BEL REFLEX
ActiveThe computed 12-month bankruptcy probability of BEL REFLEX is 2.1% (moderate). The 2025 annual accounts show equity of €61k and a net result of €11k. Equity is growing by ~20.8% per year across the filed fiscal years. Its solvency ranks better than 36% of 27711 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
Score 2025
49
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability61▲+18
Solvency59=
Growth85▲+17
Track record100
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity tight (current ratio 1.46 against 1.47 in 2024; short-term debt: 66% and cash: 1.2% of total assets), and 66% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 21-10-2025, 10 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
10 d early
2024
27 d early
2023
29 d early
2022
17 d early
2021
4 d early
2020
10 d early
2019
29 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close22-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Turnover
€1.03M▲ 17.7%
2024 · €878k
2019: €300k
2020: €360k
2021: €602k
2022: €522k
2023: €587k
2024: €878k
2019 → 2025
EBIT margin
1.8%▲ 0.9pp
2024 · 1.0%
2019: 2.6%
2020: 2.3%
2021: 3.9%
2022: 1.6%
2023: 2.1%
2024: 1.0%
2019 → 2025
Net result
€11k▲ 216%
2024 · €3k
2019: €5k
2020: €5k
2021: €17k
2022: €5k
2023: €8k
2024: €3k
2019 → 2025
Working capital
€55k▲ 20.4%
2024 · €45k
2019: €9k
2020: €14k
2021: €30k
2022: €38k
2023: €47k
2024: €45k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€602k-€522k▼ 13.3%€587k▲ 12.4%€878k▲ 49.5%€1.03M▲ 17.7%
Equity€33k-€39k▲ 15.2%€47k▲ 20.8%€50k▲ 7.3%€61k▲ 21.4%
Operating result€24k-€9k▼ 64.1%€12k▲ 44.0%€8k▼ 30.7%€19k▲ 124%
Net result€17k-€5k▼ 70.6%€8k▲ 57.8%€3k▼ 57.8%€11k▲ 216%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 124% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €178k
Fixed assets
€6k▲ 30.7%
Current assets
€172k▲ 21.3%
Equity and liabilities €178k
Equity
€61k▲ 21.4%
Debt
€118k▲ 21.8%
The debt ratio rises from 65.9% to 66.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27k▲
2024 · €12k
Cash flow
€18k▲
2024 · €7k
Solvency
34.0%▼
2024 · 34.1%
Current ratio
1.46▼
2024 · 1.47
Quick ratio
1.46▼
2024 · 1.47
Debt / equity
1.94▲
2024 · 1.93
ROE
17.6%▲
2024 · 6.8%
ROA
6.0%▲
2024 · 2.3%
Interest coverage
7.47▲
2024 · 3.63
Debt
€118k▲
2024 · €97k
Debt ≤ 1 year
€118k▲
2024 · €97k
Income taxes
€5k▲
2024 · €2k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€146k€178k▲
Fixed assets21/28€5k€6k▲
Tangible fixed assets22/27€5k€6k▲
Plant, machinery and equipment23€2k€2k▲
Furniture and vehicles24€3k€4k▲
Current assets29/58€142k€172k▲
Amounts receivable within one year40/41€140k€167k▲
Trade receivables40€44k€80k▲
Other amounts receivable41€96k€87k▼
Cash at bank and in hand54/58€0€2k▲
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€146k€178k▲
Equity10/15€50k€61k▲
Contributions10/11€6k€6k=
Reserves13€752€752=
Non-distributable reserves130/1€752€752=
Reserves not available under the articles1311€752€752=
Profit (loss) carried forward14€43k€54k▲
Amounts payable17/49€97k€118k▲
Amounts payable within one year42/48€97k€118k▲
Current portion of amounts payable after more than one year42€2k€2k▼
Financial debts43€19k-
Credit institutions430/8€19k-
Trade debts44€60k€109k▲
Suppliers440/4€60k€109k▲
Taxes, remuneration and social security45€16k€7k▼
Remuneration and social security454/9€16k€7k▼
Income statement
Code20242025
Turnover70€878k€1.03M▲
Non-recurring operating income76A€5k€3k▼
Goods, raw materials, services and sundry goods60/61€868k€1.01M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€8k▲
Other operating charges640/8€3k€2k▼
Gross operating margin9900€15k€29k▲
Operating profit (loss)9901€8k€19k▲
Financial income75/76B€8€60▲
Recurring financial income75€8€60▲
Financial charges65/66B€3k€4k▲
Recurring financial charges65€3k€4k▲
Profit (loss) for the period before taxes9903€5k€15k▲
Income taxes67/77€2k€5k▲
Profit (loss) for the period9904€3k€11k▲
Profit (loss) for the period to be appropriated9905€3k€11k▲
Appropriation of the result
Profit (loss) to be appropriated9906€43k€54k▲
Profit (loss) brought forward from the previous period14P€40k€43k▲
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
21-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
04-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet €3k ▼57.8%
Net result drops to €3k, the lowest in the series; recovery starts the following year.
2023
02-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
14-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
27-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Highest result since 2019net €17k ▲257%
Operating result €24k, net result €17k, both a record.
2020
21-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
02-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Anderlecht · 1 establishment unit since 2017
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Industrielaan 91070 AnderlechtGround area
9,783 m²
Building footprint
4,538 m²
Volume, LiDAR
73,760 m³
Parcel 21306C0289/00B004, Brussels · tallest building 28.4 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Industrielaan 9, 1070 Anderlecht
since 20172.275.024.835
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21306C0289/00B004 | Brussels | 9,782 m² | 1 · 4,538 m² | 28.4 m · 7 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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ETM CONSTRUCT
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Of 15,529 companies in sector 43990 we hold annual accounts for 7,423. 6,186 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded04-10-2017
Fiscal year end31-03
Activities, NACEBEL
43990Other specialised construction activities
43999Specialised construction activities
43221Plumbing work
43320Joinery installation
43350Other building finishing work
81220Other building cleaning and industrial cleaning
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.