KWAGGA
ActiveSummary
KWAGGA has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €518,304. Equity is growing by ~38.8% per year across the filed fiscal years. Its solvency ranks better than 64% of 542 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▼-8
Solvency82▼-16
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €160,000 at 30 days acceptable
Liquidity ample (current ratio 1.91 against 3.07 in 2024; short-term debt: 42.2% and cash: 31.5% of total assets), and 43.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
56.8%
Return on assets
15.2%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 26-01-2026, 94 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
94 d early
2024
15 d early
2023
19 d early
2022
13 d early
2021
32 d early
2020
32 d early
2019
4 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 29 days before the deadline; the sector median for financial year 2024 is 3 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 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 12 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close30-09-2026 today30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.9m▼ 16.3%
2024 · €2.3m
Total assets
€3.4m▲ 8.1%
2024 · €3.2m
Net result
€518,304▼ 23.8%
2024 · €679,959
Working capital
€1.3m▼ 20.1%
2024 · €1.6m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€764,085▲ 156%€331,713▼ 56.6%€1.1m▲ 225%€1.0m▼ 6.1%€766,743▼ 24.2%
Net result€509,500above the sector's middle half▲ 149%€181,387above the sector's middle half▼ 64.4%€713,520above the sector's middle half▲ 293%€679,959above the sector's middle half▼ 4.7%€518,304above the sector's middle half▼ 23.8%
Equity€774,399above the sector's middle half▲ 192%€955,786above the sector's middle half▲ 23.4%€1.7mabove the sector's middle half▲ 74.7%€2.3mabove the sector's middle half▲ 38.5%€1.9mabove the sector's middle half▼ 16.3%
Total assets€1.5mwithin the sector's middle half▲ 185%€1.8mwithin the sector's middle half▲ 14.4%€2.6mabove the sector's middle half▲ 48.0%€3.2mabove the sector's middle half▲ 20.9%€3.4mabove the sector's middle half▲ 8.1%
Debt€766,533▲ 178%€806,341▲ 5.2%€938,595▲ 16.4%€839,179▼ 10.6%€1.5m▲ 75.4%
Working capital€331,303within the sector's middle half▲ 102%€535,079above the sector's middle half▲ 61.5%€956,828above the sector's middle half▲ 78.8%€1.6mabove the sector's middle half▲ 71.2%€1.3mabove the sector's middle half▼ 20.1%
Solvency50.3%within the sector's middle half▲ 1.2pp54.2%within the sector's middle half▲ 4.0pp64.0%within the sector's middle half▲ 9.8pp73.4%above the sector's middle half▲ 9.4pp56.8%within the sector's middle half▼ 16.6pp
Current ratio1.90within the sector's middle half▲ 0.222.12within the sector's middle half▲ 0.222.10within the sector's middle half▼ 0.013.07within the sector's middle half▲ 0.971.91within the sector's middle half▼ 1.17
Return on assets (ROA)33.1%above the sector's middle half▼ 4.8pp10.3%within the sector's middle half▼ 22.8pp27.4%above the sector's middle half▲ 17.1pp21.6%above the sector's middle half▼ 5.8pp15.2%above the sector's middle half▼ 6.4pp
Staff (FTE)1.7below the sector's middle half▲ 240%2.2within the sector's middle half▲ 29.4%2.5within the sector's middle half▲ 13.6%1.8within the sector's middle half▼ 28.0%2within the sector's middle half▲ 11.1%
above
within
below
the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 24% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.4m
Fixed assets
€660,893 ▼ 8.8%
Current assets
€2.7m ▲ 13.2%
Equity and liabilities €3.4m
Equity
€1.9m ▼ 16.3%
Debt
€1.5m ▲ 75.4%
Debt's share of the balance-sheet total rises from 26.6% to 43.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€826,932▼
2024 · €1.1m
Cash flow
€578,492▼
2024 · €742,086
Quick ratio
1.73▼
2024 · 2.97
Debt to equity
0.76▲
2024 · 0.36
ROE
26.8%▼
2024 · 29.4%
Interest coverage
69.69▲
2024 · 44.87
Debt ≤ 1 year
€1.4m▲
2024 · €789,443
Debt > 1 year
€30,551▼
