Belgian Shell has been active since 1919 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €92.0m and a net result of €22.4m. Equity remains stable across the filed financial years (±0.5% per year). Its solvency ranks better than 32% of 6,141 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Auditor: EY Réviseurs d'Entreprises SRL2025 accounts 42 days early62 of 63 deeds summarised
Why 92lowers riskFounded in 1919Size: turnover €1.94bn, 172.7 FTE, total assets €317.5mLiquidity: current ratio 0.93, cash €53.1mLegal form: public limited companyShow the evidence
Checked score
Score 2025
Checked score
A figure from 0 to 100: the higher it is, the smaller the chance that the company goes bankrupt within twelve months. The band, from Critical to Excellent, follows from that chance; within the band, how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
92/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 39% of its sector peers (NACE 46, medium-sized)
How strong the balance sheet and results are: solvency, liquidity and profitability from the latest annual accounts, each out of 100. It does not directly set the Checked score's band; how the company does on these and on growth against its sector peers does count for its place within the band.
Average
Solvency54+1
equity 29.0% of total assets
Liquidity34+3
short-term debt 69.0% · cash 16.7%
Profitability61+3
return on assets 7.1%
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. 0.2% means about 2 in 1,000 comparable companies. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.2% (746 companies, NACE 46, medium-sized)
Last 24 months11-2024: 0.1%highest value12-2024: 0.1%● unchanged vs 11-2024highest value01-2025: 0.1%● unchanged vs 12-2024highest value02-2025: 0.1%● unchanged vs 01-202503-2025: 0.1%● unchanged vs 02-202504-2025: 0.1%● unchanged vs 03-202505-2025: 0.1%● unchanged vs 04-202506-2025: 0.1%● unchanged vs 05-202507-2025: 0.1%● unchanged vs 06-202508-2025: 0.1%● unchanged vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-202512-2025: 0.1%● unchanged vs 11-202501-2026: 0.1%● unchanged vs 12-202502-2026: 0.1%● unchanged vs 01-202603-2026: 0.1%● unchanged vs 02-202604-2026: 0.1%● unchanged vs 03-202605-2026: 0.1%● unchanged vs 04-202606-2026: 0.1%● unchanged vs 05-202607-2026: 0.1%● unchanged vs 06-2026lowest value08-2026: 0.1%● unchanged vs 07-2026lowest value09-2026: 0.1%● unchanged vs 08-2026lowest value10-2026: 0.1%● unchanged vs 09-2026lowest value
Credit of up to €8,450,000 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.93, compared with 0.99 in 2024, below 1; short-term debt: 69% and cash: 16.7% of total assets), and 71% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, medium-sized): better than 36% on solvency, 43% on liquidity, 50% on profitability and 26% on growth.
The bankruptcy probability was computed on 26-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 24 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 19 June (4 of the last 5 filed years within 32 days of that day).
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€317.5m2025Equity€92.0m2025Debt€219.8m2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€14.7m2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin1.4%2025Return on assets (ROA)7.1%2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency29.0%2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.932025
Average staff in full-time equivalents (FTE).
Staff (FTE)172.72025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
Net result€5.9mabove the sector's middle half-€20.1mabove the sector's middle half▲ 241%€10.9mabove the sector's middle half▼ 45.7%€14.5mabove the sector's middle half▲ 33.0%€22.4mabove the sector's middle half▲ 54.6%
Equity€93.6mabove the sector's middle half-€97.8mabove the sector's middle half▲ 4.6%€97.7mabove the sector's middle half▼ 0.1%€92.0mabove the sector's middle half▼ 5.8%€92.0mabove the sector's middle half=
Total assets€292.8mabove the sector's middle half-€314.4mabove the sector's middle half▲ 7.4%€343.1mabove the sector's middle half▲ 9.1%€325.1mabove the sector's middle half▼ 5.3%€317.5mabove the sector's middle half▼ 2.3%
Working capital€36.1mabove the sector's middle half-€33.9mabove the sector's middle half▼ 5.9%€19.2mabove the sector's middle half▼ 43.2%-€2.0mbelow the sector's middle half-€14.7mbelow the sector's middle half▼ 629%
Solvency32.0%within the sector's middle half-31.1%within the sector's middle half▼ 0.8pp28.5%within the sector's middle half▼ 2.6pp28.3%within the sector's middle half▼ 0.2pp29.0%within the sector's middle half▲ 0.7pp
Current ratio1.19within the sector's middle half-1.16within the sector's middle half▼ 0.031.08below the sector's middle half▼ 0.080.99below the sector's middle half▼ 0.090.93below the sector's middle half▼ 0.06
Return on assets (ROA)2.0%within the sector's middle half-6.4%within the sector's middle half▲ 4.4pp3.2%within the sector's middle half▼ 3.2pp4.5%within the sector's middle half▲ 1.3pp7.1%within the sector's middle half▲ 2.6pp
Staff (FTE)186.7above the sector's middle half-197above the sector's middle half▲ 5.5%199above the sector's middle half▲ 1.0%192.3above the sector's middle half▼ 3.4%172.7above the sector's middle half▼ 10.2%
abovewithinbelowthe middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €317.5m
35.6%
64.4%
Fixed assets€113.1m ▲ 7.3%
Current assets€204.4m ▼ 6.9%
Equity and liabilities €317.5m
29.0%
69.2%
Equity€92.0m =
Provisions€5.7m ▼ 47.6%
Debt€219.8m ▼ 1.1%
Debt's share of the balance-sheet total rises from 68.3% to 69.2%. Debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€37.1m▲
2024 · €26.5m
Cash flow
€31.7m▲
2024 · €23.9m
Quick ratio
0.83▼
2024 · 0.86
Debt to equity
2.39▼
2024 · 2.41
ROE
24.3%▲
2024 · 15.7%
Interest coverage
over 100▲
2024 · 43.96
Debt ≤ 1 year
€219.1m▼
2024 · €221.7m
Income taxes
€7.5m▲
2024 · €3.0m
Staff costs
€46.9m▲
2024 · €42.8m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 378 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97.4% are still going.
