ZAIO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-07-2026 at the NBB all 21 filings
Turnover
€240,314
EBIT margin
6.9%
Net result
-€309▲ 98.5%
2024 · -€20,642
Working capital
-€46,268▼ 3.6%
2024 · -€44,650
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€245
2025
20182025
Net result
-€309
▲ 98.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€53,345
▼ 0.6%
2025
lowest quarter of the sector
20182025
Total assets
€33,093
▼ 41.5%
2025
lowest quarter of the sector
20182025
Debt
€86,438
▼ 21.1%
2025
20182025
Working capital
-€46,268
▼ 3.6%
2025
lowest quarter of the sector
20182025
Solvency
-161.2%
▼ 67.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.40
▼ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.9%
▲ 35.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 28.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€240,314-
Operating result€16,484--€21,171-€386▲ 98.2%€12,252-€7,289-€25,387▼ 248%€2,946-€245
Net result€15,215--€21,321-€280within the sector's middle half▲ 98.7%€12,201within the sector's middle half-€7,352below the sector's middle half-€25,413below the sector's middle half▼ 246%-€20,642below the sector's middle half▲ 18.8%-€309within the sector's middle half▲ 98.5%
EBIT margin6.9%-
Equity€9,370--€11,951-€12,231below the sector's middle half▼ 2.3%-€30below the sector's middle half▲ 99.8%-€6,982below the sector's middle half▼ 23,242%-€32,395below the sector's middle half▼ 364%-€53,037below the sector's middle half▼ 63.7%-€53,345below the sector's middle half▼ 0.6%
Total assets€46,536-€61,938▲ 33.1%€58,283below the sector's middle half▼ 5.9%€38,930below the sector's middle half▼ 33.2%€46,910below the sector's middle half▲ 20.5%€29,847below the sector's middle half▼ 36.4%€56,556below the sector's middle half▲ 89.5%€33,093below the sector's middle half▼ 41.5%
Debt€37,166-€73,889▲ 98.8%€70,514▼ 4.6%€38,959▼ 44.7%€53,892▲ 38.3%€62,241▲ 15.5%€109,592▲ 76.1%€86,438▼ 21.1%
Working capital-€2,676--€20,773▼ 676%-€7,930within the sector's middle half▲ 61.8%€7,494within the sector's middle half€5,294within the sector's middle half▼ 29.4%-€24,008below the sector's middle half-€44,650below the sector's middle half▼ 86.0%-€46,268below the sector's middle half▼ 3.6%
Solvency20.1%--19.3%▼ 39.4pp-21.0%below the sector's middle half▼ 1.7pp-0.1%below the sector's middle half▲ 20.9pp-14.9%below the sector's middle half▼ 14.8pp-108.5%below the sector's middle half▼ 93.7pp-93.8%below the sector's middle half▲ 14.8pp-161.2%below the sector's middle half▼ 67.4pp
Current ratio0.93-0.72▼ 0.210.87within the sector's middle half▲ 0.151.26within the sector's middle half▲ 0.391.13within the sector's middle half▼ 0.130.54below the sector's middle half▼ 0.590.55below the sector's middle half▲ 0.010.40below the sector's middle half▼ 0.16
Return on assets (ROA)32.7%--34.4%▼ 67.1pp-0.5%within the sector's middle half▲ 33.9pp31.3%above the sector's middle half▲ 31.8pp-15.7%below the sector's middle half▼ 47.0pp-85.1%below the sector's middle half▼ 69.5pp-36.5%below the sector's middle half▲ 48.6pp-0.9%within the sector's middle half▲ 35.6pp
Staff (FTE)0.50.91.4▲ 55.6%1▼ 28.6%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €245, after a profit of €2,946 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33,093
Fixed assets
€2,823 ▲ 86.6%
Current assets
€30,270 ▼ 45.0%
Equity and liabilities
Equity-€53,345
Debt€86,438
Equity is negative. Debt (€86,438) exceeds the balance-sheet total (€33,093).
