BELGAPAD
ActiveSummary
BELGAPAD has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.87M and a net result of €19k. Equity remains stable across the filed fiscal years (±0.3% per year). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability19=
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500k at 30 days acceptable
Liquidity ample (current ratio 92.06; short-term debt: 1% and cash: 2.1% of total assets), and 1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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
99%
Return on assets
0.2%
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 · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
29 d late
2023
19 d early
2022
18 d early
2021
23 d early
2020
17 d early
2019
15 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€19k▲ 755%
2024 · €2k
2018: €-69klowest in 8 years
2019: €203k▲ +393% vs 2018
2020: €7.25M▲ +3474% vs 2019highest in 8 years
2021: €6k▼ -99.9% vs 2020
2022: €34k▲ +525% vs 2021
2023: €871▼ -97.5% vs 2022
2024: €2k▲ +151% vs 2023
2025: €19k▲ +755% vs 2024
2018 → 2025
Working capital
€7.88M▲ 0.2%
2024 · €7.86M
2019: €947klowest in 7 years
2020: €8.48M▲ +796% vs 2019highest in 7 years
2021: €8.19M▼ -3.5% vs 2020
2022: €8.02M▼ -2.0% vs 2021
2023: €7.85M▼ -2.1% vs 2022
2024: €7.86M▲ +0.1% vs 2023
2025: €7.88M▲ +0.2% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€8.82M-€8.85M▲ 0.4%€8.85M=€8.86M=€8.87M▲ 0.2%
2021: €8.82Mlowest in 5 years
2022: €8.85M▲ +0.4% vs 2021
2023: €8.85M● +0.0% vs 2022
2024: €8.86M● +0.0% vs 2023
2025: €8.87M▲ +0.2% vs 2024highest in 5 years
Operating result€-69k-€-61k▲ 10.7%€-68k▼ 10.5%€-133k▼ 96.3%€-145k▼ 9.5%
2021: €-69k
2022: €-61k▲ +10.7% vs 2021highest in 5 years
2023: €-68k▼ -10.5% vs 2022
2024: €-133k▼ -96.3% vs 2023
2025: €-145k▼ -9.5% vs 2024lowest in 5 years
Net result€6k-€34k▲ 525%€871▼ 97.5%€2k▲ 151%€19k▲ 755%
2021: €6k
2022: €34k▲ +525% vs 2021highest in 5 years
2023: €871▼ -97.5% vs 2022lowest in 5 years
2024: €2k▲ +151% vs 2023
2025: €19k▲ +755% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €145k in 2025 against €133k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.96M
Fixed assets
€996k ▼ 0.1%
Current assets
€7.97M ▲ 1.0%
Equity and liabilities €8.96M
Equity
€8.87M ▲ 0.2%
Debt
€87k ▲ 188%
Debt's share of the balance-sheet total rises from 0.3% to 1.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€-144k▼
2024 · €-129k
Cash flow
€20k▲
2024 · €6k
Current ratio
92.06
Quick ratio
91.47
Debt to equity
0.01▲
2024 · 0.00
ROE
0.2%▲
2024 · 0.0%
ROA
0.2%▲
2024 · 0.0%
Interest coverage
-12.64▲
2024 · -579.80
Debt ≤ 1 year
€87k▲
2024 · €29k
Income taxes
€7k▲
2024 · €1k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.89M€8.96M▲
Fixed assets21/28€997k€996k▼
Tangible fixed assets22/27€1k€0▼
Furniture and vehicles24€1k€0▼
Financial fixed assets28€996k€996k=
Current assets29/58€7.89M€7.97M▲
Amounts receivable after more than one year29€7.55M€7.72M▲
Other amounts receivable291€7.55M€7.72M▲
Stocks and contracts in progress3€50k€50k=
Stocks30/36€50k€50k=
Amounts receivable within one year40/41€5k€5k=
Other amounts receivable41€5k€5k=
Cash at bank and in hand54/58€285k€187k▼
Equity and liabilities
Total equity and liabilities10/49€8.89M€8.96M▲
Equity10/15€8.86M€8.87M▲
