Ziegler

Open bankruptcy

Public limited companyfounded 1937Vilvoordsesteenweg 11, 1120 Brussel, BelgiumKBO/BCE: BE 0403.480.507

A bankruptcy procedure is open for Ziegler according to publications in the Belgian State Gazette. The 2024 annual accounts show equity of €26.06M and a net result of €-1.59M.

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Signals

Four signals. The signal on the left, the evidence on the right.

+raises risk○neutral

The KBO register records the legal situation: open bankruptcy (code 050). This is today's state according to the register itself; the register carries no start date.

KBO · legal situation

Open bankruptcy

Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.

Belgian State Gazette

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 11-07-2025, 20 days ahead of the deadline.

NBB · 9 filings

Deviation from the deadline

2025

not confirmed

2024

20 d early

2023

21 d early

2022

6 d early

2021

30 d early

2020

24 d early

2019

77 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, consolidated, statutory

Turnover

€129.37M▼ 6.6%

2023 · €138.45M

2018: €121.90M 2019: €116.26M 2020: €119.04M 2021: €156.24M 2022: €191.35M 2023: €138.45M

2018 → 2024

EBIT margin

0.1%▲ 0.2pp

2023 · -0.1%

2018: 1.4% 2019: 2.6% 2020: 0.9% 2021: 1.5% 2022: 1.0% 2023: -0.1%

2018 → 2024

Net result

€-1.59M▼ 36.2%

2023 · €-1.17M

2018: €208k 2019: €-37.14M 2020: €22k 2021: €167k 2022: €438k 2023: €-1.17M

2018 → 2024

Working capital

€-3.25M▼ 12.6%

2023 · €-2.89M

2018: €-19.89M 2019: €-8.31M 2020: €-6.57M 2021: €373k 2022: €1.46M 2023: €-2.89M

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Turnover€119.04M-€156.24M▲ 31.3%€191.35M▲ 22.5%€138.45M▼ 27.6%€129.37M▼ 6.6%

Equity€18.22M-€23.39M▲ 28.4%€9.02M▼ 61.4%€22.65M▲ 151%€26.06M▲ 15.0%

Operating result€1.09M-€2.33M▲ 113%€1.87M▼ 19.4%€-128k€112k

Net result€22k-€167k▲ 664%€438k▲ 163%€-1.17M€-1.59M▼ 36.2%

Result per fiscal year

Operating resultNet result

The operating result returns to profit in 2024: €112k after a loss of €128k in 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €120.61M

41.8%

58.2%

Fixed assets €50.44M▼ 6.0%

Current assets €70.17M▲ 4.9%

Equity and liabilities €120.61M

21.6%

76.1%

Equity €26.06M▲ 15.0%

Provisions €2.82M▼ 14.7%

Debt €91.73M▼ 3.0%

The debt ratio falls from 78.5% to 76.1%. Equity is higher and debt is lower.

Key figures and ratios

2024 value · change against 2023

EBITDA

€2.41M▲

2023 · €2.31M

Cash flow

€702k▼

2023 · €1.27M

Solvency

21.6%▲

2023 · 18.8%

Current ratio

0.96▼

2023 · 0.96

Quick ratio

0.95▼

2023 · 0.96

Debt / equity

3.52▼

2023 · 4.17

ROE

-6.1%▼

2023 · -5.2%

ROA

-1.3%▼

2023 · -1.0%

Interest coverage

1.14▼

2023 · 1.53

Debt

€91.73M▼

2023 · €94.57M

Debt ≤ 1 year

€73.42M▲

2023 · €69.75M

Debt > 1 year

€16.78M▼

2023 · €23.56M

Income taxes

€399k▲

2023 · €109k

Staff costs

€22.93M▼

2023 · €24.66M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€120.53M€120.61M▲

