ZANDERS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 18 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€16.2m▼ 0.1%
2024 · €16.2m
EBIT margin
5.7%▼ 5.3pp
2024 · 11.0%
Net result
€719,695▼ 48.4%
2024 · €1.4m
Working capital
€5.0m▼ 15.8%
2024 · €5.9m
In the rankings
#9 company by staff growth in the province of Antwerp, Head offices and management consultancy sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€16.2m
▼ 0.1%
2025
20182025
Operating result
€925,923
▼ 48.1%
2025
20182025
Net result
€719,695
▼ 48.4%
2025
highest quarter of the sector
20182025
EBIT margin
5.7%
▼ 5.3pp
2025
20182025
Equity
€5.0m
▲ 0.4%
2025
middle half of the sector
20182025
Total assets
€14.1m
▲ 17.0%
2025
highest quarter of the sector
20182025
Debt
€9.1m
▲ 28.9%
2025
20182025
Working capital
€5.0m
▼ 15.8%
2025
highest quarter of the sector
20182025
Solvency
35.7%
▼ 5.9pp
2025
middle half of the sector
20182025
Current ratio
1.55
▼ 0.43
2025
middle half of the sector
20182025
Return on assets (ROA)
5.1%
▼ 6.5pp
2025
middle half of the sector
20182025
Staff (FTE)
18.7
▲ 14.0%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€16.2m€16.2m▼ 0.1%
Operating result€0.2m-€0.4m▲ 85.6%€0.5m▲ 29.9%€0.4m▼ 23.4%€0.6m▲ 42.2%€0.7m▲ 31.3%€1.8m▲ 138%€0.9m▼ 48.1%
Net result€0.1m-€0.3m▲ 107%€0.4mabove the sector's middle half▲ 44.4%€0.3mabove the sector's middle half▼ 22.8%€0.4mabove the sector's middle half▲ 33.3%€0.6mabove the sector's middle half▲ 54.8%€1.4mabove the sector's middle half▲ 120%€0.7mabove the sector's middle half▼ 48.4%
EBIT margin11.0%5.7%▼ 5.3pp
Equity€1.6m-€1.9m▲ 17.2%€2.3mabove the sector's middle half▲ 21.2%€2.6mabove the sector's middle half▲ 13.5%€3.0mabove the sector's middle half▲ 15.9%€3.6mabove the sector's middle half▲ 21.2%€5.0mabove the sector's middle half▲ 38.4%€5.0mwithin the sector's middle half▲ 0.4%
Total assets€1.9m-€2.3m▲ 17.6%€2.5mabove the sector's middle half▲ 11.9%€2.8mabove the sector's middle half▲ 10.3%€3.4mabove the sector's middle half▲ 21.5%€6.4mabove the sector's middle half▲ 87.9%€12.1mabove the sector's middle half▲ 88.7%€14.1mabove the sector's middle half▲ 17.0%
Debt€0.3m-€0.4m▲ 19.3%€0.3m▼ 32.6%€0.2m▼ 17.4%€0.4m▲ 88.3%€2.8m▲ 573%€7.0m▲ 155%€9.1m▲ 28.9%
Working capital€1.6m-€1.8m▲ 17.4%€2.2mabove the sector's middle half▲ 20.5%€2.5mabove the sector's middle half▲ 15.4%€2.9mabove the sector's middle half▲ 13.6%€3.6mabove the sector's middle half▲ 26.2%€5.9mabove the sector's middle half▲ 62.2%€5.0mabove the sector's middle half▼ 15.8%
Solvency82.9%-82.7%▼ 0.2pp89.6%above the sector's middle half▲ 6.9pp92.2%above the sector's middle half▲ 2.6pp87.9%above the sector's middle half▼ 4.3pp56.7%within the sector's middle half▼ 31.2pp41.6%within the sector's middle half▼ 15.1pp35.7%within the sector's middle half▼ 5.9pp
Current ratio5.85-5.86▲ 0.019.32above the sector's middle half▲ 3.4614.93above the sector's middle half▲ 5.618.02above the sector's middle half▼ 6.922.38within the sector's middle half▼ 5.641.98within the sector's middle half▼ 0.401.55within the sector's middle half▼ 0.43
Return on assets (ROA)6.9%-12.2%▲ 5.2pp15.7%above the sector's middle half▲ 3.5pp11.0%within the sector's middle half▼ 4.7pp12.0%within the sector's middle half▲ 1.1pp9.9%within the sector's middle half▼ 2.1pp11.5%within the sector's middle half▲ 1.6pp5.1%within the sector's middle half▼ 6.5pp
Staff (FTE)7.9-8.9▲ 12.7%9.8above the sector's middle half▲ 10.1%9.9above the sector's middle half▲ 1.0%10.3above the sector's middle half▲ 4.0%12.8above the sector's middle half▲ 24.3%16.4above the sector's middle half▲ 28.1%18.7above the sector's middle half▲ 14.0%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 48% lower than in 2024.
