Ninatrust
ActiveSummary
Ninatrust has been active since 1984 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €365,430 and a net result of €11,744. Equity has been stable since 2018 (±0.5% per year). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 27-06-1984 Normal situation
- Activity
- No activity registered in the KBO
- Establishment unit
- 2.253.222.007 8640 Vleteren, since 18-04-2016
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Gross margin
- €23,758
- ▼ 94.2%
- Turnover
- ≈ €160,000
- estimated
- Profit
- €11,744
- ▼ 95.6%
- Equity
- €365,430
- ▼ 0.4%
- Total assets
- €395,485
- ▲ 3.7%
Score breakdownraises riskProfit of €11,744 (financial year 2025)lowers riskSize: total assets €395,485Equity €365,430 (92.4% of total assets)Figures for financial year 2025 (filed on 14-05-2026)Show the evidence
Checked score
Score 2025
94
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 59% of micro companies without a NACE code
Financial strength · tick: 2024
Strong
Solvency
100=
equity 92.4% of total assets
Liquidity
62+6
short-term debt 7.6% · cash 9.6%
Profitability
72-28
return on assets 3.0%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025lowest value
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026highest value
07-2026: 0.1%● unchanged vs 06-2026highest value
08-2026: 0.1%● unchanged vs 07-2026highest value
09-2026: 0.1%● unchanged vs 08-2026highest value
10-2026: 0.1%● unchanged vs 09-2026highest value
11-2026: 0.1%● unchanged vs 10-2026highest value
Credit of up to €30,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 8.61 (16.48 in 2024), above the usual 1.5. Short-term debt is 7.6% and cash 9.6% of total assets. 7.6% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 81% of them on solvency, 59% on liquidity, 53% on profitability and 44% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-05-2026, 79 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
79 days early
2024
141 days early
2023
127 days early
2022
174 days early
2021
68 days early
2020
162 days early
2019
94 days early
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 7 accounts on average 121 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 March (4 of the last 5 accounts filed within 48 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-05-2026 PDF all 42 filings
Turnover
≈ €160,000
Estimated: probably between €67,000 and €400,000
Total assets
€395,485▲ 3.7%
2024 · €381,524
Net result
€11,744▼ 95.6%
2024 · €269,382
Working capital
€228,830▼ 0.1%
2024 · €229,114
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,382
▼ 96.7%
2025
20182025
Net result
€11,744
▼ 95.6%
2025
20182025
Equity
€365,430
▼ 0.4%
2025
20182025
Total assets
€395,485
▲ 3.7%
2025
20182025
Debt
€30,055
▲ 103%
2025
20182025
Working capital
€228,830
▼ 0.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,817-€21,427▲ 35.5%€11,365▼ 47.0%€11,396▲ 0.3%€16,618▲ 45.8%€10,769▼ 35.2%€399,846▲ 37×€13,382▼ 96.7%
Net result€5,264-€7,791▲ 48.0%€3,336▼ 57.2%€3,167▼ 5.1%€5,801▲ 83.2%-€671€269,382€11,744▼ 95.6%
Equity€347,054-€354,845▲ 2.2%€358,181▲ 0.9%€340,514▼ 4.9%€320,014▼ 6.0%€297,344▼ 7.1%€366,726▲ 23.3%€365,430▼ 0.4%
Total assets€511,743-€526,829▲ 2.9%€521,687▼ 1.0%€519,316▼ 0.5%€523,508▲ 0.8%€504,522▼ 3.6%€381,524▼ 24.4%€395,485▲ 3.7%
Debt€164,688-€171,983▲ 4.4%€163,505▼ 4.9%€178,803▲ 9.4%€203,494▲ 13.8%€207,179▲ 1.8%€14,798▼ 92.9%€30,055▲ 103%
Working capital-€30,053--€11,378▲ 62.1%€6,018-€3,076-€13,973▼ 354%-€28,538▼ 104%€229,114€228,830▼ 0.1%
The operating result for 2025 is 97% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €395,485
Fixed assets
€136,599 ▼ 0.7%
Current assets
€258,886 ▲ 6.1%
Equity and liabilities €395,485
Equity
€365,430 ▼ 0.4%
Debt
€30,055 ▲ 103%
