ZULTAN
ActiveSummary
ZULTAN has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €403k and a net result of €76k. Equity remains stable across the filed fiscal years (±1.8% per year). Its solvency ranks better than 81% of 7058 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▲+1
Solvency100▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity ample (current ratio 4.9 against 2.33 in 2024; short-term debt: 13% and cash: 8.8% of total assets), and 16.4% 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○neutral
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
83.6%
Return on assets
15.7%
Age of the figures
12 mo
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 · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €403k
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 20-04-2026, 10 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
10 d early
2024
30 d early
2023
36 d early
2022
41 d early
2021
40 d early
2020
10 d early
2019
36 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 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€403k▲ 22.5%
2024 · €329k
2018: €284klowest in 8 years
2019: €350k▲ +23.3% vs 2018
2020: €347k▼ -0.9% vs 2019
2021: €316k▼ -9.0% vs 2020
2022: €291k▼ -7.9% vs 2021
2023: €325k▲ +11.8% vs 2022
2024: €329k▲ +1.2% vs 2023
2025: €403k▲ +22.5% vs 2024highest in 8 years
2018 → 2025
Total assets
€482k▼ 1.6%
2024 · €490k
2018: €494k
2019: €519k▲ +5.1% vs 2018
2020: €552k▲ +6.4% vs 2019highest in 8 years
2021: €545k▼ -1.3% vs 2020
2022: €480k▼ -12.1% vs 2021
2023: €465k▼ -3.0% vs 2022lowest in 8 years
2024: €490k▲ +5.3% vs 2023
2025: €482k▼ -1.6% vs 2024
2018 → 2025
Net result
€76k▲ 4.3%
2024 · €72k
2018: €24k
2019: €67k▲ +182% vs 2018
2020: €46k▼ -31.0% vs 2019
2021: €28k▼ -38.9% vs 2020
2022: €10k▼ -64.2% vs 2021lowest in 8 years
2023: €60k▲ +490% vs 2022
2024: €72k▲ +21.5% vs 2023
2025: €76k▲ +4.3% vs 2024highest in 8 years
2018 → 2025
Working capital
€244k▲ 49.6%
2024 · €163k
2018: €207k
2019: €262k▲ +26.2% vs 2018highest in 8 years
2020: €240k▼ -8.4% vs 2019
2021: €242k▲ +0.9% vs 2020
2022: €221k▼ -8.8% vs 2021
2023: €163k▼ -26.1% vs 2022
2024: €163k● -0.0% vs 2023lowest in 8 years
2025: €244k▲ +49.6% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€316k-€291k▼ 7.9%€325k▲ 11.8%€329k▲ 1.2%€403k▲ 22.5%
2021: €316k
2022: €291k▼ -7.9% vs 2021lowest in 5 years
2023: €325k▲ +11.8% vs 2022
2024: €329k▲ +1.2% vs 2023
2025: €403k▲ +22.5% vs 2024highest in 5 years
Operating result€33k-€10k▼ 69.4%€78k▲ 664%€96k▲ 23.0%€99k▲ 2.9%
2021: €33k
2022: €10k▼ -69.4% vs 2021lowest in 5 years
2023: €78k▲ +664% vs 2022
2024: €96k▲ +23.0% vs 2023
2025: €99k▲ +2.9% vs 2024highest in 5 years
Net result€28k-€10k▼ 64.2%€60k▲ 490%€72k▲ 21.5%€76k▲ 4.3%
2021: €28k
2022: €10k▼ -64.2% vs 2021lowest in 5 years
2023: €60k▲ +490% vs 2022
2024: €72k▲ +21.5% vs 2023
2025: €76k▲ +4.3% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 3% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €482k
Fixed assets
€176k ▼ 13.9%
Current assets
€306k ▲ 7.2%
Equity and liabilities €482k
Equity
€403k ▲ 22.5%
Debt
€79k ▼ 50.8%
Debt's share of the balance-sheet total falls from 32.8% to 16.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€132k▲
2024 · €130k
Cash flow
€109k▲
2024 · €107k
Current ratio
4.90▲
2024 · 2.33
Debt to equity
0.20▼
2024 · 0.49
ROE
18.8%▼
2024 · 22.0%
ROA
15.7%▲
2024 · 14.8%
Interest coverage
56.22▲
2024 · 41.50
Debt ≤ 1 year
€62k▼
2024 · €123k
Debt > 1 year
€15k▼
2024 · €35k
Income taxes
€32k▲
2024 · €32k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 53 lines
Balance sheet
Code20242025
Assets
Total assets20/58€490k€482k▼
Fixed assets21/28€204k€176k▼
Tangible fixed assets22/27€201k€173k▼
Land and buildings22€120k€110k▼
Furniture and vehicles24€80k€63k▼
