ZABA COMMERCE
ActiveSummary
ZABA COMMERCE has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €115,369 and a net result of €77,471. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 26% of 11472 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▼-1
Solvency36▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 1.19 in 2024; short-term debt: 77.4% and cash: 14.7% of total assets), and 89.3% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
10.7%
Return on assets
7.2%
Age of the figures
9 mo
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
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 15-04-2026, 107 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
107 d early
2024
167 d early
2023
163 d early
2022
28 d early
2021
46 d early
2020
80 d early
2019
31 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 80 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€77,471▼ 21.9%
2024 · €99,253
Working capital
€24,080▼ 80.8%
2024 · €125,447
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line20212022202320242025
Operating result€103,005▼ 46.2%-€515,598€342,959€147,609▼ 57.0%€130,309▼ 11.7%
Net result€61,206within the sector's middle half▼ 44.8%-€556,221below the sector's middle half€302,346within the sector's middle half€99,253above the sector's middle half▼ 67.2%€77,471above the sector's middle half▼ 21.9%
Equity€200,186within the sector's middle half▼ 0.2%-€357,984below the sector's middle half-€57,587below the sector's middle half▲ 83.9%€39,847within the sector's middle half€115,369within the sector's middle half▲ 190%
Total assets€1.8mwithin the sector's middle half▲ 48.5%€1.7mwithin the sector's middle half▼ 9.0%€1.5mwithin the sector's middle half▼ 10.8%€1.2mabove the sector's middle half▼ 20.5%€1.1mabove the sector's middle half▼ 9.2%
Debt€1.6m▲ 58.1%€2.0m▲ 23.9%€1.6m▼ 23.6%€1.2m▼ 26.0%€967,380▼ 16.0%
Working capital-€50,699-€118,660▼ 134%€67,447€125,447▲ 86.0%€24,080▼ 80.8%
Solvency10.8%below the sector's middle half▼ 5.3pp-21.3%below the sector's middle half▼ 32.1pp-3.8%below the sector's middle half▲ 17.4pp3.3%below the sector's middle half▲ 7.2pp10.7%within the sector's middle half▲ 7.3pp
Staff (FTE)18.1within the sector's middle half▲ 47.2%15.2within the sector's middle half▼ 16.0%8.6within the sector's middle half▼ 43.4%8.5▼ 1.2%8.5=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2024 Net result -67% on 2023. The accounts now follow the micro schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 12% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€220,792 ▼ 44.6%
Current assets
€861,957 ▲ 8.5%
Equity and liabilities €1.1m
Equity
€115,369 ▲ 190%
Provisions
€0 ▼ 100%
Debt
€967,380 ▼ 16.0%
Debt's share of the balance-sheet total falls from 96.6% to 89.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€272,653▼
2024 · €308,983
Cash flow
€219,816▼
2024 · €260,628
Current ratio
1.03▼
2024 · 1.19
Quick ratio
0.45▼
2024 · 0.55
Debt to equity
8.39▼
2024 · 28.91
ROE
67.2%▼
2024 · 249.1%
ROA
7.2%▼
2024 · 8.3%
Interest coverage
14.15▲
2024 · 6.34
Debt ≤ 1 year
€837,877▲
2024 · €668,861
Debt > 1 year
€129,504▼
2024 · €483,253
Income taxes
€37,367▲
2024 · €17,208
Staff costs
€591,074▲
2024 · €536,733
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,049 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% 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 497,058 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% | 1.6% |
| 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 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 5,049 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 | €1.1m | €940,843 | €482,617 | €536,733 | €591,074 | ▲ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €112,156 | €161,005 | €165,634 | €161,375 | €142,344 | ▼ 11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €21,113 | - |
| Other operating charges640/8 | €8,637 | €2,859 | €5,723 | €5,516 | €21,552 | ▲ 291% |
| Non-recurring operating charges66A | - | - | €20,000 | €7,797 | - | - |
| Gross operating margin9900 | €1.3m | €589,110 | €1.0m | €859,029 | €906,392 | ▲ 5.5% |
| Operating profit (loss)9901 | €103,005 | -€515,598 | €342,959 | €147,609 | €130,309 | ▼ 11.7% |
| Financial income75/76B | €3,937 | €7,057 | €3,392 | €16,966 | €3,148 | ▼ 81.4% |
| Recurring financial income75 | €3,937 | €7,057 | €3,392 | €16,966 | €3,148 | ▼ 81.4% |
