Equity
€97,503 from €298,049 in 2021
Equity fell by 67% in 4 years.
ZARNAY
Lifetime
7 annual accounts with figures on one time axispeak €276,272 (2025)
€276,272▲ 15.5%
peak €207,172 (2025)
€207,172▲ 16.7%
peak €298,049 (2021)
€97,503▼ 34.9%
€273,449▲ 37.8%
Board1 name since 2019
1 directorNAYDENOVA Lazarinka
Documentsfilings and deeds
13-07-202618 days before the deadline
2025micro format
Gross margin from €239,258 to €276,272Dividend €253,563Equity from €149,724 to €97,503Debts from €198,482 to €273,449Cash from €299,575 to €174,073
Key points
from the 2025 annual accountsTurnover
≈ €470,000 estimated
The micro format states no turnover.
Debts
€273,449 74% of the balance sheet
Suppliers 0%Taxes and wages 5%Other 95%
Filings
7 annual accounts 5 late
The 2019 accounts came latest: 61 days after the end of the period.
At the same address
5 companies
Position in the sector
€207,172
Higher net result than 93% of companies in legal and accounting. Sector median €37,394 · 15,826 companies.
Checked score
93
Excellent
Financially stronger than 42% of micro companies in legal and accounting (NACE 69)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: < 0.1% across 20,107 companies (NACE 69, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026highest value
11-2026: < 0.1%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
lowers risk
Sector: Legal and accounting activities (NACE 69)
Liquidity: current ratio 1.24, cash €174,073
Size: total assets €370,952
Figures for financial year 2025 (filed on 13-07-2026)
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 69, micro). It does better than 27% of them on solvency, 46% on liquidity, 82% on profitability and 14% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 6,713 companies had the same profile as ZARNAY has now. Each dot stands for 17 companies, two years later.
95.8%
were still trading
2.2%
stopped another way
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ZARNAY itself is lower: < 0.1% within 12 months. It rests on far more data about ZARNAY than the profile alone.
Test of the method
The method was tested on the 497,447 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 6,713 companies, not a prediction for ZARNAY. 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.
Credit verdict
Credit of up to €9,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.24 (1.55 in 2024), below the usual 1.5. Short-term debt is 73.7% and cash 46.9% of total assets. 73.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 15824 sector peers (2025).
NBB · sector comparisonPosition among 15824 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
18 days early
2024
133 days early
2023
27 days late
2022
30 days late
2021
30 days late
2020
31 days late
2019
61 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 4 days after the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 August (4 of the last 5 accounts filed within 46 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0723958510
Amendment of the articles · Legal-form change · Resignations & appointments
General meeting of 13-12-2024 · Gazette deed
Registered office moved from Brussels to Ixelles
New registered office: Chaussée d'ixelles 227B, 1050 Ixelles · Previous registered office: Rue du marche aux porcs 12, bte 6 1000 Bruxelles · General meeting of 05-05-2020 · Gazette deed
Incorporation
Founder: NAYDENOVA Lazarinka · Founding capital of €18,600, 100 shares, €12,400 paid up · Appointment: NAYDENOVA Lazarinka (manager) · published on 04-04-2019 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ZARNAY Ixelles | €370,952 | €276,272 | 26.3% | - |
| AV LAW Ixelles | €403,065 | €256,790 | 18.8% | - |
| CAROLINE HOSTE Brussels | €341,035 | €268,428 | 5.6% | - |
| MyInc Koekelberg | €413,461 | €246,942 | 0.2% | - |
| LEXENTIA Schaerbeek | €420,040 | €270,719 | 5.0% | - |
| HADABI Rym Uccle | €320,811 | €253,358 | 2.8% | - |
| VA Merelbeke-Melle | €355,475 | €264,864 | 24.8% | - |
These companies have the same main activity as ZARNAY: activities of lawyers (NACE 69101). They are comparable in size and age: total assets between €321,000 and €420,000, founded between 2018 and 2019.
Official details
Source: KBO- Status
- Active since 02-04-2019Normal situation
- Activity
- Activities of lawyersNACE 69101
- Establishment unit
- 2.287.409.4581050 Ixelles, since 02-04-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 23-12-2025
Annual accounts 2025
- €370,952▲ 6.5%
- Filing
- Filed on 13-07-2026, 18 days before the end of the filing period
Insights on ZARNAY
ZARNAY files the micro format. That format states no turnover. The gross margin rose from €87,063 in 2019 to €276,272 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ZARNAY
- What is the company number of ZARNAY?
- The company number of ZARNAY is 0723.958.510. The VAT number is the same number with BE in front: BE 0723.958.510.
- Where is ZARNAY based?
- The registered office is at Elsense Steenweg 227B, 1050 Ixelles.Company details
- What does ZARNAY do?
- According to the KBO register, the main activity is activities of lawyers (NACE 69101).
- What is the legal form of ZARNAY?
- ZARNAY is a private limited company (BV).
- When was ZARNAY founded?
- ZARNAY was founded on 02-04-2019.
- Is ZARNAY still active?
- Yes, ZARNAY is an active enterprise in the KBO register.
- What is the turnover of ZARNAY?
- The turnover in financial year 2025 is ≈ €470,000. This figure is estimated from the gross margin of €276,272 and 35 comparable companies (NACE 69). It probably lies between €390,000 and €560,000.Financials
- Is ZARNAY profitable?
- In financial year 2025, ZARNAY made a profit of €207,172.
- Where can I find the annual accounts of ZARNAY?
- ZARNAY filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ZARNAY due?
- ZARNAY must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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