ZEN IMMO
ActiveSummary
ZEN IMMO has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.8m and a net result of €896,460. Equity is growing by ~7% per year across the filed fiscal years. Its solvency ranks better than 77% of 14284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability89▲+59
Solvency93▲+8
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €300,000 at 30 days acceptable
Liquidity ample (current ratio 2.52 against 2.65 in 2024; short-term debt: 2% and cash: 0% of total assets), and 32.4% 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
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
67.6%
Return on assets
15.9%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 10-01-2025 was due by 10-08-2025 and was filed on 08-10-2025, 59 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2026
not confirmed
2025
59 d late
2024
40 d late
2022
27 d late
2021
91 d late
2019
60 d late
2018
36 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 52 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
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 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 What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€3.8m▼ 13.8%
2024 · €4.4m
Total assets
€5.6m▼ 23.5%
2024 · €7.4m
Net result
€896,460
2024 · -€524,125
Working capital
€173,107▼ 35.5%
2024 · €268,488
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20192021202220242025
Operating result-€69,897-€191,829-€36,526€96,380-€1.4m▲ 1,335%
Net result-€98,508-€42,588below the sector's middle half-€9,925within the sector's middle half-€524,125below the sector's middle half-€896,460above the sector's middle half
Equity€2.5m▼ 3.7%€2.6mabove the sector's middle half-€2.8mabove the sector's middle half▲ 8.1%€4.4mabove the sector's middle half-€3.8mabove the sector's middle half▼ 13.8%
Total assets€5.2m▼ 1.5%€4.9mabove the sector's middle half-€5.1mabove the sector's middle half▲ 5.2%€7.4mabove the sector's middle half-€5.6mabove the sector's middle half▼ 23.5%
Debt€2.0m▲ 0.9%€1.9m-€1.9m▲ 2.3%€2.6m-€1.1m▼ 58.2%
Working capital€130,072▼ 89.2%€99,231within the sector's middle half-€20,763within the sector's middle half▼ 79.1%€268,488above the sector's middle half-€173,107above the sector's middle half▼ 35.5%
Solvency49.3%▼ 1.1pp53.4%within the sector's middle half-54.8%within the sector's middle half▲ 1.5pp60.0%within the sector's middle half-67.6%above the sector's middle half▲ 7.6pp
Current ratio1.56▼ 5.572.13within the sector's middle half-1.14within the sector's middle half▼ 0.992.65within the sector's middle half-2.52within the sector's middle half▼ 0.13
Return on assets (ROA)-1.9%▼ 14.0pp-0.9%within the sector's middle half-0.2%within the sector's middle half▲ 1.1pp-7.1%below the sector's middle half-15.9%above the sector's middle half▲ 23.1pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate 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 rises in 2025; 2025 is 1,335% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.6m
Fixed assets
€5.3m ▼ 22.9%
Current assets
€286,659 ▼ 33.5%
Equity and liabilities €5.6m
Equity
€3.8m ▼ 13.8%
Provisions
€736,586 ▲ 110%
Debt
€1.1m ▼ 58.2%
Debt's share of the balance-sheet total falls from 35.2% to 19.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1.5m▲
2024 · €387,499
Cash flow
€997,313▲
2024 · -€233,006
Quick ratio
1.40▼
2024 · 1.99
Debt to equity
0.29▼
2024 · 0.59
ROE
23.6%▲
2024 · -11.9%
Interest coverage
14.59▲
2024 · 2.39
Debt ≤ 1 year
€113,552▼
2024 · €162,302
Debt > 1 year
€964,594▼
2024 · €2.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,340 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% | 1.0% |
| 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% 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 20,134 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 | 2019 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1.6m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €71,196 | €94,113 | €59,306 | €291,119 | €100,853 | ▼ 65.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,000 | - |
| Other operating charges640/8 | - | - | €23,316 | €98,349 | €53,030 | ▼ 46.1% |
| Gross operating margin9900 | €62,862 | -€53,915 | €119,148 | €485,848 | €1.5m | ▲ 217% |
