Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of ZAG TELECOM is 4.0% (elevated). The 2023 annual accounts show negative equity (€-3k) and a net result of €-23k. Equity is growing by ~3.4% per year across the filed fiscal years. Its solvency ranks better than 31% of 4886 sector peers (fiscal year 2023). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 6 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone4.0%
Elevated
0%0,5%1,5%4%10%≥25%
Higher-failure-rate sector
+Annual accounts: weaker financial profile
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
1 signal · with evidenceNegative equity
Equity is negative for financial year 2023: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
View the annual accounts Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideAnnual accounts not filed
The financial year that closed on 31-12-2024 was due at the National Bank by 31-07-2025. Nothing is on record today, 393 days later. 2 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.
Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 26-08-2024, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
How we compute the deadline
The year end is derived from 8 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2023, that is 31-07-2024.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | nothing on record | not filed | - |
| 31-12-2024 | 31-07-2025 | nothing on record | not filed | - |
| 31-12-2023 | 31-07-2024 | 26-08-2024 | 26 d late | 2024-00428181 |
| 31-12-2022 | 31-07-2023 | 31-08-2023 | 31 d late | 2023-00388290 |
| 31-12-2021 | 31-07-2022 | 24-08-2022 | 24 d late | 2022-20342207 |
| 31-12-2020 | 31-07-2021 | 05-07-2021 | 26 d early | 2021-30800077 |
| 31-12-2019 | 31-07-2020 | 28-10-2020 | 89 d late | 2020-64100292 |
| 31-12-2018 | 31-07-2019 | 16-09-2019 | 47 d late | 2019-64400319 |
| 31-12-2017 | 31-07-2018 | 27-07-2018 | 4 d early | 2018-38900341 |
| 31-12-2015 | 31-07-2016 | 31-08-2016 | 31 d late | 2016-55800116 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsEstablished
Founded in 2015, 11 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Financials
Turnover€93k-14.8%
EBIT margin0.7%+3.0pp
Net result€-23k-33453.8%
Working capital€-10k
Annual accounts & ratios
Source: NBB · 2023Annual accounts filed on 26-08-2024 with the NBB · fiscal year 2023 · micro
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile
Too volatile to project: the yearly deviation from the trend is ~112% of the level (threshold 35%). We therefore deliberately show no projection line.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2023 · NACE 56, Food & beverage service · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -5.2% | 16.6% | |
| Net result | €-23k | €2k | |
| Equity | €-3k | €11k | |
| Gross operating margin | €-13k | €41k | |
| Staff costs | €7k | €47k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P31
Weakening position over 2020-2023
· n=1437-4886
P15
Weakening position over 2020-2023
· n=1429-4876
P30
Weakening position over 2020-2023
· n=1441-4901
P5
Weakening position over 2020-2023
· n=1423-4859
Describes the position versus peers, not a forecast.
€93k
-14.8%
18-23
€-20k
-
18-23
€-23k
-33453.8%
18-23
€-20k
-
18-23
€55k
-19.5%
18-23
€-3k
-
18-23
€-10k
-
18-23
€7k
-
18-23
Show 11 other metrics
€58k
+19.7%
18-23
€58k
+19.7%
18-23
0.83
-31.1%
18-23
0.59
-35.9%
18-23
-5.2%
-
18-23
-20.27
-
18-23
799.8%
-
18-23
-41.5%
-41561.2%
18-23
0.2%
-
18-23
2.3%
-
18-23
-53.69
-
18-23
Figures by fiscal year
| Fiscal year | 2023 |
|---|---|
| Deposit | micro |
| Revenue | - |
| EBITDA | €-20k |
| Net profit | €-23k |
| Cash flow | €-20k |
| Staff costs | €7k |
| Income taxes | - |
| Dividends | - |
| Total assets | €55k |
| Equity | €-3k |
| Debt | €58k |
| of which ≤ 1y | €58k |
| of which > 1y | - |
| Working capital | €-10k |
| Employees (FTE) | - |
Ratios (computed)
| 2023 | |
|---|---|
| Current ratio | 0.83 |
| Quick ratio | 0.59 |
| Working capital ratio | -17.5% |
| Solvency | -5.2% |
| Debt / equity | -20.27 |
| Long-term debt ratio | - |
| Interest coverage | -53.69 |
| Gross margin | - |
| Net margin | - |
| ROA | -41.5% |
| ROE | 799.8% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2023
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2023 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €55k |
| Fixed assets | 21/28 | €7k |
| Tangible fixed assets | 22/27 | €7k |
| Current assets | 29/58 | €48k |
| Stocks & contracts in progress | 3 | €14k |
| Amounts receivable within one year | 40/41 | €24k |
| Investments | 50/53 | €1 |
| Cash & bank | 54/58 | €10k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €55k |
| Equity | 10/15 | €-3k |
| Contributions / capital | 10/11 | €19k |
| Reserves | 13 | €60 |
| Accumulated profits (losses) | 14 | €-22k |
| Amounts payable | 17/49 | €58k |
| Amounts payable within one year | 42/48 | €58k |
| Trade debts payable within one year | 44 | €29k |
| Income statement | ||
| Gross operating margin | 9900 | €-13k |
| Operating result | 9901 | €-23k |
| Financial charges | 65 | €364 |
| Result before taxes | 9903 | €-23k |
| Net result for the period | 9904 | €-23k |
| Result to be appropriated | 9905 | €-23k |
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2023 · computed7
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2023. Indicative, not credit advice.
Directors
Directors & mandates
3 directors5 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.
Current directors & mandates
-
BOULAICH AbdellahDirectorState Gazette act 24320769 (11-01-2024)Current11-01-2024 → present
-
EL KHARRAZ NabilDirectorState Gazette act 24320769 (11-01-2024)Current11-01-2024 → present
Former directors (1)
-
De Boulaich, AbdellahDirectorState Gazette act 25073205 (11-06-2025)Former- → 11-06-2025
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Activiteiten van eetgelegenheden met volledige bediening(56111) |
| Legal form | Private limited company(610) |
| Incorporation | 30-03-2015 |
| Status | Active |
| Postal code | 2800 |
Structure & network
Locations & real estate
Registered office
on the map · from the address registerEstablishment units
1 locationVishandel Mechelen
since 20162.255.325.422
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area120 m²
Buildings1
Building footprint115 m²
Volume (LiDAR)941 m³
Tallest building15.1 m · ±2 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12025D0957/00_000 | Flanders | 120 m² | 1 · 115 m² | 15.1 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
2 acts All acts · 2
updated 1 year ago
2025
11-06-2025 De Boulaich, Abdellah resigns as director
- De Boulaich, Abdellah, Bestuurder
Notary:
CLEENEWERCK de CRAYENCOUR · Mechelen
2024
11-01-2024 2 directors appointed
- BOULAICH Abdellah, Bestuurder
- EL KHARRAZ Nabil, Bestuurder
Notary:
Stephane van den Hove d'Ertsenryck · Sint-Lambrechts-Woluwe
Analysis
Financial profile
5 of 5 axes measured56
/ 100
Mixed profile: strong on profitability, weaker on health.
All 5 axes are computed from data Checked has read.
Health
7
Profitability
100
Solvency
41
Growth
30
Stability
100
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 2,990 of the 20,304 companies in this sector. 2,579 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Eetgelegenheden met volledige bediening56101Activiteiten van eetgelegenheden met volledige bediening56111Detailhandel in vis en schaal- en weekdieren47230
Primary activity highlighted.
Names & trade names
| Legal nameNL | ZAG TELECOM |
Registered office
Hoogstraat 51
2800 Mechelen, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.