BELDIX
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 29-09-2026 at the NBB all 11 filings
Turnover
≈ €1.6m
Estimated: probably between €1.2m and €2.1m
EBIT margin
Not included in this filing
Net result
€8,512
2025 · -€30,436
Working capital
€87,282▲ 0.9%
2025 · €86,502
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€16,684
2026
20192026
Net result
€8,512
2026
20192026
Equity
€122,519
▲ 7.5%
2026
20192026
Total assets
€367,150
▲ 0.8%
2026
20192026
Debt
€244,631
▼ 2.2%
2026
20192026
Working capital
€87,282
▲ 0.9%
2026
20192026
Solvency
33.4%
▲ 2.1pp
2026
20192026
Current ratio
1.37
▲ 0.01
2026
20192026
Return on assets (ROA)
2.3%
▲ 10.7pp
2026
20192026
Staff (FTE)
0.6
▼ 79.3%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€140,186-€76,680▼ 45.3%€131,142▲ 71.0%-€12,150-€4,330▲ 64.4%-€8,354▼ 92.9%-€26,037▼ 212%€16,684
Net result€97,838-€52,125▼ 46.7%€122,255within the sector's middle half▲ 135%-€12,997below the sector's middle half-€6,486below the sector's middle half▲ 50.1%-€11,156below the sector's middle half▼ 72.0%-€30,436below the sector's middle half▼ 173%€8,512
Equity€110,703-€162,828▲ 47.1%€175,083within the sector's middle half▲ 7.5%€162,086within the sector's middle half▼ 7.4%€155,600within the sector's middle half▼ 4.0%€144,444within the sector's middle half▼ 7.2%€114,007below the sector's middle half▼ 21.1%€122,519▲ 7.5%
Total assets€493,547-€452,810▼ 8.3%€552,802within the sector's middle half▲ 22.1%€516,998within the sector's middle half▼ 6.5%€324,496below the sector's middle half▼ 37.2%€353,835below the sector's middle half▲ 9.0%€364,252below the sector's middle half▲ 2.9%€367,150▲ 0.8%
Debt€382,844-€289,982▼ 24.3%€377,719▲ 30.3%€354,912▼ 6.0%€168,896▼ 52.4%€209,391▲ 24.0%€250,245▲ 19.5%€244,631▼ 2.2%
Working capital€60,341-€117,211▲ 94.2%€125,816within the sector's middle half▲ 7.3%€148,814within the sector's middle half▲ 18.3%€141,711within the sector's middle half▼ 4.8%€136,245within the sector's middle half▼ 3.9%€86,502within the sector's middle half▼ 36.5%€87,282▲ 0.9%
Solvency22.4%-36.0%▲ 13.5pp31.7%within the sector's middle half▼ 4.3pp31.4%within the sector's middle half▼ 0.3pp48.0%within the sector's middle half▲ 16.6pp40.8%within the sector's middle half▼ 7.1pp31.3%within the sector's middle half▼ 9.5pp33.4%▲ 2.1pp
Current ratio1.21-1.51▲ 0.301.37within the sector's middle half▼ 0.151.48within the sector's middle half▲ 0.111.98within the sector's middle half▲ 0.501.69within the sector's middle half▼ 0.291.36within the sector's middle half▼ 0.331.37▲ 0.01
Return on assets (ROA)19.8%-11.5%▼ 8.3pp22.1%above the sector's middle half▲ 10.6pp-2.5%below the sector's middle half▼ 24.6pp-2.0%below the sector's middle half▲ 0.5pp-3.2%below the sector's middle half▼ 1.2pp-8.4%below the sector's middle half▼ 5.2pp2.3%▲ 10.7pp
Staff (FTE)2-2=2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=2.2below the sector's middle half▲ 10.0%2.9below the sector's middle half▲ 31.8%0.6▼ 79.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is a profit of €16,684, after a loss of €26,037 in 2025. It is the highest result since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €367,150
Fixed assets
€45,452 ▲ 21.1%
Current assets
€321,698 ▼ 1.5%
Equity and liabilities €367,150
Equity
€122,519 ▲ 7.5%
Debt
€244,631 ▼ 2.2%
Debt's share of the balance-sheet total falls from 68.7% to 66.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,751▲
2025 · -€12,760
Cash flow
€17,578▲
2025 · -€17,159
Quick ratio
1.00▲
2025 · 0.95
Debt to equity