Medium-sized
20 years or older
solvency 10 to 30%
a profit of 5% of the balance sheet or more
0.3%went bankrupt
2.4%stopped otherwise
97.4%still going
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
The companies in ten equal groups, from lowest to highest expected share.
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%
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 378 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 83 lines
Balance sheetCode20242025
Assets
Total assets20/58€325.1m€317.5m▼
Fixed assets21/28€105.4m€113.1m▲
Tangible fixed assets22/27€105.3m€113.0m▲
Land and buildings22€16.5m€15.9m▼
Plant, machinery and equipment23€45.9m€64.9m▲
Furniture and vehicles24€0.1m€0.06m▼
Assets under construction and advance payments27€42.7m€32.2m▼
Financial fixed assets28€0.1m€0.09m▼
Affiliated companies280/1€0.1m€0.09m▼
Participating interests280€0.1m€0.09m▼
Current assets29/58€219.7m€204.4m▼
Amounts receivable after more than one year29€0.2m€0.1m▼
Other amounts receivable291€0.2m€0.1m▼
Stocks and contracts in progress3€28.2m€22.2m▼
Stocks30/36€28.2m€22.2m▼
Raw materials and consumables30/31€4.7m€4.5m▼
Work in progress32€1.5m€1.5m▲
Finished goods33€5.8m€7.3m▲
Goods purchased for resale34€16.3m€8.8m▼
Amounts receivable within one year40/41€142.2m€125.5m▼
Trade receivables40€140.2m€125.4m▼
Other amounts receivable41€2.1m€0.2m▼
Cash at bank and in hand54/58€46.3m€53.1m▲
Deferred charges and accrued income490/1€2.7m€3.4m▲
Equity and liabilities
Total equity and liabilities10/49€325.1m€317.5m▼
Equity10/15€92.0m€92.0m=
Contributions10/11€83.6m€83.6m=
Capital10€83.6m€83.6m=
Issued capital100€83.6m€83.6m=
Reserves13€8.4m€8.4m=
Non-distributable reserves130/1€8.4m€8.4m=
Legal reserve130€8.4m€8.4m=
Profit (loss) carried forward14€0.09m€0.09m▲
Provisions and deferred taxes16€10.9m€5.7m▼
Provisions for liabilities and charges160/5€10.9m€5.7m▼
Environmental obligations163€5.6m€5.3m▼
Other liabilities and charges164/5€5.2m€0.4m▼
Amounts payable17/49€222.1m€219.8m▼
Amounts payable within one year42/48€221.7m€219.1m▼
Trade debts44€153.5m€141.2m▼
Suppliers440/4€153.5m€141.2m▼
Taxes, remuneration and social security45€47.4m€55.4m▲
Taxes450/3€38.0m€47.3m▲
Remuneration and social security454/9€9.4m€8.1m▼
Other amounts payable47/48€20.7m€22.5m▲
Accrued charges and deferred income492/3€0.5m€0.7m▲
Income statementCode20242025
Operating income70/76A€2,129.7m€2,001.1m▼
Turnover70€2,068.4m€1,938.1m▼
Change in stocks of work in progress, finished goods and contracts in progress71€1.6m€1.7m▲
Other operating income74€59.8m€61.4m▲
Operating charges60/66A€2,112.7m€1,973.2m▼
Goods for resale, raw materials and consumables60€1,940.4m€1,806.1m▼
Purchases600/8€1,935.8m€1,798.5m▼
Change in stocks: decrease (increase)609€4.6m€7.6m▲
Services and other goods61€111.7m€108.1m▼
Remuneration, social security and pensions62€42.8m€46.9m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9.4m€9.3m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.1m€0.2m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8-€1.0m-€5.2m▼
Other operating charges640/8€6.5m€7.2m▲
Non-recurring operating charges66A€2.8m€0.6m▼
Operating profit (loss)9901€17.0m€27.9m▲
Financial income75/76B€11.1m€9.8m▼
Recurring financial income75€8.7m€9.1m▲
Income from current assets751€440-
Other financial income752/9€8.7m€9.1m▲
Non-recurring financial income76B€2.3m€0.8m▼
Financial charges65/66B€10.6m€7.8m▼
Recurring financial charges65€10.6m€7.8m▼
Debt charges650€0.6m€0.1m▼
Other financial charges652/9€10.0m€7.7m▼
Non-recurring financial charges66B€0.01m€0.01m▼
