Summary
BELGAMGA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €22,969 and a net result of -€69,928. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 36% of 1502 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-08-2026, 7 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
7 d late
2024
29 d early
2023
13 d late
2022
9 d late
2021
18 d late
2020
30 d late
2019
62 d 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 16 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed 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
Equity
€22,969▼ 75.3%
2024 · €92,897
Net result
-€69,928▲ 64.0%
2024 · -€194,097
Total assets
€86,622▼ 29.1%
2024 · €122,256
Solvency
26.5%▼ 49.5pp
2024 · 76.0%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance 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
Line20212022202320242025
Operating result-€24,496▼ 63.8%-€92,611▼ 278%-€148,018▼ 59.8%-€194,097▼ 31.1%-€69,682▲ 64.1%
Net result-€24,590below the sector's middle half▼ 63.4%-€92,687below the sector's middle half▼ 277%-€148,164below the sector's middle half▼ 59.9%-€194,097below the sector's middle half▼ 31.0%-€69,928below the sector's middle half▲ 64.0%
Equity€86,844within the sector's middle half▼ 22.1%€94,158within the sector's middle half▲ 8.4%€286,994within the sector's middle half▲ 205%€92,897within the sector's middle half▼ 67.6%€22,969below the sector's middle half▼ 75.3%
Total assets€94,310below the sector's middle half▼ 19.6%€137,556within the sector's middle half▲ 45.9%€382,190within the sector's middle half▲ 178%€122,256below the sector's middle half▼ 68.0%€86,622below the sector's middle half▼ 29.1%
Debt€7,466▲ 26.8%€43,398▲ 481%€95,196▲ 119%€29,359▼ 69.2%€63,653▲ 117%
Working capital€78,849within the sector's middle half▼ 29.2%€29,504within the sector's middle half▼ 62.6%€228,865above the sector's middle half▲ 676%-€3,698within the sector's middle half€7,575within the sector's middle half
Solvency92.1%above the sector's middle half▼ 2.9pp68.5%within the sector's middle half▼ 23.6pp75.1%above the sector's middle half▲ 6.6pp76.0%within the sector's middle half▲ 0.9pp26.5%within the sector's middle half▼ 49.5pp
Current ratio11.56above the sector's middle half▼ 8.362.60within the sector's middle half▼ 8.968.18above the sector's middle half▲ 5.570.87below the sector's middle half▼ 7.302.08within the sector's middle half▲ 1.21
Return on assets (ROA)-26.1%below the sector's middle half▼ 13.2pp-67.4%below the sector's middle half▼ 41.3pp-38.8%below the sector's middle half▲ 28.6pp-158.8%below the sector's middle half▼ 120.0pp-80.7%below the sector's middle half▲ 78.0pp
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance 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.
Why a figure moved sharply
- 2025 Net result +64% on 2024. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €69,682 in 2025 against €194,097 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €86,622
Fixed assets
€72,042 ▼ 25.5%
Current assets
€14,580 ▼ 42.9%
Equity and liabilities €86,622
Equity
€22,969 ▼ 75.3%
Debt
€63,653 ▲ 117%
Debt's share of the balance-sheet total rises from 24.0% to 73.5%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-304.4%▼
2024 · -208.9%
Debt ≤ 1 year
€7,006▼
2024 · €29,212
Debt > 1 year
€56,500
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 | - | - | €31,787 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €505 | €33,341 | - | €24,700 | €24,700 | = |
| Other operating charges640/8 | €715 | €11,646 | €6,342 | €5,865 | €10,493 | ▲ 78.9% |
| Gross operating margin9900 | -€23,276 | -€47,625 | -€141,676 | -€163,531 | -€34,489 | ▲ 78.9% |
| Operating profit (loss)9901 | -€24,496 | -€92,611 | -€148,018 | -€194,097 | -€69,682 | ▲ 64.1% |
| Financial income75/76B | €1 | €50 | €115 | - | - | - |
| Recurring financial income75 | €1 | €50 | €115 | - | - | - |
| Financial charges65/66B | €95 | €126 | €227 | €0 | €246 | ▲ 68,211% |
| Recurring financial charges65 | €95 | €126 | €227 | €0 | €246 | ▲ 68,211% |
| Profit (loss) for the period before taxes9903 | -€24,590 | -€92,687 | -€148,129 | -€194,097 | -€69,928 | ▲ 64.0% |
| Income taxes67/77 | - | - | €35 | - | - | - |
| Profit (loss) for the period9904 | -€24,590 | -€92,687 | -€148,164 | -€194,097 | -€69,928 | ▲ 64.0% |
| Profit (loss) for the period to be appropriated9905 | -€24,590 | -€92,687 | -€148,164 | -€194,097 | -€69,928 | ▲ 64.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €94,310 | €137,556 | €382,190 | €122,256 | €86,622 | ▼ 29.1% |
| Fixed assets21/28 | €7,995 | €89,654 | €121,442 | €96,742 | €72,042 | ▼ 25.5% |
| Intangible fixed assets21 | €7,995 | €89,654 | €121,442 | €96,742 | €72,042 | ▼ 25.5% |
