Public limited company · founded 2005 · 21 yrs activeAmbachtsstraat 1, 3980 Tessenderlo-Ham, BelgiumKBO/BCE: BE 0873.640.495
Summary
BELIES has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9.0m and a net result of €865,102. Equity is growing by ~6.5% per year across the filed fiscal years. Its solvency ranks better than 53% of 663 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability62▲+2
Solvency66▲+3
Growth69▲+16
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.4%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €550,000 at 30 days acceptable
Liquidity ample (current ratio 1.73 against 1.58 in 2024; short-term debt: 35.7% and cash: 2.1% of total assets), but 58.5% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 54 days before 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. Usually files around 31 May (5 of the last 5 filed years within 30 days of that day).
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
On 27 April 2005, BELIES was incorporated.1In 2012 the registered office moved to Tessenderlo.2Of the 12 current board members, Fagus Finance N.V. has served longest, since 2014.3Revenue went from EUR 33 million in 2018 to EUR 49 million in 2025 and headcount from 40 to 76.2 full-time equivalents.4
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 10, Manufacture of food products, 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
Net result€1.5mabove the sector's middle half▲ 132%-€997,316below the sector's middle half€760,779within the sector's middle half€555,946within the sector's middle half▼ 26.9%€865,102within the sector's middle half▲ 55.6%
Equity€7.8mwithin the sector's middle half▲ 14.7%€6.8mwithin the sector's middle half▼ 12.8%€7.6mwithin the sector's middle half▲ 11.1%€8.1mwithin the sector's middle half▲ 7.3%€9.0mabove the sector's middle half▲ 10.6%
Total assets€13.1mwithin the sector's middle half▲ 16.0%€13.9mwithin the sector's middle half▲ 6.0%€13.8mwithin the sector's middle half▼ 0.5%€21.5mabove the sector's middle half▲ 56.3%€21.7mabove the sector's middle half▲ 0.8%
Working capital€6.8mabove the sector's middle half▲ 16.3%€5.1mabove the sector's middle half▼ 25.6%€6.1mabove the sector's middle half▲ 20.2%€4.7mabove the sector's middle half▼ 23.9%€5.6mabove the sector's middle half▲ 20.7%
Solvency59.8%above the sector's middle half▼ 0.7pp49.2%within the sector's middle half▼ 10.6pp55.0%within the sector's middle half▲ 5.8pp37.8%within the sector's middle half▼ 17.2pp41.5%within the sector's middle half▲ 3.7pp
Current ratio2.36above the sector's middle half▼ 0.011.87within the sector's middle half▼ 0.492.12above the sector's middle half▲ 0.241.58within the sector's middle half▼ 0.531.73within the sector's middle half▲ 0.14
Return on assets (ROA)11.5%above the sector's middle half▲ 5.7pp-7.2%below the sector's middle half▼ 18.7pp5.5%within the sector's middle half▲ 12.7pp2.6%within the sector's middle half▼ 2.9pp4.0%within the sector's middle half▲ 1.4pp
Staff (FTE)54.4within the sector's middle half▲ 11.5%63.5within the sector's middle half▲ 16.7%72above the sector's middle half▲ 13.4%74.5above the sector's middle half▲ 3.5%76.2above the sector's middle half▲ 2.3%
abovewithinbelowthe middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 59% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21.7m
38.4%
61.6%
Fixed assets€8.3m ▼ 6.2%
Current assets€13.4m ▲ 5.7%
Equity and liabilities €21.7m
41.5%
58.5%
Equity€9.0m ▲ 10.6%
Debt€12.7m ▼ 5.2%
Debt's share of the balance-sheet total falls from 62.2% to 58.5%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.4m▲
2024 · €1.9m
Cash flow
€1.8m▲
2024 · €1.6m
Quick ratio
0.97▲
2024 · 0.86
Debt to equity
1.41▼
2024 · 1.65
ROE
9.6%▲
2024 · 6.8%
Interest coverage
15.51▼
2024 · 112.95
Debt ≤ 1 year
€7.8m▼
2024 · €8.0m
Debt > 1 year
€4.4m▼
2024 · €5.1m
Income taxes
€336,148▲
2024 · €270,731
Staff costs
€5.9m▲
2024 · €5.6m
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 1,860 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.
