BELBEAU
ActiveSummary
BELBEAU has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €528k and a net result of €-57k. Equity is growing by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 42% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability23▼-7
Solvency48▼-3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity short (current ratio 0.7 against 0.8 in 2024; short-term debt: 42.6% and cash: 0.1% of total assets), and 76.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-57k
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
on the day
2022
66 d late
2021
45 d early
2020
23 d late
2019
61 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-57k▼ 220%
2024 · €-18k
2018: €239khighest in 8 years
2019: €-4k▼ -102% vs 2018
2020: €-12k▼ -184% vs 2019
2021: €-4k▲ +67.3% vs 2020
2022: €-11k▼ -186% vs 2021
2023: €-52k▼ -379% vs 2022
2024: €-18k▲ +65.8% vs 2023
2025: €-57k▼ -220% vs 2024lowest in 8 years
2018 → 2025
Working capital
€-287k▼ 83.3%
2024 · €-157k
2018: €-64k
2019: €-120k▼ -88.4% vs 2018
2020: €-177k▼ -47.8% vs 2019
2021: €-229k▼ -29.2% vs 2020
2022: €-38k▲ +83.4% vs 2021highest in 8 years
2023: €-500k▼ -1211% vs 2022lowest in 8 years
2024: €-157k▲ +68.6% vs 2023
2025: €-287k▼ -83.3% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€388k-€377k▼ 2.8%€603k▲ 59.9%€585k▼ 2.9%€528k▼ 9.7%
2021: €388k
2022: €377k▼ -2.8% vs 2021lowest in 5 years
2023: €603k▲ +59.9% vs 2022highest in 5 years
2024: €585k▼ -2.9% vs 2023
2025: €528k▼ -9.7% vs 2024
Operating result€4k-€3k▼ 14.8%€-11k€41k€7k▼ 82.0%
2021: €4k
2022: €3k▼ -14.8% vs 2021
2023: €-11k▼ -434% vs 2022lowest in 5 years
2024: €41k▲ +470% vs 2023highest in 5 years
2025: €7k▼ -82.0% vs 2024
Net result€-4k-€-11k▼ 186%€-52k▼ 379%€-18k▲ 65.8%€-57k▼ 220%
2021: €-4khighest in 5 years
2022: €-11k▼ -186% vs 2021
2023: €-52k▼ -379% vs 2022
2024: €-18k▲ +65.8% vs 2023
2025: €-57k▼ -220% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 82% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.25M
Fixed assets
€1.58M ▼ 0.7%
Current assets
€671k ▲ 4.6%
Equity and liabilities €2.25M
Equity
€528k ▼ 9.7%
Provisions
€66k ▼ 3.7%
Debt
€1.66M ▲ 4.9%
Debt's share of the balance-sheet total rises from 70.8% to 73.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€61k▼
2024 · €93k
Cash flow
€-3k▼
2024 · €35k
Current ratio
0.70▼
2024 · 0.80
Quick ratio
0.03▼
2024 · 0.04
Debt to equity
3.14▲
2024 · 2.70
ROE
-10.7%▼
2024 · -3.0%
ROA
-2.5%▼
2024 · -0.8%
Interest coverage
0.92▼
2024 · 1.52
Debt ≤ 1 year
€958k▲
2024 · €798k
Debt > 1 year
€697k▼
2024 · €779k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.23M€2.25M▲
Fixed assets21/28€1.59M€1.58M▼
Tangible fixed assets22/27€1.59M€1.58M▼
Land and buildings22€1.58M€1.57M▼
Plant, machinery and equipment23€7k€7k▼
Current assets29/58€641k€671k▲
Stocks and contracts in progress3€608k€645k▲
Stocks30/36€608k€645k▲
Amounts receivable within one year40/41€22k€20k▼
Trade receivables40€21k€15k▼
Other amounts receivable41€822€5k▲
Cash at bank and in hand54/58€2k€3k▲
Deferred charges and accrued income490/1€10k€4k▼
Equity and liabilities
Total equity and liabilities10/49€2.23M€2.25M▲
Equity10/15€585k€528k▼
Contributions10/11€19k€19k=
Revaluation surpluses12€264k€264k=
Reserves13€302k€246k▼
Tax-exempt reserves132€209k€202k▼
Distributable reserves133€93k€44k▼
Provisions and deferred taxes16€68k€66k▼
Deferred taxes168€68k€66k▼
Amounts payable17/49€1.58M€1.66M▲
Amounts payable after more than one year17€779k€697k▼
Financial debts170/4€779k€697k▼
Amounts payable within one year42/48€798k€958k▲
Current portion of amounts payable after more than one year42€85k€83k▼
Financial debts43€303k€300k▼
Credit institutions430/8€303k€300k▼
Trade debts44€3k€57k▲
Suppliers440/4€3k€57k▲
Taxes, remuneration and social security45€7k€10k▲
