Belgotrust
ActiveSummary
Belgotrust has been active since 1978 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €234,001 and a net result of -€20,531. Equity is shrinking by ~14.7% per year across the filed fiscal years. Its solvency ranks better than 26% of 4565 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▼-4
Solvency38▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity short (current ratio 0.83 against 0.71 in 2024; short-term debt: 15.7% and cash: 4.9% of total assets), and 87% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 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
25 d late
2024
68 d late
2023
433 d late
2022
238 d late
2021
85 d late
2020
208 d late
2019
174 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 176 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€20,531
2024 · €37,922
Working capital
-€46,807▲ 62.3%
2024 · -€124,085
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€20,736▲ 86.4%-€21,228▼ 2.4%-€17,888▲ 15.7%€62,551€12,726▼ 79.7%
Net result-€27,190▲ 85.1%-€43,342▼ 59.4%-€43,723▼ 0.9%€37,922-€20,531
Equity€396,640▼ 6.4%€353,298▼ 10.9%€309,575▼ 12.4%€254,532▼ 17.8%€234,001▼ 8.1%
Total assets€2.4m▼ 1.6%€2.3m▼ 4.4%€2.1m▼ 5.9%€2.1m▼ 3.5%€1.8m▼ 12.4%
Debt€2.0m▼ 0.6%€1.9m▼ 3.1%€1.8m▼ 4.7%€1.8m▼ 1.0%€1.6m▼ 13.0%
Working capital-€86,573-€134,819▼ 55.7%-€134,431▲ 0.3%-€124,085▲ 7.7%-€46,807▲ 62.3%
Staff (FTE)
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 80% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.6m ▼ 11.0%
Current assets
€236,264 ▼ 20.7%
Equity and liabilities €1.8m
Equity
€234,001 ▼ 8.1%
Debt
€1.6m ▼ 13.0%
Debt's share of the balance-sheet total falls from 87.6% to 87.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€207,446▼
2024 · €256,484
Cash flow
€174,190▼
2024 · €231,855
Current ratio
0.83▲
2024 · 0.71
Debt to equity
6.71▼
2024 · 7.09
ROE
-8.8%▼
2024 · 14.9%
ROA
-1.1%▼
2024 · 1.8%
Interest coverage
8.94▼
2024 · 10.47
Debt ≤ 1 year
€283,071▼
2024 · €421,884
Debt > 1 year
€1.3m▼
2024 · €1.4m
Income taxes
€14,363▲
2024 · €4,007
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €163,651 | €185,270 | €191,715 | €193,933 | €194,720 | ▲ 0.4% |
| Other operating charges640/8 | €74,890 | €50,282 | €56,030 | €44,197 | €62,752 | ▲ 42.0% |
| Gross operating margin9900 | €217,805 | €214,324 | €229,857 | €300,681 | €270,198 | ▼ 10.1% |
| Operating profit (loss)9901 | -€20,736 | -€21,228 | -€17,888 | €62,551 | €12,726 | ▼ 79.7% |
| Financial income75/76B | €25,369 | €6,420 | €3,005 | €3,880 | €4,299 | ▲ 10.8% |
| Recurring financial income75 | €25,369 | €6,420 | €3,005 | €3,880 | €4,299 | ▲ 10.8% |
| Financial charges65/66B | €31,376 | €28,234 | €28,406 | €24,501 | €23,193 | ▼ 5.3% |
| Recurring financial charges65 | €31,376 | €28,234 | €28,406 | €24,501 | €23,193 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | -€26,743 | -€43,042 | -€43,289 | €41,930 | -€6,168 | ▼ 115% |
| Income taxes67/77 | €447 | €300 | €434 | €4,007 | €14,363 | ▲ 258% |
| Profit (loss) for the period9904 | -€27,190 | -€43,342 | -€43,723 | €37,922 | -€20,531 | ▼ 154% |
| Profit (loss) for the period to be appropriated9905 | -€27,190 | -€43,342 | -€43,723 | €37,922 | -€20,531 | ▼ 154% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.4m | €2.3m | €2.1m | €2.1m | €1.8m | ▼ 12.4% |
| Fixed assets21/28 | €2.1m | €2.1m | €1.9m | €1.8m | €1.6m | ▼ 11.0% |
| Tangible fixed assets22/27 | €2.1m | €2.1m | €1.9m | €1.8m | €1.6m | ▼ 11.1% |
| Land and buildings22 | €959,747 | €935,912 | €912,076 | €888,241 | €864,405 | ▼ 2.7% |
| Plant, machinery and equipment23 | €48,749 | €40,832 | €33,066 | €27,311 | €21,555 | ▼ 21.1% |
| Furniture and vehicles24 | €1,033 | €105 | - | - | - | - |
| Other tangible fixed assets26 | €1.1m | €1.1m | €985,435 | €843,989 | €678,860 | ▼ 19.6% |
| Financial fixed assets28 | €1,757 | €1,757 | €1,757 | €1,412 | €2,299 | ▲ 62.8% |
| Current assets29/58 | €223,437 | €209,936 | €200,598 | €297,800 | €236,264 | ▼ 20.7% |
| Amounts receivable after more than one year29 | €65,357 | €74,894 | €74,894 | - | - | - |
| Other amounts receivable291 | €65,357 | €74,894 | €74,894 | - | - | - |
| Amounts receivable within one year40/41 | €134,645 | €107,140 | €106,274 | €174,242 | €142,739 | ▼ 18.1% |
| Trade receivables40 | €53,461 | €42,130 | €45,583 | €106,085 | €47,614 | ▼ 55.1% |
| Other amounts receivable41 | €81,184 | €65,010 | €60,690 | €68,157 | €95,125 | ▲ 39.6% |
