BELLUCCI
ActiveSummary
BELLUCCI has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.4m and a net result of €107,066. Equity is growing by ~28.5% per year across the filed fiscal years. Its solvency ranks better than 64% of 10485 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability32▼-43
Solvency76▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €130,000 at 30 days acceptable
Liquidity ample (current ratio 2.93 against 3.14 in 2024; short-term debt: 33.8% and cash: 8.3% of total assets), and 49.3% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.7%
Return on assets
2.3%
Age of the figures
9 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
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 07-07-2026, 24 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
24 d early
2024
15 d early
2023
6 d early
2022
12 d early
2021
12 d early
2020
19 d early
2019
1 d early
← 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 13 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€2.4m▲ 4.7%
2024 · €2.3m
Total assets
€4.7m▲ 2.8%
2024 · €4.6m
Net result
€107,066▼ 76.8%
2024 · €461,791
Working capital
€3.1m▼ 0.2%
2024 · €3.1m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Line20212022202320242025
Operating result€1.1m▲ 254%€808,439▼ 28.7%€660,071▼ 18.4%€508,412▼ 23.0%€306,777▼ 39.7%
Net result€847,471above the sector's middle half▲ 385%€567,517above the sector's middle half▼ 33.0%€363,109above the sector's middle half▼ 36.0%€461,791above the sector's middle half▲ 27.2%€107,066above the sector's middle half▼ 76.8%
Equity€1.1mabove the sector's middle half▲ 344%€1.7mabove the sector's middle half▲ 51.9%€2.0mabove the sector's middle half▲ 21.9%€2.3mabove the sector's middle half▲ 12.9%€2.4mabove the sector's middle half▲ 4.7%
Total assets€4.2mabove the sector's middle half▲ 33.2%€4.3mabove the sector's middle half▲ 3.5%€4.8mabove the sector's middle half▲ 10.0%€4.6mabove the sector's middle half▼ 3.4%€4.7mabove the sector's middle half▲ 2.8%
Debt€3.1m▲ 6.7%€2.7m▼ 13.7%€2.7m▲ 2.6%€2.3m▼ 15.6%€2.3m▲ 0.9%
Working capital€2.6m▲ 88.7%€2.8m▲ 7.0%€3.0m▲ 9.2%€3.1m▲ 2.3%€3.1m▼ 0.2%
Solvency26.2%within the sector's middle half▲ 18.3pp38.4%within the sector's middle half▲ 12.2pp42.6%within the sector's middle half▲ 4.1pp49.8%within the sector's middle half▲ 7.2pp50.7%within the sector's middle half▲ 0.9pp
Staff (FTE)5within the sector's middle half▲ 8.7%5within the sector's middle half=4.7within the sector's middle half▼ 6.0%3.8within the sector's middle half▼ 19.1%2.9within the sector's middle half▼ 23.7%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2021 Net result +385% on 2020. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 40% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.7m
Fixed assets
€42,058 ▼ 30.5%
Current assets
€4.7m ▲ 3.2%
Equity and liabilities €4.7m
Equity
€2.4m ▲ 4.7%
Debt
€2.3m ▲ 0.9%
Debt's share of the balance-sheet total falls from 50.2% to 49.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€315,079▼
2024 · €513,101
Cash flow
€115,368▼
2024 · €466,480
Current ratio
2.93▼
2024 · 3.14
Quick ratio
2.04▼
2024 · 2.23
Debt to equity
0.97▼
2024 · 1.01
ROE
4.5%▼
2024 · 20.2%
ROA
2.3%▼
2024 · 10.1%
Interest coverage
1.28▼
2024 · 5.23
Debt ≤ 1 year
€1.6m▲
2024 · €1.4m
Debt > 1 year
€350,000=
2024 · €350,000
Income taxes
€43,383▼
2024 · €99,443
Staff costs
€173,080▼
2024 · €205,114
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,047 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
2.0%
went bankrupt
3.7%
stopped otherwise
