Equity
Equity fell by 98% in 12 years.
Equity fell by 98% in 12 years.
Every financial year from 2021 to 2025 closed with a loss. 2025 was the heaviest.
The accounts state no turnover.
Of this, €1.1m falls due within a year.
Lower net result than 91% of companies in head offices and management consultancy. Sector median €37,527 · 10,855 companies.
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 9% of them on solvency, 2% on liquidity, 12% on profitability and 6% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 912 companies had the same profile as BECAPI has now. Each dot stands for 3 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BECAPI itself: 0.9% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 912 companies, not a prediction for BECAPI. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.08 (0.07 in 2024), below 1. Short-term debt is 86.6% and cash 0.1% of total assets. 99.4% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 3 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BECAPI Zaventem | €1.3m | €22,062 | 0.6% | - |
| SAMABO C.S. Tervuren | €1.3m | €22,696 | 60.6% | - |
| Vibio Rotselaar | €1.5m | €19,337 | 61.6% | - |
| AKWA CONSTRUCT Dilbeek | €1.4m | €24,491 | 37.2% | - |
| ALBOMA Londerzeel | €1.6m | €18,458 | 92.2% | 0 |
| SOCIETE DE GESTION DE PROJETS Liège | €1.3m | €24,739 | 79.2% | - |
| PRI FENCE Jabbeke | €1.6m | €21,640 | -111.7% | 0 |
These companies have the same main activity as BECAPI: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.3m and €1.6m, founded between 2004 and 2008.
BECAPI files the abbreviated format. That format states no turnover. The gross margin rose from €17,172 in 2008 to €22,062 in 2025.
The balance sheet grew most from 2011 to 2013 through fixed assets.
VOSKAPEL holds 83.29% of the shares. In October 2022, the Official Gazette published the appointment of VRIAMONT Bernard as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €87,000. Estimated: probably between €38,000 and €220,000.
Higher than 10% of 10,855 companies in 2025.
Higher than 6% of 10,477 companies in 2025.
Higher than 13% of 10,724 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.5m | 1.5m | 1.7m | 981,351 | 899,795 | 877,040 | 912,577 | 991,580 | |
21/28 |
1.2m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.5m | 1.5m | 1.5m | 803,370 | 825,330 | 847,290 | 900,224 | 955,974 | |
22/27 |
1.2m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.5m | 1.5m | 1.5m | 803,370 | 825,330 | 847,290 | 900,224 | 955,974 | |
22 |
1.2m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.5m | 1.5m | 1.5m | 803,370 | 825,330 | 847,290 | 900,224 | 955,974 | |
29/58 |
90,876 | 64,587 | 32,862 | 861 | 753 | 754 | 84 | 24 | 4,421 | 309 | - | 678 | 163,116 | 177,981 | 74,465 | 29,750 | 12,353 | 35,606 | |
40/41 |
89,303 | 62,920 | 31,460 | - | - | - | - | - | - | - | - | - | 159,280 | 129,400 | 73,900 | 29,000 | 4 | 425 | |
40 |
88,920 | 62,920 | 31,460 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
41 |
383 | - | - | - | - | - | - | - | - | - | - | - | 159,280 | 129,400 | 73,900 | 29,000 | 4 | 425 | |
54/58 |
1,039 | 1,128 | 959 | 88 | - | - | 84 | 24 | 4,421 | 309 | - | - | 1,541 | 48,581 | - | 224 | 5,642 | 34,076 | |
