BEL - SET
ActiveSummary
BEL - SET has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €133,232 and a net result of -€3,857. Equity is growing by ~10.5% per year across the filed fiscal years. Its solvency ranks better than 81% of 8737 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-32
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity short (current ratio 0.05 against 0.28 in 2024; short-term debt: 9.5% of total assets), and 14.3% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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 24-07-2026, 7 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
7 d early
2024
36 d early
2023
on the day
2022
18 d early
2021
29 d late
2020
31 d late
2019
27 d late
← 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 4 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€70,315
EBIT margin
26.8%
Net result
-€3,857
2024 · €41,221
Working capital
-€13,933▲ 32.9%
2024 · -€20,776
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€9,371▼ 50.3%€12,515▲ 33.5%-€1,617€14,066-€1,977
Net result€3,826▼ 74.7%€4,760▲ 24.4%-€4,694€41,221-€3,857
EBIT margin
Equity€95,802▲ 4.2%€100,563▲ 5.0%€95,869▼ 4.7%€137,089▲ 43.0%€133,232▼ 2.8%
Total assets€166,854▼ 2.5%€178,072▲ 6.7%€156,066▼ 12.4%€176,826▲ 13.3%€155,414▼ 12.1%
Debt€71,052▼ 10.2%€77,510▲ 9.1%€60,197▼ 22.3%€39,736▼ 34.0%€22,182▼ 44.2%
Working capital-€53,979▼ 6.9%-€64,314▼ 19.1%-€52,161▲ 18.9%-€20,776▲ 60.2%-€13,933▲ 32.9%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €1,977 after €14,066 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €155,414
Fixed assets
€154,645 ▼ 8.3%
Current assets
€769 ▼ 90.7%
Equity and liabilities €155,414
Equity
€133,232 ▼ 2.8%
Debt
€22,182 ▼ 44.2%
Debt's share of the balance-sheet total falls from 22.5% to 14.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,955▼
2024 · €27,800
Cash flow
€10,075▼
2024 · €54,955
Current ratio
0.05▼
2024 · 0.28
Debt to equity
0.17▼
2024 · 0.29
ROE
-2.9%▼
2024 · 30.1%
ROA
-2.5%▼
2024 · 23.3%
Interest coverage
12.58▼
2024 · 18.38
Debt ≤ 1 year
€14,702▼
2024 · €29,025
Debt > 1 year
€7,480▼
2024 · €10,712
Income taxes
€930▼
2024 · €8,299
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,238 | €12,547 | €22,565 | €13,734 | €13,932 | ▲ 1.4% |
| Other operating charges640/8 | €852 | €1,692 | €565 | €397 | €419 | ▲ 5.6% |
| Gross operating margin9900 | €15,461 | €26,754 | €21,512 | €28,198 | €12,375 | ▼ 56.1% |
| Operating profit (loss)9901 | €9,371 | €12,515 | -€1,617 | €14,066 | -€1,977 | ▼ 114% |
| Financial income75/76B | €525 | - | - | €36,966 | - | - |
| Recurring financial income75 | €525 | - | - | €36,966 | - | - |
| Financial charges65/66B | €3,256 | €3,337 | €1,731 | €1,513 | €950 | ▼ 37.2% |
| Recurring financial charges65 | €3,256 | €3,337 | €1,731 | €1,513 | €950 | ▼ 37.2% |
| Profit (loss) for the period before taxes9903 | €6,639 | €9,178 | -€3,348 | €49,520 | -€2,927 | ▼ 106% |
| Income taxes67/77 | €2,814 | €4,417 | €1,346 | €8,299 | €930 | ▼ 88.8% |
| Profit (loss) for the period9904 | €3,826 | €4,760 | -€4,694 | €41,221 | -€3,857 | ▼ 109% |
| Profit (loss) for the period to be appropriated9905 | €3,826 | €4,760 | -€4,694 | €41,221 | -€3,857 | ▼ 109% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €166,854 | €178,072 | €156,066 | €176,826 | €155,414 | ▼ 12.1% |
| Fixed assets21/28 | €154,523 | €176,696 | €154,131 | €168,577 | €154,645 | ▼ 8.3% |
| Tangible fixed assets22/27 | €14,423 | €36,597 | €14,032 | €28,478 | €14,546 | ▼ 48.9% |
| Plant, machinery and equipment23 | €9,928 | €6,655 | €3,416 | €2,757 | €925 | ▼ 66.5% |
| Furniture and vehicles24 | €4,496 | €29,942 | €10,616 | €25,721 | €13,621 | ▼ 47.0% |
| Financial fixed assets28 | €140,099 | €140,099 | €140,099 | €140,099 | €140,099 | = |
| Current assets29/58 | €12,332 | €1,377 | €1,935 | €8,249 | €769 | ▼ 90.7% |
| Amounts receivable within one year40/41 | €11,758 | - | €1,372 | €7,808 | €306 | ▼ 96.1% |
| Trade receivables40 | €5,376 | - | - | €3,388 | - | - |
| Other amounts receivable41 | €6,382 | - | €1,372 | €4,420 | €306 | ▼ 93.1% |
| Cash at bank and in hand54/58 | - | €769 | - | - | - | - |
