ZIDA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 17 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €230,000
Total assets
€79,386▼ 5.7%
2024 · €84,204
Net result
-€15,801
2024 · €5,894
Working capital
€35,883▼ 29.6%
2024 · €50,958
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,665
2025
20182025
Net result
-€15,801
2025
lowest quarter of the sector
20182025
Equity
€47,292
▼ 25.0%
2025
middle half of the sector
20182025
Total assets
€79,386
▼ 5.7%
2025
middle half of the sector
20182025
Debt
€32,094
▲ 52.0%
2025
20182025
Working capital
€35,883
▼ 29.6%
2025
highest quarter of the sector
20182025
Solvency
59.6%
▼ 15.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.12
▼ 1.30
2025
middle half of the sector
20182025
Return on assets (ROA)
-19.9%
▼ 26.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,010-€16,272▲ 8.4%-€2,301€12,004€4,516▼ 62.4%€17,954▲ 298%€12,471▼ 30.5%-€11,665
Net result€11,716-€11,241▼ 4.1%€252within the sector's middle half▼ 97.8%€9,939within the sector's middle half▲ 39×€1,472within the sector's middle half▼ 85.2%€8,751within the sector's middle half▲ 495%€5,894within the sector's middle half▼ 32.6%-€15,801below the sector's middle half
Equity€28,542-€39,783▲ 39.4%€37,035within the sector's middle half▼ 6.9%€46,976within the sector's middle half▲ 26.8%€48,448within the sector's middle half▲ 3.1%€57,199within the sector's middle half▲ 18.1%€63,093above the sector's middle half▲ 10.3%€47,292within the sector's middle half▼ 25.0%
Total assets€81,520-€83,494▲ 2.4%€80,636within the sector's middle half▼ 3.4%€77,551within the sector's middle half▼ 3.8%€73,771within the sector's middle half▼ 4.9%€78,474within the sector's middle half▲ 6.4%€84,204within the sector's middle half▲ 7.3%€79,386within the sector's middle half▼ 5.7%
Debt€52,978-€43,711▼ 17.5%€43,601▼ 0.3%€30,574▼ 29.9%€25,323▼ 17.2%€21,275▼ 16.0%€21,111▼ 0.8%€32,094▲ 52.0%
Working capital€29,491-€34,735▲ 17.8%€29,005above the sector's middle half▼ 16.5%€40,309above the sector's middle half▲ 39.0%€32,150above the sector's middle half▼ 20.2%€43,277above the sector's middle half▲ 34.6%€50,958above the sector's middle half▲ 17.7%€35,883above the sector's middle half▼ 29.6%
Solvency35.0%-47.6%▲ 12.6pp45.9%within the sector's middle half▼ 1.7pp60.6%above the sector's middle half▲ 14.6pp65.7%above the sector's middle half▲ 5.1pp72.9%above the sector's middle half▲ 7.2pp74.9%above the sector's middle half▲ 2.0pp59.6%above the sector's middle half▼ 15.4pp
Current ratio1.89-2.09▲ 0.201.97within the sector's middle half▼ 0.123.17above the sector's middle half▲ 1.202.27above the sector's middle half▼ 0.913.03above the sector's middle half▲ 0.763.41above the sector's middle half▲ 0.382.12within the sector's middle half▼ 1.30
Return on assets (ROA)14.4%-13.5%▼ 0.9pp0.3%within the sector's middle half▼ 13.2pp12.8%within the sector's middle half▲ 12.5pp2.0%within the sector's middle half▼ 10.8pp11.2%within the sector's middle half▲ 9.2pp7.0%within the sector's middle half▼ 4.2pp-19.9%below the sector's middle half▼ 26.9pp
Staff (FTE)2.1-
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 operating result for 2025 is a loss of €11,665, after a profit of €12,471 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €79,386
Fixed assets
€11,409 ▼ 6.0%
Current assets
€67,977 ▼ 5.7%
Equity and liabilities €79,386
Equity
€47,292 ▼ 25.0%
Debt
€32,094 ▲ 52.0%
Debt's share of the balance-sheet total rises from 25.1% to 40.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€10,939▼
2024 · €14,258
Cash flow
-€15,076▼
2024 · €7,681
