THE KOTTAGE
ActiveSummary
THE KOTTAGE has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€18,947) and a net result of -€37,567. Equity is shrinking by ~37.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 391 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability35▼-24
Solvency24▼-3
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 2.09 against 2.23 in 2024; short-term debt: 10.5% and cash: 21.3% of total assets), but equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-1.5%
Return on assets
-3%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1920212222232425
2019 to 2025 · latest year -€18,947
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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 d early
2024
41 d late
2023
106 d late
2022
124 d late
2022
233 d late
2021
24 d late
2020
30 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 72 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 45% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€37,567▼ 123%
2024 · -€16,852
Working capital
€145,717▲ 8.0%
2024 · €134,945
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222022202320242025
Operating result-€16,634▲ 60.0%-€7,519--€26,163▼ 248%-€12,112▲ 53.7%-€10,956▲ 9.5%
Net result-€23,639within the sector's middle half▲ 33.0%-€16,268within the sector's middle half--€34,066within the sector's middle half▼ 109%-€16,852within the sector's middle half▲ 50.5%-€37,567within the sector's middle half▼ 123%
Equity€106,056within the sector's middle half▼ 21.5%€85,738within the sector's middle half-€46,272within the sector's middle half▼ 46.0%€24,020within the sector's middle half▼ 48.1%-€18,947below the sector's middle half
Total assets€1.5mwithin the sector's middle half▼ 5.0%€1.5mwithin the sector's middle half-€1.3mwithin the sector's middle half▼ 9.6%€1.3mwithin the sector's middle half▲ 0.7%€1.3mwithin the sector's middle half▼ 5.1%
Debt€1.4m▼ 3.8%€1.4m-€1.3m▼ 6.9%€1.3m▲ 3.2%€1.3m▼ 1.2%
Working capital-€886,607below the sector's middle half▼ 3.1%-€899,823below the sector's middle half-€115,697within the sector's middle half€134,945within the sector's middle half▲ 16.6%€145,717within the sector's middle half▲ 8.0%
Solvency6.9%within the sector's middle half▼ 1.4pp5.8%within the sector's middle half-3.5%within the sector's middle half▼ 2.4pp1.8%within the sector's middle half▼ 1.7pp-1.5%below the sector's middle half▼ 3.3pp
Current ratio0.17below the sector's middle half▼ 0.010.18below the sector's middle half-5.91above the sector's middle half▲ 5.742.23above the sector's middle half▼ 3.692.09within the sector's middle half▼ 0.13
Return on assets (ROA)-1.5%within the sector's middle half▲ 0.6pp-1.1%within the sector's middle half--2.6%within the sector's middle half▼ 1.5pp-1.3%within the sector's middle half▲ 1.3pp-3.0%within the sector's middle half▼ 1.7pp
above
within
below
the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€990,056 ▼ 9.3%
Current assets
€279,122 ▲ 13.9%
Key figures and ratios
EBITDA
€95,972▲
2024 · €94,421
Cash flow
€69,361▼
2024 · €89,681
Debt to equity
-67.94▼
2024 · 54.27
Interest coverage
2.36▼
2024 · 5.03
Debt ≤ 1 year
€133,405▲
2024 · €110,068
Debt > 1 year
€1.2m▼
2024 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,242 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 93% are still going.
- Small
- 20 years or older
- negative equity
- a small loss
1.6%
went bankrupt
3.8%
stopped otherwise
93%
still going
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 1,242 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 | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €21,352 | €10,751 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €105,594 | €84,257 | €106,335 | €106,533 | €106,928 | ▲ 0.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €11,700 | - | - | - | - | - |
| Other operating charges640/8 | €20,623 | €8,318 | €8,906 | €9,235 | €9,525 | ▲ 3.1% |
| Gross operating margin9900 | €121,283 | €85,056 | €89,078 | €103,656 | €105,497 | ▲ 1.8% |
| Operating profit (loss)9901 | -€16,634 | -€7,519 | -€26,163 | -€12,112 | -€10,956 | ▲ 9.5% |
| Financial income75/76B | €5,948 | €4,469 | €5,400 | €5,400 | €5,400 | = |
| Recurring financial income75 | €5,948 | €4,469 | €5,400 | €5,400 | €5,400 | = |
| Financial charges65/66B | €21,578 | €19,686 | €21,928 | €18,764 | €40,636 | ▲ 117% |
| Recurring financial charges65 | €21,578 | €19,686 | €21,928 | €18,764 | €40,636 | ▲ 117% |
| Profit (loss) for the period before taxes9903 | -€32,264 | -€22,737 | -€42,691 | -€25,477 | -€46,192 | ▼ 81.3% |
| Transfer from deferred taxes780 | €8,625 | €6,468 | €8,625 | €8,625 | €8,625 | = |
| Profit (loss) for the period9904 | -€23,639 | -€16,268 | -€34,066 | -€16,852 | -€37,567 | ▼ 123% |
| Transfer from tax-exempt reserves789 | €16,750 | €12,563 | €16,750 | €16,750 | €18,545 | ▲ 10.7% |
| Profit (loss) for the period to be appropriated9905 | -€6,889 | -€3,706 | -€17,316 | -€102 | -€19,022 | ▼ 18,559% |
| Line | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.5m | €1.3m | €1.3m | €1.3m | ▼ 5.1% |
| Fixed assets21/28 | €1.4m | €1.3m | €1.2m | €1.1m | €990,056 | ▼ 9.3% |
| Tangible fixed assets22/27 | €1.4m | €1.3m | €1.2m | €1.1m | €990,056 | ▼ 9.3% |
| Land and buildings22 | €1.3m | €1.3m | €1.2m | €1.1m | €973,310 | ▼ 9.3% |
