BELMOUNT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-06-2026 PDF all 27 filings
Turnover
≈ €71,000
Estimated: probably between €62,000 and €91,000
Total assets
€6.8m▼ 73.4%
2024 · €25.4m
Net result
€19.6m▲ 1,522×
2024 · €12,906
Working capital
€4.5m
2024 · -€14.4m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,778
▲ 79.8%
2025
20182025
Net result
€19.6m
▲ 1,522×
2025
highest quarter of the sector
20182025
Equity
€1.9m
▲ 38.1%
2025
highest quarter of the sector
20182025
Total assets
€6.8m
▼ 73.4%
2025
highest quarter of the sector
20182025
Debt
€4.8m
▼ 79.8%
2025
20182025
Working capital
€4.5m
2025
highest quarter of the sector
20182025
Solvency
28.1%
▲ 22.7pp
2025
middle half of the sector
20182025
Current ratio
22.85
▲ 22.60
2025
highest quarter of the sector
20182025
Return on assets (ROA)
290.7%
▲ 290.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.02m▼ 13.4%€0.01m▼ 43.5%€0.006m▼ 42.2%-€0.02m-€0.09m▼ 373%-€0.04m▲ 51.5%-€0.009m▲ 79.8%
Net result-€0.006m-€0.006m-€0.02mbelow the sector's middle half€0.02mwithin the sector's middle half-€0.006mwithin the sector's middle half-€0.07mbelow the sector's middle half▼ 1,052%€0.01mwithin the sector's middle half€19.6mabove the sector's middle half▲ 1,522×
Equity€1.4m-€1.4m▲ 0.4%€1.4mabove the sector's middle half▼ 1.3%€1.4mabove the sector's middle half▲ 1.6%€1.4mabove the sector's middle half▼ 0.4%€1.4mabove the sector's middle half▼ 4.8%€1.4mabove the sector's middle half▲ 0.9%€1.9mabove the sector's middle half▲ 38.1%
Total assets€2.9m-€7.8m▲ 168%€9.2mabove the sector's middle half▲ 17.2%€6.4mabove the sector's middle half▼ 29.9%€6.5mabove the sector's middle half▲ 0.7%€6.4mabove the sector's middle half▼ 1.1%€25.4mabove the sector's middle half▲ 296%€6.8mabove the sector's middle half▼ 73.4%
Debt€1.5m-€6.4m▲ 333%€7.8m▲ 21.5%€5.0m▼ 35.7%€5.0m▲ 1.0%€5.0m=€24.0m▲ 377%€4.8m▼ 79.8%
Working capital-€0.1m--€0.1m▲ 6.1%-€0.07mwithin the sector's middle half▲ 41.0%-€0.06mwithin the sector's middle half▲ 18.1%-€0.01mwithin the sector's middle half▲ 82.9%-€0.04mwithin the sector's middle half▼ 298%-€14.4mbelow the sector's middle half▼ 36,097%€4.5mabove the sector's middle half
Solvency48.7%-18.3%▼ 30.4pp15.4%within the sector's middle half▼ 2.9pp22.3%within the sector's middle half▲ 6.9pp22.0%within the sector's middle half▼ 0.2pp21.2%within the sector's middle half▼ 0.8pp5.4%within the sector's middle half▼ 15.8pp28.1%within the sector's middle half▲ 22.7pp
Current ratio0.91-0.98▲ 0.070.99within the sector's middle half▲ 0.010.99within the sector's middle half=1.00within the sector's middle half▲ 0.010.99within the sector's middle half▼ 0.010.25below the sector's middle half▼ 0.7422.85above the sector's middle half▲ 22.60
Return on assets (ROA)-0.2%-0.1%▲ 0.3pp-0.2%within the sector's middle half▼ 0.3pp0.4%within the sector's middle half▲ 0.6pp-0.1%within the sector's middle half▼ 0.4pp-1.1%within the sector's middle half▼ 1.0pp0.1%within the sector's middle half▲ 1.1pp290.7%above the sector's middle half▲ 290.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €8,778, smaller than the loss of €43,536 in 2024.