Profit (loss) for the period before taxes9903€17.5m€29.9m▲
Income taxes67/77€3.0m€7.5m▲
Taxes670/3€3.0m€7.5m▲
Profit (loss) for the period9904€14.5m€22.4m▲
Transfer from tax-exempt reserves789€5.7m-
Profit (loss) for the period to be appropriated9905€20.2m€22.4m▲
Appropriation of the result
Profit (loss) to be appropriated9906€20.3m€22.5m▲
Profit (loss) brought forward from the previous period14P€0.06m€0.09m▲
Profit to be distributed694/7€20.2m€22.4m▲
Return on contributions (dividend)694€20.2m€22.4m▲
Social balance sheet
Average headcount (FTE)9087192.3172.7▼
The notes to these accounts (63 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2021
2022
2023
2024
2025
Change
Operating income70/76A
€1,775.6m
€2,331.2m
€2,282.5m
€2,129.7m
€2,001.1m
▼ 6.0%
Turnover70
€1,729.3m
€2,269.7m
€2,226.7m
€2,068.4m
€1,938.1m
▼ 6.3%
Change in stocks of work in progress, finished goods and contracts in progress71
€0.2m
€3.4m
-€4.0m
€1.6m
€1.7m
▲ 7.0%
Other operating income74
€46.0m
€58.1m
€59.8m
€59.8m
€61.4m
▲ 2.6%
Operating charges60/66A
€1,767.6m
€2,295.4m
€2,259.0m
€2,112.7m
€1,973.2m
▼ 6.6%
Goods for resale, raw materials and consumables60
€1,624.5m
€2,138.2m
€2,087.7m
€1,940.4m
€1,806.1m
▼ 6.9%
Purchases600/8
€1,629.8m
€2,135.5m
€2,098.4m
€1,935.8m
€1,798.5m
▼ 7.1%
Change in stocks: decrease (increase)609
-€5.3m
€2.7m
-€10.8m
€4.6m
€7.6m
▲ 66.9%
Services and other goods61
€87.6m
€104.0m
€113.1m
€111.7m
€108.1m
▼ 3.2%
Remuneration, social security and pensions62
€35.4m
€40.5m
€38.8m
€42.8m
€46.9m
▲ 9.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€12.6m
€10.8m
€8.7m
€9.4m
€9.3m
▼ 1.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-€0.5m
-€0.7m
-€0.2m
€0.1m
€0.2m
▲ 80.8%
Provisions for liabilities and charges: additions (uses and reversals)635/8
€2.2m
-€4.4m
€4.6m
-€1.0m
-€5.2m
▼ 410%
Other operating charges640/8
€5.6m
€6.9m
€6.1m
€6.5m
€7.2m
▲ 10.0%
Non-recurring operating charges66A
€0.2m
€0.1m
€0.3m
€2.8m
€0.6m
▼ 78.0%
Operating profit (loss)9901
€7.9m
€35.8m
€23.5m
€17.0m
€27.9m
▲ 63.6%
Financial income75/76B
€5.5m
€5.6m
€9.4m
€11.1m
€9.8m
▼ 11.0%
Recurring financial income75
€5.5m
€5.5m
€7.3m
€8.7m
€9.1m
▲ 4.0%
Income from current assets751
-
€10
€0.002m
€440
-
-
Other financial income752/9
€5.5m
€5.5m
€7.3m
€8.7m
€9.1m
▲ 4.0%
Non-recurring financial income76B
-
€0.07m
€2.1m
€2.3m
€0.8m
▼ 66.9%
Financial charges65/66B
€6.4m
€8.3m
€8.0m
€10.6m
€7.8m
▼ 26.2%
Recurring financial charges65
€6.3m
€8.3m
€8.0m
€10.6m
€7.8m
▼ 26.2%
Debt charges650
€0.04m
€0.4m
€0.4m
€0.6m
€0.1m
▼ 83.1%
Other financial charges652/9
€6.3m
€7.9m
€7.6m
€10.0m
€7.7m
▼ 22.8%
Non-recurring financial charges66B
€0.04m
€0.03m
€0.02m
€0.01m
€0.01m
▼ 9.4%
Profit (loss) for the period before taxes9903
€7.0m
€33.0m
€24.9m
€17.5m
€29.9m
▲ 71.1%
Income taxes67/77
€1.1m
€13.0m
€14.0m
€3.0m
€7.5m
▲ 151%
Taxes670/3
€1.1m
€13.0m
€14.0m
€3.0m
€7.5m
▲ 151%
Profit (loss) for the period9904
€5.9m
€20.1m
€10.9m
€14.5m
€22.4m
▲ 54.6%
Transfer from tax-exempt reserves789
-
-
-
€5.7m
-
-
Profit (loss) for the period to be appropriated9905
€5.9m
€20.1m
€10.9m
€20.2m
€22.4m
▲ 10.7%
Line
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€292.8m
€314.4m
€343.1m
€325.1m
€317.5m
▼ 2.3%
Fixed assets21/28
€69.3m
€71.4m
€90.7m
€105.4m
€113.1m
▲ 7.3%
Tangible fixed assets22/27
€69.2m
€71.3m
€90.6m
€105.3m
€113.0m
▲ 7.3%
Land and buildings22
€21.2m
€19.7m
€18.1m
€16.5m
€15.9m
▼ 4.0%
Plant, machinery and equipment23
€38.8m
€34.4m
€38.6m
€45.9m
€64.9m
▲ 41.2%
Furniture and vehicles24
€0.9m
€0.3m
€0.2m
€0.1m
€0.06m
▼ 47.6%
Assets under construction and advance payments27
€8.3m
€17.0m
€33.7m
€42.7m