Key figures and ratios
Quick ratio
0.33▼
2024 · 0.47
Debt ≤ 1 year
€76,538▼
2024 · €99,692
Debt > 1 year
€9,900=
2024 · €9,900
Supplier credit
27 days▼
2024 · 38 days
Staff costs
€32,448▼
2024 · €39,889
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 2 | - |
| full-time | - | 1 | 2 | - |
| in full-time equivalents | - | 1 | 2 | - |
| Average over the year, in full-time equivalents | 0.3 | 0.9 | 1.4 | 1 |
| Joined | 2 | 1 | 1 | 0 |
| Left | 2 | 0 | 0 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €257 | - | €1,310 |
| Depreciation and write-downs of the year | €3,223 | €1,120 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €240,314 | - | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €159,710 | €153,195 | €151,134 | €113,456 | €140,507 | ▲ 23.8% |
| Remuneration, social security and pensions62 | - | - | - | €5,471 | €605 | €26,333 | €39,889 | €32,448 | ▼ 18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,223 | €3,223 | €3,223 | €3,223 | €1,120 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,612 | €4,151 | €1,121 | €18,419 | €6,151 | ▼ 66.6% |
| Gross operating margin9900 | €56,538 | -€9,883 | €6,721 | €22,558 | -€1,413 | €2,066 | €61,254 | €38,354 | ▼ 37.4% |
| Operating profit (loss)9901 | €16,484 | -€21,171 | -€386 | €12,252 | -€7,289 | -€25,387 | €2,946 | -€245 | - |
| Financial income75/76B | - | - | - | €0 | - | - | €40 | - | - |
| Recurring financial income75 | - | - | €285 | €0 | - | - | €40 | - | - |
| Financial charges65/66B | - | - | - | €51 | €63 | €26 | €1,230 | €64 | ▼ 94.8% |
| Recurring financial charges65 | €1,269 | €150 | €179 | €51 | €63 | €26 | €1,230 | €64 | ▼ 94.8% |
| Profit (loss) for the period before taxes9903 | €15,215 | -€21,321 | -€280 | €12,201 | -€7,352 | -€25,413 | €1,756 | -€309 | - |
| Income taxes67/77 | - | - | - | - | - | - | €22,398 | - | - |
| Profit (loss) for the period9904 | €15,215 | -€21,321 | -€280 | €12,201 | -€7,352 | -€25,413 | -€20,642 | -€309 | ▲ 98.5% |
| Profit (loss) for the period to be appropriated9905 | €15,215 | -€21,321 | -€280 | €12,201 | -€7,352 | -€25,413 | -€20,642 | -€309 | ▲ 98.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €46,536 | €61,938 | €58,283 | €38,930 | €46,910 | €29,847 | €56,556 | €33,093 | ▼ 41.5% |
| Fixed assets21/28 | €12,045 | €8,822 | €5,599 | €2,376 | €1,256 | €1,513 | €1,513 | €2,823 | ▲ 86.6% |
| Tangible fixed assets22/27 | €10,789 | €7,566 | €4,343 | €1,120 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €1,120 | - | - | - | - | - |
| Financial fixed assets28 | €1,256 | €1,256 | €1,256 | €1,256 | €1,256 | €1,513 | €1,513 | €2,823 | ▲ 86.6% |
| Current assets29/58 | €34,491 | €53,116 | €52,684 | €36,553 | €45,654 | €28,333 | €55,043 | €30,270 | ▼ 45.0% |
| Stocks and contracts in progress3 | €27,430 | €45,350 | €39,871 | €9,235 | €25,981 | €12,196 | €8,132 | €5,376 | ▼ 33.9% |
| Stocks30/36 | - | - | - | €9,235 | €25,981 | €12,196 | €8,132 | €5,376 | ▼ 33.9% |
| Amounts receivable within one year40/41 | - | €2,414 | €1,865 | - | €400 | €853 | €5,805 | €790 | ▼ 86.4% |
| Other amounts receivable41 | - | - | - | - | €400 | €853 | €5,805 | €790 | ▼ 86.4% |
