BellePath
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 16-10-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2026 is 6% lower than in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|
| Tangible fixed assets | - | - | €3,799 |
| Depreciation and write-downs of the year | - | - | €173 |
Source: notes to the 2024 to 2026 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €173 | - |
| Other operating charges640/8 | €150 | €299 | €0 | ▼ 100% |
| Gross operating margin9900 | €5,457 | €52,902 | €49,841 | ▼ 5.8% |
| Operating profit (loss)9901 | €5,307 | €52,603 | €49,667 | ▼ 5.6% |
| Financial charges65/66B | - | €92 | €112 | ▲ 21.7% |
| Recurring financial charges65 | - | €92 | €112 | ▲ 21.7% |
| Profit (loss) for the period before taxes9903 | €5,307 | €52,511 | €49,555 | ▼ 5.6% |
| Income taxes67/77 | €1,149 | €11,033 | €10,246 | ▼ 7.1% |
| Profit (loss) for the period9904 | €4,157 | €41,478 | €39,310 | ▼ 5.2% |
| Profit (loss) for the period to be appropriated9905 | €4,157 | €41,478 | €39,310 | ▼ 5.2% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €19,648 | €70,601 | €106,124 | ▲ 50.3% |
| Fixed assets21/28 | - | - | €3,626 | - |
| Tangible fixed assets22/27 | - | - | €3,626 | - |
| Plant, machinery and equipment23 | - | - | €1,126 | - |
| Other tangible fixed assets26 | - | - | €2,500 | - |
| Current assets29/58 | €19,648 | €70,601 | €102,499 | ▲ 45.2% |
| Amounts receivable within one year40/41 | €9,000 | €16,809 | €27,591 | ▲ 64.1% |
| Trade receivables40 | - | €16,809 | €6,304 | ▼ 62.5% |
| Other amounts receivable41 | €9,000 | €0 | €21,287 | - |
| Cash at bank and in hand54/58 | €10,648 | €53,793 | €74,907 | ▲ 39.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €19,648 | €70,601 | €106,124 | ▲ 50.3% |
| Equity10/15 | €8,157 | €49,635 | €88,945 | ▲ 79.2% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | = |
| Reserves13 | €4,157 | €45,635 | €84,945 | ▲ 86.1% |
| Distributable reserves133 | €4,157 | €45,635 | €84,945 | ▲ 86.1% |
| Amounts payable17/49 | €11,490 | €20,966 | €17,179 | ▼ 18.1% |
| Amounts payable within one year42/48 | €11,490 | €20,966 | €17,179 | ▼ 18.1% |
| Trade debts44 | €2,656 | €257 | €6,934 | ▲ 27× |
| Suppliers440/4 | €2,656 | €257 | €6,934 | ▲ 27× |
| Taxes, remuneration and social security45 | €7,749 | €18,113 | €10,246 | ▼ 43.4% |
| Taxes450/3 | €4,749 | €15,113 | €10,246 | ▼ 32.2% |
| Remuneration and social security454/9 | €3,000 | €3,000 | €0 | ▼ 100% |
| Other amounts payable47/48 | €1,085 | €2,595 | €0 | ▼ 100% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,157 | €41,478 | €39,310 | ▼ 5.2% |
| + Depreciation and write-downs630 | - | - | €173 | - |
| Operating cash flow (approximation) | €4,157 | €41,478 | €39,483 | ▼ 4.8% |
| Change in cash | - | €43,145 | €21,115 | ▼ 51.1% |
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, 39,278 companies had the same profile as BellePath has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of BellePath itself: 0.5% 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 39,278 companies, not a prediction for BellePath. 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.