€32.2m
▼ 24.6%
Financial fixed assets28
€0.2m
€0.1m
€0.1m
€0.1m
€0.09m
▼ 11.7%
Affiliated companies280/1
€0.2m
€0.1m
€0.1m
€0.1m
€0.09m
▼ 11.7%
Participating interests280
€0.2m
€0.1m
€0.1m
€0.1m
€0.09m
▼ 11.7%
Current assets29/58
€223.4m
€243.0m
€252.4m
€219.7m
€204.4m
▼ 6.9%
Amounts receivable after more than one year29
€0.7m
€0.5m
€0.3m
€0.2m
€0.1m
▼ 42.0%
Other amounts receivable291
€0.7m
€0.5m
€0.3m
€0.2m
€0.1m
▼ 42.0%
Stocks and contracts in progress3
€23.7m
€24.4m
€31.2m
€28.2m
€22.2m
▼ 21.1%
Stocks30/36
€23.7m
€24.4m
€31.2m
€28.2m
€22.2m
▼ 21.1%
Raw materials and consumables30/31
€4.9m
€7.5m
€4.9m
€4.7m
€4.5m
▼ 3.5%
Work in progress32
€1.7m
€1.7m
€1.5m
€1.5m
€1.5m
▲ 4.9%
Finished goods33
€4.5m
€7.9m
€4.2m
€5.8m
€7.3m
▲ 27.7%
Goods purchased for resale34
€12.5m
€7.3m
€20.6m
€16.3m
€8.8m
▼ 45.7%
Amounts receivable within one year40/41
€137.6m
€151.3m
€160.2m
€142.2m
€125.5m
▼ 11.7%
Trade receivables40
€101.0m
€151.3m
€153.7m
€140.2m
€125.4m
▼ 10.5%
Other amounts receivable41
€36.6m
-
€6.6m
€2.1m
€0.2m
▼ 92.4%
Cash at bank and in hand54/58
€59.1m
€64.9m
€58.2m
€46.3m
€53.1m
▲ 14.6%
Deferred charges and accrued income490/1
€2.4m
€2.0m
€2.4m
€2.7m
€3.4m
▲ 28.1%
Equity and liabilities
Total equity and liabilities10/49
€292.8m
€314.4m
€343.1m
€325.1m
€317.5m
▼ 2.3%
Equity10/15
€93.6m
€97.8m
€97.7m
€92.0m
€92.0m
=
Contributions10/11
€83.6m
€83.6m
€83.6m
€83.6m
€83.6m
=
Capital10
€83.6m
€83.6m
€83.6m
€83.6m
€83.6m
=
Issued capital100
€83.6m
€83.6m
€83.6m
€83.6m
€83.6m
=
Reserves13
€14.1m
€14.1m
€14.1m
€8.4m
€8.4m
=
Non-distributable reserves130/1
€8.4m
€8.4m
€8.4m
€8.4m
€8.4m
=
Legal reserve130
€8.4m
€8.4m
€8.4m
€8.4m
€8.4m
=
Tax-exempt reserves132
€5.7m
€5.7m
€5.7m
-
-
-
Profit (loss) carried forward14
-€4.1m
€0.2m
€0.06m
€0.09m
€0.09m
▲ 2.1%
Provisions and deferred taxes16
€11.8m
€7.3m
€11.9m
€10.9m
€5.7m
▼ 47.6%
Provisions for liabilities and charges160/5
€11.8m
€7.3m
€11.9m
€10.9m
€5.7m
▼ 47.6%
Pensions and similar obligations160
€0.1m
€0.02m
€0.02m
-
-
-
Environmental obligations163
€6.6m
€6.3m
€6.5m
€5.6m
€5.3m
▼ 6.5%
Other liabilities and charges164/5
€5.1m
€1.0m
€5.3m
€5.2m
€0.4m
▼ 91.8%
Amounts payable17/49
€187.4m
€209.2m
€233.4m
€222.1m
€219.8m
▼ 1.1%
Amounts payable within one year42/48
€187.4m
€209.1m
€233.1m
€221.7m
€219.1m
▼ 1.1%
Trade debts44
€141.4m
€146.3m
€161.3m
€153.5m
€141.2m
▼ 8.1%
Suppliers440/4
€141.4m
€146.3m
€161.3m
€153.5m
€141.2m
▼ 8.1%
Taxes, remuneration and social security45
€44.9m
€45.8m
€57.8m
€47.4m
€55.4m
▲ 16.9%
Taxes450/3
€37.1m
€36.8m
€49.4m
€38.0m
€47.3m
▲ 24.4%
Remuneration and social security454/9
€7.8m
€9.0m
€8.3m
€9.4m
€8.1m
▼ 13.8%
Other amounts payable47/48
€1.1m
€17.1m
€14.0m
€20.7m
€22.5m
▲ 8.8%
Accrued charges and deferred income492/3
€0.04m
€0.1m
€0.3m
€0.5m
€0.7m
▲ 46.9%
Line
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€5.9m
€20.1m
€10.9m
€14.5m
€22.4m
▲ 54.6%
+ Depreciation and write-downs630
€12.6m
€10.8m
€8.7m
€9.4m
€9.3m
▼ 1.7%
Operating cash flow (approximation)
€18.4m
€30.9m
€19.6m
€23.9m
€31.7m
▲ 32.4%
Investment in fixed assets (approximation)
-
-€12.9m
-€28.0m
-€24.1m
-€17.0m
▲ 29.6%
Change in cash
-
€5.8m
-€6.7m
-€11.9m
€6.8m
-
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Of the 827 active companies whose main activity is wholesale of solid, liquid and gaseous fuels and related products (NACE 46810), figures are known for 473. 46 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
Flemish government
Subsidies and aid from the Flemish government to this company. Public aid says something about projects and the obligations that come with it.
