BELCOIN
ActiveSummary
BELCOIN has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €374,319 and a net result of €62,026. Equity is growing by ~10.7% per year across the filed fiscal years. Its solvency ranks better than 83% of 8281 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
What stands out
Overview
0 of 3 deeds readAccounts 35 d earlyTurnover not published (abridged schema)
Why 92- Higher-failure-rate sector+ Long track record+ Annual accounts: healthy financial profileLatest accounts filed on timeShow the evidence
Checked score
Score 2025
Axes · tick = 2024
Profitability85▼-13
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 10.06 against 18.29 in 2024; short-term debt: 7.8% and cash: 44.4% of total assets), and 20.8% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
79.2%
Return on assets
13.1%
Age of the figures
12 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 26-03-2026, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
35 d early
2024
36 d early
2023
118 d early
2022
136 d early
2021
39 d early
2020
63 d early
2019
31 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 65 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 22 March (4 of the last 5 filed years within 78 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close01-10-2026 today30-04-2027 deadline
- Annual accounts filedfiscal year 2025 · abbreviated…
- Annual accounts filedfiscal year 2024 · abbreviated…
- Highest result since 2019net €83,719 ▲220%
Financials
Fiscal year 2025Total assets €472,728Profit €62,026Solvency 79.2%Liquidity 10.06
Total assets
€472,728▲ 33.8%
2019 - 2025
Net result
€62,026▼ 25.9%
2019 - 2025
Equity
€374,319▲ 19.9%
2019 - 2025
Solvency
79.2%▼ 9.2pp
2019 - 2025
Financials · fiscal year 2025, abbreviated schema
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€13,291€16,827€27,230▲ 61.8%€84,926▲ 212%€62,613▼ 26.3%
Net result-€18,259below the sector's middle half€12,559within the sector's middle half€26,123within the sector's middle half▲ 108%€83,719within the sector's middle half▲ 220%€62,026within the sector's middle half▼ 25.9%
Equity€189,894within the sector's middle half▼ 8.8%€202,452within the sector's middle half▲ 6.6%€228,575within the sector's middle half▲ 12.9%€312,294within the sector's middle half▲ 36.6%€374,319within the sector's middle half▲ 19.9%
Total assets€319,425below the sector's middle half▼ 10.7%€304,787below the sector's middle half▼ 4.6%€252,214below the sector's middle half▼ 17.2%€353,239below the sector's middle half▲ 40.1%€472,728within the sector's middle half▲ 33.8%
Debt€129,531▼ 13.4%€102,335▼ 21.0%€23,638▼ 76.9%€40,946▲ 73.2%€98,408▲ 140%
Working capital€187,366within the sector's middle half▼ 6.3%€198,842within the sector's middle half▲ 6.1%€221,861within the sector's middle half▲ 11.6%€296,640within the sector's middle half▲ 33.7%€333,902within the sector's middle half▲ 12.6%
Solvency59.4%within the sector's middle half▲ 1.3pp66.4%above the sector's middle half▲ 7.0pp90.6%above the sector's middle half▲ 24.2pp88.4%above the sector's middle half▼ 2.2pp79.2%above the sector's middle half▼ 9.2pp
Current ratio2.50within the sector's middle half▲ 0.123.32above the sector's middle half▲ 0.8217.99above the sector's middle half▲ 14.6618.29above the sector's middle half▲ 0.3010.06above the sector's middle half▼ 8.23
Return on assets (ROA)-5.7%below the sector's middle half▼ 8.0pp4.1%within the sector's middle half▲ 9.8pp10.4%within the sector's middle half▲ 6.2pp23.7%above the sector's middle half▲ 13.3pp13.1%above the sector's middle half▼ 10.6pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result and balance sheet
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 26% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €472,728
Fixed assets
€101,968 ▲ 159%
Current assets
€370,760 ▲ 18.2%
Equity and liabilities €472,728
Equity
€374,319 ▲ 19.9%
Debt
€98,408 ▲ 140%
Debt's share of the balance-sheet total rises from 11.6% to 20.8%. Equity and debt are higher.