Large changes and their cause
- 2024 Net result +120% on 2023. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.1m
Fixed assets
€111,966 ▼ 7.2%
Current assets
€14.0m ▲ 17.3%
Equity and liabilities €14.1m
Equity
€5.0m ▲ 0.4%
Debt
€9.1m ▲ 28.9%
Debt's share of the balance-sheet total rises from 58.4% to 64.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€947,734▼
2024 · €1.8m
Cash flow
€741,506▼
2024 · €1.4m
Quick ratio
1.55▼
2024 · 1.84
Debt to equity
1.80▲
2024 · 1.40
ROE
14.3%▼
2024 · 27.8%
Interest coverage
32.54▼
2024 · over 100
Debt ≤ 1 year
€9.0m▲
2024 · €6.0m
Income taxes
€249,318▼
2024 · €535,693
Customer credit
66 days▼
2024 · 174 days
Supplier credit
185 days▲
2024 · 152 days
Staff costs
€1.8m▲
2024 · €1.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 11 | 15 | 19 | 19 |
| full-time | 9 | 9 | 14 | 18 | 17 |
| part-time | 2 | 2 | 1 | 1 | 2 |
| in full-time equivalents | 10.4 | 10.4 | 14.6 | 18.6 | 18.5 |
| Average over the year, in full-time equivalents | 9.9 | 10.3 | 12.8 | 16.4 | 18.7 |
| On a permanent contract | 11 | 11 | 15 | 19 | 19 |
| Joined | 2 | 2 | 4 | 5 | 2 |
| Left | 1 | 2 | 0 | 1 | 2 |
| Training hours | - | - | 8 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €27,557 | €50,364 | €25,837 | €13,032 | €13,180 |
| Depreciation and write-downs of the year | €22,037 | €21,784 | €23,084 | €23,708 | €21,812 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €16,500 | €16,865 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €16.6m | €15.6m | ▼ 5.8% |
| Turnover70 | - | - | - | - | - | - | €16.2m | €16.2m | ▼ 0.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | - | €0.3m | -€0.8m | - |
| Other operating income74 | - | - | - | - | - | - | €0.02m | €0.2m | ▲ 829% |
| Operating charges60/66A | - | - | - | - | - | - | €14.8m | €14.7m | ▼ 0.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €12.6m | €11.6m | ▼ 8.1% |
| Purchases600/8 | - | - | - | - | - | - | €12.6m | €11.6m | ▼ 8.1% |
| Services and other goods61 | - | - | - | - | - | - | €0.7m | €1.3m | ▲ 83.0% |
| Remuneration, social security and pensions62 | - | - | - | €1.3m | €1.6m | €2.2m | €1.5m | €1.8m | ▲ 23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 8.0% |
| Other operating charges640/8 | - | - | - | - | €219 | €0 | - | - | - |
| Gross operating margin9900 | €1.1m | €1.3m | €1.5m | €1.8m | €2.2m | €3.0m | - | - | - |
| Operating profit (loss)9901 | €0.2m | €0.4m | €0.5m | €0.4m | €0.6m | €0.7m | €1.8m | €0.9m | ▼ 48.1% |
| Financial income75/76B | - | - | - | €0.04m | €0.03m | €0.1m | €0.2m | €0.2m | ▲ 6.7% |
| Recurring financial income75 | €0.03m | €0.02m | €0.03m | €0.04m | €0.03m | €0.1m | €0.2m | €0.2m | ▲ 6.7% |
| Income from current assets751 | - | - | - | - | - | - | €0.1m | €0.2m | ▲ 46.4% |
| Other financial income752/9 | - | - | - | - | - | - | €0.04m | €220 | ▼ 99.5% |
| Financial charges65/66B | - | - | - | €0.01m | €0.04m | €0.02m | €0.009m | €0.1m | ▲ 14× |
| Recurring financial charges65 | €0.01m | €0.01m | €0.01m | €0.01m | €0.04m | €0.02m | €0.009m | €0.1m | ▲ 14× |
| Debt charges650 | - | - | - | - | - | - | €0.003m | €0.03m | ▲ 12× |
| Other financial charges652/9 | - | - | - | - | - | - | €0.006m | €0.09m | ▲ 15× |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.4m | €0.5m | €0.4m | €0.6m | €0.8m | €1.9m | €1.0m | ▼ 49.8% |
| Income taxes67/77 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.5m | €0.2m | ▼ 53.5% |
| Taxes670/3 | - | - | - | - | - | - | €0.5m | €0.2m | ▼ 53.5% |
| Profit (loss) for the period9904 | €0.1m | €0.3m | €0.4m | €0.3m | €0.4m | €0.6m | €1.4m | €0.7m | ▼ 48.4% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.3m | €0.4m | €0.3m | €0.4m | €0.6m | €1.4m | €0.7m | ▼ 48.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.9m | €2.3m | €2.5m | €2.8m | €3.4m | €6.4m | €12.1m | €14.1m | ▲ 17.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.05m | €0.07m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 7.2% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.05m | €0.07m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 8.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.03m | €0.03m | ▼ 17.6% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.03m | €0.03m | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.07m | €0.08m | €0.07m | €0.06m | ▼ 4.5% |