Debt's share of the balance-sheet total rises from 3.9% to 7.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€14,395▼
2024 · €400,859
Cash flow
€12,757▼
2024 · €270,395
Current ratio
8.61▼
2024 · 16.48
Debt to equity
0.08▲
2024 · 0.04
ROE
3.2%▼
2024 · 73.5%
ROA
3.0%▼
2024 · 70.6%
Interest coverage
over 100▲
2024 · 69.20
Debt ≤ 1 year
€30,055▲
2024 · €14,798
Income taxes
€4,674▼
2024 · €125,221
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 | - | - | - | - | - | - | €379,758 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,553 | €11,463 | €11,444 | €10,794 | €9,828 | €8,106 | €1,013 | €1,013 | = |
| Other operating charges640/8 | - | - | - | €7,792 | €9,379 | €10,323 | €10,103 | €9,363 | ▼ 7.3% |
| Gross operating margin9900 | €38,645 | €41,510 | €32,007 | €29,982 | €35,825 | €29,198 | €410,962 | €23,758 | ▼ 94.2% |
| Operating profit (loss)9901 | €15,817 | €21,427 | €11,365 | €11,396 | €16,618 | €10,769 | €399,846 | €13,382 | ▼ 96.7% |
| Financial income75/76B | - | - | - | - | - | €264 | €550 | €3,081 | ▲ 460% |
| Recurring financial income75 | - | - | - | - | - | €264 | €550 | €3,081 | ▲ 460% |
| Financial charges65/66B | - | - | - | €6,751 | €8,110 | €11,704 | €5,793 | €45 | ▼ 99.2% |
| Recurring financial charges65 | €9,305 | €9,323 | €6,324 | €6,751 | €8,110 | €11,704 | €5,793 | €45 | ▼ 99.2% |
| Profit (loss) for the period before taxes9903 | €6,512 | €12,104 | €5,041 | €4,644 | €8,508 | -€671 | €394,604 | €16,418 | ▼ 95.8% |
| Income taxes67/77 | €1,247 | €4,313 | €1,705 | €1,477 | €2,707 | - | €125,221 | €4,674 | ▼ 96.3% |
| Profit (loss) for the period9904 | €5,264 | €7,791 | €3,336 | €3,167 | €5,801 | -€671 | €269,382 | €11,744 | ▼ 95.6% |
| Profit (loss) for the period to be appropriated9905 | €5,264 | €7,791 | €3,336 | €3,167 | €5,801 | -€671 | €269,382 | €11,744 | ▼ 95.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €511,743 | €526,829 | €521,687 | €519,316 | €523,508 | €504,522 | €381,524 | €395,485 | ▲ 3.7% |
| Fixed assets21/28 | €377,108 | €366,223 | €354,779 | €343,815 | €333,987 | €325,881 | €137,612 | €136,599 | ▼ 0.7% |
| Tangible fixed assets22/27 | €376,938 | €366,053 | €354,609 | €343,815 | €333,987 | €325,881 | €137,612 | €136,599 | ▼ 0.7% |
| Land and buildings22 | - | - | - | €155,185 | €152,763 | €151,751 | €137,612 | €136,599 | ▼ 0.7% |
| Other tangible fixed assets26 | - | - | - | €188,630 | €181,224 | €174,131 | - | - | - |
| Financial fixed assets28 | €170 | €170 | €170 | - | - | - | - | - | - |
| Current assets29/58 | €134,635 | €160,605 | €166,908 | €175,501 | €189,521 | €178,641 | €243,912 | €258,886 | ▲ 6.1% |
| Amounts receivable within one year40/41 | - | - | - | €523 | €78,000 | €77,006 | €188,068 | €182,945 | ▼ 2.7% |
| Trade receivables40 | - | - | - | - | €3,000 | - | - | €1,308 | - |
| Other amounts receivable41 | - | - | - | €523 | €75,000 | €77,006 | €188,068 | €181,637 | ▼ 3.4% |
| Current investments50/53 | - | - | - | - | €12,000 | €27,000 | €38,000 | €38,000 | = |
| Cash at bank and in hand54/58 | €133,809 | €159,808 | €159,377 | €174,123 | €98,592 | €72,991 | €17,844 | €37,941 | ▲ 113% |
| Deferred charges and accrued income490/1 | - | - | - | €855 | €929 | €1,644 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €511,743 | €526,829 | €521,687 | €519,316 | €523,508 | €504,522 | €381,524 | €395,485 | ▲ 3.7% |
| Equity10/15 | €347,054 | €354,845 | €358,181 | €340,514 | €320,014 | €297,344 | €366,726 | €365,430 | ▼ 0.4% |
| Contributions10/11 | €220,998 | €220,998 | - | €220,998 | €220,998 | €220,998 | €58,498 | €58,498 | = |
| Reserves13 | €126,056 | €133,847 | €137,183 | €119,516 | €99,017 | €76,346 | €308,228 | €306,932 | ▼ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €22,100 | €22,100 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €22,100 | €22,100 | - | - | - | - |
