BELGORIENT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00430103.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 31 filings
Turnover
≈ €31,000
Estimated: probably between €18,000 and €130,000
Total assets
€165,357▼ 3.5%
2024 · €171,276
Net result
€689▼ 48.1%
2024 · €1,327
Working capital
€158,831▲ 0.2%
2024 · €158,447
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,971
▼ 23.6%
2025
20182025
Net result
€689
▼ 48.1%
2025
middle half of the sector
20182025
Equity
€162,256
▲ 0.4%
2025
middle half of the sector
20182025
Total assets
€165,357
▼ 3.5%
2025
middle half of the sector
20182025
Debt
€3,101
▼ 68.1%
2025
20182025
Working capital
€158,831
▲ 0.2%
2025
highest quarter of the sector
20182025
Solvency
98.1%
▲ 3.8pp
2025
highest quarter of the sector
20182025
Current ratio
52.21
▲ 34.36
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.4%
▼ 0.4pp
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€2,502-€3,517▲ 40.6%€4,423▲ 25.8%€5,979▲ 35.2%€6,090▲ 1.9%€6,000▼ 1.5%€3,886▼ 35.2%€2,971▼ 23.6%
Net result€330-€1,610▲ 388%€1,700within the sector's middle half▲ 5.6%€3,000within the sector's middle half▲ 76.5%€2,800within the sector's middle half▼ 6.7%€2,557within the sector's middle half▼ 8.7%€1,327within the sector's middle half▼ 48.1%€689within the sector's middle half▼ 48.1%
Equity€148,573-€150,183▲ 1.1%€151,883above the sector's middle half▲ 1.1%€154,883within the sector's middle half▲ 2.0%€157,683within the sector's middle half▲ 1.8%€160,240within the sector's middle half▲ 1.6%€161,567within the sector's middle half▲ 0.8%€162,256within the sector's middle half▲ 0.4%
Total assets€180,245-€172,243▼ 4.4%€177,468within the sector's middle half▲ 3.0%€212,781within the sector's middle half▲ 19.9%€188,760within the sector's middle half▼ 11.3%€168,196within the sector's middle half▼ 10.9%€171,276within the sector's middle half▲ 1.8%€165,357within the sector's middle half▼ 3.5%
Debt€31,672-€22,060▼ 30.3%€25,585▲ 16.0%€57,898▲ 126%€31,077▼ 46.3%€7,955▼ 74.4%€9,709▲ 22.0%€3,101▼ 68.1%
Working capital€158,425-€146,758▼ 7.4%€148,680above the sector's middle half▲ 1.3%€142,708above the sector's middle half▼ 4.0%€149,008above the sector's middle half▲ 4.4%€156,985above the sector's middle half▲ 5.4%€158,447above the sector's middle half▲ 0.9%€158,831above the sector's middle half▲ 0.2%
Solvency82.4%-87.2%▲ 4.8pp85.6%above the sector's middle half▼ 1.6pp72.8%above the sector's middle half▼ 12.8pp83.5%above the sector's middle half▲ 10.7pp95.3%above the sector's middle half▲ 11.7pp94.3%above the sector's middle half▼ 0.9pp98.1%above the sector's middle half▲ 3.8pp
Current ratio10.41-7.65▼ 2.766.86above the sector's middle half▼ 0.793.46above the sector's middle half▼ 3.405.79above the sector's middle half▲ 2.3321.16above the sector's middle half▲ 15.3717.85above the sector's middle half▼ 3.3152.21above the sector's middle half▲ 34.36
Return on assets (ROA)0.2%-0.9%▲ 0.8pp1.0%within the sector's middle half=1.4%within the sector's middle half▲ 0.5pp1.5%within the sector's middle half▲ 0.1pp1.5%within the sector's middle half=0.8%within the sector's middle half▼ 0.7pp0.4%within the sector's middle half▼ 0.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 24% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro 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 €165,357
