ZAAR
ActiveSummary
ZAAR has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €233k and a net result of €-133k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 29% of 112 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2026
Axes · tick = 2025
Profitability50▼-12
Solvency51▼-49
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13k at 30 days acceptable
Liquidity tight (current ratio 1.0 against 54.58 in 2025; short-term debt: 74.2% and cash: 24.2% of total assets), and 74.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2025 and 2026); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2026Net result per financial year
1920212223242526
2019 to 2026 · latest year €-133k
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2026 was due by 31-01-2027 and was filed on 05-07-2026, 210 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2026
210 d early
2025
44 d early
2024
26 d early
2023
26 d early
2022
6 d early
2021
7 d early
2020
18 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2027 and is due by 31-01-2028. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-06-2027 close31-01-2028 deadline
Financials · fiscal year 2026, micro schema
Equity
€233k▼ 77.4%
2025 · €1.03M
2019: €481k
2020: €597k▲ +24.2% vs 2019
2021: €562k▼ -5.9% vs 2020
2022: €506k▼ -9.9% vs 2021
2023: €1.03M▲ +103% vs 2022
2024: €1.05M▲ +2.6% vs 2023highest in 8 years
2025: €1.03M▼ -1.8% vs 2024
2026: €233k▼ -77.4% vs 2025lowest in 8 years
2019 → 2026
Total assets
€903k▼ 13.7%
2025 · €1.05M
2019: €734klowest in 8 years
2020: €924k▲ +25.9% vs 2019
2021: €874k▼ -5.4% vs 2020
2022: €816k▼ -6.7% vs 2021
2023: €1.10M▲ +34.8% vs 2022highest in 8 years
2024: €1.07M▼ -2.9% vs 2023
2025: €1.05M▼ -2.1% vs 2024
2026: €903k▼ -13.7% vs 2025
2019 → 2026
Net result
€-133k▼ 586%
2025 · €-19k
2019: €-18k
2020: €116k▲ +750% vs 2019
2021: €-35k▼ -131% vs 2020
2022: €-55k▼ -55.9% vs 2021
2023: €520k▲ +1040% vs 2022highest in 8 years
2024: €27k▼ -94.8% vs 2023
2025: €-19k▼ -172% vs 2024
2026: €-133k▼ -586% vs 2025lowest in 8 years
2019 → 2026
Working capital
€1k▼ 99.8%
2025 · €620k
2019: €-8k
2020: €73k▲ +1005% vs 2019
2021: €51k▼ -30.4% vs 2020
2022: €-48k▼ -194% vs 2021lowest in 8 years
2023: €712k▲ +1595% vs 2022highest in 8 years
2024: €695k▼ -2.4% vs 2023
2025: €620k▼ -10.7% vs 2024
2026: €1k▼ -99.8% vs 2025
2019 → 2026
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20222023202420252026Trend
Equity€506k-€1.03M▲ 103%€1.05M▲ 2.6%€1.03M▼ 1.8%€233k▼ 77.4%
2022: €506k
2023: €1.03M▲ +103% vs 2022
2024: €1.05M▲ +2.6% vs 2023highest in 5 years
2025: €1.03M▼ -1.8% vs 2024
2026: €233k▼ -77.4% vs 2025lowest in 5 years
Operating result€-52k-€823k€-54k€-26k▲ 51.9%€32k
2022: €-52k
2023: €823k▲ +1688% vs 2022highest in 5 years
2024: €-54k▼ -107% vs 2023lowest in 5 years
2025: €-26k▲ +51.9% vs 2024
2026: €32k▲ +224% vs 2025
Net result€-55k-€520k€27k▼ 94.8%€-19k€-133k▼ 586%
2022: €-55k
2023: €520k▲ +1040% vs 2022highest in 5 years
2024: €27k▼ -94.8% vs 2023
2025: €-19k▼ -172% vs 2024
2026: €-133k▼ -586% vs 2025lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2026: €32k after a loss of €26k in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €903k
Fixed assets
€232k ▼ 44.0%
Current assets
€671k ▲ 6.1%
Equity and liabilities €903k
Equity
€233k ▼ 77.4%
Debt
€669k ▲ 5,659%
Debt's share of the balance-sheet total rises from 1.1% to 74.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€45k▲
2025 · €11k
Cash flow
€-120k▼
2025 · €18k
Current ratio
1.00▼
2025 · 54.58
Debt to equity
2.87▲
2025 · 0.01
ROE
-57.0%▼
2025 · -1.9%
ROA
-14.7%▼
2025 · -1.9%
Interest coverage
28.48▲
2025 · 5.46
Debt ≤ 1 year
€669k▲
2025 · €12k
Income taxes
€73▼
2025 · €8k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2026 against 2025 · 46 lines
Balance sheet
Code20252026
Assets
Total assets20/58€1.05M€903k▼
Fixed assets21/28€414k€232k▼
Tangible fixed assets22/27€414k€232k▼
Land and buildings22€122k€107k▼
Plant, machinery and equipment23€18k-
