BELSA

Active

Public limited companyfounded 199332 yrs activeEgmontstraat 15, 1000 Brussel, BelgiumKBO/BCE: BE 0451.592.111

Summary

BELSA has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €386,151 and a net result of €109,439. Equity is growing by ~52.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.9% (low).

Risk analysis Watch Report Compare

BELSAActiveChecked score 59/100

Risk analysis Report Compare

Checked score

Score 2025

59 / 100

Fair

Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability75▲+3

Solvency42▲+4

Growth78=

Track record100

Bankruptcy probability, 12 months

0.9% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €22,000 at 30 days acceptable

Liquidity short (current ratio 0.62 against 0.59 in 2024; short-term debt: 28.8% and cash: 0.2% of total assets), and 82.7% of the assets are financed with debt.

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Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

No NACE activity registered

No NACE activity is registered in the KBO, which is more common among companies that later fail.

KBO · activities

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

17.3%

Return on assets

4.9%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

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 filings

Deviation from the deadline

2025

25 d late

2024

6 d late

2023

on the day

2022

32 d late

2021

30 d late

2020

2 d early

2019

6 d late

← before the deadline after the deadline →

tick = median of all Belgian filings

This company filed its last 7 accounts on average 14 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)

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 months

Position in the running window

27-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

BELSA was incorporated on 28 December 1993.¹ Total assets rose from EUR 1.2 million in 2018 to EUR 2.2 million in 2025.²

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Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, abbreviated schema

Equity

€386,151▲ 39.5%

2024 · €276,712

Total assets

€2.2m▲ 2.3%

2024 · €2.2m

Net result

€109,439▲ 17.0%

2024 · €93,512

Working capital

-€240,917▼ 4.9%

2024 · -€229,640

Trend over the years

Chart Table

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€107,893▲ 9.0%€96,518▼ 10.5%€108,708▲ 12.6%€118,736▲ 9.2%€131,477▲ 10.7%

Net result€73,503▼ 0.5%€72,897▼ 0.8%€85,720▲ 17.6%€93,512▲ 9.1%€109,439▲ 17.0%

Equity€24,583€97,480▲ 297%€183,201▲ 87.9%€276,712▲ 51.0%€386,151▲ 39.5%

Total assets€2.2m▲ 80.4%€2.2m▲ 1.3%€2.2m▼ 2.5%€2.2m▲ 0.7%€2.2m▲ 2.3%

Debt€2.2m▲ 71.5%€2.1m▼ 2.0%€2.0m▼ 6.6%€1.9m▼ 3.9%€1.8m▼ 3.1%

Working capital-€123,079▼ 7.2%-€163,343▼ 32.7%-€193,191▼ 18.3%-€229,640▼ 18.9%-€240,917▼ 4.9%

Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.

Result per fiscal year

Operating resultNet result

After the dip in 2022 the operating result has climbed three years in a row; 2025 is 11% above 2024 and is the highest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €2.2m

82.0%

18.0%

Fixed assets €1.8m ▼ 1.1%

Current assets €400,626 ▲ 21.2%

Equity and liabilities €2.2m

17.3%

82.7%

Equity €386,151 ▲ 39.5%

Debt €1.8m ▼ 3.1%

Debt's share of the balance-sheet total falls from 87.3% to 82.7%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€157,438▲

2024 · €143,991

Cash flow

€135,400▲

2024 · €118,767

Current ratio

0.62▲

2024 · 0.59

Debt to equity

4.78▼

2024 · 6.88

ROE

28.3%▼

2024 · 33.8%

ROA

4.9%▲

2024 · 4.3%

Interest coverage

7.14▲

2024 · 5.71

Debt ≤ 1 year

€641,543▲

2024 · €560,067

Debt > 1 year

€1.2m▼

2024 · €1.3m

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 4,653 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 97% are still going.

Small
20 years or older
solvency 10 to 30%
a profit under 5% of the balance sheet

0.9% went bankrupt

1.9% stopped otherwise

97% still going

A further 0.4% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.9% 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%.