Taxes450/3€7k€10k▲
Other amounts payable47/48€401k€509k▲
Accrued charges and deferred income492/3€2k€2k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€52k€54k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-8k€0▲
Other operating charges640/8€17k€9k▼
Gross operating margin9900€102k€71k▼
Operating profit (loss)9901€41k€7k▼
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€61k€67k▲
Recurring financial charges65€61k€67k▲
Profit (loss) for the period before taxes9903€-20k€-59k▼
Transfer from deferred taxes780€3k€3k=
Profit (loss) for the period9904€-18k€-57k▼
Transfer from tax-exempt reserves789€8k€8k=
Profit (loss) for the period to be appropriated9905€-10k€-49k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-10k€-49k▼
Profit (loss) brought forward from the previous period14P€0-
Transfer from equity791/2€10k€49k▲
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €74k | €81k | - | - | - | - |
| Other operating income74 | €74k | €79k | - | - | - | - |
| Non-recurring operating income76A | - | €2k | - | - | - | - |
| Operating charges60/66A | €71k | €78k | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | €519 | - | - | - | - |
| Purchases600/8 | €143k | €190k | - | - | - | - |
| Change in stocks: decrease (increase)609 | €-143k | €-190k | - | - | - | - |
| Services and other goods61 | €18k | €24k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46k | €46k | €61k | €52k | €54k | ▲ 3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €4k | €-8k | €0 | ▲ 100% |
| Other operating charges640/8 | €6k | €7k | €14k | €17k | €9k | ▼ 45.6% |
| Gross operating margin9900 | - | - | €69k | €102k | €71k | ▼ 31.0% |
| Operating profit (loss)9901 | €4k | €3k | €-11k | €41k | €7k | ▼ 82.0% |
| Financial income75/76B | €1 | €2 | €15 | €0 | - | - |
| Recurring financial income75 | €1 | €2 | €15 | €0 | - | - |
| Other financial income752/9 | €1 | €2 | - | - | - | - |
| Financial charges65/66B | €11k | €17k | €43k | €61k | €67k | ▲ 8.6% |
| Recurring financial charges65 | €11k | €17k | €43k | €61k | €67k | ▲ 8.6% |
| Debt charges650 | €10k | €16k | - | - | - | - |
| Other financial charges652/9 | €487 | €1k | - | - | - | - |
| Non-recurring financial charges66B | - | €19 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €-7k | €-14k | €-54k | €-20k | €-59k | ▼ 192% |
| Transfer from deferred taxes780 | €3k | €3k | €3k | €3k | €3k | = |
| Income taxes67/77 | - | €0 | - | - | - | - |
| Taxes670/3 | - | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €-4k | €-11k | €-52k | €-18k | €-57k | ▼ 220% |
| Transfer from tax-exempt reserves789 | €7k | €7k | €8k | €8k | €8k | = |
| Profit (loss) for the period to be appropriated9905 | €3k | €-4k | €-44k | €-10k | €-49k | ▼ 388% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.35M | €1.50M | €2.09M | €2.23M | €2.25M | ▲ 0.8% |
| Fixed assets21/28 | €1.20M | €1.15M | €1.61M | €1.59M | €1.58M | ▼ 0.7% |
| Tangible fixed assets22/27 | €1.20M | €1.15M | €1.61M | €1.59M | €1.58M | ▼ 0.7% |
| Land and buildings22 | €1.19M | €1.14M | €1.61M | €1.58M | €1.57M | ▼ 0.7% |
| Plant, machinery and equipment23 | €9k | €9k | €8k | €7k | €7k | ▼ 7.6% |
| Current assets29/58 | €152k | €342k | €471k | €641k | €671k | ▲ 4.6% |
| Stocks and contracts in progress3 | €143k | €333k | €414k | €608k | €645k | ▲ 6.0% |
| Stocks30/36 | €143k | €333k | €414k | €608k | €645k | ▲ 6.0% |
| Property held for sale35 | €143k | €333k | - | - | - | - |
| Amounts receivable within one year40/41 | €6k | €9k | €49k | €22k | €20k | ▼ 11.5% |
| Trade receivables40 | €4k | €9k | €20k | €21k | €15k | ▼ 31.5% |
| Other amounts receivable41 | €1k | - | €29k | €822 | €5k | ▲ 508% |
| Cash at bank and in hand54/58 | - | - | €1k | €2k | €3k | ▲ 86.3% |
