Summary
ZEPA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €3.1m and a net result of -€11.8m. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 20% of 2444 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-07-2026, 25 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
25 d early
2024
20 d early
2023
23 d early
2022
31 d late
2021
3 d early
2020
5 d early
2019
28 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 10 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 11 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€3.1m▼ 79.2%
2024 · €14.9m
Net result
-€11.8m
2024 · €92,389
Total assets
€13.0m▼ 47.7%
2024 · €24.8m
Solvency
24.0%▼ 36.4pp
2024 · 60.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Turnover€1.4m▲ 8.2%€1.6m▲ 11.6%€1.5m▼ 4.6%€1.0m▼ 31.3%€920,830▼ 10.3%
Operating result€196,416▲ 168%€410,761▲ 109%€647,043▲ 57.5%€487,129▼ 24.7%€441,444▼ 9.4%
Net result€531,136within the sector's middle half-€46,046below the sector's middle half€81,502within the sector's middle half€92,389within the sector's middle half▲ 13.4%-€11.8mbelow the sector's middle half
Equity€6.5mwithin the sector's middle half▲ 8.9%€6.4mwithin the sector's middle half▼ 0.7%€6.5mwithin the sector's middle half▲ 1.3%€14.9mwithin the sector's middle half▲ 130%€3.1mwithin the sector's middle half▼ 79.2%
Total assets€24.6mwithin the sector's middle half▼ 0.2%€24.5mwithin the sector's middle half▼ 0.1%€24.6mwithin the sector's middle half▲ 0.3%€24.8mwithin the sector's middle half▲ 0.6%€13.0mwithin the sector's middle half▼ 47.7%
Debt€18.1m▼ 3.2%€18.1m▲ 0.1%€18.1m▼ 0.1%€9.8m▼ 45.7%€9.8m▲ 0.3%
Working capital-€4.3mbelow the sector's middle half▼ 4.5%-€2.6mbelow the sector's middle half▲ 39.3%-€2.8mbelow the sector's middle half▼ 8.0%-€3.5mbelow the sector's middle half▼ 24.1%-€13,662within the sector's middle half▲ 99.6%
Solvency26.4%below the sector's middle half▲ 2.2pp26.2%below the sector's middle half▼ 0.2pp26.5%below the sector's middle half▲ 0.3pp60.4%within the sector's middle half▲ 33.9pp24.0%below the sector's middle half▼ 36.4pp
Current ratio0.04below the sector's middle half▼ 0.010.06below the sector's middle half▲ 0.020.08below the sector's middle half▲ 0.020.10below the sector's middle half▲ 0.020.98within the sector's middle half▲ 0.88
Return on assets (ROA)2.2%within the sector's middle half▲ 3.7pp-0.2%below the sector's middle half▼ 2.3pp0.3%within the sector's middle half▲ 0.5pp0.4%within the sector's middle half=-91.4%below the sector's middle half▼ 91.8pp
Staff (FTE)3.8within the sector's middle half▼ 20.8%3.8within the sector's middle half=3.6within the sector's middle half▼ 5.3%3within the sector's middle half▼ 16.7%2within the sector's middle half▼ 33.3%
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 9% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.0m
Fixed assets
€12.4m ▼ 49.2%
Current assets
€588,132 ▲ 48.1%
Equity and liabilities €13.0m
Equity
€3.1m ▼ 79.2%
Debt
€9.8m ▲ 0.3%
Debt's share of the balance-sheet total rises from 39.6% to 76.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-380.9%▼
2024 · 0.6%
Debt ≤ 1 year
€601,793▼
2024 · €3.9m
Debt > 1 year
€9.1m▲
2024 · €5.9m
Income taxes
€443▲
2024 · €364
Staff costs
€258,959▼
2024 · €283,724
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €1.4m | €1.6m | €1.5m | €1.0m | €928,304 | ▼ 10.7% |
| Turnover70 | €1.4m | €1.6m | €1.5m | €1.0m | €920,830 | ▼ 10.3% |
| Other operating income74 | €5,750 | €4,496 | €7,685 | €13,286 | €7,473 | ▼ 43.7% |
| Non-recurring operating income76A | - | €8,419 | - | - | - | - |
| Operating charges60/66A | €1.2m | €1.2m | €853,770 | €552,635 | €486,860 | ▼ 11.9% |
| Goods for resale, raw materials and consumables60 | - | €690 | - | €11 | - | - |
| Purchases600/8 | - | €690 | - | €11 | - | - |
| Services and other goods61 | €927,948 | €856,620 | €522,526 | €261,747 | €222,179 | ▼ 15.1% |
| Remuneration, social security and pensions62 | €272,039 | €302,029 | €323,153 | €283,724 | €258,959 | ▼ 8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,258 | €5,401 | €5,401 | €5,401 | €3,968 | ▼ 26.5% |
| Other operating charges640/8 | €2,554 | €1,931 | €2,689 | €1,752 | €1,753 | ▲ 0.1% |
| Operating profit (loss)9901 | €196,416 | €410,761 | €647,043 | €487,129 | €441,444 | ▼ 9.4% |
| Financial income75/76B | €758,280 | - | €598 | €6 | €1 | ▼ 82.2% |
| Recurring financial income75 | €758,280 | - | €598 | €6 | €1 | ▼ 82.2% |
| Income from financial fixed assets750 | €758,280 | - | - | - | - | - |
| Income from current assets751 | - | - | €1 | €1 | €1 | ▼ 16.7% |
| Other financial income752/9 | - | - | €598 | €4 | - | - |
| Financial charges65/66B | €423,304 | €456,937 | €565,396 | €394,381 | €12.3m | ▲ 3,013% |
| Recurring financial charges65 | €423,304 | €456,937 | €565,396 | €394,381 | €278,339 | ▼ 29.4% |
| Debt charges650 | €422,550 | €456,195 | €564,936 | €393,948 | €277,579 | ▼ 29.5% |
| Other financial charges652/9 | €754 | €742 | €461 | €434 | €759 | ▲ 75.1% |
| Non-recurring financial charges66B | - | - | - | - | €12.0m | - |
| Profit (loss) for the period before taxes9903 | €531,392 | -€46,176 | €82,245 | €92,753 | -€11.8m | ▼ 12,862% |
| Income taxes67/77 | €256 | -€130 | €743 | €364 | €443 | ▲ 21.7% |
| Taxes670/3 | €256 | €314 | €743 | €364 | €444 | ▲ 21.8% |
| Tax adjustments and reversals of tax provisions77 | - | €444 | - | - | €0 | - |
| Profit (loss) for the period9904 | €531,136 | -€46,046 | €81,502 | €92,389 | -€11.8m | ▼ 12,912% |
| Profit (loss) for the period to be appropriated9905 | €531,136 | -€46,046 | €81,502 | €92,389 | -€11.8m | ▼ 12,912% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €24.6m | €24.5m | €24.6m | €24.8m | €13.0m | ▼ 47.7% |
| Fixed assets21/28 | €24.4m | €24.4m | €24.4m | €24.4m | €12.4m | ▼ 49.2% |
| Tangible fixed assets22/27 | €19,606 | €13,605 | €8,204 | €2,802 | €3,600 | ▲ 28.5% |
| Furniture and vehicles24 | €613 | - | - | - | €3,600 | - |
| Leasing and similar rights25 | €18,994 | €13,605 | €8,204 | €2,802 | - | - |
| Financial fixed assets28 | €24.4m | €24.4m | €24.4m | €24.4m | €12.4m | ▼ 49.3% |
| Affiliated companies280/1 | €24.4m | €24.4m | €24.4m | €24.4m | €12.4m | ▼ 49.3% |
| Participating interests280 | €24.4m | €24.4m | €24.4m | €24.4m | €12.4m | ▼ 49.3% |
| Current assets29/58 | €192,142 | €164,955 | €235,626 | €397,188 | €588,132 | ▲ 48.1% |
| Amounts receivable within one year40/41 | €151,535 | €836 | €202,521 | €352,781 | €119,989 | ▼ 66.0% |
| Trade receivables40 | €135,812 | - | - | €48,077 | €87,594 | ▲ 82.2% |
| Other amounts receivable41 | €15,723 | €836 | €202,521 | €304,705 | €32,395 | ▼ 89.4% |
| Cash at bank and in hand54/58 | €40,039 | €162,227 | €31,606 | €41,450 | €465,346 | ▲ 1,023% |
| Deferred charges and accrued income490/1 | €568 | €1,892 | €1,499 | €2,957 | €2,796 | ▼ 5.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €24.6m | €24.5m | €24.6m | €24.8m | €13.0m | ▼ 47.7% |
| Equity10/15 | €6.5m | €6.4m | €6.5m | €14.9m | €3.1m | ▼ 79.2% |
| Contributions10/11 | €5.0m | €5.0m | €5.0m | €13.3m | €13.3m | = |
| Capital10 | €5.0m | €5.0m | €5.0m | €13.3m | €13.3m | = |
| Issued capital100 | €5.0m | €5.0m | €5.0m | €13.3m | €13.3m | = |
| Reserves13 | €92,647 | €92,647 | €96,722 | €101,342 | €101,342 | = |
| Non-distributable reserves130/1 | €92,647 | €92,647 | €96,722 | €101,342 | €101,342 | = |
| Legal reserve130 | €92,647 | €92,647 | €96,722 | €101,342 | €101,342 | = |
| Profit (loss) carried forward14 | €1.4m | €1.3m | €1.4m | €1.5m | -€10.3m | ▼ 788% |
| Amounts payable17/49 | €18.1m | €18.1m | €18.1m | €9.8m | €9.8m | ▲ 0.3% |