3 entries · €13,281 · €13,281 paid · Departement Werk en Sociale Economie
Public contracts
3 awards · 2024 to 2025
Approvisionnement en carburant aux pompes pour les véhicules communaux du 1er janvier 2026 au 31 décembre 2028
buyer: Ville de SeraingPetroleum products, fuel and electricityawarded 14-11-2025€03 tendersTED 845459-2025
Openbare procedure houdende de aankoop van brandstoffen, CNG en elektriciteit via tankstations en publieke laadpunten door middel van multimerkenkaarten voor het provinciebestuur Vlaams-Brabant.: 2024012_R_Multimerkenkaarten_FAC - 1
buyer: Provincie Vlaams-BrabantOffice and computing machineryawarded 18-10-2024€484,0003 tendersTED 644149-2024
Approvisionnement en carburant aux pompes pour les véhicules communaux pour la période du 1er juin 2023 au 31 décembre 2025 (Relance)
buyer: Ville de SeraingPetroleum products, fuel and electricityawarded 21-03-2024€03 tendersTED 734774-2024
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Directors
Directors
Who runs the company today and since when, grouped the way the KBO groups its office holders. Many recent board changes are a reason to keep a close eye.
7 directors, 1 in day-to-day management, last change in 2025
Still in office according to the deeds, but no deed of the last six years confirms the mandate. Mandates like this have often ended since, in a deed we have not read yet.
Still in office according to the deeds, but no deed of the last six years confirms the mandate. Mandates like this have often ended since, in a deed we have not read yet.
Still in office according to the deeds, but no deed of the last six years confirms the mandate. Mandates like this have often ended since, in a deed we have not read yet.
Not every act has been read: a resignation may still be missing
1 of this company's 63 Belgian Official Gazette deeds has not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
According to the 2023 annual accounts of Belgian Shell and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it.
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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
Capital and shareholders
When capital was put in or taken out. An increase often strengthens the company; a reduction deserves a look.
Capital over the years
09-01-2024Capital stated in the deed · €83,588,163.77 · 725,508 shares
According to the 2023 annual accounts of Belgian Shell and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it.
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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
20 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, zoom with the mouse wheel.