The companies in ten equal groups, from lowest to highest expected share.
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 4,653 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

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines

Balance sheet Code20242025

Assets

Total assets20/58€2.2m€2.2m▲

Fixed assets21/28€1.9m€1.8m▼

Tangible fixed assets22/27€900,744€880,299▼

Land and buildings22€900,744€880,299▼

Financial fixed assets28€950,000€950,000=

Current assets29/58€330,427€400,626▲

Amounts receivable within one year40/41€310,328€395,887▲

Trade receivables40€3,879€22,309▲

Other amounts receivable41€306,450€373,579▲

Cash at bank and in hand54/58€18,890€3,424▼

Deferred charges and accrued income490/1€1,208€1,316▲

Equity and liabilities

Total equity and liabilities10/49€2.2m€2.2m▲

Equity10/15€276,712€386,151▲

Contributions10/11€446,208€446,208=

Capital10€446,208€446,208=

Issued capital100€446,208€446,208=

Revaluation surpluses12€707,430€707,430=

Reserves13€44,621€44,621=

Non-distributable reserves130/1€44,621€44,621=

Legal reserve130€44,621€44,621=

Profit (loss) carried forward14-€921,547-€812,108▲

Amounts payable17/49€1.9m€1.8m▼

Amounts payable after more than one year17€1.3m€1.2m▼

Financial debts170/4€1.3m€1.2m▼

Amounts payable within one year42/48€560,067€641,543▲

Current portion of amounts payable after more than one year42€198,242€202,081▲

Trade debts44€165€3,198▲

Suppliers440/4€165€3,198▲

Taxes, remuneration and social security45-€2,304

Taxes450/3-€2,304

Other amounts payable47/48€361,660€433,960▲

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25,255€25,961▲

Other operating charges640/8€968€1,973▲

Gross operating margin9900€144,959€159,411▲

Operating profit (loss)9901€118,736€131,477▲

Financial income75/76B-€9

Recurring financial income75-€9

Financial charges65/66B€25,224€22,047▼

Recurring financial charges65€25,224€22,047▼

Profit (loss) for the period before taxes9903€93,512€109,439▲

Profit (loss) for the period9904€93,512€109,439▲

Profit (loss) for the period to be appropriated9905€93,512€109,439▲

Appropriation of the result

Profit (loss) to be appropriated9906-€921,547-€812,108▲

Profit (loss) brought forward from the previous period14P-€1.0m-€921,547▲

The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€24,285	€24,630	€23,984	€25,255	€25,961	▲ 2.8%
Other operating charges640/8	€868	€868	€960	€968	€1,973	▲ 104%
Gross operating margin9900	€133,045	€122,015	€133,652	€144,959	€159,411	▲ 10.0%
Operating profit (loss)9901	€107,893	€96,518	€108,708	€118,736	€131,477	▲ 10.7%
Financial income75/76B	€5,400	€7,009	€4,861	-	€9	-
Recurring financial income75	€5,400	€7,009	€4,861	-	€9	-
Financial charges65/66B	€39,790	€30,629	€27,849	€25,224	€22,047	▼ 12.6%
Recurring financial charges65	€39,790	€30,629	€27,849	€25,224	€22,047	▼ 12.6%
Profit (loss) for the period before taxes9903	€73,503	€72,897	€85,720	€93,512	€109,439	▲ 17.0%
Profit (loss) for the period9904	€73,503	€72,897	€85,720	€93,512	€109,439	▲ 17.0%
Profit (loss) for the period to be appropriated9905	€73,503	€72,897	€85,720	€93,512	€109,439	▲ 17.0%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€2.2m	€2.2m	€2.2m	€2.2m	€2.2m	▲ 2.3%
Fixed assets21/28	€1.9m	€1.9m	€1.9m	€1.9m	€1.8m	▼ 1.1%
Tangible fixed assets22/27	€947,454	€928,390	€908,859	€900,744	€880,299	▼ 2.3%
Land and buildings22	€946,565	€928,390	€908,859	€900,744	€880,299	▼ 2.3%
Other tangible fixed assets26	€889	-	-	-	-	-
Financial fixed assets28	€950,000	€950,000	€950,000	€950,000	€950,000	=
Current assets29/58	€293,379	€341,832	€306,898	€330,427	€400,626	▲ 21.2%
Amounts receivable within one year40/41	€227,579	€334,438	€294,600	€310,328	€395,887	▲ 27.6%
Trade receivables40	€32,269	€26,019	€16,010	€3,879	€22,309	▲ 475%
Other amounts receivable41	€195,310	€308,419	€278,590	€306,450	€373,579	▲ 21.9%
Cash at bank and in hand54/58	€64,525	€6,020	€10,786	€18,890	€3,424	▼ 81.9%
Deferred charges and accrued income490/1	€1,275	€1,374	€1,512	€1,208	€1,316	▲ 8.9%
Equity and liabilities
Total equity and liabilities10/49	€2.2m	€2.2m	€2.2m	€2.2m	€2.2m	▲ 2.3%
Equity10/15	€24,583	€97,480	€183,201	€276,712	€386,151	▲ 39.5%
Contributions10/11	€446,208	€446,208	€446,208	€446,208	€446,208	=
Capital10	€446,208	€446,208	€446,208	€446,208	€446,208	=
Issued capital100	€446,208	€446,208	€446,208	€446,208	€446,208	=
Revaluation surpluses12	€707,430	€707,430	€707,430	€707,430	€707,430	=
Reserves13	€44,621	€44,621	€44,621	€44,621	€44,621	=
Non-distributable reserves130/1	€44,621	€44,621	€44,621	€44,621	€44,621	=
Legal reserve130	€44,621	€44,621	€44,621	€44,621	€44,621	=
Profit (loss) carried forward14	-€1.2m	-€1.1m	-€1.0m	-€921,547	-€812,108	▲ 11.9%
Amounts payable17/49	€2.2m	€2.1m	€2.0m	€1.9m	€1.8m	▼ 3.1%
Amounts payable after more than one year17	€1.7m	€1.6m	€1.5m	€1.3m	€1.2m	▼ 10.5%
Financial debts170/4	€1.7m	€1.6m	€1.5m	€1.3m	€1.2m	▼ 10.5%
Amounts payable within one year42/48	€416,457	€505,175	€500,089	€560,067	€641,543	▲ 14.5%
Current portion of amounts payable after more than one year42	€129,451	€193,980	€197,590	€198,242	€202,081	▲ 1.9%
Trade debts44	€733	€1,738	€5,976	€165	€3,198	▲ 1,836%
Suppliers440/4	€733	€1,738	€5,976	€165	€3,198	▲ 1,836%
Taxes, remuneration and social security45	-	-	-	-	€2,304	-
Taxes450/3	-	-	-	-	€2,304	-
Other amounts payable47/48	€286,274	€309,457	€296,523	€361,660	€433,960	▲ 20.0%

