BELCOM IMMO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00424341.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 35 filings
Turnover
≈ €110,000
Estimated: probably between €71,000 and €150,000
Total assets
€206,957▼ 11.9%
2024 · €234,882
Net result
€24,980▼ 50.3%
2024 · €50,259
Working capital
€83,619▲ 14.1%
2024 · €73,268
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,256
▼ 54.6%
2025
20182025
Net result
€24,980
▼ 50.3%
2025
middle half of the sector
20182025
Equity
€113,925
▲ 12.9%
2025
middle half of the sector
20182025
Total assets
€206,957
▼ 11.9%
2025
lowest quarter of the sector
20182025
Debt
€93,032
▼ 30.5%
2025
20182025
Working capital
€83,619
▲ 14.1%
2025
middle half of the sector
20182025
Solvency
55.0%
▲ 12.1pp
2025
middle half of the sector
20182025
Current ratio
2.18
▲ 0.34
2025
middle half of the sector
20182025
Return on assets (ROA)
12.1%
▼ 9.3pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,902--€59,142▼ 3,010%€33,782€72,881▲ 116%€104▼ 99.9%€52,128▲ 503×€62,208▲ 19.3%€28,256▼ 54.6%
Net result-€3,477--€57,764▼ 1,561%€33,771above the sector's middle half€72,860above the sector's middle half▲ 116%-€497within the sector's middle half€41,830above the sector's middle half€50,259above the sector's middle half▲ 20.2%€24,980within the sector's middle half▼ 50.3%
Equity-€24,514--€82,277▼ 236%-€48,507below the sector's middle half▲ 41.0%€24,353within the sector's middle half€23,856within the sector's middle half▼ 2.0%€65,686within the sector's middle half▲ 175%€100,945within the sector's middle half▲ 53.7%€113,925within the sector's middle half▲ 12.9%
Total assets€103,871-€39,526▼ 61.9%€30,078below the sector's middle half▼ 23.9%€36,593below the sector's middle half▲ 21.7%€112,638below the sector's middle half▲ 208%€230,993within the sector's middle half▲ 105%€234,882within the sector's middle half▲ 1.7%€206,957below the sector's middle half▼ 11.9%
Debt€128,385-€121,804▼ 5.1%€78,585▼ 35.5%€12,240▼ 84.4%€88,783▲ 625%€165,307▲ 86.2%€133,937▼ 19.0%€93,032▼ 30.5%
Working capital€12,142--€45,621-€53,547within the sector's middle half▼ 17.4%€18,549within the sector's middle half-€5,412within the sector's middle half€40,861within the sector's middle half€73,268within the sector's middle half▲ 79.3%€83,619within the sector's middle half▲ 14.1%
Solvency-23.6%--208.2%▼ 184.6pp-161.3%below the sector's middle half▲ 46.9pp66.6%above the sector's middle half▲ 227.8pp21.2%within the sector's middle half▼ 45.4pp28.4%within the sector's middle half▲ 7.3pp43.0%within the sector's middle half▲ 14.5pp55.0%within the sector's middle half▲ 12.1pp
Current ratio1.13-0.46▼ 0.670.32below the sector's middle half▼ 0.152.52within the sector's middle half▲ 2.200.81within the sector's middle half▼ 1.711.34within the sector's middle half▲ 0.531.84within the sector's middle half▲ 0.502.18within the sector's middle half▲ 0.34
Return on assets (ROA)-3.3%--146.1%▼ 142.8pp112.3%above the sector's middle half▲ 258.4pp199.1%above the sector's middle half▲ 86.8pp-0.4%within the sector's middle half▼ 199.6pp18.1%above the sector's middle half▲ 18.6pp21.4%above the sector's middle half▲ 3.3pp12.1%above the sector's middle half▼ 9.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 55% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €206,957
Fixed assets
€52,510 ▼ 29.0%
Current assets
€154,447 ▼ 4.0%
Equity and liabilities €206,957
Equity
€113,925 ▲ 12.9%
Debt
€93,032 ▼ 30.5%
Debt's share of the balance-sheet total falls from 57.0% to 45.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€52,294▼
2024 · €83,314
Cash flow
€49,018▼
2024 · €71,365
Debt to equity
0.82▼
2024 · 1.33
ROE
21.9%▼
2024 · 49.8%
Interest coverage
27.87▼
2024 · 30.99
Debt ≤ 1 year
€70,828▼
2024 · €87,638
Debt > 1 year
€22,204▼
2024 · €46,299
Income taxes
€6,799▼
2024 · €14,660
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,237 | €91,108 | - | €25,017 | €2,572 |
| Depreciation and write-downs of the year | €1,474 | €6,712 | €20,135 | €21,106 | €24,038 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €132 | €1,474 | €6,712 | €20,135 | €21,106 | €24,038 | ▲ 13.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €20,773 | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €6,236 | €1,365 | €2,519 | €1,506 | ▼ 40.2% |
| Gross operating margin9900 | -€1,554 | -€689 | €34,262 | €74,702 | €13,051 | €94,400 | €85,833 | €53,800 | ▼ 37.3% |
| Operating profit (loss)9901 | -€1,902 | -€59,142 | €33,782 | €72,881 | €104 | €52,128 | €62,208 | €28,256 | ▼ 54.6% |
| Financial income75/76B | - | - | - | - | - | €0 | €5,400 | €5,400 | = |
| Recurring financial income75 | - | €1,839 | - | - | - | €0 | €5,400 | €5,400 | = |
| Financial charges65/66B | - | - | - | €21 | €601 | €1,769 | €2,689 | €1,877 | ▼ 30.2% |
| Recurring financial charges65 | €1,575 | €460 | €11 | €21 | €601 | €1,769 | €2,689 | €1,877 | ▼ 30.2% |
| Profit (loss) for the period before taxes9903 | -€3,477 | -€57,764 | €33,771 | €72,860 | -€497 | €50,359 | €64,919 | €31,780 | ▼ 51.0% |
| Income taxes67/77 | - | - | - | - | - | €8,529 | €14,660 | €6,799 | ▼ 53.6% |
| Profit (loss) for the period9904 | -€3,477 | -€57,764 | €33,771 | €72,860 | -€497 | €41,830 | €50,259 | €24,980 | ▼ 50.3% |
| Profit (loss) for the period to be appropriated9905 | -€3,477 | -€57,764 | €33,771 | €72,860 | -€497 | €41,830 | €50,259 | €24,980 | ▼ 50.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €103,871 | €39,526 | €30,078 | €36,593 | €112,638 | €230,993 | €234,882 | €206,957 | ▼ 11.9% |
| Fixed assets21/28 | - | - | €5,041 | €5,804 | €90,200 | €70,065 | €73,976 | €52,510 | ▼ 29.0% |
| Tangible fixed assets22/27 | - | - | €5,041 | €5,804 | €90,200 | €70,065 | €73,976 | €52,510 | ▼ 29.0% |
| Furniture and vehicles24 | - | - | - | €5,804 | €90,200 | €70,065 | €73,976 | €52,510 | ▼ 29.0% |
| Current assets29/58 | €103,871 | €39,526 | €25,038 | €30,789 | €22,438 | €160,928 | €160,906 | €154,447 | ▼ 4.0% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €150,000 | €150,000 | €150,000 | = |
| Other amounts receivable291 | - | - | - | - | - | €150,000 | €150,000 | €150,000 | = |
| Amounts receivable within one year40/41 | €103,858 | €39,517 | €24,968 | €30,773 | €22,375 | €10,887 | €10,632 | €4,400 | ▼ 58.6% |
| Trade receivables40 | - | - | - | €10,000 | €1,493 | €10,887 | €10,455 | €4,400 | ▼ 57.9% |
| Other amounts receivable41 | - | - | - | €20,773 | €20,882 | - | €178 | - | - |
| Cash at bank and in hand54/58 | €13 | €10 | €69 | €16 | €64 | €41 | €274 | €47 | ▼ 82.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €103,871 | €39,526 | €30,078 | €36,593 | €112,638 | €230,993 | €234,882 | €206,957 | ▼ 11.9% |
| Equity10/15 | -€24,514 | -€82,277 | -€48,507 | €24,353 | €23,856 | €65,686 | €100,945 | €113,925 | ▲ 12.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Profit (loss) carried forward14 | -€86,514 | -€144,277 | -€110,507 | -€37,647 | -€38,144 | €3,686 | €38,945 | €51,925 | ▲ 33.3% |
| Amounts payable17/49 | €128,385 | €121,804 | €78,585 | €12,240 | €88,783 | €165,307 | €133,937 | €93,032 | ▼ 30.5% |
| Amounts payable after more than one year17 | - | - | - | - | €60,932 | €45,240 | €46,299 | €22,204 | ▼ 52.0% |
| Financial debts170/4 | - | - | - | - | €60,932 | €45,240 | €46,299 | €22,204 | ▼ 52.0% |
| Amounts payable within one year42/48 | €91,728 | €85,148 | €78,585 | €12,240 | €27,851 | €120,067 | €87,638 | €70,828 | ▼ 19.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €15,302 | €15,692 | €22,009 | €24,059 | ▲ 9.3% |
| Trade debts44 | €3,878 | €3,739 | €2,262 | €4,313 | €10,030 | €2,002 | €7,532 | €7,934 | ▲ 5.3% |
| Suppliers440/4 | - | - | - | €4,313 | €10,030 | €2,002 | €7,532 | €7,934 | ▲ 5.3% |
| Taxes, remuneration and social security45 | - | - | - | €4,497 | €0 | €11,917 | €23,189 | €24,691 | ▲ 6.5% |
| Taxes450/3 | - | - | - | €4,497 | - | €11,917 | €23,189 | €24,691 | ▲ 6.5% |
| Other amounts payable47/48 | - | - | - | €3,429 | €2,518 | €90,457 | €34,908 | €14,144 | ▼ 59.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,477 | -€57,764 | €33,771 | €72,860 | -€497 | €41,830 | €50,259 | €24,980 | ▼ 50.3% |
| + Depreciation and write-downs630 | - | - | €132 | €1,474 | €6,712 | €20,135 | €21,106 | €24,038 | ▲ 13.9% |
| Operating cash flow (approximation) | -€3,477 | -€57,764 | €33,903 | €74,334 | €6,214 | €61,965 | €71,365 | €49,018 | ▼ 31.3% |
| Investment in fixed assets (approximation) | - | - | - | -€2,237 | -€91,108 | €0 | -€25,017 | -€2,572 | ▲ 89.7% |
| Change in cash | - | -€3 | €60 | -€53 | €47 | -€22 | €233 | -€227 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as BELCOM IMMO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BELCOM IMMO itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for BELCOM IMMO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-08-2026 | 2026-00424341 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00396071 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00413009 | |
| 31-12-2022 | micro format | 10-08-2023 | 2023-00329214 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20233414 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-50500029 | |
| 31-12-2019 | micro format | 09-11-2020 | 2020-70000558 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59300417 | |
| 31-12-2017 | micro format | 15-07-2019 | 2019-32700496 | |
| 31-12-2016 | micro format | 15-07-2019 | 2019-32700480 |