| Distributable reserves133 | - | - | - | €97,416 | €76,917 | €76,346 | €308,228 | €306,932 | ▼ 0.4% |
| Amounts payable17/49 | €164,688 | €171,983 | €163,505 | €178,803 | €203,494 | €207,179 | €14,798 | €30,055 | ▲ 103% |
| Amounts payable within one year42/48 | €164,688 | €171,983 | €160,889 | €178,578 | €203,494 | €207,179 | €14,798 | €30,055 | ▲ 103% |
| Trade debts44 | - | €9,000 | €488 | - | - | €1,528 | €126 | €13,249 | ▲ 105× |
| Suppliers440/4 | - | - | - | - | - | €1,528 | €126 | €13,249 | ▲ 105× |
| Taxes, remuneration and social security45 | - | - | - | €3,685 | €2,966 | €4,077 | €14,672 | €16,806 | ▲ 14.5% |
| Taxes450/3 | - | - | - | €3,685 | €2,966 | €4,077 | €14,672 | €16,806 | ▲ 14.5% |
| Other amounts payable47/48 | - | - | - | €174,893 | €200,528 | €201,574 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €225 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,264 | €7,791 | €3,336 | €3,167 | €5,801 | -€671 | €269,382 | €11,744 | ▼ 95.6% |
| + Depreciation and write-downs630 | €11,553 | €11,463 | €11,444 | €10,794 | €9,828 | €8,106 | €1,013 | €1,013 | = |
| Operating cash flow (approximation) | €16,817 | €19,254 | €14,780 | €13,961 | €15,629 | €7,435 | €270,395 | €12,757 | ▼ 95.3% |
| Investment in fixed assets (approximation) | - | -€579 | €0 | €170 | €0 | €0 | €187,257 | €0 | ▼ 100% |
| Change in cash | - | €25,999 | -€431 | €14,746 | -€75,531 | -€25,601 | -€55,147 | €20,097 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,041 companies had the same profile as Ninatrust has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Ninatrust itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for Ninatrust. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-05-2026 | 2026-00111102 | |
| 31-12-2024 | abbreviated format | 12-03-2025 | 2025-00047099 | |
| 31-12-2023 | abbreviated format | 26-03-2024 | 2024-00050921 | |
| 31-12-2022 | abbreviated format | 07-02-2023 | 2023-00024456 | |
| 31-12-2021 | abbreviated format | 24-05-2022 | 2022-20033309 | |
| 31-12-2020 | abbreviated format | 19-02-2021 | 2021-05700299 | |
| 31-12-2019 | abbreviated format | 28-04-2020 | 2020-10300001 | |
| 31-12-2018 | abbreviated format | 06-03-2019 | 2019-06600026 | |
| 31-12-2017 | abbreviated format | 30-05-2018 | 2018-14600588 | |
| 31-12-2016 | micro format | 07-04-2017 | 2017-09200241 |
Board & ownership
Directors
Directors
1 director, last change in 2024
Christiaens Georges Nicolas
Current
Director (not named in the articles) · appointed in the act of 01-02-2024 · earlier niet statutaire zaakvoerder, until 01-02-2024 · term without a fixed end · listed in the 2025 annual accounts, filed on 13-05-2026
Owners and capital
Shareholders
Stated in the act
act of 01-02-2024 ↗
- enige aandeelhouder all shares
Capital transactions
Capital over time
- 01-02-2024 Converted to unavailable equity
Mandate history
1 person, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Christiaens Georges Nicolas |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “11, met of zonder beperking”“13, algemene vergadering met gewone meerderheid of enige aandeelhouder”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Om welke reden en op welk ogenblik ook, 26”
Articles of association, deed of 01-02-2024 (in Dutch)
Network & group
Ninatrust shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of Ninatrust. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
13-05
abbreviated format · 79 days before the deadline
2025
12-03
abbreviated format · 141 days before the deadline
2024
31-12
Financial
Back to profitnet €269,382
The net result is €269,382, after one loss-making year.