| Operating profit (loss)9901 | -€69,897 | -€191,829 | €36,526 | €96,380 | €1.4m | ▲ 1,335% |
| Financial income75/76B | - | - | €1,323 | €6 | €7 | ▲ 9.2% |
| Recurring financial income75 | - | €1 | €1,323 | €6 | €7 | ▲ 9.2% |
| Financial charges65/66B | - | - | €27,924 | €645,148 | €101,736 | ▼ 84.2% |
| Recurring financial charges65 | €28,611 | €50,258 | €27,924 | €162,148 | €101,736 | ▼ 37.3% |
| Non-recurring financial charges66B | - | - | - | €483,000 | - | - |
| Profit (loss) for the period before taxes9903 | -€98,508 | -€242,086 | €9,925 | -€548,762 | €1.3m | ▲ 334% |
| Transfer from deferred taxes780 | - | - | - | €24,637 | €17,632 | ▼ 28.4% |
| Transfer to deferred taxes680 | - | - | - | - | €402,647 | - |
| Profit (loss) for the period9904 | -€98,508 | -€42,588 | €9,925 | -€524,125 | €896,460 | ▲ 271% |
| Transfer from tax-exempt reserves789 | - | - | - | €47,846 | €34,243 | ▼ 28.4% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €1.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€98,508 | €344,846 | €9,925 | -€476,279 | -€277,240 | ▲ 41.8% |
| Line | 2019 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.2m | €4.9m | €5.1m | €7.4m | €5.6m | ▼ 23.5% |
| Fixed assets21/28 | €4.8m | €4.7m | €4.9m | €6.9m | €5.3m | ▼ 22.9% |
| Tangible fixed assets22/27 | €2.2m | €2.3m | €2.5m | €4.6m | €2.9m | ▼ 36.2% |
| Land and buildings22 | - | - | €2.3m | €4.5m | €2.8m | ▼ 36.9% |
| Plant, machinery and equipment23 | - | - | €164 | €1,154 | €864 | ▼ 25.2% |
| Furniture and vehicles24 | - | - | €56,759 | €47,131 | €43,668 | ▼ 7.3% |
| Other tangible fixed assets26 | - | - | €47,158 | €60,514 | €52,139 | ▼ 13.8% |
| Assets under construction and advance payments27 | - | - | €18,447 | €14,739 | €12,831 | ▼ 12.9% |
| Financial fixed assets28 | €2.6m | €2.3m | €2.5m | €2.3m | €2.4m | ▲ 3.8% |
| Current assets29/58 | €363,474 | €186,788 | €167,515 | €430,790 | €286,659 | ▼ 33.5% |
| Stocks and contracts in progress3 | €26,693 | €14,450 | €31,582 | €108,230 | €127,397 | ▲ 17.7% |
| Stocks30/36 | - | - | €31,582 | €108,230 | €127,397 | ▲ 17.7% |
| Amounts receivable within one year40/41 | €204,998 | €163,736 | €111,517 | €153,740 | €156,324 | ▲ 1.7% |
| Trade receivables40 | - | - | €108,213 | €152,985 | €156,055 | ▲ 2.0% |
| Other amounts receivable41 | - | - | €3,304 | €754 | €269 | ▼ 64.4% |
| Cash at bank and in hand54/58 | €120,932 | €1,269 | €20,040 | €160,739 | €8 | ▼ 100.0% |
| Deferred charges and accrued income490/1 | - | - | €4,376 | €8,081 | €2,930 | ▼ 63.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.2m | €4.9m | €5.1m | €7.4m | €5.6m | ▼ 23.5% |
| Equity10/15 | €2.5m | €2.6m | €2.8m | €4.4m | €3.8m | ▼ 13.8% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €1.8m | €1.8m | = |
| Capital10 | - | - | €62,000 | €1.8m | €1.8m | = |
| Issued capital100 | - | - | €62,000 | €1.8m | €1.8m | = |
| Revaluation surpluses12 | - | - | €2.0m | €2.4m | €850,000 | ▼ 63.9% |
| Reserves13 | €1.3m | €971,638 | €984,529 | €936,683 | €2.1m | ▲ 125% |
| Tax-exempt reserves132 | - | - | €734,529 | €686,683 | €1.9m | ▲ 171% |
| Distributable reserves133 | - | - | €250,000 | €250,000 | €250,000 | = |
| Profit (loss) carried forward14 | -€600,646 | -€255,800 | -€245,875 | -€722,154 | -€999,394 | ▼ 38.4% |
| Provisions and deferred taxes16 | €575,707 | €376,208 | €376,208 | €351,571 | €736,586 | ▲ 110% |
| Deferred taxes168 | - | - | €376,208 | €351,571 | €736,586 | ▲ 110% |
| Amounts payable17/49 | €2.0m | €1.9m | €1.9m | €2.6m | €1.1m | ▼ 58.2% |
| Amounts payable after more than one year17 | €1.8m | €1.8m | €1.8m | €2.4m | €964,594 | ▼ 60.2% |
| Financial debts170/4 | - | - | €1.8m | €2.4m | €940,966 | ▼ 60.6% |
| Other amounts payable178/9 | - | - | €30,390 | €34,644 | €23,628 | ▼ 31.8% |
| Amounts payable within one year42/48 | €233,402 | €87,557 | €146,751 | €162,302 | €113,552 | ▼ 30.0% |
| Current portion of amounts payable after more than one year42 | - | - | €19,543 | €18,174 | €65,788 | ▲ 262% |
| Trade debts44 | €200,309 | €67,377 | €85,901 | €102,397 | €40,537 | ▼ 60.4% |
| Suppliers440/4 | - | - | €85,901 | €102,397 | €40,537 | ▼ 60.4% |
| Advances received on contracts in progress46 | - | - | €25,000 | €27,100 | - | - |