490/1 |
534 | 539 | 443 | 773 | 753 | 754 | - | - | - | - | - | 678 | 2,295 | - | 565 | 526 | 6,707 | 1,105 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.5m | 1.5m | 1.7m | 981,351 | 899,795 | 877,040 | 912,577 | 991,580 | |
10/15 |
7,742 | 52,837 | 95,926 | 128,850 | 160,559 | 197,469 | 189,827 | 227,113 | 293,705 | 372,035 | 411,507 | 414,631 | 483,273 | -180,634 | -190,468 | -197,848 | -142,450 | -58,420 | |
10/11 |
781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | |
10 |
781,590 | 781,590 | 781,590 | 781,590 | 781,590 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 781,590 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | |
12 |
- | - | - | - | - | - | - | - | - | - | - | - | 718,590 | - | - | - | - | - | |
14 |
-773,848 | -728,753 | -685,664 | -652,740 | -621,031 | -584,121 | -591,763 | -554,477 | -487,885 | -409,555 | -370,083 | -366,959 | -298,317 | -243,634 | -253,468 | -260,848 | -205,450 | -121,420 | |
17/49 |
1.3m | 1.3m | 1.2m | 1.2m | 1.2m | 1.1m | 1.2m | 1.2m | 1.1m | 1.1m | 1.0m | 1.1m | 1.2m | 1.2m | 1.1m | 1.1m | 1.1m | 1.1m | |
17 |
170,000 | 342,500 | 500,000 | 500,000 | 500,000 | 635,000 | 635,000 | 977,500 | 977,500 | 977,500 | 935,000 | 989,122 | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | |
170/4 |
170,000 | 342,500 | 500,000 | 500,000 | 500,000 | 635,000 | 635,000 | 977,500 | 977,500 | 977,500 | 935,000 | 989,122 | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | |
42/48 |
1.1m | 927,690 | 717,336 | 674,371 | 664,515 | 514,565 | 543,497 | 185,610 | 145,376 | 84,894 | 109,573 | 74,965 | 79,843 | 61,985 | 40,263 | 24,888 | 5,027 | - | |
43 |
- | - | - | - | 3,497 | 2,467 | 2,421 | 7,234 | - | - | 106,198 | - | - | - | 2,449 | - | - | - | |
430/8 |
- | - | - | - | 3,497 | 2,467 | 2,421 | 7,234 | - | - | 106,198 | - | - | - | 2,449 | - | - | - | |
44 |
187,803 | 143,856 | 99,905 | 67,531 | 35,423 | 11,257 | - | - | - | - | 1,495 | 997 | 498 | 4,128 | 5,564 | 3,623 | 5,027 | - | |
440/4 |
187,803 | 143,856 | 99,905 | 67,531 | 35,423 | 11,257 | - | - | - | - | 1,495 | 997 | 498 | 4,128 | 5,564 | 3,623 | 5,027 | - | |
45 |
121 | 5,144 | 5,440 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
450/3 |
121 | 5,144 | 5,440 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
47/48 |
961,690 | 778,690 | 611,991 | 606,840 | 625,595 | 500,841 | 541,076 | 178,376 | 145,376 | 84,894 | 1,880 | 73,968 | 79,345 | 57,857 | 32,250 | 21,265 | - | - | |
| Income statement | |||||||||||||||||||
9900 |
22,062 | 23,686 | 22,438 | 23,397 | 23,399 | 51,183 | -586 | -1,586 | -10,402 | -7,816 | 70,911 | 49,536 | 14,312 | 50,881 | 55,119 | 36,478 | 611 | 17,172 | |
630 |
21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 21,960 | 52,934 | 55,750 | 85,738 | |
640/8 |
44,751 | 44,557 | 33,373 | 33,098 | 26,126 | 10,404 | 1,001 | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
-44,649 | -42,830 | -32,895 | -31,661 | -24,687 | 18,819 | -23,547 | -23,546 | -32,362 | -29,776 | 48,951 | 27,576 | -7,648 | 28,921 | 33,159 | -16,456 | -55,139 | -68,566 | |
75/76B |
- | - | - | - | - | - | - | - | - | 70,000 | - | - | 597 | - | - | - | 24 | 2,832 | |
