BELPACO
ActiveSummary
BELPACO has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €496,770 and a net result of €51,771. Equity is growing by ~6% per year across the filed fiscal years. Its solvency ranks better than 67% of 8160 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+1
Solvency86▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 2.57 against 2.12 in 2024; short-term debt: 26.1% and cash: 39.7% of total assets), and 38.8% 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
61.2%
Return on assets
6.4%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
1 d early
2023
22 d late
2022
26 d late
2021
26 d late
2020
40 d late
2019
69 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 30 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 25 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, abbreviated schema
In the rankings
#4 oldest company in Laarne, Wholesale and retail trade sector
Equity
€496,770▼ 15.7%
2024 · €589,227
Total assets
€811,628▼ 30.9%
2024 · €1.2m
Net result
€51,771▼ 27.8%
2024 · €71,754
Working capital
€331,445▼ 32.7%
2024 · €492,415
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale 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€188,792€25,718▼ 86.4%€158,895▲ 518%€90,699▼ 42.9%€128,016▲ 41.1%
Net result€165,946within the sector's middle half€19,053within the sector's middle half▼ 88.5%€112,156within the sector's middle half▲ 489%€71,754within the sector's middle half▼ 36.0%€51,771within the sector's middle half▼ 27.8%
Equity€386,265within the sector's middle half▲ 75.3%€405,317within the sector's middle half▲ 4.9%€517,474within the sector's middle half▲ 27.7%€589,227within the sector's middle half▲ 13.9%€496,770within the sector's middle half▼ 15.7%
Total assets€1.1mwithin the sector's middle half▼ 0.8%€1.5mwithin the sector's middle half▲ 34.4%€1.3mwithin the sector's middle half▼ 9.1%€1.2mwithin the sector's middle half▼ 12.1%€811,628within the sector's middle half▼ 30.9%
Debt€708,632▼ 19.8%€1.1m▲ 50.4%€819,636▼ 23.1%€585,703▼ 28.5%€314,858▼ 46.2%
Working capital€352,132within the sector's middle half▲ 69.4%€573,532within the sector's middle half▲ 62.9%€436,255within the sector's middle half▼ 23.9%€492,415within the sector's middle half▲ 12.9%€331,445within the sector's middle half▼ 32.7%
Solvency35.3%within the sector's middle half▲ 15.3pp27.6%within the sector's middle half▼ 7.7pp38.7%within the sector's middle half▲ 11.2pp50.1%within the sector's middle half▲ 11.4pp61.2%within the sector's middle half▲ 11.1pp
Current ratio1.57within the sector's middle half▲ 0.281.77within the sector's middle half▲ 0.201.61within the sector's middle half▼ 0.162.12within the sector's middle half▲ 0.512.57within the sector's middle half▲ 0.45
Return on assets (ROA)15.2%above the sector's middle half▲ 27.8pp1.3%within the sector's middle half▼ 13.9pp8.4%within the sector's middle half▲ 7.1pp6.1%within the sector's middle half▼ 2.3pp6.4%within the sector's middle half▲ 0.3pp
Staff (FTE)3.1within the sector's middle half▲ 10.7%2.9within the sector's middle half▼ 6.5%2.5within the sector's middle half▼ 13.8%3.2within the sector's middle half▲ 28.0%2.2within the sector's middle half▼ 31.3%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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 recovers in 2025; 2025 is 41% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €811,628
Fixed assets
€268,480 ▲ 10.5%
Current assets
€543,148 ▼ 41.7%
Equity and liabilities €811,628
Equity
€496,770 ▼ 15.7%
Debt
€314,858 ▼ 46.2%
Debt's share of the balance-sheet total falls from 49.9% to 38.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€193,526▲
2024 · €148,194
Cash flow