| Financial fixed assets28 | €0 | - | - | - | - | - | €0.02m | €0.02m | = |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €0.02m | €0.02m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.02m | €0.02m | = |
| Current assets29/58 | €1.9m | €2.2m | €2.5m | €2.7m | €3.3m | €6.3m | €12.0m | €14.0m | ▲ 17.3% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | €0.8m | €0.001m | ▼ 99.9% |
| Contracts in progress37 | - | - | - | - | - | - | €0.8m | €0.001m | ▼ 99.9% |
| Amounts receivable within one year40/41 | €1.8m | €2.1m | €2.4m | €2.5m | €3.2m | €6.1m | €10.7m | €13.8m | ▲ 29.8% |
| Trade receivables40 | - | - | - | €1.3m | €0.8m | €2.9m | €7.7m | €2.9m | ▼ 62.1% |
| Other amounts receivable41 | - | - | - | €1.3m | €2.4m | €3.3m | €3.0m | €10.9m | ▲ 270% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.09m | €0.1m | €0.08m | €0.2m | €0.07m | €0.05m | €0.5m | €0.2m | ▼ 64.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.03m | €0.1m | €0.02m | €0.02m | ▲ 7.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.9m | €2.3m | €2.5m | €2.8m | €3.4m | €6.4m | €12.1m | €14.1m | ▲ 17.0% |
| Equity10/15 | €1.6m | €1.9m | €2.3m | €2.6m | €3.0m | €3.6m | €5.0m | €5.0m | ▲ 0.4% |
| Contributions10/11 | €0.3m | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.03m | €0.03m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €1.3m | €1.6m | €2.0m | €2.3m | €2.7m | €3.3m | €4.7m | €4.8m | ▲ 0.5% |
| Amounts payable17/49 | €0.3m | €0.4m | €0.3m | €0.2m | €0.4m | €2.8m | €7.0m | €9.1m | ▲ 28.9% |
| Amounts payable within one year42/48 | €0.3m | €0.4m | €0.3m | €0.2m | €0.4m | €2.6m | €6.0m | €9.0m | ▲ 49.6% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.02m | €0.2m | €2.1m | €5.2m | €5.9m | ▲ 11.9% |
| Suppliers440/4 | - | - | - | €0.02m | €0.2m | €2.1m | €5.2m | €5.9m | ▲ 11.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €1.0m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.6m | €0.8m | €0.4m | ▼ 52.9% |
| Taxes450/3 | - | - | - | €0.02m | €0.06m | €0.4m | €0.5m | €0.1m | ▼ 78.0% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 2.4% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €1.8m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0 | €0.1m | €1.0m | €0.04m | ▼ 95.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.3m | €0.4m | €0.3m | €0.4m | €0.6m | €1.4m | €0.7m | ▼ 48.4% |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 8.0% |
| Operating cash flow (approximation) | €0.1m | €0.3m | €0.4m | €0.3m | €0.4m | €0.7m | €1.4m | €0.7m | ▼ 47.7% |
| Investment in fixed assets (approximation) | - | -€0.03m | -€0.03m | -€0.03m | -€0.05m | -€0.03m | -€0.03m | -€0.01m | ▲ 61.7% |
| Change in cash | - | €0.05m | -€0.06m | €0.09m | -€0.1m | -€0.02m | €0.4m | -€0.3m | - |
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, 17,811 companies had the same profile as ZANDERS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of ZANDERS itself: 0.3% 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 17,811 companies, not a prediction for ZANDERS. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00249418 | |
| 31-12-2024 | full format | 17-12-2025 | 2025-00584164 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00327041 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00406238 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20264178 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-35300407 | |
| 31-12-2019 | abbreviated format | 05-06-2020 | 2020-14600488 | |
| 31-12-2018 | abbreviated format | 26-06-2019 | 2019-22300551 | |
| 31-12-2017 | abbreviated format | 02-07-2018 | 2018-25600143 | |
| 31-12-2016 | abbreviated format | 09-06-2017 | 2017-15700129 |