Medium-sized
20 years or older
solvency 30% or more
a profit under 5% of the balance sheet
0.1%went bankrupt
2.0%stopped otherwise
98%still going
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
The companies in ten equal groups, from lowest to highest expected share.
Group
Expected
Actual
1
0.2%
0.2%
2
0.3%
0.4%
3
0.5%
0.5%
4
0.6%
0.7%
5
0.8%
0.9%
6
1.2%
1.3%
7
1.5%
1.7%
8
1.7%
1.7%
9
2.7%
2.8%
10
5.3%
5.7%
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 1,860 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 · 76 lines
Balance sheetCode20242025
Assets
Total assets20/58€21.5m€21.7m▲
Fixed assets21/28€8.9m€8.3m▼
Tangible fixed assets22/27€1.5m€994,005▼
Land and buildings22€985€637▼
Plant, machinery and equipment23€949,588€876,444▼
Furniture and vehicles24€83,272€44,817▼
Leasing and similar rights25€454,667-
Assets under construction and advance payments27€56,052€72,107▲
Financial fixed assets28€7.3m€7.3m=
Affiliated companies280/1€7.3m€7.3m=
Participating interests280€7.3m€7.3m=
Current assets29/58€12.7m€13.4m▲
Stocks and contracts in progress3€5.8m€5.9m▲
Stocks30/36€5.8m€5.9m▲
Raw materials and consumables30/31€4.7m€4.8m▲
Work in progress32€159,830€95,243▼
Finished goods33€944,709€980,903▲
Amounts receivable within one year40/41€5.8m€6.9m▲
Trade receivables40€5.2m€6.5m▲
Other amounts receivable41€615,840€376,553▼
Cash at bank and in hand54/58€679,613€450,319▼
Deferred charges and accrued income490/1€360,279€168,284▼
Equity and liabilities
Total equity and liabilities10/49€21.5m€21.7m▲
Equity10/15€8.1m€9.0m▲
Contributions10/11€1.2m€1.2m=
Capital10€1.2m€1.2m=
Issued capital100€1.2m€1.2m=
Reserves13€123,115€123,115=
Non-distributable reserves130/1€123,115€123,115=
Legal reserve130€123,115€123,115=
Profit (loss) carried forward14€6.8m€7.7m▲
Amounts payable17/49€13.4m€12.7m▼
Amounts payable after more than one year17€5.1m€4.4m▼
Financial debts170/4€5.1m€4.4m▼
Credit institutions173€5.1m€4.4m▼
Amounts payable within one year42/48€8.0m€7.8m▼
Current portion of amounts payable after more than one year42€1.1m€663,762▼
Trade debts44€5.5m€6.0m▲
Suppliers440/4€5.5m€6.0m▲
Taxes, remuneration and social security45€978,131€1.1m▲
Taxes450/3€46,122€50,003▲
Remuneration and social security454/9€932,009€1.0m▲
Other amounts payable47/48€397,846-
Accrued charges and deferred income492/3€354,485€569,184▲
Income statementCode20242025
Operating income70/76A€48.9m€50.2m▲
Turnover70€47.7m€49.3m▲
Change in stocks of work in progress, finished goods and contracts in progress71€429,991-€102,138▼
Other operating income74€771,496€775,927▲
Non-recurring operating income76A-€203,629
Operating charges60/66A€48.0m€48.8m▲
Goods for resale, raw materials and consumables60€25.0m€26.2m▲
Purchases600/8€26.1m€26.3m▲
Change in stocks: decrease (increase)609-€1.1m-€102,781▲
Services and other goods61€15.4m€15.2m▼
Remuneration, social security and pensions62€5.6m€5.9m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.0m€979,138▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€87,471-€73,745▲
Director appointment, Katrien Bousson BV (director)
Permanent representative, Katrien Bousson
01-02
State Gazette actResignations: Argalix BV (director) and Pietercil Delby's NV (director)
Reappointments: Fagus Finance NV (director) and Jan De Brauwer (director) · Appointments: Pietercil Group NV, De Eik NV and 3 others10 facts ▸
General meeting, 26-04-2023
Director resignation, Argalix BV (director)
Director reappointment, Fagus Finance NV (director)
Director reappointment, Jan De Brauwer (director)
Director resignation, Pietercil Delby's NV (director)
Director appointment, Pietercil Group NV (director)
Director appointment, De Eik NV (director)
Director appointment, Confintech BV (director)
Director appointment, Klara Van Waeyenberge (director)
Director appointment, Luk De Brauwer (director)
01-02
State Gazette actStatutes amendment
2 facts ▸
General meeting, 18-12-2021
Statutes amendment
2023
31-12
FinancialBack to profitnet €760,779
Net result €760,779 after one loss-making year.
