Active BE 0817.018.033Private limited company

KASCEN

Rue du Bosquet 7 ·1348 Ottignies-Louvain-la-Neuve, Belgium· 17 yrs active

Sector: Other support activities for arts and performing arts (90399)

Conclusion Checked

KASCEN has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €32k and a net result of €-12k. Equity is shrinking by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 20% of 1909 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€32k
Net result	€-12k
Staff (FTE)	2.2
Better than sector	20%

Financial profile 5 of 5 axes measured · computed by Checked

40 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 27

Profitability 0

Solvency 18

Growth 57

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2009, 17 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

27 / 100 Weak

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€1k

estimate, not credit advice

Score history

37 2022

37 2023

35 2024

27 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.07 (≥ 1.0) +5

Quick ratio Quick ratio 1.07 (≥ 1.0) +5

Leverage Debt/equity 11.75 (> 3.0) -10

Profitability Negatieve ROE -39% -10

Interest coverage Interest coverage 0.3× (< 1.5×) -10

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview16 NBB filings

Annual accounts filed on 08-12-2025 with the NBB · fiscal year 2025 · micro schema

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~5.5%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 90, Arts creation and performing arts activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	7.8%	50.2%	better than 20% of 1909 sector peers
Net result	€-12k	€6k	better than 15% of 1906 sector peers
Equity	€32k	€44k	better than 43% of 1910 sector peers
Gross operating margin	€101k	€25k	better than 83% of 1905 sector peers
Staff costs	€93k	€37k	higher than 73% of 419 sector peers

Revenue

€1.07M

+6.4% 22-25

EBITDA

€5k

-62.3% 22-25

Net profit

€-12k

-2467.7% 22-25

Cash flow

€-10k

- 22-25

Total assets

€407k

-6.7% 22-25

Equity

€32k

-27.9% 22-25

Working capital

€24k

-71.1% 22-25

Employees (FTE)

2

+10.0% 22-25

Staff costs

€93k

+10.4% 22-25

Income taxes

€381

-60.6% 22-25

Debt

€375k

-4.3% 22-25

Debt ≤ 1y

€358k

+3.7% 22-25

Debt > 1y

€16k

-66.3% 22-25

Current ratio

1.07

-14.2% 22-25

Quick ratio

1.07

-14.2% 22-25

Solvency

7.8%

-22.7% 22-25

Debt / equity

11.75

+32.6% 22-25

ROE

-38.6%

-3459.3% 22-25

ROA

-3.0%

-2653.0% 22-25

Net margin

0.0%

+96.9% 22-25

EBITDA margin

0.8%

+16.6% 22-25

Interest coverage

0.34

-68.0% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	micro schema	micro schema	full schema	full schema
Revenue	-	-	€1.07M	€1.01M
EBITDA	€5k	€14k	€9k	€7k
Net profit	€-12k	€-479	€-481	€-15k
Cash flow	€-10k	€536	€-256	€-14k
Staff costs	€93k	€84k	€95k	€65k
Income taxes	-	€381	-	€967
Dividends	-	-	-	-
Total assets	€407k	€436k	€460k	€366k
Equity	€32k	€44k	€45k	€45k
Debt	€375k	€392k	€415k	€321k
of which ≤ 1y	€358k	€345k	€332k	€214k
of which > 1y	€16k	€47k	€77k	€107k
Working capital	€24k	€85k	€125k	€149k
Employees (FTE)	2.2	-	2.0	0.9

Note: these years are not on the same basis. The filed schemas differ (micro schema, full schema), so the columns are not directly comparable.

Ratios (computed)

	2025	2024	2023	2022
Current ratio	1.07	1.25	1.38	1.70
Quick ratio	1.07	1.25	1.38	1.70
Working capital ratio	6.0%	19.4%	27.2%	40.7%
Solvency	7.8%	10.1%	9.7%	12.3%
Debt / equity	11.75	8.86	9.29	7.11
Long-term debt ratio	0.49	1.05	1.72	2.36
Interest coverage	0.34	1.05	0.94	0.34
Gross margin	-	-	9.8%	7.2%
Net margin	-	-	0.0%	-1.5%
ROA	-3.0%	-0.1%	-0.1%	-4.0%
ROE	-38.6%	-1.1%	-1.1%	-32.6%
EBITDA margin	-	-	0.8%	0.7%
Days sales outstanding	-	-	124d	80d
Days payable outstanding	-	-	43d	3d
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €24k · 5.9% Current assets €383k · 94.1%

Equity & liabilities

Equity €32k · 7.8% Debt €375k · 92.2%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€407k	€436k	€460k	€366k
Fixed assets	21/28	€24k	€6k	€3k	€3k
Intangible fixed assets	21	€11k	€437	-	-
Tangible fixed assets	22/27	€11k	€4k	€1k	€1k
Financial fixed assets	28	€2k	€2k	€2k	€1k
Current assets	29/58	€383k	€430k	€457k	€364k
Amounts receivable within one year	40/41	€308k	€265k	€365k	€223k
Cash & bank	54/58	€49k	€92k	€77k	€134k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€407k	€436k	€460k	€366k
Equity	10/15	€32k	€44k	€45k	€45k
Contributions / capital	10/11	€19k	€19k	€19k	€19k
Reserves	13	€2k	€2k	€2k	€2k
Accumulated profits (losses)	14	€11k	€24k	€24k	€25k
Amounts payable	17/49	€375k	€392k	€415k	€321k
Amounts payable after one year	17	€16k	€47k	€77k	€107k
Amounts payable within one year	42/48	€358k	€345k	€332k	€214k
Trade debts payable within one year	44	€133k	€112k	€114k	€8k
Income statement
Turnover	70	-	-	€1.07M	€1.01M
Gross operating margin	9900	€101k	€101k	€104k	€72k
Operating result	9901	€4k	€13k	€9k	€7k
Financial income	75	€334	€237	€325	€35
Financial charges	65	€16k	€14k	€9k	€21k
Result before taxes	9903	€-12k	€-99	€-481	€-14k
Income taxes	67/77	-	€381	-	€967
Net result for the period	9904	€-12k	€-479	€-481	€-15k
Result to be appropriated	9905	€-12k	€-479	€-481	€-15k

Legal Structure

NACE primary	Other support activities for arts and performing arts(90399)
Legal form	Private limited company(610)
Incorporation	13-07-2009
Status	Active
Postal code	1348

Establishment units 1 location

Kascen

Rue du Bosquet 7, 1348 Ottignies-Louvain-la-NeuvePrinting and reproduction of recorded media

since 20132.217.516.109

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
25384B0036/00P000	Wallonia	4,760 m²	1 · 1,080 m²	14.1 m · 2 fl.

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.

Updates 10 events

All 10Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2025

08-12