2.00▼
2025 · 2.19
ROE
6.9%▲
2025 · -26.7%
Interest coverage
3.10▲
2025 · -2.55
Debt ≤ 1 year
€234,416▼
2025 · €240,229
Staff costs
€154,474▲
2025 · €113,916
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 5 | 9 |
| full-time | 2 | 2 | 3 | 2 | 2 |
| part-time | - | - | - | 3 | 7 |
| in full-time equivalents | 2 | 2 | 3 | 3.8 | 4.3 |
| Average over the year, in full-time equivalents | 2 | 2 | 2.2 | 2.9 | 0.6 |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | - | 1 | 1 | 3 | 6 |
| Left | - | 0 | 0 | 1 | 3 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €869 | €3,439 | €4,951 | €32,868 | €16,843 |
| Financial fixed assets | - | - | - | - | €155 |
| Depreciation and write-downs of the year | €26,368 | €22,055 | €22,266 | €13,277 | €9,067 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €42,203 | €60,613 | €78,805 | €113,916 | €154,474 | ▲ 35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,685 | €39,650 | €28,798 | €26,368 | €22,055 | €22,266 | €13,277 | €9,067 | ▼ 31.7% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €707 | €1,281 | €691 | ▼ 46.1% |
| Gross operating margin9900 | €244,828 | €176,582 | €218,625 | €56,769 | €78,685 | €93,423 | €102,438 | €180,916 | ▲ 76.6% |
| Operating profit (loss)9901 | €140,186 | €76,680 | €131,142 | -€12,150 | -€4,330 | -€8,354 | -€26,037 | €16,684 | - |
| Financial income75/76B | - | - | - | €3,846 | €2,032 | €510 | €601 | €142 | ▼ 76.3% |
| Recurring financial income75 | €92 | €57 | €77 | €3,846 | €2,032 | €510 | €601 | €142 | ▼ 76.3% |
| Financial charges65/66B | - | - | - | €4,469 | €3,974 | €3,293 | €5,000 | €8,315 | ▲ 66.3% |
| Recurring financial charges65 | €5,258 | €4,465 | €4,745 | €4,469 | €3,974 | €3,293 | €5,000 | €8,315 | ▲ 66.3% |
| Profit (loss) for the period before taxes9903 | €135,020 | €72,272 | €126,474 | -€12,773 | -€6,272 | -€11,138 | -€30,436 | €8,512 | - |
| Income taxes67/77 | €37,182 | €20,147 | €4,219 | €224 | €214 | €18 | - | - | - |
| Profit (loss) for the period9904 | €97,838 | €52,125 | €122,255 | -€12,997 | -€6,486 | -€11,156 | -€30,436 | €8,512 | - |
| Profit (loss) for the period to be appropriated9905 | €97,838 | €52,125 | €122,255 | -€12,997 | -€6,486 | -€11,156 | -€30,436 | €8,512 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €493,547 | €452,810 | €552,802 | €516,998 | €324,496 | €353,835 | €364,252 | €367,150 | ▲ 0.8% |
| Fixed assets21/28 | €145,896 | €107,290 | €82,459 | €56,960 | €38,345 | €21,030 | €37,521 | €45,452 | ▲ 21.1% |
| Tangible fixed assets22/27 | €145,746 | €107,140 | €82,309 | €56,810 | €38,195 | €20,880 | €37,371 | €45,147 | ▲ 20.8% |
| Plant, machinery and equipment23 | - | - | - | €55,264 | €35,942 | €20,880 | €37,371 | €45,147 | ▲ 20.8% |
| Furniture and vehicles24 | - | - | - | €1,546 | €2,253 | - | - | - | - |
| Financial fixed assets28 | €150 | €150 | €150 | €150 | €150 | €150 | €150 | €305 | ▲ 103% |
| Current assets29/58 | €347,651 | €345,520 | €470,343 | €460,038 | €286,151 | €332,805 | €326,731 | €321,698 | ▼ 1.5% |
| Stocks and contracts in progress3 | €123,482 | €123,158 | €132,617 | €142,612 | €143,383 | €140,191 | €99,123 | €88,365 | ▼ 10.9% |
| Stocks30/36 | - | - | - | €142,612 | €143,383 | €140,191 | €99,123 | €88,365 | ▼ 10.9% |
| Amounts receivable within one year40/41 | €666 | €147,583 | €168,443 | €153,247 | €20,777 | €88,887 | €14,885 | €5,317 | ▼ 64.3% |
| Trade receivables40 | - | - | - | €2,416 | €7,493 | €51,363 | €8,158 | €3,067 | ▼ 62.4% |
| Other amounts receivable41 | - | - | - | €150,831 | €13,284 | €37,524 | €6,726 | €2,250 | ▼ 66.5% |
