy Opening
Tribunal de l’entreprise francophone de Bruxelles · SRL KULAK GROUP AVENUE LOUISE 231, 1050 IXELLES · event 02-12-2024
2023
13-09-2023
State Gazette act Capital & shares
09-03-2023
State Gazette act Capital & shares
2022
01-09-2022
NBB filing Annual accounts filed
fiscal year 2021 · volledig
27-01-2022
State Gazette act Capital & shares
2021
29-07-2021
NBB filing Annual accounts filed
fiscal year 2020 · volledig
2020
28-07-2020
NBB filing Annual accounts filed
fiscal year 2019 · volledig
2019
30-07-2019
NBB filing Annual accounts filed
fiscal year 2018 · volledig
2018
25-07-2018
NBB filing Annual accounts filed
fiscal year 2017 · volledig
12-02-2018
NBB filing Annual accounts filed
fiscal year 2016 · volledig
2016
05-10-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
2015
09-12-2015
NBB filing Annual accounts filed
fiscal year 2014 · volledig
2014
29-08-2014
NBB filing Annual accounts filed
fiscal year 2013 · volledig
2013
08-11-2013
NBB filing Annual accounts filed
fiscal year 2012 · volledig
Lifecycle & Insolvency Signals 1 events
10-12-2024
Bankruptcy Opening
Date: 02-12-2024 · Tribunal de l’entreprise francophone de Bruxelles · SRL KULAK GROUP AVENUE LOUISE 231, 1050 IXELLES · Publications in State Gazette ↗
Time machine, BS events + macro context 2021, 2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262024-12-10 · Bankruptcy · Opening
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgisch Staatsblad, acts 4 acts
Capital history · 4
11-12-2024
Capital change
13-09-2023
Capital change
09-03-2023
Capital change
27-01-2022
Capital change
All acts · 4 updated 1 year ago
2024
11-12-2024 All shares are now held by a single shareholder Capital & shares
Technical details 
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  "act_meta": {
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  "decision": {
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  "bedrijfsrevisor": null,
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      "n_shares": 186,
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    }
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2023
13-09-2023 Transaction in capital or shares Capital & shares
Technical details 
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          "name": "Abderazak BEN AZOUZ",
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          "n_shares_subscribed": 100,
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  },
  "act_meta": {
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    "pub_date": null,
    "filing_date": "2023-09-05",
    "act_kind_objet": "Objet de l\u0027acte:"
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  "decision": {
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    "act_date": "2023-07-28",
    "unanimous": true,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2023-07-28"
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "0823.747.160",
    "name_full": "KULAK GROUP",
    "legal_form": "SRL",
    "_kbo_filled_from_list": true,
    "is_foreign_registered": false
  },
  "publication_proxy": {
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    "org_kbo": null,
    "org_name": null,
    "person_name": "Marion de Crombrugghe",
    "org_rep_person_name": null,
    "person_role_at_subject": "Mandataire"
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  "co_filed_documents": [],
  "shareholders_after": [
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      "kbo": null,
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      "kind": "person",
      "name": "Abderazak BEN AZOUZ",
      "role": "aandeelhouder",
      "n_shares": 100,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Elyes BOUHAHA",
      "role": "aandeelhouder",
      "n_shares": 0,
      "share_class": null
    }
  ],
  "share_classes_after": []
}
09-03-2023 All shares are now held by a single shareholder Capital & shares
Technical details 
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    "is_foreign_registered": false
  },
  "publication_proxy": {
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    "org_kbo": null,
    "org_name": null,
    "person_name": "Serge Solau",
    "org_rep_person_name": null,
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  },
  "co_filed_documents": [],
  "shareholders_after": [
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      "name": "Mr Elyes BOUHAH\u0410",
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    },
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      "name": "Mr Mustafa KULAK",
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    },
    {
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      "name": "Mr Mohamed Hedi ABDELOUAHED",
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2022
27-01-2022 Transaction in capital or shares Capital & shares
Technical details 
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  "publication_proxy": {
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Credit advice verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
AI due-diligence brief Checked AI

Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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Company registry (CBE) Crossroads Bank
Names & trade names
Legal nameFR KULAK GROUP
Registered office
Louizalaan 231
1050 Elsene, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative