AZORG
ActiveSummary
AZORG has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €273.34M and a net result of €-5.09M. Its solvency ranks better than 33% of 2344 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes
Profitability47
Solvency65
Growth-
Track record67
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days only on tighter terms
Liquidity ample (current ratio 1.57; short-term debt: 28% and cash: 1.8% of total assets), but 60.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Young company
A young company has little track record yet and statistically fails more often than an established 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
39.5%
Return on assets
-0.7%
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 03-07-2026, 28 days ahead of the deadline.
NBB · 1 filingDeviation from the deadline
2025
28 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, abbreviated schema
Turnover
€824.93M
EBIT margin
-1.0%
Net result
€-5.09M
Working capital
€109.68M
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Balance-sheet composition
Assets €689.60M
Fixed assets
€386.35M
Current assets
€303.25M
Equity and liabilities €691.19M
Equity
€273.34M
Provisions
€3.14M
Debt
€414.71M
Debt finances 60.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€27.49M
Cash flow
€30.56M
Current ratio
1.57
Quick ratio
1.44
Debt to equity
1.52
ROE
-1.9%
ROA
-0.7%
Interest coverage
4.27
Debt ≤ 1 year
€193.57M
Debt > 1 year
€218.32M
Staff costs
€328.88M
Filed annual accounts As filed with the NBB · 2025 · 89 lines
Balance sheet
Code2025
Assets
Total assets20/58€691.19M
Formation expenses20€1.59M
Fixed assets21/28€386.35M
Intangible fixed assets21€11.05M
Tangible fixed assets22/27€373.55M
Land and buildings22€296.36M
Plant, machinery and equipment23€43.94M
Furniture and vehicles24€24.61M
Other tangible fixed assets26€273k
Assets under construction and advance payments27€8.36M
Financial fixed assets28€1.75M
Affiliated companies280/1€1.44M
Participating interests280€1.44M
Other financial fixed assets284/8€308k
Amounts receivable and cash guarantees285/8€308k
Current assets29/58€303.25M
Amounts receivable after more than one year29€981k
Other amounts receivable291€981k
Stocks and contracts in progress3€25.42M
Stocks30/36€25.42M
Raw materials and consumables30/31€25.42M
Amounts receivable within one year40/41€227.20M
Trade receivables40€139.79M
Other amounts receivable41€87.41M
Current investments50/53€33.34M
Cash at bank and in hand54/58€12.39M
Deferred charges and accrued income490/1€3.92M
Equity and liabilities
Total equity and liabilities10/49€691.19M
Equity10/15€273.34M
Contributions10/11€41.62M
Capital10€41.62M
Revaluation surpluses12€18.58M
Reserves13€81.64M
Profit (loss) carried forward14€107.93M
Investment grants15€23.57M
Provisions and deferred taxes16€3.14M
Provisions for liabilities and charges160/5€3.14M
Pensions and similar obligations160€16k
Major repairs and maintenance162€351k
Other liabilities and charges164/5€2.77M
Amounts payable17/49€414.71M
Amounts payable after more than one year17€218.32M
Financial debts170/4€196.86M
Credit institutions173€196.86M
Other amounts payable178/9€21.45M
Amounts payable within one year42/48€193.57M
Current portion of amounts payable after more than one year42€31.26M
Financial debts43€96k
Credit institutions430/8€96k
Trade debts44€75.28M
Suppliers440/4€75.28M
Advances received on contracts in progress46€145
Taxes, remuneration and social security45€79.55M
Taxes450/3€5.58M
Remuneration and social security454/9€73.97M
Accrued charges and deferred income492/3€2.82M
Income statement
Code2025
Operating income70/76A€921.05M
Turnover70€824.93M
Other operating income74€89.04M
Non-recurring operating income76A€7.08M
Operating charges60/66A€929.20M
Goods for resale, raw materials and consumables60€248.33M
Purchases600/8€250.45M
Change in stocks: decrease (increase)609€-2.12M
Services and other goods61€305.25M
Remuneration, social security and pensions62€328.88M
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€35.65M
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€97k
Other operating charges640/8€1.81M
Non-recurring operating charges66A€8.43M
Operating profit (loss)9901€-8.16M
Financial income75/76B€9.88M
Recurring financial income75€3.61M
Income from financial fixed assets750€329k
Other financial income752/9€3.28M
Non-recurring financial income76B€6.28M
Financial charges65/66B€6.81M
Recurring financial charges65€6.81M
Debt charges650€6.44M
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€3k
Other financial charges652/9€370k
Profit (loss) for the period before taxes9903€-5.09M
Profit (loss) for the period9904€-5.09M
Profit (loss) for the period to be appropriated9905€-5.09M
Appropriation of the result
Profit (loss) to be appropriated9906€67.08M
Profit (loss) brought forward from the previous period14P€72.17M
From contributions791€122.49M
To contributions691€81.64M
Social balance
Average headcount (FTE)90873,786.7
The notes to these accounts (96 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2025 |
|---|---|
| Operating income70/76A | €921.05M |
| Turnover70 | €824.93M |
| Other operating income74 | €89.04M |
| Non-recurring operating income76A | €7.08M |
| Operating charges60/66A | €929.20M |
| Goods for resale, raw materials and consumables60 | €248.33M |
| Purchases600/8 | €250.45M |
| Change in stocks: decrease (increase)609 | €-2.12M |
| Services and other goods61 | €305.25M |
| Remuneration, social security and pensions62 | €328.88M |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35.65M |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €97k |
| Other operating charges640/8 | €1.81M |
| Non-recurring operating charges66A | €8.43M |
| Operating profit (loss)9901 | €-8.16M |
| Financial income75/76B | €9.88M |
| Recurring financial income75 | €3.61M |
| Income from financial fixed assets750 | €329k |
| Other financial income752/9 | €3.28M |
| Non-recurring financial income76B | €6.28M |
| Financial charges65/66B | €6.81M |
| Recurring financial charges65 | €6.81M |
| Debt charges650 | €6.44M |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €3k |
| Other financial charges652/9 | €370k |
| Profit (loss) for the period before taxes9903 | €-5.09M |
| Profit (loss) for the period9904 | €-5.09M |
| Profit (loss) for the period to be appropriated9905 | €-5.09M |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €691.19M | |
| Formation expenses20 | €1.59M | |
| Fixed assets21/28 | €386.35M | |
| Intangible fixed assets21 | €11.05M | |
| Tangible fixed assets22/27 | €373.55M | |
| Land and buildings22 | €296.36M | |
| Plant, machinery and equipment23 | €43.94M | |
| Furniture and vehicles24 | €24.61M | |
| Other tangible fixed assets26 | €273k | |
| Assets under construction and advance payments27 | €8.36M | |
| Financial fixed assets28 | €1.75M | |
| Affiliated companies280/1 | €1.44M | |
| Participating interests280 | €1.44M | |
| Other financial fixed assets284/8 | €308k | |
| Amounts receivable and cash guarantees285/8 | €308k | |
| Current assets29/58 | €303.25M | |
| Amounts receivable after more than one year29 | €981k | |
| Other amounts receivable291 | €981k | |
| Stocks and contracts in progress3 | €25.42M | |
| Stocks30/36 | €25.42M | |
| Raw materials and consumables30/31 | €25.42M | |
| Amounts receivable within one year40/41 | €227.20M | |
| Trade receivables40 | €139.79M | |
| Other amounts receivable41 | €87.41M | |
| Current investments50/53 | €33.34M | |
| Cash at bank and in hand54/58 | €12.39M | |
| Deferred charges and accrued income490/1 | €3.92M | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €691.19M | |
| Equity10/15 | €273.34M | |
| Contributions10/11 | €41.62M | |
| Capital10 | €41.62M | |
| Revaluation surpluses12 | €18.58M | |
| Reserves13 | €81.64M | |
| Profit (loss) carried forward14 | €107.93M | |
| Investment grants15 | €23.57M | |
| Provisions and deferred taxes16 | €3.14M | |
| Provisions for liabilities and charges160/5 | €3.14M | |
| Pensions and similar obligations160 | €16k | |
| Major repairs and maintenance162 | €351k | |
| Other liabilities and charges164/5 | €2.77M | |
| Amounts payable17/49 | €414.71M | |
| Amounts payable after more than one year17 | €218.32M | |
| Financial debts170/4 | €196.86M | |
| Credit institutions173 | €196.86M | |
| Other amounts payable178/9 | €21.45M | |
| Amounts payable within one year42/48 | €193.57M | |
| Current portion of amounts payable after more than one year42 | €31.26M | |
| Financial debts43 | €96k | |
| Credit institutions430/8 | €96k | |
| Trade debts44 | €75.28M | |
| Suppliers440/4 | €75.28M | |
| Advances received on contracts in progress46 | €145 | |
| Taxes, remuneration and social security45 | €79.55M | |
| Taxes450/3 | €5.58M | |
| Remuneration and social security454/9 | €73.97M | |
| Accrued charges and deferred income492/3 | €2.82M | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | €-5.09M |
| + Depreciation and write-downs630 | €35.65M |
| Operating cash flow (approximation) | €30.56M |
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
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
23-12
State Gazette act
General meeting · Director reappointment
Merger · Accounting effect
25-10
State Gazette act
Demerger
State Gazette actNBB filing
0 of 6 acts read
About the unread acts
We know of 6 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
6 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 · 6 establishment units since 2024
Ground area
11.7 ha
Building footprint
1.7 ha
Volume, LiDAR
49,721 m³
6 parcels, Flanders · tallest building 24.0 m, ±6 floors. Linked by address, not a title deed.