94%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 497,058 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% | 1.6% |
| 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 74% 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 5,047 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €245,141 | €330,655 | €324,173 | €205,114 | €173,080 | ▼ 15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,691 | €21,446 | €18,354 | €4,689 | €8,302 | ▲ 77.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €158,541 | -€111,501 | -€8,381 | -€9,401 | - | - |
| Other operating charges640/8 | €4,243 | €8,011 | €3,705 | €5,529 | €2,068 | ▼ 62.6% |
| Non-recurring operating charges66A | - | €835 | - | - | - | - |
| Gross operating margin9900 | €1.6m | €1.1m | €997,924 | €714,343 | €490,228 | ▼ 31.4% |
| Operating profit (loss)9901 | €1.1m | €808,439 | €660,071 | €508,412 | €306,777 | ▼ 39.7% |
| Financial income75/76B | €103,693 | €261,377 | €84,672 | €150,895 | €90,534 | ▼ 40.0% |
| Recurring financial income75 | €103,693 | €261,377 | €84,672 | €150,895 | €90,534 | ▼ 40.0% |
| Financial charges65/66B | €98,962 | €306,665 | €245,788 | €98,073 | €246,862 | ▲ 152% |
| Recurring financial charges65 | €98,962 | €306,665 | €245,788 | €98,073 | €246,862 | ▲ 152% |
| Profit (loss) for the period before taxes9903 | €1.1m | €763,150 | €498,955 | €561,234 | €150,449 | ▼ 73.2% |
| Income taxes67/77 | €290,463 | €195,633 | €135,847 | €99,443 | €43,383 | ▼ 56.4% |
| Profit (loss) for the period9904 | €847,471 | €567,517 | €363,109 | €461,791 | €107,066 | ▼ 76.8% |
| Profit (loss) for the period to be appropriated9905 | €847,471 | €567,517 | €363,109 | €461,791 | €107,066 | ▼ 76.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.2m | €4.3m | €4.8m | €4.6m | €4.7m | ▲ 2.8% |
| Fixed assets21/28 | €124,542 | €111,056 | €58,501 | €60,517 | €42,058 | ▼ 30.5% |
| Intangible fixed assets21 | €20,000 | €10,000 | - | €7,931 | €11,768 | ▲ 48.4% |
| Tangible fixed assets22/27 | €28,279 | €21,030 | €14,475 | €8,815 | €11,593 | ▲ 31.5% |
| Plant, machinery and equipment23 | €9,310 | €8,197 | €4,716 | €3,090 | €7,754 | ▲ 151% |
| Furniture and vehicles24 | €18,969 | €12,833 | €9,759 | €5,725 | €3,839 | ▼ 32.9% |
| Financial fixed assets28 | €76,263 | €80,026 | €44,026 | €43,771 | €18,697 | ▼ 57.3% |
| Current assets29/58 | €4.1m | €4.2m | €4.7m | €4.5m | €4.7m | ▲ 3.2% |
| Stocks and contracts in progress3 | €287,692 | €489,913 | €1.3m | €1.3m | €1.4m | ▲ 8.4% |
| Stocks30/36 | €287,692 | €489,913 | €1.3m | €1.3m | €1.4m | ▲ 8.4% |
| Amounts receivable within one year40/41 | €2.8m | €2.5m | €2.6m | €2.6m | €2.7m | ▲ 7.4% |
| Trade receivables40 | €2.6m | €2.2m | €2.2m | €2.5m | €2.7m | ▲ 7.2% |
| Other amounts receivable41 | €178,913 | €263,955 | €353,777 | €6,092 | €11,798 | ▲ 93.6% |
| Cash at bank and in hand54/58 | €813,448 | €999,140 | €600,317 | €435,068 | €390,950 | ▼ 10.1% |
| Deferred charges and accrued income490/1 | €159,926 | €218,490 | €194,452 | €232,931 | €124,838 | ▼ 46.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.2m | €4.3m | €4.8m | €4.6m | €4.7m | ▲ 2.8% |
| Equity10/15 | €1.1m | €1.7m | €2.0m | €2.3m | €2.4m | ▲ 4.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1.1m | €1.6m | €2.0m | €2.3m | €2.4m | ▲ 4.7% |
| Distributable reserves133 | €1.1m | €1.6m | €2.0m | €2.3m | €2.4m | ▲ 4.7% |
| Amounts payable17/49 | €3.1m | €2.7m | €2.7m | €2.3m | €2.3m | ▲ 0.9% |
| Amounts payable after more than one year17 | €1.0m | €550,000 | €400,000 | €350,000 | €350,000 | = |
