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Checked.be
Complete company report
Generated 20-08-2026
Active BE 0741.607.164Private limited company

ZM Group

· 6 yrs active
Conclusion Checked

The computed 12-month bankruptcy probability of ZM Group is ≥ 25% (high). The 2023 annual accounts show negative equity (€-93). Equity is shrinking by ~23.2% per year across the filed fiscal years. The company has been active since 2020 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 2 administrative register entries (see administrative flags).

Based on the State Gazette, CBE and 3 annual accounts.
Key figures
Equity €-93
Active 6 yrs
Board 1
Locations 1
Financial profile 4 of 5 axes measured · computed by Checked
Health10Profitability-Solvency33Growth35Stability84
40 / 100

Fragile profile, watch health in particular.

Computed on 4 of 5 axes. Not measured: profitability. An unmeasured axis is not a zero: no data was read for it.

Health 10
Profitability -
Solvency 33
Growth 35
Stability 84
Bankruptcy probability (12 mo) Checked model v1 · free
≥ 25% High
0%0,5%1,5%4%10%≥25%
Recent warning signals +Annual accounts: weaker financial profile +No NACE activity registered +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
6 / 100
Low risk
Components
· 2 administrative flags (+6)
Trust signals 1 signals
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags2 events
Address struck×2
Health barometer FY 2023 · computed
10 / 100 Critical
050100
Computed from 3 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2023. Indicative, not credit advice.
Financial overview3 NBB filings
Annual accounts filed on 25-07-2024 with the NBB · fiscal year 2023 · micro
€-60€-40€-20€0Net result 2022: €-43€-43202120222023
Net result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining Equity: declining trend of ~23.2%/year over 3 fiscal years, indicative, assuming unchanged policy.
€-200€-150€-100€-502024: €-115 (€-123 - €-108)2025: €-137 (€-144 - €-129)2026: €-159 (€-166 - €-151)2021: €-502022: €-932023: €-93202120222023202420252026
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Net profit
€-43
- 21-23
Total assets
€23
0.0% 21-23
Equity
€-93
0.0% 21-23
Working capital
€-93
0.0% 21-23
Debt
€116
0.0% 21-23
Debt ≤ 1y
€116
0.0% 21-23
Current ratio
0.19
0.0% 21-23
Quick ratio
0.19
0.0% 21-23
Show 4 other metrics
Solvency
-415.1%
0.0% 21-23
Debt / equity
-1.24
0.0% 21-23
ROE
46.5%
- 21-23
ROA
-193.0%
- 21-23
Figures by fiscal year
Fiscal year2023
Depositmicro
Revenue-
EBITDA-
Net profit-
Cash flow-
Staff costs-
Income taxes-
Dividends-
Total assets€23
Equity€-93
Debt€116
of which ≤ 1y€116
of which > 1y-
Working capital€-93
Employees (FTE)-
Ratios (computed)
2023
Current ratio0.19
Quick ratio0.19
Working capital ratio-415.1%
Solvency-415.1%
Debt / equity-1.24
Long-term debt ratio-
Interest coverage-
Gross margin-
Net margin-
ROA-
ROE-
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Full annual accounts (9 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2023
Balance sheet, Assets
TOTAL ASSETS 20/58€23
Current assets 29/58€23
Cash & bank 54/58€23
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€23
Equity 10/15€-93
Contributions / capital 10/11€1k
Accumulated profits (losses) 14€-1k
Amounts payable 17/49€116
Amounts payable within one year 42/48€116
This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 3 directors
Current directors & mandates
  • El sayed El sayed M
    Director
    State Gazette act 25076341 (18-06-2025)
    Current
    01-05-2025 → present
Former directors (2)
  • Chatti Mustapha
    Director
    State Gazette act 23138830 (31-10-2023)
    Former
    31-10-2023 → 30-04-2025
    2 events
    • 30-04-2025 Resigned· Director
    • 31-10-2023 Appointed· Director
  • Aljaffal Ayoub
    Director
    State Gazette act 23138830 (31-10-2023)
    Former
    - → 20-07-2023
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Legal Structure
NACE primary -
Legal form Private limited company(610)
Incorporation15-01-2020
StatusActive
Postal code-
Establishment units 1 location
ZM Group
Maria-Christinastraat 156, 1020 BrusselHandelsbemiddeling in de groothandel in voedings- en genotmiddelen
since 20242.364.063.115
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (50%) Brussels 1 (50%)
Parcel (capakey) Region Area Buildings Height / fl.
21815D0153/00B007 Brussels 359 m² 1 · 253 m² 15.2 m · 4 fl.
23016D0063/00W002 Flanders 300 m² 1 · 299 m² 12.6 m · 3 fl.
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 11 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
22-09-2025
KBO administration Address struck
18-06-2025
State Gazette act Capital & shares
17-01-2025
KBO administration Address struck
2024
16-09-2024
State Gazette act Capital & shares
25-07-2024
NBB filing Annual accounts filed
fiscal year 2023 · micro
2023
31-10-2023
State Gazette act Capital & shares
08-09-2023
NBB filing Annual accounts filed
fiscal year 2022 · micro
28-07-2023
State Gazette act Capital & shares
2022
21-12-2022
NBB filing Annual accounts filed
fiscal year 2021 · micro
Lifecycle & Insolvency Signals2 events
22-09-2025
KBO administration Address struck
 · Publications in State Gazette ↗
Full insolvency chronology