Fixed assets
€3,425 =
Current assets
€161,932 ▼ 3.5%
Equity and liabilities €165,357
Equity
€162,256 ▲ 0.4%
Debt
€3,101 ▼ 68.1%
Debt's share of the balance-sheet total falls from 5.7% to 1.9%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
32.00▲
2024 · 9.35
Debt to equity
0.02▼
2024 · 0.06
ROE
0.4%▼
2024 · 0.8%
Debt ≤ 1 year
€3,101▼
2024 · €9,403
Income taxes
€251▼
2024 · €496
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,500 | - | - | - | - |
| Depreciation and write-downs of the year | €1,750 | €3,500 | - | - | - |
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 | €257 | €257 | - | €1,750 | €3,500 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €321 | €291 | €300 | €116 | €194 | ▲ 66.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €41 | - | - | - |
| Gross operating margin9900 | €3,253 | €3,934 | €4,583 | €8,050 | €9,881 | €6,341 | €4,003 | €3,164 | ▼ 20.9% |
| Operating profit (loss)9901 | €2,502 | €3,517 | €4,423 | €5,979 | €6,090 | €6,000 | €3,886 | €2,971 | ▼ 23.6% |
| Financial income75/76B | - | - | - | - | - | €44 | - | - | - |
| Recurring financial income75 | - | - | - | - | - | €44 | - | - | - |
| Financial charges65/66B | - | - | - | €1,885 | €2,386 | €2,388 | €2,063 | €2,031 | ▼ 1.6% |
| Recurring financial charges65 | €2,069 | €1,823 | €2,113 | €1,885 | €2,386 | €2,388 | €2,063 | €2,031 | ▼ 1.6% |
| Profit (loss) for the period before taxes9903 | €433 | €1,694 | €2,310 | €4,094 | €3,704 | €3,656 | €1,823 | €940 | ▼ 48.4% |
| Income taxes67/77 | €103 | €84 | €610 | €1,094 | €904 | €1,099 | €496 | €251 | ▼ 49.4% |
| Profit (loss) for the period9904 | €330 | €1,610 | €1,700 | €3,000 | €2,800 | €2,557 | €1,327 | €689 | ▼ 48.1% |
| Profit (loss) for the period to be appropriated9905 | €330 | €1,610 | €1,700 | €3,000 | €2,800 | €2,557 | €1,327 | €689 | ▼ 48.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €180,245 | €172,243 | €177,468 | €212,781 | €188,760 | €168,196 | €171,276 | €165,357 | ▼ 3.5% |
| Fixed assets21/28 | €4,985 | €3,425 | €3,425 | €12,175 | €8,675 | €3,425 | €3,425 | €3,425 | = |
| Tangible fixed assets22/27 | €257 | - | - | €8,750 | €5,250 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €8,750 | €5,250 | - | - | - | - |
| Financial fixed assets28 | €4,728 | €3,425 | €3,425 | €3,425 | €3,425 | €3,425 | €3,425 | €3,425 | = |
| Current assets29/58 | €175,260 | €168,818 | €174,043 | €200,606 | €180,085 | €164,771 | €167,851 | €161,932 | ▼ 3.5% |
| Stocks and contracts in progress3 | €124,889 | €112,987 | €109,977 | €109,656 | €93,769 | €89,400 | €79,946 | €62,692 | ▼ 21.6% |
| Stocks30/36 | - | - | - | €109,656 | €93,769 | €89,400 | €79,946 | €62,692 | ▼ 21.6% |
| Amounts receivable within one year40/41 | €44,394 | €44,376 | €59,592 | €84,362 | €80,355 | €57,622 | €75,799 | €97,766 | ▲ 29.0% |
| Trade receivables40 | - | - | - | €68,055 | €42,770 | €36,844 | €22,907 | €79,503 | ▲ 247% |
| Other amounts receivable41 | - | - | - | €16,307 | €37,585 | €20,778 | €52,893 | €18,262 | ▼ 65.5% |