| Current investments50/53 | €9,912 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €11,590 | €17,649 | €8,892 | €123,558 | €88,525 | ▼ 28.4% |
| Deferred charges and accrued income490/1 | €1,934 | €10,251 | €10,539 | - | €5,000 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.4m | €2.3m | €2.1m | €2.1m | €1.8m | ▼ 12.4% |
| Equity10/15 | €396,640 | €353,298 | €309,575 | €254,532 | €234,001 | ▼ 8.1% |
| Contributions10/11 | €165,000 | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Capital10 | €165,000 | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Issued capital100 | €165,000 | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Reserves13 | €610,466 | €610,466 | €610,466 | €555,422 | €555,422 | = |
| Non-distributable reserves130/1 | €16,500 | €16,500 | €16,500 | €16,500 | €16,500 | = |
| Legal reserve130 | €16,500 | €16,500 | €16,500 | €16,500 | €16,500 | = |
| Distributable reserves133 | €593,966 | €593,966 | €593,966 | €538,922 | €538,922 | = |
| Profit (loss) carried forward14 | -€378,826 | -€422,168 | -€465,891 | -€465,891 | -€486,421 | ▼ 4.4% |
| Amounts payable17/49 | €2.0m | €1.9m | €1.8m | €1.8m | €1.6m | ▼ 13.0% |
| Amounts payable after more than one year17 | €1.7m | €1.6m | €1.5m | €1.4m | €1.3m | ▼ 7.5% |
| Financial debts170/4 | €1.6m | €1.5m | €1.4m | €1.3m | €1.2m | ▼ 7.8% |
| Other amounts payable178/9 | €32,351 | €43,210 | €45,564 | €52,917 | €52,917 | = |
| Amounts payable within one year42/48 | €310,010 | €344,755 | €335,029 | €421,884 | €283,071 | ▼ 32.9% |
| Current portion of amounts payable after more than one year42 | €96,708 | €98,225 | €99,767 | €101,332 | €102,923 | ▲ 1.6% |
| Trade debts44 | €79,142 | €46,749 | €48,040 | €133,138 | €52,686 | ▼ 60.4% |
| Suppliers440/4 | €79,142 | €46,749 | €48,040 | €133,138 | €52,686 | ▼ 60.4% |
| Taxes, remuneration and social security45 | €10,265 | €18,907 | €7,471 | €8,249 | €220 | ▼ 97.3% |
| Taxes450/3 | €6,060 | €14,702 | €7,471 | €8,249 | €220 | ▼ 97.3% |
| Remuneration and social security454/9 | €4,205 | €4,205 | - | - | - | - |
| Other amounts payable47/48 | €123,895 | €180,874 | €179,751 | €179,165 | €127,242 | ▼ 29.0% |
| Accrued charges and deferred income492/3 | €8,904 | €262 | €16,713 | €4,700 | €11,598 | ▲ 147% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,190 | -€43,342 | -€43,723 | €37,922 | -€20,531 | ▼ 154% |
| + Depreciation and write-downs630 | €163,651 | €185,270 | €191,715 | €193,933 | €194,720 | ▲ 0.4% |
| Operating cash flow (approximation) | €136,461 | €141,928 | €147,992 | €231,855 | €174,190 | ▼ 24.9% |
| Investment in fixed assets (approximation) | - | -€94,166 | -€66,641 | -€22,551 | -€887 | ▲ 96.1% |
| Change in cash | - | €6,059 | -€8,758 | €114,666 | -€35,033 | ▼ 131% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 25 days late
2025
07-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 68 days late
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 433 days late
2024
31-12
Financial
Back to profitnet €37,922
Net result €37,922 after 6 loss-making years.
25-03
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 238 days late
2022
24-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 85 days late
24-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 208 days late
2021
21-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 174 days late
2020
31-12
Financial
Weakest financial yearnet -€181,936
Net result drops to -€181,936, the lowest in the series; recovery starts the following year.
2019
28-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 120 days late
2018
11-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 72 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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 1978
Ground area
71 m²
Parcel 21809K0065/00G012, Brussels. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
Zuidstraat 165, 1000 Brussel
since 19782.015.601.503
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21809K0065/00G012 | Brussels | 70 m² | - | - |
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
875500EDEYHFERSINI13
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Of 9,143 companies in sector 68201 we hold annual accounts for 6,769. 4,885 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
Founded23-10-1978
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.