BELCORTEX
ActiveSummary
BELCORTEX is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show negative equity (-€638,331) and a net result of -€1.2m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 5565 sector peers (fiscal year 2025). The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 5565 sector peers (2025).
NBB · sector comparisonPosition among 5565 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-09-2026, 55 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
55 d late
2024
71 d late
2023
61 d late
2022
67 d late
2021
31 d early
2020
2 d early
2019
7 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 31 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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
Equity
-€638,331
2024 · €520,872
Net result
-€1.2m
2024 · €427,165
Total assets
€3.6m▼ 34.6%
2024 · €5.6m
Solvency
-17.5%▼ 26.9pp
2024 · 9.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€852,508▲ 35.6%€585,172▼ 31.4%€545,095▼ 6.8%€524,997▼ 3.7%€223,813▼ 57.4%
Net result€752,484within the sector's middle half▲ 62.4%€594,182within the sector's middle half▼ 21.0%€495,701within the sector's middle half▼ 16.6%€427,165within the sector's middle half▼ 13.8%-€1.2mbelow the sector's middle half
Equity€2.3mwithin the sector's middle half▲ 49.1%€2.9mwithin the sector's middle half▲ 26.0%€93,706below the sector's middle half▼ 96.7%€520,872within the sector's middle half▲ 456%-€638,331below the sector's middle half
Total assets€5.5mwithin the sector's middle half▲ 7.2%€5.9mwithin the sector's middle half▲ 6.6%€5.9mwithin the sector's middle half▲ 0.6%€5.6mwithin the sector's middle half▼ 5.4%€3.6mwithin the sector's middle half▼ 34.6%
Debt€3.2m▼ 10.7%€3.0m▼ 7.1%€5.8m▲ 94.7%€5.0m▼ 12.9%€4.3m▼ 15.3%
Working capital-€146,503▲ 61.1%€613,092-€2.5m-€87,326▲ 96.6%€823,277
Solvency41.6%within the sector's middle half▲ 11.7pp49.2%within the sector's middle half▲ 7.6pp1.6%below the sector's middle half▼ 47.6pp9.4%below the sector's middle half▲ 7.8pp-17.5%below the sector's middle half▼ 26.9pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2021 Net result +62% on 2020. This fiscal year ran 18 months, the previous one 12.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 57% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.6m
Fixed assets
€1.8m ▼ 58.2%
Current assets
€1.9m ▲ 40.0%
Key figures and ratios
ROA
-31.8%▼
2024 · 7.7%
Debt ≤ 1 year
€1.0m▼
2024 · €1.4m
Debt > 1 year
€3.2m▼
2024 · €3.6m
Income taxes
€59,910▼
2024 · €136,622
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 | €4,157 | €3,604 | €43,428 | €44,552 | €44,383 | ▼ 0.4% |
| Other operating charges640/8 | €930 | €868 | €1,382 | €1,048 | €1,082 | ▲ 3.3% |
| Gross operating margin9900 | €857,595 | €589,644 | €589,905 | €570,596 | €269,278 | ▼ 52.8% |
| Operating profit (loss)9901 | €852,508 | €585,172 | €545,095 | €524,997 | €223,813 | ▼ 57.4% |
| Financial income75/76B | €151,870 | €181,357 | €108,076 | €64,805 | €114,342 | ▲ 76.4% |
| Recurring financial income75 | €151,870 | €181,357 | €108,076 | €64,805 | €114,342 | ▲ 76.4% |
| Financial charges65/66B | €36,394 | €21,393 | €24,554 | €26,014 | €1.4m | ▲ 5,426% |
| Recurring financial charges65 | €36,394 | €21,393 | €24,554 | €26,014 | €33,051 | ▲ 27.0% |
| Non-recurring financial charges66B | - | - | - | - | €1.4m | - |
| Profit (loss) for the period before taxes9903 | €967,984 | €745,136 | €628,617 | €563,788 | -€1.1m | ▼ 295% |
| Income taxes67/77 | €215,500 | €150,954 | €132,916 | €136,622 | €59,910 | ▼ 56.1% |
| Profit (loss) for the period9904 | €752,484 | €594,182 | €495,701 | €427,165 | -€1.2m | ▼ 371% |
| Profit (loss) for the period to be appropriated9905 | €752,484 | €594,182 | €495,701 | €427,165 | -€1.2m | ▼ 371% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.5m | €5.9m | €5.9m | €5.6m | €3.6m | ▼ 34.6% |
| Fixed assets21/28 | €4.0m | €4.2m | €4.2m | €4.2m | €1.8m | ▼ 58.2% |
| Tangible fixed assets22/27 | €2,583 | €194,666 | €173,916 | €129,364 | €84,981 | ▼ 34.3% |
| Furniture and vehicles24 | €2,583 | €194,666 | €173,916 | €129,364 | €84,981 | ▼ 34.3% |
| Financial fixed assets28 | €4.0m | €4.0m | €4.1m | €4.1m | €1.7m | ▼ 58.9% |
| Current assets29/58 | €1.5m | €1.6m | €1.6m | €1.3m | €1.9m | ▲ 40.0% |
| Stocks and contracts in progress3 | - | €44,321 | €43,157 | €43,032 | €700 | ▼ 98.4% |
| Stocks30/36 | - | €44,321 | €43,157 | €43,032 | €700 | ▼ 98.4% |
| Amounts receivable within one year40/41 | €809,281 | €939,240 | €911,834 | €761,094 | €1.5m | ▲ 98.2% |