| Deferred charges and accrued income490/1 | €573 | €607 | €563 | €441 | €462 | ▲ 4.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €166,854 | €178,072 | €156,066 | €176,826 | €155,414 | ▼ 12.1% |
| Equity10/15 | €95,802 | €100,563 | €95,869 | €137,089 | €133,232 | ▼ 2.8% |
| Contributions10/11 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €5,685 | €10,445 | €10,445 | €51,666 | €51,666 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | €3,826 | €8,586 | €8,586 | €51,666 | €51,666 | = |
| Profit (loss) carried forward14 | €83,920 | €83,920 | €79,226 | €79,226 | €75,369 | ▼ 4.9% |
| Amounts payable17/49 | €71,052 | €77,510 | €60,197 | €39,736 | €22,182 | ▼ 44.2% |
| Amounts payable after more than one year17 | €4,703 | €11,819 | €6,101 | €10,712 | €7,480 | ▼ 30.2% |
| Financial debts170/4 | €4,703 | €11,819 | €6,101 | €10,712 | €7,480 | ▼ 30.2% |
| Amounts payable within one year42/48 | €66,311 | €65,690 | €54,096 | €29,025 | €14,702 | ▼ 49.3% |
| Current portion of amounts payable after more than one year42 | €6,161 | €11,371 | €5,718 | €9,202 | €3,232 | ▼ 64.9% |
| Financial debts43 | €10,636 | - | €814 | €61 | €428 | ▲ 603% |
| Credit institutions430/8 | €10,636 | - | €814 | €61 | €428 | ▲ 603% |
| Trade debts44 | €3,640 | €1,292 | €2,763 | €4,311 | €410 | ▼ 90.5% |
| Suppliers440/4 | €3,640 | €1,292 | €2,763 | €4,311 | €410 | ▼ 90.5% |
| Taxes, remuneration and social security45 | €7,964 | €7,231 | €5,763 | €8,258 | €9,188 | ▲ 11.3% |
| Taxes450/3 | €7,964 | €7,231 | €5,763 | €8,258 | €9,188 | ▲ 11.3% |
| Other amounts payable47/48 | €37,911 | €45,796 | €39,038 | €7,194 | €1,445 | ▼ 79.9% |
| Accrued charges and deferred income492/3 | €38 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,826 | €4,760 | -€4,694 | €41,221 | -€3,857 | ▼ 109% |
| + Depreciation and write-downs630 | €5,238 | €12,547 | €22,565 | €13,734 | €13,932 | ▲ 1.4% |
| Operating cash flow (approximation) | €9,064 | €17,307 | €17,871 | €54,955 | €10,075 | ▼ 81.7% |
| Investment in fixed assets (approximation) | - | -€34,720 | €0 | -€28,181 | €0 | ▲ 100% |
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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €41,221
Net result €41,221 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €137,089 ▲43%
Equity rises from €95,869 to €137,089.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet -€4,694
Net result drops to -€4,694, the lowest in the series; recovery starts the following year.
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €100,000Eq €100,563 ▲5%
4 profitable years in a row build equity to €100,563.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 27 days late
2019
31-12
Financial
Back to profitnet €19,290
Net result €19,290 after one loss-making year.
Show earlier events
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 23 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Incourt · 3 establishment units since 1989
Ground area
1,932 m²
Building footprint
599 m²
Volume, LiDAR
7,841 m³
3 parcels, Brussels, Wallonia · tallest building 22.1 m, ±6 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
3 establishment units
Rue d' Alliebroux 1, 1315 Incourt
since 19892.043.911.348
Albertlaan 137, 1190 Vorst
since 19902.043.911.150
BROKIMO SC
since 19922.043.911.249
3 parcels
Wallonia
1
(33.3%)
Brussels
2
(66.7%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25086E0132/00D000 | Wallonia | 960 m² | 1 · 155 m² | 10.7 m · 3 fl. |
| 21614H0003/00E008 | Brussels | 566 m² | 1 · 277 m² | 19.5 m · 5 fl. |
| 21383B0088/00X004 | Brussels | 406 m² | 1 · 167 m² | 22.1 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 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
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
99%
According to the 2025 annual accounts of BEL - SET 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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2 Comply
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 40,882 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-06-1989
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Not found in the Peppol register
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.