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 €6.8m
Fixed assets
€2.0m ▼ 90.1%
Current assets
€4.7m ▼ 2.5%
Equity and liabilities €6.8m
Equity
€1.9m ▲ 38.1%
Provisions
€13,217 ▼ 16.5%
Debt
€4.8m ▼ 79.8%
Debt's share of the balance-sheet total falls from 94.5% to 71.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€46,387▲
2024 · €12,328
Cash flow
€19.7m▲
2024 · €68,771
Debt to equity
2.56▼
2024 · 17.50
Interest coverage
0.25▲
2024 · 0.08
Debt ≤ 1 year
€206,354▼
2024 · €19.3m
Debt > 1 year
€4.6m▼
2024 · €4.7m
Income taxes
€0
A ratio outside any meaningful range has been withheld (balance sheet total €6.8m, equity €1.9m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €57,241 | €1,820 | €13,213 | - | - |
| Financial fixed assets | - | - | - | €19.1m | - |
| Depreciation and write-downs of the year | €54,481 | €56,933 | €54,547 | €55,865 | €55,165 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.04m | €0.05m | €0.05m | €0.06m | €0.05m | €0.06m | €0.06m | ▼ 1.3% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.007m | €0.009m | €0.009m | €0.009m | ▲ 0.3% |
| Gross operating margin9900 | €0.07m | €0.07m | €0.06m | €0.07m | €0.05m | -€0.03m | €0.02m | €0.06m | ▲ 161% |
| Operating profit (loss)9901 | €0.02m | €0.02m | €0.01m | €0.006m | -€0.02m | -€0.09m | -€0.04m | -€0.009m | ▲ 79.8% |
| Financial income75/76B | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €38.3m | ▲ 188× |
| Recurring financial income75 | - | €0.02m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 8.3% |
| Non-recurring financial income76B | - | - | - | - | - | €0.002m | - | €38.1m | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €18.7m | ▲ 125× |
| Recurring financial charges65 | €0.03m | €0.03m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 25.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €18.5m | - |
| Profit (loss) for the period before taxes9903 | -€0.008m | €0.006m | -€0.02m | €0.03m | -€0.009m | -€0.07m | €0.01m | €19.6m | ▲ 1,910× |
| Transfer from deferred taxes780 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Income taxes67/77 | - | €0.003m | - | €0.005m | €35 | - | - | €0 | - |
| Profit (loss) for the period9904 | -€0.006m | €0.006m | -€0.02m | €0.02m | -€0.006m | -€0.07m | €0.01m | €19.6m | ▲ 1,522× |
| Transfer from tax-exempt reserves789 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) for the period to be appropriated9905 | -€0.001m | €0.01m | -€0.01m | €0.03m | -€0.001m | -€0.06m | €0.02m | €19.7m | ▲ 1,092× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.9m | €7.8m | €9.2m | €6.4m | €6.5m | €6.4m | €25.4m | €6.8m | ▼ 73.4% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.7m | €1.7m | €1.6m | €1.6m | €20.6m | €2.0m | ▼ 90.1% |
| Tangible fixed assets22/27 | €1.5m | €1.5m | €1.5m | €1.5m | €1.4m | €1.4m | €1.4m | €1.3m | ▼ 4.1% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 4.1% |
| Leasing and similar rights25 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 1.4% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 16.7% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €19.2m | €0.7m | ▼ 96.1% |
| Current assets29/58 | €1.3m | €6.2m | €7.5m | €4.8m | €4.9m | €4.9m | €4.8m | €4.7m | ▼ 2.5% |
| Amounts receivable within one year40/41 | €0.02m | €5.4m | €7.4m | €4.6m | €4.6m | €4.7m | €4.7m | €4.6m | ▼ 2.5% |
| Trade receivables40 | - | - | - | €0.03m | €0.004m | €0.002m | €0.005m | €0.006m | ▲ 15.0% |
| Other amounts receivable41 | - | - | - | €4.6m | €4.6m | €4.7m | €4.7m | €4.5m | ▼ 2.5% |
