ZEK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 PDF all 20 filings
Equity
€33,098▼ 17.3%
2023 · €40,034
Total assets
€34,598▼ 21.9%
2023 · €44,305
Net result
-€7,217
2023 · €231
Working capital
€16,098▼ 30.1%
2023 · €23,034
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€7,092
2025
20182025
Net result
-€7,217
2025
lowest quarter of the sector
20182025
Equity
€33,098
2025
middle half of the sector
20182025
Total assets
€34,598
2025
lowest quarter of the sector
20182025
Debt
€1,500
2025
20182025
Working capital
€16,098
2025
middle half of the sector
20182025
Solvency
95.7%
2025
highest quarter of the sector
20182025
Current ratio
11.73
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-20.9%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Operating result€5-€48▲ 850%-€2,492€14,665€3,860▼ 73.7%€372▼ 90.4%-€7,092-
Net result€5-€48▲ 850%-€2,492within the sector's middle half€14,653within the sector's middle half€3,859within the sector's middle half▼ 73.7%€231within the sector's middle half▼ 94.0%-€7,217below the sector's middle half-
Equity€23,735-€23,783▲ 0.2%€21,290within the sector's middle half▼ 10.5%€35,943within the sector's middle half▲ 68.8%€39,803within the sector's middle half▲ 10.7%€40,034within the sector's middle half▲ 0.6%€33,098within the sector's middle half-
Total assets€31,215-€31,670▲ 1.5%€35,133below the sector's middle half▲ 10.9%€51,279within the sector's middle half▲ 46.0%€52,921within the sector's middle half▲ 3.2%€44,305within the sector's middle half▼ 16.3%€34,598below the sector's middle half-
Debt€7,480-€7,887▲ 5.5%€13,842▲ 75.5%€15,336▲ 10.8%€13,119▼ 14.5%€4,271▼ 67.4%€1,500-
Working capital-€3,878-€2,817within the sector's middle half▲ 27.4%€15,390within the sector's middle half€22,803within the sector's middle half▲ 48.2%€23,034within the sector's middle half▲ 1.0%€16,098within the sector's middle half-
Solvency76.0%-75.1%▼ 0.9pp60.6%within the sector's middle half▼ 14.5pp70.1%above the sector's middle half▲ 9.5pp75.2%above the sector's middle half▲ 5.1pp90.4%above the sector's middle half▲ 15.1pp95.7%above the sector's middle half-
Current ratio0.510.80below the sector's middle half▲ 0.292.00within the sector's middle half▲ 1.212.74above the sector's middle half▲ 0.736.39above the sector's middle half▲ 3.6511.73above the sector's middle half-
Return on assets (ROA)0.0%-0.2%▲ 0.1pp-7.1%below the sector's middle half▼ 7.2pp28.6%above the sector's middle half▲ 35.7pp7.3%within the sector's middle half▼ 21.3pp0.5%within the sector's middle half▼ 6.8pp-20.9%below the sector's middle half-
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 €7,092, against €372 in 2023. Comparable figures for the intervening years are unavailable.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €34,598
Fixed assets
€17,000 =
Current assets
€17,598 ▼ 35.5%
Equity and liabilities €34,598
Equity
€33,098 ▼ 17.3%
Debt
€1,500 ▼ 64.9%
Debt's share of the balance-sheet total falls from 9.6% to 4.3%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.05▼
2023 · 0.11
ROE
-21.8%▼
2023 · 0.6%
Debt ≤ 1 year
€1,500▼
2023 · €4,271
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,554 | €3,554 | €3,554 | €3,554 | €3,554 | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €1,307 | €1,130 | - |
| Gross operating margin9900 | €3,906 | €3,949 | €1,409 | €18,566 | €7,761 | €1,679 | -€5,962 | - |
| Operating profit (loss)9901 | €5 | €48 | -€2,492 | €14,665 | €3,860 | €372 | -€7,092 | - |
| Financial charges65/66B | - | - | - | €12 | €1 | €141 | €125 | - |
| Recurring financial charges65 | - | - | - | €12 | €1 | €141 | €125 | - |
| Profit (loss) for the period before taxes9903 | €5 | €48 | -€2,492 | €14,653 | €3,859 | €231 | -€7,217 | - |
| Profit (loss) for the period9904 | €5 | €48 | -€2,492 | €14,653 | €3,859 | €231 | -€7,217 | - |
| Profit (loss) for the period to be appropriated9905 | €5 | €48 | -€2,492 | €14,653 | €3,859 | €231 | -€7,217 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €31,215 | €31,670 | €35,133 | €51,279 | €52,921 | €44,305 | €34,598 | - |
| Fixed assets21/28 | €31,215 | €27,661 | €24,107 | €20,554 | €17,000 | €17,000 | €17,000 | - |
| Intangible fixed assets21 | €17,000 | €17,000 | €17,000 | €17,000 | €17,000 | €17,000 | €17,000 | - |
| Tangible fixed assets22/27 | €14,215 | €10,661 | €7,107 | €3,554 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €3,554 | - | - | - | - |
| Current assets29/58 | - | €4,009 | €11,025 | €30,725 | €35,921 | €27,305 | €17,598 | - |
| Amounts receivable within one year40/41 | - | - | €943 | €600 | €1,640 | €1,744 | €15,158 | - |
| Other amounts receivable41 | - | - | - | €600 | €1,640 | €1,744 | €15,158 | - |
| Cash at bank and in hand54/58 | - | €4,009 | €10,083 | €30,125 | €34,282 | €25,561 | €2,440 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €31,215 | €31,670 | €35,133 | €51,279 | €52,921 | €44,305 | €34,598 | - |
| Equity10/15 | €23,735 | €23,783 | €21,290 | €35,943 | €39,803 | €40,034 | €33,098 | - |
| Contributions10/11 | €19,000 | €19,000 | - | €19,000 | €19,000 | €19,000 | €19,000 | - |
| Reserves13 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | - |
| Non-distributable reserves130/1 | - | - | - | €1,900 | €1,900 | €1,900 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,900 | €1,900 | €1,900 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,900 | - |
| Profit (loss) carried forward14 | €2,835 | €2,883 | €390 | €15,043 | €18,903 | €19,134 | €12,198 | - |
| Amounts payable17/49 | €7,480 | €7,887 | €13,842 | €15,336 | €13,119 | €4,271 | €1,500 | - |
| Amounts payable within one year42/48 | €7,480 | €7,887 | €13,842 | €15,336 | €13,119 | €4,271 | €1,500 | - |
| Trade debts44 | - | €1,232 | €1,087 | €1,087 | €1,087 | - | - | - |
| Suppliers440/4 | - | - | - | €1,087 | €1,087 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €1,500 | €1,500 | - |
| Remuneration and social security454/9 | - | - | - | - | - | €1,500 | €1,500 | - |
| Other amounts payable47/48 | - | - | - | €14,249 | €12,032 | €2,771 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5 | €48 | -€2,492 | €14,653 | €3,859 | €231 | -€7,217 | - |
| + Depreciation and write-downs630 | €3,554 | €3,554 | €3,554 | €3,554 | €3,554 | - | - | - |
| Operating cash flow (approximation) | €3,559 | €3,601 | €1,061 | €18,207 | €7,413 | €231 | -€7,217 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | - | - |
| Change in cash | - | - | €6,074 | €20,042 | €4,157 | -€8,721 | - | - |
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, 5,831 companies had the same profile as ZEK has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ZEK itself: 0.8% 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 5,831 companies, not a prediction for ZEK. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00287509 | |
| 31-12-2023 | micro format | 08-08-2024 | 2024-00338347 | |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00314018 | |
| 31-12-2021 | micro format | 08-08-2022 | 2022-20279923 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43500388 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-37500118 | |
| 31-12-2018 | micro format | 09-09-2019 | 2019-63700451 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49400375 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-46800015 | |
| 31-12-2015 | full format | 30-07-2016 | 2016-38400087 |