€117,282▼
2024 · €129,249
Quick ratio
2.38▲
2024 · 1.34
Debt to equity
0.63▼
2024 · 0.99
ROE
10.4%▼
2024 · 12.2%
Interest coverage
33.81▲
2024 · 30.47
Debt ≤ 1 year
€211,702▼
2024 · €439,563
Debt > 1 year
€103,156▼
2024 · €146,140
Income taxes
€71,577▲
2024 · €14,193
Staff costs
€111,525▼
2024 · €143,853
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 31,349 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 | €107,918 | €121,440 | €118,651 | €143,853 | €111,525 | ▼ 22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,927 | €51,921 | €63,699 | €57,495 | €65,510 | ▲ 13.9% |
| Other operating charges640/8 | €5,943 | €6,490 | €9,095 | €4,611 | €5,095 | ▲ 10.5% |
| Gross operating margin9900 | €369,580 | €205,568 | €350,339 | €296,659 | €310,147 | ▲ 4.5% |
| Operating profit (loss)9901 | €188,792 | €25,718 | €158,895 | €90,699 | €128,016 | ▲ 41.1% |
| Financial income75/76B | €83 | €278 | €707 | €112 | €1,057 | ▲ 844% |
| Recurring financial income75 | €83 | €278 | €707 | €112 | €1,057 | ▲ 844% |
| Financial charges65/66B | €3,487 | €4,713 | €10,955 | €4,864 | €5,725 | ▲ 17.7% |
| Recurring financial charges65 | €3,487 | €4,713 | €10,955 | €4,864 | €5,725 | ▲ 17.7% |
| Profit (loss) for the period before taxes9903 | €185,388 | €21,283 | €148,646 | €85,947 | €123,349 | ▲ 43.5% |
| Income taxes67/77 | €19,442 | €2,231 | €36,490 | €14,193 | €71,577 | ▲ 404% |
| Profit (loss) for the period9904 | €165,946 | €19,053 | €112,156 | €71,754 | €51,771 | ▼ 27.8% |
| Profit (loss) for the period to be appropriated9905 | €165,946 | €19,053 | €112,156 | €71,754 | €51,771 | ▼ 27.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €1.5m | €1.3m | €1.2m | €811,628 | ▼ 30.9% |
| Fixed assets21/28 | €130,119 | €152,598 | €187,813 | €242,953 | €268,480 | ▲ 10.5% |
| Tangible fixed assets22/27 | €130,119 | €152,598 | €187,813 | €242,953 | €268,480 | ▲ 10.5% |
| Land and buildings22 | €44,204 | €57,012 | €125,272 | €120,259 | €130,123 | ▲ 8.2% |
| Plant, machinery and equipment23 | €5,194 | €3,740 | €11,845 | €15,641 | €58,077 | ▲ 271% |
| Furniture and vehicles24 | €48,291 | €69,252 | €37,937 | €104,127 | €79,503 | ▼ 23.6% |
| Other tangible fixed assets26 | €32,429 | €22,595 | €12,760 | €2,925 | €778 | ▼ 73.4% |
| Current assets29/58 | €964,778 | €1.3m | €1.1m | €931,978 | €543,148 | ▼ 41.7% |
| Amounts receivable after more than one year29 | €55,000 | €45,000 | €24,400 | €14,400 | €14,400 | = |
| Other amounts receivable291 | €55,000 | €45,000 | €24,400 | €14,400 | €14,400 | = |
| Stocks and contracts in progress3 | €387,029 | €590,960 | €333,084 | €342,120 | €38,609 | ▼ 88.7% |
| Stocks30/36 | €387,029 | €590,960 | €333,084 | €342,120 | €38,609 | ▼ 88.7% |
| Amounts receivable within one year40/41 | €401,145 | €463,134 | €502,908 | €287,172 | €168,287 | ▼ 41.4% |
| Trade receivables40 | €401,145 | €424,803 | €478,153 | €215,656 | €146,679 | ▼ 32.0% |
| Other amounts receivable41 | - | €38,331 | €24,755 | €71,516 | €21,607 | ▼ 69.8% |
| Cash at bank and in hand54/58 | €121,604 | €219,469 | €288,905 | €288,286 | €321,851 | ▲ 11.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €1.5m | €1.3m | €1.2m | €811,628 | ▼ 30.9% |
| Equity10/15 | €386,265 | €405,317 | €517,474 | €589,227 | €496,770 | ▼ 15.7% |
| Contributions10/11 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Reserves13 | €316,265 | €335,317 | €447,474 | €519,227 | €426,770 | ▼ 17.8% |
| Non-distributable reserves130/1 | €7,000 | €7,000 | €7,000 | - | - | - |
| Reserves not available under the articles1311 | €7,000 | €7,000 | €7,000 | - | - | - |
| Tax-exempt reserves132 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Distributable reserves133 | €185,318 | €204,370 | €316,527 | €395,280 | €302,823 | ▼ 23.4% |
