Belex-Cargo S.A.
ActiveBelex-Cargo S.A. has been active since 1962 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €687k and a net result of €-8k. Equity remains stable across the filed fiscal years (±1% per year). Its solvency ranks better than 60% of 5988 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
62
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability25▼-14
Solvency76▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity ample (current ratio 2.07 against 1.97 in 2023; short-term debt: 47.7% and cash: 27.7% of total assets), and 48.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
51.3%
Return on assets
-0.6%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 06-10-2025, 67 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
67 d late
2023
100 d late
2022
298 d late
2021
500 d late
2020
44 d late
2019
265 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-8k
2023 · €8k
2018: €37k
2019: €50k
2020: €45k
2021: €-64k
2022: €21k
2023: €8k
2018 → 2024
Working capital
€681k▼ 1.8%
2023 · €693k
2018: €487k
2019: €570k
2020: €587k
2021: €514k
2022: €683k
2023: €693k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€730k-€666k▼ 8.7%€687k▲ 3.1%€695k▲ 1.2%€687k▼ 1.2%
Operating result€73k-€-73k€8k€23k▲ 178%€2k▼ 93.3%
Net result€45k-€-64k€21k€8k▼ 62.1%€-8k
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 93% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.34M
Fixed assets
€19k▲ 783%
Current assets
€1.32M▼ 6.3%
Equity and liabilities €1.34M
Equity
€687k▼ 1.2%
Debt
€651k▼ 8.8%
The debt ratio falls from 50.7% to 48.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€9k▼
2023 · €25k
Cash flow
€-834▼
2023 · €10k
Solvency
51.3%▲
2023 · 49.3%
Current ratio
2.07▲
2023 · 1.97
Quick ratio
1.76▲
2023 · 1.56
Debt / equity
0.95▼
2023 · 1.03
ROE
-1.2%▼
2023 · 1.1%
ROA
-0.6%▼
2023 · 0.6%
Interest coverage
0.80▼
2023 · 2.38
Debt
€651k▼
2023 · €714k
Debt ≤ 1 year
€638k▼
2023 · €714k
Debt > 1 year
€13k
Income taxes
€65▼
2023 · €5k
Staff costs
€328k▼
2023 · €405k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€1.41M€1.34M▼
Fixed assets21/28€2k€19k▲
Tangible fixed assets22/27€2k€19k▲
Plant, machinery and equipment23€1k€694▼
Furniture and vehicles24€740€18k▲
Financial fixed assets28€178€178=
Current assets29/58€1.41M€1.32M▼
Stocks and contracts in progress3€296k€194k▼
Stocks30/36€296k€194k▼
Amounts receivable within one year40/41€1.06M€753k▼
Trade receivables40€976k€712k▼
Other amounts receivable41€80k€42k▼
Cash at bank and in hand54/58€55k€371k▲
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€1.41M€1.34M▼
Equity10/15€695k€687k▼
Contributions10/11€558k€558k=
Capital10€558k€558k=
Issued capital100€558k€558k=
Reserves13€57k€57k=
Non-distributable reserves130/1€56k€56k=
Legal reserve130€56k€56k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€80k€71k▼
Amounts payable17/49€714k€651k▼
Amounts payable after more than one year17-€13k
Financial debts170/4-€13k
Amounts payable within one year42/48€714k€638k▼
Current portion of amounts payable after more than one year42€43k€19k▼
Trade debts44€638k€597k▼
Suppliers440/4€638k€597k▼
Taxes, remuneration and social security45€34k€23k▼
Remuneration and social security454/9€34k€23k▼
Income statement
Code20232024
Non-recurring operating income76A-€26k
Remuneration, social security and pensions62€405k€328k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€8k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€37k
Other operating charges640/8€485€445▼
Gross operating margin9900€431k€374k▼
Operating profit (loss)9901€23k€2k▼
Financial income75/76B€284€2k▲
Recurring financial income75€284€2k▲
Financial charges65/66B€11k€11k▲
Recurring financial charges65€11k€11k▲
Profit (loss) for the period before taxes9903€13k€-8k▼
Income taxes67/77€5k€65▼
Profit (loss) for the period9904€8k€-8k▼
Profit (loss) for the period to be appropriated9905€8k€-8k▼
Appropriation of the result
Profit (loss) to be appropriated9906€80k€71k▼
Profit (loss) brought forward from the previous period14P€72k€80k▲
Social balance
Average headcount (FTE)90877.25.9▼
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
06-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 67 days late
2024
08-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 100 days late
24-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 298 days late
2023
13-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 500 days late
2022
31-12
Financial
Back to profitnet €21k
Net result €21k after one loss-making year.
