Equity
€402,849 ▲ 22.5%
ZULTAN has made a profit in every financial year since 2008.
ZULTAN
Lifetime
18 annual accounts with figures on one time axispeak €134,548 (2025)
€134,548▲ 1.4%
peak €75,608 (2025)
€75,608▲ 4.3%
peak €402,849 (2025)
€402,849▲ 22.5%
€79,031▼ 50.8%
Board2 names since 2007
2 directorsKurt VAN LOOVEREN and 1 other
Documentsfilings and deeds
20-04-202610 days before the deadline
2025micro format
Dividend €1,718Equity from €328,959 to €402,849Debts from €160,708 to €79,031
Key points
from the 2025 annual accountsChecked score
96
Excellent
Financially stronger than 69% of micro companies in advertising and market research (NACE 73)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 11,230 companies (NACE 73, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.2%▲ +0.1 percentage points vs 03-2025highest value
05-2025: 0.1%▼ -0.1 percentage points vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026lowest value
06-2026: 0.1%● unchanged vs 05-2026lowest value
07-2026: 0.1%● unchanged vs 06-2026lowest value
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
lowers risk
Founded in 2007
Equity €402,849 (83.6% of total assets)
Figures for financial year 2025 (filed on 23-04-2026)
Liquidity: current ratio 4.90, cash €42,226
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 73, micro). It does better than 87% of them on solvency, 51% on liquidity, 65% on profitability and 72% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 17,811 companies had the same profile as ZULTAN has now. Each dot stands for 45 companies, two years later.
96.5%
were still trading
3.2%
stopped another way
0.3%
went bankrupt
That fits the bankruptcy probability of ZULTAN itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 17,811 companies, not a prediction for ZULTAN. 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.
Credit verdict
Credit of up to €35,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.9 (2.33 in 2024), above the usual 1.5. Short-term debt is 13% and cash 8.8% of total assets. 16.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
6 signals, none raises the risk
Six signals.
lowers riskneutral
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
19202122232425
2019 to 2025 · latest year €402,849
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 days early
2024
30 days early
2023
36 days early
2022
41 days early
2021
40 days early
2020
10 days early
2019
36 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 26 March (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end09-11-2026 today30-04-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0894819654
Changes of role: Kurt VAN LOOVEREN (director) and Nele GEBOERS (director)
Director discharge: Kurt VAN LOOVEREN · Director discharge: Nele GEBOERS · General meeting of 28-03-2023 · Gazette deed
Incorporation
published on 23-01-2008 · Gazette deed
First establishment
Koning Albertlaan 148A, Bierbeek
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ZULTAN Bierbeek | €481,879 | €134,548 | 83.6% | - |
| MAJOR DREAMS Grâce-Hollogne | €468,268 | €128,450 | 40.9% | - |
| PYM Nandrin | €461,374 | €127,641 | 19.6% | 3.2 |
| EEUWENAERT Deinze | €453,155 | €135,939 | 71.0% | - |
| XANDERS SIGN Zonhoven | €527,238 | €148,932 | 82.0% | - |
| A GOOD DAY Namur | €534,516 | €150,130 | 96.4% | - |
| WYSIWYG Herentals | €485,654 | €117,985 | 59.7% | - |
These companies have the same main activity as ZULTAN: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €453,000 and €535,000, founded between 2006 and 2009.
Official details
Source: KBO- Status
- Active since 11-12-2007Normal situation
- Activity
- Advertising agenciesNACE 73110and 1 other
- Establishment unit
- 2.168.029.8753360 Bierbeek, since 11-12-2007
- Financial year end
- 30 September
- Peppol
- Reachable since 21-05-2025
Annual accounts to 30-09-2025
- ≈ €250,000estimated
- €481,879▼ 1.6%
- Filing
- Filed on 20-04-2026, 10 days before the end of the filing period
Insights on ZULTAN
ZULTAN files the micro format. That format states no turnover. The gross margin rose from €77,674 in 2008 to €134,548 in 2025.
The balance sheet grew most from 2012 to 2014 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ZULTAN
- What is the company number of ZULTAN?
- The company number of ZULTAN is 0894.819.654. The VAT number is the same number with BE in front: BE 0894.819.654.
- Where is ZULTAN based?
- The registered office is at Koning Albertlaan 148, 3360 Bierbeek.Company details
- What does ZULTAN do?
- According to the KBO register, the main activity is advertising agencies (NACE 73110).
- What is the legal form of ZULTAN?
- ZULTAN is a private limited company (BV).
- When was ZULTAN founded?
- ZULTAN was founded on 11-12-2007.
- Is ZULTAN still active?
- Yes, ZULTAN is an active enterprise in the KBO register.
- What is the turnover of ZULTAN?
- The turnover in financial year 2025 is ≈ €250,000. This figure is estimated from the gross margin of €134,548 and 38 comparable companies (NACE 73). It probably lies between €190,000 and €490,000.Financials
- Is ZULTAN profitable?
- In financial year 2025, ZULTAN made a profit of €75,608.
- Where can I find the annual accounts of ZULTAN?
- ZULTAN filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ZULTAN due?
- ZULTAN must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
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