Belfuture
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-06-2026 PDF all 19 filings
Turnover
≈ €5.3m
Estimated: probably between €3.6m and €8.8m
Total assets
€11.8m▼ 1.2%
2024 · €12.0m
Net result
€785,685▲ 554%
2024 · €120,121
Working capital
€146,609
2024 · -€822,155
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.4m
▲ 81.1%
2025
20182025
Net result
€785,685
▲ 554%
2025
highest quarter of the sector
20182025
Equity
€1.5m
▼ 15.2%
2025
middle half of the sector
20182025
Total assets
€11.8m
▼ 1.2%
2025
highest quarter of the sector
20182025
Debt
€10.0m
▲ 1.5%
2025
20182025
Working capital
€146,609
2025
middle half of the sector
20182025
Solvency
13.0%
▼ 2.2pp
2025
middle half of the sector
20182025
Current ratio
1.05
▲ 0.37
2025
middle half of the sector
20182025
Return on assets (ROA)
6.6%
▲ 5.6pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1.5m-€1.2m▼ 18.1%€1.5m▲ 19.5%€1.3m▼ 10.3%€2.1m▲ 53.8%€1.3m▼ 37.8%€0.8m▼ 41.2%€1.4m▲ 81.1%
Net result€0.04m--€0.5m€0.2mwithin the sector's middle half€0.09mwithin the sector's middle half▼ 42.9%€1.1mabove the sector's middle half▲ 13×€0.6mabove the sector's middle half▼ 44.4%€0.1mwithin the sector's middle half▼ 80.3%€0.8mabove the sector's middle half▲ 554%
Equity€0.7m-€0.1m▼ 79.2%€0.2mwithin the sector's middle half▲ 51.1%€0.2mwithin the sector's middle half▲ 3.6%€1.2mwithin the sector's middle half▲ 461%€1.8mwithin the sector's middle half▲ 42.9%€1.8mwithin the sector's middle half▲ 2.4%€1.5mwithin the sector's middle half▼ 15.2%
Total assets€24.6m-€22.2m▼ 9.9%€20.2mabove the sector's middle half▼ 8.9%€17.1mabove the sector's middle half▼ 15.4%€14.9mabove the sector's middle half▼ 12.9%€14.1mabove the sector's middle half▼ 5.2%€12.0mabove the sector's middle half▼ 15.2%€11.8mabove the sector's middle half▼ 1.2%
Debt€23.7m-€21.7m▼ 8.1%€19.7m▼ 9.4%€16.6m▼ 15.9%€13.4m▼ 19.2%€12.0m▼ 10.0%€9.8m▼ 18.2%€10.0m▲ 1.5%
Working capital€1.5m-€1.8m▲ 16.7%€1.3mabove the sector's middle half▼ 25.5%-€0.05mwithin the sector's middle half-€0.7mbelow the sector's middle half▼ 1,328%-€0.2mbelow the sector's middle half▲ 66.5%-€0.8mbelow the sector's middle half▼ 255%€0.1mwithin the sector's middle half
Solvency2.8%-0.6%▼ 2.1pp1.1%below the sector's middle half▲ 0.4pp1.3%below the sector's middle half▲ 0.2pp8.3%below the sector's middle half▲ 7.0pp12.5%below the sector's middle half▲ 4.2pp15.1%within the sector's middle half▲ 2.6pp13.0%within the sector's middle half▼ 2.2pp
Current ratio1.61-2.12▲ 0.501.74within the sector's middle half▼ 0.380.97within the sector's middle half▼ 0.760.63below the sector's middle half▼ 0.340.90within the sector's middle half▲ 0.270.67within the sector's middle half▼ 0.231.05within the sector's middle half▲ 0.37
Return on assets (ROA)0.2%--2.1%▼ 2.2pp0.7%within the sector's middle half▲ 2.8pp0.5%within the sector's middle half▼ 0.2pp7.4%within the sector's middle half▲ 6.9pp4.3%within the sector's middle half▼ 3.0pp1.0%within the sector's middle half▼ 3.3pp6.6%within the sector's middle half▲ 5.6pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Electricity, gas, steam and air conditioning supply (NACE 35). 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 2025 is 81% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.8m
Fixed assets
€8.6m ▼ 16.6%
Current assets
€3.3m ▲ 92.5%
Equity and liabilities €11.8m
Equity
€1.5m ▼ 15.2%
Provisions
€298,762 ▼ 4.1%
Debt
€10.0m ▲ 1.5%
