ZAPER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 17 filings
Turnover
€151,656▼ 1.7%
2023 · €154,335
EBIT margin
-4.8%▼ 4.2pp
2023 · -0.6%
Net result
€3,346
2024 · -€8,067
Working capital
-€3,164▲ 51.5%
2024 · -€6,527
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€3,718
2025
20192025
Net result
€3,346
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
-€2,914
▲ 53.5%
2025
lowest quarter of the sector
20192025
Total assets
€4,002
▲ 2.9%
2025
lowest quarter of the sector
20192025
Debt
€6,917
▼ 31.9%
2025
20192025
Working capital
-€3,164
▲ 51.5%
2025
middle half of the sector
20192025
Solvency
no figure
2025
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
no figure
2025
20192025
Staff (FTE)
4.8
▲ 54.8%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€153,822-€98,918▼ 35.7%€102,963▲ 4.1%€128,503▲ 24.8%€154,335▲ 20.1%€151,656▼ 1.7%
Operating result€10,248-€3,447▼ 66.4%€22,135▲ 542%€6,763▼ 69.4%-€891-€7,244▼ 713%€3,718
Net result€8,683-€2,914within the sector's middle half▼ 66.4%€22,238within the sector's middle half▲ 663%€3,626within the sector's middle half▼ 83.7%-€741within the sector's middle half-€8,067below the sector's middle half▼ 989%€3,346within the sector's middle half
EBIT margin6.7%-3.5%▼ 3.2pp21.5%▲ 18.0pp5.3%▼ 16.2pp-0.6%▼ 5.8pp-4.8%▼ 4.2pp
Equity-€26,231--€23,317below the sector's middle half▲ 11.1%-€1,079below the sector's middle half▲ 95.4%€2,547within the sector's middle half€1,806within the sector's middle half▼ 29.1%-€6,261below the sector's middle half-€2,914below the sector's middle half▲ 53.5%
Total assets€33,633-€17,844below the sector's middle half▼ 46.9%€17,188below the sector's middle half▼ 3.7%€6,382below the sector's middle half▼ 62.9%€5,245below the sector's middle half▼ 17.8%€3,891below the sector's middle half▼ 25.8%€4,002below the sector's middle half▲ 2.9%
Debt€59,864-€41,160▼ 31.2%€18,267▼ 55.6%€3,835▼ 79.0%€3,440▼ 10.3%€10,152▲ 195%€6,917▼ 31.9%
Working capital-€36,229--€25,847within the sector's middle half▲ 28.7%-€5,575within the sector's middle half▲ 78.4%-€679within the sector's middle half▲ 87.8%€367within the sector's middle half-€6,527within the sector's middle half-€3,164within the sector's middle half▲ 51.5%
Solvency-78.0%--130.7%below the sector's middle half▼ 52.7pp-6.3%below the sector's middle half▲ 124.4pp39.9%within the sector's middle half▲ 46.2pp34.4%within the sector's middle half▼ 5.5pp
Current ratio0.39-0.37below the sector's middle half▼ 0.020.69within the sector's middle half▲ 0.320.82within the sector's middle half▲ 0.131.11within the sector's middle half▲ 0.28
Return on assets (ROA)25.8%-16.3%within the sector's middle half▼ 9.5pp129.4%above the sector's middle half▲ 113.0pp56.8%above the sector's middle half▼ 72.6pp-14.1%below the sector's middle half▼ 70.9pp
Staff (FTE)1.2-1within the sector's middle half▼ 16.7%2.3▲ 130%2.9▲ 26.1%3.14.8▲ 54.8%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 profit of €3,718, after a loss of €7,244 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4,002
Fixed assets
€250 ▼ 6.2%
Current assets
€3,752 ▲ 3.5%
Equity and liabilities
Equity-€2,914
Debt€6,917
Equity is negative. Debt (€6,917) exceeds the balance-sheet total (€4,002).
Key figures and ratios
EBITDA
€3,735▲
2024 · -€6,071
Cash flow
€3,363▲
2024 · -€6,894
Interest coverage
10.04▲
2024 · -7.35
Debt ≤ 1 year
€6,917▼
2024 · €10,152
Staff costs
€68,371▲
2024 · €62,782
The ratios are withheld because a balance sheet total of €4,002 is too small for a meaningful ratio.
