Summary
Kunnig 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 €18,369 and a net result of -€284,576. Equity is shrinking by about 8.7% per year across the filed financial years. Its solvency ranks better than 7% of 6,599 sector peers (NACE 64, financial year 2025). The association has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
Equity
€18,369▼ 93.9%
2024 · €302,944
Net result
-€284,576
2024 · €140,683
Total assets
€813,290▲ 3.4%
2024 · €786,321
Solvency
2.3%▼ 36.3pp
2024 · 38.5%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €282,483 after €132,795 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€282,483
2025
Net result-€284,576
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€813,290
2025
Equity€18,369
2025
Debt€794,921
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€155,290
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-35.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency2.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.78
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)21.9
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€82,442-€68,872▼ 16.5%-€28,630€2,132€7,062▲ 231%-€6,731€132,795-€282,483
Net result€50,752-€35,524▼ 30.0%-€32,913below the sector's middle half-€11,065below the sector's middle half▲ 66.4%-€9,135below the sector's middle half▲ 17.4%-€18,403below the sector's middle half▼ 101%€140,683within the sector's middle half-€284,576below the sector's middle half
Equity€358,253-€393,777▲ 9.9%€330,863within the sector's middle half▼ 16.0%€319,799within the sector's middle half▼ 3.3%€310,664within the sector's middle half▼ 2.9%€162,261below the sector's middle half▼ 47.8%€302,944within the sector's middle half▲ 86.7%€18,369below the sector's middle half▼ 93.9%
Total assets€512,033-€615,156▲ 20.1%€654,483within the sector's middle half▲ 6.4%€701,590within the sector's middle half▲ 7.2%€717,339within the sector's middle half▲ 2.2%€669,894within the sector's middle half▼ 6.6%€786,321within the sector's middle half▲ 17.4%€813,290within the sector's middle half▲ 3.4%
Debt€153,780-€221,379▲ 44.0%€323,620▲ 46.2%€381,792▲ 18.0%€406,675▲ 6.5%€507,632▲ 24.8%€483,376▼ 4.8%€794,921▲ 64.5%
Working capital€310,824-€302,179▼ 2.8%€269,287above the sector's middle half▼ 10.9%€219,663within the sector's middle half▼ 18.4%€190,471within the sector's middle half▼ 13.3%€126,407within the sector's middle half▼ 33.6%€314,855within the sector's middle half▲ 149%-€155,290within the sector's middle half
Solvency70.0%-64.0%▼ 6.0pp50.6%within the sector's middle half▼ 13.5pp45.6%within the sector's middle half▼ 5.0pp43.3%within the sector's middle half▼ 2.3pp24.2%below the sector's middle half▼ 19.1pp38.5%within the sector's middle half▲ 14.3pp2.3%below the sector's middle half▼ 36.3pp
Current ratio3.02-2.36▼ 0.661.83within the sector's middle half▼ 0.531.58within the sector's middle half▼ 0.261.47within the sector's middle half▼ 0.111.29within the sector's middle half▼ 0.181.79within the sector's middle half▲ 0.500.78within the sector's middle half▼ 1.00
Return on assets (ROA)9.9%-5.8%▼ 4.1pp-5.0%below the sector's middle half▼ 10.8pp-1.6%below the sector's middle half▲ 3.5pp-1.3%below the sector's middle half▲ 0.3pp-2.7%below the sector's middle half▼ 1.5pp17.9%above the sector's middle half▲ 20.6pp-35.0%below the sector's middle half▼ 52.9pp
Staff (FTE)5.6-15.4▲ 175%15.8above the sector's middle half▲ 2.6%16above the sector's middle half▲ 1.3%15.5above the sector's middle half▼ 3.1%17.8above the sector's middle half▲ 14.8%16.6above the sector's middle half▼ 6.7%21.9above the sector's middle half▲ 31.9%
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €813,290
Fixed assets
€252,089 ▲ 255%
Current assets
€561,201 ▼ 21.5%
Equity and liabilities €813,290
Equity
€18,369 ▼ 93.9%
Debt
€794,921 ▲ 64.5%
Debt's share of the balance-sheet total rises from 61.5% to 97.7%. Equity is lower and debt is higher.