Other tangible fixed assets26€1k€0▼
Financial fixed assets28€2k€2k=
Current assets29/58€286k€306k▲
Amounts receivable within one year40/41€222k€259k▲
Trade receivables40€36k€39k▲
Other amounts receivable41€186k€220k▲
Cash at bank and in hand54/58€59k€42k▼
Deferred charges and accrued income490/1€5k€5k▲
Equity and liabilities
Total equity and liabilities10/49€490k€482k▼
Equity10/15€329k€403k▲
Contributions10/11€6k€6k=
Reserves13€219k€294k▲
Distributable reserves133€219k€294k▲
Profit (loss) carried forward14€104k€102k▼
Amounts payable17/49€161k€79k▼
Amounts payable after more than one year17€35k€15k▼
Financial debts170/4€35k€15k▼
Amounts payable within one year42/48€123k€62k▼
Current portion of amounts payable after more than one year42€19k€20k▲
Financial debts43-€7k
Credit institutions430/8-€7k
Trade debts44€17k€14k▼
Suppliers440/4€17k€14k▼
Taxes, remuneration and social security45€18k€21k▲
Taxes450/3€18k€21k▲
Other amounts payable47/48€69k€2k▼
Accrued charges and deferred income492/3€3k€1k▼
Income statement
Code20242025
Non-recurring operating income76A€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€34k€34k▼
Other operating charges640/8€2k€2k▲
Non-recurring operating charges66A€972€639▼
Gross operating margin9900€133k€135k▲
Operating profit (loss)9901€96k€99k▲
Financial income75/76B€11k€12k▲
Recurring financial income75€11k€12k▲
Financial charges65/66B€3k€2k▼
Recurring financial charges65€3k€2k▼
Profit (loss) for the period before taxes9903€104k€108k▲
Income taxes67/77€32k€32k▲
Profit (loss) for the period9904€72k€76k▲
Profit (loss) for the period to be appropriated9905€72k€76k▲
Appropriation of the result
Profit (loss) to be appropriated9906€178k€180k▲
Profit (loss) brought forward from the previous period14P€106k€104k▼
Transfer from equity791/2€67k€0▼
Transfer to equity691/2€72k€76k▲
To other reserves6921€72k€76k▲
Profit to be distributed694/7€69k€2k▼
Return on contributions (dividend)694€69k€2k▼
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4k | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28k | €27k | €30k | €34k | €34k | ▼ 2.1% |
| Other operating charges640/8 | - | €1k | €2k | €2k | €2k | ▲ 3.2% |
| Non-recurring operating charges66A | - | €2k | €0 | €972 | €639 | ▼ 34.2% |
| Gross operating margin9900 | €63k | €40k | €109k | €133k | €135k | ▲ 1.4% |
| Operating profit (loss)9901 | €33k | €10k | €78k | €96k | €99k | ▲ 2.9% |
| Financial income75/76B | - | €11k | €12k | €11k | €12k | ▲ 3.8% |
| Recurring financial income75 | €12k | €11k | €12k | €11k | €12k | ▲ 3.8% |
| Financial charges65/66B | - | €3k | €3k | €3k | €2k | ▼ 25.0% |
| Recurring financial charges65 | €3k | €3k | €3k | €3k | €2k | ▼ 25.0% |
| Profit (loss) for the period before taxes9903 | €42k | €18k | €87k | €104k | €108k | ▲ 3.8% |
| Income taxes67/77 | €14k | €8k | €27k | €32k | €32k | ▲ 2.8% |
| Profit (loss) for the period9904 | €28k | €10k | €60k | €72k | €76k | ▲ 4.3% |
| Profit (loss) for the period to be appropriated9905 | €28k | €10k | €60k | €72k | €76k | ▲ 4.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €545k | €480k | €465k | €490k | €482k | ▼ 1.6% |
| Fixed assets21/28 | €205k | €186k | €219k | €204k | €176k | ▼ 13.9% |
| Tangible fixed assets22/27 | €203k | €183k | €216k | €201k | €173k | ▼ 14.1% |
| Land and buildings22 | - | €142k | €131k | €120k | €110k | ▼ 8.9% |
| Furniture and vehicles24 | - | €32k | €80k | €80k | €63k | ▼ 20.6% |
| Other tangible fixed assets26 | - | €9k | €5k | €1k | €0 | ▼ 100% |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €340k | €294k | €247k | €286k | €306k | ▲ 7.2% |
| Amounts receivable within one year40/41 | €291k | €252k | €216k | €222k | €259k | ▲ 16.7% |
| Trade receivables40 | - | €32k | €43k | €36k | €39k | ▲ 7.9% |