75 |
- | - | - | - | - | - | - | - | - | 70,000 | - | - | 597 | - | - | - | 24 | 2,832 | |
65/66B |
446 | 259 | 29 | 48 | 12,223 | 11,177 | 13,740 | 43,046 | 45,968 | 79,696 | 52,075 | 96,218 | 47,632 | 19,087 | 25,779 | 38,942 | 28,915 | 55,686 | |
65 |
446 | 259 | 29 | 48 | 12,223 | 11,177 | 13,740 | 43,046 | 45,968 | 79,696 | 52,075 | 96,218 | 47,632 | 19,087 | 25,779 | 38,942 | 28,915 | 55,686 | |
9903 |
-45,095 | -43,090 | -32,924 | -31,708 | -36,910 | 7,642 | -37,287 | -66,591 | -78,330 | -39,472 | -3,124 | -68,642 | -54,683 | 9,834 | 7,380 | -55,398 | -84,030 | -121,420 | |
9904 |
-45,095 | -43,090 | -32,924 | -31,708 | -36,910 | 7,642 | -37,287 | -66,591 | -78,330 | -39,472 | -3,124 | -68,642 | -54,683 | 9,834 | 7,380 | -55,398 | -84,030 | -121,420 | |
9905 |
-45,095 | -43,090 | -32,924 | -31,708 | -36,910 | 7,642 | -37,287 | -66,591 | -78,330 | -39,472 | -3,124 | -68,642 | -54,683 | 9,834 | 7,380 | -55,398 | -84,030 | -121,420 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
-773,848 | -728,753 | -685,664 | -652,740 | -621,031 | -584,121 | -591,763 | -554,477 | -487,885 | -409,555 | -370,083 | -366,959 | -298,317 | -243,634 | -253,468 | -260,848 | -205,450 | -121,420 | |
14P |
-728,753 | -685,664 | -652,740 | -621,031 | -584,121 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 10-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 10-04-2026 | 2026-00076656 | |
| 30-09-2024 | micro format | 05-05-2025 | 2025-00087076 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00075736 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00082139 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013314 | |
| 30-09-2020 | micro format | 28-04-2021 | 2021-12000052 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-11300513 | |
| 30-09-2018 | abbreviated format | 28-04-2019 | 2019-11700385 | |
| 30-09-2017 | abbreviated format | 17-04-2018 | 2018-10000320 | |
| 30-09-2016 | abbreviated format | 29-03-2017 | 2017-07900184 | |
| 30-09-2015 | abbreviated format | 12-04-2016 | 2016-09900142 | |
| 30-09-2014 | abbreviated format | 26-02-2015 | 2015-04900036 | |
| 30-09-2013 | abbreviated format | 04-03-2014 | 2014-05600260 | |
| 30-09-2012 | abbreviated format | 12-04-2013 | 2013-08900306 | |
| 30-09-2011 | abbreviated format | 30-04-2012 | 2012-09900068 | |
| 30-09-2010 | abbreviated format | 14-02-2011 | 2011-02900575 | |
| 30-09-2009 | abbreviated format | 31-03-2010 | 2010-08000528 | |
| 30-09-2008 | abbreviated format | 20-04-2009 | 2009-11200178 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -22,689 | -20,870 | -10,935 | -9,701 | -2,727 | 40,779 | -1,587 | -1,586 | -10,402 | -7,816 | 70,911 | 49,536 | 14,312 | 50,881 | 55,119 | 36,478 | 611 | 17,172 | ||
| -23,135 | -21,130 | -10,964 | -9,748 | -14,950 | 29,602 | -15,327 | -44,631 | -56,370 | -17,512 | 18,836 | -46,682 | -32,723 | 31,794 | 29,340 | -2,464 | -28,280 | -35,682 | ||
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 718,590 | 0 | 0 | 0 | 0 | 1.0m | ||
| -89 | 169 | 871 | - | - | - | 60 | -4,397 | 4,112 | - | - | - | -47,040 | - | - | -5,418 | -28,434 | - | ||
