ZN
ActiveSummary
ZN has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €340k and a net result of €38k. Equity is shrinking by ~4.1% per year across the filed fiscal years. Its solvency ranks better than 29% of 1648 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+45
Solvency45▲+5
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19k at 30 days acceptable
Liquidity tight (current ratio 1.32 against 1.25 in 2024; short-term debt: 73.3% and cash: 30.1% of total assets), and 80.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
19.6%
Return on assets
2.2%
Age of the figures
9 mo
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 09-07-2026, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
22 d early
2024
28 d late
2023
31 d late
2022
6 d late
2021
24 d late
2020
28 d late
2019
1 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€38k
2024 · €-364k
Working capital
€411k▲ 7.9%
2024 · €381k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€435k▲ 13.6%€57k▼ 87.0%€158k▲ 179%€-344k€63k
Net result€271k▲ 14.2%€2k▼ 99.2%€113k▲ 4,912%€-364k€38k
Equity€551k▲ 97.0%€553k▲ 0.4%€666k▲ 20.4%€302k▼ 54.7%€340k▲ 12.5%
Total assets€2.34M▲ 32.6%€2.22M▼ 5.1%€2.77M▲ 24.7%€1.96M▼ 29.2%€1.73M▼ 11.6%
Debt€1.79M▲ 20.4%€1.67M▼ 6.8%€2.10M▲ 26.1%€1.66M▼ 21.1%€1.39M▼ 16.0%
Working capital€761k▲ 68.6%€625k▼ 17.9%€761k▲ 21.7%€381k▼ 49.9%€411k▲ 7.9%
Staff (FTE)11.1▼ 3.5%10.8▼ 2.7%7.1▼ 34.3%6.9▼ 2.8%6.1▼ 11.6%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €63k after a loss of €344k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.73M
Fixed assets
€51k ▼ 32.6%
Current assets
€1.68M ▼ 10.7%
Equity and liabilities €1.73M
Equity
€340k ▲ 12.5%
Debt
€1.39M ▼ 16.0%
Debt's share of the balance-sheet total falls from 84.6% to 80.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€98k▲
2024 · €-285k
Cash flow
€73k▲
2024 · €-305k
Current ratio
1.32▲
2024 · 1.25
Quick ratio
1.25▲
2024 · 1.17
Debt to equity
4.09▼
2024 · 5.48
ROE
11.1%▲
2024 · -120.6%
ROA
2.2%▲
2024 · -18.6%
Interest coverage
2.80▲
2024 · -9.56
Debt ≤ 1 year
€1.27M▼
2024 · €1.50M
Debt > 1 year
€104k▼
2024 · €137k
Income taxes
€-5k▼
2024 · €3k
Staff costs
€575k▼
2024 · €605k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €11k | - | - | - |
| Remuneration, social security and pensions62 | - | €757k | €994k | €605k | €575k | ▼ 4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21k | €42k | €87k | €59k | €35k | ▼ 40.6% |
| Other operating charges640/8 | - | €3k | €4k | €3k | €3k | ▲ 18.7% |
| Non-recurring operating charges66A | - | - | €75 | €461 | - | - |
| Gross operating margin9900 | €1.21M | €859k | €1.24M | €323k | €676k | ▲ 110% |
| Operating profit (loss)9901 | €435k | €57k | €158k | €-344k | €63k | ▲ 118% |
| Financial income75/76B | - | €2k | €14k | €13k | €5k | ▼ 64.1% |
| Recurring financial income75 | €4 | €2k | €14k | €13k | €5k | ▼ 64.1% |
| Financial charges65/66B | - | €51k | €24k | €30k | €35k | ▲ 16.7% |
| Recurring financial charges65 | €37k | €51k | €24k | €30k | €35k | ▲ 16.7% |
| Profit (loss) for the period before taxes9903 | €398k | €7k | €147k | €-361k | €32k | ▲ 109% |
| Income taxes67/77 | €126k | €5k | €34k | €3k | €-5k | ▼ 285% |
| Profit (loss) for the period9904 | €271k | €2k | €113k | €-364k | €38k | ▲ 110% |
| Profit (loss) for the period to be appropriated9905 | €271k | €2k | €113k | €-364k | €38k | ▲ 110% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.34M | €2.22M | €2.77M | €1.96M | €1.73M | ▼ 11.6% |
| Fixed assets21/28 | €35k | €148k | €132k | €75k | €51k | ▼ 32.6% |
| Intangible fixed assets21 | - | €99k | €42k | €8k | - | - |
| Tangible fixed assets22/27 | €35k | €49k | €90k | €68k | €51k | ▼ 25.0% |
| Land and buildings22 | - | €4k | €4k | €4k | €4k | ▼ 3.3% |
| Plant, machinery and equipment23 | - | €5k | €9k | €7k | €9k | ▲ 28.2% |
| Furniture and vehicles24 | - | €40k | €77k | €57k | €38k | ▼ 33.1% |
| Current assets29/58 | €2.30M | €2.07M | €2.63M | €1.88M | €1.68M | ▼ 10.7% |
| Stocks and contracts in progress3 | - | - | €209k | €129k | €99k | ▼ 22.7% |
| Contracts in progress37 | - | - | €209k | €129k | €99k | ▼ 22.7% |
| Amounts receivable within one year40/41 | €766k | €940k | €959k | €701k | €531k | ▼ 24.3% |
| Trade receivables40 | - | €940k | €952k | €673k | €488k | ▼ 27.5% |
| Other amounts receivable41 | - | - | €7k | €28k | €43k | ▲ 50.8% |
| Current investments50/53 | €82k | €190k | €938k | €434k | €524k | ▲ 20.6% |
| Cash at bank and in hand54/58 | €1.44M | €906k | €501k | €599k | €521k | ▼ 13.1% |
