BELCORTEX
Annual accounts 2025
abbreviated format, filed on 24-09-2026, 55 days late-€638,331
▼ €1.2m
€3.6m
▼ 34.6%
-€1.2m
▼ €1.6m
-17.5%
▼ 26.9 percentage points
-
-31.8%
▼ 39.5 percentage points
The turnover shown is an estimate from the gross margin.
Balance sheet
balance sheet total €3.6m on 31-12-2025What the company ownsHow it is paid for
in €m
in euro
Position in the sector
-17.5%
Lower than 95% of 6,708 companies in 2025.
-31.8%
Lower than 95% of 6,673 companies in 2025.
BELCORTEX
Middle half of the sector
80% of the sector
Abbreviated accounts in financial services (NACE 64)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
3.6m | 5.6m | 5.9m | 5.9m | 5.5m | 5.1m | 4.7m | 4.2m | 4.5m | 4.5m | 3.4m | 2.6m | |
21/28 |
1.8m | 4.2m | 4.2m | 4.2m | 4.0m | 4.0m | 3.9m | 3.4m | 3.4m | 3.5m | 3.2m | 2.5m | |
22/27 |
84,981 | 129,364 | 173,916 | 194,666 | 2,583 | 6,740 | 4,922 | - | 661,221 | 682,485 | 702,669 | - | |
22 |
- | - | - | - | - | - | - | - | 657,449 | 675,799 | 694,150 | - | |
23 |
- | - | - | - | - | - | - | - | 1,574 | 4,504 | 5,465 | - | |
24 |
84,981 | 129,364 | 173,916 | 194,666 | 2,583 | 6,740 | 4,922 | - | 2,198 | 2,182 | 3,054 | - | |
28 |
1.7m | 4.1m | 4.1m | 4.0m | 4.0m | 4.0m | 3.9m | 3.4m | 2.8m | 2.8m | 2.5m | 2.5m | |
29/58 |
1.9m | 1.3m | 1.6m | 1.6m | 1.5m | 1.1m | 756,570 | 752,697 | 1.0m | 1.0m | 249,511 | 134,674 | |
3 |
700 | 43,032 | 43,157 | 44,321 | - | - | - | - | - | - | - | - | |
30/36 |
700 | 43,032 | 43,157 | 44,321 | - | - | - | - | - | - | - | - | |
40/41 |
1.5m | 761,094 | 911,834 | 939,240 | 809,281 | 740,421 | 581,637 | 193,383 | 397,277 | 304,817 | 143,183 | 81,324 | |
40 |
90,944 | 226,679 | 225,544 | 271,377 | 181,250 | 339,370 | 137,314 | 101,494 | 163,828 | 26,304 | 46,799 | 75,000 | |
41 |
1.4m | 534,415 | 686,290 | 667,863 | 628,030 | 401,051 | 444,323 | 91,889 | 233,450 | 278,513 | 96,384 | 6,324 | |
50/53 |
232,854 | 312,284 | 610,594 | 39,463 | 39,463 | 39,463 | 39,452 | 429,264 | 505,998 | - | - | - | |
54/58 |
120,380 | 214,518 | 74,530 | 586,706 | 586,708 | 324,074 | 106,074 | 52,034 | 135,537 | 712,946 | 106,321 | 53,350 | |
490/1 |
7,833 | 4,955 | 6,046 | - | 25,557 | 34,121 | 29,407 | 78,016 | 367 | - | 7 | - | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
3.6m | 5.6m | 5.9m | 5.9m | 5.5m | 5.1m | 4.7m | 4.2m | 4.5m | 4.5m | 3.4m | 2.6m | |
10/15 |
-638,331 | 520,872 | 93,706 | 2.9m | 2.3m | 1.5m | 1.1m | 244,610 | -101,391 | -127,270 | -136,352 | -13,529 | |
10/11 |
33,000 | 33,000 | 33,000 | 33,000 | 33,000 | - | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 12,400 | |
100 |
- | - | - | - | - | - | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | 17,600 | |
11 |
- | - | - | - | - | 33,000 | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | 33,000 | - | - | - | - | - | - | |
13 |
- | - | - | - | - | - | 3,000 | 3,000 | - | - | - | - | |