| Other amounts payable178/9 | €1.0m | €550,000 | €400,000 | €350,000 | €350,000 | = |
| Amounts payable within one year42/48 | €1.5m | €1.4m | €1.7m | €1.4m | €1.6m | ▲ 10.6% |
| Trade debts44 | €1.3m | €1.3m | €1.5m | €1.2m | €1.6m | ▲ 32.2% |
| Suppliers440/4 | €1.3m | €1.3m | €1.5m | €1.2m | €1.6m | ▲ 32.2% |
| Advances received on contracts in progress46 | - | - | - | €4,855 | - | - |
| Taxes, remuneration and social security45 | €127,502 | €80,039 | €121,021 | €35,005 | €13,374 | ▼ 61.8% |
| Taxes450/3 | €101,416 | €41,262 | €95,932 | €4,972 | - | - |
| Remuneration and social security454/9 | €26,086 | €38,777 | €25,089 | €30,032 | €13,374 | ▼ 55.5% |
| Other amounts payable47/48 | €626 | €17,810 | €40,096 | €217,690 | €14,777 | ▼ 93.2% |
| Accrued charges and deferred income492/3 | €618,045 | €667,534 | €655,369 | €514,425 | €382,378 | ▼ 25.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €847,471 | €567,517 | €363,109 | €461,791 | €107,066 | ▼ 76.8% |
| + Depreciation and write-downs630 | €19,691 | €21,446 | €18,354 | €4,689 | €8,302 | ▲ 77.1% |
| Operating cash flow (approximation) | €867,162 | €588,963 | €381,463 | €466,480 | €115,368 | ▼ 75.3% |
| Investment in fixed assets (approximation) | - | -€7,960 | €34,201 | -€6,705 | €10,157 | ▲ 251% |
| Change in cash | - | €185,692 | -€398,823 | -€165,249 | -€44,118 | ▲ 73.3% |
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
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €2mEq €2.0m ▲21.9%
5 profitable years in a row build equity to €2.0m.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €847,471 ▲385%
Operating result €1.1m, net result €847,471, both a record.
31-12
Financial
Equity above €1mEq €1.1m ▲344%
3 profitable years in a row build equity to €1.1m.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €200,000Eq €246,520 ▲243%
2 profitable years in a row build equity to €246,520.
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €62,459
Net result €62,459 after one loss-making year.
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Gent · 3 establishment units since 2018
Ground area
2.0 ha
Building footprint
5,609 m²
Volume, LiDAR
81,932 m³
3 parcels, Flanders · tallest building 46.0 m, ±8 floors. Linked by address, not a title deed.
96
companies at this address
See who is registered here
3 establishment units
Bellucci - Hulchi Belluni
since 20182.277.396.880
Bellucci-Hulchi Belluni
since 20182.277.397.177
Bellucci
since 20242.360.572.994
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11422C0613/00C002 | Flanders | 1.5 ha | 1 · 1,883 m² | 17.0 m · 1 fl. |
| 11808H1178/00S008 | Flanders | 3,046 m² | 1 · 2,904 m² | 46.0 m · 8 fl. |
| 44809I0649/52A002 | Flanders | 1,701 m² | 1 · 822 m² | 4.8 m |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
-
2%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 78,239 EUR awarded · 78,239 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 23,450 EUR | 34,830 EUR |
| 2024 | 1 | 16,755 EUR | 5,375 EUR |
| 2023 | 1 | 16,100 EUR | 16,100 EUR |
| 2022 | 2 | 21,934 EUR | 21,934 EUR |
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VAL BIJOUX
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Of 2,016 companies in sector 47770 we hold annual accounts for 899. 341 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded25-04-2018
Fiscal year end31-12
Activities, NACEBEL 2025
46480Wholesale trade
47770Retail sale of watches and jewellery
E-invoicing
Reachable via Peppol
Peppol ID
0208:0695456445
Also
9925:BE0695456445
Registered
14-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.