ZADA
ActiveSummary
ZADA has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1,488 and a net result of €71. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability58▲+45
Solvency43▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
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Signals
Five 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
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
18.2%
Return on assets
0.9%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 28184 sector peers (2025).
NBB · sector comparisonPosition among 28184 sector peers
Solvency
better than 20%
← weakest
strongest →
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 29-04-2026, 93 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
93 d early
2024
77 d early
2023
110 d early
2022
46 d early
2021
9 d early
2020
33 d early
2019
87 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 40 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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
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Financials · fiscal year 2025, micro schema
Equity
€1,488▲ 5.0%
2024 · €1,418
Total assets
€8,187▼ 6.9%
2024 · €8,792
Net result
€71
2024 · -€416
Working capital
€1,217▲ 135%
2024 · €518
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€650€3,033▲ 366%-€1,411-€320▲ 77.3%€169
Net result-€406below the sector's middle half▲ 70.7%€2,759within the sector's middle half-€1,506below the sector's middle half-€416below the sector's middle half▲ 72.4%€71below the sector's middle half
Equity€581below the sector's middle half▼ 41.1%€3,340below the sector's middle half▲ 475%€1,834below the sector's middle half▼ 45.1%€1,418below the sector's middle half▼ 22.7%€1,488below the sector's middle half▲ 5.0%
Total assets€16,151below the sector's middle half▲ 7.2%€14,412below the sector's middle half▼ 10.8%€9,912below the sector's middle half▼ 31.2%€8,792below the sector's middle half▼ 11.3%€8,187below the sector's middle half▼ 6.9%
Debt€15,570▲ 10.6%€11,072▼ 28.9%€8,078▼ 27.0%€7,374▼ 8.7%€6,699▼ 9.2%
Working capital€3,558▲ 135%€5,391▲ 51.5%€1,734▼ 67.8%€518▼ 70.1%€1,217▲ 135%
Solvency3.6%below the sector's middle half▼ 3.0pp23.2%within the sector's middle half▲ 19.6pp18.5%below the sector's middle half▼ 4.7pp16.1%below the sector's middle half▼ 2.4pp18.2%below the sector's middle half▲ 2.1pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
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 2025: €169 after a loss of €320 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8,187
Fixed assets
€625 ▼ 30.6%
Current assets
€7,562 ▼ 4.2%
Equity and liabilities €8,187
Equity
€1,488 ▲ 5.0%
Debt
€6,699 ▼ 9.2%
Debt's share of the balance-sheet total falls from 83.9% to 81.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€444▲
2024 · -€295
Cash flow
€346▲
2024 · -€390
Current ratio
1.19▲
2024 · 1.07
Debt to equity
4.50▼
2024 · 5.20
ROE
4.7%▲
2024 · -29.3%
ROA
0.9%▲
2024 · -4.7%
Interest coverage
4.52▲
2024 · -3.07
Debt ≤ 1 year
€6,345▼
2024 · €7,374
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,972 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% 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 3,972 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €7,900 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | - | - | €26 | €275 | ▲ 976% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €4,530 | €0 | - | - | - | - |
| Other operating charges640/8 | €859 | €2,007 | €602 | €2,030 | €636 | ▼ 68.7% |
| Gross operating margin9900 | €6,039 | €5,040 | -€809 | €1,735 | €1,080 | ▼ 37.8% |
| Operating profit (loss)9901 | €650 | €3,033 | -€1,411 | -€320 | €169 | ▲ 153% |
| Financial charges65/66B | €36 | €273 | €95 | €96 | €98 | ▲ 2.5% |
| Recurring financial charges65 | €36 | €273 | €95 | €96 | €98 | ▲ 2.5% |
| Profit (loss) for the period before taxes9903 | €614 | €2,759 | -€1,506 | -€416 | €71 | ▲ 117% |
| Income taxes67/77 | €1,020 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | -€406 | €2,759 | -€1,506 | -€416 | €71 | ▲ 117% |