Key figures and ratios
Debt ≤ 1 year
€716,491▲
2024 · €400,402
Debt > 1 year
€70,000=
2024 · €70,000
Income taxes
€1,398▲
2024 · -€7,886
Staff costs
€1.9m▲
2024 · €1.4m
A ratio outside any meaningful range has been withheld (balance sheet total €813,290, equity €18,369).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.004m | €0.006m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.2m | €1.4m | €1.4m | €1.9m | ▲ 41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 23.9% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.03m | €0.04m | €0.02m | €0.06m | ▲ 175% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.008m | - |
| Gross operating margin9900 | €0.6m | €1.3m | €1.1m | €1.2m | €1.3m | €1.5m | €1.6m | €1.8m | ▲ 13.2% |
| Operating profit (loss)9901 | €0.08m | €0.07m | -€0.03m | €0.002m | €0.007m | -€0.007m | €0.1m | -€0.3m | - |
| Financial income75/76B | - | - | - | - | - | €1 | €0.001m | €10 | ▼ 98.6% |
| Recurring financial income75 | €3 | - | €113 | - | - | €1 | €0.001m | €10 | ▼ 98.6% |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 1.6% |
| Recurring financial charges65 | €175 | €0.001m | €406 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 1.6% |
| Profit (loss) for the period before taxes9903 | €0.08m | €0.07m | -€0.03m | €0.001m | €0.006m | -€0.007m | €0.1m | -€0.3m | - |
| Income taxes67/77 | €0.03m | €0.03m | €0.004m | €0.01m | €0.02m | €0.01m | -€0.008m | €0.001m | - |
| Profit (loss) for the period9904 | €0.05m | €0.04m | -€0.03m | -€0.01m | -€0.009m | -€0.02m | €0.1m | -€0.3m | - |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.04m | -€0.03m | -€0.01m | -€0.009m | -€0.02m | €0.1m | -€0.3m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €512,033 | €615,156 | €654,483 | €701,590 | €717,339 | €669,894 | €786,321 | €813,290 | ▲ 3.4% |
| Fixed assets21/28 | €47,429 | €91,597 | €61,576 | €100,136 | €120,192 | €105,865 | €71,064 | €252,089 | ▲ 255% |
| Intangible fixed assets21 | - | - | - | - | - | - | €4,758 | €2,640 | ▼ 44.5% |
| Tangible fixed assets22/27 | €47,429 | €91,597 | €61,576 | €100,136 | €120,192 | €105,865 | €66,306 | €249,449 | ▲ 276% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €6,829 | - |
| Furniture and vehicles24 | - | - | - | €100,136 | €120,192 | €105,865 | €66,306 | €242,620 | ▲ 266% |
| Current assets29/58 | €464,604 | €523,559 | €592,907 | €601,454 | €597,146 | €564,028 | €715,257 | €561,201 | ▼ 21.5% |
| Amounts receivable after more than one year29 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Other amounts receivable291 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Amounts receivable within one year40/41 | €220,720 | €269,705 | €282,513 | €287,559 | €447,986 | €498,151 | €625,266 | €425,920 | ▼ 31.9% |
| Trade receivables40 | - | - | - | €287,481 | €445,092 | €498,135 | €606,141 | €425,253 | ▼ 29.8% |
| Other amounts receivable41 | - | - | - | €78 | €2,894 | €16 | €19,124 | €667 | ▼ 96.5% |
| Cash at bank and in hand54/58 | €238,884 | €247,297 | €305,394 | €308,895 | €143,079 | €54,288 | €74,854 | €119,667 | ▲ 59.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,081 | €6,590 | €10,137 | €10,614 | ▲ 4.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €512,033 | €615,156 | €654,483 | €701,590 | €717,339 | €669,894 | €786,321 | €813,290 | ▲ 3.4% |
