ZEN
ActiveSummary
ZEN has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €16,223 and a net result of -€2,363. Equity remains stable across the filed fiscal years (±1.4% per year). Its solvency ranks better than 27% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability28▼-48
Solvency51▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.1 against 1.08 in 2024; short-term debt: 74% and cash: 0% of total assets), and 74% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
26%
Return on assets
-3.8%
Age of the figures
15 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
1 d early
2022
on the day
2021
on the day
2020
2 d early
2019
43 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 31 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, micro schema
Equity
€16,223▼ 12.7%
2024 · €18,586
Total assets
€62,329▼ 17.4%
2024 · €75,465
Net result
-€2,363
2024 · €4,107
Working capital
€4,798▲ 6.7%
2024 · €4,498
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€1,879▼ 60.8%-€8,701€8,511€7,392▼ 13.1%€1,487▼ 79.9%
Net result€180below the sector's middle half▼ 94.8%-€9,465below the sector's middle half€6,180within the sector's middle half€4,107within the sector's middle half▼ 33.5%-€2,363below the sector's middle half
Equity€17,765below the sector's middle half▲ 1.0%€8,300below the sector's middle half▼ 53.3%€14,479below the sector's middle half▲ 74.5%€18,586below the sector's middle half▲ 28.4%€16,223below the sector's middle half▼ 12.7%
Total assets€40,719below the sector's middle half▼ 16.1%€46,333below the sector's middle half▲ 13.8%€71,377within the sector's middle half▲ 54.1%€75,465within the sector's middle half▲ 5.7%€62,329below the sector's middle half▼ 17.4%
Debt€22,955▼ 25.8%€38,033▲ 65.7%€56,897▲ 49.6%€56,879=€46,105▼ 18.9%
Working capital€15,622within the sector's middle half▲ 10.2%€6,756within the sector's middle half▼ 56.8%€10,299within the sector's middle half▲ 52.4%€4,498within the sector's middle half▼ 56.3%€4,798within the sector's middle half▲ 6.7%
Solvency43.6%within the sector's middle half▲ 7.4pp17.9%below the sector's middle half▼ 25.7pp20.3%below the sector's middle half▲ 2.4pp24.6%within the sector's middle half▲ 4.3pp26.0%within the sector's middle half▲ 1.4pp
Current ratio1.68within the sector's middle half▲ 0.221.18within the sector's middle half▼ 0.501.18within the sector's middle half=1.08below the sector's middle half▼ 0.101.10within the sector's middle half▲ 0.02
Return on assets (ROA)0.4%below the sector's middle half▼ 6.6pp-20.4%below the sector's middle half▼ 20.9pp8.7%within the sector's middle half▲ 29.1pp5.4%within the sector's middle half▼ 3.2pp-3.8%below the sector's middle half▼ 9.2pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 80% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €62,329
Fixed assets
€11,425 ▼ 18.9%
Current assets
€50,904 ▼ 17.1%
Equity and liabilities €62,329
Equity
€16,223 ▼ 12.7%
Debt
€46,105 ▼ 18.9%
Debt's share of the balance-sheet total falls from 75.4% to 74.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€5,613▼
2024 · €13,139
Cash flow
€1,763▼
2024 · €9,854
Quick ratio
1.08▲
2024 · 1.06
Debt to equity
2.84▼
2024 · 3.06
ROE
-14.6%▼
2024 · 22.1%
Interest coverage
1.70▼
2024 · 11.31
Debt ≤ 1 year
€46,105▼
2024 · €56,879
Income taxes
€539▼
2024 · €2,123
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,166 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.2%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 2,166 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,545 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,803 | €1,759 | €1,302 | €5,747 | €4,126 | ▼ 28.2% |
| Other operating charges640/8 | - | €1,238 | €966 | €845 | €1,523 | ▲ 80.1% |
| Gross operating margin9900 | €4,563 | -€5,704 | €10,778 | €13,984 | €7,136 | ▼ 49.0% |
| Operating profit (loss)9901 | €1,879 | -€8,701 | €8,511 | €7,392 | €1,487 | ▼ 79.9% |
| Financial income75/76B | - | €0 | €0 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | €580 | €1,001 | €1,162 | €3,311 | ▲ 185% |
| Recurring financial charges65 | €630 | €580 | €1,001 | €1,162 | €3,311 | ▲ 185% |
| Profit (loss) for the period before taxes9903 | €1,249 | -€9,282 | €7,509 | €6,230 | -€1,825 | ▼ 129% |
| Income taxes67/77 | €1,069 | €183 | €1,330 | €2,123 | €539 | ▼ 74.6% |
| Profit (loss) for the period9904 | €180 | -€9,465 | €6,180 | €4,107 | -€2,363 | ▼ 158% |