| Cash at bank and in hand54/58 | €1.3m | €0.8m | €0.004m | €0.02m | €0.2m | €0.004m | €0.006m | €0.01m | ▲ 71.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 7.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.9m | €7.8m | €9.2m | €6.4m | €6.5m | €6.4m | €25.4m | €6.8m | ▼ 73.4% |
| Equity10/15 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.9m | ▲ 38.1% |
| Contributions10/11 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Capital10 | - | - | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Issued capital100 | - | - | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.06m | €0.06m | €0.05m | €0.05m | €0.2m | ▲ 237% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.1m | ▲ 696% |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.1m | ▲ 696% |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 16.5% |
| Profit (loss) carried forward14 | €0.009m | €0.009m | -€0.005m | €0.02m | €0.02m | -€0.04m | -€0.02m | €0.4m | - |
| Provisions and deferred taxes16 | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 16.5% |
| Deferred taxes168 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 16.5% |
| Amounts payable17/49 | €1.5m | €6.4m | €7.8m | €5.0m | €5.0m | €5.0m | €24.0m | €4.8m | ▼ 79.8% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €4.7m | €4.6m | ▼ 2.1% |
| Financial debts170/4 | - | - | - | - | - | - | €4.7m | €4.6m | ▼ 2.1% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.004m | €0.004m | = |
| Amounts payable within one year42/48 | €1.4m | €6.3m | €7.6m | €4.8m | €4.9m | €4.9m | €19.3m | €0.2m | ▼ 98.9% |
| Trade debts44 | €0.005m | €0.005m | €0.002m | €0.01m | €0.03m | €0.007m | €0.004m | €0.006m | ▲ 70.4% |
| Suppliers440/4 | - | - | - | €0.01m | €0.03m | €0.007m | €0.002m | €0.006m | ▲ 155% |
| Bills of exchange payable441 | - | - | - | - | €0.002m | - | €0.001m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.005m | - | - | - | - |
| Taxes450/3 | - | - | - | €0.005m | €0.005m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €4.8m | €4.9m | €4.9m | €19.3m | €0.2m | ▼ 99.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.1m | €0.02m | €0.008m | ▼ 63.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.006m | €0.006m | -€0.02m | €0.02m | -€0.006m | -€0.07m | €0.01m | €19.6m | ▲ 1,522× |
| + Depreciation and write-downs630 | €0.04m | €0.04m | €0.05m | €0.05m | €0.06m | €0.05m | €0.06m | €0.06m | ▼ 1.3% |
| Operating cash flow (approximation) | €0.03m | €0.05m | €0.03m | €0.08m | €0.05m | -€0.01m | €0.07m | €19.7m | ▲ 287× |
| Investment in fixed assets (approximation) | - | -€0.04m | -€0.09m | -€0.06m | -€0.002m | -€0.01m | -€19.1m | €18.5m | - |
| Change in cash | - | -€0.5m | -€0.8m | €0.01m | €0.1m | -€0.2m | €0.002m | €0.004m | ▲ 138% |
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, 378 companies had the same profile as BELMOUNT has now. Two years later, 97.4% were still going and 0.3% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.4%
was still going
2.4%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of BELMOUNT 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 378 companies, not a prediction for BELMOUNT. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-06-2026 | 2026-00154125 | |
| 31-12-2024 | micro format | 14-06-2025 | 2025-00141727 | |
| 31-12-2023 | micro format | 15-06-2024 | 2024-00131814 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00421613 | |
| 31-12-2021 | micro format | 12-08-2022 | 2022-20289679 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-39500172 | |
| 31-12-2019 | micro format | 18-09-2020 | 2020-54200020 | |
| 31-12-2018 | micro format | 21-08-2019 | 2019-49200350 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-29900250 | |
| 31-12-2016 | abbreviated format | 06-09-2017 | 2017-60200359 |