130 |
- | - | - | - | - | - | 3,000 | 3,000 | - | - | - | - | |
14 |
-671,331 | 487,872 | 60,706 | 2.8m | 2.3m | 1.5m | 1.0m | 211,610 | -131,391 | -157,270 | -166,352 | -25,929 | |
17/49 |
4.3m | 5.0m | 5.8m | 3.0m | 3.2m | 3.6m | 3.6m | 3.9m | 4.6m | 4.6m | 3.6m | 2.6m | |
17 |
3.2m | 3.6m | 1.6m | 2.0m | 1.6m | 2.1m | - | - | 648,725 | 710,000 | 710,000 | - | |
170/4 |
217,152 | 607,780 | 993,688 | 1.4m | 1.6m | 2.1m | - | - | 648,725 | 710,000 | 710,000 | - | |
178/9 |
3.0m | 3.0m | 600,000 | 600,000 | - | - | - | - | - | - | - | - | |
42/48 |
1.0m | 1.4m | 4.2m | 996,637 | 1.6m | 1.5m | 3.6m | 3.9m | 3.9m | 3.9m | 2.8m | 2.6m | |
42 |
531,700 | 526,304 | 520,698 | 511,693 | 506,807 | 332,166 | - | - | - | - | - | - | |
43 |
487,500 | 487,500 | - | - | - | - | - | - | - | - | - | - | |
430/8 |
487,500 | 487,500 | - | - | - | - | - | - | - | - | - | - | |
44 |
- | 540 | - | - | 420 | 36,180 | 18,953 | 842 | 1,717 | 22,081 | 2,964 | 1,750 | |
440/4 |
- | 540 | - | - | 420 | 36,180 | 18,953 | 842 | 1,717 | 22,081 | 2,964 | 1,750 | |
45 |
29 | 9 | 8 | 13 | - | 60,120 | 87,435 | 106,900 | 8,757 | - | - | - | |
450/3 |
29 | 9 | 8 | 13 | - | 60,120 | 87,435 | 106,900 | 8,757 | - | - | - | |
47/48 |
27,382 | 408,855 | 3.7m | 484,932 | 1.1m | 1.1m | 3.5m | 3.8m | 3.9m | 3.9m | 2.8m | 2.6m | |
492/3 |
1,848 | 4,453 | 12,800 | 4,526 | 34,755 | 6,370 | 36,100 | 991 | 6,411 | 1,270 | 7,448 | - | |
| Income statement | |||||||||||||
76A |
- | - | - | - | - | - | - | 5,977 | - | - | - | - | |
9900 |
269,278 | 570,596 | 589,905 | 589,644 | 857,595 | 632,452 | 525,926 | 312,769 | 131,172 | 76,942 | 39,495 | -3,322 | |
630 |
44,383 | 44,552 | 43,428 | 3,604 | 4,157 | 3,055 | 1,656 | - | 22,596 | 22,151 | 111,960 | - | |
631/4 |
- | - | - | - | - | - | - | - | 19,217 | - | - | - | |
640/8 |
1,082 | 1,048 | 1,382 | 868 | 930 | 868 | 868 | 7,781 | 4,222 | 4,203 | 780 | - | |
66A |
- | - | - | - | - | - | 518 | 3,655 | 6,200 | - | - | - | |
9901 |
223,813 | 524,997 | 545,095 | 585,172 | 852,508 | 628,530 | 522,884 | 301,333 | 85,137 | 50,587 | -73,245 | -3,322 | |
75/76B |
114,342 | 64,805 | 108,076 | 181,357 | 151,870 | 47,024 | 497,710 | 318,315 | 6,369 | 3,994 | 4,490 | 132 | |
75 |
114,342 | 64,805 | 108,076 | 181,357 | 151,870 | 47,024 | 497,710 | 312,115 | 6,369 | 3,994 | 4,490 | 132 | |
76B |
- | - | - | - | - | - | - | 6,200 | - | - | - | - | |
65/66B |
1.4m | 26,014 | 24,554 | 21,393 | 36,394 | 21,721 | 34,662 | 171,306 | 56,609 | 45,500 | 71,668 | 22,737 | |
65 |
33,051 | 26,014 | 24,554 | 21,393 | 36,394 | 21,721 | 34,662 | 152,733 | 50,409 | 45,500 | 71,668 | 22,737 | |
66B |
1.4m | - | - | - | - | - | - | 18,573 | 6,200 | - | - | - | |
9903 |
-1.1m | 563,788 | 628,617 | 745,136 | 967,984 | 653,834 | 985,932 | 448,342 | 34,897 | 9,082 | -140,423 | -25,927 | |
67/77 |