The full chronology lists every recorded event with its date, the competent court and the appointed liquidator or administrator. It answers at which stage the proceedings stand and whether they are still running.

We hold 1 further earlier event in this file, covering 17-01-2025 to 22-09-2025.

Available in Kantoor S. See plans →
Time machine, BS events + macro context 2021, 2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262025-01-17 · KBO administration · Address struck2025-09-22 · KBO administration · Address struck
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgian State Gazette reading coverage 0 of 5 acts read

We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 4 acts
Capital history · 4
18-06-2025
Capital change
16-09-2024
Capital change
31-10-2023
Capital change
28-07-2023
Capital change
All acts · 4 updated 1 year ago
2025
18-06-2025 All shares are now held by a single shareholder Capital & shares
Technical details 
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  "notary": {
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    "office_city": "Brussel",
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2025-06-18",
    "filing_date": "2025-06-11",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
    "body": "bijzondere_algemene_vergadering",
    "act_date": "2025-04-30",
    "unanimous": null,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2025-04-30"
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "0741.607.164",
    "name_full": "ZM Group",
    "legal_form": "B.V.",
    "is_foreign_registered": false
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
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  },
  "co_filed_documents": [],
  "shareholders_after": [
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Chatti Mustapha",
      "role": "g\u00E9rant_statutaire",
      "n_shares": 0,
      "share_class": null
    },
    {
      "kbo": null,
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      "name": "Alhamed Bashar",
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      "n_shares": 0,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
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      "name": "El sayed El sayed M",
      "role": "Bestuurder",
      "n_shares": 100,
      "share_class": null
    }
  ],
  "share_classes_after": []
}
2024
16-09-2024 All shares are now held by a single shareholder Capital & shares
Technical details 
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  ],
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  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2024-09-06",
    "filing_date": null,
    "act_kind_objet": "Overberenging van de zetel - Overdracht aandelen."
  },
  "decision": {
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    "act_date": "2024-09-02",
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  },
  "bedrijfsrevisor": null,
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  "co_filed_documents": [],
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    }
  ],
  "share_classes_after": []
}
2023
31-10-2023 All shares are now held by a single shareholder Capital & shares
Technical details 
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        },
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    "act_kind_objet": "Onderwerp akte:"
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  },
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  "co_filed_documents": [],
  "shareholders_after": [
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      "name": "Aljaffal Ayoub",
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    },
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    }
  ],
  "share_classes_after": []
}
28-07-2023 All shares are now held by a single shareholder Capital & shares
Technical details 
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  ],
  "notary": {
    "name": null,
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    "office_city": "Luik",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
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    "filing_date": "2023-07-17",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
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    "act_date": "2023-07-17",
    "unanimous": true,
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    "underlying_resolution_date": "2023-06-27"
  },
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    "legal_form": "B.V.",
    "is_foreign_registered": false
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  "publication_proxy": {
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  },
  "co_filed_documents": [],
  "shareholders_after": [
    {
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      "kind": "person",
      "name": "AL JAFFAL Ayoub",
      "role": "aandeelhouder",
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      "share_class": null
    },
    {
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      "pct": null,
      "kind": "person",
      "name": "CHATTI Mustapha",
      "role": "aandeelhouder",
      "n_shares": 50,
      "share_class": null
    }
  ],
  "share_classes_after": []
}
Credit advice verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
Company registry (CBE) Crossroads Bank
Names & trade names
Legal nameFR ZM Group
Registration history
  1. 22-09-2025 Address struck
  2. 17-01-2025 Address struck
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative