BELFO
ActiveSummary
BELFO has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €551,247 and a net result of -€29,241. Equity is growing by ~72.8% per year across the filed fiscal years. Its solvency ranks better than 94% of 19375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability13▼-1
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 14.84 against 15.85 in 2023; short-term debt: 6.2% and cash: 0.9% of total assets), and 6.2% 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
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← 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
93.8%
Return on assets
-5%
Age of the figures
21 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€29,241
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 03-10-2025, 64 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 · 8 filingsDeviation from the deadline
2025
not confirmed
2024
64 d late
2023
418 d late
2022
34 d early
2021
55 d early
2020
44 d early
2019
53 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 49 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema
Equity
€551,247▼ 5.0%
2023 · €580,488
Total assets
€587,543▼ 5.2%
2023 · €619,572
Net result
-€29,241▼ 36.5%
2023 · -€21,419
Working capital
€502,345▼ 13.4%
2023 · €580,281
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€112,453▲ 6,128%€133,926▲ 19.1%€618,076▲ 362%-€18,957-€27,344▼ 44.2%
Net result€71,604within the sector's middle half€74,391within the sector's middle half▲ 3.9%€447,600above the sector's middle half▲ 502%-€21,419below the sector's middle half-€29,241below the sector's middle half▼ 36.5%
Equity€86,307within the sector's middle half▲ 141%€156,307within the sector's middle half▲ 81.1%€601,907within the sector's middle half▲ 285%€580,488above the sector's middle half▼ 3.6%€551,247above the sector's middle half▼ 5.0%
Total assets€1.5mwithin the sector's middle half▲ 16.9%€1.3mwithin the sector's middle half▼ 9.0%€670,751below the sector's middle half▼ 49.6%€619,572within the sector's middle half▼ 7.6%€587,543within the sector's middle half▼ 5.2%
Debt€1.4m▲ 13.3%€1.2m▼ 14.6%€68,844▼ 94.1%€39,084▼ 43.2%€36,296▼ 7.1%
Working capital-€408,559below the sector's middle half▲ 15.3%-€351,595below the sector's middle half▲ 13.9%€613,825above the sector's middle half€580,281above the sector's middle half▼ 5.5%€502,345above the sector's middle half▼ 13.4%
Solvency5.9%below the sector's middle half▲ 3.0pp11.7%within the sector's middle half▲ 5.8pp89.7%above the sector's middle half▲ 78.0pp93.7%above the sector's middle half▲ 4.0pp93.8%above the sector's middle half▲ 0.1pp
Current ratio0.45below the sector's middle half▲ 0.150.48below the sector's middle half▲ 0.0311.95above the sector's middle half▲ 11.4715.85above the sector's middle half▲ 3.9014.84above the sector's middle half▼ 1.01
Return on assets (ROA)4.9%within the sector's middle half▲ 5.7pp5.6%within the sector's middle half▲ 0.7pp66.7%above the sector's middle half▲ 61.1pp-3.5%below the sector's middle half▼ 70.2pp-5.0%below the sector's middle half▼ 1.5pp
Staff (FTE)47.7above the sector's middle half▲ 137%45.9above the sector's middle half▼ 3.8%26.5above the sector's middle half▼ 42.3%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27,344 in 2024 against €18,957 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €587,543
Fixed assets
€48,902 ▲ 23,477%
Current assets
€538,641 ▼ 13.0%
Equity and liabilities €587,543
Equity
€551,247 ▼ 5.0%
Debt
€36,296 ▼ 7.1%
Debt's share of the balance-sheet total falls from 6.3% to 6.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€24,561▼
2023 · -€18,303
Cash flow
-€26,458▼