| Equity10/15 | €358,253 | €393,777 | €330,863 | €319,799 | €310,664 | €162,261 | €302,944 | €18,369 | ▼ 93.9% |
| Contributions10/11 | €160,000 | €160,000 | - | €130,000 | €130,000 | - | - | - | - |
| Reserves13 | €17,000 | €17,000 | €13,000 | €13,000 | €13,000 | €13,000 | €13,000 | €13,000 | = |
| Non-distributable reserves130/1 | - | - | - | €13,000 | €13,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €13,000 | €13,000 | - | - | - | - |
| Profit (loss) carried forward14 | €181,253 | €216,777 | €187,863 | €176,799 | €167,664 | €149,261 | €289,944 | €5,369 | ▼ 98.1% |
| Amounts payable17/49 | €153,780 | €221,379 | €323,620 | €381,792 | €406,675 | €507,632 | €483,376 | €794,921 | ▲ 64.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €70,000 | €70,000 | €70,000 | = |
| Financial debts170/4 | - | - | - | - | - | €70,000 | €70,000 | €70,000 | = |
| Amounts payable within one year42/48 | €153,780 | €221,379 | €323,620 | €381,792 | €406,675 | €437,621 | €400,402 | €716,491 | ▲ 78.9% |
| Trade debts44 | €62,104 | €56,747 | €60,363 | €88,194 | €109,277 | €165,446 | €143,464 | €232,668 | ▲ 62.2% |
| Suppliers440/4 | - | - | - | €88,194 | €109,277 | €165,446 | €143,464 | €232,668 | ▲ 62.2% |
| Taxes, remuneration and social security45 | - | - | - | €293,078 | €297,398 | €271,917 | €227,632 | €435,796 | ▲ 91.4% |
| Taxes450/3 | - | - | - | €84,017 | €87,135 | €103,617 | €63,900 | €142,011 | ▲ 122% |
| Remuneration and social security454/9 | - | - | - | €209,061 | €210,263 | €168,300 | €163,731 | €293,785 | ▲ 79.4% |
| Other amounts payable47/48 | - | - | - | €520 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €12 | €12,974 | €8,430 | ▼ 35.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €50,752 | €35,524 | -€32,913 | -€11,065 | -€9,135 | -€18,403 | €140,683 | -€284,576 | - |
| + Depreciation and write-downs630 | €25,458 | €24,391 | €30,021 | €31,170 | €38,415 | €43,888 | €41,219 | €51,078 | ▲ 23.9% |
| Operating cash flow (approximation) | €76,211 | €59,914 | -€2,892 | €20,105 | €29,280 | €25,485 | €181,902 | -€233,498 | - |
| Investment in fixed assets (approximation) | - | -€68,559 | €0 | -€69,729 | -€58,471 | -€29,561 | -€6,417 | -€232,103 | ▼ 3,517% |
| Change in cash | - | €8,413 | €58,097 | €3,501 | -€165,816 | -€88,791 | €20,567 | €44,813 | ▲ 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.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00147372 |
| 31-12-2024 | abbreviated format | 23-07-2025 | 2025-00320250 |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00242957 |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00155903 |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20161681 |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-32400282 |
| 31-12-2019 | abbreviated format | 07-10-2020 | 2020-60200273 |
| 31-12-2018 | abbreviated format | 21-06-2019 | 2019-21400021 |
| 31-12-2017 | abbreviated format | 22-06-2018 | 2018-21900525 |
| 31-12-2016 | abbreviated format | 04-08-2017 | 2017-41500582 |
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Of the 24,462 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,970. 7,309 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €10,496 awarded · €10,496 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,752 | €2,752 |
| 2023 | 2 | €1,998 | €7,744 |
| 2022 | 1 | €5,746 | €0 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.