| Financial charges65/66B | €22,402 | €36,596 | €43,928 | €48,763 | €19,267 | ▼ 60.5% |
| Recurring financial charges65 | €22,402 | €36,596 | €43,928 | €48,763 | €19,267 | ▼ 60.5% |
| Profit (loss) for the period before taxes9903 | €84,541 | -€545,136 | €302,423 | €115,811 | €114,189 | ▼ 1.4% |
| Transfer from deferred taxes780 | €650 | €650 | €650 | €650 | €650 | = |
| Income taxes67/77 | €23,984 | €11,734 | €727 | €17,208 | €37,367 | ▲ 117% |
| Profit (loss) for the period9904 | €61,206 | -€556,221 | €302,346 | €99,253 | €77,471 | ▼ 21.9% |
| Profit (loss) for the period to be appropriated9905 | €61,206 | -€556,221 | €302,346 | €99,253 | €77,471 | ▼ 21.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.7m | €1.5m | €1.2m | €1.1m | ▼ 9.2% |
| Fixed assets21/28 | €696,084 | €751,331 | €592,075 | €398,302 | €220,792 | ▼ 44.6% |
| Tangible fixed assets22/27 | €694,334 | €749,601 | €590,345 | €395,842 | €215,585 | ▼ 45.5% |
| Plant, machinery and equipment23 | - | - | - | €1,898 | €2,336 | ▲ 23.1% |
| Furniture and vehicles24 | €51,251 | €30,751 | €22,319 | €14,793 | €24,162 | ▲ 63.3% |
| Leasing and similar rights25 | €553,455 | €590,492 | €455,245 | €281,421 | €155,369 | ▼ 44.8% |
| Other tangible fixed assets26 | €89,629 | €128,358 | €112,780 | €97,730 | €33,718 | ▼ 65.5% |
| Financial fixed assets28 | €1,750 | €1,730 | €1,730 | €2,460 | €5,207 | ▲ 112% |
| Current assets29/58 | €1.2m | €930,442 | €908,371 | €794,308 | €861,957 | ▲ 8.5% |
| Stocks and contracts in progress3 | €549,675 | €339,261 | €553,677 | €424,970 | €487,974 | ▲ 14.8% |
| Stocks30/36 | €549,675 | €339,261 | €553,677 | €424,970 | €487,974 | ▲ 14.8% |
| Amounts receivable within one year40/41 | €361,881 | €378,632 | €292,716 | €179,776 | €198,623 | ▲ 10.5% |
| Trade receivables40 | €349,881 | €355,632 | €292,716 | €176,121 | €192,635 | ▲ 9.4% |
| Other amounts receivable41 | €12,000 | €23,000 | - | €3,655 | €5,988 | ▲ 63.8% |
| Cash at bank and in hand54/58 | €208,609 | €207,844 | €53,677 | €168,230 | €158,725 | ▼ 5.7% |
| Deferred charges and accrued income490/1 | €31,787 | €4,705 | €8,301 | €21,332 | €16,635 | ▼ 22.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.7m | €1.5m | €1.2m | €1.1m | ▼ 9.2% |
| Equity10/15 | €200,186 | -€357,984 | -€57,587 | €39,847 | €115,369 | ▲ 190% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | - | - | - | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | €18,600 | €18,600 | = |
| Reserves13 | €172,296 | €172,296 | €172,296 | €172,296 | €172,296 | = |
| Non-distributable reserves130/1 | €865 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €995 | €995 | = |
| Reserves not available under the articles1311 | €865 | €1,860 | €1,860 | €865 | €865 | = |
| Distributable reserves133 | €171,431 | €170,436 | €170,436 | €170,436 | €170,436 | = |
| Profit (loss) carried forward14 | €1,492 | -€554,729 | -€252,382 | -€152,999 | -€75,527 | ▲ 50.6% |
| Investment grants15 | €7,797 | €5,848 | €3,899 | €1,949 | - | - |
| Provisions and deferred taxes16 | €2,599 | €1,949 | €1,300 | €650 | - | - |
| Deferred taxes168 | €2,599 | €1,949 | €1,300 | €650 | - | - |
| Amounts payable17/49 | €1.6m | €2.0m | €1.6m | €1.2m | €967,380 | ▼ 16.0% |
| Amounts payable after more than one year17 | €442,600 | €988,706 | €715,810 | €483,253 | €129,504 | ▼ 73.2% |
| Financial debts170/4 | €442,600 | €988,706 | €715,810 | €483,253 | €129,504 | ▼ 73.2% |
| Amounts payable within one year42/48 | €1.2m | €1.0m | €840,924 | €668,861 | €837,877 | ▲ 25.3% |
| Current portion of amounts payable after more than one year42 | €155,067 | €196,263 | €165,802 | €123,696 | €87,761 | ▼ 29.1% |
| Financial debts43 | - | €130,283 | €73,696 | €79,491 | €93,046 | ▲ 17.1% |
| Credit institutions430/8 | - | €130,283 | €73,696 | €79,491 | €93,046 | ▲ 17.1% |
| Trade debts44 | €707,766 | €615,244 | €528,035 | €357,873 | €535,344 | ▲ 49.6% |
| Suppliers440/4 | €707,766 | €615,244 | €528,035 | €357,873 | €535,344 | ▲ 49.6% |
| Taxes, remuneration and social security45 | €140,330 | €106,613 | €72,691 | €102,491 | €121,726 | ▲ 18.8% |
| Taxes450/3 | €43,847 | €22,912 | €32,323 | €45,891 | €65,756 | ▲ 43.3% |
| Remuneration and social security454/9 | €96,483 | €83,701 | €40,368 | €56,601 | €55,970 | ▼ 1.1% |
| Other amounts payable47/48 | €199,488 | €700 | €700 | €5,310 | €0 | ▼ 100.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,206 | -€556,221 | €302,346 | €99,253 | €77,471 | ▼ 21.9% |
