BELDIMED
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 32 filings
Turnover
≈ €4.0m
Estimated: probably between €2.5m and €6.8m
EBIT margin
Not included in this filing
Net result
€38,202▼ 75.7%
2024 · €157,019
Working capital
€638,339▼ 13.8%
2024 · €740,279
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€82,896
▼ 60.8%
2025
20182025
Net result
€38,202
▼ 75.7%
2025
middle half of the sector
20182025
Equity
€681,049
▼ 14.1%
2025
middle half of the sector
20182025
Total assets
€2.2m
▼ 10.1%
2025
middle half of the sector
20182025
Debt
€1.5m
▼ 8.1%
2025
20182025
Working capital
€638,339
▼ 13.8%
2025
middle half of the sector
20182025
Solvency
31.5%
▼ 1.5pp
2025
middle half of the sector
20182025
Current ratio
1.43
▼ 0.03
2025
middle half of the sector
20182025
Return on assets (ROA)
1.8%
▼ 4.8pp
2025
middle half of the sector
20182025
Staff (FTE)
8.7
▲ 11.5%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€1.1m▲ 306%€0.2m▼ 81.5%€0.07m▼ 62.7%€0.08m▲ 13.0%€0.004m▼ 95.6%€0.2m▲ 57×€0.08m▼ 60.8%
Net result€0.1m-€0.8m▲ 563%€0.1mwithin the sector's middle half▼ 82.4%€0.05mwithin the sector's middle half▼ 65.9%€0.07mwithin the sector's middle half▲ 48.7%-€0.01mbelow the sector's middle half€0.2mwithin the sector's middle half€0.04mwithin the sector's middle half▼ 75.7%
Equity€1.0m-€1.4m▲ 40.3%€1.3mwithin the sector's middle half▼ 11.0%€1.2mwithin the sector's middle half▼ 4.0%€1.0mwithin the sector's middle half▼ 18.6%€0.9mwithin the sector's middle half▼ 11.1%€0.8mwithin the sector's middle half▼ 10.5%€0.7mwithin the sector's middle half▼ 14.1%
Total assets€2.0m-€2.6m▲ 30.7%€2.6mwithin the sector's middle half▲ 0.5%€2.2mwithin the sector's middle half▼ 15.4%€2.4mwithin the sector's middle half▲ 7.5%€2.3mwithin the sector's middle half▼ 1.5%€2.4mwithin the sector's middle half▲ 3.7%€2.2mwithin the sector's middle half▼ 10.1%
Debt€1.0m-€1.1m▲ 20.4%€1.3m▲ 14.9%€1.0m▼ 26.4%€1.4m▲ 40.5%€1.4m▲ 5.6%€1.6m▲ 12.5%€1.5m▼ 8.1%
Working capital€1.0m-€1.4m▲ 39.0%€1.0mwithin the sector's middle half▼ 25.2%€1.2mwithin the sector's middle half▲ 18.7%€1.0mwithin the sector's middle half▼ 19.6%€0.9mwithin the sector's middle half▼ 7.1%€0.7mwithin the sector's middle half▼ 18.2%€0.6mwithin the sector's middle half▼ 13.8%
Solvency51.8%-55.6%▲ 3.8pp49.2%within the sector's middle half▼ 6.3pp55.9%within the sector's middle half▲ 6.6pp42.3%within the sector's middle half▼ 13.5pp38.2%within the sector's middle half▼ 4.1pp33.0%within the sector's middle half▼ 5.2pp31.5%within the sector's middle half▼ 1.5pp
Current ratio2.03-2.19▲ 0.161.78within the sector's middle half▼ 0.422.30within the sector's middle half▲ 0.521.73within the sector's middle half▼ 0.571.66within the sector's middle half▼ 0.061.46within the sector's middle half▼ 0.201.43within the sector's middle half▼ 0.03
Return on assets (ROA)6.2%-31.5%▲ 25.3pp5.5%within the sector's middle half▼ 26.0pp2.2%within the sector's middle half▼ 3.3pp3.1%within the sector's middle half▲ 0.9pp-0.5%below the sector's middle half▼ 3.5pp6.5%within the sector's middle half▲ 7.0pp1.8%within the sector's middle half▼ 4.8pp
Staff (FTE)4.9-4.5▼ 8.2%5.1within the sector's middle half▲ 13.3%6.9within the sector's middle half▲ 35.3%7.7within the sector's middle half▲ 11.6%7.1within the sector's middle half▼ 7.8%7.8within the sector's middle half▲ 9.9%8.7within the sector's middle half▲ 11.5%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 61% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€42,710 ▼ 21.0%
Current assets
€2.1m ▼ 9.9%
Equity and liabilities €2.2m
Equity
