BELLECOM
ActiveSummary
The annual accounts of BELLECOM for fiscal year 2024 show a net loss of 51% of the equity at the start of that year. The 2024 annual accounts show equity of €1.1m and a net result of -€1.1m. Equity is shrinking by ~11.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 9742 sector peers (fiscal year 2024). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability19▲+3
Solvency29▼-4
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 6.08 against 2.15 in 2023; short-term debt: 1.4% and cash: 5.6% of total assets), but 96.1% of the assets are financed with debt.
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Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
3.9%
Return on assets
-4.1%
Age of the figures
21 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
192021222324
2019 to 2024 · latest year -€1.1m
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 9742 sector peers (2024).
NBB · sector comparisonPosition among 9742 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-06-2026, 51 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
51 d early
2024
21 d late
2023
6 d late
2022
3 d early
2021
17 d early
2020
230 d late
2019
91 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 40 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. Usually files around 28 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€1.1m▼ 51.4%
2023 · €2.2m
Total assets
€27.4m▼ 3.8%
2023 · €28.5m
Net result
-€1.1m▲ 14.7%
2023 · -€1.3m
Working capital
€1.9m▲ 37.8%
2023 · €1.4m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
favourable
unfavourable
Line20202021202220232024
Operating result-€405,476▲ 47.6%-€82,159▲ 79.7%-€155,304▼ 89.0%-€542,093▼ 249%-€308,018▲ 43.2%
Net result-€507,825below the sector's middle half▲ 34.7%-€82,613below the sector's middle half▲ 83.7%-€256,571below the sector's middle half▼ 211%-€1.3mbelow the sector's middle half▼ 413%-€1.1mbelow the sector's middle half▲ 14.7%
Equity€2.2mabove the sector's middle half▼ 18.7%€3.8mabove the sector's middle half▲ 69.4%€3.5mabove the sector's middle half▼ 6.8%€2.2mabove the sector's middle half▼ 37.6%€1.1mwithin the sector's middle half▼ 51.4%
Total assets€19.7mabove the sector's middle half▲ 89.1%€22.8mabove the sector's middle half▲ 15.8%€27.6mabove the sector's middle half▲ 21.0%€28.5mabove the sector's middle half▲ 3.4%€27.4mabove the sector's middle half▼ 3.8%
Debt€17.5m▲ 127%€19.0m▲ 9.0%€24.1m▲ 26.5%€26.3m▲ 9.3%€26.4m▲ 0.2%
Working capital-€3.2mbelow the sector's middle half€286,449within the sector's middle half-€436,447below the sector's middle half€1.4mabove the sector's middle half€1.9mabove the sector's middle half▲ 37.8%
Solvency11.3%within the sector's middle half▼ 14.9pp16.5%within the sector's middle half▲ 5.2pp12.7%within the sector's middle half▼ 3.8pp7.7%below the sector's middle half▼ 5.0pp3.9%below the sector's middle half▼ 3.8pp
Current ratio0.35below the sector's middle half5.66above the sector's middle half▲ 5.310.56within the sector's middle half▼ 5.102.15within the sector's middle half▲ 1.586.08above the sector's middle half▲ 3.93
Return on assets (ROA)-2.6%below the sector's middle half▲ 4.9pp-0.4%within the sector's middle half▲ 2.2pp-0.9%within the sector's middle half▼ 0.6pp-4.6%below the sector's middle half▼ 3.7pp-4.1%below the sector's middle half▲ 0.5pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €308,018 in 2024 against €542,093 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €27.4m
Fixed assets
€25.1m ▼ 3.0%
Current assets
€2.3m ▼ 11.9%
Equity and liabilities €27.4m
Equity
€1.1m ▼ 51.4%
Debt
€26.4m ▲ 0.2%
Debt's share of the balance-sheet total rises from 92.3% to 96.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€501,083▲
2023 · €296,086
Cash flow
-€312,906▲
2023 · -€476,870
Debt to equity
24.89▲
2023 · 12.06
ROE
-106.0%▼
2023 · -60.3%
Interest coverage
0.62▲
2023 · 0.38
Debt ≤ 1 year
€372,780▼
2023 · €1.2m
Debt > 1 year
€24.3m=
2023 · €24.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 105 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 97% are still going.