| Tangible fixed assets22/27 | €0 | - | - | - | - | - |
| Current assets29/58 | €86,315 | €47,902 | €260,748 | €25,514 | €14,580 | ▼ 42.9% |
| Amounts receivable within one year40/41 | €14,935 | €1,170 | €39,465 | €17,500 | - | - |
| Trade receivables40 | €12,705 | - | €39,465 | - | - | - |
| Other amounts receivable41 | €2,230 | €1,170 | - | €17,500 | - | - |
| Cash at bank and in hand54/58 | €71,380 | €44,149 | €220,752 | €8,014 | €14,580 | ▲ 81.9% |
| Deferred charges and accrued income490/1 | - | €2,583 | €532 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €94,310 | €137,556 | €382,190 | €122,256 | €86,622 | ▼ 29.1% |
| Equity10/15 | €86,844 | €94,158 | €286,994 | €92,897 | €22,969 | ▼ 75.3% |
| Contributions10/11 | €162,500 | €262,500 | €603,500 | €603,500 | €603,500 | = |
| Capital10 | €162,500 | €262,500 | €603,500 | €603,500 | €603,500 | = |
| Issued capital100 | €162,500 | €262,500 | €603,500 | €603,500 | €603,500 | = |
| Profit (loss) carried forward14 | -€75,656 | -€168,342 | -€316,506 | -€510,603 | -€580,531 | ▼ 13.7% |
| Amounts payable17/49 | €7,466 | €43,398 | €95,196 | €29,359 | €63,653 | ▲ 117% |
| Amounts payable after more than one year17 | - | €25,000 | €52,500 | - | €56,500 | - |
| Financial debts170/4 | - | €25,000 | €52,500 | - | €56,500 | - |
| Amounts payable within one year42/48 | €7,466 | €18,398 | €31,884 | €29,212 | €7,006 | ▼ 76.0% |
| Trade debts44 | €7,425 | €18,398 | €31,884 | €29,212 | €7,006 | ▼ 76.0% |
| Suppliers440/4 | €7,425 | €18,398 | €31,884 | €29,212 | €7,006 | ▼ 76.0% |
| Other amounts payable47/48 | €41 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €10,812 | €147 | €147 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,590 | -€92,687 | -€148,164 | -€194,097 | -€69,928 | ▲ 64.0% |
| + Depreciation and write-downs630 | €505 | €33,341 | - | €24,700 | €24,700 | = |
| Operating cash flow (approximation) | -€24,085 | -€59,346 | -€148,164 | -€169,397 | -€45,228 | ▲ 73.3% |
| Investment in fixed assets (approximation) | - | -€115,000 | -€31,787 | €0 | €0 | - |
| Change in cash | - | -€27,231 | €176,603 | -€212,737 | €6,566 | ▲ 103% |
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
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 7 days late
2025
31-12
Financial
Liquidity doublescurrent ratio 2.08
Current ratio from 0.87 to 2.08; short-term debt falls from €29,212 to €7,006.
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€194,097
Net result drops to -€194,097, the lowest in the series; recovery starts the following year.
13-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 13 days late
2023
31-12
Financial
Liquidity triplescurrent ratio 8.18
Current ratio from 2.60 to 8.18.
31-12
Financial
Equity above €200,000Eq €286,994 ▲205%
Equity rises from €94,158 to €286,994.
09-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 9 days late
2022
18-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 18 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Liquidity times 8current ratio 19.93
Current ratio from 2.49 to 19.93; short-term debt falls from €17,777 to €5,888.
31-12
Financial
Equity above €100,000Eq €111,434 ▲321%
Equity rises from €26,481 to €111,434.
Show earlier events
01-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 62 days late
2019
31-12
Financial
Back to profitnet €1,676
Net result €1,676 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
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.
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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, Lasne · 1 establishment unit since 2012
Ground area
8,821 m²
Building footprint
1,080 m²
Volume, LiDAR
5,093 m³
Parcel 25076F0005/00L002, Wallonia · tallest building 7.7 m, ±1 floor. Linked by address, not a title deed.
32
companies at this address
See who is registered here
1 establishment unit
SWINZ
since 20122.211.529.526
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25076F0005/00L002 | Wallonia | 8,821 m² | 1 · 1,080 m² | 7.7 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
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
Owners and holdings
1 ownerChain of control
- InsurTree
- BELGAMGA
Highest known parent: InsurTree. The sources do not say who stands above it.
Owners 1
- InsurTreeparentSourceaccounts InsurTree 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 4,673 companies in sector 66220 we hold annual accounts for 3,222. 1,643 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded21-05-2012
Fiscal year end31-12
Trade name FR
SWINZ
Activities, NACEBEL 2025
66220Insurance agents and brokers
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0846053992
Also
9925:BE0846053992
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.