ZELINES
ActiveFrom the official registers: KBO 33 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
ZELINES has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €242,666 and a net result of €2,780. Equity has been stable since 2019 (±2.1% per year). Its solvency ranks better than 84% of 22,726 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
KBO- Status
- Active since 15-09-1992 Normal situation
- Activity
- Retail sale of prescription glasses, lenses and sunglasses NACE 47742and 1 other
- Establishment units
- 2.059.465.495 4000 Liège, since 05-11-1992
- 2.059.465.396 1030 Schaarbeek, since 04-12-1992
- Financial year end
- 31 December
- Peppol
- Reachable since 11-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €81,691
- ▼ 9.3%
- Turnover
- ≈ €400,000
- estimated
- Profit
- €2,780
- ▼ 24.5%
- Equity
- €242,666
- ▲ 1.2%
- Total assets
- €323,181
- ▲ 21.5%
- Staff
- 2.6 FTE
- ▲ 4.0%
Score breakdownraises riskSector: Retail trade (NACE 47)lowers riskLiquidity: current ratio 9.33, cash €309,913Equity €242,666 (75.1% of total assets)Founded in 1992Show the evidence
Checked score
Fewer than 1 in 1,000 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 47, micro). It does better than 92% of them on solvency, 97% on liquidity, 38% on profitability and 43% on growth.
The bankruptcy probability was computed on 31-10-2026 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. 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 7 accounts on average 25 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 33 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 88% lower than in 2024 and the lowest since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Comparable companies
These companies have the same main activity as ZELINES: retail sale of prescription glasses, lenses and sunglasses (NACE 47742). They are comparable in size and age: total assets between €257,000 and €352,000, founded between 1989 and 1995.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| ZELINES Liège | 1992 | €323,181 | €242,666 | €81,691 | €2,780 | - | 2025 |
| OPTIEK FLEURINCK & PARTNERS Brakel | 1991 | €334,108 | €278,181 | €85,354 | €50,999 | - | 2025 |
| ISOPTON Charleroi | 1989 | €351,852 | €242,518 | €84,403 | €12,444 | - | 2025 |
| Optiview Gent | 1995 | €287,520 | €75,844 | €79,885 | -€2,795 | 1 | 2025 |
| VANDE KERKHOF Genk | 1993 | €280,961 | €25,059 | €70,545 | -€264,989 | - | 2025 |
| XHIGNESSE ET Cie Fléron | 1992 | €277,359 | €245,552 | €65,265 | €37,849 | - | 2025 |
| Optique Serexhe Seraing | 1992 | €256,673 | €91,681 | €103,992 | €19,854 | - | 2025 |
They were chosen from the 1,186 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 17,041 companies had the same profile as ZELINES has now. Two years later, 0.5% had gone bankrupt and 94.4% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ZELINES itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 17,041 companies, not a prediction for ZELINES. 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €52,647 | €51,253 | €61,124 | €83,921 | €79,822 | ▼ 4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,332 | €6,794 | €6,716 | €1,948 | €934 | €464 | €594 | ▲ 28.0% |
| Other operating charges640/8 | - | - | €546 | €567 | €220 | €1,103 | €718 | ▼ 34.9% |
| Gross operating margin9900 | €66,935 | €51,962 | €63,296 | €71,426 | €65,936 | €90,039 | €81,691 | ▼ 9.3% |
| Operating profit (loss)9901 | €7,184 | €3,950 | €3,387 | €17,658 | €3,657 | €4,551 | €558 | ▼ 87.7% |
| Financial income75/76B | - | - | €56 | €47 | €12 | €1,488 | €3,735 | ▲ 151% |
| Recurring financial income75 | €545 | €353 | €56 | €47 | €12 | €1,488 | €3,735 | ▲ 151% |
| Financial charges65/66B | - | - | €93 | €220 | €339 | €454 | €288 | ▼ 36.6% |
| Recurring financial charges65 | €72 | €79 | €93 | €220 | €339 | €454 | €288 | ▼ 36.6% |
| Profit (loss) for the period before taxes9903 | €7,657 | €4,224 | €3,349 | €17,485 | €3,331 | €5,585 | €4,005 | ▼ 28.3% |
| Income taxes67/77 | €2,168 | €236 | €560 | €4,218 | €1,272 | €1,904 | €1,224 | ▼ 35.7% |
| Profit (loss) for the period9904 | €5,489 | €3,988 | €2,789 | €13,267 | €2,059 | €3,681 | €2,780 | ▼ 24.5% |
| Profit (loss) for the period to be appropriated9905 | €5,489 | €3,988 | €2,789 | €13,267 | €2,059 | €3,681 | €2,780 | ▼ 24.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €235,206 | €234,640 | €238,530 | €254,838 | €254,616 | €265,917 | €323,181 | ▲ 21.5% |
| Fixed assets21/28 | €14,740 | €9,423 | €2,707 | €1,888 | €953 | €489 | €3,395 | ▲ 594% |
| Tangible fixed assets22/27 | €14,669 | €9,352 | €2,636 | €1,888 | €953 | €489 | €3,395 | ▲ 594% |
| Plant, machinery and equipment23 | - | - | €190 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €2,446 | €1,888 | €953 | €489 | €3,395 | ▲ 594% |