Contributions10/11€1.56M€1.56M=
Capital10€1.56M€1.56M=
Issued capital100€1.56M€1.56M=
Reserves13€156k€156k=
Non-distributable reserves130/1€156k€156k=
Legal reserve130€156k€156k=
Profit (loss) carried forward14€7.14M€7.16M▲
Amounts payable17/49€30k€87k▲
Amounts payable within one year42/48€29k€87k▲
Trade debts44-€3k
Suppliers440/4-€3k
Taxes, remuneration and social security45€1k€7k▲
Taxes450/3€1k€7k▲
Other amounts payable47/48€28k€76k▲
Accrued charges and deferred income492/3€968€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€1k▼
Gross operating margin9900€-129k€-144k▼
Operating profit (loss)9901€-133k€-145k▼
Financial income75/76B€136k€183k▲
Recurring financial income75€136k€183k▲
Financial charges65/66B€223€11k▲
Recurring financial charges65€223€11k▲
Profit (loss) for the period before taxes9903€3k€26k▲
Income taxes67/77€1k€7k▲
Profit (loss) for the period9904€2k€19k▲
Profit (loss) for the period to be appropriated9905€2k€19k▲
Appropriation of the result
Profit (loss) to be appropriated9906€7.14M€7.16M▲
Profit (loss) brought forward from the previous period14P€7.14M€7.14M=
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €3k | €4k | €4k | €1k | ▼ 70.9% |
| Other operating charges640/8 | - | €4k | €0 | - | - | - |
| Gross operating margin9900 | €-66k | €-54k | €-64k | €-129k | €-144k | ▼ 11.8% |
| Operating profit (loss)9901 | €-69k | €-61k | €-68k | €-133k | €-145k | ▼ 9.5% |
| Financial income75/76B | €81k | €109k | €75k | €136k | €183k | ▲ 34.0% |
| Recurring financial income75 | €81k | €109k | €75k | €136k | €183k | ▲ 34.0% |
| Financial charges65/66B | €6k | €294 | €3k | €223 | €11k | ▲ 5,029% |
| Recurring financial charges65 | €6k | €294 | €3k | €223 | €11k | ▲ 5,029% |
| Profit (loss) for the period before taxes9903 | €7k | €47k | €3k | €3k | €26k | ▲ 677% |
| Income taxes67/77 | €1k | €13k | €3k | €1k | €7k | ▲ 529% |
| Profit (loss) for the period9904 | €6k | €34k | €871 | €2k | €19k | ▲ 755% |
| Profit (loss) for the period to be appropriated9905 | €6k | €34k | €871 | €2k | €19k | ▲ 755% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.91M | €8.99M | €9.05M | €8.89M | €8.96M | ▲ 0.8% |
| Fixed assets21/28 | €631k | €830k | €1.00M | €997k | €996k | ▼ 0.1% |
| Tangible fixed assets22/27 | €9k | €9k | €5k | €1k | €0 | ▼ 100% |
| Furniture and vehicles24 | €9k | €9k | €5k | €1k | €0 | ▼ 100% |
| Financial fixed assets28 | €622k | €822k | €998k | €996k | €996k | = |
| Current assets29/58 | €8.28M | €8.16M | €8.05M | €7.89M | €7.97M | ▲ 1.0% |
| Amounts receivable after more than one year29 | €7.70M | €7.70M | €7.65M | €7.55M | €7.72M | ▲ 2.3% |
| Other amounts receivable291 | €7.70M | €7.70M | €7.65M | €7.55M | €7.72M | ▲ 2.3% |
| Stocks and contracts in progress3 | €31k | €31k | €50k | €50k | €50k | = |
| Stocks30/36 | €31k | €31k | €50k | €50k | €50k | = |
| Amounts receivable within one year40/41 | €5k | €5k | €5k | €5k | €5k | = |
| Other amounts receivable41 | €5k | €5k | €5k | €5k | €5k | = |
| Cash at bank and in hand54/58 | €541k | €420k | €344k | €285k | €187k | ▼ 34.4% |
| Deferred charges and accrued income490/1 | €3k | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.91M | €8.99M | €9.05M | €8.89M | €8.96M | ▲ 0.8% |
| Equity10/15 | €8.82M | €8.85M | €8.85M | €8.86M | €8.87M | ▲ 0.2% |
