Summary
B2START is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €4.1m and a net result of -€552,876. Equity is growing by ~10.6% per year across the filed fiscal years. Its solvency ranks better than 66% of 2445 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 23-04-2026, 99 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
99 d early
2024
99 d early
2023
97 d early
2022
95 d early
2021
93 d early
2020
94 d early
2019
67 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 92 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€4.1m▼ 12.0%
2024 · €4.6m
Net result
-€552,876▲ 86.4%
2024 · -€4.1m
Total assets
€5.2m▼ 1.9%
2024 · €5.3m
Solvency
78.4%▼ 9.0pp
2024 · 87.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€800▼ 96.9%€800=€15,660▲ 1,858%€14,160▼ 9.6%€3,550▼ 74.9%
Operating result-€64,872▼ 24.4%-€105,722▼ 63.0%-€156,653▼ 48.2%-€165,298▼ 5.5%-€167,892▼ 1.6%
Net result€3,884within the sector's middle half▼ 65.1%-€31,402below the sector's middle half-€626,576below the sector's middle half▼ 1,895%-€4.1mbelow the sector's middle half▼ 550%-€552,876below the sector's middle half▲ 86.4%
Equity€6.1mwithin the sector's middle half▲ 25.9%€7.1mwithin the sector's middle half▲ 17.3%€8.7mwithin the sector's middle half▲ 21.6%€4.6mwithin the sector's middle half▼ 46.9%€4.1mwithin the sector's middle half▼ 12.0%
Total assets€6.1mwithin the sector's middle half▲ 26.3%€7.2mwithin the sector's middle half▲ 17.2%€9.7mwithin the sector's middle half▲ 35.6%€5.3mwithin the sector's middle half▼ 45.8%€5.2mwithin the sector's middle half▼ 1.9%
Debt€28,928▲ 295%€30,657▲ 6.0%€1.0m▲ 3,303%€662,749▼ 36.5%€1.1m▲ 66.2%
Working capital€2.8mabove the sector's middle half▲ 28.6%€2.5mabove the sector's middle half▼ 10.5%€366,711within the sector's middle half▼ 85.3%€221,992within the sector's middle half▼ 39.5%€228,272within the sector's middle half▲ 2.8%
Solvency99.5%above the sector's middle half▼ 0.3pp99.6%above the sector's middle half=89.3%above the sector's middle half▼ 10.3pp87.4%above the sector's middle half▼ 1.8pp78.4%within the sector's middle half▼ 9.0pp
Current ratio82.47above the sector's middle half9.71above the sector's middle half▼ 72.764.55above the sector's middle half▼ 5.166.15above the sector's middle half▲ 1.60
Return on assets (ROA)0.1%within the sector's middle half▼ 0.2pp-0.4%below the sector's middle half▼ 0.5pp-6.4%below the sector's middle half▼ 6.0pp-77.2%below the sector's middle half▼ 70.8pp-10.7%below the sector's middle half▲ 66.5pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €167,892 in 2025 against €165,298 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.2m
Fixed assets
€4.9m ▼ 1.7%
Current assets
€272,609 ▼ 4.2%
Equity and liabilities €5.2m
Equity
€4.1m ▼ 12.0%
Provisions
€15,000
Debt
€1.1m ▲ 66.2%
Debt's share of the balance-sheet total rises from 12.6% to 21.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-13.6%▲
2024 · -88.3%
Debt ≤ 1 year
€44,337▼
2024 · €62,499
Debt > 1 year
€1.1m▲
2024 · €600,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €800 | €6,205 | €15,660 | €14,160 | €3,550 | ▼ 74.9% |
| Turnover70 | €800 | €800 | €15,660 | €14,160 | €3,550 | ▼ 74.9% |
| Other operating income74 | - | €5,405 | - | - | - | - |
| Operating charges60/66A | €65,672 | €111,927 | €172,313 | €179,458 | €171,442 | ▼ 4.5% |
| Services and other goods61 | €64,804 | €105,654 | €170,763 | €178,420 | €155,373 | ▼ 12.9% |
| Other operating charges640/8 | €868 | €6,273 | €1,550 | €1,038 | €1,068 | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | - | - | €15,000 | - |