| Profit (loss) for the period to be appropriated9905 | €180 | -€9,465 | €6,180 | €4,107 | -€2,363 | ▼ 158% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €40,719 | €46,333 | €71,377 | €75,465 | €62,329 | ▼ 17.4% |
| Fixed assets21/28 | €2,143 | €1,544 | €4,180 | €14,089 | €11,425 | ▼ 18.9% |
| Tangible fixed assets22/27 | €2,143 | €1,544 | €4,180 | €14,089 | €11,425 | ▼ 18.9% |
| Plant, machinery and equipment23 | - | €637 | €1,671 | €1,580 | €4,078 | ▲ 158% |
| Furniture and vehicles24 | - | €907 | €2,510 | €12,508 | €7,347 | ▼ 41.3% |
| Current assets29/58 | €38,576 | €44,789 | €67,196 | €61,376 | €50,904 | ▼ 17.1% |
| Stocks and contracts in progress3 | €2,500 | €4,392 | €1,958 | €1,301 | €1,301 | = |
| Stocks30/36 | - | €4,392 | €1,958 | €1,301 | €1,301 | = |
| Amounts receivable within one year40/41 | €31,883 | €38,757 | €63,123 | €48,311 | €41,970 | ▼ 13.1% |
| Trade receivables40 | - | €32,119 | €58,347 | €42,334 | €38,179 | ▼ 9.8% |
| Other amounts receivable41 | - | €6,639 | €4,777 | €5,977 | €3,791 | ▼ 36.6% |
| Cash at bank and in hand54/58 | €2,656 | - | - | €3,514 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | €1,639 | €2,115 | €8,250 | €7,633 | ▼ 7.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €40,719 | €46,333 | €71,377 | €75,465 | €62,329 | ▼ 17.4% |
| Equity10/15 | €17,765 | €8,300 | €14,479 | €18,586 | €16,223 | ▼ 12.7% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,850 | €1,850 | €1,850 | €1,850 | €1,850 | = |
| Non-distributable reserves130/1 | - | €1,850 | €1,850 | €0 | - | - |
| Reserves not available under the articles1311 | - | €1,850 | €1,850 | €0 | - | - |
| Distributable reserves133 | - | - | - | €1,850 | €1,850 | = |
| Profit (loss) carried forward14 | €9,715 | €250 | €6,429 | €10,536 | €8,173 | ▼ 22.4% |
| Amounts payable17/49 | €22,955 | €38,033 | €56,897 | €56,879 | €46,105 | ▼ 18.9% |
| Amounts payable within one year42/48 | €22,955 | €38,033 | €56,897 | €56,879 | €46,105 | ▼ 18.9% |
| Financial debts43 | - | €6,824 | €7,318 | €4,645 | €5,861 | ▲ 26.2% |
| Credit institutions430/8 | - | €6,824 | €7,318 | €4,645 | €5,861 | ▲ 26.2% |
| Trade debts44 | €2,508 | €2,800 | €21,440 | €14,940 | €7,021 | ▼ 53.0% |
| Suppliers440/4 | - | €2,800 | €21,440 | €14,940 | €7,021 | ▼ 53.0% |
| Taxes, remuneration and social security45 | - | €8,376 | €2,733 | €7,243 | €5,659 | ▼ 21.9% |
| Taxes450/3 | - | €183 | €2,733 | €2,123 | €539 | ▼ 74.6% |
| Remuneration and social security454/9 | - | €8,193 | - | €5,121 | €5,121 | = |
| Other amounts payable47/48 | - | €20,033 | €25,406 | €30,050 | €27,565 | ▼ 8.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €180 | -€9,465 | €6,180 | €4,107 | -€2,363 | ▼ 158% |
| + Depreciation and write-downs630 | €1,803 | €1,759 | €1,302 | €5,747 | €4,126 | ▼ 28.2% |
| Operating cash flow (approximation) | €1,983 | -€7,706 | €7,482 | €9,854 | €1,763 | ▼ 82.1% |
| Investment in fixed assets (approximation) | - | -€1,160 | -€3,939 | -€15,655 | -€1,463 | ▲ 90.7% |
| Change in cash | - | - | - | - | -€3,514 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-09
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 01-08-2026
- Registered-office move, Leuvenselaan 175 bus AC, 3300 Tienen
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €6,180
Net result €6,180 after one loss-making year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Weakest financial yearnet -€9,465
Net result drops to -€9,465, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
19-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tienen · 1 establishment unit since 2009
Ground area
202 m²
Building footprint
95 m²
Volume, LiDAR
584 m³
Parcel 24107A0108/00Y005, Flanders · tallest building 10.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ZEN
since 20092.183.324.401
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24107A0108/00Y005 | Flanders | 202 m² | 1 · 95 m² | 10.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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GRICOR PAINT
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Of 7,868 companies in sector 43341 we hold annual accounts for 2,666. 1,940 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-11-2009
Fiscal year end30-06
Activities, NACEBEL 2025
43341Painting of buildings
43333Wallpapering and laying of floor and wall coverings in other materials
E-invoicing
Reachable via Peppol
Peppol ID
0208:0820826173
Registered
13-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.