2023 · -€20,765
Quick ratio
7.01▼
2023 · 8.57
Debt to equity
0.07▼
2023 · 0.07
ROE
-5.3%▼
2023 · -3.7%
Interest coverage
-14.91▼
2023 · -8.27
Debt ≤ 1 year
€36,296▼
2023 · €39,084
Income taxes
€250=
2023 · €250
Staff costs
€24,662▲
2023 · €135
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
1.5%
went bankrupt
5.6%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 928 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €691,875 | - | €60 | - |
| Remuneration, social security and pensions62 | - | €1.3m | €578,933 | €135 | €24,662 | ▲ 18,168% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €164,683 | €170,321 | €789 | €654 | €2,783 | ▲ 326% |
| Other operating charges640/8 | - | €7,123 | €8,276 | €810 | €781 | ▼ 3.7% |
| Non-recurring operating charges66A | - | €0 | €5,514 | - | - | - |
| Gross operating margin9900 | €1.6m | €1.6m | €1.2m | -€17,358 | €882 | ▲ 105% |
| Operating profit (loss)9901 | €112,453 | €133,926 | €618,076 | -€18,957 | -€27,344 | ▼ 44.2% |
| Financial income75/76B | - | €167 | €116 | - | - | - |
| Recurring financial income75 | €999 | €167 | €116 | - | - | - |
| Financial charges65/66B | - | €20,935 | €19,830 | €2,212 | €1,647 | ▼ 25.5% |
| Recurring financial charges65 | €25,069 | €20,935 | €19,830 | €2,212 | €1,647 | ▼ 25.5% |
| Profit (loss) for the period before taxes9903 | €88,384 | €113,158 | €598,362 | -€21,169 | -€28,991 | ▼ 37.0% |
| Income taxes67/77 | €16,780 | €38,767 | €150,762 | €250 | €250 | = |
| Profit (loss) for the period9904 | €71,604 | €74,391 | €447,600 | -€21,419 | -€29,241 | ▼ 36.5% |
| Profit (loss) for the period to be appropriated9905 | €71,604 | €74,391 | €447,600 | -€21,419 | -€29,241 | ▼ 36.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.3m | €670,751 | €619,572 | €587,543 | ▼ 5.2% |
| Formation expenses20 | €2,798 | €1,925 | €0 | - | - | - |
| Fixed assets21/28 | €1.1m | €1.0m | €861 | €207 | €48,902 | ▲ 23,477% |
| Intangible fixed assets21 | €927,494 | €808,194 | €0 | - | €47,917 | - |
| Tangible fixed assets22/27 | €199,911 | €197,561 | €861 | €207 | €985 | ▲ 375% |
| Plant, machinery and equipment23 | - | €75,955 | €0 | - | - | - |
| Furniture and vehicles24 | - | €36,185 | €861 | €207 | €985 | ▲ 375% |
| Leasing and similar rights25 | - | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | €85,421 | €0 | - | - | - |
| Financial fixed assets28 | €721 | €721 | €0 | - | - | - |
| Current assets29/58 | €331,777 | €322,724 | €669,889 | €619,364 | €538,641 | ▼ 13.0% |
| Stocks and contracts in progress3 | €27,137 | €30,776 | €284,352 | €284,352 | €284,352 | = |
| Stocks30/36 | - | €30,776 | €284,352 | €284,352 | €284,352 | = |
| Amounts receivable within one year40/41 | €129,471 | €54,612 | €365,859 | €42,737 | €3,945 | ▼ 90.8% |
| Trade receivables40 | - | €11,506 | €18,221 | - | €2,342 | - |
| Other amounts receivable41 | - | €43,106 | €347,638 | €42,737 | €1,603 | ▼ 96.2% |
| Cash at bank and in hand54/58 | €165,828 | €220,006 | €10,907 | €47,275 | €5,344 | ▼ 88.7% |
| Deferred charges and accrued income490/1 | - | €17,330 | €8,771 | €245,000 | €245,000 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.3m | €670,751 | €619,572 | €587,543 | ▼ 5.2% |
| Equity10/15 | €86,307 | €156,307 | €601,907 | €580,488 | €551,247 | ▼ 5.0% |
| Contributions10/11 | - | €30,950 | €30,950 | €30,950 | €30,950 | = |
| Reserves13 | €55,357 | €125,357 | €125,357 | €125,357 | €125,357 | = |
| Tax-exempt reserves132 | - | €130 | €130 | €130 | €130 | = |
| Distributable reserves133 | - | €125,228 | €125,228 | €125,228 | €125,228 | = |
| Profit (loss) carried forward14 | €0 | €0 | €445,600 | €424,181 | €394,940 | ▼ 6.9% |