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€73,503	€72,897	€85,720	€93,512	€109,439	▲ 17.0%
+ Depreciation and write-downs630	€24,285	€24,630	€23,984	€25,255	€25,961	▲ 2.8%
Operating cash flow (approximation)	€97,787	€97,527	€109,704	€118,767	€135,400	▲ 14.0%
Investment in fixed assets (approximation)	-	-€5,566	-€4,453	-€17,140	-€5,516	▲ 67.8%
Change in cash	-	-€58,505	€4,766	€8,105	-€15,467	▼ 291%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Timeline · acts, filings and financial milestones

All 14Financial 4Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

25-08

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema · 25 days late

2025

31-12

Financial Highest result since 2018net €109,439 ▲17%

Operating result €131,477, net result €109,439, both a record.

06-08

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 6 days late

2024

31-12

Financial Equity above €200,000Eq €276,712 ▲51%

7 profitable years in a row build equity to €276,712.

31-07

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

31-12

Financial Equity above €150,000Eq €183,201 ▲87.9%

6 profitable years in a row build equity to €183,201.

01-09

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 32 days late

2022

31-12

Financial Weakest financial yearnet €72,897 ▼0.8%

Net result drops to €72,897, the lowest in the series; recovery starts the following year.

30-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 30 days late

2021

29-07

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

06-08

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 6 days late

2019

26-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 26 days late

2018

14-07

NBB filing Annual accounts filed

fiscal year 2017 · micro schema

2017

19-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

0 of 4 acts read

About the unread acts

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Directors · office · real estate

Directors

4 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, Brussel · 1 establishment unit since 1994

seat establishment The establishment unit on the map

Ground area

180 m²

Building footprint

165 m²

Volume, LiDAR

3,097 m³

Parcel 21805E0528/00Z000, Brussels · tallest building 23.7 m, ±6 floors. Linked by address, not a title deed.

19 companies at this address See who is registered here

1 establishment unit

Egmontstraat 15, 1000 Brussel

NACE 70120

since 19942.065.110.697

1 parcel

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21805E0528/00Z000	Brussels	180 m²	1 · 165 m²	23.7 m · 6 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.

Structure & network

Owners and holdings

1 owner · 1 holding

Chain of control

IMMOXEL 99%
BELSA

Highest known parent: IMMOXEL. The sources do not say who stands above it.

Owners 1

IMMOXELparent

Sourceaccounts IMMOXEL 2025

99%

Holdings 1

PLATONIS

Sourceown accounts 2025
Equity €461,071Result €78,553

50%

According to the 2025 annual accounts of BELSA and those 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.

Identification & contact

Identification

Legal formPublic limited company

Founded28-12-1993

Fiscal year end31-12

E-invoicing

Reachable via Peppol

Peppol ID 0208:0451592111

Also 9925:BE0451592111

Registered 30-12-2025

Scores and ratios are computed by Checked and are not a credit decision.