Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 3.6 to 2.
Financials
Financial year 2025
ZEPA from Temse, company number BE0713937717, closed financial year 2025 with a result of € -11.8 million after tax. For that financial year ZEPA recorded revenue of € 920,830 and equity of € 3.1 million. Compared with financial year 2024, the result moved from € 92,389 to € -11.8 million. The company made a loss. The buffer shrank hard: equity is 79 % below last year. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 6, 2026.
€ 3.1 million
▼ 79% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -11.8 million
▼ still € 92,389 profit in 2024
Profit after tax over the fiscal year.
€ 465,346
▲ € 423,896 vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -10.2 million.
People and assets in 2025
2
▼ 1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 258,959
▼ 9% vs 2024
€ 129,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 3,600
▲ 28% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 9.6 million
▲ 5% vs 2024
€ 500,000 is repaid this year. At this pace the long-term loan is gone in ≈ 19 years.
€ 28,923
▼ 76% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 48 days on average.
€ 23,084
▼ 30% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
Want to see how much further we take a dossier in the Pro version? Open the free De Lijn example and give feedback →
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 1,564,516 | € 1,493,128 | € 1,026,478 | € 920,830 | ▼ 10% |
| Profit after taxes | € -46,046 | € 81,502 | € 92,389 | € -11,837,337 | ▼ € 11.9 million |
| Equity | € 6,429,857 | € 6,511,359 | € 14,945,235 | € 3,107,898 | ▼ 79% |
| Total debts | € 18,110,737 | € 18,094,504 | € 9,816,789 | € 9,845,867 | |
| Cash | € 162,227 | € 31,606 | € 41,450 | € 465,346 | ▲ € 423,896 |
| Retained profit | € 1,429,857 | € 1,511,359 | € 1,603,748 | € -10,233,589 | ▼ € 11.8 million |
| Bank debt | € 17,650,164 | € 17,360,083 | € 9,153,032 | € 9,633,000 | ▲ 5% |
| Balance sheet total | € 24,540,594 | € 24,605,863 | € 24,762,023 | € 12,953,765 | ▼ 48% |
| Employees (FTE) | 3.8 | 3.6 | 3 | 2 | ▼ 1 |
Key figures of ZEPA, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to ZEPA?
What happened at ZEPA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- True North Asset Management BV stepped down as director. NBB
- Fabuco BV stepped down as director. NBB
- Raion Capital BV stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 11.8 million (▼ € 11.9 million vs 2024). Source: NBB ↗
- True North Asset Management BV became a director. NBB
- Fabuco BV became a director. NBB
- Raion Capital BV became a director. NBB
- New establishment in Temse. KBO
In short
From € 46,046 loss in 2022 to € 11.8 million loss in 2025.
Paid € 1,551 in corporate taxes since 2022.
Best year ever: 2024, with € 92,389 profit.
Pays suppliers within 48 days on average.
A new publication or filing at ZEPA? We notify you, reason included.
Follow ZEPADatabakkes Pro
Know what changes at your customers, suppliers and competitors. Without reading an annual account.
- Follow them in one folder Every company in your folder gets this full dossier: household book, all fiscal years, benchmark against companies of the same size.
- We alert you, with the reason New annual account, Official Gazette publication or status change: you get what changed and where it says so.
- In bulk too, and in ChatGPT and Claude Upload your customer list and get the warning signs back per company. Or ask in your own AI assistant, with this register as the source.
Databakkes Pro is being built. Sign up now and you are first in line for an invitation, with a month to try without a credit card.
De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Integra Fund comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
ZEPAThe shares are held by Integra Fund (100%). It owns 100% of Sack Zelfbouw itself.
Directors
According to the 2025 annual accounts
True North Asset Management BV
Director · represented by Bernard Hendrikx
Also active at: INTEGRA CAPITAL PARTNERS, VINDEVOGEL FLANDERS, Columba, Integra Partners, Nestor Holding, SACK INVEST, Nestor Europe
since 2024 · until 2029
Director · represented by Jan De Buck
since 2023 · until 2029
Director · represented by Leonard Soenen
since 2023 · until 2029
Shareholders
100%
Participations
100%
Establishments
Establishment units
Physical locations of this company
Frank Van Dyckelaan 16
9140 Temse
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0713.937.717
- VAT number
- BE 0713.937.717
- Registered office
- Frank Van Dyckelaan 16, 9140 Temse
- Names & denominations
- ZEPA
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 27 November 2018
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
Activiteiten van holdings
Holdings