BE 0468.338.665proposal · Gazette deed of 24-11-2008
History
History
The company's story in a few sentences, from the company register, the Belgian Official Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
Belgian Shell was incorporated on 4 March 1919.1The registered office was moved to Bruxelles in 2005.2In 2010 the company absorbed SHELL COORDINATION CENTRE and SHELL FINANCE BELGIUM by merger.34The board currently has 7 members; Ilse Moerenhout has served longest, since 2020.5Turnover grew from €1.73bn in 2021 to €1.94bn in 2025 and headcount from 187 to 173 full-time equivalents.6
Gazette deedPermanent representatives: Jean-Philippe VIERIN and Benoît LEFEBVRE
Power of attorney32 facts ▸
Board meeting, 10-12-2021
Power of attorney, Emmanuel MIGNOT
Power of attorney, Ilse MOERENHOUT
Power of attorney, Benoît LEFEBVRE
Power of attorney, Els RAEMDONCK
Power of attorney, Eric DECLERCK
Power of attorney, Wim DETOBEL
Power of attorney, Valérie MATIAS
Power of attorney, Raquel GOMEZ GARCIA-FOJEDA
Power of attorney, Tim GOYVAERTS
Power of attorney, Niek SAMSON
Power of attorney, Christian RAETS
+20 further facts in this act
27-07
Gazette deedAppointments: Emmanuel MIGNOT, Ilse MOERENHOUT and 6 others
Permanent representatives: Jean-Philippe VIERIN and Benoît LEFEBVRE · Power of attorney41 facts ▸
Board meeting, 10-12-2021
Director appointment, Emmanuel MIGNOT (managing director)
Director appointment, Ilse MOERENHOUT (director)
Director appointment, Benoît LEFEBVRE (director)
Director appointment, Emmanuel MIGNOT (director (executive))
Director appointment, Els RAEMDONCK (director (executive))
Director appointment, Ilse MOERENHOUT (director (executive))
Director appointment, Benoît LEFEBVRE (director (executive))
Director appointment, Eric DECLERCK (director (executive))
Director appointment, Wim DETOBEL (director (executive))
Director appointment, Valérie MATIAS (director (executive))
Director appointment, Raquel GOMEZ GARCIA-FOJEDA (director (executive))
+29 further facts in this act
18-05
NBB filingAnnual accounts filed
financial year 2021 · full format
17-05
Gazette deedReappointments: Emmanuel Mignot, Benoît Lefebvre and lise Moerenhoutte
Appointment: EY Bedrijfsrevisoren BV (statutory auditor)5 facts ▸
General meeting, 19-04-2022
Director reappointment, Emmanuel Mignot (director)
Director reappointment, Benoît Lefebvre (director)
Director reappointment, lise Moerenhoutte (director)
Auditor appointment, EY Bedrijfsrevisoren BV (statutory auditor)
2021
05-10
Gazette deedResignations: Hans Sevenants, Laurent Charlot and 2 others
Appointment: Ilse Moerenhout (director) · Permanent representatives: Jean-Philippe Vierin and Benoît Lefebvre · Power of attorney35 facts ▸
Board meeting, 30-08-2021
Director resignation, Hans Sevenants (director)
Director appointment, Ilse Moerenhout (director)
Director resignation, Laurent Charlot (director)
Director resignation, Jannes Colaert (director)
Director resignation, Eric Declerck (director)
Power of attorney, Emmanuel Mignot
Power of attorney, Ilse Moerenhout
Power of attorney, Benoît Lefebvre
Power of attorney, Wicher Groen
Power of attorney, Eric Declerck
Power of attorney, Wim Detobel
+23 further facts in this act
18-06
Gazette deedAppointments: Jannes Colaert (director) and Eric Declerck (director)
3 facts ▸
General meeting, 19-05-2021
Director appointment, Jannes Colaert (director)
Director appointment, Eric Declerck (director)
01-06
Gazette deedReappointments: Emmanuel Mignot, Hans Sevenants and 2 others
5 facts ▸
General meeting, 27-04-2021
Director reappointment, Emmanuel Mignot (director)
Director reappointment, Hans Sevenants (director)
Director reappointment, Laurent Charlot (director)
Director reappointment, Benoît Lefebvre (director)
28-05
NBB filingAnnual accounts filed
financial year 2020 · full format
2020
15-10
Gazette deedReappointment: Emmanuel Mignot (chair of the board and managing director)
Permanent representatives: Hans Sevenants and Benoît Lefebvre · Appointments: Emmanuel Mignot, Hans Sevenants and 5 others · Power of attorney27 facts ▸
Board meeting, 30-06-2020
Director reappointment, Emmanuel Mignot (chair of the board and managing director)
Power of attorney, Hans Sevenants
Permanent representative, Hans Sevenants
Permanent representative, Benoît Lefebvre
Director appointment, Emmanuel Mignot (director)
Director appointment, Hans Sevenants (director)
Director appointment, Laurent CHARLOT (director)
Director appointment, Benoît Lefebvre (director)
Director appointment, Emmanuel Mignot (director (executive))
Director appointment, Laurent CHARLOT (director (executive))
Director appointment, Eric DECLERCK (director (executive))
+15 further facts in this act
01-10
Gazette deedReappointments: Emmanuel Mignot, Hans Sevenants and 2 others
5 facts ▸
General meeting, 30-06-2020
Director reappointment, Emmanuel Mignot (director)
Director reappointment, Hans Sevenants (director)
Director reappointment, Laurent Charlot (director)
Director reappointment, Benoît Lefebvre (director)
01-10
NBB filingAnnual accounts filed
financial year 2019 · full format · 62 days late
2019
20-06
NBB filingAnnual accounts filed
financial year 2018 · full format
06-06
Gazette deedAppointments: Emmanuel Mignot, Hans Sevenants and 3 others
Permanent representative: Eric Van Hoof10 facts ▸
General meeting, 23-04-2019
Director appointment, Emmanuel Mignot (director)
Director appointment, Hans Sevenants (director)
Director appointment, Laurent Charlot (director)
Director appointment, Benoît Lefebvre (director)
Auditor appointment, Ernst & Young Reviseurs d'Entreprises (statutory auditor)
Permanent representative, Eric Van Hoof
Board meeting, 23-04-2019
Director appointment, Emmanuel Mignot (chair of the board)
