BELITHU
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 14 filings
Turnover
≈ €130,000
Estimated: probably between €82,000 and €330,000
Total assets
€204,354▲ 32.3%
2024 · €154,409
Net result
€11,029▼ 44.1%
2024 · €19,745
Working capital
€112,572▲ 10.4%
2024 · €102,011
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,071
▼ 38.7%
2025
20192025
Net result
€11,029
▼ 44.1%
2025
middle half of the sector
20192025
Equity
€138,015
▲ 8.0%
2025
middle half of the sector
20192025
Total assets
€204,354
▲ 32.3%
2025
middle half of the sector
20192025
Debt
€66,338
▲ 149%
2025
20192025
Working capital
€112,572
▲ 10.4%
2025
middle half of the sector
20192025
Solvency
67.5%
▼ 15.2pp
2025
middle half of the sector
20192025
Current ratio
2.71
▼ 3.33
2025
middle half of the sector
20192025
Return on assets (ROA)
5.4%
▼ 7.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€4,122-€11,725€26,943▲ 130%€60,118▲ 123%€51,844▼ 13.8%€32,734▼ 36.9%€20,071▼ 38.7%
Net result-€4,589-€11,069within the sector's middle half€19,815within the sector's middle half▲ 79.0%€40,492above the sector's middle half▲ 104%€33,262above the sector's middle half▼ 17.9%€19,745within the sector's middle half▼ 40.6%€11,029within the sector's middle half▼ 44.1%
Equity€4,203-€15,273within the sector's middle half▲ 263%€35,088within the sector's middle half▲ 130%€75,579within the sector's middle half▲ 115%€108,041within the sector's middle half▲ 43.0%€127,786within the sector's middle half▲ 18.3%€138,015within the sector's middle half▲ 8.0%
Total assets€62,516-€100,325within the sector's middle half▲ 60.5%€104,584within the sector's middle half▲ 4.2%€236,093within the sector's middle half▲ 126%€175,312within the sector's middle half▼ 25.7%€154,409within the sector's middle half▼ 11.9%€204,354within the sector's middle half▲ 32.3%
Debt€58,313-€85,052▲ 45.9%€69,497▼ 18.3%€160,513▲ 131%€67,271▼ 58.1%€26,623▼ 60.4%€66,338▲ 149%
Working capital€69-€12,293within the sector's middle half▲ 178×€24,313within the sector's middle half▲ 97.8%€142,331above the sector's middle half▲ 485%€108,945within the sector's middle half▼ 23.5%€102,011within the sector's middle half▼ 6.4%€112,572within the sector's middle half▲ 10.4%
Solvency6.7%-15.2%within the sector's middle half▲ 8.5pp33.5%within the sector's middle half▲ 18.3pp32.0%within the sector's middle half▼ 1.5pp61.6%within the sector's middle half▲ 29.6pp82.8%above the sector's middle half▲ 21.1pp67.5%within the sector's middle half▼ 15.2pp
Current ratio1.00-1.14within the sector's middle half▲ 0.141.35within the sector's middle half▲ 0.213.02within the sector's middle half▲ 1.673.48above the sector's middle half▲ 0.466.04above the sector's middle half▲ 2.552.71within the sector's middle half▼ 3.33
Return on assets (ROA)-7.3%-11.0%within the sector's middle half▲ 18.4pp18.9%above the sector's middle half▲ 7.9pp17.2%above the sector's middle half▼ 1.8pp19.0%above the sector's middle half▲ 1.8pp12.8%above the sector's middle half▼ 6.2pp5.4%within the sector's middle half▼ 7.4pp
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 39% 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 €204,354
Fixed assets
€25,894 ▼ 19.5%
Current assets
€178,460 ▲ 46.0%
Equity and liabilities €204,354