59,910 | 136,622 | 132,916 | 150,954 | 215,500 | 190,553 | 162,484 | 102,341 | 9,018 | - | - | 2 | |
9904 |
-1.2m | 427,165 | 495,701 | 594,182 | 752,484 | 463,281 | 823,448 | 346,001 | 25,879 | 9,082 | -140,423 | -25,929 | |
9905 |
-1.2m | 427,165 | 495,701 | 594,182 | 752,484 | 463,281 | 823,448 | 346,001 | 25,879 | 9,082 | -140,423 | -25,929 | |
| Appropriation of the result | |||||||||||||
9906 |
-671,331 | 487,872 | 3.3m | 2.8m | 2.3m | 1.5m | 1.0m | 214,610 | -131,391 | -157,270 | -166,352 | -25,929 | |
14P |
487,872 | 60,706 | 2.8m | 2.3m | 1.5m | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 3,000 | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | 3,000 | - | - | - | - | |
694/7 |
- | - | 3.3m | - | - | - | - | - | - | - | - | - | |
694 |
- | - | 3.3m | - | - | - | - | - | - | - | - | - | |
695 |
- | - | 30,000 | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 24-09-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 55 days after the deadline. Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00525034.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-09-2026 | 2026-00525034 | |
| 31-12-2024 | full format | 10-10-2025 | 2025-00542262 | |
| 31-12-2023 | full format | 30-09-2024 | 2024-00489699 | |
| 31-12-2022 | full format | 06-10-2023 | 2023-00480905 | |
| 31-12-2021 | full format | 30-06-2022 | 2022-20128939 | |
| 30-06-2020 | full format | 29-01-2021 | 2021-03600520 | |
| 30-06-2019 | full format | 24-01-2020 | 2020-02100124 | |
| 30-06-2018 | full format | 15-01-2019 | 2019-01600090 | |
| 30-06-2017 | full format | 26-01-2018 | 2018-02600061 | |
| 30-06-2016 | full format | 01-02-2017 | 2017-03700287 | |
| 30-06-2015 | full format | 15-01-2016 | 2016-01800429 | |
| 30-06-2014 | full format | 29-01-2015 | 2015-03400034 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2.4m | 35,403 | 41,127 | 219,896 | 49,746 | 45,519 | 506,990 | 712,642 | 1,332 | 328,595 | 821,165 | 2.5m | ||
| -94,138 | 139,988 | -512,176 | -2 | 262,634 | 218,001 | 54,039 | -83,503 | -577,409 | 606,625 | 52,971 | - | ||
| -17.5% | 9.4% | 1.6% | 49.2% | 41.6% | 29.9% | 22.7% | 5.8% | -2.3% | -2.8% | -4.0% | -0.5% | ||
| - | 82.0% | 529.0% | 20.6% | 32.9% | 30.3% | 77.1% | 141.5% | - | - | - | - | ||
| -31.8% | 7.7% | 8.4% | 10.1% | 13.7% | 9.0% | 17.5% | 8.3% | 0.6% | 0.2% | -4.1% | -1.0% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €22,678 | €195,687 | - |
| Financial fixed assets | - | €35,403 | €18,449 | €24,209 | €49,746 |
| €44,383 | €44,552 | €43,428 | €3,604 | €4,157 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on BELCORTEX
The operating result for 2025 is 57% lower than in 2024 and the lowest since 2017. It is the fourth fall in a row.
Equity is negative. Debt (€4.3m) exceeds the balance-sheet total (€3.6m).
Large changes and their cause
- 2021 Net result +62% on 2020. This financial year ran 18 months, the previous one 12.