Director appointment, Emmanuel Mignot (managing director)
10-01
Gazette deedResignation: Marc Decorte (director)
Appointment: Emmanuel MIGNOT (director) · Permanent representatives: Emmanuel MIGNOT and Laurent CHARLOT · Power of attorney29 facts ▸
Board meeting, 07-12-2018
Director resignation, Marc Decorte (director)
Director appointment, Emmanuel MIGNOT (director)
Director appointment, Emmanuel MIGNOT (managing director)
Director appointment, Emmanuel MIGNOT (chair of the board)
Power of attorney, Hans SEVENANTS
Power of attorney, Wicher GROEN
Power of attorney, Tim GOYVAERTS
Power of attorney, Laurent CHARLOT
Power of attorney, Ilse MOERENHOUT
Power of attorney, Christian RAETS
Power of attorney, Steven ROUVROY
+17 further facts in this act
2018
05-12
Gazette deedPermanent representatives: Marc DECORTE and Laurent CHARLOT
Power of attorney26 facts ▸
Board meeting, 27-09-2018
Power of attorney, Marc DECORTE
Power of attorney, Hans SEVENANTS (2 times)
Power of attorney, Laurent CHARLOT (2 times)
Power of attorney, Benoît LEFEBVRE
Power of attorney, Claude PENNEMAN
Power of attorney, Eric DECLERCK (2 times)
Power of attorney, Wicher GROEN (2 times)
Power of attorney, Ilse MOERENHOUT (2 times)
Power of attorney, Tim GOYVAERTS
Power of attorney, Christian RAETS
Power of attorney, Steven ROUVROY
+14 further facts in this act
13-07
NBB filingAnnual accounts filed
financial year 2017 · full format
02-07
Gazette deedAppointments: Marc Decorte, Hans Sevenants and 2 others
8 facts ▸
General meeting, 24-04-2018
Board meeting, 24-04-2018
Director appointment, Marc Decorte (director)
Director appointment, Hans Sevenants (director)
Director appointment, Laurent Charlot (director)
Director appointment, Benoît Lefebvre (director)
Director appointment, Marc Decorte (chair of the board)
Director appointment, Marc Decorte (managing director)
11-06
Gazette deedPermanent representatives: Marc DECORTE and Laurent CHARLOT
Power of attorney29 facts ▸
Board meeting, 07-12-2017
Power of attorney, Marc DECORTE (managing director)
Power of attorney, Hans SEVENANTS (director)
Power of attorney, Laurent CHARLOT (director)
Power of attorney, Benoît LEFEBVRE (director)
Power of attorney, Claude PENNEMAN (director (executive))
Power of attorney, Wicher GROEN (director (executive))
Power of attorney, Ilse MOERENHOUT (director (executive))
Power of attorney, Hans SEVENANTS (mandataire)
Power of attorney, Wicher GROEN
Power of attorney, Tim GOYVAERTS
Power of attorney, Laurent CHARLOT
+17 further facts in this act
2017
04-12
Gazette deedAppointments: Marc Decorte, Hans Sevenants and 2 others
8 facts ▸
General meeting, 25-04-2017
Board meeting, 25-04-2017
Director appointment, Marc Decorte (director)
Director appointment, Hans Sevenants (director)
Director appointment, Laurent Chariot (director)
Director appointment, Benoît Lefebvre (director)
Director appointment, Marc Decorte (chair)
Director appointment, Marc Decorte (managing director)
Gazette deedResignations: Patrick Debaere (director) and SCRL PwC Réviseurs d'Entreprises (statutory auditor)
Appointments: Marc Decorte, Hans Sevenants and 2 others · Permanent representatives: Eric Van Hoof, Marc Decorte and Laurent Charlot · Power of attorney27 facts ▸
General meeting, 26-04-2016
Board meeting, 26-04-2016
Director resignation, Patrick Debaere (director)
Director appointment, Marc Decorte (director)
Director appointment, Hans Sevenants (director)
Director appointment, Laurent Charlot (director)
Director resignation, SCRL PwC Réviseurs d'Entreprises (statutory auditor)
Auditor appointment, Ernst & Young Reviseurs d'Entreprises (statutory auditor)
Permanent representative, Eric Van Hoof
Director appointment, Marc Decorte (chair)
Director appointment, Marc Decorte (managing director)
Mortgage status, “vrij en onbelast” (deed in Dutch)
18-06
Gazette deedResignation: Andrea Van Duijse (director)
Appointments: Laurent Charlot (director) and Marc Decorte (chair) · Reappointments: Marc Decorte, Patrick Debaere and 3 others · Director discharge35 facts ▸
General meeting, 27-04-2010
Board meeting, 27-04-2010
Director resignation, Andrea Van Duijse (director)
Director appointment, Laurent Charlot (director)
Director discharge, BELGIAN SHELL (2 times)
Director reappointment, Marc Decorte (director)
Director reappointment, Patrick Debaere (director)
Director reappointment, Olivier Leclercq (director)
Director reappointment, Hans Sevenants (director)
Director reappointment, Laurent Charlot (director)
Director appointment, Marc Decorte (chair)
Director appointment, Marc Decorte (managing director)
+23 further facts in this act
19-05
Gazette deedRestructuring
Merger1 fact ▸
Merger
13-04
Gazette deedResignations & appointments
Power of attorney48 facts ▸
Board meeting, 23-02-2010
Power of attorney, Marc DECORTE (managing director)
Power of attorney, Patrick DEBAERE (director)
Power of attorney, Olivier LECLERCQ (director)
Power of attorney, Hans SEVENANTS (director)
Power of attorney, Laurent CHARLOT (director)
Power of attorney, Laurent CHARLOT (director (executive))
Power of attorney, Patrick DEBAERE (director (executive))
Power of attorney, Els DRUYTS (director (executive))
Power of attorney, Olivier LECLERCQ (director (executive))
Power of attorney, Claude PENNEMAN (director (executive))
Power of attorney, Hans SEVENANTS (director (executive))
Power of attorney · Registered-office move4 facts ▸
Board meeting, 16-11-2004
Power of attorney, Patrick DEBAERE
Board meeting, 17-02-2005
Registered-office move, Avenue Arnaud Fraiteur 15-23 à 1050 Bruxelles
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 50 annual accounts filed, the latest 10 are here; all 50 are under Financials.