| Amounts payable17/49 | €1.4m | €1.2m | €68,844 | €39,084 | €36,296 | ▼ 7.1% |
| Amounts payable after more than one year17 | €629,521 | €497,354 | €0 | - | - | - |
| Financial debts170/4 | - | €497,354 | €0 | - | - | - |
| Amounts payable within one year42/48 | €740,336 | €674,319 | €56,064 | €39,084 | €36,296 | ▼ 7.1% |
| Current portion of amounts payable after more than one year42 | - | €132,167 | €0 | - | - | - |
| Trade debts44 | €175,139 | €168,357 | €8,124 | - | €1,826 | - |
| Suppliers440/4 | - | €168,357 | €8,124 | - | €1,826 | - |
| Taxes, remuneration and social security45 | - | €166,358 | €46,994 | €39,084 | - | - |
| Taxes450/3 | - | €42,892 | €34,698 | €39,038 | - | - |
| Remuneration and social security454/9 | - | €123,466 | €12,297 | €46 | - | - |
| Other amounts payable47/48 | - | €207,438 | €945 | - | €34,470 | - |
| Accrued charges and deferred income492/3 | - | €3,145 | €12,780 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,604 | €74,391 | €447,600 | -€21,419 | -€29,241 | ▼ 36.5% |
| + Depreciation and write-downs630 | €164,683 | €170,321 | €789 | €654 | €2,783 | ▲ 326% |
| Operating cash flow (approximation) | €236,287 | €244,712 | €448,389 | -€20,765 | -€26,458 | ▼ 27.4% |
| Investment in fixed assets (approximation) | - | -€48,670 | €1.0m | €0 | -€51,478 | - |
| Change in cash | - | €54,178 | -€209,099 | €36,368 | -€41,931 | ▼ 215% |
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
2025
03-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 64 days late
22-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 418 days late
2024
31-12
Financial
Weakest financial yearnet -€29,241
Net result drops to -€29,241, the lowest in the series.
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €447,600 ▲502%
Operating result €618,076, net result €447,600, both a record.
31-12
Financial
Liquidity times 25current ratio 11.95
Current ratio from 0.48 to 11.95; short-term debt falls from €674,319 to €56,064.
31-12
Financial
Equity above €500,000Eq €601,907 ▲285%
3 profitable years in a row build equity to €601,907.
06-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €150,000Eq €156,307 ▲81.1%
2 profitable years in a row build equity to €156,307.
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €71,604
Net result €71,604 after one loss-making year.
08-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
03-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lokeren · 1 establishment unit since 2017
Ground area
447 m²
Building footprint
272 m²
Volume, LiDAR
1,586 m³
2 parcels, Flanders · tallest building 10.9 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
BELFO
since 20172.266.616.618
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46383D0873/00Z011 | Flanders | 255 m² | 1 · 152 m² | 8.1 m · 2 fl. |
| 46447B0428/00B002 | Flanders | 192 m² | 1 · 120 m² | 10.9 m · 3 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.
Similar companies · same sector, comparable size
BOGAERTS VASTGOED
BE 0449.991.908
Lanaken · Eq €551,419
Constreno
BE 0831.964.149
Tongeren-Borgloon · Eq €551,441
B&W INVEST
BE 0721.714.345
Sint-Truiden · Eq €551,537
PLUVALU
BE 0715.546.828
Knokke-Heist · Eq €551,763
RiOak 2
BE 0799.075.805
Herentals · Eq €550,473
Of 9,699 companies in sector 68121 we hold annual accounts for 7,393. 4,616 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-07-2017
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
41001General construction of residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0678818965
Also
9925:BE0678818965
Registered
17-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.