Kunnig Operations
ActiveSummary
Kunnig Operations has been active since 1968 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9.9m and a net result of €345,461. Equity is growing by about 9.9% per year across the filed financial years. Its solvency ranks better than 89% of 476 sector peers (NACE 88, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, abbreviated format
Turnover
€4.3m▲ 6.3%
2024 · €4.1m
EBIT margin
8.0%▲ 2.3pp
2024 · 5.7%
Net result
€345,461▲ 48.9%
2024 · €232,063
Working capital
€7.9m▼ 4.2%
2024 · €8.2m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 49% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€4.3m
2025
Operating result€0.3m
2025
Net result€0.3m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€11.8m
2025
Equity€9.9m
2025
Debt€1.4m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€7.9m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin8.0%
2025
Return on assets (ROA)2.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency83.9%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio6.65
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)241.1
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 88, Social work activities without accommodation: 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
Turnover€4.0m-€4.2m▲ 5.5%€3.1m▼ 25.5%€3.4m▲ 6.7%€4.5m▲ 34.9%€4.4m▼ 2.5%€4.1m▼ 7.3%€4.3m▲ 6.3%
Operating result€0.4m-€0.3m▼ 31.0%€0.2m▼ 9.0%€0.3m▲ 39.3%€0.5m▲ 35.0%€0.3m▼ 37.2%€0.2m▼ 18.8%€0.3m▲ 49.2%
Net result€0.7m-€0.4m▼ 47.0%€0.2mabove the sector's middle half▼ 32.1%€0.3mabove the sector's middle half▲ 39.4%€0.4mabove the sector's middle half▲ 28.7%€0.5mabove the sector's middle half▲ 26.0%€0.2mabove the sector's middle half▼ 57.1%€0.3mabove the sector's middle half▲ 48.9%
EBIT margin9.7%-6.3%▼ 3.3pp7.7%▲ 1.4pp10.1%▲ 2.4pp10.1%=6.5%▼ 3.6pp5.7%▼ 0.8pp8.0%▲ 2.3pp
Equity€5.2m-€5.6m▲ 6.0%€5.7mabove the sector's middle half▲ 3.1%€6.0mabove the sector's middle half▲ 4.7%€6.4mabove the sector's middle half▲ 6.1%€9.5mabove the sector's middle half▲ 49.0%€9.6mabove the sector's middle half▲ 1.8%€9.9mabove the sector's middle half▲ 2.9%
Total assets€7.9m-€8.6m▲ 9.5%€8.8mabove the sector's middle half▲ 2.5%€9.4mabove the sector's middle half▲ 6.5%€9.9mabove the sector's middle half▲ 5.1%€11.7mabove the sector's middle half▲ 18.4%€11.7mabove the sector's middle half▼ 0.1%€11.8mabove the sector's middle half▲ 1.1%
Debt€2.0m-€2.5m▲ 24.3%€2.6m▲ 1.8%€2.9m▲ 11.5%€3.0m▲ 4.6%€1.7m▼ 43.3%€1.6m▼ 7.4%€1.4m▼ 9.9%
Working capital€3.6m-€4.3m▲ 19.8%€4.8mabove the sector's middle half▲ 10.5%€5.3mabove the sector's middle half▲ 11.3%€5.7mabove the sector's middle half▲ 6.7%€8.2mabove the sector's middle half▲ 45.4%€8.2mabove the sector's middle half▼ 0.1%€7.9mabove the sector's middle half▼ 4.2%
Solvency66.6%-64.4%▼ 2.2pp64.8%within the sector's middle half▲ 0.4pp63.7%within the sector's middle half▼ 1.1pp64.3%within the sector's middle half▲ 0.6pp80.9%above the sector's middle half▲ 16.6pp82.4%above the sector's middle half▲ 1.5pp83.9%above the sector's middle half▲ 1.5pp
Current ratio2.83-2.86▲ 0.032.98within the sector's middle half▲ 0.122.95within the sector's middle half▼ 0.032.92within the sector's middle half▼ 0.036.18above the sector's middle half▲ 3.267.68above the sector's middle half▲ 1.506.65above the sector's middle half▼ 1.03
Return on assets (ROA)8.5%-4.1%▼ 4.4pp2.7%within the sector's middle half▼ 1.4pp3.5%within the sector's middle half▲ 0.8pp4.3%within the sector's middle half▲ 0.8pp4.6%within the sector's middle half▲ 0.3pp2.0%within the sector's middle half▼ 2.6pp2.9%within the sector's middle half▲ 0.9pp
Staff (FTE)259.5-274.9▲ 5.9%259.6above the sector's middle half▼ 5.6%260.7above the sector's middle half▲ 0.4%275.2above the sector's middle half▲ 5.6%266.9above the sector's middle half▼ 3.0%242.6above the sector's middle half▼ 9.1%241.1above the sector's middle half▼ 0.6%
above
within
below
the middle half of NACE 88, Social work activities without accommodation: 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.