| Amounts payable17/49 | €708,632 | €1.1m | €819,636 | €585,703 | €314,858 | ▼ 46.2% |
| Amounts payable after more than one year17 | €95,986 | €320,813 | €106,594 | €146,140 | €103,156 | ▼ 29.4% |
| Financial debts170/4 | €95,986 | €320,813 | €106,594 | €146,140 | €103,156 | ▼ 29.4% |
| Amounts payable within one year42/48 | €612,646 | €745,032 | €713,042 | €439,563 | €211,702 | ▼ 51.8% |
| Current portion of amounts payable after more than one year42 | €2,523 | €2,534 | €41,892 | €48,303 | €45,533 | ▼ 5.7% |
| Trade debts44 | €254,756 | €383,163 | €493,084 | €214,471 | €92,328 | ▼ 57.0% |
| Suppliers440/4 | €254,756 | €383,163 | €493,084 | €214,471 | €92,328 | ▼ 57.0% |
| Taxes, remuneration and social security45 | €22,131 | €26,390 | €45,121 | €43,901 | €63,937 | ▲ 45.6% |
| Taxes450/3 | €4,862 | €6,347 | €23,877 | €29,463 | €51,342 | ▲ 74.3% |
| Remuneration and social security454/9 | €17,269 | €20,043 | €21,244 | €14,438 | €12,595 | ▼ 12.8% |
| Other amounts payable47/48 | €333,236 | €332,945 | €132,945 | €132,887 | €9,905 | ▼ 92.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €165,946 | €19,053 | €112,156 | €71,754 | €51,771 | ▼ 27.8% |
| + Depreciation and write-downs630 | €66,927 | €51,921 | €63,699 | €57,495 | €65,510 | ▲ 13.9% |
| Operating cash flow (approximation) | €232,873 | €70,973 | €175,855 | €129,249 | €117,282 | ▼ 9.3% |
| Investment in fixed assets (approximation) | - | -€74,400 | -€98,913 | -€112,635 | -€91,038 | ▲ 19.2% |
| Change in cash | - | €97,865 | €69,436 | -€619 | €33,566 | ▲ 5,520% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 22 days late
2023
31-12
Financial
Equity above €500,000Eq €517,474 ▲27.7%
3 profitable years in a row build equity to €517,474.
26-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 26 days late
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 26 days late
2021
31-12
Financial
Back to profitnet €165,946
Net result €165,946 after 2 loss-making years.
09-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 40 days late
2020
31-12
Financial
Weakest financial yearnet -€139,553
Net result drops to -€139,553, the lowest in the series; recovery starts the following year.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 29 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Laarne · 1 establishment unit since 1983
Ground area
897 m²
Building footprint
202 m²
Volume, LiDAR
792 m³
Parcel 42009D1536/00F000, Flanders · tallest building 5.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Colmanstraat 50, 9270 Laarne
since 19832.026.650.989
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42009D1536/00F000 | Flanders | 897 m² | 1 · 202 m² | 5.5 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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 14,713 EUR awarded · 14,713 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 14,713 EUR | 14,713 EUR |
Schemes
Recognitions · licences · registrations
Food safety, FASFC
1 siteLaarne2.026.650.989
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Of 958 companies in sector 46319 we hold annual accounts for 611. 432 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
Founded02-09-1981
Fiscal year end31-12
Activities, NACEBEL 2025
46319Wholesale of fruit and vegetables, excluding potatoes
01130Growing of vegetables, melons, roots and tubers
47210Retail sale of fruit and vegetables
49410Freight transport by road
Contact
E-mail
Belpaco@telenet.be
Phone
0472/39.11.26
Fax
09/368.03.86
E-invoicing
Reachable via Peppol
Peppol ID
0208:0421848941
Also
9925:BE0421848941
Registered
01-10-2025
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.