| + Depreciation and write-downs630 | €112,156 | €161,005 | €165,634 | €161,375 | €142,344 | ▼ 11.8% |
| Operating cash flow (approximation) | €173,363 | -€395,215 | €467,981 | €260,628 | €219,816 | ▼ 15.7% |
| Investment in fixed assets (approximation) | - | -€216,252 | -€6,378 | €32,398 | €35,166 | ▲ 8.5% |
| Change in cash | - | -€765 | -€154,167 | €114,553 | -€9,505 | ▼ 108% |
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
14-08
State Gazette act
Resignation: Paul Bartzos (director)Appointment: MDES Management SRL (director) · Permanent representative: Jonatan Léonard4 facts ▸
State Gazette act
Resignation: Paul Bartzos (director)
Appointment: MDES Management SRL (director) · Permanent representative: Jonatan Léonard4 facts ▸
- General meeting, 31-07-2026
- Director resignation, Paul Bartzos (director)
- Director appointment, MDES Management SRL (director)
- Permanent representative, Jonatan Léonard (permanent representative)
15-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Equity above €100,000Eq €115,369 ▲190%
3 profitable years in a row build equity to €115,369.
14-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-02
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €302,346
Net result €302,346 after one loss-making year.
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€556,221
Net result drops to -€556,221, the lowest in the series; recovery starts the following year.
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
12-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €200,000Eq €200,643 ▲151%
3 profitable years in a row build equity to €200,643.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
Show earlier events
2019
01-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 1 day late
2018
15-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 13 acts read
About the unread acts
Of the 13 Belgian State Gazette acts we know for this company, 1 has been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
2 directors, last change in 2026
Board 2
MDES Managment
CurrentDirector · since 14-08-2026 · Private limited company · perm. rep.: Jonatan Léonard
MDES Management SRL
CurrentDirector · since 14-08-2026 · Legal entity · from a recent act
Permanent representatives 1
Jonatan Léonard
CurrentPermanent representative · since 14-08-2026 · for MDES Managment
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
12 of this company's 13 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Nivelles · 2 establishment units since 2021
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue du Bosquet 12A1402 NivellesGround area
2.0 ha
Building footprint
1.0 ha
Volume, LiDAR
121,523 m³
2 parcels, Brussels, Wallonia · tallest building 34.0 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
Bionaturels - Zaba Commerce SRL
since 20212.324.164.639
Louizalaan 367, 1050 Elsene
since 20232.342.471.707
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25099D0024/00G000 | Wallonia | 2.0 ha | 1 · 1.0 ha | 13.7 m · 4 fl. |
| 21807G0211/00W012 | Brussels | 266 m² | 1 · 265 m² | 34.0 m · 5 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.
Mandate history
3 people since 2026, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| MDES Management SRLfrom an act |
|
| MDES Managment |
|
| Paul Bartzos |
|
Structure & network
Connections & network
1 current directorThe group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Recognitions · licences · registrations
Food safety, FASFC
1 siteNivelles2.324.164.639
Similar companies · same sector, comparable size
FISHER
BE 0403.010.650
Sint-Pieters-Woluwe · Eq €115,577
BIOENERGEM
BE 0639.992.043
Morlanwelz · Eq €116,050
BAKSERVICE
BE 0427.948.063
Zoersel · Eq €114,506
AELIA
BE 0679.741.653
Etterbeek · Eq €116,359
The Food Hub
BE 0659.960.185
Sint-Katelijne-Waver · Eq €116,523
Of 1,424 companies in sector 46389 we hold annual accounts for 854. 573 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
Founded21-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
46389Wholesale of other food products
47120Other non-specialised retail sale
47210Retail sale of fruit and vegetables
47750Retail sale of cosmetics and toilet articles
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0843822301
Registered
10-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.