ZIMA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 15-10-2026 at the NBB all 21 filings
Turnover
≈ €280,000
Estimated: probably between €180,000 and €480,000
Total assets
€125,882▲ 6.3%
2025 · €118,379
Net result
€74,258▲ 713%
2025 · €9,131
Working capital
-€121,837▲ 36.5%
2025 · -€191,720
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€81,577
▲ 530%
2026
20192026
Net result
€74,258
▲ 713%
2026
20192026
Equity
-€93,938
▲ 44.1%
2026
20192026
Total assets
€125,882
▲ 6.3%
2026
20192026
Debt
€219,821
▼ 23.3%
2026
20192026
Working capital
-€121,837
▲ 36.5%
2026
20192026
Solvency
-74.6%
▲ 67.5pp
2026
20192026
Current ratio
0.45
▲ 0.12
2026
20192026
Return on assets (ROA)
59.0%
▲ 51.3pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€12,235--€30,963▼ 153%-€20,048▲ 35.3%-€20,491▼ 2.2%-€35,601▼ 73.7%€52,083€12,951▼ 75.1%€81,577▲ 530%
Net result-€12,962--€31,662▼ 144%-€20,650below the sector's middle half▲ 34.8%-€21,260below the sector's middle half▼ 3.0%-€36,292below the sector's middle half▼ 70.7%€50,772above the sector's middle half€9,131within the sector's middle half▼ 82.0%€74,258▲ 713%
Equity-€118,236--€149,897▼ 26.8%-€170,548below the sector's middle half▼ 13.8%-€191,808below the sector's middle half▼ 12.5%-€228,100below the sector's middle half▼ 18.9%-€177,328below the sector's middle half▲ 22.3%-€168,197below the sector's middle half▲ 5.1%-€93,938▲ 44.1%
Total assets€48,423-€18,732▼ 61.3%€37,946below the sector's middle half▲ 103%€36,822below the sector's middle half▼ 3.0%€38,607below the sector's middle half▲ 4.8%€104,894within the sector's middle half▲ 172%€118,379within the sector's middle half▲ 12.9%€125,882▲ 6.3%
Debt€166,659-€168,630▲ 1.2%€208,494▲ 23.6%€228,630▲ 9.7%€266,707▲ 16.7%€282,222▲ 5.8%€286,575▲ 1.5%€219,821▼ 23.3%
Working capital-€133,967--€162,516▼ 21.3%-€192,328below the sector's middle half▼ 18.3%-€213,023below the sector's middle half▼ 10.8%-€253,036below the sector's middle half▼ 18.8%-€205,864below the sector's middle half▲ 18.6%-€191,720below the sector's middle half▲ 6.9%-€121,837▲ 36.5%
Solvency-244.2%--800.2%▼ 556.0pp-449.4%below the sector's middle half▲ 350.8pp-520.9%below the sector's middle half▼ 71.5pp-590.8%below the sector's middle half▼ 69.9pp-169.1%below the sector's middle half▲ 421.8pp-142.1%below the sector's middle half▲ 27.0pp-74.6%▲ 67.5pp
Current ratio0.20-0.04▼ 0.160.08below the sector's middle half▲ 0.040.07below the sector's middle half▼ 0.010.05below the sector's middle half▼ 0.020.27below the sector's middle half▲ 0.220.33below the sector's middle half▲ 0.060.45▲ 0.12
Return on assets (ROA)-26.8%--169.0%▼ 142.3pp-54.4%below the sector's middle half▲ 114.6pp-57.7%below the sector's middle half▼ 3.3pp-94.0%below the sector's middle half▼ 36.3pp48.4%above the sector's middle half▲ 142.4pp7.7%within the sector's middle half▼ 40.7pp59.0%▲ 51.3pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 2026 is 6.3 times that of 2025 and the highest since 2022. It is a recovery after the fall in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €125,882
Fixed assets
€27,899 ▲ 16.4%
Current assets
€97,984 ▲ 3.8%
Equity and liabilities
Equity-€93,938
Debt€219,821
Equity is negative. Debt (€219,821) exceeds the balance-sheet total (€125,882).