Furniture and vehicles24€91k-
Other tangible fixed assets26€183k€125k▼
Current assets29/58€632k€671k▲
Amounts receivable within one year40/41-€80k
Trade receivables40-€80k
Current investments50/53€605k€371k▼
Cash at bank and in hand54/58€25k€219k▲
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€1.05M€903k▼
Equity10/15€1.03M€233k▼
Contributions10/11€60k€60k=
Reserves13€974k€173k▼
Non-distributable reserves130/1€24k€24k=
Reserves not available under the articles1311€24k€24k=
Distributable reserves133€951k€150k▼
Amounts payable17/49€12k€669k▲
Amounts payable within one year42/48€12k€669k▲
Advances received on contracts in progress46€326-
Taxes, remuneration and social security45-€45k
Taxes450/3-€45k
Other amounts payable47/48€11k€624k▲
Accrued charges and deferred income492/3€43-
Income statement
Code20252026
Non-recurring operating income76A€39k€74k▲
Remuneration, social security and pensions62€1k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€37k€13k▼
Other operating charges640/8€8k€6k▼
Gross operating margin9900€21k€51k▲
Operating profit (loss)9901€-26k€32k▲
Financial income75/76B€29k€29k▼
Recurring financial income75€29k€29k▼
Financial charges65/66B€14k€194k▲
Recurring financial charges65€2k€2k▼
Non-recurring financial charges66B€12k€192k▲
Profit (loss) for the period before taxes9903€-11k€-133k▼
Income taxes67/77€8k€73▼
Profit (loss) for the period9904€-19k€-133k▼
Profit (loss) for the period to be appropriated9905€-19k€-133k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-19k€-133k▼
Transfer from equity791/2€19k€801k▲
Profit to be distributed694/7-€668k
Return on contributions (dividend)694-€668k
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €858k | - | €39k | €74k | ▲ 87.9% |
| Remuneration, social security and pensions62 | - | - | - | €1k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45k | €26k | €33k | €37k | €13k | ▼ 65.7% |
| Other operating charges640/8 | €9k | €3k | €6k | €8k | €6k | ▼ 32.0% |
| Gross operating margin9900 | €2k | €852k | €-15k | €21k | €51k | ▲ 144% |
| Operating profit (loss)9901 | €-52k | €823k | €-54k | €-26k | €32k | ▲ 224% |
| Financial income75/76B | €0 | €4k | €8k | €29k | €29k | ▼ 0.1% |
| Recurring financial income75 | €0 | €4k | €8k | €29k | €29k | ▼ 0.1% |
| Financial charges65/66B | €9k | €1k | €1k | €14k | €194k | ▲ 1,288% |
| Recurring financial charges65 | €9k | €1k | €1k | €2k | €2k | ▼ 22.6% |
| Non-recurring financial charges66B | - | - | - | €12k | €192k | ▲ 1,513% |
| Profit (loss) for the period before taxes9903 | €-61k | €826k | €-48k | €-11k | €-133k | ▼ 1,101% |
| Transfer from deferred taxes780 | €6k | €50k | - | - | - | - |
| Income taxes67/77 | €400 | €355k | €-75k | €8k | €73 | ▼ 99.1% |
| Profit (loss) for the period9904 | €-55k | €520k | €27k | €-19k | €-133k | ▼ 586% |
| Transfer from tax-exempt reserves789 | €14k | €134k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €-42k | €654k | €27k | €-19k | €-133k | ▼ 586% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €816k | €1.10M | €1.07M | €1.05M | €903k | ▼ 13.7% |
| Fixed assets21/28 | €607k | €315k | €358k | €414k | €232k | ▼ 44.0% |
| Tangible fixed assets22/27 | €607k | €315k | €358k | €414k | €232k | ▼ 44.0% |
| Land and buildings22 | €320k | €110k | €127k | €122k | €107k | ▼ 11.9% |
| Plant, machinery and equipment23 | €190 | €97 | €18k | €18k | - | - |
| Furniture and vehicles24 | €24k | €62k | €48k | €91k | - | - |
| Other tangible fixed assets26 | €262k | €142k | €165k | €183k | €125k | ▼ 31.8% |
| Current assets29/58 | €209k | €785k | €709k | €632k | €671k | ▲ 6.1% |
| Amounts receivable within one year40/41 | - | €3k | - | - | €80k | - |
| Trade receivables40 | - | €3k | - | - | €80k | - |
| Current investments50/53 | - | €327k | €610k | €605k | €371k | ▼ 38.7% |
| Cash at bank and in hand54/58 | €208k | €454k | €98k | €25k | €219k | ▲ 777% |