- Large
- solvency under 10%
- a small loss
- without age
1.0%
went bankrupt
1.0%
stopped otherwise
97%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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%.
| 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 105 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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €107,550 | €838,179 | €809,100 | ▼ 3.5% |
| Other operating charges640/8 | - | €1,550 | €1,039 | €1,157 | €186,858 | ▲ 16,053% |
| Gross operating margin9900 | -€87,727 | -€80,609 | -€46,715 | €297,243 | €687,940 | ▲ 131% |
| Operating profit (loss)9901 | -€405,476 | -€82,159 | -€155,304 | -€542,093 | -€308,018 | ▲ 43.2% |
| Financial charges65/66B | - | €454 | €101,268 | €772,956 | €813,988 | ▲ 5.3% |
| Recurring financial charges65 | €102,349 | €454 | €101,268 | €772,956 | €813,988 | ▲ 5.3% |
| Profit (loss) for the period before taxes9903 | -€507,825 | -€82,613 | -€256,571 | -€1.3m | -€1.1m | ▲ 14.7% |
| Profit (loss) for the period9904 | -€507,825 | -€82,613 | -€256,571 | -€1.3m | -€1.1m | ▲ 14.7% |
| Profit (loss) for the period to be appropriated9905 | -€507,825 | -€82,613 | -€256,571 | -€1.3m | -€1.1m | ▲ 14.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €19.7m | €22.8m | €27.6m | €28.5m | €27.4m | ▼ 3.8% |
| Fixed assets21/28 | €18.0m | €22.4m | €27.0m | €25.9m | €25.1m | ▼ 3.0% |
| Tangible fixed assets22/27 | €18.0m | €22.4m | €27.0m | €25.9m | €25.1m | ▼ 3.0% |
| Land and buildings22 | - | €2.0m | €27.0m | €25.9m | €25.1m | ▼ 3.0% |
| Assets under construction and advance payments27 | - | €20.4m | - | - | - | - |
| Current assets29/58 | €1.7m | €347,882 | €564,230 | €2.6m | €2.3m | ▼ 11.9% |
| Amounts receivable within one year40/41 | - | €61,014 | €102,547 | €116,184 | €147,395 | ▲ 26.9% |
| Trade receivables40 | - | - | €7,865 | €15,505 | €59,065 | ▲ 281% |
| Other amounts receivable41 | - | €61,014 | €94,682 | €100,678 | €88,330 | ▼ 12.3% |
| Cash at bank and in hand54/58 | €1.7m | €286,869 | €361,974 | €1.7m | €1.5m | ▼ 10.8% |
| Deferred charges and accrued income490/1 | - | - | €99,708 | €720,886 | €572,647 | ▼ 20.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €19.7m | €22.8m | €27.6m | €28.5m | €27.4m | ▼ 3.8% |
| Equity10/15 | €2.2m | €3.8m | €3.5m | €2.2m | €1.1m | ▼ 51.4% |
| Contributions10/11 | €3.5m | €5.1m | €5.1m | €5.1m | €5.1m | = |
| Capital10 | - | €5.1m | €5.1m | €5.1m | €5.1m | = |
| Issued capital100 | - | €5.1m | €5.1m | €5.1m | €5.1m | = |
| Profit (loss) carried forward14 | -€1.3m | -€1.4m | -€1.6m | -€2.9m | -€4.1m | ▼ 38.2% |
| Amounts payable17/49 | €17.5m | €19.0m | €24.1m | €26.3m | €26.4m | ▲ 0.2% |
| Amounts payable after more than one year17 | €12.5m | €19.0m | €23.0m | €24.3m | €24.3m | = |
| Financial debts170/4 | - | €19.0m | €23.0m | €24.2m | €24.2m | = |
| Other amounts payable178/9 | - | - | - | €94,940 | €94,940 | = |
| Amounts payable within one year42/48 | €4.9m | €61,433 | €1.0m | €1.2m | €372,780 | ▼ 68.9% |
| Financial debts43 | - | - | €51 | - | - | - |
| Credit institutions430/8 | - | - | €51 | - | - | - |
| Trade debts44 | €4.0m | €61,433 | €75,523 | €549,369 | €372,780 | ▼ 32.1% |
| Suppliers440/4 | - | €61,433 | €75,523 | €549,369 | €372,780 | ▼ 32.1% |
| Other amounts payable47/48 | - | - | €925,103 | €647,738 | - | - |
| Accrued charges and deferred income492/3 | - | €8,925 | €21,525 | €775,306 | €1.6m | ▲ 112% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€507,825 | -€82,613 | -€256,571 | -€1.3m | -€1.1m | ▲ 14.7% |
| + Depreciation and write-downs630 | - | - | €107,550 | €838,179 | €809,100 | ▼ 3.5% |
| Operating cash flow (approximation) | -€507,825 | -€82,613 | -€149,021 | -€476,870 | -€312,906 | ▲ 34.4% |
| Investment in fixed assets (approximation) | - | -€4.5m | -€4.7m | €239,092 | -€38,570 | ▼ 116% |
| Change in cash | - | -€1.4m | €75,106 | €1.4m | -€187,997 | ▼ 114% |
