BelChange
ActiveSummary
BelChange has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €38k and a net result of €-457. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 18% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-4
Solvency38▼-1
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity short (current ratio 0.46 against 1.06 in 2024; short-term debt: 87.2% and cash: 0.2% of total assets), and 87.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
12.6%
Return on assets
-0.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 31791 sector peers (2025).
NBB · sector comparisonPosition among 31791 sector peers
Solvency
better than 18%
← weakest
strongest →
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
1 d early
2023
20 d late
2022
21 d late
2021
31 d late
2019
90 d late
2018
426 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, micro schema
Equity
€38k▼ 1.2%
2024 · €38k
2018: €42k
2019: €42k▼ -0.5% vs 2018
2021: €55k
2022: €64k▲ +15.7% vs 2021highest value
2023: €29k▼ -54.7% vs 2022lowest value
2024: €38k▲ +32.4% vs 2023
2025: €38k▼ -1.2% vs 2024
2018 → 2025
Total assets
€301k▲ 10.7%
2024 · €272k
2018: €91k
2019: €45k▼ -50.6% vs 2018lowest value
2021: €64k
2022: €133k▲ +106% vs 2021
2023: €155k▲ +16.9% vs 2022
2024: €272k▲ +75.4% vs 2023
2025: €301k▲ +10.7% vs 2024highest value
2018 → 2025
Net result
€-457
2024 · €9k
2018: €942
2019: €-206▼ -122% vs 2018
2021: €16khighest value
2022: €9k▼ -46.0% vs 2021
2023: €-6▼ -100% vs 2022
2024: €9k▲ +165329% vs 2023
2025: €-457▼ -105% vs 2024lowest value
2018 → 2025
Working capital
€-143k
2024 · €13k
2018: €80khighest value
2019: €44k▼ -44.5% vs 2018
2021: €55k
2022: €14k▼ -75.3% vs 2021
2023: €-9k▼ -165% vs 2022
2024: €13k▲ +249% vs 2023
2025: €-143k▼ -1186% vs 2024lowest value
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€55k-€64k▲ 15.7%€29k▼ 54.7%€38k▲ 32.4%€38k▼ 1.2%
2021: €55k
2022: €64k▲ +15.7% vs 2021highest in 5 years
2023: €29k▼ -54.7% vs 2022lowest in 5 years
2024: €38k▲ +32.4% vs 2023
2025: €38k▼ -1.2% vs 2024
Operating result€21k-€15k▼ 29.3%€6k▼ 60.2%€12k▲ 112%€633▼ 94.9%
2021: €21khighest in 5 years
2022: €15k▼ -29.3% vs 2021
2023: €6k▼ -60.2% vs 2022
2024: €12k▲ +112% vs 2023
2025: €633▼ -94.9% vs 2024lowest in 5 years
Net result€16k-€9k▼ 46.0%€-6€9k€-457
2021: €16khighest in 5 years
2022: €9k▼ -46.0% vs 2021
2023: €-6▼ -100% vs 2022
2024: €9k▲ +165329% vs 2023
2025: €-457▼ -105% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 95% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €244k
Fixed assets
€124k ▲ 391%
Current assets
€120k ▼ 51.5%
Equity and liabilities €301k
Equity
€38k ▼ 1.2%
Debt
€263k ▲ 12.6%
Debt's share of the balance-sheet total rises from 85.8% to 87.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€23k▼
2024 · €25k
Cash flow
€22k=
2024 · €22k
Current ratio
0.46▼
2024 · 1.06
Debt to equity
6.91▲
2024 · 6.07
ROE
-1.2%▼
2024 · 24.5%
ROA
-0.2%▼
2024 · 3.5%
Interest coverage
77.82▼
2024 · 311.91
Debt ≤ 1 year
€262k▲
2024 · €233k
Income taxes
€1k▼
2024 · €3k
Staff costs
€78k▼
2024 · €127k
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 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€272k€301k▲
Formation expenses20-€57k
Fixed assets21/28€25k€124k▲
Intangible fixed assets21-€47k
Tangible fixed assets22/27€25k€41k▲
Furniture and vehicles24€25k€14k▼
Other tangible fixed assets26-€27k
Financial fixed assets28€221€36k▲
Current assets29/58€246k€120k▼
Amounts receivable within one year40/41€196k€73k▼
Trade receivables40€173k€45k▼
Other amounts receivable41€23k€28k▲
Cash at bank and in hand54/58€41k€730▼
Deferred charges and accrued income490/1€10k€46k▲
Equity and liabilities
Total equity and liabilities10/49€272k€301k▲
Equity10/15€38k€38k▼
Contributions10/11€20k€20k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€16k€16k▼
Amounts payable17/49€233k€263k▲
Amounts payable within one year42/48€233k€262k▲
Trade debts44€22k€38k▲
Suppliers440/4€22k€38k▲
Taxes, remuneration and social security45€16k€21k▲
Taxes450/3€5k€5k▲
Remuneration and social security454/9€12k€16k▲
Other amounts payable47/48€195k€203k▲
Accrued charges and deferred income492/3-€436
Income statement
Code20242025
Remuneration, social security and pensions62€127k€78k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13k€22k▲
Other operating charges640/8€1k€3k▲
Gross operating margin9900€153k€104k▼
Operating profit (loss)9901€12k€633▼
Financial income75/76B-€262
Recurring financial income75-€262
Financial charges65/66B€80€296▲
Recurring financial charges65€80€296▲
Profit (loss) for the period before taxes9903€12k€599▼
Income taxes67/77€3k€1k▼
Profit (loss) for the period9904€9k€-457▼
Profit (loss) for the period to be appropriated9905€9k€-457▼
Appropriation of the result
Profit (loss) to be appropriated9906€16k€16k▼
Profit (loss) brought forward from the previous period14P€7k€16k▲
The notes to these accounts (12 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €10k | - | - | - | - | - |
| Remuneration, social security and pensions62 | €2k | €68k | €145k | €127k | €78k | ▼ 38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €11k | €13k | €13k | €22k | ▲ 78.7% |
