ZAR
ActiveSummary
The computed 12-month bankruptcy probability of ZAR is 1.8% (moderate). The 2025 annual accounts show equity of €42,982 and a net result of €2,129, of which €1,692 non-recurring income. Equity has been growing by about 5.2% per year since 2020. Its solvency ranks better than 95% of 39,275 sector peers (NACE 70, financial year 2025). The company has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 18-02-2020 Normal situation
- Activity
- Business and other management consultancy NACE 70200
- Joint committee
- 124 Paritair Comité voor het bouwbedrijf · annual accounts 2023
- Establishment unit
- 2.304.667.540 4101 Seraing, since 18-02-2020
- Financial year end
- 31 December
- Peppol
- Reachable since 01-04-2026
Board and ownership
- Zaffuto RodolfoDirector · since 11-02-2020
- Daelemans ArmandDirector · since 09-03-2020
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.8%
- Gross margin
- €1,404
- Turnover
- ≈ €6,600
- estimated
- Profit
- €2,129
- Equity
- €42,982
- ▲ 5.2%
- Total assets
- €44,242
- ▼ 24.5%
- 2025 accounts filed 72 days after the deadline
Score breakdownraises riskLast filed accounts filed 72 days late; 3 of the last 3 accounts lateLiquidity: current ratio 35.161 change of registered office in 24 monthslowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 86% of them on solvency, 97% on liquidity, 23% on profitability and 51% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 67 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 72 days after the deadline Filed on 11 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00553343.
Annual accounts 2025 filed on 11-10-2026 at the NBB all 6 filings
Amounts without an identifiable currency are taken as euros.
Every figure per financial year
The operating result for 2025 is a profit of €35, after a loss of €45,408 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.4 |
| Joined | 4 |
| Left | 4 |
| Training hours | 130 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,536 | €7,611 | €550 | - | - |
| Depreciation and write-downs of the year | €546 | €6,682 | €4,345 | €4,353 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €11,708 | - | €1,692 | - |
| Remuneration, social security and pensions62 | - | - | €19,969 | €404 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7 | €546 | €6,682 | €4,345 | €4,353 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €9,425 | - | - |
| Other operating charges640/8 | - | €1,939 | €1,746 | €1,869 | €1,909 | €870 | ▼ 54.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €499 | - |
| Gross operating margin9900 | €20,727 | €58,770 | €62,096 | €8,578 | -€29,722 | €1,404 | - |
| Operating profit (loss)9901 | €19,583 | €56,285 | €33,699 | €1,959 | -€45,408 | €35 | - |
| Financial income75/76B | - | €295 | €933 | €1,139 | €2,135 | €2,371 | ▲ 11.0% |
| Recurring financial income75 | €2 | €295 | €933 | €1,139 | €2,135 | €2,371 | ▲ 11.0% |
| Financial charges65/66B | - | €402 | €237 | €516 | €2,020 | €277 | ▼ 86.3% |
| Recurring financial charges65 | €15 | €402 | €237 | €516 | €2,020 | €277 | ▼ 86.3% |
| Profit (loss) for the period before taxes9903 | €19,570 | €56,178 | €34,395 | €2,582 | -€45,293 | €2,129 | - |
| Income taxes67/77 | €5,698 | €17,340 | €11,815 | €1,384 | €341 | €0 | ▼ 100.0% |
| Profit (loss) for the period9904 | €13,872 | €38,837 | €22,580 | €1,198 | -€45,635 | €2,129 | - |
| Profit (loss) for the period to be appropriated9905 | €13,872 | €38,837 | €22,580 | €1,198 | -€45,635 | €2,129 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €39,697 | €107,096 | €126,408 | €105,992 | €58,607 | €44,242 | ▼ 24.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €407 | €18,396 | €19,325 | €11,424 | €7,071 | - | - |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €407 | €18,396 | €19,325 | €11,424 | €7,071 | - | - |
| Furniture and vehicles24 | - | €18,396 | €19,325 | €11,424 | €7,071 | - | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €39,290 | €88,700 | €107,083 | €94,568 | €51,535 | €44,242 | ▼ 14.2% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €16,087 | €55,064 | €54,591 | €56,402 | €51,535 | €44,242 | ▼ 14.2% |
| Trade receivables40 | - | €45,657 | €36,834 | €30,422 | €1,457 | - | - |