Fixed assets21/28€53.66M€50.44M▼

Intangible fixed assets21€5k€3k▼

Tangible fixed assets22/27€30.57M€23.79M▼

Land and buildings22€8.55M€8.00M▼

Plant, machinery and equipment23€1.65M€1.68M▲

Furniture and vehicles24€434k€507k▲

Leasing and similar rights25€15.62M€10.64M▼

Other tangible fixed assets26€4.22M€2.95M▼

Assets under construction and advance payments27€99k€0▼

Financial fixed assets28€23.09M€26.65M▲

Affiliated companies280/1€22.97M€26.52M▲

Participating interests280€20.04M€23.59M▲

Amounts receivable281€2.93M€2.93M=

Other financial fixed assets284/8€118k€127k▲

Shares284€16k€16k▲

Amounts receivable and cash guarantees285/8€102k€111k▲

Current assets29/58€66.87M€70.17M▲

Stocks and contracts in progress3€158k€156k▼

Stocks30/36€158k€156k▼

Raw materials and consumables30/31€158k€156k▼

Amounts receivable within one year40/41€60.34M€64.59M▲

Trade receivables40€31.32M€36.11M▲

Other amounts receivable41€29.02M€28.47M▼

Cash at bank and in hand54/58€2.29M€434k▼

Deferred charges and accrued income490/1€4.08M€4.99M▲

Equity and liabilities

Total equity and liabilities10/49€120.53M€120.61M▲

Equity10/15€22.65M€26.06M▲

Contributions10/11€18.68M€23.68M▲

Capital10€15.00M€20.00M▲

Issued capital100€15.00M€20.00M▲

Outside capital11€3.68M€3.68M=

Share premium1100/10€3.68M€3.68M=

Reserves13€12.47M€11.01M▼

Non-distributable reserves130/1€1.64M€1.64M=

Legal reserve130€1.64M€1.64M=

Tax-exempt reserves132€10.10M€8.65M▼

Distributable reserves133€729k€729k=

Profit (loss) carried forward14€-8.49M€-8.63M▼

Provisions and deferred taxes16€3.31M€2.82M▼

Provisions for liabilities and charges160/5€3k€3k=

Other liabilities and charges164/5€3k€3k=

Deferred taxes168€3.30M€2.82M▼

Amounts payable17/49€94.57M€91.73M▼

Amounts payable after more than one year17€23.56M€16.78M▼

Financial debts170/4€23.54M€16.77M▼

Subordinated loans170€0-

Leasing and similar obligations172€11.98M€6.90M▼

Credit institutions173€8.57M€6.87M▼

Other loans174€3.00M€3.00M=

Other amounts payable178/9€18k€18k=

Amounts payable within one year42/48€69.75M€73.42M▲

Current portion of amounts payable after more than one year42€3.33M€3.03M▼

Financial debts43€19.76M€21.56M▲

Credit institutions430/8€19.76M€21.56M▲

Trade debts44€32.17M€32.62M▲

Suppliers440/4€32.17M€32.62M▲

Taxes, remuneration and social security45€9.86M€12.11M▲

Taxes450/3€3.05M€5.30M▲

Remuneration and social security454/9€6.81M€6.81M▼

Other amounts payable47/48€4.64M€4.10M▼

Accrued charges and deferred income492/3€1.25M€1.52M▲

Income statement Code20232024

Operating income70/76A€150.53M€145.37M▼

Turnover70€138.45M€129.37M▼

Other operating income74€12.04M€13.21M▲

Non-recurring operating income76A€34k€2.79M▲

Operating charges60/66A€150.66M€145.26M▼

Goods for resale, raw materials and consumables60€102.48M€97.35M▼

Purchases600/8€102.43M€97.36M▼

Change in stocks: decrease (increase)609€49k€-10k▼

Services and other goods61€20.01M€21.51M▲

Remuneration, social security and pensions62€24.66M€22.93M▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.44M€2.30M▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€99k€143k▲