Debt's share of the balance-sheet total rises from 82.3% to 84.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3.1m▲
2024 · €2.4m
Cash flow
€2.5m▲
2024 · €1.8m
Debt to equity
6.50▲
2024 · 5.43
ROE
51.1%▲
2024 · 6.6%
Interest coverage
4.22▲
2024 · 2.85
Debt ≤ 1 year
€3.1m▲
2024 · €2.5m
Debt > 1 year
€6.0m▼
2024 · €7.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €9.8m | €8.2m | €6.6m | €4.8m | €3.9m |
| Mortgages, amount registered | €32.7m | €32.7m | €32.7m | €32.7m | €32.7m |
| Carrying value of the mortgaged assets | €14.3m | €12.5m | €10.8m | €9.1m | €7.4m |
| Pledge on the business | €38.5m | €38.5m | €38.5m | €38.5m | €38.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €127,082 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.8m | €1.8m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | ▲ 0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.003m | €0 | - | - | €0.02m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.002m | -€0.05m | €0.03m | €0.01m | -€0.01m | - |
| Other operating charges640/8 | - | - | - | €0.006m | €0.006m | €0.01m | €0.009m | €0.009m | ▲ 0.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.2m | €0.006m | ▼ 96.2% |
| Gross operating margin9900 | €3.4m | €3.1m | €3.2m | €3.1m | €3.7m | €3.0m | €2.6m | €3.1m | ▲ 17.4% |
| Operating profit (loss)9901 | €1.5m | €1.2m | €1.5m | €1.3m | €2.1m | €1.3m | €0.8m | €1.4m | ▲ 81.1% |
| Financial income75/76B | - | - | - | €0.08m | €0.08m | €0.1m | €0.2m | €0.2m | ▼ 33.9% |
| Recurring financial income75 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.1m | €0.2m | €0.2m | ▼ 33.9% |
| Financial charges65/66B | - | - | - | €1.3m | €1.0m | €0.8m | €0.9m | €0.7m | ▼ 15.6% |
| Recurring financial charges65 | €1.6m | €1.8m | €1.4m | €1.3m | €1.0m | €0.8m | €0.9m | €0.7m | ▼ 15.6% |
| Profit (loss) for the period before taxes9903 | €0.04m | -€0.5m | €0.2m | €0.09m | €1.1m | €0.6m | €0.1m | €0.8m | ▲ 554% |
| Profit (loss) for the period9904 | €0.04m | -€0.5m | €0.2m | €0.09m | €1.1m | €0.6m | €0.1m | €0.8m | ▲ 554% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | -€0.5m | €0.2m | €0.09m | €1.1m | €0.6m | €0.1m | €0.8m | ▲ 554% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €24.6m | €22.2m | €20.2m | €17.1m | €14.9m | €14.1m | €12.0m | €11.8m | ▼ 1.2% |
| Formation expenses20 | €0.1m | €0.02m | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €20.6m | €18.9m | €17.1m | €15.4m | €13.7m | €12.0m | €10.3m | €8.6m | ▼ 16.6% |
| Tangible fixed assets22/27 | €19.4m | €17.7m | €16.0m | €14.3m | €12.5m | €10.8m | €9.1m | €7.4m | ▼ 18.7% |
| Plant, machinery and equipment23 | - | - | - | €14.3m | €12.5m | €10.8m | €9.1m | €7.4m | ▼ 18.7% |
| Financial fixed assets28 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Current assets29/58 | €4.0m | €3.3m | €3.1m | €1.7m | €1.2m | €2.1m | €1.7m | €3.3m | ▲ 92.5% |
| Amounts receivable within one year40/41 | €1.2m | €1.1m | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 19.6% |
| Trade receivables40 | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 18.8% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.09m | €0.02m | €0.02m | €0.02m | ▲ 30.3% |
| Current investments50/53 | - | - | - | - | - | €1.4m | €1.4m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €2.7m | €2.3m | €2.6m | €1.2m | €0.8m | €0.4m | €0 | €3.0m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.03m | €0.04m | €0.04m | ▲ 4.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €24.6m | €22.2m | €20.2m | €17.1m | €14.9m | €14.1m | €12.0m | €11.8m | ▼ 1.2% |