| Cash at bank and in hand54/58 | €5,246 | €5,339 | €10,818 | €26,386 | €17,708 | €14,647 | €39,972 | €23,055 | ▼ 42.3% |
| Deferred charges and accrued income490/1 | - | - | - | €932 | €1,565 | €637 | €1,133 | €1,049 | ▼ 7.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €46,536 | €61,938 | €58,283 | €38,930 | €46,910 | €29,847 | €56,556 | €33,093 | ▼ 41.5% |
| Equity10/15 | €9,370 | -€11,951 | -€12,231 | -€30 | -€6,982 | -€32,395 | -€53,037 | -€53,345 | ▼ 0.6% |
| Contributions10/11 | €18,200 | €18,200 | €18,200 | €18,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€10,690 | -€32,011 | -€32,291 | -€20,090 | -€27,442 | -€52,855 | -€73,497 | -€73,805 | ▼ 0.4% |
| Amounts payable17/49 | €37,166 | €73,889 | €70,514 | €38,959 | €53,892 | €62,241 | €109,592 | €86,438 | ▼ 21.1% |
| Amounts payable after more than one year17 | - | - | €9,900 | €9,900 | €9,900 | €9,900 | €9,900 | €9,900 | = |
| Other amounts payable178/9 | - | - | - | €9,900 | €9,900 | €9,900 | €9,900 | €9,900 | = |
| Amounts payable within one year42/48 | €37,166 | €73,889 | €60,614 | €29,059 | €40,361 | €52,341 | €99,692 | €76,538 | ▼ 23.2% |
| Trade debts44 | €7,365 | €10,781 | €6,357 | €4,577 | €9,721 | €8,341 | €11,746 | €10,399 | ▼ 11.5% |
| Suppliers440/4 | - | - | - | €4,577 | €9,721 | €8,341 | €11,746 | €10,399 | ▼ 11.5% |
| Taxes, remuneration and social security45 | - | - | - | €4,530 | €8,124 | €10,787 | €50,983 | €11,975 | ▼ 76.5% |
| Taxes450/3 | - | - | - | €3,402 | €6,995 | €5,153 | €43,429 | €8,488 | ▼ 80.5% |
| Remuneration and social security454/9 | - | - | - | €1,128 | €1,128 | €5,634 | €7,554 | €3,487 | ▼ 53.8% |
| Other amounts payable47/48 | - | - | - | €19,952 | €22,516 | €33,214 | €36,964 | €54,164 | ▲ 46.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,631 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,215 | -€21,321 | -€280 | €12,201 | -€7,352 | -€25,413 | -€20,642 | -€309 | ▲ 98.5% |
| + Depreciation and write-downs630 | €3,223 | €3,223 | €3,223 | €3,223 | €1,120 | - | - | - | - |
| Operating cash flow (approximation) | €18,438 | -€18,098 | €2,943 | €15,424 | -€6,232 | -€25,413 | -€20,642 | -€309 | ▲ 98.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€257 | €0 | -€1,310 | - |
| Change in cash | - | €94 | €5,479 | €15,568 | -€8,678 | -€3,061 | €25,325 | -€16,917 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,796 companies had the same profile as ZAIO has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ZAIO itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,796 companies, not a prediction for ZAIO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-07-2026 | 2026-00253206 | |
| 31-12-2024 | micro format | 05-08-2025 | 2025-00361136 | |
| 31-12-2023 | micro format | 03-08-2024 | 2024-00328120 | |
| 31-12-2022 | micro format | 20-08-2023 | 2023-00339617 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20185201 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-56400253 | |
| 31-12-2019 | full format | 30-10-2020 | 2020-66600091 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-61000399 | |
| 31-12-2017 | full format | 29-07-2018 | 2018-39800422 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-57500082 |