BELFISC
ActiveSummary
BELFISC has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €125,078. Equity remains stable across the filed fiscal years (±0.3% per year). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability43▼-26
Solvency55▼-2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90,000 at 30 days acceptable
Liquidity ample (current ratio 1.51 against 0.26 in 2024; short-term debt: 8% and cash: 0.6% of total assets), but 70% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
30%
Return on assets
2.3%
Age of the figures
9 mo
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
neutral · A punctual record breaks
This company filed 8 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
3 d early
2023
on the day
2022
5 d early
2021
4 d early
2020
5 d early
2019
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 2 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€125,078▲ 901%
2024 · €12,494
Working capital
€215,318
2024 · -€347,237
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€428,958▲ 1.2%€341,840▼ 20.3%€2,123▼ 99.4%€13,034▲ 514%-€226,680
Net result€421,213▼ 67.6%€340,287▼ 19.2%-€48,115€12,494€125,078▲ 901%
Equity€1.2m▲ 56.5%€1.5m▲ 29.2%€1.5m▼ 3.2%€1.5m▲ 0.9%€1.6m▲ 8.5%
Total assets€4.6m▼ 6.7%€4.2m▼ 8.0%€5.1m▲ 19.8%€4.7m▼ 7.9%€5.3m▲ 14.1%
Debt€3.4m▼ 18.0%€2.7m▼ 20.7%€3.6m▲ 32.5%€3.2m▼ 11.5%€3.7m▲ 16.7%
Working capital-€281,015▼ 27.2%-€293,534▼ 4.5%-€354,811▼ 20.9%-€347,237▲ 2.1%€215,318
Why a figure moved sharply
- 2025 Net result +901% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €226,680 after €13,034 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.1m
Fixed assets
€4.4m ▲ 3.3%
Current assets
€640,433 ▲ 418%
Equity and liabilities €5.3m
Equity
€1.6m ▲ 8.5%
Debt
€3.7m ▲ 16.7%
Debt's share of the balance-sheet total rises from 68.5% to 70.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€201,532▼
2024 · €38,182
Cash flow
€150,226▲
2024 · €37,643
Current ratio
1.51▲
2024 · 0.26
Debt to equity
2.34▲
2024 · 2.17
ROE
7.8%▲
2024 · 0.8%
ROA
2.3%▲
2024 · 0.3%
Interest coverage
91.36▲
2024 · 25.16
Debt ≤ 1 year
€425,115▼
2024 · €470,863
Debt > 1 year
€3.3m▲
2024 · €2.7m
Income taxes
€450
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €84,089 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,351 | €2,385 | €55,613 | €25,148 | €25,148 | = |
| Other operating charges640/8 | €5,257 | - | €10,127 | €4,982 | €1,982 | ▼ 60.2% |
| Non-recurring operating charges66A | €10,000 | €2,467 | €2,000 | - | - | - |
| Gross operating margin9900 | €483,566 | €346,692 | €69,862 | €43,165 | -€199,550 | ▼ 562% |
| Operating profit (loss)9901 | €428,958 | €341,840 | €2,123 | €13,034 | -€226,680 | ▼ 1,839% |
| Financial income75/76B | €25 | - | €3,338 | €978 | €350,002 | ▲ 35,699% |
| Recurring financial income75 | €25 | - | €3,338 | €978 | €350,002 | ▲ 35,699% |
| Financial charges65/66B | €7,770 | €1,553 | €3,976 | €1,517 | -€2,206 | ▼ 245% |
| Recurring financial charges65 | €7,770 | €1,553 | €3,976 | €1,517 | -€2,206 | ▼ 245% |
| Profit (loss) for the period before taxes9903 | €421,213 | €340,287 | €1,485 | €12,494 | €125,528 | ▲ 905% |
| Income taxes67/77 | - | - | €49,601 | - | €450 | - |
| Profit (loss) for the period9904 | €421,213 | €340,287 | -€48,115 | €12,494 | €125,078 | ▲ 901% |
| Profit (loss) for the period to be appropriated9905 | €421,213 | €340,287 | -€48,115 | €12,494 | €125,078 | ▲ 901% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.6m | €4.2m | €5.1m | €4.7m | €5.3m | ▲ 14.1% |
| Formation expenses20 | €244,210 | €244,210 | €244,210 | €244,210 | €244,210 | = |
| Fixed assets21/28 | €4.3m | €3.8m | €4.5m | €4.3m | €4.4m | ▲ 3.3% |
| Intangible fixed assets21 | - | - | €204,662 | - | - | - |
| Tangible fixed assets22/27 | €621,952 | €212,191 | €54,491 | €66,566 | €44,025 | ▼ 33.9% |
| Land and buildings22 | €568,816 | - | - | - | - | - |
| Plant, machinery and equipment23 | €50,751 | - | - | €20,936 | €12,133 | ▼ 42.0% |
| Furniture and vehicles24 | €2,385 | €63,191 | €54,491 | €45,630 | €31,892 | ▼ 30.1% |
| Assets under construction and advance payments27 | - | €149,000 | - | - | - | - |
| Financial fixed assets28 | €3.7m | €3.6m | €4.2m | €4.2m | €4.4m | ▲ 3.9% |
| Current assets29/58 | €62,208 | €152,978 | €344,255 | €123,626 | €640,433 | ▲ 418% |
| Amounts receivable after more than one year29 | - | - | €200,000 | €20,000 | €70,000 | ▲ 250% |
| Trade receivables290 | - | - | €200,000 | €20,000 | €70,000 | ▲ 250% |
| Amounts receivable within one year40/41 | €12,228 | €152,978 | €114,317 | €101,828 | €362,228 | ▲ 256% |
| Trade receivables40 | €12,228 | €152,978 | €111,778 | €101,828 | €362,228 | ▲ 256% |
| Other amounts receivable41 | - | - | €2,538 | - | - | - |
| Cash at bank and in hand54/58 | €1,580 | - | €29,938 | €1,797 | €33,205 | ▲ 1,747% |
| Deferred charges and accrued income490/1 | €48,400 | - | - | - | €175,000 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.6m | €4.2m | €5.1m | €4.7m | €5.3m | ▲ 14.1% |