Other operating charges640/8€978k€1.01M▲

Non-recurring operating charges66A€0€13k▲

Operating profit (loss)9901€-128k€112k▲

Financial income75/76B€1.38M€1.20M▼

Recurring financial income75€1.38M€1.18M▼

Income from current assets751€789k€747k▼

Other financial income752/9€595k€435k▼

Non-recurring financial income76B€0€19k▲

Financial charges65/66B€2.54M€2.99M▲

Recurring financial charges65€2.54M€2.99M▲

Debt charges650€1.50M€2.11M▲

Other financial charges652/9€1.04M€880k▼

Non-recurring financial charges66B-€1

Profit (loss) for the period before taxes9903€-1.28M€-1.68M▼

Transfer from deferred taxes780€224k€1.17M▲

Transfer to deferred taxes680-€683k

Income taxes67/77€109k€399k▲

Taxes670/3€109k€399k▲

Profit (loss) for the period9904€-1.17M€-1.59M▼

Transfer from tax-exempt reserves789€672k€3.51M▲

Transfer to tax-exempt reserves689-€2.05M

Profit (loss) for the period to be appropriated9905€-498k€-137k▲

Appropriation of the result

Profit (loss) to be appropriated9906€-8.49M€-8.63M▼

Profit (loss) brought forward from the previous period14P€-7.99M€-8.49M▼

Social balance

Average headcount (FTE)9087335.9324.0▼

The notes to these accounts (120 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 16Signals 1Financial 5Filings 10

2026

05-06

Bankruptcy Opening

Tribunal de l’entreprise francophone de Bruxelles · SA ZIEGLER CHAUSSEE DE VILVORDE 11, 1120 NEDER-OVER-HEEMBEEK · event 01-06-2026

2025

14-07

NBB filing Annual accounts filed

fiscal year 2024 · consolidated

11-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

31-12

Financial Equity above €25MEq €26.06M ▲15%

Equity rises from €22.65M to €26.06M.

10-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

31-12

Financial Equity above €10MEq €22.65M ▲151%

Equity rises from €9.02M to €22.65M.

25-07

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Highest result since 2018net €438k ▲163%

Net result €438k, the highest in the series.

01-07

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

07-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

31-12

Financial Back to profitnet €22k

Net result €22k after one loss-making year.

16-10

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 77 days late

2019

31-12

Financial Weakest financial yearnet €-37.14M ▼17936%

Net result drops to €-37.14M, the lowest in the series.

28-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

25-06

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

22-06

NBB filing Annual accounts filed

fiscal year 2016 · full schema

SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2020

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

12-08-2020 Diane Govaerts: Resigned as Director

21-11-2017 Arthur Edouard Ziegler: Resigned as Director

23-06-2017 Arthur Ziegler: Resigned as Director

17-06-2016 Diane Govaerts: Resigned as Director

19-06-2015 Lucie SCHUIND: Resigned as Director

Location & real-estate footprint

Registered office, Brussel · 18 establishment units since 1937

establishment approximate 16 of 18 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Vilvoordsesteenweg 111120 Brussel

Ground area

28.2 ha

Building footprint

5.8 ha

Volume, LiDAR

345,965 m³

16 parcels, Brussels, Flanders, Wallonia · tallest building 29.2 m, ±4 floors. Linked by address, not a title deed.