06-10
State Gazette actReappointment: Jan De Brauwer (managing director)
2 facts ▸
Board meeting, 29-04-2021
Director reappointment, Jan De Brauwer (managing director)
30-06
NBB filingAnnual accounts filed
fiscal year 2022 · full schema
Show earlier events
2022
31-12
FinancialWeakest financial yearnet -€997,316
Net result drops to -€997,316, the lowest in the series; recovery starts the following year.
09-06
NBB filingAnnual accounts filed
fiscal year 2021 · full schema
12-01
State Gazette actReappointment: Grant Thornton Bedrijfsrevisoren (statutory auditor)
2 facts ▸
General meeting, 28-04-2021
Auditor reappointment, Grant Thornton Bedrijfsrevisoren (statutory auditor)
2021
31-12
FinancialHighest result since 2018net €1.5m ▲132%
Operating result €2.1m, net result €1.5m, both a record.
02-07
State Gazette actReappointments: Jan De Brauwer, Fagus Finance N.V. and Pietercil Delby's N.V.
Permanent representatives: Michel De Brauwer and Jan Christiaens6 facts ▸
General meeting, 29-04-2020
Director reappointment, Jan De Brauwer (director)
Director reappointment, Fagus Finance N.V. (director)
Director reappointment, Pietercil Delby's N.V. (director)
Permanent representative, Michel De Brauwer
Permanent representative, Jan Christiaens
10-06
NBB filingAnnual accounts filed
fiscal year 2020 · full schema
08-03
State Gazette actAppointment: Argalix (independent director)
Permanent representatives: Francis Kint and Michel De Brauwer4 facts ▸
General meeting, 21-01-2021
Director appointment, Argalix (independent director)
Permanent representative, Francis Kint
Permanent representative, Michel De Brauwer
2020
16-06
NBB filingAnnual accounts filed
fiscal year 2019 · full schema
2019
26-08
State Gazette actReappointment: Grant Thornton Bedrijfsrevisoren (statutory auditor)
2 facts ▸
General meeting, 25-04-2018
Auditor reappointment, Grant Thornton Bedrijfsrevisoren (statutory auditor)
16-05
NBB filingAnnual accounts filed
fiscal year 2018 · full schema
2018
18-05
NBB filingAnnual accounts filed
fiscal year 2017 · full schema
2017
02-06
NBB filingAnnual accounts filed
fiscal year 2016 · full schema
2016
08-03
State Gazette actResignation: Fagus Finance NV (managing director)
Appointment: Jan De Brauwer (managing director) · Permanent representatives: Michel De Brauwer and Jan Christiaens7 facts ▸
Board meeting, 04-05-2015
Director resignation, Fagus Finance NV (managing director)
Director appointment, Jan De Brauwer (managing director)
Board composition, Fagus Finance NV (director)
Board composition, Pietercil Delby's (director)
Permanent representative, Michel De Brauwer
Permanent representative, Jan Christiaens
2015
19-10
State Gazette actResignations: Michel De Brauwer, Pietercil Delby's N.V. and BVBA Bogaerts Consulting
Appointments: Jan De Brauwer (director) and Fagus Finance N.V. (director) · Permanent representative: Michel De Brauwer · Reappointment: Pietercil Delby's N.V. (director)8 facts ▸
General meeting, 30-04-2014
Director resignation, Michel De Brauwer (director)
Director resignation, Pietercil Delby's N.V. (director)
Director resignation, BVBA Bogaerts Consulting (director)
Director appointment, Jan De Brauwer (director)
Director appointment, Fagus Finance N.V. (director)
Permanent representative, Michel De Brauwer
Director reappointment, Pietercil Delby's N.V. (director)
19-10
State Gazette actResignation: Michel De Brauwer (managing director)
Appointment: Fagus Finance (managing director) · Permanent representative: Michel De Brauwer4 facts ▸
Board meeting, 08-05-2014
Director resignation, Michel De Brauwer (managing director)
Director appointment, Fagus Finance (managing director)
Permanent representative, Michel De Brauwer
19-10
