Active BE 0508.823.297Private limited company

NEDOSA

Rue des Gaillettes 5 ·4651 Herve, Belgium· 13 yrs active

Sector: Wholesale trade (46391)

Conclusion Checked

NEDOSA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €960k and a net result of €202k. Equity is growing by ~31.7% per year across the filed fiscal years. Its solvency ranks better than 50% of 6007 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).

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

Key figures

Equity	€960k
Net result	€202k
Staff (FTE)	4.1
Better than sector	50%

Financial profile 5 of 5 axes measured · computed by Checked

90 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 86

Profitability 100

Solvency 86

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.7% 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 2012, 13 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 2024 · computed

86 / 100 Excellent

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

€85k

estimate, not credit advice

Score history

73 2021

76 2022

94 2023

86 2024

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.14 (≥ 1.5) +10

Quick ratio Quick ratio 2.04 (≥ 1.0) +5

Leverage Debt/equity 1.40 (< 2.0) +3

Profitability ROE 21% (≥ 10%) +10

Interest coverage Interest coverage 12.5× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Financial overview12 NBB filings

Annual accounts filed on 06-10-2025 with the NBB · fiscal year 2024 · full schema

Operating resultNet result

Trajectory (indicative)

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

growing Equity: growth of ~31.7%/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 2024 · NACE 46, Wholesale trade · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	41.6%	41.8%	better than 50% of 6007 sector peers
Net result	€202k	€89k	better than 61% of 6003 sector peers
Equity	€960k	€1.19M	better than 46% of 6010 sector peers
Gross operating margin	€667k	€245k	better than 76% of 3176 sector peers
Staff costs	€198k	€631k	higher than 27% of 4974 sector peers

EBITDA

€420k

-15.1% 21-24

Net profit

€202k

-17.3% 21-24

Cash flow

€337k

-11.3% 21-24

Total assets

€2.31M

+0.1% 21-24

Equity

€960k

+23.2% 21-24

Working capital

€518k

+37.4% 21-24

Employees (FTE)

4

+17.1% 21-24

Staff costs

€198k

+17.8% 21-24

Income taxes

€65k

-19.9% 21-24

Dividends

€21k

-46.8% 21-24

Debt

€1.35M

-11.7% 21-24

Debt ≤ 1y

€454k

-19.9% 21-24

Debt > 1y

€894k

-6.9% 21-24

Current ratio

2.14

+28.6% 21-24

Quick ratio

2.04

+37.2% 21-24

Solvency

41.6%

+23.1% 21-24

Debt / equity

1.40

-28.4% 21-24

ROE

21.0%

-32.9% 21-24

ROA

8.8%

-17.4% 21-24

Interest coverage

12.49

-5.7% 21-24

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2024	2023	2022	2021
Deposit	full schema	full schema	full schema	full schema
Revenue	-	-	-	-
EBITDA	€420k	€495k	€403k	€189k
Net profit	€202k	€244k	€187k	€61k
Cash flow	€337k	€380k	€318k	€163k
Staff costs	€198k	€168k	€132k	€132k
Income taxes	€65k	€82k	€64k	€12k
Dividends	€21k	-	-	€40k
Total assets	€2.31M	€2.31M	€2.22M	€1.53M
Equity	€960k	€779k	€535k	€348k
Debt	€1.35M	€1.53M	€1.69M	€1.18M
of which ≤ 1y	€454k	€567k	€647k	€404k
of which > 1y	€894k	€960k	€1.04M	€774k
Working capital	€518k	€377k	€175k	€308k
Employees (FTE)	4.1	3.5	3.2	3.5

Ratios (computed)

	2024	2023	2022	2021
Current ratio	2.14	1.67	1.27	1.76
Quick ratio	2.04	1.48	1.07	1.56
Working capital ratio	22.4%	16.3%	7.9%	20.2%
Solvency	41.6%	33.8%	24.1%	22.8%
Debt / equity	1.40	1.96	3.15	3.39
Long-term debt ratio	0.93	1.23	1.94	2.23
Interest coverage	12.49	13.24	17.00	11.70
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	8.8%	10.6%	8.4%	4.0%
ROE	21.0%	31.4%	35.0%	17.6%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2024

Assets

Fixed assets €1.34M · 57.9% Current assets €972k · 42.1%

Equity & liabilities

Equity €960k · 41.6% Debt €1.35M · 58.4%

Full annual accounts (24 line items)

