Equity
€3.1m from €14.9m in 2024
Equity fell by 79% in 1 year.
ZEPA
Lifetime
7 annual accounts with figures on one time axispeak €25.5m (2019)
€13.0m▼ 47.7%
lowest -€11.8m (2025)
-€11.8m▼ €11.9m
peak €14.9m (2024)
€3.1m▼ 79.2%
€9.8m▲ 0.3%
peak 5 FTE (2019)
2 FTE▼ 33.3%
Board6 names since 2018
3 directorsTrue North Asset Management and 2 others
Owners
100%Integra Fund
Documentsfilings and deeds
06-07-202625 days before the deadline
2025financial year
Loss of €11.8mStaff from 3 FTE to 2 FTEEquity from €14.9m to €3.1mCash from €41,450 to €465,346
Key points
from the 2025 annual accountsResult
-€11.8m -€11.8m
From profit to loss in 2025, after a profit of €92,389 in 2024.
Debts
€9.8m 76% of the balance sheet
Financial debts 93%Suppliers 0%Taxes and wages 0%Other 7%
€3.3m of the debts are secured on the company's own assets. In 2021 that was €7.4m.
Staff
2 FTE from 5 in 2019
Between 2019 and 2025, 60% of the full-time equivalents disappeared.
Payment terms
48 days to suppliers
ZEPA pays its suppliers 121 days earlier than in 2024. Customers pay 18 days later.
Liquidity
0.98 was 0.10 in 2024
Short-term debts fell from €3.9m to €601,793.
Financial institution: outside the modelBankruptcy probability: sector outside the model
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
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Signals
1 signal, which does not raise the risk
1 signal.
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 days early
2024
20 days early
2023
23 days early
2022
31 days late
2021
3 days early
2020
5 days early
2019
28 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 10 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 11 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Integra Fund 100%score 93equity €117.8m (2025) · 2025 annual accounts of Integra Fund
Shares in 1 company, SACK ZELFBOUW
Board & ownershipRecent changes
1 director appointed, 1 resignation
Resignation: Kazmuzi BV · Appointment: True North Asset Management NV · Permanent representatives: Bernard Hendrikx and Heirbrandt - Van Rijsseghem Johan · General meeting of 08-10-2024 · Gazette deed
Capital increase of €8,341,486.93 to €13,341,486.93
Capital from €5,000,000 to €13,341,486.93, 6,405,335 new shares · Contribution: INTEGRA FUND · INTEGRA FUND holds all the shares · Gazette deed
3 directors appointed, 1 statutory auditor appointed, 2 resignations
Resignations: INTEGRA MANAGEMENT (managing director) and TRUE NORTH ASSET MANAGEMENT (managing director) · Permanent representatives: HEIRBRANDT-VAN RIJSSEGHEM Johan, HENDRIKX Bernard, DE CLERCQ Ralf, SOENEN Leonard Lawrence and DE BUCK Jan Georges Marie José · Appointments: KAZMUZI (director), RAION CAPITAL (director), FABUCO (director) and EY Bedrijfsrevisoren BV (statutory auditor) · Gazette deed
1 statutory auditor appointed
EY Bedrijfsrevisoren BV (statutory auditor) · Permanent representatives: Francis Boelens and Johan Heirbrandt-Van Rijsseghem · General meeting of 10-09-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ZEPA Temse | €0.9m | 47.9% | 24.0% | 2 |
| GT MANAGEMENT Oostkamp | €1.1m | 32.5% | 14.5% | 2 |
| Jonahold Kortemark | €0.7m | 46.4% | 39.0% | 2 |
| ARDELICE Ardooie | €0.9m | 9.1% | 43.8% | 2.6 |
| OVAL Europe Antwerp | €1.2m | 66.3% | 3.8% | 1.4 |
| PROVEC Ghent | €0.9m | 19.2% | 72.8% | 1 |
| VM HOLD Ghent | €1.0m | 9.7% | 95.7% | 1.2 |
Grey: the largest companies of the sector (financial services (NACE 64)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as ZEPA: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €10m and €24m, founded between 2016 and 2020.
Official details
Source: KBO- Status
- Active since 27-11-2018Normal situation
- Activity
- Activities of holding companiesNACE 64210
- Establishment unit
- 2.282.540.6529140 Temse, since 14-12-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Annual accounts 2025
- €13.0m▼ 47.7%
- Employeeson 31-12-2025
- 2▼ 33.3%
- Filing
- Filed on 06-07-2026, 25 days before the end of the filing period
Companies linked to ZEPA
Parent and group
Insights on ZEPA
ZEPA has existed since 2018. The balance sheet total fell from €25.5m in 2019 to €13.0m in 2025 and staff from 5 to 2 full-time equivalents.
Solvency fell in 2025 from 60.4% to 24.0% because of the loss and higher long-term debts.
Integra Fund holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ZEPA
- What is the company number of ZEPA?
- The company number of ZEPA is 0713.937.717. The VAT number is the same number with BE in front: BE 0713.937.717.
- Where is ZEPA based?
- The registered office is at Frank Van Dyckelaan 16, 9140 Temse.Company details
- What does ZEPA do?
- According to the KBO register, the main activity is activities of holding companies (NACE 64210).
- What is the legal form of ZEPA?
- ZEPA is a public limited company (NV).
- When was ZEPA founded?
- ZEPA was founded on 27-11-2018.
- Is ZEPA still active?
- Yes, ZEPA is an active enterprise in the KBO register.
- How many employees does ZEPA have?
- ZEPA had an average of 2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of ZEPA?
- The turnover of ZEPA was €920,830 in financial year 2025, according to the filed annual accounts.
- Is ZEPA profitable?
- In financial year 2025, ZEPA made a loss of €11.8m.
- Where can I find the annual accounts of ZEPA?
- ZEPA filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ZEPA due?
- ZEPA must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See which support similar companies received that this one did not.Subsidies See the other companies in the same group.INTEGRA FUND PRIVAK · 9 companies
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