€681,049 ▼ 14.1%
Debt
€1.5m ▼ 8.1%
Debt's share of the balance-sheet total rises from 67.0% to 68.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€93,620▼
2024 · €221,596
Cash flow
€48,926▼
2024 · €166,881
Quick ratio
0.78▼
2024 · 0.93
Debt to equity
2.18▲
2024 · 2.03
ROE
5.6%▼
2024 · 19.8%
Interest coverage
2.44▼
2024 · 6.93
Debt ≤ 1 year
€1.5m▼
2024 · €1.6m
Income taxes
€22,686▼
2024 · €61,038
Staff costs
€596,968▲
2024 · €588,384
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 8 | 9 | 9 |
| full-time | 4 | 6 | 6 | 7 | 7 |
| part-time | 4 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 6.9 | 7.4 | 7.4 | 8.4 | 8.4 |
| Average over the year, in full-time equivalents | 6.1 | 7.7 | 7.1 | 7.8 | 8.7 |
| On a permanent contract | 7 | 8 | 8 | 9 | 9 |
| Joined | - | - | 1 | - | 5 |
| Left | - | - | 1 | - | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,480 | €3,046 | €23,597 | €10,507 | €1,388 |
| Intangible fixed assets | - | €8,035 | - | - | - |
| Financial fixed assets | - | - | - | €3,360 | - |
| Depreciation and write-downs of the year | €12,695 | €14,534 | €16,104 | €9,862 | €10,724 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0.05m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.005m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.01m | €0.01m | ▲ 8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.1m | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.02m | €0.05m | €0.003m | ▼ 94.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.04m | €0.1m | €0.1m | ▼ 22.2% |
| Gross operating margin9900 | €0.8m | €1.4m | €0.5m | €0.4m | €0.7m | €0.7m | €1.1m | €0.8m | ▼ 27.8% |
| Operating profit (loss)9901 | €0.3m | €1.1m | €0.2m | €0.07m | €0.08m | €0.004m | €0.2m | €0.08m | ▼ 60.8% |
| Financial income75/76B | - | - | - | €0.005m | €0.04m | €0.009m | €0.04m | €0.02m | ▼ 57.3% |
| Recurring financial income75 | €478 | €0.1m | €0.006m | €0.005m | €0.04m | €0.009m | €0.04m | €0.02m | ▼ 57.3% |
| Financial charges65/66B | - | - | - | €0.009m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 19.9% |
| Recurring financial charges65 | €0.008m | €0.01m | €0.008m | €0.009m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 19.9% |
| Profit (loss) for the period before taxes9903 | €0.3m | €1.2m | €0.2m | €0.07m | €0.1m | -€0.009m | €0.2m | €0.06m | ▼ 72.1% |
| Income taxes67/77 | €0.1m | €0.4m | €0.05m | €0.02m | €0.03m | €0.002m | €0.06m | €0.02m | ▼ 62.8% |
| Profit (loss) for the period9904 | €0.1m | €0.8m | €0.1m | €0.05m | €0.07m | -€0.01m | €0.2m | €0.04m | ▼ 75.7% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.8m | €0.1m | €0.05m | €0.07m | -€0.01m | €0.2m | €0.04m | ▼ 75.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €2.6m | €2.6m | €2.2m | €2.4m | €2.3m | €2.4m | €2.2m | ▼ 10.1% |
| Fixed assets21/28 | €0.04m | €0.07m | €0.3m | €0.05m | €0.04m | €0.05m | €0.05m | €0.04m | ▼ 21.0% |
| Intangible fixed assets21 | - | €0.04m | €0.03m | €0.02m | €0.02m | €0.005m | €0.004m | €0.002m | ▼ 45.1% |
| Tangible fixed assets22/27 | €0.02m | €0.004m | €0.001m | €0.004m | €0.005m | €0.03m | €0.03m | €0.02m | ▼ 28.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.02m | €0.02m | €0.01m | ▼ 25.9% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.005m | €0.003m | €0.01m | €0.006m | ▼ 32.5% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0 | - |
| Financial fixed assets28 | €0.02m | €0.02m | €0.2m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 8.7% |
| Current assets29/58 | €1.9m | €2.5m | €2.3m | €2.1m | €2.3m | €2.3m | €2.4m | €2.1m | ▼ 9.9% |