| Deferred charges and accrued income490/1 | €3k | €583 | €6k | €10k | €4k | ▼ 60.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.35M | €1.50M | €2.09M | €2.23M | €2.25M | ▲ 0.8% |
| Equity10/15 | €388k | €377k | €603k | €585k | €528k | ▼ 9.7% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Revaluation surpluses12 | - | - | €264k | €264k | €264k | = |
| Reserves13 | €370k | €363k | €320k | €302k | €246k | ▼ 18.7% |
| Non-distributable reserves130/1 | €2k | - | - | - | - | - |
| Reserves not available under the articles1311 | €2k | - | - | - | - | - |
| Tax-exempt reserves132 | €218k | €211k | €217k | €209k | €202k | ▼ 3.7% |
| Distributable reserves133 | €150k | €152k | €103k | €93k | €44k | ▼ 52.7% |
| Profit (loss) carried forward14 | €-933 | €-5k | - | - | - | - |
| Provisions and deferred taxes16 | €90k | €87k | €71k | €68k | €66k | ▼ 3.7% |
| Deferred taxes168 | €90k | €87k | €71k | €68k | €66k | ▼ 3.7% |
| Amounts payable17/49 | €874k | €1.03M | €1.41M | €1.58M | €1.66M | ▲ 4.9% |
| Amounts payable after more than one year17 | €493k | €652k | €441k | €779k | €697k | ▼ 10.6% |
| Financial debts170/4 | €493k | €652k | €441k | €779k | €697k | ▼ 10.6% |
| Credit institutions173 | €493k | €652k | - | - | - | - |
| Amounts payable within one year42/48 | €381k | €381k | €971k | €798k | €958k | ▲ 20.1% |
| Current portion of amounts payable after more than one year42 | €87k | €78k | €68k | €85k | €83k | ▼ 2.9% |
| Financial debts43 | €319 | €1k | €300k | €303k | €300k | ▼ 1.1% |
| Credit institutions430/8 | €319 | €1k | €300k | €303k | €300k | ▼ 1.1% |
| Trade debts44 | €145k | €91k | €119k | €3k | €57k | ▲ 2,068% |
| Suppliers440/4 | €145k | €91k | €119k | €3k | €57k | ▲ 2,068% |
| Advances received on contracts in progress46 | €2k | - | - | - | - | - |
| Taxes, remuneration and social security45 | €246 | €193 | €14k | €7k | €10k | ▲ 53.3% |
| Taxes450/3 | €246 | €193 | €14k | €7k | €10k | ▲ 53.3% |
| Other amounts payable47/48 | €147k | €210k | €470k | €401k | €509k | ▲ 26.9% |
| Accrued charges and deferred income492/3 | €289 | - | €263 | €2k | €2k | ▼ 16.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-4k | €-11k | €-52k | €-18k | €-57k | ▼ 220% |
| + Depreciation and write-downs630 | €46k | €46k | €61k | €52k | €54k | ▲ 3.0% |
| Operating cash flow (approximation) | €43k | €35k | €10k | €35k | €-3k | ▼ 108% |
| Investment in fixed assets (approximation) | - | €101 | €-522k | €-30k | €-42k | ▼ 43.2% |
| Change in cash | - | - | - | €248 | €1k | ▲ 431% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-57k
Net result drops to €-57k, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €500kEq €603k ▲59.9%
Equity rises from €377k to €603k.
05-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 66 days late
2022
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 23 days late
2020
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 61 days late
2019
19-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 50 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 28 days late
2017
22-06
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 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, Wervik · 1 establishment unit since 1992
Ground area
2,581 m²
Building footprint
1,346 m²
Volume, LiDAR
8,325 m³
Parcel 33029B0766/00F000, Flanders · tallest building 7.0 m, ±2 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
BELBEAU
since 19922.057.778.982
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33029B0766/00F000 | Flanders | 2,581 m² | 1 · 1,346 m² | 7.0 m · 2 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.
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 4,654 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
Founded06-05-1992
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.