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 3 | 3 |
| part-time | 3 | 2 | 3 | 3 |
| in full-time equivalents | 1.3 | 0.9 | 1 | 1.2 |
| Average over the year, in full-time equivalents | 1 | 1.6 | 1.5 | 1.3 |
| On a permanent contract | 2 | 2 | 2 | 3 |
| Joined | 3 | 4 | 11 | 13 |
| Left | 2 | 3 | 10 | 13 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,177 | €718 | - | €0 | - |
| Depreciation and write-downs of the year | €2,211 | €1,988 | €1,787 | €1,173 | €16 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €153,822 | €98,918 | €102,963 | €128,503 | €154,335 | €151,656 | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €0 | €5 | ▲ 21× |
| Goods, raw materials, services and sundry goods60/61 | - | - | €59,365 | €66,174 | €99,669 | €93,908 | - | - |
| Remuneration, social security and pensions62 | - | - | €18,943 | €52,498 | €52,745 | €62,782 | €68,371 | ▲ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,020 | €5,097 | €2,211 | €1,988 | €1,787 | €1,173 | €16 | ▼ 98.6% |
| Other operating charges640/8 | - | - | €309 | €1,079 | €1,025 | €1,038 | €1,139 | ▲ 9.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | €4 | ▲ 32× |
| Gross operating margin9900 | €48,143 | €32,254 | €43,598 | €62,329 | €54,667 | €57,748 | €73,250 | ▲ 26.8% |
| Operating profit (loss)9901 | €10,248 | €3,447 | €22,135 | €6,763 | -€891 | -€7,244 | €3,718 | - |
| Financial income75/76B | - | - | €102 | €0 | €150 | €4 | - | - |
| Recurring financial income75 | - | €3 | €102 | €0 | €150 | €4 | - | - |
| Financial charges65/66B | - | - | - | €3,138 | - | €826 | €372 | ▼ 55.0% |
| Recurring financial charges65 | €1,564 | €535 | - | €3,138 | - | €826 | €372 | ▼ 55.0% |
| Profit (loss) for the period before taxes9903 | €8,683 | €2,914 | €22,238 | €3,626 | -€741 | -€8,067 | €3,346 | - |
| Profit (loss) for the period9904 | €8,683 | €2,914 | €22,238 | €3,626 | -€741 | -€8,067 | €3,346 | - |
| Profit (loss) for the period to be appropriated9905 | €8,683 | €2,914 | €22,238 | €3,626 | -€741 | -€8,067 | €3,346 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €33,633 | €17,844 | €17,188 | €6,382 | €5,245 | €3,891 | €4,002 | ▲ 2.9% |
| Fixed assets21/28 | €9,998 | €2,530 | €4,497 | €3,226 | €1,439 | €266 | €250 | ▼ 6.2% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €6,248 | €2,280 | €4,247 | €2,976 | €1,189 | €16 | - | - |
| Plant, machinery and equipment23 | - | - | €1,058 | €652 | €246 | - | - | - |
| Furniture and vehicles24 | - | - | €3,189 | €2,324 | €943 | €16 | - | - |
| Financial fixed assets28 | €3,750 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €23,635 | €15,314 | €12,691 | €3,156 | €3,806 | €3,624 | €3,752 | ▲ 3.5% |
| Amounts receivable within one year40/41 | €54 | €565 | €936 | €433 | €433 | €280 | €459 | ▲ 63.8% |
| Trade receivables40 | - | - | - | - | - | - | €258 | - |
| Other amounts receivable41 | - | - | €936 | €433 | €433 | €280 | €201 | ▼ 28.2% |
| Cash at bank and in hand54/58 | €23,581 | €14,749 | €11,755 | €2,722 | €3,373 | €3,344 | €3,294 | ▼ 1.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €33,633 | €17,844 | €17,188 | €6,382 | €5,245 | €3,891 | €4,002 | ▲ 2.9% |
| Equity10/15 | -€26,231 | -€23,317 | -€1,079 | €2,547 | €1,806 | -€6,261 | -€2,914 | ▲ 53.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €19,584 | €19,584 | = |
| Capital10 | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | - | - | €984 | €984 | €984 | - | - | - |
| Non-distributable reserves130/1 | - | - | €984 | €984 | €984 | - | - | - |
| Legal reserve130 | - | - | €984 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €984 | €984 | - | - | - |
| Profit (loss) carried forward14 | -€44,831 | -€41,917 | -€20,663 | -€17,037 | -€17,778 | -€25,845 | -€22,498 | ▲ 12.9% |
| Amounts payable17/49 | €59,864 | €41,160 | €18,267 | €3,835 | €3,440 | €10,152 | €6,917 | ▼ 31.9% |
| Amounts payable within one year42/48 | €59,864 | €41,160 | €18,267 | €3,835 | €3,440 | €10,152 | €6,917 | ▼ 31.9% |
| Trade debts44 | €48,335 | €38,778 | €17,954 | €3,835 | €0 | €5,158 | €255 | ▼ 95.1% |
| Suppliers440/4 | - | - | €17,954 | €3,835 | €0 | €5,158 | €255 | ▼ 95.1% |
| Taxes, remuneration and social security45 | - | - | €313 | - | €3,440 | €4,993 | €6,662 | ▲ 33.4% |
| Taxes450/3 | - | - | €313 | - | €3,440 | €2,521 | €1,282 | ▼ 49.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,473 | €5,380 | ▲ 118% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,683 | €2,914 | €22,238 | €3,626 | -€741 | -€8,067 | €3,346 | - |
| + Depreciation and write-downs630 | €5,020 | €5,097 | €2,211 | €1,988 | €1,787 | €1,173 | €16 | ▼ 98.6% |
| Operating cash flow (approximation) | €13,704 | €8,011 | €24,448 | €5,614 | €1,046 | -€6,894 | €3,363 | - |
| Investment in fixed assets (approximation) | - | €2,371 | -€4,177 | -€718 | €0 | €0 | €0 | - |
| Change in cash | - | -€8,832 | -€2,994 | -€9,033 | €650 | -€28 | -€51 | ▼ 78.8% |
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, 3,632 companies had the same profile as ZAPER has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ZAPER itself: 1.0% 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 3,632 companies, not a prediction for ZAPER. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00140691 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00525784 | |
| 31-12-2023 | micro format | 04-02-2026 | 2026-00033086 | |
| 31-12-2022 | micro format | 31-10-2023 | 2023-00499269 | |
| 31-12-2021 | micro format | 15-06-2022 | 2022-20066497 | |
| 31-12-2020 | micro format | 14-12-2021 | 2021-80200384 | |
| 31-12-2019 | micro format | 24-11-2020 | 2020-71800414 | |
| 31-12-2017 | micro format | 26-09-2018 | 2018-65100452 | |
| 31-12-2016 | full format | 26-09-2017 | 2017-62600110 | |
| 31-12-2015 | full format | 08-08-2016 | 2016-41600047 |