Why a figure moved sharply
- 2024 Net result -57% on 2023. Merger absorbing B.W.-Arbeid-Vrede, Werkhuizen voor en door Personen met een Handicap, Official Gazette 21-03-2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.8m
Fixed assets
€2.5m ▲ 13.7%
Current assets
€9.3m ▼ 1.9%
Equity and liabilities €11.8m
Equity
€9.9m ▲ 2.9%
Provisions
€489,244 =
Debt
€1.4m ▼ 9.9%
Debt's share of the balance-sheet total falls from 13.4% to 11.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€734,337▲
2024 · €582,803
Cash flow
€732,661▲
2024 · €582,160
Quick ratio
6.65▼
2024 · 7.67
Debt to equity
0.14▼
2024 · 0.16
ROE
3.5%▲
2024 · 2.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1.4m▲
2024 · €1.2m
Income taxes
€356
Staff costs
€7.7m▲
2024 · €7.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,887 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 97.9% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.1%
went bankrupt
2.0%
stopped otherwise
97.9%
still going
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,474 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,887 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €8.2m | €10.1m | €10.3m | €9.6m | €10.1m | ▲ 5.5% |
| Turnover70 | €4.0m | €4.2m | €3.1m | €3.4m | €4.5m | €4.4m | €4.1m | €4.3m | ▲ 6.3% |
| Membership fees, donations, legacies and grants73 | - | - | - | €4.7m | €5.5m | €5.8m | €5.4m | €5.7m | ▲ 4.7% |
| Other operating income74 | - | - | - | €0.2m | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 41.4% |
| Non-recurring operating income76A | - | - | - | €417 | €130 | €0.03m | €0.02m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €7.8m | €9.7m | €10.1m | €9.4m | €9.8m | ▲ 4.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.4m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 27.4% |
| Purchases600/8 | - | - | - | €0.3m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 27.4% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.01m | -€0.009m | €400 | - | - | - |
| Services and other goods61 | - | - | - | €0.8m | €1.0m | €1.1m | €1.2m | €1.5m | ▲ 25.5% |
| Remuneration, social security and pensions62 | - | - | - | €6.3m | €7.9m | €8.4m | €7.6m | €7.7m | ▲ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.04m | -€0.02m | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.009m | €0.03m | €0.02m | €0.02m | ▲ 2.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.01m | - | - | - |
| Operating profit (loss)9901 | €0.4m | €0.3m | €0.2m | €0.3m | €0.5m | €0.3m | €0.2m | €0.3m | ▲ 49.2% |
| Financial income75/76B | - | - | - | €0 | €166 | €0.3m | €2 | €0.002m | ▲ 93,765% |
| Recurring financial income75 | €0.003m | €58 | €0.001m | €0 | €166 | €0.3m | €2 | €0.002m | ▲ 93,765% |
| Income from current assets751 | - | - | - | - | - | €0.3m | - | €0.001m | - |
| Other financial income752/9 | - | - | - | €0 | €166 | €137 | €2 | €0.001m | ▲ 30,160% |
| Financial charges65/66B | - | - | - | €0.004m | €0.03m | €302 | €0.001m | €0.003m | ▲ 396% |
| Recurring financial charges65 | €0.03m | €0.005m | €0.004m | €0.004m | €0.03m | €302 | €0.001m | €0.002m | ▲ 252% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | €0.02m | - | - | - | - |
| Other financial charges652/9 | - | - | - | €0.004m | €0.002m | €302 | €0.001m | €0.002m | ▲ 252% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.001m | - |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.3m | €0.2m | €0.3m | €0.4m | €0.5m | €0.2m | €0.3m | ▲ 49.0% |
| Income taxes67/77 | - | - | - | €134 | - | €0.002m | - | €356 | - |
| Taxes670/3 | - | - | - | €134 | - | €0.002m | - | €356 | - |
| Profit (loss) for the period9904 | €0.7m | €0.4m | €0.2m | €0.3m | €0.4m | €0.5m | €0.2m | €0.3m | ▲ 48.9% |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €0.4m | €0.2m | €0.3m | €0.4m | €0.5m | €0.2m | €0.3m | ▲ 48.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.9m | €8.6m | €8.8m | €9.4m | €9.9m | €11.7m | €11.7m | €11.8m | ▲ 1.1% |
| Fixed assets21/28 | €2.3m | €2.0m | €1.6m | €1.4m | €1.3m | €1.9m | €2.2m | €2.5m | ▲ 13.7% |
| Intangible fixed assets21 | €0.1m | €0.02m | €0.004m | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.2m | €1.9m | €1.6m | €1.4m | €1.3m | €1.9m | €2.2m | €2.5m | ▲ 13.7% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €1.5m | €1.8m | €1.8m | ▼ 0.5% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 49.1% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.1m | €0.09m | €0.1m | €0.1m | = |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.1m | €0.3m | ▲ 217% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.005m | €0.003m | €0.003m | €0.004m | €0.004m | €0.003m | ▼ 21.2% |