| Other amounts receivable41 | - | €9,407 | €17,757 | €25,980 | €50,078 | €44,242 | ▼ 11.7% |
| Current investments50/53 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €21,954 | €32,248 | €51,432 | €37,377 | - | - | - |
| Deferred charges and accrued income490/1 | - | €1,388 | €1,061 | €789 | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €39,697 | €107,096 | €126,408 | €105,992 | €58,607 | €44,242 | ▼ 24.5% |
| Equity10/15 | €23,872 | €62,709 | €85,289 | €86,487 | €40,853 | €42,982 | ▲ 5.2% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €13,872 | €52,709 | €75,289 | €76,487 | €76,487 | €76,487 | = |
| Distributable reserves133 | - | €52,709 | €75,289 | €76,487 | €76,487 | €76,487 | = |
| Profit (loss) carried forward14 | €0 | - | - | - | -€45,635 | -€43,506 | ▲ 4.7% |
| Amounts payable17/49 | €15,825 | €44,387 | €41,119 | €19,505 | €17,754 | €1,260 | ▼ 92.9% |
| Amounts payable after more than one year17 | - | €6,928 | - | - | - | - | - |
| Financial debts170/4 | - | €6,928 | - | - | - | - | - |
| Amounts payable within one year42/48 | €14,957 | €37,052 | €40,705 | €19,046 | €17,754 | €1,258 | ▼ 92.9% |
| Current portion of amounts payable after more than one year42 | - | €7,456 | €6,928 | - | - | - | - |
| Financial debts43 | - | - | - | - | €0 | €120 | ▲ 3,984× |
| Credit institutions430/8 | - | - | - | - | €0 | €120 | ▲ 3,984× |
| Trade debts44 | €3,997 | €2,501 | €2,137 | €5,954 | €15,913 | €394 | ▼ 97.5% |
| Suppliers440/4 | - | €2,501 | €2,137 | €5,954 | €15,913 | €394 | ▼ 97.5% |
| Taxes, remuneration and social security45 | - | €27,096 | €31,640 | €13,092 | €1,841 | €457 | ▼ 75.2% |
| Taxes450/3 | - | €27,096 | €31,640 | €13,092 | €1,841 | €457 | ▼ 75.2% |
| Other amounts payable47/48 | - | - | - | - | - | €288 | - |
| Accrued charges and deferred income492/3 | - | €407 | €414 | €459 | €0 | €2 | ▲ 13× |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,872 | €38,837 | €22,580 | €1,198 | -€45,635 | €2,129 | - |
| + Depreciation and write-downs630 | €7 | €546 | €6,682 | €4,345 | €4,353 | - | - |
| Operating cash flow (approximation) | €13,879 | €39,384 | €29,262 | €5,543 | -€41,282 | €2,129 | - |
| Investment in fixed assets (approximation) | - | -€18,536 | -€7,611 | €3,555 | €0 | - | - |
| Change in cash | - | €10,295 | €19,184 | -€14,055 | - | - | - |
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, 5,047 companies had the same profile as ZAR has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ZAR itself: 1.8% 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 5,047 companies, not a prediction for ZAR. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-10-2026 | 2026-00553343 | |
| 31-12-2024 | micro format | 11-10-2025 | 2025-00539717 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00497358 | |
| 31-12-2022 | micro format | 10-12-2023 | 2023-00525828 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20374526 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53200534 |
Board & ownership
Directors
Owners and capital
Shareholders
- Rodolfo ZAFFUTO all shares · 100%
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Zaffuto Rodolfo |
|
| Daelemans Armand |
|
Network & group
ZAR shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of ZAR. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
17-03
Gazette deed
Registered office moved from Jemeppe-sur-Meuse to JehayNew seat: Rue du Saule Gaillard 88, 4540 Jehay (Amay) · Previous seat: Rue Alexandre Raick 38, 4101 Jemeppe-sur-Meuse · Shareholding7 points ▸
- Board meeting, 24-02-2025
- Rodolfo ZAFFUTO holds all the shares
- Director in office, Rodolfo ZAFFUTO (managing director)
- Other provision, “représenter à la réunion, représentation à la réunion de l'organe de gestion” (deed in French)
- Registered-office move, Rue du Saule Gaillard 88,4540 Jehay (Amay)
- Other provision, “demande de transfert du siège social, demande répétée” (deed in French)
- Registered office clause, “Rue du Saule Gaillard 88,4540 Jehay (Amay)” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- Rue Alexandre Raick 38, 4101 Jemeppe-sur-Meuse until 24-02-2025 · act of 17-03-2025
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 61022B0764/00G000 | Wallonia | 865 m² | 1 · 102 m² | 8.2 m · 2 |