ZELI
ActiveSummary
The computed 12-month bankruptcy probability of ZELI is 5.4% (elevated). The 2024 annual accounts show equity of €6,458 and a net result of €43,236. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 27% of 25,567 sector peers (NACE 47, financial year 2024). The company has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 2.5 FTE
- Equity
- €6,458
- Profit
- €43,236
- Gurbet CETINKAYADirector
Why 39raises riskFigures for financial year 2024 (filed 24-10-2025)1 financial year not filed after the legal deadline; last filed accounts filed 84 days late; 3 of the last 3 lateLiquidity: current ratio 0.02, cash €1,132, halvedlowers riskSize: total assets €108,578Show the evidence
Checked score
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 47, micro): better than 23% on solvency, 15% on liquidity, 96% on profitability and 94% on growth.
The bankruptcy probability was computed on 25-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 6 accounts on average 68 days after the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2024 · micro…
- Annual accounts filedfinancial year 2023 · micro…
- Resignation: Gurbet CETINKAYA (manager)Appointment: Gurbet CETINKAYA (director) ·…
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 25 October 2026.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result has risen four years in a row; 2024 is 1% above 2023 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: 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), Staff (FTE).
Peer companies
Historical observationOf the 1,325 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 95.1% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 5.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,325 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €128,744 | €71,155 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €102,492 | €293,240 | €427,371 | €421,273 | ▼ 1.4% |
| Remuneration, social security and pensions62 | - | - | - | - | €4,668 | €17,662 | €30,972 | ▲ 75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,292 | €4,131 | €4,178 | €2,226 | €7,061 | €11,385 | €12,822 | ▲ 12.6% |
| Other operating charges640/8 | - | - | - | €3,447 | €4,176 | €4,008 | €3,123 | ▼ 22.1% |
| Gross operating margin9900 | -€53,575 | -€25,413 | -€24,544 | €15,235 | €52,753 | €95,460 | €109,907 | ▲ 15.1% |
| Operating profit (loss)9901 | -€64,548 | -€34,696 | -€29,332 | €9,561 | €36,849 | €62,405 | €62,990 | ▲ 0.9% |
| Financial income75/76B | - | - | - | - | €1,506 | €12 | €386 | ▲ 33× |
| Recurring financial income75 | €1 | €50 | €1 | - | €1,506 | €12 | €1 | ▼ 95.7% |
| Non-recurring financial income76B | - | - | - | - | - | - | €385 | - |
| Financial charges65/66B | - | - | - | €4,103 | €2,707 | €4,703 | €5,527 | ▲ 17.5% |
| Recurring financial charges65 | €4,789 | €4,625 | €4,401 | €4,103 | €2,707 | €4,703 | €5,527 | ▲ 17.5% |
| Profit (loss) for the period before taxes9903 | -€69,337 | -€39,271 | -€33,733 | €5,458 | €35,648 | €57,713 | €57,850 | ▲ 0.2% |
| Income taxes67/77 | - | €12 | €756 | - | - | €4,920 | €14,613 | ▲ 197% |
| Profit (loss) for the period9904 | -€69,337 | -€39,283 | -€34,488 | €5,458 | €35,648 | €52,794 | €43,236 | ▼ 18.1% |
| Profit (loss) for the period to be appropriated9905 | -€69,337 | -€39,283 | -€34,488 | €5,458 | €35,648 | €52,794 | €43,236 | ▼ 18.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €54,999 | €44,242 | €23,154 | €37,788 | €105,497 | €112,723 | €108,578 | ▼ 3.7% |
| Fixed assets21/28 | €19,908 | €15,777 | €13,150 | €10,924 | €99,358 | €99,972 | €107,066 | ▲ 7.1% |