An act published in both Dutch and French appears here once.
62 of 63 deeds read
About the unread acts
Of the 63 Belgian Official Gazette deeds we know for this company, 62 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Legal Entity Identifier
An international code the company uses to identify itself on financial markets. Needed by anyone trading securities.
213800QML24OFSK9A222
live in the LEI register
Environmental permits
141 applications in Flanders since 2017 · 106 granted · 5 refused · 2 under review
Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Verbouwen en/of uitbreiden van bijgebouwen, niet-overdekte lage constructies of wijzigen van andere beperkte handelingen
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen
Verbouwen en/of uitbreiden van bijgebouwen, niet-overdekte lage constructies of wijzigen van andere beperkte handelingen; Verbouwen / Wijzigen Infrastructuur
Granted on 24-09-2026submitted 22-04-2026authority: Turnhoutproject 2026023031
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Granted on 13-05-2026submitted 05-03-2026authority: Provincie Oost-Vlaanderenproject 2025144542
Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Slopen of verwijderen
Granted on 14-01-2026submitted 03-11-2025authority: Beerselproject 2025133306
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Granted on 22-01-2026submitted 17-10-2025authority: Provincie Oost-Vlaanderenproject 2025113444
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Slopen of verwijderen; Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies
Granted on 06-03-2026submitted 27-08-2025authority: Antwerpenproject 2025102260
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Slopen of verwijderen; Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies
Discontinued on 26-08-2025submitted 20-08-2025authority: Antwerpenproject 2025099082
Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning)
Granted on 21-11-2025submitted 24-06-2025authority: Tongeren-Borgloonproject 2023135811
Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Slopen of verwijderen
Refused on 23-07-2025submitted 23-04-2025authority: Beerselproject 2025051660
The 10 most recent of 141 applications.
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
1 of these parcels carries protected heritage: expect extra rules on renovation or sale.
Articles of association
What the company does
PurposeThe activities the company may carry out under its articles.
“De vennootschap heeft tot doel het onderzoek,de productie,de industrie,het vervoer en de handel in België en in het buitenland van alle…” (deed in Dutch)
6 activities (deed in Dutch)
De vennootschap heeft tot doel het onderzoek,de productie,de industrie,het vervoer en de handel in België en in het buitenland van alle energie verwekkende producen en van alle rechtstreeks of onrechtstreeks ermee verbonden of eruit voortkomende producten,alsmede van alle chemische en met chemische verbondene producten.
Zij mag alle handelsverrichtingen voeren,alle financiële,roerende,onroerende of andere verrichtingen nuttig voor het verwezenlijken van dit doel rechtstreeks of onrechtstreeks verband houden.
Met name mag zij rechtstreeks of onrechtstreeks vergaan tot proefboringen,boringen of andere geologische- en mijnonderzoekingen,licenties,concessies of andere rechten verwerven,gronden en ligplaatsen uitbaten,alle grond- of afgewerkte producten raffineren,distilleren,fabriceren,opslaan,verkopen en alle hiertoe geschikte middelen en installaties bouwen,verwerven,huren,uitbaten,en zich toeleggen op alle studie- en onderzoek verrichtingen die tot bovengenoemde venichtingen bijdragen.
De vennootschap mag eveneens zowel voor eigen rekening als voor rekening van derden,alle handelsactiviteiten uitoefenen,onder elke,weldadige vorm van verdeling,groot- of kleinhandel,betreffende alle consumptie-,onderhouds- of uitrustingsproducten,en alle goederen in het algemeen,ondernemer door het uitbaten van warenhuizen,zelfs met meerdere afdelingen,en alle hiermee verband houdende diensten verlenen.
Zij mag eveneens belang nemen,bij wijze van inbreng,overgang,onderschrijving,financiële tussenkomst enz.in elke ondememing die de verwezenlijking van een gelijkaardig doel beoogt.
In naam en voor rekening van vennootschappen van de groep “ROYAL DUTCH SHELL”,mag zij alle ondersteunende handelingen en verrichtingen uitvoeren die verband houden met alle vormen va verkoopactiviteiten met betrekking tot petroleumderivten en aan verwante producten,met inbegrip van alle activiteiten van voorbereidende aard en van informatieverstrekking die met bovengenoemde activiteiten samen gaan.