| Stocks and contracts in progress3 | €0.5m | €0.8m | €0.8m | €0.5m | €0.5m | €0.7m | €0.8m | €1.0m | ▲ 13.7% |
| Stocks30/36 | - | - | - | €0.5m | €0.5m | €0.7m | €0.8m | €1.0m | ▲ 13.7% |
| Amounts receivable within one year40/41 | €0.5m | €0.9m | €0.9m | €1.1m | €1.1m | €1.3m | €0.9m | €0.8m | ▼ 18.0% |
| Trade receivables40 | - | - | - | €0.9m | €0.9m | €1.0m | €0.8m | €0.6m | ▼ 17.3% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.2m | €0.3m | €0.1m | €0.1m | ▼ 21.8% |
| Current investments50/53 | €146 | €0.01m | €0.03m | €0.002m | €0.02m | €146 | €146 | - | - |
| Cash at bank and in hand54/58 | €0.9m | €0.8m | €0.6m | €0.5m | €0.7m | €0.2m | €0.6m | €0.3m | ▼ 38.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.01m | €0.02m | €0.02m | €0.06m | ▲ 139% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €2.6m | €2.6m | €2.2m | €2.4m | €2.3m | €2.4m | €2.2m | ▼ 10.1% |
| Equity10/15 | €1.0m | €1.4m | €1.3m | €1.2m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 14.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €1.0m | €1.4m | €1.2m | €1.2m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 15.4% |
| Amounts payable17/49 | €1.0m | €1.1m | €1.3m | €1.0m | €1.4m | €1.4m | €1.6m | €1.5m | ▼ 8.1% |
| Amounts payable within one year42/48 | €1.0m | €1.1m | €1.3m | €0.9m | €1.3m | €1.4m | €1.6m | €1.5m | ▼ 8.1% |
| Trade debts44 | €0.4m | €0.5m | €0.7m | €0.4m | €0.5m | €1.2m | €1.2m | €0.8m | ▼ 32.9% |
| Suppliers440/4 | - | - | - | €0.4m | €0.5m | €1.2m | €1.2m | €0.8m | ▼ 32.9% |
| Advances received on contracts in progress46 | - | - | - | €0.3m | €0.4m | - | - | €0.4m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.8% |
| Taxes450/3 | - | - | - | €0.08m | €0.03m | €0.05m | €0.01m | €0.04m | ▲ 245% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.09m | €0.05m | €0.1m | €0.07m | ▼ 35.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.3m | €0.1m | €0.3m | €0.2m | ▼ 40.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.02m | €0.07m | €0.001m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €122,446 | €811,333 | €143,129 | €48,760 | €72,511 | -€10,455 | €157,019 | €38,202 | ▼ 75.7% |
| + Depreciation and write-downs630 | €5,129 | €14,925 | €14,061 | €12,695 | €14,534 | €16,104 | €9,862 | €10,724 | ▲ 8.7% |
| Operating cash flow (approximation) | €127,575 | €826,258 | €157,190 | €61,455 | €87,046 | €5,649 | €166,881 | €48,926 | ▼ 70.7% |
| Investment in fixed assets (approximation) | - | -€43,845 | -€200,335 | €195,385 | -€11,081 | -€23,597 | -€13,867 | €612 | - |
| Change in cash | - | -€105,974 | -€147,687 | -€94,432 | €146,681 | -€437,956 | €326,836 | -€216,402 | - |
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, 17,041 companies had the same profile as BELDIMED has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BELDIMED 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 17,041 companies, not a prediction for BELDIMED. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-07-2026 | 2026-00305811 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00199185 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00311111 | |
| 31-12-2022 | full format | 31-07-2023 | 2023-00295864 | |
| 31-12-2021 | full format | 29-07-2022 | 2022-20245236 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-61500203 | |
| 31-12-2019 | full format | 31-10-2020 | 2020-69200482 | |
| 31-12-2018 | full format | 26-07-2019 | 2019-38000566 | |
| 31-12-2017 | full format | 30-07-2018 | 2018-39200591 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-36800168 |