Equity
€138,015 ▲ 8.0%
Debt
€66,338 ▲ 149%
Debt's share of the balance-sheet total rises from 17.2% to 32.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€29,506▼
2024 · €41,572
Cash flow
€20,465▼
2024 · €28,583
Debt to equity
0.48▲
2024 · 0.21
ROE
8.0%▼
2024 · 15.5%
Interest coverage
7.95▼
2024 · 10.35
Debt ≤ 1 year
€65,888▲
2024 · €20,252
Income taxes
€5,328▼
2024 · €9,009
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €15,377 | €2,303 | €18,459 | €3,183 |
| Intangible fixed assets | - | €2,570 | - | - |
| Depreciation and write-downs of the year | €2,740 | €5,760 | €8,838 | €9,436 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €999 awarded · €999 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,521 | €1,521 | €1,606 | €2,740 | €5,760 | €8,838 | €9,436 | ▲ 6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€196 | - | - |
| Other operating charges640/8 | - | - | - | €492 | €790 | €692 | €635 | ▼ 8.3% |
| Gross operating margin9900 | -€2,112 | €13,736 | €28,978 | €63,351 | €58,393 | €42,068 | €30,141 | ▼ 28.4% |
| Operating profit (loss)9901 | -€4,122 | €11,725 | €26,943 | €60,118 | €51,844 | €32,734 | €20,071 | ▼ 38.7% |
| Financial income75/76B | - | - | - | €1 | - | €37 | - | - |
| Recurring financial income75 | €0 | - | €22 | €1 | - | €37 | - | - |
| Financial charges65/66B | - | - | - | €1,123 | €3,168 | €4,017 | €3,713 | ▼ 7.6% |
| Recurring financial charges65 | €467 | €655 | €723 | €1,123 | €3,168 | €4,017 | €3,713 | ▼ 7.6% |
| Profit (loss) for the period before taxes9903 | -€4,589 | €11,069 | €26,243 | €58,996 | €48,676 | €28,754 | €16,357 | ▼ 43.1% |
| Income taxes67/77 | - | - | €6,428 | €18,504 | €15,414 | €9,009 | €5,328 | ▼ 40.9% |
| Profit (loss) for the period9904 | -€4,589 | €11,069 | €19,815 | €40,492 | €33,262 | €19,745 | €11,029 | ▼ 44.1% |
| Profit (loss) for the period to be appropriated9905 | -€4,589 | €11,069 | €19,815 | €40,492 | €33,262 | €19,745 | €11,029 | ▼ 44.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €62,516 | €100,325 | €104,584 | €236,093 | €175,312 | €154,409 | €204,354 | ▲ 32.3% |
| Fixed assets21/28 | €4,563 | €3,042 | €10,775 | €23,412 | €22,525 | €32,146 | €25,894 | ▼ 19.5% |
| Intangible fixed assets21 | - | - | - | - | €2,331 | €1,474 | €617 | ▼ 58.1% |
| Tangible fixed assets22/27 | €4,563 | €3,042 | €10,775 | €23,412 | €20,195 | €30,672 | €25,276 | ▼ 17.6% |
| Plant, machinery and equipment23 | - | - | - | €10,128 | €10,146 | €21,207 | €15,755 | ▼ 25.7% |
| Furniture and vehicles24 | - | - | - | €13,283 | €10,048 | €9,465 | €9,521 | ▲ 0.6% |
| Current assets29/58 | €57,953 | €97,283 | €93,810 | €212,681 | €152,787 | €122,263 | €178,460 | ▲ 46.0% |
| Stocks and contracts in progress3 | - | - | - | €92,348 | - | - | - | - |
| Stocks30/36 | - | - | - | €92,348 | - | - | - | - |
| Amounts receivable within one year40/41 | €37,375 | €64,216 | €72,589 | €63,616 | €28,011 | €17,480 | €81,495 | ▲ 366% |
| Trade receivables40 | - | - | - | €63,616 | €28,009 | €11,482 | €65,024 | ▲ 466% |
| Other amounts receivable41 | - | - | - | €0 | €2 | €5,998 | €16,471 | ▲ 175% |
| Cash at bank and in hand54/58 | €20,174 | €33,040 | €20,816 | €56,312 | €124,638 | €104,660 | €96,554 | ▼ 7.7% |