| Other operating charges640/8 | - | €1k | €2k | €1k | €3k | ▲ 188% |
| Gross operating margin9900 | €23k | €95k | €165k | €153k | €104k | ▼ 31.6% |
| Operating profit (loss)9901 | €21k | €15k | €6k | €12k | €633 | ▼ 94.9% |
| Financial income75/76B | - | €154 | - | - | €262 | - |
| Recurring financial income75 | - | €154 | - | - | €262 | - |
| Financial charges65/66B | €65 | €390 | €125 | €80 | €296 | ▲ 271% |
| Recurring financial charges65 | €65 | €390 | €125 | €80 | €296 | ▲ 271% |
| Profit (loss) for the period before taxes9903 | €21k | €14k | €6k | €12k | €599 | ▼ 95.1% |
| Income taxes67/77 | €5k | €6k | €6k | €3k | €1k | ▼ 62.9% |
| Profit (loss) for the period9904 | €16k | €9k | €-6 | €9k | €-457 | ▼ 105% |
| Profit (loss) for the period to be appropriated9905 | €16k | €9k | €-6 | €9k | €-457 | ▼ 105% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €64k | €133k | €155k | €272k | €301k | ▲ 10.7% |
| Formation expenses20 | - | - | - | - | €57k | - |
| Fixed assets21/28 | €221 | €50k | €38k | €25k | €124k | ▲ 391% |
| Intangible fixed assets21 | - | - | - | - | €47k | - |
| Tangible fixed assets22/27 | - | €50k | €38k | €25k | €41k | ▲ 62.1% |
| Furniture and vehicles24 | - | €50k | €38k | €25k | €14k | ▼ 45.1% |
| Other tangible fixed assets26 | - | - | - | - | €27k | - |
| Financial fixed assets28 | €221 | €221 | €221 | €221 | €36k | ▲ 16,276% |
| Current assets29/58 | €64k | €82k | €117k | €246k | €120k | ▼ 51.5% |
| Amounts receivable within one year40/41 | €23k | €82k | €93k | €196k | €73k | ▼ 62.9% |
| Trade receivables40 | €23k | €82k | €70k | €173k | €45k | ▼ 74.2% |
| Other amounts receivable41 | €88 | €88 | €23k | €23k | €28k | ▲ 21.6% |
| Cash at bank and in hand54/58 | €41k | €264 | €15k | €41k | €730 | ▼ 98.2% |
| Deferred charges and accrued income490/1 | - | €110 | €10k | €10k | €46k | ▲ 383% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €64k | €133k | €155k | €272k | €301k | ▲ 10.7% |
| Equity10/15 | €55k | €64k | €29k | €38k | €38k | ▼ 1.2% |
| Contributions10/11 | €20k | €20k | €20k | €20k | €20k | = |
| Capital10 | €20k | - | - | - | - | - |
| Issued capital100 | €20k | - | - | - | - | - |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Legal reserve130 | €2k | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | - | - | €0 | - | - | - |
| Distributable reserves133 | - | - | €0 | - | - | - |
| Profit (loss) carried forward14 | €33k | €42k | €7k | €16k | €16k | ▼ 2.8% |
| Amounts payable17/49 | €9k | €68k | €126k | €233k | €263k | ▲ 12.6% |
| Amounts payable within one year42/48 | €9k | €68k | €126k | €233k | €262k | ▲ 12.4% |
| Trade debts44 | €2k | €2k | €18k | €22k | €38k | ▲ 75.8% |
| Suppliers440/4 | €2k | €2k | €18k | €22k | €38k | ▲ 75.8% |
| Taxes, remuneration and social security45 | €7k | €23k | €25k | €16k | €21k | ▲ 29.4% |
| Taxes450/3 | €5k | €9k | €11k | €5k | €5k | ▲ 9.9% |
| Remuneration and social security454/9 | €2k | €14k | €14k | €12k | €16k | ▲ 36.9% |
| Other amounts payable47/48 | - | €43k | €83k | €195k | €203k | ▲ 4.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €436 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16k | €9k | €-6 | €9k | €-457 | ▼ 105% |
| + Depreciation and write-downs630 | - | €11k | €13k | €13k | €22k | ▲ 78.7% |
| Operating cash flow (approximation) | €16k | €20k | €13k | €22k | €22k | = |
| Investment in fixed assets (approximation) | - | €-62k | €0 | €0 | €-121k | - |
| Change in cash | - | €-41k | €14k | €26k | €-40k | ▼ 253% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-457
Net result drops to €-457, the lowest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €9k
Net result €9k after one loss-making year.
20-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 20 days late
2023
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 21 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Back to profitnet €16k
Net result €16k after one loss-making year.
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
29-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 426 days late
2019
31-12
Financial
Liquidity times 9current ratio 136.57
Current ratio from 15.60 to 136.57; short-term debt falls from €5k to €327.
2018
27-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 149 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 59 days late
2016
31-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 92 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Brussel · 2 establishment units since 2014
Ground area
55 m²
Building footprint
38 m²
Volume, LiDAR
550 m³
Parcel 21802B1237/00C000, Brussels · tallest building 16.4 m, ±5 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
BelChange
since 20142.260.314.685
BelChange
since 20252.380.303.487
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B1237/00C000 | Brussels | 55 m² | 1 · 37 m² | 16.4 m · 5 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 36,359 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
Founded22-07-2013
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.