| Other amounts receivable41 | - | €219k | €173k | €186k | €220k | ▲ 18.5% |
| Cash at bank and in hand54/58 | €38k | €31k | €26k | €59k | €42k | ▼ 28.4% |
| Deferred charges and accrued income490/1 | - | €11k | €5k | €5k | €5k | ▲ 2.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €545k | €480k | €465k | €490k | €482k | ▼ 1.6% |
| Equity10/15 | €316k | €291k | €325k | €329k | €403k | ▲ 22.5% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €201k | €177k | €213k | €219k | €294k | ▲ 34.6% |
| Non-distributable reserves130/1 | - | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €2k | €0 | - | - | - |
| Distributable reserves133 | - | €175k | €213k | €219k | €294k | ▲ 34.6% |
| Profit (loss) carried forward14 | €109k | €107k | €106k | €104k | €102k | ▼ 1.7% |
| Amounts payable17/49 | €229k | €189k | €140k | €161k | €79k | ▼ 50.8% |
| Amounts payable after more than one year17 | €90k | €72k | €54k | €35k | €15k | ▼ 56.4% |
| Financial debts170/4 | - | €72k | €54k | €35k | €15k | ▼ 56.4% |
| Amounts payable within one year42/48 | €99k | €73k | €83k | €123k | €62k | ▼ 49.1% |
| Current portion of amounts payable after more than one year42 | - | €18k | €18k | €19k | €20k | ▲ 4.8% |
| Financial debts43 | - | - | - | - | €7k | - |
| Credit institutions430/8 | - | - | - | - | €7k | - |
| Trade debts44 | €7k | €6k | €7k | €17k | €14k | ▼ 19.0% |
| Suppliers440/4 | - | €6k | €7k | €17k | €14k | ▼ 19.0% |
| Taxes, remuneration and social security45 | - | €14k | €33k | €18k | €21k | ▲ 13.3% |
| Taxes450/3 | - | €14k | €33k | €18k | €21k | ▲ 13.3% |
| Other amounts payable47/48 | - | €35k | €25k | €69k | €2k | ▼ 97.5% |
| Accrued charges and deferred income492/3 | - | €43k | €2k | €3k | €1k | ▼ 54.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28k | €10k | €60k | €72k | €76k | ▲ 4.3% |
| + Depreciation and write-downs630 | €28k | €27k | €30k | €34k | €34k | ▼ 2.1% |
| Operating cash flow (approximation) | €56k | €37k | €90k | €107k | €109k | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | €-8k | €-63k | €-20k | €-5k | ▲ 73.1% |
| Change in cash | - | €-7k | €-4k | €33k | €-17k | ▼ 151% |
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
20-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Highest result since 2018net €76k ▲4.3%
Operating result €99k, net result €76k, both a record.
30-09
Financial
Liquidity doublescurrent ratio 4.90
Current ratio from 2.33 to 4.90; short-term debt falls from €123k to €62k.
31-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
20-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Weakest financial yearnet €10k ▼64.2%
Net result drops to €10k, the lowest in the series; recovery starts the following year.
21-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
20-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
25-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
19-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Bierbeek · 1 establishment unit since 2007
Ground area
1.0 ha
Building footprint
533 m²
Volume, LiDAR
3,605 m³
2 parcels, Flanders · tallest building 11.4 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Koning Albertlaan 148A, 3360 Bierbeek
since 20072.168.029.875
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24053B0040/00L000 | Flanders | 5,202 m² | 1 · 286 m² | 11.4 m · 3 fl. |
| 24053B0039/00G002 | Flanders | 4,991 m² | 1 · 247 m² | 6.8 m · 2 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 9,862 companies in sector 73110 we hold annual accounts for 3,753. 2,330 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
Founded11-12-2007
Fiscal year end30-09
Activities, NACEBEL 2025
73110Advertising agencies
62100Computer programming
Scores and ratios are computed by Checked and are not a credit decision.