| Deferred charges and accrued income490/1 | - | - | - | €405 | €138 | €123 | €410 | ▲ 234% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €62,516 | €100,325 | €104,584 | €236,093 | €175,312 | €154,409 | €204,354 | ▲ 32.3% |
| Equity10/15 | €4,203 | €15,273 | €35,088 | €75,579 | €108,041 | €127,786 | €138,015 | ▲ 8.0% |
| Contributions10/11 | €12,524 | - | - | €12,524 | €12,524 | €12,524 | €12,524 | = |
| Reserves13 | €1,860 | €1,860 | €21,675 | €62,167 | €94,717 | €114,462 | €124,632 | ▲ 8.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €60,307 | €94,717 | €114,462 | €124,632 | ▲ 8.9% |
| Profit (loss) carried forward14 | -€10,181 | €889 | €889 | €889 | €800 | €800 | €859 | ▲ 7.4% |
| Amounts payable17/49 | €58,313 | €85,052 | €69,497 | €160,513 | €67,271 | €26,623 | €66,338 | ▲ 149% |
| Amounts payable after more than one year17 | - | - | - | - | €23,121 | €5,921 | - | - |
| Financial debts170/4 | - | - | - | - | €23,121 | €5,921 | - | - |
| Amounts payable within one year42/48 | €57,884 | €84,990 | €69,497 | €70,350 | €43,842 | €20,252 | €65,888 | ▲ 225% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €16,387 | €17,200 | €5,921 | ▼ 65.6% |
| Trade debts44 | €17,196 | €18,582 | €6,423 | €3,695 | €1,261 | €462 | €58,867 | ▲ 127× |
| Suppliers440/4 | - | - | - | €3,695 | €1,261 | €462 | €58,867 | ▲ 127× |
| Advances received on contracts in progress46 | - | - | - | €1,540 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €18,829 | €16,443 | €2,290 | €240 | ▼ 89.5% |
| Taxes450/3 | - | - | - | €18,829 | €16,443 | €2,290 | €240 | ▼ 89.5% |
| Other amounts payable47/48 | - | - | - | €46,287 | €9,751 | €301 | €861 | ▲ 186% |
| Accrued charges and deferred income492/3 | - | - | - | €90,163 | €308 | €450 | €450 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,589 | €11,069 | €19,815 | €40,492 | €33,262 | €19,745 | €11,029 | ▼ 44.1% |
| + Depreciation and write-downs630 | €1,521 | €1,521 | €1,606 | €2,740 | €5,760 | €8,838 | €9,436 | ▲ 6.8% |
| Operating cash flow (approximation) | -€3,068 | €12,590 | €21,421 | €43,232 | €39,022 | €28,583 | €20,465 | ▼ 28.4% |
| Investment in fixed assets (approximation) | - | €0 | -€9,339 | -€15,377 | -€4,873 | -€18,459 | -€3,183 | ▲ 82.8% |
| Change in cash | - | €12,866 | -€12,224 | €35,496 | €68,326 | -€19,978 | -€8,106 | ▲ 59.4% |
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, 34,693 companies had the same profile as BELITHU has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BELITHU itself: < 0.1% 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 34,693 companies, not a prediction for BELITHU. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00257748 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00243946 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00141175 | |
| 30-09-2022 | micro format | 27-03-2023 | 2023-00045921 | |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09800290 | |
| 30-09-2020 | micro format | 08-02-2021 | 2021-05000461 | |
| 30-09-2019 | micro format | 28-02-2020 | 2020-05900280 | |
| 30-09-2018 | micro format | 26-02-2019 | 2019-05700557 | |
| 30-09-2017 | micro format | 28-02-2018 | 2018-05800079 | |
| 30-09-2016 | abbreviated format | 15-02-2017 | 2017-04500193 |