2024 · €49,737
Income taxes
€271,064▼
2024 · €330,482
Staff costs
€129,554▲
2024 · €112,262
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,340 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% 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 31,371 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €113,114 | €133,483 | €112,262 | €129,554 | ▲ 15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,696 | €67,687 | €67,046 | €62,127 | €60,188 | ▼ 3.1% |
| Other operating charges640/8 | - | €3,810 | €8,411 | €4,388 | €4,575 | ▲ 4.3% |
| Gross operating margin9900 | €892,399 | €516,325 | €1.3m | €1.2m | €961,060 | ▼ 19.3% |
| Operating profit (loss)9901 | €764,085 | €331,713 | €1.1m | €1.0m | €766,743 | ▼ 24.2% |
| Financial income75/76B | - | €1,241 | €1,184 | €22,634 | €34,491 | ▲ 52.4% |
| Recurring financial income75 | €1,782 | €1,241 | €1,184 | €22,634 | €34,491 | ▲ 52.4% |
| Financial charges65/66B | - | €24,208 | €22,242 | €23,934 | €11,867 | ▼ 50.4% |
| Recurring financial charges65 | €19,611 | €24,208 | €22,242 | €23,934 | €11,867 | ▼ 50.4% |
| Profit (loss) for the period before taxes9903 | €746,255 | €308,746 | €1.1m | €1.0m | €789,368 | ▼ 21.9% |
| Income taxes67/77 | €236,755 | €127,358 | €343,411 | €330,482 | €271,064 | ▼ 18.0% |
| Profit (loss) for the period9904 | €509,500 | €181,387 | €713,520 | €679,959 | €518,304 | ▼ 23.8% |
| Profit (loss) for the period to be appropriated9905 | €509,500 | €181,387 | €713,520 | €679,959 | €518,304 | ▼ 23.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.8m | €2.6m | €3.2m | €3.4m | ▲ 8.1% |
| Fixed assets21/28 | €841,333 | €748,176 | €784,152 | €724,525 | €660,893 | ▼ 8.8% |
| Intangible fixed assets21 | €2,773 | €2,073 | €1,373 | €673 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €784,334 | €719,054 | €762,426 | €700,998 | €643,040 | ▼ 8.3% |
| Land and buildings22 | - | €629,762 | €612,184 | €594,606 | €577,028 | ▼ 3.0% |
| Plant, machinery and equipment23 | - | €43,379 | €26,905 | €14,861 | €4,798 | ▼ 67.7% |
| Furniture and vehicles24 | - | €8,312 | €17,540 | €12,813 | €9,574 | ▼ 25.3% |
| Leasing and similar rights25 | - | €35,426 | €102,068 | €75,435 | €48,802 | ▼ 35.3% |
| Other tangible fixed assets26 | - | €2,174 | €3,729 | €3,283 | €2,838 | ▼ 13.6% |
| Financial fixed assets28 | €54,226 | €27,050 | €20,353 | €22,853 | €17,853 | ▼ 21.9% |
| Current assets29/58 | €699,598 | €1.0m | €1.8m | €2.4m | €2.7m | ▲ 13.2% |
| Stocks and contracts in progress3 | €119,150 | €95,308 | €76,487 | €86,371 | €257,054 | ▲ 198% |
| Stocks30/36 | - | €95,308 | €76,487 | €86,371 | €257,054 | ▲ 198% |
| Amounts receivable within one year40/41 | €231,446 | €323,126 | €773,549 | €608,393 | €498,194 | ▼ 18.1% |
| Trade receivables40 | - | €180,284 | €705,143 | €552,003 | €440,205 | ▼ 20.3% |
| Other amounts receivable41 | - | €142,842 | €68,406 | €56,390 | €57,990 | ▲ 2.8% |
| Current investments50/53 | - | - | €500,000 | €854,787 | €870,595 | ▲ 1.8% |
| Cash at bank and in hand54/58 | €271,637 | €577,564 | €424,202 | €819,925 | €1.1m | ▲ 30.9% |
| Deferred charges and accrued income490/1 | - | €17,952 | €49,510 | €57,943 | €47,396 | ▼ 18.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.8m | €2.6m | €3.2m | €3.4m | ▲ 8.1% |
| Equity10/15 | €774,399 | €955,786 | €1.7m | €2.3m | €1.9m | ▼ 16.3% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €755,721 | €937,109 | €1.7m | €2.3m | €1.9m | ▼ 16.4% |
| Non-distributable reserves130/1 | - | €5,000 | €5,000 | €0 | - | - |
| Reserves not available under the articles1311 | - | €5,000 | €5,000 | €0 | - | - |
| Distributable reserves133 | - | €932,109 | €1.6m | €2.3m | €1.9m | ▼ 16.4% |
| Profit (loss) carried forward14 | €77 | €77 | €77 | €77 | €77 | = |
| Amounts payable17/49 | €766,533 | €806,341 | €938,595 | €839,179 | €1.5m | ▲ 75.4% |
| Amounts payable after more than one year17 | €393,912 | €321,118 | €71,675 | €49,737 | €30,551 | ▼ 38.6% |