| Other financial fixed assets284/8 | - | - | - | €0.003m | €0.003m | €0.004m | €0.004m | €0.003m | ▼ 21.2% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.003m | €0.003m | €0.004m | €0.004m | €0.003m | ▼ 21.2% |
| Current assets29/58 | €5.6m | €6.6m | €7.2m | €8.0m | €8.6m | €9.8m | €9.5m | €9.3m | ▼ 1.9% |
| Stocks and contracts in progress3 | €0.03m | €0.03m | €0.01m | - | €0.009m | €0.009m | €0.009m | €0.006m | ▼ 27.0% |
| Stocks30/36 | - | - | - | - | €0.009m | €0.009m | €0.009m | €0.006m | ▼ 27.0% |
| Raw materials and consumables30/31 | - | - | - | - | €0.009m | €0.009m | €0.009m | €0.006m | ▼ 27.0% |
| Amounts receivable within one year40/41 | €0.9m | €0.7m | €0.7m | €0.8m | €1.1m | €1.0m | €0.7m | €0.9m | ▲ 27.7% |
| Trade receivables40 | - | - | - | €0.8m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 13.1% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.3m | €0.2m | €0.04m | €0.3m | ▲ 765% |
| Current investments50/53 | €2.4m | €2.4m | €2.4m | €4.4m | €4.4m | €4.6m | €7.8m | €7.8m | = |
| Cash at bank and in hand54/58 | €2.3m | €3.3m | €4.0m | €2.4m | €2.5m | €4.2m | €0.9m | €0.6m | ▼ 38.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.5m | €0.7m | €0.05m | €0.02m | €0.01m | ▼ 41.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.9m | €8.6m | €8.8m | €9.4m | €9.9m | €11.7m | €11.7m | €11.8m | ▲ 1.1% |
| Equity10/15 | €5.2m | €5.6m | €5.7m | €6.0m | €6.4m | €9.5m | €9.6m | €9.9m | ▲ 2.9% |
| Contributions10/11 | - | - | - | - | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Capital10 | - | - | - | - | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Reserves13 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | €1.2m | €1.6m | €1.8m | €2.1m | €2.6m | €5.7m | €6.0m | €6.3m | ▲ 5.8% |
| Investment grants15 | - | - | - | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 25.4% |
| Provisions and deferred taxes16 | €0.6m | €0.6m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Pensions and similar obligations160 | - | - | - | €0.02m | - | - | - | - | - |
| Major repairs and maintenance162 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Other liabilities and charges164/5 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts payable17/49 | €2.0m | €2.5m | €2.6m | €2.9m | €3.0m | €1.7m | €1.6m | €1.4m | ▼ 9.9% |
| Amounts payable within one year42/48 | €2.0m | €2.3m | €2.4m | €2.7m | €2.9m | €1.6m | €1.2m | €1.4m | ▲ 13.3% |
| Trade debts44 | €0.2m | €0.2m | €0.1m | €0.3m | €0.3m | €0.2m | €0.4m | €0.3m | ▼ 19.7% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.4m | €0.3m | ▼ 19.7% |
| Advances received on contracts in progress46 | - | - | - | - | €0.08m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1.0m | €1.2m | €1.3m | €0.9m | €1.0m | ▲ 12.7% |
| Taxes450/3 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 21.3% |
| Remuneration and social security454/9 | - | - | - | €0.8m | €0.9m | €1.1m | €0.7m | €0.9m | ▲ 19.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.04m | €0.1m | €0.3m | €0.01m | ▼ 95.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €0.4m | €0.2m | €0.3m | €0.4m | €0.5m | €0.2m | €0.3m | ▲ 48.9% |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 10.6% |
| Operating cash flow (approximation) | €1.0m | €0.7m | €0.6m | €0.6m | €0.7m | €0.9m | €0.6m | €0.7m | ▲ 25.9% |
| Investment in fixed assets (approximation) | - | -€0.06m | -€0.006m | -€0.04m | -€0.2m | -€0.9m | -€0.7m | -€0.7m | ▲ 1.4% |
| Change in cash | - | €1.0m | €0.7m | -€1.6m | €0.06m | €1.7m | -€3.2m | -€0.4m | ▲ 88.9% |
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 20 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00142607 |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00344017 |
| 31-12-2023 | abbreviated format | 26-08-2024 | 2024-00372694 |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00266661 |
| 31-12-2021 | abbreviated format | 08-08-2022 | 2022-20276283 |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44800050 |
| 31-12-2019 | abbreviated format | 15-06-2020 | 2020-16800544 |
| 31-12-2018 | abbreviated format | 05-06-2019 | 2019-16000260 |
| 31-12-2017 | abbreviated format | 05-06-2018 | 2018-16000213 |
| 31-12-2016 | abbreviated format | 08-06-2017 | 2017-15900113 |
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Of the 282 active companies whose main activity is social work activities without accommodation (NACE 88993), figures are known for 246. 182 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 · 17 entries · €19.3m awarded · €19.2m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €4.5m | €4.5m |
| 2024 | 5 | €4.9m | €5.0m |
| 2023 | 4 | €5.4m | €5.6m |
| 2022 | 4 | €4.4m | €4.0m |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.