| Contributions10/11 | €1.56M | €1.56M | €1.56M | €1.56M | €1.56M | = |
| Capital10 | €1.56M | €1.56M | €1.56M | €1.56M | €1.56M | = |
| Issued capital100 | €1.56M | €1.56M | €1.56M | €1.56M | €1.56M | = |
| Reserves13 | €156k | €156k | €156k | €156k | €156k | = |
| Non-distributable reserves130/1 | €156k | €156k | €156k | €156k | €156k | = |
| Legal reserve130 | €156k | €156k | €156k | €156k | €156k | = |
| Profit (loss) carried forward14 | €7.10M | €7.14M | €7.14M | €7.14M | €7.16M | ▲ 0.3% |
| Amounts payable17/49 | €93k | €135k | €199k | €30k | €87k | ▲ 188% |
| Amounts payable within one year42/48 | €93k | €135k | €199k | €29k | €87k | ▲ 198% |
| Trade debts44 | €2k | €3k | €0 | - | €3k | - |
| Suppliers440/4 | €2k | €3k | €0 | - | €3k | - |
| Taxes, remuneration and social security45 | €27k | €14k | €3k | €1k | €7k | ▲ 529% |
| Taxes450/3 | €27k | €14k | €3k | €1k | €7k | ▲ 529% |
| Other amounts payable47/48 | €64k | €118k | €197k | €28k | €76k | ▲ 173% |
| Accrued charges and deferred income492/3 | €0 | - | - | €968 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6k | €34k | €871 | €2k | €19k | ▲ 755% |
| + Depreciation and write-downs630 | €2k | €3k | €4k | €4k | €1k | ▼ 70.9% |
| Operating cash flow (approximation) | €8k | €37k | €5k | €6k | €20k | ▲ 235% |
| Investment in fixed assets (approximation) | - | €-203k | €-177k | €2k | €0 | ▼ 100% |
| Change in cash | - | €-121k | €-76k | €-60k | €-98k | ▼ 63.9% |
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 · full schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
31-12
Financial
Liquidity times 7current ratio 271.52
Current ratio from 40.43 to 271.52; short-term debt falls from €199k to €29k.
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
08-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
10-01
State Gazette act
Board meeting · Director resignation
Bce correction
2021
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €7.25M ▲3,474%
Net result €7.25M, the highest in the series.
31-12
Financial
Equity above €5MEq €8.81M ▲463%
2 profitable years in a row build equity to €8.81M.
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €203k
Net result €203k after one loss-making year.
Show earlier events
05-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 36 days late
2018
26-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 148 days late
10-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 314 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Brussel · 1 establishment unit since 2013
Ground area
1,180 m²
Building footprint
1,184 m²
Volume, LiDAR
20,471 m³
Parcel 21807G0181/00P000, Brussels · tallest building 32.6 m, ±6 floors. Linked by address, not a title deed.
51
companies at this address
See who is registered here
1 establishment unit
Louizalaan 350, 1050 Elsene
since 20132.218.032.979
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0181/00P000 | Brussels | 1,180 m² | 1 · 1,184 m² | 32.6 m · 6 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.
Recognitions · licences · registrations
Legal Entity Identifier
894500AOXOF3W7F4B270
Identification & contact
Identification
Legal formPublic limited company
Founded13-12-2012
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.