| Operating profit (loss)9901 | -€64,872 | -€105,722 | -€156,653 | -€165,298 | -€167,892 | ▼ 1.6% |
| Financial income75/76B | €76,379 | €81,056 | €200,911 | €291,521 | €2.1m | ▲ 620% |
| Recurring financial income75 | €76,379 | €81,056 | €200,911 | €163,184 | €207,056 | ▲ 26.9% |
| Income from financial fixed assets750 | €76,379 | €78,658 | €166,521 | €163,184 | €207,056 | ▲ 26.9% |
| Income from current assets751 | - | €2,398 | €34,390 | - | - | - |
| Other financial income752/9 | - | - | - | - | €0 | - |
| Non-recurring financial income76B | - | - | - | €128,337 | €1.9m | ▲ 1,373% |
| Financial charges65/66B | €6,209 | €7,354 | €670,834 | €4.2m | €2.5m | ▼ 40.9% |
| Recurring financial charges65 | €6,209 | €7,354 | €1,927 | €35,697 | €36,174 | ▲ 1.3% |
| Debt charges650 | - | - | €1,133 | €34,378 | €35,309 | ▲ 2.7% |
| Other financial charges652/9 | €6,209 | €7,354 | €793 | €1,319 | €865 | ▼ 34.4% |
| Non-recurring financial charges66B | - | - | €668,907 | €4.2m | €2.4m | ▼ 41.3% |
| Profit (loss) for the period before taxes9903 | €5,298 | -€32,020 | -€626,576 | -€4.1m | -€552,876 | ▲ 86.4% |
| Income taxes67/77 | €1,414 | -€617 | - | - | - | - |
| Taxes670/3 | €1,414 | - | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | €617 | - | - | - | - |
| Profit (loss) for the period9904 | €3,884 | -€31,402 | -€626,576 | -€4.1m | -€552,876 | ▲ 86.4% |
| Profit (loss) for the period to be appropriated9905 | €3,884 | -€31,402 | -€626,576 | -€4.1m | -€552,876 | ▲ 86.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.1m | €7.2m | €9.7m | €5.3m | €5.2m | ▼ 1.9% |
| Fixed assets21/28 | €3.3m | €4.6m | €9.3m | €5.0m | €4.9m | ▼ 1.7% |
| Financial fixed assets28 | €3.3m | €4.6m | €9.3m | €5.0m | €4.9m | ▼ 1.7% |
| Companies linked by participating interests282/3 | €175,000 | €1.6m | €5.4m | €2.1m | €2.1m | ▲ 2.7% |
| Participating interests282 | €175,000 | €1.6m | €5.4m | €1.8m | €2.0m | ▲ 14.5% |
| Amounts receivable283 | - | - | - | €300,000 | €100,000 | ▼ 66.7% |
| Other financial fixed assets284/8 | €3.1m | €3.1m | €3.9m | €2.9m | €2.8m | ▼ 4.8% |
| Amounts receivable and cash guarantees285/8 | €3.1m | €3.1m | €3.9m | €2.9m | €2.8m | ▼ 4.8% |
| Current assets29/58 | €2.8m | €2.5m | €408,801 | €284,491 | €272,609 | ▼ 4.2% |
| Amounts receivable within one year40/41 | €153,289 | €279,875 | €149,854 | €44,281 | €249,730 | ▲ 464% |
| Trade receivables40 | €151,496 | €279,703 | €138,818 | €33,417 | €249,730 | ▲ 647% |
| Other amounts receivable41 | €1,793 | €172 | €11,036 | €10,864 | - | - |
| Current investments50/53 | €700,000 | €1.5m | - | - | - | - |
| Other investments51/53 | €700,000 | €1.5m | - | - | - | - |
| Cash at bank and in hand54/58 | €2.0m | €746,554 | €258,947 | €240,210 | €22,879 | ▼ 90.5% |
| Deferred charges and accrued income490/1 | - | €1,825 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.1m | €7.2m | €9.7m | €5.3m | €5.2m | ▼ 1.9% |
| Equity10/15 | €6.1m | €7.1m | €8.7m | €4.6m | €4.1m | ▼ 12.0% |
| Contributions10/11 | €6.1m | €7.2m | €9.3m | €9.3m | €9.3m | = |
| Capital10 | €6.1m | €7.2m | €9.3m | €9.3m | €9.3m | = |
| Issued capital100 | €9.3m | €9.3m | €9.3m | €9.3m | €9.3m | = |
| Uncalled capital101 | €3.3m | €2.2m | - | - | - | - |
| Reserves13 | €750 | €750 | €750 | €750 | €750 | = |
| Non-distributable reserves130/1 | €750 | €750 | €750 | €750 | €750 | = |
| Legal reserve130 | €750 | €750 | €750 | €750 | €750 | = |
| Profit (loss) carried forward14 | €6,479 | -€24,923 | -€651,500 | -€4.7m | -€5.3m | ▼ 11.7% |
| Provisions and deferred taxes16 | - | - | - | - | €15,000 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €15,000 | - |