| Transfer from tax-exempt reserves789 | €4,934 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €4,528 | €2,759 | -€1,506 | -€416 | €71 | ▲ 117% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €16,151 | €14,412 | €9,912 | €8,792 | €8,187 | ▼ 6.9% |
| Fixed assets21/28 | €100 | €100 | €100 | €900 | €625 | ▼ 30.6% |
| Tangible fixed assets22/27 | - | - | - | €800 | €525 | ▼ 34.4% |
| Furniture and vehicles24 | - | - | - | €800 | €525 | ▼ 34.4% |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €16,051 | €14,312 | €9,812 | €7,892 | €7,562 | ▼ 4.2% |
| Amounts receivable within one year40/41 | €8,144 | €9,875 | €5,872 | €5,296 | €2,515 | ▼ 52.5% |
| Trade receivables40 | €8,144 | €9,861 | €5,518 | €5,292 | €2,462 | ▼ 53.5% |
| Other amounts receivable41 | - | €14 | €354 | €5 | €53 | ▲ 1,007% |
| Cash at bank and in hand54/58 | €7,906 | €4,437 | €3,940 | €2,596 | €5,047 | ▲ 94.5% |
| Deferred charges and accrued income490/1 | €0 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €16,151 | €14,412 | €9,912 | €8,792 | €8,187 | ▼ 6.9% |
| Equity10/15 | €581 | €3,340 | €1,834 | €1,418 | €1,488 | ▲ 5.0% |
| Contributions10/11 | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Reserves13 | €1,961 | €1,961 | €1,961 | €1,961 | €1,961 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | €0 | - | - | - | - | - |
| Distributable reserves133 | €102 | €102 | €102 | €102 | €102 | = |
| Profit (loss) carried forward14 | -€20,131 | -€17,371 | -€18,878 | -€19,294 | -€19,223 | ▲ 0.4% |
| Amounts payable17/49 | €15,570 | €11,072 | €8,078 | €7,374 | €6,699 | ▼ 9.2% |
| Amounts payable within one year42/48 | €12,493 | €8,921 | €8,078 | €7,374 | €6,345 | ▼ 14.0% |
| Current portion of amounts payable after more than one year42 | €0 | - | - | - | - | - |
| Trade debts44 | €1,009 | €0 | €497 | €1,452 | €613 | ▼ 57.8% |
| Suppliers440/4 | €1,009 | €0 | €497 | €1,452 | €613 | ▼ 57.8% |
| Taxes, remuneration and social security45 | €5,206 | €3,083 | €2,430 | €1,332 | €1,260 | ▼ 5.4% |
| Taxes450/3 | €3,356 | €3,083 | €1,830 | €1,332 | €1,260 | ▼ 5.4% |
| Remuneration and social security454/9 | €1,850 | €0 | €600 | €0 | - | - |
| Other amounts payable47/48 | €6,278 | €5,838 | €5,152 | €4,590 | €4,472 | ▼ 2.6% |
| Accrued charges and deferred income492/3 | €3,077 | €2,151 | €0 | - | €354 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€406 | €2,759 | -€1,506 | -€416 | €71 | ▲ 117% |
| + Depreciation and write-downs630 | €0 | - | - | €26 | €275 | ▲ 976% |
| Operating cash flow (approximation) | -€406 | €2,759 | -€1,506 | -€390 | €346 | ▲ 189% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€826 | €0 | ▲ 100% |
| Change in cash | - | -€3,470 | -€497 | -€1,345 | €2,452 | ▲ 282% |
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
29-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €71
Net result €71 after 2 loss-making years.
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
12-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€1,506
Net result drops to -€1,506, the lowest in the series; recovery starts the following year.
15-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €2,759
Net result €2,759 after 2 loss-making years.
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2019
09-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
14-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 14 days late
2017
10-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 10 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Middelkerke · 1 establishment unit since 1995
Ground area
707 m²
Building footprint
100 m²
Volume, LiDAR
528 m³
Parcel 35024A0232/00T002, Flanders · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Klussen Eric
since 19952.070.697.305
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35024A0232/00T002 | Flanders | 707 m² | 1 · 100 m² | 7.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,300 companies in sector 43350 we hold annual accounts for 2,361. 395 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 (pre-2019)
Founded15-02-1995
Fiscal year end31-12
Activities, NACEBEL 2025
43350Other building finishing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0454584263
Also
9925:BE0454584263
Registered
18-09-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.