| Taxes, remuneration and social security45 | - | - | €2,710 | - | €1,919 | - |
| Taxes450/3 | - | - | €2,710 | - | €1,919 | - |
| Other amounts payable47/48 | - | - | €13,597 | €14,631 | €5,308 | ▼ 63.7% |
| Accrued charges and deferred income492/3 | - | - | €6,092 | €6,025 | €5,939 | ▼ 1.4% |
| Line | 2019 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€98,508 | -€42,588 | €9,925 | -€524,125 | €896,460 | ▲ 271% |
| + Depreciation and write-downs630 | €71,196 | €94,113 | €59,306 | €291,119 | €100,853 | ▼ 65.4% |
| Operating cash flow (approximation) | -€27,312 | €51,525 | €69,231 | -€233,006 | €997,313 | ▲ 528% |
| Investment in fixed assets (approximation) | - | - | -€332,241 | - | €1.5m | - |
| Change in cash | - | - | €18,771 | - | -€160,731 | - |
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
2026
05-08
State Gazette act
Reappointment: Julien Demesse (director)Resignation: PRO - ACTIVE (director)3 facts ▸
State Gazette act
Reappointment: Julien Demesse (director)
Resignation: PRO - ACTIVE (director)3 facts ▸
- General meeting, 15-09-2025
- Director reappointment, Julien Demesse (director)
- Director resignation, PRO - ACTIVE (director)
2025
08-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 59 days late
10-01
Financial
Back to profitnet €896,460
Net result €896,460 after one loss-making year.
2024
19-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 40 days late
10-01
Financial
Weakest financial yearnet -€524,125
Net result drops to -€524,125, the lowest in the series; recovery starts the following year.
10-01
Financial
Liquidity doublescurrent ratio 2.65
Current ratio from 1.14 to 2.65.
2022
27-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 27 days late
31-01
Financial
Back to profitnet €9,925
Net result €9,925 after 2 loss-making years.
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 91 days late
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 60 days late
2019
05-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 36 days late
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 60 days late
Show earlier events
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 110 days late
2016
24-05
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 24 days late
2015
03-07
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 64 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 21 acts read
About the unread acts
Of the 21 Belgian State Gazette acts we know for this company, 1 has been read. The other 20 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 director, last change in 2018
Julien Demesse
CurrentDirector
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
20 of this company's 21 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Sint-Gillis (bij-Brussel) · 1 establishment unit since 2010
Ground area
112 m²
Building footprint
149 m²
Volume, LiDAR
1,827 m³
Parcel 21562A0233/00C005, Brussels · tallest building 19.7 m, ±6 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Bosniëstraat 87, 1060 Sint-Gillis (bij-Brussel)
since 20102.185.496.607
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21562A0233/00C005 | Brussels | 112 m² | 1 · 149 m² | 19.7 m · 6 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.
Mandate history
2 people since 2018, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Julien Demesse |
|
| PRO - ACTIVE |
|
Structure & network
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
PRO - ACTIVE
via Julien Demesse · Permanent representative
former→
Similar companies · same sector, comparable size
CODELPA
BE 0435.461.803
Ukkel · Eq €3,813,249
GOLDEN GATE ONE
BE 0862.199.148
Watermaal-Bosvoorde · Eq €3,786,050
THEUMA VASTGOED
BE 0474.496.977
Oostkamp · Eq €3,779,471
CITY CONCEPT
BE 0427.003.007
Gent · Eq €3,770,090
ROCARONA
BE 0633.722.378
Putte · Eq €3,768,180
Of 9,141 companies in this sector we hold annual accounts for 6,773. 3,533 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPublic limited company
Founded21-12-2001
Fiscal year end10-01
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
81100Combined facilities support activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0476392239
Also
9925:BE0476392239
Registered
03-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.