| -1.1m | -863,103 | -684,474 | -673,510 | -663,761 | -513,811 | -543,413 | -185,587 | -140,955 | -84,585 | - | -74,287 | 83,273 | 115,996 | 34,202 | 4,862 | 7,326 | - | ||
| 0.6% | 4.0% | 7.3% | 9.9% | 12.1% | 14.7% | 13.9% | 16.3% | 20.7% | 25.9% | 28.3% | 28.0% | 29.1% | -18.4% | -21.2% | -22.6% | -15.6% | -5.9% | ||
| 0.08 | 0.07 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | - | 0.01 | 2.04 | 2.87 | 1.85 | 1.20 | 2.46 | - | ||
| - | 24.04 | 12.69 | 9.11 | 7.25 | 5.82 | 6.21 | 5.12 | 3.82 | 2.86 | 2.54 | 2.57 | 2.44 | - | - | - | - | - | ||
| -582.5% | -81.6% | -34.3% | -24.6% | -23.0% | 3.9% | -19.6% | -29.3% | -26.7% | -10.6% | -0.8% | -16.6% | -11.3% | - | - | - | - | - | ||
| -3.4% | -3.3% | -2.5% | -2.4% | -2.8% | 0.6% | -2.7% | -4.8% | -5.5% | -2.8% | -0.2% | -4.6% | -3.3% | 1.0% | 0.8% | -6.3% | -9.2% | -12.2% | ||
| -50.92 | -80.46 | -377.07 | -203.89 | -0.22 | - | - | - | - | - | - | - | - | - | - | - | - | - |
A ratio outside any meaningful range has been withheld (balance sheet total €1.3m, equity €7,742).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2025 is a loss of €44,649, larger than the loss of €42,830 in 2024. It is the lowest result since 2009.
Debt's share of the balance-sheet total rises from 96.0% to 99.4%. Equity is lower and debt is higher.
Further up the chainLUAX 75.06%
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 30-06-2025 accounts of VOSKAPEL. Every holding stands with its own latest accounts.
Part of the group LUAX Group, risk and exposure| "Van Nieuwpoort Zand en Grind NV", in het Frans "Van Nieuwpoort Sables et Granulats SA"
registered office since 01-10-1947 · founded in 1947 |
15 FTE (2025) 0400.676.217 |
| Dragages, Graviers et Travaux
registered office since 26-07-1985 · founded in 1935 |
turnover €4.2m (2025) 0403.880.977 |
| AZBIL EUROPE
registered office since 11-05-2001 · founded in 2001 |
7.9 FTE (2026) 0474.687.910 |
| Kiezelgroeve Varenberg
registered office since 04-12-1987 · founded in 1987 |
turnover €3.0m (2025) 0432.748.969 |
| ABIES NOBILIS
registered office since 30-08-1996 · founded in 1993 · group LUAX |
total assets €2.4m (2025) 0449.616.378 |
| VOSKAPEL
registered office since 12-01-1994 · founded in 1994 · group LUAX |
total assets €2.1m (2025) 0452.145.011 |
| STONE RENOVATION LINE
registered office since 22-08-2000 · founded in 2000 |
total assets €2.0m (2025) 0472.435.233 |
| Sable et Granulats de Liège
registered office since 14-12-2015 · founded in 2015 |
total assets €1.9m (2025) 0644.456.122 |
| HAWIN
registered office since 26-07-1994 · founded in 1994 · group LUAX |
total assets €1.8m (2025) 0453.016.724 |
| ALTAIR GLOBAL HOLDING
establishment since 09-04-2008 · founded in 2008 |
total assets €1.7m (2025) 0897.104.795 |
The network starts from the directors of BECAPI. Every other company they run is a node.
Deadline for the 2026 accounts: 30-04-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Bosdellestraat 120 registered office 1933 Zaventem | 16-07-2007 | 2.164.334.769 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23082C0141/00V000 | 1.3 ha | 1 · 1,889 m² | 20.8 m · 1 |
If something looks wrong or is missing, please tell us.