| Equity10/15 | €1.2m | €1.5m | €1.5m | €1.5m | €1.6m | ▲ 8.5% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Outside capital11 | €20,000 | €20,000 | €20,000 | €20,000 | - | - |
| Share premium1100/10 | €20,000 | €20,000 | €20,000 | €20,000 | - | - |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €1.1m | €1.5m | €1.4m | €1.4m | €1.6m | ▲ 8.6% |
| Amounts payable17/49 | €3.4m | €2.7m | €3.6m | €3.2m | €3.7m | ▲ 16.7% |
| Amounts payable after more than one year17 | €3.1m | €2.3m | €2.9m | €2.7m | €3.3m | ▲ 21.3% |
| Financial debts170/4 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Other amounts payable178/9 | €912,249 | €98,682 | €732,483 | €546,875 | €1.1m | ▲ 106% |
| Amounts payable within one year42/48 | €343,224 | €446,513 | €699,066 | €470,863 | €425,115 | ▼ 9.7% |
| Financial debts43 | €60,000 | €63,292 | - | - | €568 | - |
| Credit institutions430/8 | - | €63,292 | - | - | - | - |
| Other loans439 | €60,000 | - | - | - | €568 | - |
| Trade debts44 | €37,278 | €350,711 | €669,918 | €452,025 | €418,547 | ▼ 7.4% |
| Suppliers440/4 | €37,278 | €350,711 | €669,918 | €452,025 | €418,547 | ▼ 7.4% |
| Advances received on contracts in progress46 | €176,250 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €69,696 | €32,509 | €23,148 | €12,838 | - | - |
| Taxes450/3 | €69,696 | €32,509 | €23,148 | €12,838 | - | - |
| Other amounts payable47/48 | - | - | €6,000 | €6,000 | €6,000 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €421,213 | €340,287 | -€48,115 | €12,494 | €125,078 | ▲ 901% |
| + Depreciation and write-downs630 | €39,351 | €2,385 | €55,613 | €25,148 | €25,148 | = |
| Operating cash flow (approximation) | €460,565 | €342,672 | €7,497 | €37,643 | €150,226 | ▲ 299% |
| Investment in fixed assets (approximation) | - | €458,376 | -€702,575 | €155,539 | -€168,371 | ▼ 208% |
| Change in cash | - | - | - | -€28,141 | €31,407 | ▲ 212% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
13-07
State Gazette act
Capital & shares · RestructuringDirector in office · Shareholding · Power of attorney20 facts ▸
State Gazette act
Capital & shares · Restructuring
Director in office · Shareholding · Power of attorney20 facts ▸
- General meeting, 29-06-2026
- Director in office, MICHEL David (sole director)
- Shareholding, 100, USUFRUIT
- Power of attorney, MICHEL David
- Merger, intégralité du patrimoine actif et passif, rien excepté ni réservé, article 12:50 du Code des Sociétés et des associations
- Shareholding
- Accounting effect, 01-04-2026
- Other statement, information des actionnaires, article 12:51 §1
- Capital
- Other statement, unanimité, validité et délibération
- Other statement, émissions antérieures
- Dissolution, merger, ce jour
- +8 further facts in this act
16-02
State Gazette act
RestructuringMerger · Merger accounting transfer2 facts ▸
State Gazette act
Restructuring
Merger · Merger accounting transfer2 facts ▸
- Merger, silencieuse
- Merger accounting transfer, Juste après Assemblée Générale tenue devant notaire
2025
31-12
Financial
Liquidity times 6current ratio 1.51
Current ratio from 0.26 to 1.51; short-term debt falls from €470,863 to €425,115.
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €12,494
Net result €12,494 after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €1mEq €1.2m ▲56.5%
2 profitable years in a row build equity to €1.2m.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €1.3m
Net result €1.3m after 2 loss-making years.
Show earlier events
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet -€453,619
Net result drops to -€453,619, the lowest in the series; recovery starts the following year.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 10 acts read
About the unread acts
Of the 10 Belgian State Gazette acts we know for this company, 2 have been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 2. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2006
Ground area
1,833 m²
Building footprint
1,339 m²
Volume, LiDAR
19,212 m³
2 parcels, Brussels, Wallonia · tallest building 32.8 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
BELFISC
since 20062.160.890.378
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0227/00T003 | Brussels | 1,218 m² | 1 · 1,221 m² | 32.8 m · 2 fl. |
| 57021A0153/00B000 | Wallonia | 614 m² | 1 · 118 m² | 12.8 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionMerger with:EXPERTS & CO
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 13-07-2026 ↗
- SOARES BORGES Dayse 100 shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 13-07-2026 Capital stated in the act · 100 shares
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded23-03-2006
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0880353687
Also
9925:BE0880353687
Registered
13-10-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.