Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
From profit to loss in 2025, after a profit of €427,165 in 2024.
Of this, €1.0m falls due within a year.
Short-term debts fell from €1.4m to €1.0m.
Five of the last ten came late. The 2024 accounts came latest: 71 days after the end of the period.
Lower solvency than 95% of companies in financial services. Sector median 50.8% · 6,708 companies.
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 31 days after the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BELCORTEX Mont-Saint-Guibert | €3.6m | €269,278 | -17.5% | - |
| JCV IMMO Braine-l'Alleud | €3.0m | €262,253 | 29.4% | - |
| KEMPEN PHARMA Wuustwezel | €3.6m | €259,794 | 75.3% | - |
| ELGEAL Auderghem | €3.4m | €242,140 | 11.0% | - |
| GROEP VANGHELUWE Izegem | €4.0m | €240,934 | 89.1% | - |
| TOM VAN den ABBEELE Opwijk | €3.6m | €276,522 | 58.8% | - |
| Viv@ Boechout | €3.4m | €271,582 | 75.2% | - |
These companies have the same main activity as BELCORTEX: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €3m and €4m, founded between 2013 and 2014.
BELCORTEX files the abbreviated format. That format states no turnover. The gross margin rose from -€3,322 in 2014 to €269,278 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Lower than 95% of 6,708 companies in 2025.
Lower than 95% of 6,673 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half
| 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.
2025 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 |
| 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.
| 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)
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).
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| BIRDNEST
registered office since 13-11-2014 · founded in 2014 · negative equity (2025) |
total assets €2.7m (2025) 0567.762.576 |
| Name | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BIRDNEST | 5% | 48.75% | ||||||||||
| PROFITUNIT DIJNORD SASFR | 53% | 53.5% | ||||||||||
| PROFITUNIT DIJSUD SASFR | 53% | 53.5% | ||||||||||
| CORISTRETO DIJNORDFR | 12% | |||||||||||
| CORISTRETOFR | 10.91% | |||||||||||
| LES ROCHERS PREMIUM SASFR | 3% | |||||||||||
| T2C | 34% | |||||||||||
| HIGH TOPFR | 5% | |||||||||||
| Sportunit SystemLU | 50% | |||||||||||
| ProfitunitFR | 53.5% | |||||||||||
Source: list of holdings in its own accounts
The network starts from the directors of BELCORTEX. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue de l'Eglise 1 registered office 1435 Mont-Saint-Guibert 7010001 Activities of head offices | 05-07-2013 | 2.221.633.065 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25020B0459/00V000 | 493 m² | 1 · 117 m² | 10.2 m · 2 |
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