| Amounts payable after more than one year17 | €13.6m | €15.3m | €15.1m | €5.9m | €9.1m | ▲ 53.9% |
| Financial debts170/4 | €13.6m | €15.3m | €15.1m | €5.9m | €9.1m | ▲ 53.9% |
| Subordinated loans170 | €5.9m | €7.9m | €8.2m | - | - | - |
| Leasing and similar obligations172 | €14,274 | €9,283 | €2,987 | - | - | - |
| Credit institutions173 | €4.8m | €4.5m | €3.9m | €3.0m | €2.8m | ▼ 8.3% |
| Other loans174 | €2.9m | €2.9m | €2.9m | €2.9m | €6.4m | ▲ 118% |
| Amounts payable within one year42/48 | €4.5m | €2.8m | €3.0m | €3.9m | €601,793 | ▼ 84.5% |
| Current portion of amounts payable after more than one year42 | €905,215 | €304,991 | €310,034 | €1.2m | €500,000 | ▼ 59.0% |
| Financial debts43 | €2.0m | €2.0m | €2.0m | €2.0m | - | - |
| Credit institutions430/8 | €2.0m | €2.0m | €2.0m | €2.0m | - | - |
| Trade debts44 | €89,113 | €108,234 | €128,168 | €121,025 | €28,923 | ▼ 76.1% |
| Suppliers440/4 | €89,113 | €108,234 | €128,168 | €121,025 | €28,923 | ▼ 76.1% |
| Taxes, remuneration and social security45 | €33,969 | €163,638 | €36,137 | €33,018 | €23,084 | ▼ 30.1% |
| Taxes450/3 | €6,947 | €116,195 | €58 | - | - | - |
| Remuneration and social security454/9 | €27,022 | €47,443 | €36,079 | €33,018 | €23,084 | ▼ 30.1% |
| Other amounts payable47/48 | €1.4m | €188,700 | €570,115 | €509,345 | €49,786 | ▼ 90.2% |
| Accrued charges and deferred income492/3 | - | - | - | €369 | €111,074 | ▲ 29,987% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €531,136 | -€46,046 | €81,502 | €92,389 | -€11.8m | ▼ 12,912% |
| + Depreciation and write-downs630 | €9,258 | €5,401 | €5,401 | €5,401 | €3,968 | ▼ 26.5% |
| Operating cash flow (approximation) | €540,395 | -€40,645 | €86,903 | €97,791 | -€11.8m | ▼ 12,201% |
| Investment in fixed assets (approximation) | - | €600 | €0 | €0 | €12.0m | - |
| Change in cash | - | €122,188 | -€130,621 | €9,844 | €423,896 | ▲ 4,206% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€11.8m
Net result drops to -€11.8m, the lowest in the series.
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €10mEq €14.9m ▲130%
2 profitable years in a row build equity to €14.9m.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €81,502
Net result €81,502 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €531,136
Net result €531,136 after one loss-making year.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Temse · 1 establishment unit since 2018
Ground area
2,843 m²
Building footprint
1,289 m²
Volume, LiDAR
12,158 m³
Parcel 46025B1190/00P013, Flanders · tallest building 13.0 m, ±4 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
ZEPA
since 20182.282.540.652
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46025B1190/00P013 | Flanders | 2,843 m² | 1 · 1,289 m² | 13.0 m · 4 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.
Structure & network
Owners and holdings
1 owner · 1 holding · 2 subsidiaries in the treeChain of control
Highest known parent: INTEGRA FUND PRIVAK. The sources do not say who stands above it.
Owners 1
- Integra Fundparent100%
Holdings 1
-
100%
All subsidiaries, including indirect ones 2
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
SACK ZELFBOUW 100%1 subsidiary
- SACK INVEST 100%
According to the 2025 annual accounts of ZEPA and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 5 entries · 8,341 EUR awarded · 8,341 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | -2,679 EUR | 0 EUR |
| 2024 | 2 | 0 EUR | 8,341 EUR |
| 2023 | 2 | 11,020 EUR | 0 EUR |
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Of 24,728 companies in sector 64210 we hold annual accounts for 19,800. 9,616 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded27-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0713937717
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.