| Equity10/15 | €0.7m | €0.1m | €0.2m | €0.2m | €1.2m | €1.8m | €1.8m | €1.5m | ▼ 15.2% |
| Contributions10/11 | €4.5m | €4.5m | - | €4.5m | €4.5m | €4.5m | €4.5m | €3.5m | ▼ 21.8% |
| Contributions outside capital11 | - | - | - | €4.5m | €4.5m | - | - | - | - |
| Share premium1100/10 | - | - | - | €0 | - | - | - | - | - |
| Other1109/19 | - | - | - | €4.5m | €4.5m | - | - | - | - |
| Profit (loss) carried forward14 | -€4.7m | -€5.2m | -€5.0m | -€4.9m | -€3.8m | -€3.2m | -€3.1m | -€2.3m | ▲ 25.2% |
| Investment grants15 | - | - | - | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 19.0% |
| Provisions and deferred taxes16 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.1% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.1% |
| Environmental obligations163 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.1% |
| Amounts payable17/49 | €23.7m | €21.7m | €19.7m | €16.6m | €13.4m | €12.0m | €9.8m | €10.0m | ▲ 1.5% |
| Amounts payable after more than one year17 | €18.3m | €16.9m | €15.4m | €12.8m | €11.0m | €9.3m | €7.0m | €6.0m | ▼ 14.1% |
| Financial debts170/4 | - | - | - | €12.8m | €11.0m | €9.3m | €7.0m | €6.0m | ▼ 14.1% |
| Amounts payable within one year42/48 | €2.5m | €1.6m | €1.8m | €1.7m | €1.9m | €2.3m | €2.5m | €3.1m | ▲ 23.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.5m | €1.6m | €2.1m | €1.9m | €2.9m | ▲ 56.3% |
| Financial debts43 | - | - | - | - | - | - | €0.4m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €0.4m | €0 | ▼ 100% |
| Trade debts44 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 20.7% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 20.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 45.4% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 45.4% |
| Accrued charges and deferred income492/3 | - | - | - | €2.1m | €0.5m | €0.4m | €0.4m | €0.9m | ▲ 152% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | -€0.5m | €0.2m | €0.09m | €1.1m | €0.6m | €0.1m | €0.8m | ▲ 554% |
| + Depreciation and write-downs630 | €1.8m | €1.8m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | ▲ 0.5% |
| Operating cash flow (approximation) | €1.8m | €1.3m | €1.9m | €1.8m | €2.8m | €2.3m | €1.8m | €2.5m | ▲ 37.0% |
| Investment in fixed assets (approximation) | - | -€0.09m | -€0.01m | €0.01m | €0.004m | -€0.01m | €0.04m | €0 | ▼ 100% |
| Change in cash | - | -€0.5m | €0.4m | -€1.4m | -€0.5m | -€0.3m | -€0.4m | €3.0m | - |
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, 172 companies had the same profile as Belfuture has now. Two years later, 96.5% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.5%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of Belfuture itself: < 0.1% 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 172 companies, not a prediction for Belfuture. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00147248 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00177775 | |
| 31-12-2023 | abbreviated format | 24-07-2024 | 2024-00278260 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00167859 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20132867 | |
| 31-12-2020 | abbreviated format | 05-07-2021 | 2021-31700545 | |
| 31-12-2019 | abbreviated format | 22-07-2020 | 2020-32800088 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-61700453 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-59500387 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-51700085 |