ZTH
ActiveSummary
The computed 12-month bankruptcy probability of ZTH is 3.0% (moderate). The 2025 annual accounts show equity of €15,449 and a net result of €44,241. Equity is shrinking by ~10% per year across the filed fiscal years. Its solvency ranks better than 25% of 4709 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+15
Solvency39▼-36
Growth58▲+6
Track record94
Bankruptcy probability, 12 months
3.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.99 against 1.41 in 2024; short-term debt: 86% and cash: 55.3% of total assets), and 86.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
13.7%
Return on assets
39.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 4709 sector peers (2025).
NBB · sector comparisonPosition among 4709 sector peers
Solvency
better than 25%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-08-2026, 5 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
5 d late
2024
35 d early
2023
30 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average on the deadline day; the sector median for financial year 2024 is on the deadline day, and 49% of the sector filed late.
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. Usually files around 5 August (3 of the last 3 filed years within 40 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
€15,449▼ 50.5%
2024 · €31,208
Total assets
€113,007▲ 81.2%
2024 · €62,360
Net result
€44,241▲ 273%
2024 · €11,872
Working capital
-€951
2024 · €12,708
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202320242025
Operating result€21,788-€15,015▼ 31.1%€55,559▲ 270%
Net result€17,336within the sector's middle half-€11,872within the sector's middle half▼ 31.5%€44,241above the sector's middle half▲ 273%
Equity€19,336within the sector's middle half-€31,208within the sector's middle half▲ 61.4%€15,449within the sector's middle half▼ 50.5%
Total assets€40,405below the sector's middle half-€62,360within the sector's middle half▲ 54.3%€113,007within the sector's middle half▲ 81.2%
Debt€21,070-€31,152▲ 47.9%€97,558▲ 213%
Working capital€19,336within the sector's middle half-€12,708within the sector's middle half▼ 34.3%-€951within the sector's middle half
Solvency47.9%within the sector's middle half-50.0%within the sector's middle half▲ 2.2pp13.7%below the sector's middle half▼ 36.4pp
Current ratio1.92within the sector's middle half-1.41within the sector's middle half▼ 0.510.99within the sector's middle half▼ 0.42
Return on assets (ROA)42.9%above the sector's middle half-19.0%above the sector's middle half▼ 23.9pp39.1%above the sector's middle half▲ 20.1pp
above
within
below
the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 270% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €113,007
Fixed assets
€16,800 ▼ 9.2%
Current assets
€96,207 ▲ 119%
Equity and liabilities €113,007
Equity
€15,449 ▼ 50.5%
Debt
€97,558 ▲ 213%
Debt's share of the balance-sheet total rises from 50.0% to 86.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€60,184
Cash flow
€48,866
Debt to equity
6.31▲
2024 · 1.00
ROE
286.4%▲
2024 · 38.0%
Interest coverage
323.35
Debt ≤ 1 year
€97,158▲
2024 · €31,152
Income taxes
€11,157▲
2024 · €3,009
Staff costs
€3,243
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,976 companies that looked in July 2024 the way this one looks now, 3.1% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
3.1%
went bankrupt
1.6%
stopped otherwise
94%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 3.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 7,976 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €3,243 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €4,625 | - |
| Other operating charges640/8 | €155 | €10 | €458 | ▲ 4,477% |
| Gross operating margin9900 | €21,943 | €15,025 | €63,886 | ▲ 325% |
| Operating profit (loss)9901 | €21,788 | €15,015 | €55,559 | ▲ 270% |
| Financial income75/76B | €1 | - | €25 | - |
| Recurring financial income75 | €1 | - | €25 | - |
| Financial charges65/66B | €83 | €133 | €186 | ▲ 39.5% |
| Recurring financial charges65 | €83 | €133 | €186 | ▲ 39.5% |
| Profit (loss) for the period before taxes9903 | €21,707 | €14,882 | €55,398 | ▲ 272% |
| Income taxes67/77 | €4,371 | €3,009 | €11,157 | ▲ 271% |
| Profit (loss) for the period9904 | €17,336 | €11,872 | €44,241 | ▲ 273% |
| Profit (loss) for the period to be appropriated9905 | €17,336 | €11,872 | €44,241 | ▲ 273% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €40,405 | €62,360 | €113,007 | ▲ 81.2% |
| Fixed assets21/28 | - | €18,500 | €16,800 | ▼ 9.2% |
| Tangible fixed assets22/27 | - | €18,500 | €13,875 | ▼ 25.0% |
| Furniture and vehicles24 | - | €18,500 | €13,875 | ▼ 25.0% |
| Financial fixed assets28 | - | - | €2,925 | - |
| Current assets29/58 | €40,405 | €43,860 | €96,207 | ▲ 119% |
| Amounts receivable within one year40/41 | €24,003 | €1,800 | €29,949 | ▲ 1,564% |
| Trade receivables40 | €22,617 | - | €28,431 | - |
| Other amounts receivable41 | €1,386 | €1,800 | €1,518 | ▼ 15.7% |
| Cash at bank and in hand54/58 | €16,402 | €42,060 | €62,485 | ▲ 48.6% |
| Deferred charges and accrued income490/1 | - | - | €3,773 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €40,405 | €62,360 | €113,007 | ▲ 81.2% |
| Equity10/15 | €19,336 | €31,208 | €15,449 | ▼ 50.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €17,336 | €29,208 | €13,449 | ▼ 54.0% |
| Amounts payable17/49 | €21,070 | €31,152 | €97,558 | ▲ 213% |
| Amounts payable within one year42/48 | €21,070 | €31,152 | €97,158 | ▲ 212% |
| Trade debts44 | €10,701 | €21,708 | €18,075 | ▼ 16.7% |
| Suppliers440/4 | €10,701 | €21,708 | €18,075 | ▼ 16.7% |
| Taxes, remuneration and social security45 | €4,371 | €2,978 | €22,095 | ▲ 642% |
| Taxes450/3 | €4,371 | €2,978 | €20,195 | ▲ 578% |
| Remuneration and social security454/9 | - | - | €1,899 | - |
| Other amounts payable47/48 | €5,998 | €6,466 | €56,988 | ▲ 781% |
| Accrued charges and deferred income492/3 | - | - | €400 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,336 | €11,872 | €44,241 | ▲ 273% |
| + Depreciation and write-downs630 | - | - | €4,625 | - |
| Operating cash flow (approximation) | €17,336 | €11,872 | €48,866 | ▲ 312% |
| Investment in fixed assets (approximation) | - | - | -€2,925 | - |
| Change in cash | - | €25,658 | €20,425 | ▼ 20.4% |
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
05-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 5 days late
2025
31-12
Financial
Highest result since 2023net €44,241 ▲273%
Operating result €55,559, net result €44,241, both a record.
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €11,872 ▼31.5%
Net result drops to €11,872, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Dilbeek · 1 establishment unit since 2022
Ground area
981 m²
Building footprint
510 m²
Volume, LiDAR
7,294 m³
2 parcels, Flanders · tallest building 19.1 m, ±5 floors. Linked by address, not a title deed.
28
companies at this address
See who is registered here
1 establishment unit
ZTH
since 20222.338.118.385
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23016D0026/00S002 | Flanders | 569 m² | 1 · 324 m² | 19.1 m · 5 fl. |
| 23643G0462/00S003 | Flanders | 412 m² | 1 · 186 m² | 18.1 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,584 companies in sector 49410 we hold annual accounts for 8,204. 4,579 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
Founded23-09-2022
Fiscal year end31-12
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
49410Freight transport by road
77224Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0791304521
Registered
25-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.