| Deferred charges and accrued income490/1 | €1k | €1k | €1k | €2k | €1k | ▼ 41.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €816k | €1.10M | €1.07M | €1.05M | €903k | ▼ 13.7% |
| Equity10/15 | €506k | €1.03M | €1.05M | €1.03M | €233k | ▼ 77.4% |
| Contributions10/11 | €60k | €60k | €60k | €60k | €60k | = |
| Reserves13 | €446k | €967k | €993k | €974k | €173k | ▼ 82.2% |
| Non-distributable reserves130/1 | €24k | €24k | €24k | €24k | €24k | = |
| Reserves not available under the articles1311 | €24k | €24k | €24k | €24k | €24k | = |
| Tax-exempt reserves132 | €134k | - | - | - | - | - |
| Distributable reserves133 | €289k | €943k | €970k | €951k | €150k | ▼ 84.3% |
| Provisions and deferred taxes16 | €50k | - | - | - | - | - |
| Deferred taxes168 | €50k | - | - | - | - | - |
| Amounts payable17/49 | €260k | €73k | €14k | €12k | €669k | ▲ 5,659% |
| Amounts payable within one year42/48 | €257k | €73k | €14k | €12k | €669k | ▲ 5,680% |
| Trade debts44 | €16k | €476 | €13k | - | - | - |
| Suppliers440/4 | €16k | €476 | €13k | - | - | - |
| Advances received on contracts in progress46 | - | - | - | €326 | - | - |
| Taxes, remuneration and social security45 | €97 | €65k | - | - | €45k | - |
| Taxes450/3 | €97 | €65k | - | - | €45k | - |
| Other amounts payable47/48 | €241k | €7k | €1k | €11k | €624k | ▲ 5,448% |
| Accrued charges and deferred income492/3 | €3k | - | - | €43 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-55k | €520k | €27k | €-19k | €-133k | ▼ 586% |
| + Depreciation and write-downs630 | €45k | €26k | €33k | €37k | €13k | ▼ 65.7% |
| Operating cash flow (approximation) | €-10k | €546k | €60k | €18k | €-120k | ▼ 774% |
| Investment in fixed assets (approximation) | - | €266k | €-77k | €-93k | €169k | ▲ 283% |
| Change in cash | - | €246k | €-356k | €-73k | €194k | ▲ 365% |
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 2027, expected by
2026
05-07
NBB filing
Annual accounts filed
fiscal year 2026 · micro schema
30-06
Financial
Weakest financial yearnet €-133k
Net result drops to €-133k, the lowest in the series.
2025
18-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
05-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Liquidity times 5current ratio 50.01
Current ratio from 10.77 to 50.01; short-term debt falls from €73k to €14k.
05-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €520k
Net result €520k after 2 loss-making years.
30-06
Financial
Liquidity times 13current ratio 10.77
Current ratio from 0.81 to 10.77; short-term debt falls from €257k to €73k.
30-06
Financial
Equity above €1MEq €1.03M ▲103%
Equity rises from €506k to €1.03M.
25-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
24-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
13-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Show earlier events
2020
30-06
Financial
Back to profitnet €116k
Net result €116k after one loss-making year.
30-06
Financial
Equity above €500kEq €597k ▲24.2%
Equity rises from €481k to €597k.
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Knokke-Heist · 1 establishment unit since 2018
Ground area
685 m²
Building footprint
307 m²
Volume, LiDAR
5,169 m³
2 parcels, Flanders · tallest building 28.4 m, ±8 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
ZAAR
since 20182.285.194.888
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31332E0022/00B000 | Flanders | 450 m² | 1 · 205 m² | 28.4 m · 8 fl. |
| 31013D0604/00H000 | Flanders | 235 m² | 1 · 102 m² | 0.1 m |
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.
Recognitions · licences · registrations
Legal Entity Identifier
894500M7VMQLJX7Y4551
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Of 11,748 companies in sector 68310 we hold annual accounts for 6,905. 5,112 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-11-2018
Fiscal year end30-06
Activities, NACEBEL 2025
68310Real estate agency activities
Contact
E-mail
Arielle.zaman@telenet.beKnokke-Heist
Phone
0495282888Knokke-Heist
Scores and ratios are computed by Checked and are not a credit decision.