Key figures and ratios
EBITDA
€86,809▲
2025 · €19,543
Cash flow
€79,490▲
2025 · €15,723
Quick ratio
0.43▲
2025 · 0.32
Interest coverage
23.94▲
2025 · 5.97
Debt ≤ 1 year
€219,821▼
2025 · €286,138
Income taxes
€3,720▲
2025 · €556
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,041 | €11,593 | €10,379 | €8,332 | €11,651 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €4,606 | €7,872 | €6,089 | €6,592 | €5,232 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €15,994 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | €376 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,240 | €3,113 | €3,798 | €4,606 | €7,872 | €6,089 | €6,592 | €5,232 | ▼ 20.6% |
| Other operating charges640/8 | - | - | - | €2,177 | €2,071 | €1,487 | €2,225 | €2,554 | ▲ 14.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €2,480 | - |
| Gross operating margin9900 | -€6,155 | -€26,871 | -€13,855 | -€13,708 | -€25,283 | €59,659 | €21,768 | €91,844 | ▲ 322% |
| Operating profit (loss)9901 | -€12,235 | -€30,963 | -€20,048 | -€20,491 | -€35,601 | €52,083 | €12,951 | €81,577 | ▲ 530% |
| Financial income75/76B | - | - | - | €2 | - | €2 | €7 | €27 | ▲ 297% |
| Recurring financial income75 | €2 | €3 | €4 | €2 | - | €2 | €7 | €27 | ▲ 297% |
| Financial charges65/66B | - | - | - | €206 | €116 | €830 | €3,271 | €3,626 | ▲ 10.9% |
| Recurring financial charges65 | €245 | €245 | €194 | €206 | €116 | €830 | €3,271 | €3,626 | ▲ 10.9% |
| Profit (loss) for the period before taxes9903 | -€12,478 | -€31,205 | -€20,239 | -€20,695 | -€35,717 | €51,256 | €9,687 | €77,978 | ▲ 705% |
| Income taxes67/77 | €484 | €456 | €412 | €565 | €575 | €483 | €556 | €3,720 | ▲ 569% |
| Profit (loss) for the period9904 | -€12,962 | -€31,662 | -€20,650 | -€21,260 | -€36,292 | €50,772 | €9,131 | €74,258 | ▲ 713% |
| Profit (loss) for the period to be appropriated9905 | -€12,962 | -€31,662 | -€20,650 | -€21,260 | -€36,292 | €50,772 | €9,131 | €74,258 | ▲ 713% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,423 | €18,732 | €37,946 | €36,822 | €38,607 | €104,894 | €118,379 | €125,882 | ▲ 6.3% |
| Fixed assets21/28 | €15,731 | €12,619 | €21,780 | €21,215 | €24,936 | €29,226 | €23,960 | €27,899 | ▲ 16.4% |
| Tangible fixed assets22/27 | €14,332 | €11,220 | €20,381 | €19,816 | €23,537 | €27,827 | €22,561 | €26,500 | ▲ 17.5% |
| Land and buildings22 | - | - | - | €8,226 | €14,656 | €15,958 | €14,038 | €11,631 | ▼ 17.1% |
| Plant, machinery and equipment23 | - | - | - | €5,961 | €4,913 | €2,967 | €1,388 | €8,653 | ▲ 524% |
| Furniture and vehicles24 | - | - | - | €5,629 | €3,969 | €8,902 | €7,136 | €6,216 | ▼ 12.9% |
| Financial fixed assets28 | €1,399 | €1,399 | €1,399 | €1,399 | €1,399 | €1,399 | €1,399 | €1,399 | = |
| Current assets29/58 | €32,692 | €6,114 | €16,166 | €15,607 | €13,671 | €75,668 | €94,418 | €97,984 | ▲ 3.8% |
| Stocks and contracts in progress3 | €4,024 | €4,024 | €4,024 | €4,024 | €4,024 | €4,024 | €4,024 | €4,024 | = |
| Stocks30/36 | - | - | - | €4,024 | €4,024 | €4,024 | €4,024 | €4,024 | = |
| Amounts receivable within one year40/41 | €27,332 | €1,597 | €2,643 | €2,127 | €2,483 | €27,575 | €18,710 | €19,610 | ▲ 4.8% |
| Trade receivables40 | - | - | - | €1,183 | - | €26,764 | €18,652 | €18,975 | ▲ 1.7% |
| Other amounts receivable41 | - | - | - | €944 | €2,483 | €811 | €58 | €634 | ▲ 991% |