| Financial debts170/4 | - | €20,703 | €71,675 | €49,737 | €30,551 | ▼ 38.6% |
| Other amounts payable178/9 | - | €300,415 | €0 | - | - | - |
| Amounts payable within one year42/48 | €368,295 | €478,872 | €866,920 | €789,443 | €1.4m | ▲ 82.3% |
| Current portion of amounts payable after more than one year42 | - | €52,794 | €21,254 | €21,938 | €19,186 | ▼ 12.5% |
| Trade debts44 | €145,642 | €150,932 | €206,134 | €231,966 | €73,883 | ▼ 68.1% |
| Suppliers440/4 | - | €150,932 | €206,134 | €231,966 | €73,883 | ▼ 68.1% |
| Advances received on contracts in progress46 | - | €209,284 | €219,377 | €78,024 | €216,200 | ▲ 177% |
| Taxes, remuneration and social security45 | - | €53,737 | €140,279 | €218,472 | €173,051 | ▼ 20.8% |
| Taxes450/3 | - | €27,824 | €125,049 | €198,217 | €152,516 | ▼ 23.1% |
| Remuneration and social security454/9 | - | €25,913 | €15,231 | €20,256 | €20,536 | ▲ 1.4% |
| Other amounts payable47/48 | - | €12,124 | €279,876 | €239,042 | €956,448 | ▲ 300% |
| Accrued charges and deferred income492/3 | - | €6,351 | €0 | - | €2,921 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €509,500 | €181,387 | €713,520 | €679,959 | €518,304 | ▼ 23.8% |
| + Depreciation and write-downs630 | €49,696 | €67,687 | €67,046 | €62,127 | €60,188 | ▼ 3.1% |
| Operating cash flow (approximation) | €559,196 | €249,075 | €780,566 | €742,086 | €578,492 | ▼ 22.0% |
| Investment in fixed assets (approximation) | - | €25,469 | -€103,022 | -€2,500 | €3,443 | ▲ 238% |
| Change in cash | - | €305,927 | -€153,362 | €395,722 | €253,642 | ▼ 35.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Equity above €2mEq €2.3m ▲38.5%
7 profitable years in a row build equity to €2.3m.
11-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Highest result since 2018net €713,520 ▲293%
Operating result €1.1m, net result €713,520, both a record.
30-09
Financial
Equity above €1mEq €1.7m ▲74.7%
6 profitable years in a row build equity to €1.7m.
17-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Equity above €500,000Eq €774,399 ▲192%
4 profitable years in a row build equity to €774,399.
29-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-09
Financial
Equity above €200,000Eq €264,898 ▲340%
3 profitable years in a row build equity to €264,898.
04-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 4 days late
Show earlier events
2019
02-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 2 days late
2018
30-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
No directors read yet: 0 of 8 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Sint-Martens-Latem · 4 establishment units since 2001
Ground area
2,131 m²
Building footprint
452 m²
Volume, LiDAR
4,264 m³
3 parcels, Flanders · tallest building 22.1 m, ±6 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
4 establishment units
TOP 3 ENTERTAINMENT (Afrika/Belgium/Europe)
since 20012.093.185.764
The Boutique Gallery
since 20182.276.083.026
William Vaesen Art Management
since 20212.314.569.062
Pop-up Knokke
since 20262.388.383.983
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44015A0312/00K002 | Flanders | 1,696 m² | 1 · 182 m² | 15.0 m · 2 fl. |
| 44064A0635/00K003 | Flanders | 256 m² | 1 · 128 m² | 9.8 m · 1 fl. |
| 31332E0100/00_000 | Flanders | 180 m² | 1 · 141 m² | 22.1 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Recognitions · licences · registrations
Legal Entity Identifier
6994006EGKI03RB5RC81
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Of 3,393 companies in this sector we hold annual accounts for 943. 294 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded06-04-2001
Fiscal year end30-09
Activities, NACEBEL 2025
47690Retail sale of other cultural and recreation goods
90393Specialised image, lighting and sound technical services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0474526671
Also
9925:BE0474526671
Registered
16-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.