| Financial fixed assets28 | €72 | €72 | €72 | - | - | - | - | - |
| Current assets29/58 | €220,465 | €225,216 | €235,823 | €252,950 | €253,662 | €265,428 | €319,786 | ▲ 20.5% |
| Amounts receivable within one year40/41 | €32,920 | €7,150 | €10,159 | €10,555 | €19,452 | €8,363 | €9,025 | ▲ 7.9% |
| Trade receivables40 | - | - | €9,263 | €6,672 | €7,385 | €4,265 | €4,886 | ▲ 14.5% |
| Other amounts receivable41 | - | - | €896 | €3,883 | €12,067 | €4,098 | €4,140 | ▲ 1.0% |
| Cash at bank and in hand54/58 | €187,545 | €216,733 | €224,111 | €240,928 | €234,061 | €255,028 | €309,913 | ▲ 21.5% |
| Deferred charges and accrued income490/1 | - | - | €1,552 | €1,467 | €150 | €2,036 | €848 | ▼ 58.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €235,206 | €234,640 | €238,530 | €254,838 | €254,616 | €265,917 | €323,181 | ▲ 21.5% |
| Equity10/15 | €214,102 | €218,090 | €220,879 | €234,146 | €236,204 | €239,885 | €242,666 | ▲ 1.2% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €79,602 | €79,602 | €79,602 | €79,602 | €79,602 | €79,602 | €79,602 | = |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | €77,743 | €77,743 | €79,602 | €79,602 | €79,602 | = |
| Profit (loss) carried forward14 | €128,300 | €132,288 | €135,077 | €148,344 | €150,402 | €154,083 | €156,864 | ▲ 1.8% |
| Amounts payable17/49 | €21,104 | €16,550 | €17,652 | €20,693 | €18,411 | €26,032 | €80,515 | ▲ 209% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €46,237 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | €46,237 | - |
| Amounts payable within one year42/48 | €21,104 | €16,550 | €17,652 | €20,693 | €18,411 | €26,032 | €34,278 | ▲ 31.7% |
| Trade debts44 | €1,626 | €2,976 | €4,666 | €3,319 | €1,323 | €7,206 | €11,422 | ▲ 58.5% |
| Suppliers440/4 | - | - | €4,666 | €3,319 | €1,323 | €7,206 | €11,422 | ▲ 58.5% |
| Taxes, remuneration and social security45 | - | - | €12,986 | €17,374 | €17,088 | €18,826 | €22,856 | ▲ 21.4% |
| Taxes450/3 | - | - | €2,218 | €6,146 | €3,347 | €1,907 | €3,123 | ▲ 63.8% |
| Remuneration and social security454/9 | - | - | €10,768 | €11,227 | €13,741 | €16,919 | €19,733 | ▲ 16.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,489 | €3,988 | €2,789 | €13,267 | €2,059 | €3,681 | €2,780 | ▼ 24.5% |
| + Depreciation and write-downs630 | €7,332 | €6,794 | €6,716 | €1,948 | €934 | €464 | €594 | ▲ 28.0% |
| Operating cash flow (approximation) | €12,821 | €10,782 | €9,505 | €15,215 | €2,993 | €4,145 | €3,375 | ▼ 18.6% |
| Investment in fixed assets (approximation) | - | -€1,477 | €0 | -€1,129 | €0 | €0 | -€3,500 | - |
| Change in cash | - | €29,188 | €7,378 | €16,817 | -€6,868 | €20,968 | €54,884 | ▲ 162% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00217262 | NBB |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00223863 | |
| 31-10-2023 | micro format | 04-05-2024 | 2024-00081847 | |
| 31-10-2022 | micro format | 11-05-2023 | 2023-00085287 | |
| 31-10-2021 | micro format | 23-05-2022 | 2022-20038202 | |
| 31-10-2020 | micro format | 10-05-2021 | 2021-13900421 | |
| 31-10-2019 | micro format | 29-04-2020 | 2020-10300197 | |
| 31-10-2018 | micro format | 24-04-2019 | 2019-10400504 | |
| 31-10-2017 | micro format | 26-03-2018 | 2018-07800480 | |
| 31-10-2016 | full format | 28-03-2017 | 2017-07600048 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 13-07-2023 Converted to unavailable equity
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| ZEKHNINI Abderrazak |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Avec ou sans limitation de durée, personnes physiques ou morales,actionnaires ou non”“Frais de représentation,voyages et déplacements, frais généraux”
Capital, shares and profit
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Nominatives, requises par le Code des sociétés et des associations”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Nullité, actions dont la cession est proposée”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Décision de l’assemblée générale dans les formes des modifications aux statuts”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, administrateurs en fonction désignés comme liquidateurs en vertu des statuts…”
Articles of association, deed of 13-07-2023 (in French)
Network & group
ZELINES shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of ZELINES. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
13-07
Gazette deed
Resignation: ZEKHNINI Abderrazak (manager)Appointment: ZEKHNINI Abderrazak (director) · Registered-office move · Purpose change16 points ▸
- General meeting, 26-06-2023
- Registered-office move, rue du Jardin Botanique 2,4000 LIEGE
- Other provision, 26-06-2023
- Purpose change
- Capital conversion, “unanimité,point par point, euros” (deed in French)