31-12
Financial
Liquidity more than 19 timescurrent ratio 16.48
The current ratio rises from 0.86 to 16.48. Short-term debt falls from €207,179 to €14,798.
26-03
abbreviated format · 127 days before the deadline
01-02
Gazette deed
Change of role: Christiaens Georges Nicolas, from niet statutaire zaakvoerder to directorCapital conversion · Reserve release · Registered office clause13 points ▸
Gazette deed
Change of role: Christiaens Georges Nicolas, from niet statutaire zaakvoerder to director
Capital conversion · Reserve release · Registered office clause13 points ▸
- General meeting, 29-12-2023
- Other provision, “aanpassing statuten aan WVV en behoud rechtsvorm, statuten aanpassen en rechtsvorm besloten vennootschap(BV)behouden” (deed in Dutch)
- Other provision, “aanname WVV-rechtsvorm, rechtsvorm aannemen die dichtst aansluit bij huidige vorm” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “vormen en meerderheden statutenwijziging, opheffing statutair onbeschikbare eigen vermogensrekening en middelen beschikbaar maken voor uitkering” (deed in Dutch)
- Registered office clause, “DERDE BESLUIT, adres zetel buiten statuten opnemen,vermelding in statuten beperkt tot gewest” (deed in Dutch)
- Other provision, “voorwerp” (deed in Dutch)
- Director resignation, Christiaens Georges Nicolas (niet statutaire zaakvoerder)
- Director appointment, Christiaens Georges Nicolas (director (not named in the articles))
- Director discharge, Christiaens Georges Nicolas
- Amendment of the articles
- Other provision, “vorige besluit, coördinatie van de statuten” (deed in Dutch)
- The act holds 1 more point.
2023
31-12
Financial
Weakest financial yearnet -€671
The net result drops to -€671, the lowest from 2018 to 2025. It recovers the following year.
07-02
abbreviated format · 174 days before the deadline
2022
24-05
abbreviated format · 68 days before the deadline
2021
19-02
abbreviated format · 162 days before the deadline
2020
28-04
abbreviated format · 94 days before the deadline
2019
06-03
abbreviated format · 147 days before the deadline
2018
30-05
abbreviated format · 62 days before the deadline
2017
07-04
micro format · 115 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
Ninatrust in Dutch
Enterprise number
0427.017.358
Legal form
Private limited company
Status
Active, normale toestand
Founded
27-06-1984
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 01-02-2024 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest, Artikel 2”
deed of 01-02-2024 (in Dutch)Registered office and establishments
Registered office
Elverdingestraat(Woes) 4, 8640 Vleteren, Belgium
Establishment unit
Ninatrust, Elverdingestraat(Woes) 4, 8640 Vleteren since 18-04-2016 · unit number 2.253.222.00766300
Invoicing and payment
VAT number
BE 0427.017.358
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Friday of May at 10:00
deed of 01-02-2024 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
353 m²
Building footprint
230 m²
Building volume
1,801 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 33033B0283/00P000 | Flanders | 353 m² | 1 · 230 m² | 12.7 m · 3 |