92
companies at this address
See who is registered here
6 establishment units
AZORG, Campus Moorselbaan
since 20242.361.526.465
AZORG, Campus Merestraat
since 20242.367.355.868
AZORG, Campus Asse
since 20242.367.356.759
AZORG, Campus Geraardsbergen
since 20242.367.356.957
AZORG, Campus Wetteren
since 20242.367.357.749
AZORG, Campus Ninove
since 20242.367.358.046
6 parcels
Flanders
6
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41302C1191/00S000 | Flanders | 8.0 ha | 1 · 1,006 m² | 6.5 m · 1 fl. |
| 42302D0714/00N000 | Flanders | 1.7 ha | 1 · 1,738 m² | 24.0 m · 6 fl. |
| 23322L0303/00A002 | Flanders | 9,850 m² | 1 · 5,542 m² | - |
| 41018A0543/00M000 ProtectedMonument · Townscape or village viewOnze-Lieve-Vrouwhospitaal: bisschopsvleugel, gotische gaanderij, raadszaal, oostvleugel en pastorieSource ↗ |
Flanders | 5,895 m² | 1 · 6,746 m² | - |
| 41362B0787/00G002 | Flanders | 3,931 m² | 1 · 1,537 m² | 20.8 m · 5 fl. |
| 41303E0485/00N000 | Flanders | 1,280 m² | - | - |
Linked by address, not proof of ownership
Good to know
6 of 6 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Acquisitions and mergers
3 transactionsReceived a universality from:ONZE-LIEVE-VROUWZIEKENHUIS
Received a branch of activity from:A.V. A.S.Z.
Received a branch of activity from:VZW MEDISCHE STAF STEDELIJK ZIEKENHUIS CAMPUSSEN AALST, GERAARDSBERGEN, WETTEREN
Public money · subsidies and aid
Flemish government
2025 · 8 entries · 7,538,404 EUR awarded · 7,278,501 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 8 | 7,538,404 EUR | 7,278,501 EUR |
Schemes
Subsidie voor instandhoudingsforfait ziekenhuizen
Subsidie voor toestelfinanciering
Energetische investeringen in zorginfrastructuur
Subsidie voor strategisch forfait ziekenhuizen
Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)
Show 3 more
Subsidie voor alternatieve financiering ziekenhuizen
Individueel Maatwerk
Steun voor onderzoeksprojecten
Federal government
2025 · 2 entries · 434,791 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Volksgezondheid | 2 | 434,791 EUR |
Budget allocations
Subsidie ziekenwagendiensten
Storting ethisch comité
Recognitions · licences · registrations
Food safety, FASFC
6 sitesAalst2.361.526.465
Aalst2.367.355.868
Asse2.367.356.759
Geraardsbergen2.367.356.957
Show 2 more sites
Ninove2.367.358.046
Wetteren2.367.357.749
Care and welfare
9 services · 5 liveAZORG
AZORG – dienst fysische geneeskunde en revalidatie
AZORG, campussen Moorselbaan, Asse, Ninove
AZORG, campussen Wetteren, Geraardsbergen
Show 5 more services
MDT-Fysische geneeskunde en revalidatie
AZorg campus Asse
AZorg campus Geraardsbergen
AZorg campus Ninove
AZorg campus Wetteren
Legal Entity Identifier
699400G5MZTXZG5PXF84
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Of 157 companies in sector 86101 we hold annual accounts for 81. 40 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded24-01-2024
Fiscal year end31-12
Activities, NACEBEL 2025
86101Human health activities
56301Cafés and bars
68321Property management for co-owned buildings (syndics)
Scores and ratios are computed by Checked and are not a credit decision.