| Deferred charges and accrued income490/1 | - | €35k | €27k | €20k | €6k | ▼ 71.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.34M | €2.22M | €2.77M | €1.96M | €1.73M | ▼ 11.6% |
| Equity10/15 | €551k | €553k | €666k | €302k | €340k | ▲ 12.5% |
| Reserves13 | €551k | €553k | €666k | €302k | €340k | ▲ 12.5% |
| Non-distributable reserves130/1 | - | €42k | €42k | €42k | €42k | = |
| Reserves not available under the articles1311 | - | €42k | €42k | €42k | €42k | = |
| Distributable reserves133 | - | €512k | €625k | €260k | €298k | ▲ 14.5% |
| Amounts payable17/49 | €1.79M | €1.67M | €2.10M | €1.66M | €1.39M | ▼ 16.0% |
| Amounts payable after more than one year17 | €158k | €162k | €170k | €137k | €104k | ▼ 23.7% |
| Financial debts170/4 | - | €162k | €170k | €137k | €104k | ▼ 23.7% |
| Amounts payable within one year42/48 | €1.54M | €1.45M | €1.87M | €1.50M | €1.27M | ▼ 15.5% |
| Current portion of amounts payable after more than one year42 | - | €26k | €35k | €33k | €32k | ▼ 1.5% |
| Financial debts43 | - | €89k | €17k | €11k | €9k | ▼ 21.3% |
| Credit institutions430/8 | - | €89k | €17k | €11k | €9k | ▼ 21.3% |
| Trade debts44 | €720k | €767k | €387k | €323k | €269k | ▼ 16.7% |
| Suppliers440/4 | - | €767k | €387k | €323k | €269k | ▼ 16.7% |
| Advances received on contracts in progress46 | - | - | €876k | €598k | €383k | ▼ 36.0% |
| Taxes, remuneration and social security45 | - | €185k | €173k | €153k | €115k | ▼ 25.1% |
| Taxes450/3 | - | €74k | €93k | €82k | €36k | ▼ 55.9% |
| Remuneration and social security454/9 | - | €111k | €80k | €71k | €79k | ▲ 10.3% |
| Other amounts payable47/48 | - | €380k | €386k | €383k | €462k | ▲ 20.5% |
| Accrued charges and deferred income492/3 | - | €58k | €57k | €18k | €18k | ▼ 0.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €271k | €2k | €113k | €-364k | €38k | ▲ 110% |
| + Depreciation and write-downs630 | €21k | €42k | €87k | €59k | €35k | ▼ 40.6% |
| Operating cash flow (approximation) | €293k | €44k | €200k | €-305k | €73k | ▲ 124% |
| Investment in fixed assets (approximation) | - | €-155k | €-71k | €-2k | €-10k | ▼ 329% |
| Change in cash | - | €-534k | €-406k | €99k | €-78k | ▼ 179% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €38k
Net result €38k after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-364k
Net result drops to €-364k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
06-02
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 6 days late
2022
24-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 24 days late
2021
30-06
Financial
Equity above €500kEq €551k ▲97%
3 profitable years in a row build equity to €551k.
28-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 28 days late
2020
30-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
14-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
13-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
28-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2005
Ground area
1,470 m²
Building footprint
697 m²
Volume, LiDAR
13,884 m³
Parcel 21443C0059/00B002, Brussels · tallest building 24.8 m, ±7 floors. Linked by address, not a title deed.
44
companies at this address
See who is registered here
1 establishment unit
ZN
since 20052.147.549.217
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21443C0059/00B002 | Brussels | 1,470 m² | 1 · 697 m² | 24.8 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
European Union, budget
2022 to 2024 · 2 entries · 285,479 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2024 | 1 | 168,489 EUR |
| 2022 | 1 | 116,990 EUR |
Projects
CLEVER - CREATING LEGITIMATE EMISSION FACTORS FOR VERIFIED GHG EMISSION REDUCTIONS IN TRANSPORT
AN EDUCATIONAL BOOK SERIES TO STRENGTHEN YOUTH VACCINE CONFIDENCE IN THE EU
European research
1 project · 168,489 EUR EU contributionProgrammes
Horizon Europe
Projects
Creating Legitimate Emission Factors for Verified GHG Emission Reductions in Transport
Recognitions · licences · registrations
Legal Entity Identifier
98450060BE3EB9PE1076
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Of 13,417 companies in sector 73300 we hold annual accounts for 6,896. 4,674 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded14-10-2003
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
73300Public relations and communication consultancy
Contact
E-mail
Philip.w@znconsulting.com
Scores and ratios are computed by Checked and are not a credit decision.