Quick ratio
2.02▼
2024 · 3.26
Debt to equity
0.68▲
2024 · 0.33
ROE
-33.4%▼
2024 · 9.3%
Interest coverage
-1.97▼
2024 · 3.62
Debt ≤ 1 year
€32,094▲
2024 · €21,111
Income taxes
€141▼
2024 · €4,129
Staff costs
€122,820▲
2024 · €93,561
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €372 | - | - | - |
| Intangible fixed assets | €1 | - | - | - | - |
| Depreciation and write-downs of the year | €3,152 | €2,782 | €2,376 | €1,787 | €726 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,335 | - | - | - | €1,776 | - |
| Remuneration, social security and pensions62 | - | - | - | €48,216 | €71,920 | €80,995 | €93,561 | €122,820 | ▲ 31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,042 | €2,108 | €2,824 | €3,152 | €2,782 | €2,376 | €1,787 | €726 | ▼ 59.4% |
| Other operating charges640/8 | - | - | - | €457 | €555 | €575 | €536 | €993 | ▲ 85.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €20 | - | - |
| Gross operating margin9900 | €74,490 | €77,605 | €34,622 | €63,829 | €79,774 | €101,901 | €108,376 | €112,873 | ▲ 4.1% |
| Operating profit (loss)9901 | €15,010 | €16,272 | -€2,301 | €12,004 | €4,516 | €17,954 | €12,471 | -€11,665 | - |
| Financial income75/76B | - | - | - | €1 | €0 | €51 | €1,487 | €1,556 | ▲ 4.6% |
| Recurring financial income75 | €2,169 | €3,450 | €3,866 | €1 | €0 | €51 | €1,487 | €1,556 | ▲ 4.6% |
| Financial charges65/66B | - | - | - | €791 | €2,760 | €3,609 | €3,934 | €5,551 | ▲ 41.1% |
| Recurring financial charges65 | €1,066 | €2,992 | €999 | €791 | €2,760 | €3,609 | €3,934 | €5,551 | ▲ 41.1% |
| Profit (loss) for the period before taxes9903 | €16,113 | €16,730 | €566 | €11,215 | €1,756 | €14,396 | €10,024 | -€15,660 | - |
| Income taxes67/77 | €4,397 | €5,489 | €314 | €1,275 | €285 | €5,644 | €4,129 | €141 | ▼ 96.6% |
| Profit (loss) for the period9904 | €11,716 | €11,241 | €252 | €9,939 | €1,472 | €8,751 | €5,894 | -€15,801 | - |
| Profit (loss) for the period to be appropriated9905 | €11,716 | €11,241 | €252 | €9,939 | €1,472 | €8,751 | €5,894 | -€15,801 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €81,520 | €83,494 | €80,636 | €77,551 | €73,771 | €78,474 | €84,204 | €79,386 | ▼ 5.7% |
| Fixed assets21/28 | €19,051 | €16,943 | €21,859 | €18,708 | €16,298 | €13,922 | €12,135 | €11,409 | ▼ 6.0% |
| Intangible fixed assets21 | €9,166 | €9,166 | €9,166 | €9,167 | €9,167 | €9,167 | €9,167 | €9,167 | = |
| Tangible fixed assets22/27 | €9,885 | €7,777 | €12,693 | €9,541 | €7,131 | €4,756 | €2,968 | €2,242 | ▼ 24.4% |
| Land and buildings22 | - | - | - | €7,283 | €5,572 | €3,862 | €2,740 | €2,237 | ▼ 18.4% |
| Plant, machinery and equipment23 | - | - | - | €530 | €372 | €248 | €124 | €5 | ▼ 95.6% |
| Furniture and vehicles24 | - | - | - | €1,729 | €1,187 | €646 | €104 | €0 | ▼ 100% |
| Current assets29/58 | €62,469 | €66,551 | €58,777 | €58,842 | €57,473 | €64,552 | €72,069 | €67,977 | ▼ 5.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €20,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €20,000 | - |
| Stocks and contracts in progress3 | €2,298 | €2,494 | €3,237 | €3,086 | €7,336 | €5,321 | €3,197 | €3,197 | = |
| Stocks30/36 | - | - | - | €3,086 | €7,336 | €5,321 | €3,197 | €3,197 | = |
| Amounts receivable within one year40/41 | €54,902 | €55,518 | €51,167 | €49,302 | €41,818 | €43,306 | €29,787 | €34,924 | ▲ 17.2% |
| Trade receivables40 | - | - | - | - | €952 | €1,851 | €733 | €441 | ▼ 39.8% |
| Other amounts receivable41 | - | - | - | €49,302 | €40,865 | €41,455 | €29,054 | €34,483 | ▲ 18.7% |
| Cash at bank and in hand54/58 | €5,198 | €7,938 | €3,501 | €6,382 | €8,319 | €15,926 | €39,086 | €9,856 | ▼ 74.8% |
