Belphi
ActiveSummary
The computed 12-month bankruptcy probability of Belphi is 4.0% (moderate). The 2025 annual accounts show negative equity (-€103,192) and a net result of -€36,319. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 11% of 22044 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Overview
- Staff
- 4.9 FTE
- Equity
- -€103,192
- Loss
- -€36,319
Why 46- Loss of €36,319, the second in a row (FY 2025)- Latest accounts 52 days late; 3 of the last 3 late- Negative equity -€103,192+ Size: total assets €174,231Show the evidence
Checked score
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
- Loss of €36,319, the second in a row (FY 2025) raises the probability
- Latest accounts 52 days late; 3 of the last 3 late raises the probability
- Size: total assets €174,231 lowers the probability for this profile
- Negative equity -€103,192 raises the probability
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 47, micro). Better than this share of them on solvency 6%, liquidity 20%, profitability 17%, growth against the median 10%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 05-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 100 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed late.
Checked, nothing found (2)
- Annual accounts filedfiscal year 2025 · micro…
- Annual accounts filedfiscal year 2024 · micro…
- Annual accounts filedfiscal year 2023 · micro…
Financials · fiscal year 2025, micro schema
2020 to 2025, 5 fiscal years 2019 to 2025, 6 fiscal years
The operating result stays negative: a loss of €29,897 in 2025 against €17,519 in 2024; the loss grows.
What the company sold each fiscal year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Point at or tap a year, or use the arrow keys on the chart, for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 6,906 companies that looked in July 2024 the way this one looks now, 5.8% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 4.0% 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 497,471 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 6,906 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.
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €49,846 | €60,379 | €64,424 | €71,309 | ▲ 10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,492 | €35,138 | €36,895 | €39,585 | €40,910 | €39,958 | ▼ 2.3% |
| Other operating charges640/8 | - | - | €3,028 | €2,792 | €2,968 | €2,703 | ▼ 8.9% |
| Gross operating margin9900 | €94,850 | €97,566 | €100,449 | €62,013 | €90,784 | €84,073 | ▼ 7.4% |
| Operating profit (loss)9901 | €10,402 | €11,295 | €10,681 | -€40,744 | -€17,519 | -€29,897 | ▼ 70.7% |
| Financial income75/76B | - | - | €1,088 | €1,035 | €689 | €1,232 | ▲ 78.8% |
| Recurring financial income75 | €9 | €2,015 | €1,088 | €1,035 | €689 | €1,232 | ▲ 78.8% |
| Financial charges65/66B | - | - | €6,382 | €6,319 | €6,520 | €7,655 | ▲ 17.4% |
| Recurring financial charges65 | €11,310 | €15,946 | €6,382 | €6,319 | €6,520 | €7,655 | ▲ 17.4% |
| Profit (loss) for the period before taxes9903 | -€899 | -€2,636 | €5,387 | -€46,029 | -€23,349 | -€36,319 | ▼ 55.5% |
| Profit (loss) for the period9904 | -€899 | -€2,636 | €5,387 | -€46,029 | -€23,349 | -€36,319 | ▼ 55.5% |
| Profit (loss) for the period to be appropriated9905 | -€899 | -€2,636 | €5,387 | -€46,029 | -€23,349 | -€36,319 | ▼ 55.5% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €331,763 | €301,950 | €268,559 | €254,316 | €212,464 | €174,231 | ▼ 18.0% |
| Fixed assets21/28 | €303,946 | €278,758 | €243,861 | €210,327 | €195,991 | €156,033 | ▼ 20.4% |
| Intangible fixed assets21 | €99,000 | €82,500 | €49,545 | €33,045 | €16,545 | €45 | ▼ 99.7% |
| Tangible fixed assets22/27 | €204,946 | €196,258 | €194,316 | €177,282 | €179,446 | €155,988 | ▼ 13.1% |
