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Belex Air Freight

Active
Public limited companyfounded 1960active for 66 yearsHaachtsesteenweg 1313, 1130 Brussel, BelgiumKBO/BCE: BE 0401.846.254
Summary

Belex Air Freight has been active since 1960 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €992,232 and a net result of -€352. Equity remains stable across the filed financial years (±0.8% per year). Its solvency ranks better than 51% of 857 sector peers (NACE 52, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).

Risk analysisFollow ReportCompare
Belex Air FreightActiveChecked score 68/100
Risk analysis ReportCompare

Overview

Activity
Logistics services
NACE 52250
6th oldest company in the Brussels-Capital Region, Warehousing and transport support sector2 sites
Size
€2.6mtotal assets 2025
Staff
24.6 FTE
Equity
€992,232
Loss
-€352
Financial health
68 Healthy Checked score 2025
Bankruptcy probabilitywithin 12 months
0.8%
Structure
Parent
Belex-Cargo S.A.
Board
4 members
Holdings
1
2025 accounts filed 75 days late3 of 7 deeds summarised
Why 68raises riskLast filed accounts filed 75 days late; 3 of the last 3 lateSector: Warehousing and support activities for transportation (NACE 52)Size: 24.6 FTE, total assets €2.6mlowers riskFounded in 1960Show the evidence

Checked score

Score 2025
68 / 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially better than 40% of its sector peers (NACE 52, small)
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Average
Solvency 64=
equity 38.7% of total assets
Liquidity 36+2
short-term debt 56.7% · cash 12.0%
Profitability 53+5
return on assets 0.0%
Bankruptcy probability, 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%

About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.4% (598 companies, NACE 52, small)
Last 24 months 11-2024: 2.1%highest value 12-2024: 0.8%▼ -1.3 percentage points vs 11-2024 01-2025: 0.8%● unchanged vs 12-2024 02-2025: 0.8%● unchanged vs 01-2025 03-2025: 0.8%● unchanged vs 02-2025 04-2025: 0.8%● unchanged vs 03-2025 05-2025: 0.8%● unchanged vs 04-2025 06-2025: 0.8%● unchanged vs 05-2025 07-2025: 0.9%▲ +0.1 percentage points vs 06-2025 08-2025: 1.4%▲ +0.5 percentage points vs 07-2025 09-2025: 1.5%▲ +0.1 percentage points vs 08-2025 10-2025: 1.9%▲ +0.4 percentage points vs 09-2025 11-2025: 0.8%▼ -1.1 percentage points vs 10-2025 12-2025: 0.8%● unchanged vs 11-2025 01-2026: 0.8%● unchanged vs 12-2025 02-2026: 0.8%● unchanged vs 01-2026 03-2026: 0.8%● unchanged vs 02-2026 04-2026: 0.7%▼ -0.1 percentage points vs 03-2026lowest value 05-2026: 0.8%▲ +0.1 percentage points vs 04-2026 06-2026: 0.8%● unchanged vs 05-2026 07-2026: 0.8%● unchanged vs 06-2026 08-2026: 1.3%▲ +0.5 percentage points vs 07-2026 09-2026: 1.5%▲ +0.2 percentage points vs 08-2026 10-2026: 0.8%▼ -0.7 percentage points vs 09-2026
Credit of up to €65,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.4, compared with 1.39 in 2024, below the usual 1.5; short-term debt: 56.7% and cash: 12% of total assets), and 61.3% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 52, small): better than 56% on solvency, 33% on liquidity, 35% on profitability and 34% on growth.

The bankruptcy probability was computed on 23-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.
lowers riskraises risk
lowers risk · Founded in 1960
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
raises risk · Last filed accounts filed 75 days late; 3 of the last 3 late
NBB · filings
raises risk · Sector: Warehousing and support activities for transportation (NACE 52)
KBO
raises risk · Size: 24.6 FTE, total assets €2.6m
Companies of this size fail more often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
raises risk · 2025 accounts filed 75 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-10-2026, 75 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filings
Deviation from the deadline
2025
75 days late
2024
70 days late
2023
100 days late
2022
141 days late
2021
500 days late
2020
30 days late
2019
98 days late
← 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 145 days after the deadline; the sector median (NACE 52) for financial year 2024 is 8 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 9 November (4 of the last 5 filed years within 40 days of that day).
Companies Code · seven months
Where today falls in the filing period
24-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Permanent representative: Kegeleirs RenaudGazette deed
  3. Resignation: Michel Kegeleirs (director)Appointment: SOMIKA (director)

Key points

  • Caution: Latest accounts filed lateafter the legal deadline 75 days View
  • Positive: 6th oldest company in the Brussels-Capital Region, Warehousing and transport support sectorin the Checked rankings No. 6 View
  • Controlled by Belex-Cargo S.A. parent View
  • EU supportawarded from 2021 to 2025 €5.8m View
  • Board changedlatest change 01-01-2026 · 4 in office 1 joined · 1 left View
  • Active since 1960founded 01-01-1960 66 years View

By topic

Financials

Financial year
2025
Total assets
€2.6m
Loss
-€352
Solvency
38.7%
Total assets=
Net result
20182025
Go to Financials

Board & ownership

Board
4 members
Parent
Belex-Cargo S.A.
  • KEGELEIRS CélineChair
  • KEGELEIRS RenaudManaging director
  • MYDES MANAGEMENTDirector
  • SOMIKADirector
Go to Board & ownership

Timeline

Events
54
Since
1979
Next accounts
by 31-07-2027
  1. 14-11-2025Appointments: MYDES MANAGEMENT, KEGELEIRS Michel and 2…
  2. 09-10-2025Annual accounts filed
  3. 08-11-2024Annual accounts filed
Go to Timeline

Company details

Sites
2
Legal form
Public limited company
Activity
Logistics servicesNACE 52250
Founded
01-01-1960
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
55
Annual meeting
Last Thursday of May at 11:30
Purpose
“L'exploitation d'une entreprise de transports et d'expéditions par tous moyens…” (deed in French)
Go to Articles of association

Key facts about Belex Air Freight

What is the company number of Belex Air Freight?
0401.846.254. In Belgium the VAT number is the company number with BE in front: BE 0401.846.254.
Where is Belex Air Freight based?
The registered office is at Haachtsesteenweg 1313, 1130 Brussel.Company details
What does Belex Air Freight do?
According to the KBO register, the main activity is logistics services (NACE 52250).
What is the legal form of Belex Air Freight?
Public limited company (NV).
When was Belex Air Freight founded?
On 01-01-1960.
Is Belex Air Freight still active?
Yes, Belex Air Freight is an active enterprise in the KBO register.
How many employees does Belex Air Freight have?
On average 24.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of Belex Air Freight?
Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.
Is Belex Air Freight profitable?
In financial year 2025, Belex Air Freight made a loss of €352.
Where can I find the annual accounts of Belex Air Freight?
Belex Air Freight filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Belex Air Freight due?
By 31-07-2027, for financial year 2026.Timeline

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