ZWAEN
ActiveThe computed 12-month bankruptcy probability of ZWAEN is 2.0% (moderate). The annual accounts of ZWAEN for fiscal year 2025 show a net loss of 52% of the equity at the start of that year. The 2025 annual accounts show equity of €31k and a net result of €-33k. Equity is shrinking by ~24.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 26% of 18207 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
38
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability36▼-21
Solvency31▼-6
Growth32=
Track record94
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.73 against 0.68 in 2024; short-term debt: 64.7% and cash: 9.8% of total assets), and 94.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
+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 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
5.9%
Return on assets
-6.3%
Age of the figures
12 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
22232425
2022 to 2025 · latest year €-33k
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 04-05-2026, 4 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 · 4 filingsDeviation from the deadline
2025
4 d late
2024
on the day
2023
6 d late
2022
9 d late
← before the deadline
after the deadline →
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
20-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€31k▼ 51.7%
2024 · €64k
2022: €74k
2023: €83k
2024: €64k
2022 → 2025
Total assets
€520k▼ 3.3%
2024 · €538k
2022: €679k
2023: €647k
2024: €538k
2022 → 2025
Net result
€-33k▼ 70.3%
2024 · €-19k
2022: €4k
2023: €9k
2024: €-19k
2022 → 2025
Working capital
€-90k▼ 6.2%
2024 · €-85k
2022: €-114k
2023: €-77k
2024: €-85k
2022 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€74k-€83k▲ 11.5%€64k▼ 23.3%€31k▼ 51.7%
Operating result€37k-€29k▼ 21.8%€-5k€-11k▼ 135%
Net result€4k-€9k▲ 101%€-19k€-33k▼ 70.3%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €11k in 2025 against €5k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €520k
Fixed assets
€274k▼ 23.7%
Current assets
€246k▲ 37.5%
Equity and liabilities €520k
Equity
€31k▼ 51.7%
Debt
€489k▲ 3.1%
The debt ratio rises from 88.2% to 94.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€80k▼
2024 · €97k
Cash flow
€58k▼
2024 · €82k
Solvency
5.9%▼
2024 · 11.8%
Current ratio
0.73▲
2024 · 0.68
Quick ratio
0.50▲
2024 · 0.39
Debt / equity
15.92▲
2024 · 7.46
ROE
-106.9%▼
2024 · -30.3%
ROA
-6.3%▼
2024 · -3.6%
Interest coverage
3.01▼
2024 · 5.11
Debt
€489k▲
2024 · €474k
Debt ≤ 1 year
€336k▲
2024 · €264k
Debt > 1 year
€153k▼
2024 · €210k
Income taxes
€117▼
2024 · €296
Staff costs
€89k▲
2024 · €88k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€538k€520k▼
Fixed assets21/28€359k€274k▼
Tangible fixed assets22/27€359k€274k▼
Plant, machinery and equipment23€357k€271k▼
Furniture and vehicles24€2k€3k▲
Other tangible fixed assets26€265€0▼
Current assets29/58€179k€246k▲
Stocks and contracts in progress3€77k€76k▼
Stocks30/36€77k€76k▼
Amounts receivable within one year40/41€58k€118k▲
Trade receivables40€60€0▼
Other amounts receivable41€58k€118k▲
Cash at bank and in hand54/58€27k€51k▲
Deferred charges and accrued income490/1€17k€812▼
Equity and liabilities
Total equity and liabilities10/49€538k€520k▼
Equity10/15€64k€31k▼
Contributions10/11€70k€70k=
Profit (loss) carried forward14€-6k€-39k▼
Amounts payable17/49€474k€489k▲
Amounts payable after more than one year17€210k€153k▼
Financial debts170/4€210k€153k▼
Amounts payable within one year42/48€264k€336k▲
Current portion of amounts payable after more than one year42€65k€62k▼
Financial debts43-€30k
Credit institutions430/8-€30k
Trade debts44€192k€230k▲
Suppliers440/4€192k€230k▲
Taxes, remuneration and social security45€8k€14k▲
Taxes450/3€296€117▼
Remuneration and social security454/9€7k€14k▲
Income statement
Code20242025
Non-recurring operating income76A-€4k
Remuneration, social security and pensions62€88k€89k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€102k€91k▼
Other operating charges640/8€631€2k▲
Gross operating margin9900€185k€171k▼
Operating profit (loss)9901€-5k€-11k▼
Financial income75/76B€5k€5k▲
Recurring financial income75€5k€5k▲
Financial charges65/66B€19k€27k▲
Recurring financial charges65€19k€27k▲
Profit (loss) for the period before taxes9903€-19k€-33k▼
Income taxes67/77€296€117▼
Profit (loss) for the period9904€-19k€-33k▼
Profit (loss) for the period to be appropriated9905€-19k€-33k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-6k€-39k▼
Profit (loss) brought forward from the previous period14P€13k€-6k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 4 days late
2025
30-09
Financial
Weakest financial yearnet €-33k
Net result drops to €-33k, the lowest in the series.
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
06-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 6 days late
2023
30-09
Financial
Highest result since 2022net €9k ▲101%
Net result €9k, the highest in the series.
09-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 9 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Aalst · 1 establishment unit since 2021
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Gentsestraat 809300 AalstGround area
9,892 m²
Building footprint
689 m²
Volume, LiDAR
9,053 m³
Parcel 41002A2041/00B002, Flanders · tallest building 16.3 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Carrefour Express Aalst Mouterij
since 20212.316.668.915
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41002A2041/00B002 | Flanders | 9,892 m² | 1 · 689 m² | 16.3 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Flemish government
2022 to 2024 · 2 entries · 790 EUR awarded · 740 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 290 EUR | 240 EUR |
| 2022 | 1 | 500 EUR | 500 EUR |
Schemes
Stagebonus (stopgezet)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Food safety, FASFC
1 siteAalst2.316.668.915
Dual-learning approval
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CHM INVESTMENT
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Of 10,524 companies in sector 47110 we hold annual accounts for 5,860. 4,443 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded03-05-2021
Fiscal year end30-09
Activities, NACEBEL
47110Non-specialised retail sale with food, beverages or tobacco predominating
47113Retail trade
47114Supermarkets
Sources
Crossroads Bank for EnterprisesNational Bank · 4 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:zwaenbv@gmail.com
Phone:0489213679