| Deferred charges and accrued income490/1 | - | - | - | €72 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €81,520 | €83,494 | €80,636 | €77,551 | €73,771 | €78,474 | €84,204 | €79,386 | ▼ 5.7% |
| Equity10/15 | €28,542 | €39,783 | €37,035 | €46,976 | €48,448 | €57,199 | €63,093 | €47,292 | ▼ 25.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €15,600 | €15,600 | €15,600 | €15,600 | €15,600 | = |
| Revaluation surpluses12 | - | - | - | €9,167 | €9,167 | €9,167 | €9,167 | €9,167 | = |
| Reserves13 | - | €11,241 | €11,241 | €21,181 | €22,653 | €31,404 | €37,298 | €37,298 | = |
| Non-distributable reserves130/1 | - | - | - | €562 | €562 | €562 | €562 | €562 | = |
| Reserves not available under the articles1311 | - | - | - | €562 | €562 | €562 | €562 | €562 | = |
| Distributable reserves133 | - | - | - | €20,619 | €22,091 | €30,842 | €36,736 | €36,736 | = |
| Profit (loss) carried forward14 | €776 | €776 | €1,028 | €1,028 | €1,028 | €1,028 | €1,028 | -€14,773 | - |
| Amounts payable17/49 | €52,978 | €43,711 | €43,601 | €30,574 | €25,323 | €21,275 | €21,111 | €32,094 | ▲ 52.0% |
| Amounts payable after more than one year17 | €20,000 | €11,895 | €13,829 | €12,041 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €12,041 | - | - | - | - | - |
| Amounts payable within one year42/48 | €32,978 | €31,816 | €29,772 | €18,534 | €25,323 | €21,275 | €21,111 | €32,094 | ▲ 52.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,409 | €8,187 | €4,326 | €862 | €386 | ▼ 55.2% |
| Trade debts44 | €19,599 | €15,874 | €15,589 | €2,169 | €4,104 | €5,646 | €182 | €4,911 | ▲ 27× |
| Suppliers440/4 | - | - | - | €2,169 | €4,104 | €5,646 | €182 | €4,911 | ▲ 27× |
| Taxes, remuneration and social security45 | - | - | - | €9,637 | €13,033 | €11,303 | €20,068 | €26,797 | ▲ 33.5% |
| Taxes450/3 | - | - | - | €4,508 | €5,583 | €10,262 | €10,968 | €14,759 | ▲ 34.6% |
| Remuneration and social security454/9 | - | - | - | €5,129 | €7,449 | €1,041 | €9,100 | €12,038 | ▲ 32.3% |
| Other amounts payable47/48 | - | - | - | €4,319 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,716 | €11,241 | €252 | €9,939 | €1,472 | €8,751 | €5,894 | -€15,801 | - |
| + Depreciation and write-downs630 | €8,042 | €2,108 | €2,824 | €3,152 | €2,782 | €2,376 | €1,787 | €726 | ▼ 59.4% |
| Operating cash flow (approximation) | €19,758 | €13,349 | €3,076 | €13,092 | €4,254 | €11,127 | €7,681 | -€15,076 | - |
| Investment in fixed assets (approximation) | - | €0 | -€7,740 | -€2 | -€372 | €0 | €0 | €0 | - |
| Change in cash | - | €2,740 | -€4,437 | €2,881 | €1,937 | €7,606 | €23,160 | -€29,230 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,805 companies had the same profile as ZIDA has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ZIDA itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 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 4,805 companies, not a prediction for ZIDA. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00283734 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00234438 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00395083 | |
| 31-12-2022 | micro format | 13-09-2023 | 2023-00445148 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20451437 | |
| 31-12-2020 | micro format | 28-09-2021 | 2021-70800154 | |
| 31-12-2019 | micro format | 02-10-2020 | 2020-59000019 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-47600271 | |
| 31-12-2017 | abbreviated format | 09-10-2018 | 2018-69200564 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-22100265 |