| Cash at bank and in hand54/58 | €206,907 | €58,149 | €151,687 | €153,718 | €108,579 | €89,827 | €197,817 | €212,662 | ▲ 7.5% |
| Deferred charges and accrued income490/1 | - | - | - | €10,461 | €13,411 | €13,899 | €14,907 | €15,354 | ▲ 3.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €493,547 | €452,810 | €552,802 | €516,998 | €324,496 | €353,835 | €364,252 | €367,150 | ▲ 0.8% |
| Equity10/15 | €110,703 | €162,828 | €175,083 | €162,086 | €155,600 | €144,444 | €114,007 | €122,519 | ▲ 7.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €91,860 | €143,860 | €143,860 | €143,860 | €143,860 | €143,860 | €143,860 | €143,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €142,000 | €142,000 | €143,860 | €143,860 | €143,860 | = |
| Profit (loss) carried forward14 | €243 | €368 | €12,623 | -€374 | -€6,860 | -€18,016 | -€48,453 | -€39,941 | ▲ 17.6% |
| Amounts payable17/49 | €382,844 | €289,982 | €377,719 | €354,912 | €168,896 | €209,391 | €250,245 | €244,631 | ▼ 2.2% |
| Amounts payable after more than one year17 | €91,187 | €55,529 | €23,946 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €287,310 | €228,309 | €344,527 | €311,224 | €144,440 | €196,560 | €240,229 | €234,416 | ▼ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,946 | - | - | - | - | - |
| Trade debts44 | €181,665 | €161,358 | €193,368 | €280,320 | €131,130 | €177,769 | €217,049 | €203,005 | ▼ 6.5% |
| Suppliers440/4 | - | - | - | €280,320 | €131,130 | €177,769 | €217,049 | €203,005 | ▼ 6.5% |
| Taxes, remuneration and social security45 | - | - | - | €6,790 | €13,309 | €18,791 | €23,181 | €31,410 | ▲ 35.5% |
| Taxes450/3 | - | - | - | - | €252 | €18 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €6,790 | €13,057 | €18,773 | €23,181 | €31,410 | ▲ 35.5% |
| Other amounts payable47/48 | - | - | - | €168 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €43,688 | €24,456 | €12,831 | €10,015 | €10,215 | ▲ 2.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €97,838 | €52,125 | €122,255 | -€12,997 | -€6,486 | -€11,156 | -€30,436 | €8,512 | - |
| + Depreciation and write-downs630 | €49,685 | €39,650 | €28,798 | €26,368 | €22,055 | €22,266 | €13,277 | €9,067 | ▼ 31.7% |
| Operating cash flow (approximation) | €147,523 | €91,775 | €151,053 | €13,371 | €15,569 | €11,110 | -€17,159 | €17,578 | - |
| Investment in fixed assets (approximation) | - | -€1,044 | -€3,967 | -€869 | -€3,440 | -€4,951 | -€29,768 | -€16,998 | ▲ 42.9% |
| Change in cash | - | -€148,758 | €93,538 | €2,031 | -€45,139 | -€18,752 | €107,989 | €14,845 | ▼ 86.3% |
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, 10,904 companies had the same profile as BELDIX has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BELDIX 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 10,904 companies, not a prediction for BELDIX. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 28-02-2026 | abbreviated format | 29-09-2026 | 2026-00538656 | |
| 28-02-2025 | full format | 15-10-2025 | 2025-00544713 | |
| 29-02-2024 | full format | 20-09-2024 | 2024-00473882 | |
| 28-02-2023 | full format | 19-09-2023 | 2023-00448390 | |
| 28-02-2022 | full format | 12-10-2022 | 2022-20461188 | |
| 28-02-2021 | full format | 28-10-2021 | 2021-74200512 | |
| 29-02-2020 | full format | 30-10-2020 | 2020-65000109 | |
| 28-02-2019 | full format | 26-09-2019 | 2019-65800069 | |
| 28-02-2018 | full format | 27-09-2018 | 2018-64900182 | |
| 31-12-2016 | full format | 05-07-2017 | 2017-28400421 |