Key figures and ratios
Key figures and ratios
EBITDA
€76,439▼
2024 · €93,927
Cash flow
€75,852▼
2024 · €92,720
Quick ratio
9.65▼
2024 · 14.50
Debt to equity
0.26▲
2024 · 0.13
ROE
16.6%▼
2024 · 26.8%
Interest coverage
24.75▼
2024 · 77.77
Debt ≤ 1 year
€36,857▲
2024 · €17,158
Debt > 1 year
€61,551▲
2024 · €23,788
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 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% | 1.8% |
| 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 20,134 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.
Filed annual accounts
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,687 | €6,743 | €4,829 | €9,001 | €13,826 | ▲ 53.6% |
| Other operating charges640/8 | - | €1,119 | €1,132 | €1,431 | €2,418 | ▲ 68.9% |
| Gross operating margin9900 | -€3,504 | €24,689 | €33,191 | €95,359 | €78,857 | ▼ 17.3% |
| Operating profit (loss)9901 | -€13,291 | €16,827 | €27,230 | €84,926 | €62,613 | ▼ 26.3% |
| Financial income75/76B | - | €0 | €0 | €0 | €2,501 | ▲ 833,437% |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €2,501 | ▲ 833,437% |
| Financial charges65/66B | - | €4,269 | €1,107 | €1,208 | €3,088 | ▲ 156% |
| Recurring financial charges65 | €4,968 | €4,269 | €1,107 | €1,208 | €3,088 | ▲ 156% |
| Profit (loss) for the period before taxes9903 | -€18,259 | €12,559 | €26,123 | €83,719 | €62,026 | ▼ 25.9% |
| Profit (loss) for the period9904 | -€18,259 | €12,559 | €26,123 | €83,719 | €62,026 | ▼ 25.9% |
| Profit (loss) for the period to be appropriated9905 | -€18,259 | €12,559 | €26,123 | €83,719 | €62,026 | ▼ 25.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €319,425 | €304,787 | €252,214 | €353,239 | €472,728 | ▲ 33.8% |
| Fixed assets21/28 | €6,949 | €20,302 | €17,292 | €39,442 | €101,968 | ▲ 159% |
| Tangible fixed assets22/27 | €6,049 | €19,402 | €16,392 | €38,542 | €101,068 | ▲ 162% |
| Land and buildings22 | - | - | - | - | €73,434 | - |
| Furniture and vehicles24 | - | €19,402 | €16,392 | €38,542 | €27,634 | ▼ 28.3% |
| Financial fixed assets28 | €900 | €900 | €900 | €900 | €900 | = |
| Current assets29/58 | €312,476 | €284,485 | €234,922 | €313,798 | €370,760 | ▲ 18.2% |
| Stocks and contracts in progress3 | €240,000 | €205,000 | €150,000 | €65,000 | €15,000 | ▼ 76.9% |
| Stocks30/36 | - | €205,000 | €150,000 | €65,000 | €15,000 | ▼ 76.9% |
| Amounts receivable within one year40/41 | €35,241 | €28,801 | €8,866 | €125,509 | €143,491 | ▲ 14.3% |
| Trade receivables40 | - | €11,397 | €3,757 | €60,362 | €12,265 | ▼ 79.7% |
| Other amounts receivable41 | - | €17,405 | €5,109 | €65,147 | €131,226 | ▲ 101% |
| Cash at bank and in hand54/58 | €36,229 | €49,557 | €74,467 | €121,136 | €210,016 | ▲ 73.4% |
| Deferred charges and accrued income490/1 | - | €1,126 | €1,589 | €2,153 | €2,252 | ▲ 4.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €319,425 | €304,787 | €252,214 | €353,239 | €472,728 | ▲ 33.8% |
| Equity10/15 | €189,894 | €202,452 | €228,575 | €312,294 | €374,319 | ▲ 19.9% |
| Contributions10/11 | - | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €86,868 | €99,427 | €125,549 | €209,268 | €271,294 | ▲ 29.6% |
| Non-distributable reserves130/1 | - | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Reserves not available under the articles1311 | - | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Distributable reserves133 | - | €91,927 | €118,049 | €201,768 | €263,794 | ▲ 30.7% |
| Profit (loss) carried forward14 | €28,026 | €28,026 | €28,026 | €28,026 | €28,026 | = |
| Amounts payable17/49 | €129,531 | €102,335 | €23,638 | €40,946 | €98,408 | ▲ 140% |
| Amounts payable after more than one year17 | €1,224 | €14,111 | €10,133 | €23,788 | €61,551 | ▲ 159% |
| Financial debts170/4 | - | €14,111 | €10,133 | €23,788 | €61,551 | ▲ 159% |
| Amounts payable within one year42/48 | €125,110 | €85,643 | €13,061 | €17,158 | €36,857 | ▲ 115% |
| Current portion of amounts payable after more than one year42 | - | €5,160 | €3,978 | €8,707 | €13,753 | ▲ 58.0% |
