Checked.be
Active
BE 0808.009.307Private limited company (pre-2019)
Z-PROJECTS
Boutersemdreef 26 ·2240 Zandhoven, Belgium· 17 yrs active
Sector: Wholesale of pharmaceutical and medical goods
(46460)
Conclusion
Z-PROJECTS has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €37k and a net result of €9k. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 972 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Based on the State Gazette, CBE and 7 annual accounts.
Key figures
| Equity | €37k |
| Net result | €9k |
| Better than sector | 20% |
| Active | 17 yrs |
Financial profile
66
/ 100
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
Health
51
Profitability
100
Solvency
2
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2008, 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 Flags
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
51
/ 100
Fair
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
€2k
estimate, not credit advice
Score history
20
2018
33
2019
51
2020
15
2021
20
2022
23
2023
51
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.01 (< 1.0)
-10
Quick ratio
Quick ratio 0.01 (< 0.6)
-5
Leverage
Debt/equity 33.98 (> 3.0)
-10
Profitability
ROE 24% (≥ 10%)
+10
Interest coverage
Interest coverage 4.6× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 17-01-2026 with the NBB · fiscal year 2024 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile
Too volatile to project: the yearly deviation from the trend is ~79% of the level (threshold 35%). We therefore deliberately show no projection line.
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 (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 2.9% | 27.2% | |
| Net result | €9k | €23k | |
| Equity | €37k | €171k | |
| Gross operating margin | €41k | €173k | |
| Total assets | €1.30M | €859k |
€39k
+71.4%
18-24
€9k
-
18-24
€31k
+168.6%
18-24
€1.30M
+37.1%
18-24
€37k
+32.3%
18-24
€-1.25M
-43.7%
18-24
€3k
-71.9%
18-24
€0
-
18-24
€1.26M
+37.2%
18-24
€1.26M
+37.2%
18-24
€0
-100.0%
18-24
0.01
-83.0%
18-24
0.01
-83.0%
18-24
2.9%
-3.5%
18-24
33.98
+3.7%
18-24
24.4%
-
18-24
0.7%
-
18-24
4.64
+131.7%
18-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | micro schema | micro schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | €39k | €23k | €13k | €25k | €68k |
| Net profit | €9k | €-10k | €-13k | €-8k | €39k |
| Cash flow | €31k | €12k | €9k | €15k | €64k |
| Staff costs | - | - | - | - | - |
| Income taxes | - | - | - | - | - |
| Dividends | - | - | - | - | - |
| Total assets | €1.30M | €948k | €927k | €932k | €961k |
| Equity | €37k | €28k | €38k | €51k | €58k |
| Debt | €1.26M | €920k | €889k | €881k | €902k |
| of which ≤ 1y | €1.26M | €920k | €889k | €881k | €902k |
| of which > 1y | - | - | - | - | €0 |
| Working capital | €-1.25M | €-870k | €-882k | €-878k | €-893k |
| Employees (FTE) | - | - | - | - | - |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema), so the columns are not directly comparable.
Ratios (computed)
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Current ratio | 0.01 | 0.05 | 0.01 | 0.00 | 0.01 |
| Quick ratio | 0.01 | 0.05 | 0.01 | 0.00 | 0.01 |
| Working capital ratio | -96.2% | -91.8% | -95.1% | -94.2% | -93.0% |
| Solvency | 2.9% | 3.0% | 4.1% | 5.4% | 6.1% |
| Debt / equity | 33.98 | 32.77 | 23.35 | 17.39 | 15.43 |
| Long-term debt ratio | - | - | - | - | 0.00 |
| Interest coverage | 4.64 | 2.00 | 3.16 | 2.51 | 14.90 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 0.7% | -1.1% | -1.4% | -0.8% | 4.1% |
| ROE | 24.4% | -35.6% | -33.1% | -15.4% | 67.2% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2024
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €1.30M | €948k | €927k | €932k | €961k |
| Fixed assets | 21/28 | €1.29M | €898k | €920k | €929k | €952k |
| Intangible fixed assets | 21 | - | €21k | €42k | €63k | €84k |
| Tangible fixed assets | 22/27 | - | €856 | €1k | €2k | €4k |
| Financial fixed assets | 28 | €1.29M | €877k | €877k | €864k | €864k |
| Current assets | 29/58 | €12k | €50k | €7k | €3k | €9k |
| Amounts receivable within one year | 40/41 | €7k | €48k | - | - | €0 |
| Cash & bank | 54/58 | €4k | €2k | €7k | €3k | €5k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.30M | €948k | €927k | €932k | €961k |
| Equity | 10/15 | €37k | €28k | €38k | €51k | €58k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €21k | €21k | €21k | €21k | €21k |
| Accumulated profits (losses) | 14 | €-2k | €-11k | €-1k | €11k | €19k |
| Amounts payable | 17/49 | €1.26M | €920k | €889k | €881k | €902k |
| Amounts payable after one year | 17 | - | - | - | - | €0 |
| Amounts payable within one year | 42/48 | €1.26M | €920k | €889k | €881k | €902k |
| Trade debts payable within one year | 44 | €118k | €16k | €6k | €2k | €14k |
| Income statement | ||||||
| Gross operating margin | 9900 | €41k | €24k | €15k | €26k | €114k |
| Operating result | 9901 | €18k | €2k | €-8k | €2k | €44k |
| Financial charges | 65 | €8k | €11k | €4k | €10k | €5k |
| Result before taxes | 9903 | €9k | €-10k | €-13k | €-8k | €39k |
| Net result for the period | 9904 | €9k | €-10k | €-13k | €-8k | €39k |
| Result to be appropriated | 9905 | €9k | €-10k | €-13k | €-8k | €39k |
Legal Structure
| NACE primary | Wholesale of pharmaceutical and medical goods(46460) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 24-11-2008 |
| Status | Active |
| Postal code | 2240 |
Establishment units
Z-PROJECTS
since 20082.175.676.643
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11054C0254/00W000 | Flanders | 2,474 m² | 1 · 1,092 m² | 9.6 m · 3 fl. |
| 11027A0069/00K000 | Flanders | 646 m² | 1 · 153 m² | 9.2 m · 2 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2026
17-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 170 days late
2024
31-12
Financial
Back to profitnet €9k
Net result €9k after 3 loss-making years.
29-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 121 days late
2023
07-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 129 days late
2022
07-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 129 days late
19-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 292 days late
2020
31-12
Financial
Back to profitnet €39k
Net result €39k after 2 loss-making years.
23-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 84 days late
2019
21-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 82 days late
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
03-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 64 days late
2016
18-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Wholesale of pharmaceutical and medical goods46460Business and other management consultancy70200Business consulting70220
Names & trade names
| Legal nameNL | Z-PROJECTS |
Similar companies
Laboratoire du Docteur Vétérinaire Domicent
BE 0401.954.340 · Mons
C&J Laboratories Belgium
BE 0645.680.597 · Sint-Niklaas
PALOMA CURIOSA
BE 0440.318.335 · Roeselare
DISTRIDENTA
BE 0473.717.811 · Brussel
LIVAUDIO
BE 0424.329.369 · Tervuren