| Tangible fixed assets22/27 | €19,908 | €15,777 | €12,400 | €10,174 | €98,608 | €87,222 | €94,316 | ▲ 8.1% |
| Land and buildings22 | - | - | - | €7,232 | €6,027 | €4,822 | €3,616 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | €2,704 | €92,423 | €82,322 | €72,221 | ▼ 12.3% |
| Furniture and vehicles24 | - | - | - | €237 | €158 | €79 | €18,479 | ▲ 234× |
| Financial fixed assets28 | - | - | €750 | €750 | €750 | €12,750 | €12,750 | = |
| Current assets29/58 | €35,091 | €28,465 | €10,004 | €26,864 | €6,140 | €12,751 | €1,512 | ▼ 88.1% |
| Stocks and contracts in progress3 | €25,474 | €27,048 | €8,773 | €5,289 | €1,741 | €1,741 | - | - |
| Stocks30/36 | - | - | - | €5,289 | €1,741 | €1,741 | - | - |
| Amounts receivable within one year40/41 | €525 | €1,194 | - | €21,321 | €4,281 | €3,084 | €379 | ▼ 87.7% |
| Trade receivables40 | - | - | - | €21,222 | - | €1,229 | - | - |
| Other amounts receivable41 | - | - | - | €99 | €4,281 | €1,855 | €379 | ▼ 79.6% |
| Cash at bank and in hand54/58 | €9,091 | €223 | €1,231 | €254 | €118 | €7,926 | €1,132 | ▼ 85.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €54,999 | €44,242 | €23,154 | €37,788 | €105,497 | €112,723 | €108,578 | ▼ 3.7% |
| Equity10/15 | -€48,503 | -€87,786 | -€122,275 | -€116,817 | -€81,168 | -€28,375 | €6,458 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €2,234 | €2,234 | €2,234 | €2,234 | €2,234 | €2,234 | €2,234 | = |
| Non-distributable reserves130/1 | - | - | - | €112 | €112 | €112 | €112 | = |
| Reserves not available under the articles1311 | - | - | - | €112 | €112 | €112 | €112 | = |
| Tax-exempt reserves132 | - | - | - | €2,122 | €2,122 | €2,122 | €2,122 | = |
| Profit (loss) carried forward14 | -€69,337 | -€108,620 | -€143,108 | -€137,650 | -€102,002 | -€49,208 | -€14,376 | ▲ 70.8% |
| Amounts payable17/49 | €103,502 | €132,028 | €145,428 | €154,604 | €186,666 | €141,098 | €102,120 | ▼ 27.6% |
| Amounts payable after more than one year17 | €12,582 | €8,976 | €28,163 | €17,467 | €10,000 | - | €28,680 | - |
| Financial debts170/4 | - | - | - | €17,467 | €10,000 | - | €28,680 | - |
| Amounts payable within one year42/48 | €90,921 | €122,041 | €117,265 | €137,138 | €176,666 | €141,098 | €73,440 | ▼ 48.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,196 | €2,838 | - | €14,857 | - |
| Trade debts44 | €9,431 | €9,170 | €11,819 | €15,536 | €44,547 | €38,091 | €34,287 | ▼ 10.0% |
| Suppliers440/4 | - | - | - | €15,536 | €44,547 | €38,091 | €34,287 | ▼ 10.0% |
| Taxes, remuneration and social security45 | - | - | - | €563 | €24,231 | €11,452 | €24,296 | ▲ 112% |
| Taxes450/3 | - | - | - | €563 | €6,231 | €9,603 | €24,148 | ▲ 151% |
| Remuneration and social security454/9 | - | - | - | - | €18,000 | €1,848 | €148 | ▼ 92.0% |
| Other amounts payable47/48 | - | - | - | €106,843 | €105,049 | €91,556 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€69,337 | -€39,283 | -€34,488 | €5,458 | €35,648 | €52,794 | €43,236 | ▼ 18.1% |
| + Depreciation and write-downs630 | €4,292 | €4,131 | €4,178 | €2,226 | €7,061 | €11,385 | €12,822 | ▲ 12.6% |
| Operating cash flow (approximation) | -€65,045 | -€35,152 | -€30,310 | €7,684 | €42,709 | €64,179 | €56,058 | ▼ 12.7% |
| Investment in fixed assets (approximation) | - | €0 | -€1,551 | €0 | -€95,495 | -€12,000 | -€19,916 | ▼ 66.0% |
| Change in cash | - | -€8,869 | €1,008 | -€977 | -€137 | €7,809 | -€6,794 | - |
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 (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | micro format | 23-10-2025 | 2025-00548606 |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00490740 |