| Trade debts44 | €1,319 | €3,633 | €520 | €4,410 | €10,481 | ▲ 138% |
| Suppliers440/4 | - | €3,633 | €520 | €4,410 | €10,481 | ▲ 138% |
| Taxes, remuneration and social security45 | - | €4,406 | €3,919 | €3,000 | €6,031 | ▲ 101% |
| Taxes450/3 | - | €4,406 | €3,919 | €3,000 | €6,031 | ▲ 101% |
| Other amounts payable47/48 | - | €72,443 | €4,643 | €1,041 | €6,592 | ▲ 533% |
| Accrued charges and deferred income492/3 | - | €2,580 | €444 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,259 | €12,559 | €26,123 | €83,719 | €62,026 | ▼ 25.9% |
| + Depreciation and write-downs630 | €8,687 | €6,743 | €4,829 | €9,001 | €13,826 | ▲ 53.6% |
| Operating cash flow (approximation) | -€9,572 | €19,302 | €30,952 | €92,720 | €75,852 | ▼ 18.2% |
| Investment in fixed assets (approximation) | - | -€20,097 | -€1,818 | -€31,151 | -€76,352 | ▼ 145% |
| Change in cash | - | €13,328 | €24,910 | €46,669 | €88,881 | ▲ 90.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Comparable companies
Similar companies · same sector, comparable size
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BE 0749.868.002
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BE 0809.033.547
Houthalen-Helchteren · Eq €374,089
HUPICO
BE 0451.940.519
Nazareth · Eq €374,721
FLAMINEX
BE 0474.948.127
Tielt · Eq €375,828
Jackstack International
BE 0450.616.072
Knokke-Heist · Eq €370,756
Of 2,499 companies in this sector we hold annual accounts for 1,761. 1,384 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Timeline
15 eventsLatest 26-03-2026Next filing 30-04-2027
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
25-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Highest result since 2019net €83,719 ▲220%
Operating result €84,926, net result €83,719, both a record.
03-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Liquidity times 5current ratio 17.99
Current ratio from 3.32 to 17.99; short-term debt falls from €85,643 to €13,061.
2022
15-12
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
30-09
Financial
Back to profitnet €12,559
Net result €12,559 after one loss-making year.
30-09
Financial
Equity above €200,000Eq €202,452 ▲6.6%
Equity rises from €189,894 to €202,452.
22-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Weakest financial yearnet -€18,259
Net result drops to -€18,259, the lowest in the series; recovery starts the following year.
26-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-03
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
05-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
17-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
31-03
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 3 acts read
About the unread acts
We know of 3 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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Company details
Private limited company · founded 28-05-1988Year ends 30-09Peppol reachable1 site
Register details
Identification
Legal formPrivate limited company
Founded28-05-1988
Fiscal year end30-09
Activities, NACEBEL 2025
46649Wholesale of other machinery and equipment
46180Agents specialised in the wholesale of other particular products
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
Contact
E-mail
bc@belcoin.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0434310174
Also
9925:BE0434310174
Registered
30-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Geraardsbergen · 1 establishment unit since 1988
Ground area
587 m²
Building footprint
281 m²
Volume, LiDAR
2,054 m³
2 parcels, Flanders · tallest building 12.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
BILLIARDSHOP NR 1
since 1988unit no. 2.038.564.173
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41043A0192/00W004 | Flanders | 443 m² | 1 · 137 m² | 12.4 m · 3 fl. |
| 41043A0192/00R005 | Flanders | 144 m² | 1 · 144 m² | 8.0 m · 2 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.
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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