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

Line item	Code	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€2.31M	€2.31M	€2.22M	€1.53M
Fixed assets	21/28	€1.34M	€1.36M	€1.40M	€814k
Tangible fixed assets	22/27	€1.34M	€1.36M	€1.40M	€814k
Current assets	29/58	€972k	€944k	€822k	€711k
Stocks & contracts in progress	3	€47k	€102k	€130k	€82k
Amounts receivable within one year	40/41	€832k	€632k	€529k	€514k
Cash & bank	54/58	€85k	€191k	€154k	€115k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€2.31M	€2.31M	€2.22M	€1.53M
Equity	10/15	€960k	€779k	€535k	€348k
Contributions / capital	10/11	€6k	€6k	€6k	€6k
Reserves	13	€2k	€2k	€2k	€2k
Accumulated profits (losses)	14	€952k	€771k	€527k	€339k
Amounts payable	17/49	€1.35M	€1.53M	€1.69M	€1.18M
Amounts payable after one year	17	€894k	€960k	€1.04M	€774k
Amounts payable within one year	42/48	€454k	€567k	€647k	€404k
Trade debts payable within one year	44	€131k	€262k	€351k	€162k
Income statement
Gross operating margin	9900	€667k	€693k	€624k	€375k
Operating result	9901	€285k	€359k	€272k	€87k
Financial income	75	€2k	€5k	€2k	€2k
Financial charges	65	€34k	€37k	€24k	€16k
Result before taxes	9903	€268k	€326k	€251k	€73k
Income taxes	67/77	€65k	€82k	€64k	€12k
Net result for the period	9904	€202k	€244k	€187k	€61k
Result to be appropriated	9905	€202k	€244k	€187k	€61k

Directors & mandates 4 directors

Current directors & mandates

DOGANSAHIN Necdet
Managing director
State Gazette act 25317413 (11-03-2025)

Current
11-03-2025 → present
2 events
- 11-03-2025 Resigned· Manager
- 11-03-2025 Appointed· Managing director
DOGANSAHIN Ruhi
Managing director
State Gazette act 25317413 (11-03-2025)

Current
11-03-2025 → present
ROTH Mahmud Rabbani
Managing director
State Gazette act 25317413 (11-03-2025)

Current
11-03-2025 → present
2 events
- 11-03-2025 Resigned· Manager
- 11-03-2025 Appointed· Managing director
Monsieur Roth Mahmud-Rabbani
Director
State Gazette act 22044917 (07-04-2022)

Current
20-11-2020 → present

Legal Structure

NACE primary	Wholesale trade(46391)
Legal form	Private limited company(610)
Incorporation	31-12-2012
Status	Active
Postal code	4651

Establishment units 1 location

NEDOSA

Rue des Gaillettes 5, 4651 HerveWholesale trade

since 20132.215.686.965

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
63006D0289/00C000	Wallonia	2,593 m²	1 · 455 m²	6.8 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 12 events

All 14Financial 2Gazette 2Filings 10

2025

06-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 67 days late

11-03

State Gazette act Director changes

Renaud LILIEN

2024

08-08

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 8 days late

2023

31-12

Financial Highest result since 2021net €244k ▲30.4%

Operating result €359k, net result €244k, both a record.

01-09

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 32 days late

2022

31-12

Financial Equity above €500kEq €535k ▲53.9%

2 profitable years in a row build equity to €535k.

16-06

NBB filing Annual accounts filed

fiscal year 2021 · full schema

07-04

State Gazette act Director changes

26-01

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 179 days late

2020

05-11

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 97 days late

2019

01-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

05-12

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema · 127 days late

2017

27-09

NBB filing Annual accounts filed

fiscal year 2016 · micro schema · 58 days late

2016

31-08

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 31 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 2 acts

All acts · 2 updated 1 year ago

2025

11-03-2025 3 directors appointed, 2 resigning Director changes·Renaud LILIEN

DOGANSAHIN Necdet, Gedelegeerd bestuurder
ROTH Mahmud Rabbani, Gedelegeerd bestuurder
DOGANSAHIN Ruhi, Gedelegeerd bestuurder
DOGANSAHIN Necdet, Zaakvoerder
ROTH Mahmud Rabbani, Zaakvoerder

Notary: Renaud LILIEN · Eupen

Original publication ↗

Technical details

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2022

07-04-2022 Monsieur Roth Mahmud-Rabbani appointed as director Director changes

Monsieur Roth Mahmud-Rabbani, Bestuurder

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Wholesale trade46391Non-specialised wholesale46392Non-specialised retail sale with food, beverages or tobacco predominating47110Retail trade47111Retail trade47112

Names & trade names

Legal nameFR

NEDOSA

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