| Plant, machinery and equipment23 | €1,706 | €4,392 | €4,217 | €13,011 | €11,574 | ▼ 11.0% |
| Other tangible fixed assets26 | €9,293 | €8,466 | €7,368 | €6,270 | €5,172 | ▼ 17.5% |
| Financial fixed assets28 | €1,042 | - | - | - | - | - |
| Current assets29/58 | €185,508 | €193,376 | €139,248 | €245,012 | €279,122 | ▲ 13.9% |
| Amounts receivable within one year40/41 | €38,874 | €45,693 | - | €6,800 | €8,527 | ▲ 25.4% |
| Trade receivables40 | €1,826 | €8,228 | - | €6,800 | €8,527 | ▲ 25.4% |
| Other amounts receivable41 | €37,048 | €37,465 | - | - | - | - |
| Cash at bank and in hand54/58 | €146,634 | €139,371 | €130,631 | €229,537 | €270,595 | ▲ 17.9% |
| Deferred charges and accrued income490/1 | - | €8,312 | €8,617 | €8,675 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.3m | €1.3m | €1.3m | ▼ 5.1% |
| Equity10/15 | €106,056 | €85,738 | €46,272 | €24,020 | -€18,947 | ▼ 179% |
| Contributions10/11 | €173,525 | €173,525 | €173,525 | €173,525 | €173,525 | = |
| Capital10 | €173,525 | €173,525 | €173,525 | €173,525 | €173,525 | = |
| Issued capital100 | €173,525 | €173,525 | €173,525 | €173,525 | €173,525 | = |
| Reserves13 | €64,607 | €52,045 | €35,295 | €18,545 | - | - |
| Tax-exempt reserves132 | €64,607 | €52,045 | €35,295 | €18,545 | - | - |
| Profit (loss) carried forward14 | -€157,351 | -€161,057 | -€178,373 | -€178,475 | -€197,498 | ▼ 10.7% |
| Investment grants15 | €25,275 | €21,225 | €15,825 | €10,425 | €5,025 | ▼ 51.8% |
| Provisions and deferred taxes16 | €44,970 | €26,801 | €18,177 | €9,552 | €928 | ▼ 90.3% |
| Provisions for liabilities and charges160/5 | €11,700 | - | - | - | - | - |
| Other liabilities and charges164/5 | €11,700 | - | - | - | - | - |
| Deferred taxes168 | €33,270 | €26,801 | €18,177 | €9,552 | €928 | ▼ 90.3% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | ▼ 1.2% |
| Amounts payable after more than one year17 | €320,898 | €263,687 | €1.2m | €1.2m | €1.2m | ▼ 3.6% |
| Financial debts170/4 | €320,898 | €263,687 | €1.2m | - | €1.2m | - |
| Other amounts payable178/9 | - | - | - | €1.2m | - | - |
| Amounts payable within one year42/48 | €1.1m | €1.1m | €23,551 | €110,068 | €133,405 | ▲ 21.2% |
| Current portion of amounts payable after more than one year42 | €76,462 | €76,900 | - | €41,593 | €46,609 | ▲ 12.1% |
| Trade debts44 | €2,856 | €6,753 | €19,744 | €7,350 | €3,485 | ▼ 52.6% |
| Suppliers440/4 | €2,856 | €6,753 | €19,744 | €7,350 | €3,485 | ▼ 52.6% |
| Taxes, remuneration and social security45 | €3,762 | €5,676 | €3,807 | €2,512 | €3,654 | ▲ 45.5% |
| Taxes450/3 | €3,762 | €5,676 | €3,807 | €2,512 | €3,654 | ▲ 45.5% |
| Other amounts payable47/48 | €989,035 | €1.0m | - | €58,612 | €79,657 | ▲ 35.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,165 | - |
| Line | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,639 | -€16,268 | -€34,066 | -€16,852 | -€37,567 | ▼ 123% |
| + Depreciation and write-downs630 | €105,594 | €84,257 | €106,335 | €106,533 | €106,928 | ▲ 0.4% |
| Operating cash flow (approximation) | €81,955 | €67,988 | €72,269 | €89,681 | €69,361 | ▼ 22.7% |
| Investment in fixed assets (approximation) | - | - | -€19,049 | -€9,803 | -€4,950 | ▲ 49.5% |
| Change in cash | - | - | -€8,741 | €98,907 | €41,058 | ▼ 58.5% |
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
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
10-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 41 days late
2024
14-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 106 days late
2023
31-12
Financial
Liquidity times 33current ratio 5.91
Current ratio from 0.18 to 5.91; short-term debt falls from €1.1m to €23,551.
02-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 124 days late
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 233 days late
2021
24-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2019
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2016
22-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waterloo · 1 establishment unit since 1995
Ground area
3.0 ha
Building footprint
506 m²
Volume, LiDAR
3,706 m³
2 parcels, Wallonia · tallest building 11.9 m, ±3 floors. Linked by address, not a title deed.
54
companies at this address
See who is registered here
1 establishment unit
THE KOTTAGE SA
since 19952.070.765.896
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63068B2888/00N000 | Wallonia | 2.2 ha | 1 · 159 m² | 11.9 m · 3 fl. |
| 25763I0362/00B000 | Wallonia | 7,205 m² | 1 · 347 m² | 10.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
MATHIMMO
31 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
Highest known parent: MATHIMMO. The sources do not say who stands above it.
Owners 1
- KO IMMOparentSourceaccounts KO IMMO 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 2,393 companies in sector 55100 we hold annual accounts for 1,517. 712 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded30-06-1994
Fiscal year end31-12
Activities, NACEBEL 2025
55100Hotels and similar accommodation
55203Holiday cottages, homes and apartments
77210Renting and leasing of sports and recreation goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452989307
Also
9925:BE0452989307
Registered
16-11-2024
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.