| 31-12-2022 | micro format | 30-11-2023 | 2023-00520921 |
| 31-12-2021 | micro format | 21-12-2022 | 2022-20549239 |
| 31-12-2020 | micro format | 21-06-2021 | 2021-22000189 |
| 31-12-2019 | micro format | 05-09-2020 | 2020-51600421 |
| 31-12-2018 | micro format | 03-07-2019 | 2019-27700544 |
| 31-12-2017 | micro format | 25-09-2018 | 2018-64700431 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Gurbet CETINKAYA |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
06-02
Gazette deed
Resignation: Gurbet CETINKAYA (manager)Appointment: Gurbet CETINKAYA (director) · Director discharge · Board rule12 facts ▸
- Director resignation, Gurbet CETINKAYA (manager)
- Director discharge, Gurbet CETINKAYA
- Board rule, 1
- Director appointment, Gurbet CETINKAYA (director (not named in the articles))
- Power of attorney
- Other provision, “geldigheid algemene vergadering, uiteenzetting voorzitter juist bevonden” (deed in Dutch)
- Amendment of the articles (2 times)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening, eigen vermogensrekening niet-opgevraagde inbrengen” (deed in Dutch)
- Other provision, “vormen en meerderheden statutenwijziging, opheffing statutair onbeschikbare eigenvermogensrekening” (deed in Dutch)
- Other provision, “interimdividend, winst lopende boekjaar of winst voorgaande boekjaar” (deed in Dutch)
- Other provision, “tekst nieuwe statuten, STATUTEN” (deed in Dutch)
- Capital
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 25 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteDual-learning approval
4 endedEnvironmental permits
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44802B1807/00C000 | Flanders | 145 m² | 1 · 113 m² | 16.5 m · 3 |
| 44802B1808/00C000 | Flanders | 86 m² | 1 · 82 m² | 16.4 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De handel in het groot en in het klein,de import en export,in alle textielwaren,kledingstukken voor dames,heren en kinderen,in lederwaren,in…” (deed in Dutch)
4 activities (deed in Dutch)
- De handel in het groot en in het klein,de import en export,in alle textielwaren,kledingstukken voor dames,heren en kinderen,in lederwaren,in het bijzonder handtassen,schoenen,in alle versieringsvoorwerpen,bijouterie-artikelen en alles wat als bijhorigheden bij kleding kan beschouwd worden;
- De aanpassing van en de kleine veranderingen aan kledingstukken,de confectie in alle stadia van afwerking van alle kledingstukken;
- Het produceren,creëren of ontwerpen van kleding en accessoires;
- De handel in het groot en in het klein,de import en export in cadeauartikelen.
- Name clauseThe name the company operates under according to its articles.
- ZELI
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Bestuursorgaan, algemene vergadering die benoemt bepaalt aantal,duur opdracht en indien meerdere bevoegdheid” (deed in Dutch)“Vaste of evenredige vergoeding, of mandaat bestuurder al dan niet ten kosteloze titel wordt uitgeoefend” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Op naam, aandeelhouders mogen kennis nemen betreffende hun effecten” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Prijs vermeld in oorspronkelijke bekendmaking of bij betwisting door deskundige, na aftrek van rechten waarvan overdracht wordt voorgesteld” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- 20 June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Beslissing algemene vergadering in vormen vereist voor statutenwijziging, op elk moment” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed