BEFICO
ActiveSummary
BEFICO has been active since 1976 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €285,244 and a net result of -€94,507. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 85% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-70
Solvency100=
Growth35▼-17
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity ample (current ratio 10.99 against 20.11 in 2024; short-term debt: 0.4% and cash: 0.4% of total assets), and 12.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-09-2026, 53 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
53 d late
2024
28 d late
2023
56 d late
2022
18 d early
2021
5 d early
2020
50 d early
2019
21 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 6 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 28 August (4 of the last 5 filed years within 33 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#8 oldest company in Schaarbeek, Real estate sector
Turnover
€62,493▼ 54.5%
2020 · €137,476
EBIT margin
1048.3%▲ 1075.0pp
2020 · -26.7%
Net result
-€94,507
2024 · €5,580
Working capital
€11,535▼ 71.1%
2024 · €39,953
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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€62,493
Operating result€41,529€655,113▲ 1,477%-€16,562€14,026-€93,703
Net result€4,234within the sector's middle half€412,967above the sector's middle half▲ 9,654%€5,486within the sector's middle half▼ 98.7%€5,580within the sector's middle half▲ 1.7%-€94,507below the sector's middle half
EBIT margin1048.3%
Equity-€44,281below the sector's middle half▲ 8.7%€368,686within the sector's middle half€374,172within the sector's middle half▲ 1.5%€379,751within the sector's middle half▲ 1.5%€285,244within the sector's middle half▼ 24.9%
Total assets€808,368within the sector's middle half▼ 6.2%€1.4mwithin the sector's middle half▲ 78.8%€508,506below the sector's middle half▼ 64.8%€401,841below the sector's middle half▼ 21.0%€326,399below the sector's middle half▼ 18.8%
Debt€852,649▼ 6.3%€907,308▲ 6.4%€134,334▼ 85.2%€22,090▼ 83.6%€41,155▲ 86.3%
Working capital€121,721within the sector's middle half€977,920above the sector's middle half▲ 703%-€1,151within the sector's middle half€39,953within the sector's middle half€11,535within the sector's middle half▼ 71.1%
Solvency-5.5%below the sector's middle half▲ 0.2pp25.5%within the sector's middle half▲ 31.0pp73.6%above the sector's middle half▲ 48.1pp94.5%above the sector's middle half▲ 20.9pp87.4%above the sector's middle half▼ 7.1pp
Current ratio4.67above the sector's middle half▲ 4.0141.90above the sector's middle half▲ 37.240.99within the sector's middle half▼ 40.9120.11above the sector's middle half▲ 19.1310.99above the sector's middle half▼ 9.13
Return on assets (ROA)0.5%within the sector's middle half▲ 9.7pp28.6%above the sector's middle half▲ 28.1pp1.1%within the sector's middle half▼ 27.5pp1.4%within the sector's middle half▲ 0.3pp-29.0%below the sector's middle half▼ 30.3pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €93,703 after €14,026 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €326,399
Fixed assets
€313,709 ▼ 12.8%
Current assets
€12,689 ▼ 69.8%
Equity and liabilities €326,399
Equity
€285,244 ▼ 24.9%
Debt
€41,155 ▲ 86.3%
Debt's share of the balance-sheet total rises from 5.5% to 12.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€47,614▼
2024 · €60,115
Cash flow
-€48,418▼
2024 · €51,669
Debt to equity
0.14▲
2024 · 0.06
ROE
-33.1%▼
2024 · 1.5%
Interest coverage
-59.19▼
2024 · 9.46
Debt ≤ 1 year
€1,155▼
2024 · €2,090
Debt > 1 year
€40,000▲
2024 · €20,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,834 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.7%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,834 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €62,493 | - | - | - | - |
| Non-recurring operating income76A | €14,894 | €676,448 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €17,276 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,432 | €83,456 | €46,089 | €46,089 | €46,089 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€37,576 | - | - | - |
| Other operating charges640/8 | €62,332 | €65,090 | €23,830 | €25,315 | €25,511 | ▲ 0.8% |
| Gross operating margin9900 | €147,293 | €803,659 | €15,781 | €85,430 | -€22,103 | ▼ 126% |
| Operating profit (loss)9901 | €41,529 | €655,113 | -€16,562 | €14,026 | -€93,703 | ▼ 768% |
| Financial income75/76B | €1 | €20 | €19,754 | - | - | - |
| Recurring financial income75 | €1 | €20 | €19,754 | - | - | - |
| Financial charges65/66B | €37,296 | €73,054 | €63,311 | €6,356 | €804 | ▼ 87.3% |
| Recurring financial charges65 | €37,296 | €73,054 | €63,311 | €6,356 | €804 | ▼ 87.3% |
| Profit (loss) for the period before taxes9903 | €4,234 | €582,079 | -€60,119 | €7,670 | -€94,507 | ▼ 1,332% |
| Transfer from deferred taxes780 | - | - | €169,112 | - | - | - |
| Transfer to deferred taxes680 | - | €169,112 | - | - | - | - |
| Income taxes67/77 | - | - | €103,507 | €2,090 | - | - |
| Profit (loss) for the period9904 | €4,234 | €412,967 | €5,486 | €5,580 | -€94,507 | ▼ 1,794% |
| Transfer from tax-exempt reserves789 | - | - | €507,336 | - | - | - |
| Transfer to tax-exempt reserves689 | - | €507,336 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €4,234 | -€94,369 | €512,822 | €5,580 | -€94,507 | ▼ 1,794% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €808,368 | €1.4m | €508,506 | €401,841 | €326,399 | ▼ 18.8% |
| Fixed assets21/28 | €653,441 | €443,277 | €405,887 | €359,798 | €313,709 | ▼ 12.8% |
| Tangible fixed assets22/27 | €653,441 | €443,277 | €397,187 | €351,098 | €305,009 | ▼ 13.1% |
| Land and buildings22 | €653,441 | €443,277 | €397,187 | €351,098 | €305,009 | ▼ 13.1% |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | - |
| Financial fixed assets28 | - | - | €8,700 | €8,700 | €8,700 | = |
| Current assets29/58 | €154,927 | €1.0m | €102,619 | €42,043 | €12,689 | ▼ 69.8% |
| Amounts receivable within one year40/41 | €44,720 | €21,572 | €18,502 | €18,442 | €8,026 | ▼ 56.5% |
| Trade receivables40 | €44,720 | €21,572 | - | - | - | - |
| Other amounts receivable41 | - | - | €18,502 | €18,442 | €8,026 | ▼ 56.5% |
| Cash at bank and in hand54/58 | €99,344 | €980,257 | €80,429 | €19,858 | €1,375 | ▼ 93.1% |
| Deferred charges and accrued income490/1 | €10,863 | - | €3,688 | €3,743 | €3,289 | ▼ 12.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €808,368 | €1.4m | €508,506 | €401,841 | €326,399 | ▼ 18.8% |
| Equity10/15 | -€44,281 | €368,686 | €374,172 | €379,751 | €285,244 | ▼ 24.9% |
| Contributions10/11 | €210,000 | €210,000 | €210,000 | €210,000 | €210,000 | = |
| Capital10 | €210,000 | €210,000 | €210,000 | €210,000 | €210,000 | = |
| Issued capital100 | €210,000 | €210,000 | €210,000 | €210,000 | €210,000 | = |
| Reserves13 | €37,903 | €545,239 | €37,903 | €37,902 | €37,902 | = |
| Non-distributable reserves130/1 | €37,903 | €37,903 | €37,903 | €37,902 | €37,902 | = |
| Legal reserve130 | €36,525 | €36,525 | €36,525 | €36,525 | - | - |
| Reserves not available under the articles1311 | €1,378 | €1,378 | €1,378 | €1,378 | €37,902 | ▲ 2,651% |
| Tax-exempt reserves132 | - | €507,336 | - | - | - | - |
| Profit (loss) carried forward14 | -€292,184 | -€386,553 | €126,269 | €131,849 | €37,342 | ▼ 71.7% |
| Provisions and deferred taxes16 | - | €169,112 | - | - | - | - |
| Deferred taxes168 | - | €169,112 | - | - | - | - |
| Amounts payable17/49 | €852,649 | €907,308 | €134,334 | €22,090 | €41,155 | ▲ 86.3% |