18 establishment units

Vilvoordsesteenweg 11, 1120 Brussel

NACE 1591002

since 19372.104.369.171

ZIEGLER SA

4ème Avenue s/n, 6001 CharleroiNACE 6024102

since 19372.104.370.458

Wiedauwkaai 7, 9000 Gent

NACE 51340

since 19372.104.370.854

ZIEGLER

Rue de Hermée 186, 4040 HerstalNACE 60241

since 19372.104.371.349

Rue Mitoyenne 897, 4840 Welkenraedt

Air transport

since 19372.104.372.735

ZIEGLER

LAR blok P 53, 8930 MenenAir transport

since 19502.104.371.052

Show 12 more locations

Lar 1, 8930 Menen

NACE 60241

since 19502.104.371.250

ZIEGLER SA

Wijngaardveld 34, 9300 AalstFreight transport by road

since 19692.104.369.765

Kartuizersweg 6G, 2550 Kontich

Air transport

since 19712.104.370.161

Vliegveld 747C, 1820 Steenokkerzeel

NACE 60241

since 19862.104.369.666

ZIEGLER

Wijngaardveld 3, 9300 AalstNACE 6024102

since 19982.104.369.963

ZIEGLER

Rue des Fusillés 57, 6040 CharleroiNACE 74855

since 20052.145.636.832

ZIEGLER

Moerstraat 15, 2040 AntwerpenNACE 63112

since 20052.144.879.143

ZIEGLER

Boechoutlaan 107, 1853 GrimbergenNACE 4520101

since 20122.210.240.218

Ziegler

Kustlaan 180A, 8380 BruggeFreight transport by road

since 20182.278.460.516

NV ZIEGLER

Rue de l'Aéropostale 13, 4460 Grâce-HollogneAgents in non-specialised wholesale trade

since 20192.286.743.128

Ziegler

Karveelstraat 16, 8380 BruggeFreight transport by road

since 20222.336.690.804

ZIEGLER SA

Avenue du Japon 35, 1420 Braine-l'AlleudWarehousing and support activities for transportation

since 20242.358.112.263

16 parcels

Flanders 10 (62.5%) Wallonia 5 (31.3%) Brussels 1 (6.3%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
63084C0016/00E000	Wallonia	5.8 ha	1 · 633 m²	-
41303D0052/00K000	Flanders	4.1 ha	1 · 271 m²	7.5 m · 2 fl.
11818E0211/00C003	Flanders	3.3 ha	1 · 3,281 m²	29.2 m · 3 fl.
41303D0094/00D000	Flanders	3.2 ha	1 · 1.0 ha	9.6 m · 2 fl.
62312A0478/00B003	Wallonia	2.1 ha	1 · 4,582 m²	-
23084A0103/00G000	Flanders	1.9 ha	1 · 9,636 m²	10.4 m · 2 fl.
44807G0227/00T003	Flanders	1.5 ha	1 · 278 m²	9.9 m · 3 fl.
11024G0019/00R002	Flanders	1.0 ha	1 · 5,847 m²	17.7 m
31812Q0247/00E000	Flanders	9,854 m²	1 · 4,012 m²	11.9 m · 3 fl.
23051A0291/00A000	Flanders	9,656 m²	1 · 4,701 m²	-

21819D0248/00N000	Brussels	9,219 m²	1 · 6,759 m²	20.1 m · 4 fl.
34024C0383/00N000	Flanders	8,898 m²	1 · 2,567 m²	8.8 m · 2 fl.
25744D0156/00F000	Wallonia	5,063 m²	1 · 1,428 m²	13.3 m · 2 fl.
31812P0142/00G011	Flanders	4,421 m²	1 · 2,809 m²	19.0 m · 3 fl.
62054A0023/00L000	Wallonia	4,059 m²	1 · 745 m²	-
52392D0091/00L040indicative	Wallonia	838 m²	1 · 210 m²	7.5 m · 2 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1 · via establishment units: 15

15 of 16 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Insolvency mandates

3 mandates

Role	Name	Tenure
Curator	EMMANUELLE BOUILLON CHAUSSEE DE LA HULPE 187, 1170 WATERMAEL-BOITSFORT	01-06-2026 → present
Curator	GUY KELDER PLACE GUY D’AREZZO 18, 1180 UCCLE- ↔ Also on 206 other cases	01-06-2026 → present
Curator	Catherine HERINCKX AVENUE DU CONGO 1, 1050 IXELLES ↔ Also on 175 other cases	01-06-2026 → present