| Cash at bank and in hand54/58 | €1,336 | €493 | €3,321 | €3,959 | €4,023 | €41,212 | €68,813 | €70,514 | ▲ 2.5% |
| Deferred charges and accrued income490/1 | - | - | - | €5,497 | €3,141 | €2,857 | €2,871 | €3,835 | ▲ 33.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,423 | €18,732 | €37,946 | €36,822 | €38,607 | €104,894 | €118,379 | €125,882 | ▲ 6.3% |
| Equity10/15 | -€118,236 | -€149,897 | -€170,548 | -€191,808 | -€228,100 | -€177,328 | -€168,197 | -€93,938 | ▲ 44.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€136,836 | -€168,497 | -€189,148 | -€210,408 | -€246,700 | -€195,928 | -€186,797 | -€112,538 | ▲ 39.8% |
| Amounts payable17/49 | €166,659 | €168,630 | €208,494 | €228,630 | €266,707 | €282,222 | €286,575 | €219,821 | ▼ 23.3% |
| Amounts payable within one year42/48 | €166,659 | €168,630 | €208,494 | €228,630 | €266,707 | €281,532 | €286,138 | €219,821 | ▼ 23.2% |
| Financial debts43 | - | - | - | €26 | €26 | €242 | €3,356 | €315 | ▼ 90.6% |
| Credit institutions430/8 | - | - | - | €26 | €26 | €242 | €3,356 | €315 | ▼ 90.6% |
| Trade debts44 | €25,356 | €22,108 | €21,086 | €22,068 | €21,814 | €27,868 | €41,880 | €28,934 | ▼ 30.9% |
| Suppliers440/4 | - | - | - | €22,068 | €21,814 | €27,868 | €41,880 | €28,934 | ▼ 30.9% |
| Taxes, remuneration and social security45 | - | - | - | €1,614 | €1,766 | €10,844 | €18,477 | €8,042 | ▼ 56.5% |
| Taxes450/3 | - | - | - | €1,614 | €1,766 | €10,844 | €18,477 | €8,042 | ▼ 56.5% |
| Other amounts payable47/48 | - | - | - | €204,922 | €243,102 | €242,578 | €222,425 | €182,531 | ▼ 17.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €690 | €437 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,962 | -€31,662 | -€20,650 | -€21,260 | -€36,292 | €50,772 | €9,131 | €74,258 | ▲ 713% |
| + Depreciation and write-downs630 | €4,240 | €3,113 | €3,798 | €4,606 | €7,872 | €6,089 | €6,592 | €5,232 | ▼ 20.6% |
| Operating cash flow (approximation) | -€8,722 | -€28,549 | -€16,852 | -€16,654 | -€28,420 | €56,862 | €15,723 | €79,490 | ▲ 406% |
| Investment in fixed assets (approximation) | - | €0 | -€12,960 | -€4,041 | -€11,593 | -€10,379 | -€1,326 | -€9,171 | ▼ 591% |
| Change in cash | - | -€843 | €2,829 | €638 | €64 | €37,189 | €27,601 | €1,702 | ▼ 93.8% |
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, 3,794 companies had the same profile as ZIMA has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ZIMA itself is lower: 0.2% within 12 months. It rests on far more data about ZIMA than the profile alone.
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 3,794 companies, not a prediction for ZIMA. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 15-10-2026 | 2026-00567346 | |
| 31-03-2025 | micro format | 18-07-2025 | 2025-00289536 | |
| 31-03-2024 | micro format | 03-09-2024 | 2024-00458046 | |
| 31-03-2023 | micro format | 29-08-2023 | 2023-00385407 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20484232 | |
| 31-03-2021 | micro format | 14-09-2021 | 2021-67100504 | |
| 31-03-2020 | micro format | 31-10-2020 | 2020-68200288 | |
| 31-03-2019 | micro format | 30-08-2019 | 2019-62600439 | |
| 31-03-2018 | micro format | 12-09-2018 | 2018-63200220 | |
| 31-03-2017 | micro format | 27-09-2017 | 2017-63300160 |