- Name change, ZELINES
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible, unanimité” (deed in French)
- Amendment of the articles
- Capital
- Other provision, “article par article, vote adoption nouveaux statuts” (deed in French)
- The act holds 4 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
ZELINES was incorporated on 15 September 1992.1 Since 2023 the company has been called ZELINES.2 The registered office was moved to Liege in 2023.2 Since 1992, ZEKHNINI Abderrazak has served as director.3 Total assets rose from €235,206 in 2019 to €323,181 in 2025 and headcount from 3.7 to 2.6 full-time equivalents.4
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 202512 activities
- L’exploitation du métier d’opticien,optométriste et commerce de détail en articles d’optique (thermomètres,baromètres,hydromètres et hygromètres) et produits de l’horlogerie (comprend des montres,pendules,réveils,horloges,carillons et leurs accessoires)
- Toutes opérations se rapportant à l’achat et la vente directe,par correspondance ou par Internet,sur site physique,en gros ou au détail,d’appareils électroménagers en tout genre,de meubles,vêtements,textiles,chaussures,outillage en tout genre,en ce compris de transport,pour la construction et autre,et de manière générale tous biens,produits et de services destinés aux entreprises et aux particuliers
- La gestion de sites et de réseaux sociaux Internet afin d’assurer la visibilité et la promotion des biens et des services proposés,la création et la commercialisation de toutes applications informatiques,en ce compris faisant appel à l’intelligence artificielle
- Toutes opérations d’intermédiaire commercial et de marketing relationnel
- L’achat,la vente,la location,l’échange,l’exploitation,l’exécution,la diffusion de tous produits et accessoires relatifs à cet objet,la fabrication,l’importation,l’exportation et le commerce en général de tous matériels,consommables et supports utiles au bon fonctionnement et la réalisation de tous services se rattachant directement ou indirectement à ces objets
- L’exploitation de café,restaurant ou toute activité ayant trait à la restauration et l’alimentation
- Soit directement par elle-même,selon les voies et moyens légaux à sa disposition ou à sa portée,soit par le recours à des tiers spécialisés,dans le cadre de contrats de sous-traitance,de mandat,d’association momentanée ou d’autres contrats analogues,soit encore,et sans préjudice de ce qui est dit ci-après,par la participation à des sociétés,associations ou agences de coordination,d’entraide,de bureau d’études ou similaires,la constitution et la valorisation d’un patrimoine immobilier,tant en immeubles qu’en droits immobiliers,notamment l’achat,la mise en valeur,le lotissement,l’échange,l’amélioration,la location meublée ou non,la vente,la cession,la transformation,la construction et la démolition et/ou reconstruction de biens immobiliers
- Faire toutes opérations quelconques qui seront de nature à en faciliter,en tout ou en partie,la réalisation.En outre,la société peut faire toutes opérations commerciales,industrielles,immobilières,mobilières ou financières se rattachant directement ou indirectement à son objet social
- S’intéresser par voies d’apport,de souscriptions,d’interventions financière sou par tout autre mode,dans toutes sociétés ou entreprises belges ou étrangères existantes ou à fonder,ayant en tout ou en partie un objet similaire ou connexe au sien ou susceptible d’en favoriser l’extension et le développement
- Accomplir toutes opérations commerciales,industrielles,financières,mobilières ou immobilières,se rapportant directement ou indirectement à son objet social ou qui seraient de nature à en faciliter directement ou indirectement,entièrement ou partiellement,la réalisation
- S’intéresser par voie d’apport,de fusion,de souscription,ou de toutes autres manières,dans toutes affaires,entreprises,associations ou sociétés ayant un objet identique,analogue ou connexe au sien ou qui sont de nature à favoriser le développement de son entreprise,à lui procurer des matières premières ou à faciliter l’écoulement de ses produits
- Réaliser son objet tant en Belgique qu’à l’étranger de toutes les manières et suivant les modalités qui lui paraîtront les mieux appropriées
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
2 establishment units
Buildings and parcels at the addresses
3 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62063A0988/00C000 | Wallonia | 292 m² | 1 · 126 m² | 19.0 m · 5 |
| 62803B0198/00F000 | Wallonia | 172 m² | 1 · 162 m² | 20.8 m · 6 |
| 21910E0059/00G003 | Brussels | 105 m² | 1 · 70 m² | 18.1 m · 5 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.