Summary
ZELACO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2026 annual accounts show equity of €491,417 and a net result of €166,167. Equity remains stable across the filed financial years (±0.6% per year). Its solvency ranks better than 42% of 304 sector peers (NACE 64, financial year 2026). The company has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2026, micro format
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€491,417▼ 13.5%
2025 · €568,042
Net result
€166,167▼ 31.6%
2025 · €242,792
Total assets
€947,783▲ 1.5%
2025 · €933,795
Solvency
51.8%▼ 9.0pp
2025 · 60.8%
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result falls in 2026; 2026 is 32% below 2025.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.2m
2026
Net result€0.2m
2026
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€0.9m
2026
Equity€0.5m
2026
Debt€0.5m
2026
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.2m
2026
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)17.5%
2026
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency51.8%
2026
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.53
2026
Average staff in full-time equivalents (FTE).
Staff (FTE)2
2026
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.03m--€0.1m€0.01m€0.01m▼ 5.8%€0.2m▲ 19×€0.3m▲ 28.3%€0.3m▲ 9.6%€0.2m▼ 31.9%
Net result€0.1m--€0.1m€0.2mabove the sector's middle half€0.3mabove the sector's middle half▲ 18.3%€0.2mabove the sector's middle half▼ 42.2%€0.2mabove the sector's middle half▲ 44.3%€0.2mabove the sector's middle half▲ 0.6%€0.2m▼ 31.6%
Equity€0.6m-€0.5m▼ 24.9%€0.7mabove the sector's middle half▲ 54.3%€0.2mwithin the sector's middle half▼ 68.3%€0.2mwithin the sector's middle half=€0.5mabove the sector's middle half▲ 110%€0.6mabove the sector's middle half▲ 23.1%€0.5m▼ 13.5%
Total assets€1.4m-€1.4m▼ 0.8%€1.2mabove the sector's middle half▼ 14.2%€1.2mabove the sector's middle half▲ 1.1%€1.3mabove the sector's middle half▲ 7.0%€0.8mwithin the sector's middle half▼ 37.3%€0.9mabove the sector's middle half▲ 12.4%€0.9m▲ 1.5%
Debt€0.8m-€1.0m▲ 16.5%€0.5m▼ 45.7%€1.0m▲ 91.9%€1.1m▲ 8.5%€0.4m▼ 66.5%€0.4m▼ 1.0%€0.5m▲ 24.8%
Working capital-€0.2m--€0.4m▼ 108%-€0.2mbelow the sector's middle half▲ 43.8%-€0.8mbelow the sector's middle half▼ 258%-€0.8mbelow the sector's middle half▲ 0.2%-€0.2mbelow the sector's middle half▲ 77.8%-€0.09mbelow the sector's middle half▲ 54.7%-€0.2m▼ 76.3%
Solvency41.7%-31.5%▼ 10.1pp56.7%within the sector's middle half▲ 25.2pp17.8%below the sector's middle half▼ 38.9pp16.6%below the sector's middle half▼ 1.2pp55.5%within the sector's middle half▲ 38.9pp60.8%within the sector's middle half▲ 5.3pp51.8%▼ 9.0pp
Current ratio0.54-0.35▼ 0.190.08below the sector's middle half▼ 0.260.04below the sector's middle half▼ 0.040.12below the sector's middle half▲ 0.090.16below the sector's middle half▲ 0.040.63below the sector's middle half▲ 0.470.53▼ 0.10
Return on assets (ROA)8.2%--10.5%▼ 18.6pp20.0%within the sector's middle half▲ 30.4pp23.4%above the sector's middle half▲ 3.4pp12.6%within the sector's middle half▼ 10.7pp29.0%above the sector's middle half▲ 16.4pp26.0%within the sector's middle half▼ 3.0pp17.5%▼ 8.5pp
Staff (FTE)0.3-1.5▲ 400%1▼ 33.3%2▲ 100%2=2=2=2=
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €947,783
Fixed assets
€777,434 ▼ 1.2%
Current assets
€170,349 ▲ 15.8%
Equity and liabilities €947,783
Equity
€491,417 ▼ 13.5%
Debt
€456,366 ▲ 24.8%
Debt's share of the balance-sheet total rises from 39.2% to 48.2%. Equity is lower and debt is higher.
Key figures and ratios
ROE
33.8%▼
2025 · 42.7%
Debt ≤ 1 year
€320,806▲
2025 · €232,514
Debt > 1 year
€125,000=
2025 · €125,000
Income taxes
€52,255▼
2025 · €76,962
Staff costs
€63,242▲
2025 · €61,036
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1,100 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €27,277 | €58,550 | €60,202 | €61,036 | €63,242 | ▲ 3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | - | - | - | - | €1,832 | €12,944 | €13,743 | ▲ 6.2% |
| Other operating charges640/8 | - | - | - | €1,009 | €3,078 | €3,002 | €2,835 | €2,807 | ▼ 1.0% |
| Non-recurring operating charges66A | - | - | - | - | €7,390 | €0 | - | - | - |
| Gross operating margin9900 | €38,935 | -€28,030 | €25,180 | €41,032 | €304,928 | €367,755 | €408,675 | €305,633 | ▼ 25.2% |
| Operating profit (loss)9901 | €25,128 | -€111,792 | €13,533 | €12,747 | €235,910 | €302,719 | €331,861 | €225,842 | ▼ 31.9% |
| Financial income75/76B | - | - | - | €295,577 | €713 | €23,049 | €0 | €3,180 | - |
| Recurring financial income75 | €110,000 | €0 | €249,859 | €295,577 | €713 | €23,049 | €0 | €3,180 | - |
| Financial charges65/66B | - | - | - | €14,634 | €14,392 | €16,045 | €12,107 | €10,600 | ▼ 12.4% |
| Recurring financial charges65 | €16,667 | €17,727 | €17,359 | €14,634 | €14,392 | €16,045 | €12,107 | €10,600 | ▼ 12.4% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €118,461 | -€148,662 | €245,372 | €293,690 | €222,231 | €309,724 | €319,754 | €218,422 | ▼ 31.7% |
| Income taxes67/77 | €1,185 | €918 | €952 | €4,587 | €55,013 | €68,449 | €76,962 | €52,255 | ▼ 32.1% |
| Profit (loss) for the period9904 | €117,276 | -€149,579 | €244,420 | €289,103 | €167,218 | €241,275 | €242,792 | €166,167 | ▼ 31.6% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €105,250 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €117,276 | -€149,579 | €244,420 | €289,103 | €167,218 | €136,025 | €242,792 | €166,167 | ▼ 31.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.2m | €1.2m | €1.3m | €0.8m | €0.9m | €0.9m | ▲ 1.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €0.8m | €0.8m | €0.8m | ▼ 1.2% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | - | - | €0.04m | €0.04m | €0.03m | ▼ 25.2% |
| Land and buildings22 | - | - | - | - | - | €0.009m | €0.009m | €0.009m | = |
| Furniture and vehicles24 | - | - | - | - | - | €0.04m | €0.03m | €0.02m | ▼ 34.0% |
| Financial fixed assets28 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €0.8m | €0.8m | €0.8m | = |
| Current assets29/58 | €0.2m | €0.2m | €0.02m | €0.03m | €0.1m | €0.04m | €0.1m | €0.2m | ▲ 15.8% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.02m | €0.005m | €32 | €0.03m | €0 | €0.02m | - |
| Trade receivables40 | - | - | - | €0.005m | €0 | €0.03m | €0 | €0.02m | - |
| Other amounts receivable41 | - | - | - | €0 | €32 | €0.004m | €0 | - | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.002m | €0.003m | €0.03m | €0.1m | €0.001m | €0.1m | €0.2m | ▲ 5.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 23.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.2m | €1.2m | €1.3m | €0.8m | €0.9m | €0.9m | ▲ 1.5% |
| Equity10/15 | €0.6m | €0.5m | €0.7m | €0.2m | €0.2m | €0.5m | €0.6m | €0.5m | ▼ 13.5% |
| Contributions10/11 | €0.2m | €0 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.4m | €0.2m | €0.5m | €0 | €0 | €0.1m | €0.2m | €0.2m | ▼ 31.6% |
| Amounts payable17/49 | €0.8m | €1.0m | €0.5m | €1.0m | €1.1m | €0.4m | €0.4m | €0.5m | ▲ 24.8% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.3m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Financial debts170/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts payable within one year42/48 | €0.4m | €0.6m | €0.3m | €0.9m | €1.0m | €0.2m | €0.2m | €0.3m | ▲ 38.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0 | - | - | - | - |
| Trade debts44 | €499 | €0.03m | €0.008m | €0.002m | €0.002m | €0.002m | €0.002m | €0.004m | ▲ 84.6% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.004m | ▲ 84.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.1m | €0.02m | €0.04m | €0.03m | ▼ 26.0% |
| Taxes450/3 | - | - | - | €0.08m | €0.09m | €0.006m | €0.02m | €0.01m | ▼ 45.8% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 2.1% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.9m | €0.2m | €0.2m | €0.3m | ▲ 49.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.01m | €0.02m | €0.008m | €0.01m | ▲ 28.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €117,276 | -€149,579 | €244,420 | €289,103 | €167,218 | €241,275 | €242,792 | €166,167 | ▼ 31.6% |
| + Depreciation and write-downs630 | €0 | - | - | - | - | €1,832 | €12,944 | €13,743 | ▲ 6.2% |
| Operating cash flow (approximation) | €117,276 | -€149,579 | €244,420 | €289,103 | €167,218 | €243,107 | €255,736 | €179,910 | ▼ 29.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €406,755 | -€4,800 | -€4,533 | ▲ 5.6% |
| Change in cash | - | -€27,423 | €1,553 | €25,939 | €90,834 | -€119,315 | €145,541 | €7,834 | ▼ 94.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2026 | micro format | 01-10-2026 | 2026-00543224 |
| 31-03-2025 | micro format | 19-09-2025 | 2025-00495761 |
| 31-03-2024 | micro format | 27-09-2024 | 2024-00475211 |
| 31-03-2023 | micro format | 27-09-2023 | 2023-00457267 |
| 31-03-2022 | micro format | 19-09-2022 | 2022-20431012 |
| 31-03-2021 | micro format | 14-10-2021 | 2021-72000089 |
| 31-03-2020 | micro format | 23-11-2020 | 2020-72000229 |
| 31-03-2019 | abbreviated format | 31-10-2019 | 2019-73000585 |
| 31-03-2018 | abbreviated format | 22-07-2019 | 2019-35100334 |
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Subsidies and aid
Flemish government
2025 · 1 entry · €334 awarded · €334 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.