2021
31-12
Financial
Weakest financial yearnet €-64k ▼240%
Net result drops to €-64k, the lowest in the series; recovery starts the following year.
13-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 44 days late
22-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 265 days late
2019
31-12
Financial
Highest result since 2018net €50k ▲37.2%
Operating result €73k, net result €50k, both a record.
17-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 78 days late
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
21-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2025
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
31-12-2025
Kegeleirs Michel: Resigned as Managing director
31-08-2021
KEGELEIRS Raymond: Resigned as Director
31-08-2021
KEGELEIRS Ronald: Resigned as Director
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 1952
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Haachtsesteenweg 13131130 BrusselGround area
4,285 m²
Building footprint
1,918 m²
Volume, LiDAR
13,578 m³
Parcel 21821B0073/00K000, Brussels · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
BELEX CARGO
since 19522.006.019.584
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21821B0073/00K000 | Brussels | 4,285 m² | 1 · 1,918 m² | 8.7 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Group per the LEI register
1 subsidiarySubsidiary:BELEX AIR FREIGHT SA
Recognitions · licences · registrations
Food safety, FASFC
1 siteBrussel2.006.019.584
Legal Entity Identifier
254900GX7U4X8VYTGA44
Similar companies · same sector, comparable size
PROVERA BELUX
BE 0469.214.239
Seneffe · Eq €686k
EUROSETS BENELUX
BE 0578.918.665
Wavre · Eq €688k
PROMARMOL BENELUX
BE 0446.312.242
Brugge · Eq €684k
C.P.R.
BE 0461.883.019
Lier · Eq €694k
VADOS
BE 0471.353.583
Oudenaarde · Eq €695k
Of 6,155 companies in sector 46190 we hold annual accounts for 2,569. 1,384 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded29-10-1962
Fiscal year end31-12
Abbreviation FR
BVC
Activities, NACEBEL
46190Agents in non-specialised wholesale trade
46392Non-specialised wholesale
51392
Sources
Crossroads Bank for EnterprisesNational Bank · 47 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:michel@belex.be
Phone:02 215 19 32
Fax:02 241 42 11
General meetings
2 convocationsOrdinary general meeting
1. Rapport du C.A. 2. Approbation comptes annuels. 3. Affectation résultats. 4. Décharge administrateurs. 5. Divers.
Ordinary general meeting
Agenda
Rapport du C.A. Approbation comptes annuels. Affectation résultats. Décharge administrateurs. Nominations. Divers. (AOPC-1-14-00111/ 09.05) (15608) CODEPAL, naamloze vennootschap, Kortrijksesteenweg 179, 9000 GENT Ondernemingsnummer : 0432.881.405 Algemene vergadering ter zetel op 26/05/2014, om 9 uur. Agenda : Tegenstrijdigheid van belangen. Jaarverslag. Goedkeuring jaarreke- ning. Bestemming resultaat. Kwijting bestuurders. Divers. (AOPC-1-14-00239/ 09.05) (15609) COMCO, naamloze vennootschap, Rozendorendreef 5, 1700 DILBEEK Ondernemingsnummer : 0426.112.882 Algemene vergadering ter zetel op 31/05/2014, om 21 uur. Agenda : Jaarverslag. Goedkeuring jaarrekening. Bestemming resultaat. Kwijti ...