| Amounts payable after more than one year17 | €810,478 | €810,458 | - | €20,000 | €40,000 | ▲ 100% |
| Financial debts170/4 | - | - | - | €20,000 | €40,000 | ▲ 100% |
| Other amounts payable178/9 | €810,478 | €810,458 | - | - | - | - |
| Amounts payable within one year42/48 | €33,206 | €23,909 | €103,770 | €2,090 | €1,155 | ▼ 44.7% |
| Trade debts44 | €27,140 | €23,909 | €263 | - | €1,155 | - |
| Suppliers440/4 | €27,140 | €23,909 | €263 | - | €1,155 | - |
| Taxes, remuneration and social security45 | €6,066 | - | €103,507 | €2,090 | - | - |
| Taxes450/3 | €6,066 | - | €103,507 | €2,090 | - | - |
| Accrued charges and deferred income492/3 | €8,965 | €72,941 | €30,564 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,234 | €412,967 | €5,486 | €5,580 | -€94,507 | ▼ 1,794% |
| + Depreciation and write-downs630 | €43,432 | €83,456 | €46,089 | €46,089 | €46,089 | = |
| Operating cash flow (approximation) | €47,666 | €496,423 | €51,575 | €51,669 | -€48,418 | ▼ 194% |
| Investment in fixed assets (approximation) | - | €126,708 | -€8,699 | -€1 | €0 | ▲ 100% |
| Change in cash | - | €880,913 | -€899,828 | -€60,571 | -€18,483 | ▲ 69.5% |
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
22-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 53 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
31-12
Financial
Liquidity times 20current ratio 20.11
Current ratio from 0.99 to 20.11; short-term debt falls from €103,770 to €2,090.
25-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 56 days late
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €412,967 ▲9,654%
Operating result €655,113, net result €412,967, both a record.
31-12
Financial
Liquidity times 9current ratio 41.90
Current ratio from 4.67 to 41.90; short-term debt falls from €33,206 to €23,909.
31-12
Financial
Equity above €200,000Eq €368,686
2 profitable years in a row build equity to €368,686.
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €4,234
Net result €4,234 after 3 loss-making years.
31-12
Financial
Liquidity times 7current ratio 4.67
Current ratio from 0.65 to 4.67; short-term debt falls from €165,431 to €33,206.
11-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet -€125,877
Net result drops to -€125,877, the lowest in the series; recovery starts the following year.
07-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Schaarbeek · 1 establishment unit since 1981
Ground area
3,559 m²
Building footprint
930 m²
Volume, LiDAR
8,791 m³
2 parcels, Brussels, Flanders · tallest building 21.2 m, ±6 floors. Linked by address, not a title deed.
20
companies at this address
See who is registered here
1 establishment unit
President Kennedypark(Kor) 4, 8500 Kortrijk
since 19812.018.896.434
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34354D0098/00F000 | Flanders | 3,249 m² | 1 · 753 m² | 11.5 m · 3 fl. |
| 21905C0072/00V003 | Brussels | 310 m² | 1 · 177 m² | 21.2 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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 ownerChain of control
- VV Griffin Private Equity LimitedGB
- BEFICO
Highest known parent: VV Griffin Private Equity Limited (United Kingdom). The sources do not say who stands above it.
Owners 1
- VV Griffin Private Equity LimitedGBparentSourceown accounts 2022100%
Holdings 0
The accounts to 31-12-2022 list no holdings, and no other source names one.
According to the 2022 annual accounts of BEFICO 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 12,042 companies in sector 68203 we hold annual accounts for 6,005. 4,407 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
Founded23-04-1976
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0416090606
Also
9925:BE0416090606
Registered
04-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.