Belmaco
ActiveSummary
Belmaco has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €86,607 and a net result of €5,062. Equity is growing by ~5.7% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+1
Solvency70▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.97 against 0.9 in 2024; short-term debt: 54.8% and cash: 0.6% of total assets), and 55.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
44.7%
Return on assets
2.6%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
29 d late
2023
49 d late
2022
30 d late
2021
30 d late
2020
56 d late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 28 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 30 August (5 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 2025, micro schema
Equity
€86,607▲ 5.1%
2024 · €82,377
Total assets
€193,590▼ 1.9%
2024 · €197,294
Net result
€5,062▲ 41.3%
2024 · €3,582
Working capital
-€3,610▲ 68.2%
2024 · -€11,363
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€4,730▼ 19.1%€7,335▲ 55.1%€6,001▼ 18.2%€5,455▼ 9.1%€7,636▲ 40.0%
Net result€3,355▼ 29.4%€5,265▲ 56.9%€3,897▼ 26.0%€3,582▼ 8.1%€5,062▲ 41.3%
Equity€70,466▲ 5.0%€75,731▲ 7.5%€79,628▲ 5.1%€82,377▲ 3.5%€86,607▲ 5.1%
Total assets€208,008▲ 0.6%€205,464▼ 1.2%€200,563▼ 2.4%€197,294▼ 1.6%€193,590▼ 1.9%
Debt€137,542▼ 1.4%€129,733▼ 5.7%€120,935▼ 6.8%€114,916▼ 5.0%€106,984▼ 6.9%
Working capital-€34,366▲ 8.8%-€25,412▲ 26.1%-€17,746▲ 30.2%-€11,363▲ 36.0%-€3,610▲ 68.2%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 40% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €193,590
Fixed assets
€91,100 ▼ 3.8%
Current assets
€102,490 ▼ 0.1%
Equity and liabilities €193,590
Equity
€86,607 ▲ 5.1%
Debt
€106,984 ▼ 6.9%
Debt's share of the balance-sheet total falls from 58.2% to 55.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€11,267▲
2024 · €9,087
Cash flow
€8,694▲
2024 · €7,214
Current ratio
0.97▲
2024 · 0.90
Debt to equity
1.24▼
2024 · 1.39
ROE
5.8%▲
2024 · 4.3%
ROA
2.6%▲
2024 · 1.8%
Interest coverage
73.44▲
2024 · 59.29
Debt ≤ 1 year
€106,100▼
2024 · €113,924
Debt > 1 year
€620=
2024 · €620
Income taxes
€2,420▲
2024 · €1,720
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% 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 17,027 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,632 | €3,632 | €3,632 | €3,632 | €3,632 | = |
| Other operating charges640/8 | €2,213 | €2,255 | €2,474 | €2,560 | €2,637 | ▲ 3.0% |
| Gross operating margin9900 | €10,575 | €13,222 | €12,107 | €11,647 | €13,904 | ▲ 19.4% |
| Operating profit (loss)9901 | €4,730 | €7,335 | €6,001 | €5,455 | €7,636 | ▲ 40.0% |
| Financial charges65/66B | €153 | €153 | €153 | €153 | €153 | ▲ 0.1% |
| Recurring financial charges65 | €153 | €153 | €153 | €153 | €153 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | €4,577 | €7,182 | €5,848 | €5,302 | €7,482 | ▲ 41.1% |
| Income taxes67/77 | €1,221 | €1,917 | €1,950 | €1,720 | €2,420 | ▲ 40.7% |
| Profit (loss) for the period9904 | €3,355 | €5,265 | €3,897 | €3,582 | €5,062 | ▲ 41.3% |
| Profit (loss) for the period to be appropriated9905 | €3,355 | €5,265 | €3,897 | €3,582 | €5,062 | ▲ 41.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €208,008 | €205,464 | €200,563 | €197,294 | €193,590 | ▼ 1.9% |
| Fixed assets21/28 | €105,628 | €101,996 | €98,364 | €94,732 | €91,100 | ▼ 3.8% |
| Tangible fixed assets22/27 | €105,628 | €101,996 | €98,364 | €94,732 | €91,100 | ▼ 3.8% |
| Land and buildings22 | €105,628 | €101,996 | €98,364 | €94,732 | €91,100 | ▼ 3.8% |
| Current assets29/58 | €102,381 | €103,469 | €102,199 | €102,562 | €102,490 | ▼ 0.1% |
| Amounts receivable within one year40/41 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Other amounts receivable41 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Cash at bank and in hand54/58 | €1,406 | €2,370 | €1,040 | €1,358 | €1,251 | ▼ 7.9% |
| Deferred charges and accrued income490/1 | €975 | €1,099 | €1,159 | €1,203 | €1,240 | ▲ 3.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €208,008 | €205,464 | €200,563 | €197,294 | €193,590 | ▼ 1.9% |
| Equity10/15 | €70,466 | €75,731 | €79,628 | €82,377 | €86,607 | ▲ 5.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €51,866 | €57,131 | €61,028 | €63,777 | €68,007 | ▲ 6.6% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €50,006 | €55,271 | €61,028 | €63,777 | €68,007 | ▲ 6.6% |
| Amounts payable17/49 | €137,542 | €129,733 | €120,935 | €114,916 | €106,984 | ▼ 6.9% |
| Amounts payable after more than one year17 | €620 | €620 | €620 | €620 | €620 | = |
| Other amounts payable178/9 | €620 | €620 | €620 | €620 | €620 | = |
| Amounts payable within one year42/48 | €136,747 | €128,880 | €119,945 | €113,924 | €106,100 | ▼ 6.9% |
| Taxes, remuneration and social security45 | €2,178 | €3,138 | €1,950 | €3,670 | €4,139 | ▲ 12.8% |
| Taxes450/3 | €2,178 | €3,138 | €1,950 | €3,670 | €4,139 | ▲ 12.8% |
| Other amounts payable47/48 | €134,569 | €125,742 | €117,995 | €110,254 | €101,961 | ▼ 7.5% |
| Accrued charges and deferred income492/3 | €176 | €234 | €370 | €372 | €264 | ▼ 29.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,355 | €5,265 | €3,897 | €3,582 | €5,062 | ▲ 41.3% |
| + Depreciation and write-downs630 | €3,632 | €3,632 | €3,632 | €3,632 | €3,632 | = |
| Operating cash flow (approximation) | €6,987 | €8,897 | €7,529 | €7,214 | €8,694 | ▲ 20.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €964 | -€1,329 | €318 | -€108 | ▼ 134% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
18-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 49 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €5,265 ▲56.9%
Net result €5,265, the highest in the series.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
25-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 56 days late
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
07-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
09-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 9 days late
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, Sint-Niklaas · 1 establishment unit since 1987
Ground area
1,318 m²
Building footprint
229 m²
Volume, LiDAR
1,282 m³
Parcel 46002C0610/00F000, Flanders · tallest building 10.1 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
BELMACO
since 19872.033.830.969
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46002C0610/00F000 | Flanders | 1,318 m² | 1 · 229 m² | 10.1 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded22-12-1986
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0430136996
Also
9925:BE0430136996
Registered
23-11-2025
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.