| Cash at bank and in hand54/58 | €4,780 | €11,455 | €2,969 | €4,806 | €4,185 | €17,579 | €11,787 | €1,131 | ▼ 90.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,782 | €1,776 | €170 | €318 | €344 | ▲ 8.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €180,245 | €172,243 | €177,468 | €212,781 | €188,760 | €168,196 | €171,276 | €165,357 | ▼ 3.5% |
| Equity10/15 | €148,573 | €150,183 | €151,883 | €154,883 | €157,683 | €160,240 | €161,567 | €162,256 | ▲ 0.4% |
| Contributions10/11 | €55,776 | €55,776 | - | €55,776 | €55,776 | €55,776 | €55,776 | €55,776 | = |
| Reserves13 | €11,477 | €11,477 | €11,477 | €11,477 | €11,477 | €11,477 | €11,477 | €11,477 | = |
| Non-distributable reserves130/1 | - | - | - | €6,817 | €6,817 | €6,817 | €6,817 | €6,817 | = |
| Reserves not available under the articles1311 | - | - | - | €6,817 | €6,817 | €6,817 | €6,817 | €6,817 | = |
| Tax-exempt reserves132 | - | - | - | €4,660 | €4,660 | €4,660 | €4,660 | €4,660 | = |
| Profit (loss) carried forward14 | €81,320 | €82,930 | €84,630 | €87,630 | €90,430 | €92,987 | €94,314 | €95,003 | ▲ 0.7% |
| Amounts payable17/49 | €31,672 | €22,060 | €25,585 | €57,898 | €31,077 | €7,955 | €9,709 | €3,101 | ▼ 68.1% |
| Amounts payable within one year42/48 | €16,835 | €22,060 | €25,363 | €57,898 | €31,077 | €7,786 | €9,403 | €3,101 | ▼ 67.0% |
| Trade debts44 | €91 | €1,097 | €1,710 | €3,457 | €2,288 | €5,996 | €2,433 | €176 | ▼ 92.8% |
| Suppliers440/4 | - | - | - | €3,457 | €2,288 | €5,996 | €2,433 | €176 | ▼ 92.8% |
| Taxes, remuneration and social security45 | - | - | - | €5,551 | €28,789 | €1,790 | €6,970 | €2,926 | ▼ 58.0% |
| Taxes450/3 | - | - | - | €5,351 | €28,589 | €1,790 | €6,970 | €2,926 | ▼ 58.0% |
| Remuneration and social security454/9 | - | - | - | €200 | €200 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €48,890 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €170 | €305 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €330 | €1,610 | €1,700 | €3,000 | €2,800 | €2,557 | €1,327 | €689 | ▼ 48.1% |
| + Depreciation and write-downs630 | €257 | €257 | - | €1,750 | €3,500 | - | - | - | - |
| Operating cash flow (approximation) | €587 | €1,867 | €1,700 | €4,750 | €6,300 | €2,557 | €1,327 | €689 | ▼ 48.1% |
| Investment in fixed assets (approximation) | - | €1,303 | €0 | -€10,500 | €0 | €5,250 | €0 | €0 | - |
| Change in cash | - | €6,675 | -€8,486 | €1,837 | -€621 | €13,394 | -€5,792 | -€10,657 | ▼ 84.0% |
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, 17,041 companies had the same profile as BELGORIENT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BELGORIENT itself: 0.2% 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 17,041 companies, not a prediction for BELGORIENT. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00430103 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00208461 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00364109 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00428448 | |
| 31-12-2021 | micro format | 30-07-2022 | 2022-20251405 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47700212 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-17200166 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-40500100 | |
| 31-12-2017 | micro format | 07-08-2018 | 2018-44100376 | |
| 31-12-2016 | full format | 18-08-2017 | 2017-44900003 |