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
17-09
State Gazette act
Resignation: IQ EQ Holdings (Belgium) SA (director)Permanent representatives: Laurent Dassonville and Abdelilah Aït-Ahmad · Appointment: Aspelt House (director) · Director discharge10 facts ▸
State Gazette act
Resignation: IQ EQ Holdings (Belgium) SA (director)
Permanent representatives: Laurent Dassonville and Abdelilah Aït-Ahmad · Appointment: Aspelt House (director) · Director discharge10 facts ▸
- Director resignation, IQ EQ Holdings (Belgium) SA (director)
- Permanent representative, Laurent Dassonville (permanent representative)
- Director discharge, IQ EQ Holdings (Belgium) SA
- Director appointment, Aspelt House (director)
- Permanent representative, Laurent Dassonville (permanent representative)
- Board composition, N-Bel BV (director)
- Permanent representative, Abdelilah Aït-Ahmad (permanent representative)
- Board composition, Aspelt House (director)
- Permanent representative, Laurent Dassonville (permanent representative)
- Power of attorney, Steve Verbeke
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 21 days late
2024
31-12
Financial
Liquidity triplescurrent ratio 6.08
Current ratio from 2.15 to 6.08; short-term debt falls from €1.2m to €372,780.
06-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 6 days late
2023
31-12
Financial
Weakest financial yearnet -€1.3m
Net result drops to -€1.3m, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 2.15
Current ratio from 0.56 to 2.15.
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
18-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 230 days late
2021
31-12
Financial
Liquidity times 16current ratio 5.66
Current ratio from 0.35 to 5.66; short-term debt falls from €4.9m to €61,433.
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 91 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 13 acts read
About the unread acts
Of the 13 Belgian State Gazette acts we know for this company, 1 has been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2025
Board 1
Aspelt House
CurrentDirector · since 01-07-2025 · Foreign entity · perm. rep.: Laurent Dassonville
Permanent representatives 1
Laurent Dassonville
CurrentPermanent representative · since 01-07-2025 · for Aspelt House
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 →
Not every act has been read: a resignation may be missing here
12 of this company's 13 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2018
Ground area
3,517 m²
Building footprint
4,264 m²
Volume, LiDAR
107,100 m³
2 parcels, Brussels · tallest building 45.6 m, ±9 floors. Linked by address, not a title deed.
462
companies at this address
See who is registered here
1 establishment unit
BELLECOM
since 20182.278.921.265
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0224/00S007 | Brussels | 1,833 m² | 1 · 1,831 m² | 45.6 m · 8 fl. |
| 21807G0007/00R000 | Brussels | 1,683 m² | 1 · 2,433 m² | 35.6 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2025, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Aspelt House |
|
| IQ EQ Holdings (Belgium) |
|
Structure & network
Owners and holdings
1 ownerOwners 1
- SRLEV BONLparentSourceown accounts 2024100%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of BELLECOM 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
5 connected companiesThis company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
LCP NIVELLES DC
Shared corporate director
→
Louise Legrand 523
Shared corporate director
→
PAKOBO
Shared corporate director
→
Ravenstein 36
Shared corporate director
→
Show 1 more companies with a shared director
RUMST LOGISTICS
Shared corporate director
→
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Identification & contact
Identification
Legal formPublic limited company
Founded09-08-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0700778181
Also
9925:BE0700778181
Registered
31-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.