State Gazette actReappointment: Grant Thornton Bedrijfsrevisoren CVBA (statutory auditor)
Permanent representatives: Gunther Loits and Michel De Brauwer4 facts ▸
General meeting, 29-04-2015
Auditor reappointment, Grant Thornton Bedrijfsrevisoren CVBA
Permanent representative, Gunther Loits
Permanent representative, Michel De Brauwer
2012
19-07
State Gazette actReappointment: P.K.F. Bedrijfsrevisoren (statutory auditor)
2 facts ▸
General meeting, 25-04-2012
Auditor reappointment, P.K.F. Bedrijfsrevisoren
18-07
State Gazette actRegistered office
Registered-office move · Deed place3 facts ▸
Board meeting, 06-06-2012
Registered-office move, Ambachtstraat 1 te 3980 Tessenderlo
Deed place, Hasselt
2011
08-07
State Gazette actResignations: Michel De Brauwer, Pietercil Delby's NV and BVBA Bogaerts Consulting
Reappointments: Michel De Brauwer, Pietercil Delby's NV and BVBA Bogaerts Consulting · Permanent representatives: Jan Christiaens and Guy Bogaerts9 facts ▸
General meeting, 27-04-2011
Director resignation, Michel De Brauwer (director)
Director resignation, Pietercil Delby's NV (director)
Director resignation, BVBA Bogaerts Consulting (director)
Director reappointment, Michel De Brauwer (director)
Director reappointment, Pietercil Delby's NV (director)
Director reappointment, BVBA Bogaerts Consulting (director)
Permanent representative, Jan Christiaens
Permanent representative, Guy Bogaerts
2007
26-07
State Gazette actResignations: Pauwels Engineering (director) and Koen D'hauwer (director and managing director)
Appointments: Michel De Brauwer (director and managing director) and Bogaerts Consulting (director) · Permanent representatives: Jan Christiaens and Guy Bogaerts7 facts ▸
General meeting, 03-01-2007
Director resignation, Pauwels Engineering (director)
Director resignation, Koen D'hauwer (director and managing director)
Director appointment, Michel De Brauwer (director and managing director)
Permanent representative, Jan Christiaens
Director appointment, Bogaerts Consulting (director)
Permanent representative, Guy Bogaerts
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
19 of 19 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
12 directors, 1 in day-to-day management, no change since 2025
Board 12
FF
Fagus Finance N.V.
Director · since 30-04-2014 · Legal entity · perm. rep.: Michel De Brauwer
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
FF
Fagus Finance
Managing director · since 08-05-2014 · Legal entity · perm. rep.: Michel De Brauwer
Not recently confirmed
Permanent representatives 2
CJ
Jan Christiaens
Permanent representative · since 30-04-2014 · for Pietercil Delby's N.V.
Current
BM
Michel De Brauwer
Permanent representative · since 30-04-2014 · for Fagus Finance N.V.
Current
1 not recently confirmed
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
BG
Guy Bogaerts
Permanent representative · since 03-01-2007 · for Bogaerts Consulting
Not recently confirmed
Statutory auditor 1
GT
Grant Thornton, Bedrijfsrevisoren CVBA
Auditor · since 29-04-2015
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
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 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
According to the 2025 annual accounts of BELIES and those 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
8 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 90 companies in sector 10391 we hold annual accounts for 43. 12 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded27-04-2005
Fiscal year end31-12
Activities, NACEBEL 2025
10391Manufacture of food products
E-invoicing
Reachable via Peppol
Peppol ID0208:0873640495
Also9925:BE0873640495
Registered07-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.