| Land and buildings22 | - | - | €156,710 | €146,989 | €134,324 | €121,659 | ▼ 9.4% |
| Plant, machinery and equipment23 | - | - | €36,741 | €29,689 | €44,780 | €34,247 | ▼ 23.5% |
| Furniture and vehicles24 | - | - | €865 | €604 | €343 | €82 | ▼ 76.1% |
| Current assets29/58 | €27,817 | €23,192 | €24,698 | €43,990 | €16,473 | €18,198 | ▲ 10.5% |
| Stocks and contracts in progress3 | €2,800 | €4,738 | €6,337 | €7,503 | €7,142 | €7,142 | = |
| Stocks30/36 | - | - | €6,337 | €7,503 | €7,142 | €7,142 | = |
| Amounts receivable within one year40/41 | €19,773 | €16,949 | €14,797 | €31,645 | €8,031 | €4,581 | ▼ 43.0% |
| Trade receivables40 | - | - | - | - | €4,465 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €14,797 | €31,645 | €3,566 | €4,581 | ▲ 28.5% |
| Cash at bank and in hand54/58 | €5,245 | €1,506 | €991 | €3,855 | €926 | €5,926 | ▲ 540% |
| Deferred charges and accrued income490/1 | - | - | €2,574 | €987 | €373 | €550 | ▲ 47.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €331,763 | €301,950 | €268,559 | €254,316 | €212,464 | €174,231 | ▼ 18.0% |
| Equity10/15 | -€10,563 | -€13,198 | €2,505 | -€43,524 | -€66,873 | -€103,192 | ▼ 54.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €55 | €55 | €55 | €55 | €55 | €55 | = |
| Non-distributable reserves130/1 | - | - | €55 | €55 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €55 | €55 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | €55 | €55 | = |
| Profit (loss) carried forward14 | -€16,818 | -€19,453 | -€3,750 | -€49,778 | -€73,128 | -€109,447 | ▼ 49.7% |
| Amounts payable17/49 | €342,326 | €315,149 | €266,054 | €297,840 | €279,337 | €277,424 | ▼ 0.7% |
| Amounts payable after more than one year17 | €263,777 | €241,408 | €174,903 | €192,028 | €172,207 | €169,214 | ▼ 1.7% |
| Financial debts170/4 | - | - | €174,903 | €192,028 | €172,207 | €169,214 | ▼ 1.7% |
| Amounts payable within one year42/48 | €78,549 | €73,741 | €90,697 | €105,532 | €106,478 | €106,659 | ▲ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | €31,449 | €32,717 | €20,778 | €22,993 | ▲ 10.7% |
| Trade debts44 | €29,841 | €35,892 | €54,091 | €63,886 | €71,411 | €55,707 | ▼ 22.0% |
| Suppliers440/4 | - | - | €54,091 | €63,886 | €71,411 | €55,707 | ▼ 22.0% |
| Taxes, remuneration and social security45 | - | - | €5,157 | €8,929 | €12,283 | €11,611 | ▼ 5.5% |
| Taxes450/3 | - | - | €2,429 | €2,649 | €4,706 | €4,584 | ▼ 2.6% |
| Remuneration and social security454/9 | - | - | €2,728 | €6,280 | €7,577 | €7,027 | ▼ 7.3% |
| Other amounts payable47/48 | - | - | - | - | €2,006 | €16,348 | ▲ 715% |
| Accrued charges and deferred income492/3 | - | - | €454 | €280 | €652 | €1,551 | ▲ 138% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€899 | -€2,636 | €5,387 | -€46,029 | -€23,349 | -€36,319 | ▼ 55.5% |
| + Depreciation and write-downs630 | €33,492 | €35,138 | €36,895 | €39,585 | €40,910 | €39,958 | ▼ 2.3% |
| Operating cash flow (approximation) | €32,593 | €32,502 | €42,282 | -€6,443 | €17,560 | €3,639 | ▼ 79.3% |
| Investment in fixed assets (approximation) | - | -€9,950 | - | -€6,051 | -€26,574 | €0 | ▲ 100% |
| Change in cash | - | -€3,739 | - | €2,865 | -€2,929 | €5,000 | ▲ 271% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Similar companies · same sector and region
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | €2,000 | €2,000 |
| 2023 | 1 | €2,000 | €2,000 |
Directors
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
History
Acts, filings and financial milestones
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.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 6 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSites & property
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43006C0362/00A003 | Flanders | 761 m² | 1 · 335 m² | 8.2 m · 1 fl. |