| Trade receivables40 | €181,250 | €271,377 | €225,544 | €226,679 | €90,944 | ▼ 59.9% |
| Other amounts receivable41 | €628,030 | €667,863 | €686,290 | €534,415 | €1.4m | ▲ 165% |
| Current investments50/53 | €39,463 | €39,463 | €610,594 | €312,284 | €232,854 | ▼ 25.4% |
| Cash at bank and in hand54/58 | €586,708 | €586,706 | €74,530 | €214,518 | €120,380 | ▼ 43.9% |
| Deferred charges and accrued income490/1 | €25,557 | - | €6,046 | €4,955 | €7,833 | ▲ 58.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.5m | €5.9m | €5.9m | €5.6m | €3.6m | ▼ 34.6% |
| Equity10/15 | €2.3m | €2.9m | €93,706 | €520,872 | -€638,331 | ▼ 223% |
| Contributions10/11 | €33,000 | €33,000 | €33,000 | €33,000 | €33,000 | = |
| Profit (loss) carried forward14 | €2.3m | €2.8m | €60,706 | €487,872 | -€671,331 | ▼ 238% |
| Amounts payable17/49 | €3.2m | €3.0m | €5.8m | €5.0m | €4.3m | ▼ 15.3% |
| Amounts payable after more than one year17 | €1.6m | €2.0m | €1.6m | €3.6m | €3.2m | ▼ 10.8% |
| Financial debts170/4 | €1.6m | €1.4m | €993,688 | €607,780 | €217,152 | ▼ 64.3% |
| Other amounts payable178/9 | - | €600,000 | €600,000 | €3.0m | €3.0m | = |
| Amounts payable within one year42/48 | €1.6m | €996,637 | €4.2m | €1.4m | €1.0m | ▼ 26.5% |
| Current portion of amounts payable after more than one year42 | €506,807 | €511,693 | €520,698 | €526,304 | €531,700 | ▲ 1.0% |
| Financial debts43 | - | - | - | €487,500 | €487,500 | = |
| Credit institutions430/8 | - | - | - | €487,500 | €487,500 | = |
| Trade debts44 | €420 | - | - | €540 | - | - |
| Suppliers440/4 | €420 | - | - | €540 | - | - |
| Taxes, remuneration and social security45 | - | €13 | €8 | €9 | €29 | ▲ 233% |
| Taxes450/3 | - | €13 | €8 | €9 | €29 | ▲ 233% |
| Other amounts payable47/48 | €1.1m | €484,932 | €3.7m | €408,855 | €27,382 | ▼ 93.3% |
| Accrued charges and deferred income492/3 | €34,755 | €4,526 | €12,800 | €4,453 | €1,848 | ▼ 58.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €752,484 | €594,182 | €495,701 | €427,165 | -€1.2m | ▼ 371% |
| + Depreciation and write-downs630 | €4,157 | €3,604 | €43,428 | €44,552 | €44,383 | ▼ 0.4% |
| Operating cash flow (approximation) | €756,641 | €597,786 | €539,129 | €471,718 | -€1.1m | ▼ 336% |
| Investment in fixed assets (approximation) | - | -€219,896 | -€41,127 | -€35,403 | €2.4m | ▲ 6,932% |
| Change in cash | - | -€2 | -€512,176 | €139,988 | -€94,138 | ▼ 167% |
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
24-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 55 days late
2025
31-12
Financial
Weakest financial yearnet -€1.2m
Net result drops to -€1.2m, the lowest in the series.
10-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 71 days late
2024
31-12
Financial
Equity above €500,000Eq €520,872 ▲456%
6 profitable years in a row build equity to €520,872.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 61 days late
2023
06-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 67 days late
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €2mEq €2.3m ▲49.1%
3 profitable years in a row build equity to €2.3m.
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
24-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
15-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
26-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
01-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Mont-Saint-Guibert · 1 establishment unit since 2013
Ground area
493 m²
Building footprint
117 m²
Volume, LiDAR
624 m³
Parcel 25020B0459/00V000, Wallonia · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
BELCORTEX
since 20132.221.633.065
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25020B0459/00V000 | Wallonia | 493 m² | 1 · 117 m² | 10.2 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.
Structure & network
Owners and holdings
6 holdingsOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 6
-
53.5%
-
53.5%
-
48.75%
- CORISTRETO DIJNORDFRSourceown accounts 202412%
-
10.91%
- LES ROCHERS PREMIUM SASFRSourceown accounts 20243%
According to the 2024 annual accounts of BELCORTEX 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.
Recognitions · licences · registrations
Legal Entity Identifier
967600MJQZYSAP083N05
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 13,604 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
Founded24-07-2013
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536895691
Registered
03-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.