| Other liabilities and charges164/5 | - | - | - | - | €15,000 | - |
| Amounts payable17/49 | €28,928 | €30,657 | €1.0m | €662,749 | €1.1m | ▲ 66.2% |
| Amounts payable after more than one year17 | - | - | €1.0m | €600,000 | €1.1m | ▲ 76.2% |
| Financial debts170/4 | - | - | €1.0m | €600,000 | €1.1m | ▲ 76.2% |
| Subordinated loans170 | - | - | €1.0m | €600,000 | €1.1m | ▲ 76.2% |
| Amounts payable within one year42/48 | €27,604 | €30,657 | €42,090 | €62,499 | €44,337 | ▼ 29.1% |
| Trade debts44 | €26,022 | €30,489 | €39,589 | €59,998 | €44,117 | ▼ 26.5% |
| Suppliers440/4 | €26,022 | €30,489 | €39,589 | €59,998 | €44,117 | ▼ 26.5% |
| Taxes, remuneration and social security45 | €1,582 | €168 | €2,501 | €2,501 | €221 | ▼ 91.2% |
| Taxes450/3 | €1,582 | €168 | €2,501 | €2,501 | €221 | ▼ 91.2% |
| Accrued charges and deferred income492/3 | €1,324 | €0 | €1,133 | €250 | €250 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,884 | -€31,402 | -€626,576 | -€4.1m | -€552,876 | ▲ 86.4% |
| Operating cash flow (approximation) | €3,884 | -€31,402 | -€626,576 | -€4.1m | -€552,876 | ▲ 86.4% |
| Investment in fixed assets (approximation) | - | -€1.3m | -€4.7m | €4.3m | €87,156 | ▼ 98.0% |
| Change in cash | - | -€1.2m | -€487,607 | -€18,737 | -€217,331 | ▼ 1,060% |
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
Next filing, fiscal year 2026, expected by
2026
23-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
23-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€4.1m
Net result drops to -€4.1m, the lowest in the series; recovery starts the following year.
25-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €5mEq €6.1m ▲25.9%
3 profitable years in a row build equity to €6.1m.
28-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €11,123 ▲1,414%
Net result €11,123, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 366.95
Current ratio from 168.18 to 366.95; short-term debt falls from €12,523 to €5,932.
25-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €735
Net result €735 after one loss-making year.
25-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 20 acts read
About the unread acts
We know of 20 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
20 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, Ottignies-Louvain-la-Neuve · 1 establishment unit since 2017
Ground area
1,394 m²
Building footprint
454 m²
Volume, LiDAR
4,185 m³
Parcel 25384B0009/00N000, Wallonia · tallest building 11.3 m, ±3 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
B2START
since 20172.261.231.732
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25384B0009/00N000 | Wallonia | 1,394 m² | 1 · 454 m² | 11.3 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 owner · 12 holdingsChain of control
Highest known parent: SOCIETE D'INVESTISSEMENT ET DE FINANCEMENT DU BRABANT WALLON. The sources do not say who stands above it.
Owners 1
- 60%
Holdings 12
-
21.43%
-
20%
-
8.24%
-
8.1%
-
8.04%
-
6.9%
-
5.65%
-
4.83%
-
2.87%
-
1.59%
Show 2 more holdings
-
1.09%
-
0.41%
According to the 2025 annual accounts of B2START and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 232 companies in sector 64190 we hold annual accounts for 110. 44 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-01-2017
Fiscal year end31-12
Activities, NACEBEL 2025
64190Financial service activities, except insurance and pension funding
64999Other financial services
Contact
E-mail
invest@nivelinvest.beOttignies-Louvain-la-Neuve
Phone
010/884646Ottignies-Louvain-la-Neuve
E-invoicing
Reachable via Peppol
Peppol ID
0208:0669955343
Registered
20-11-2020
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.