BELSHINE
ActiveSummary
BELSHINE has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €168k and a net result of €123k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 54% of 37953 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100=
Solvency87▲+42
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15k at 30 days acceptable
Liquidity ample (current ratio 2.49 against 1.18 in 2023; short-term debt: 37.8% and cash: 76.9% of total assets), and 38.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €168k
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-08-2025, 28 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 · 7 filingsDeviation from the deadline
2025
not confirmed
2024
28 d late
2023
96 d late
2022
31 d late
2021
31 d late
2020
31 d late
2019
24 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€168k▲ 271%
2023 · €45k
2018: €35klowest in 7 years
2019: €54k▲ +57.3% vs 2018
2020: €123k▲ +126% vs 2019
2021: €85k▼ -31.2% vs 2020
2022: €45k▼ -46.6% vs 2021
2023: €45k● 0.0% vs 2022
2024: €168k▲ +271% vs 2023highest in 7 years
2018 → 2024
Total assets
€271k▲ 16.9%
2023 · €232k
2018: €66klowest in 7 years
2019: €81k▲ +22.8% vs 2018
2020: €160k▲ +96.8% vs 2019
2021: €129k▼ -19.8% vs 2020
2022: €210k▲ +63.0% vs 2021
2023: €232k▲ +10.6% vs 2022
2024: €271k▲ +16.9% vs 2023highest in 7 years
2018 → 2024
Net result
€123k▲ 43.2%
2023 · €86k
2018: €22k
2019: €20k▼ -10.8% vs 2018lowest in 7 years
2020: €69k▲ +246% vs 2019
2021: €76k▲ +10.7% vs 2020
2022: €76k▲ +0.2% vs 2021
2023: €86k▲ +12.5% vs 2022
2024: €123k▲ +43.2% vs 2023highest in 7 years
2018 → 2024
Working capital
€152k▲ 367%
2023 · €33k
2018: €30klowest in 7 years
2019: €49k▲ +62.3% vs 2018
2020: €123k▲ +149% vs 2019
2021: €81k▼ -34.2% vs 2020
2022: €36k▼ -54.9% vs 2021
2023: €33k▼ -10.5% vs 2022
2024: €152k▲ +367% vs 2023highest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€123k-€85k▼ 31.2%€45k▼ 46.6%€45k=€168k▲ 271%
2020: €123k
2021: €85k▼ -31.2% vs 2020
2022: €45k▼ -46.6% vs 2021lowest in 5 years
2023: €45k● 0.0% vs 2022lowest in 5 years
2024: €168k▲ +271% vs 2023highest in 5 years
Operating result€87k-€97k▲ 11.7%€97k▼ 0.1%€112k▲ 15.8%€161k▲ 43.5%
2020: €87klowest in 5 years
2021: €97k▲ +11.7% vs 2020
2022: €97k▼ -0.1% vs 2021
2023: €112k▲ +15.8% vs 2022
2024: €161k▲ +43.5% vs 2023highest in 5 years
Net result€69k-€76k▲ 10.7%€76k▲ 0.2%€86k▲ 12.5%€123k▲ 43.2%
2020: €69klowest in 5 years
2021: €76k▲ +10.7% vs 2020
2022: €76k▲ +0.2% vs 2021
2023: €86k▲ +12.5% vs 2022
2024: €123k▲ +43.2% vs 2023highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 44% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €271k
Fixed assets
€16k ▲ 21.5%
Current assets
€254k ▲ 16.6%
Equity and liabilities €271k
Equity
€168k ▲ 271%
Debt
€103k ▼ 44.7%
Debt's share of the balance-sheet total falls from 80.5% to 38.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€165k▲
2023 · €116k
Cash flow
€126k▲
2023 · €89k
Current ratio
2.49▲
2023 · 1.18
Debt to equity
0.62▼
2023 · 4.12
ROE
73.0%▼
2023 · 189.2%
ROA
45.2%▲
2023 · 36.9%
Interest coverage
74.44▼
2023 · 93.78
Debt ≤ 1 year
€102k▼
2023 · €186k
Income taxes
€37k▲
2023 · €26k
Staff costs
€54k▼
2023 · €55k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 47 lines
Balance sheet
Code20232024
Assets
Total assets20/58€232k€271k▲
Fixed assets21/28€14k€16k▲
Tangible fixed assets22/27€14k€16k▲
Furniture and vehicles24€3k€8k▲
Other tangible fixed assets26€10k€8k▼
Current assets29/58€218k€254k▲
Amounts receivable within one year40/41€43k€35k▼
Trade receivables40€38k€32k▼
Other amounts receivable41€5k€3k▼
Cash at bank and in hand54/58€171k€208k▲
Deferred charges and accrued income490/1€4k€12k▲
Equity and liabilities
Total equity and liabilities10/49€232k€271k▲
Equity10/15€45k€168k▲
Contributions10/11€19k€19k=
Reserves13€2k€44k▲
Tax-exempt reserves132-€42k
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€25k€105k▲
Amounts payable17/49€187k€103k▼
Amounts payable within one year42/48€186k€102k▼
Trade debts44€18k€16k▼
Suppliers440/4€18k€16k▼
Taxes, remuneration and social security45€17k€31k▲
Taxes450/3€10k€17k▲
Remuneration and social security454/9€7k€14k▲
Other amounts payable47/48€151k€56k▼
Accrued charges and deferred income492/3€905€827▼
Income statement
Code20232024
Remuneration, social security and pensions62€55k€54k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€4k▲
Other operating charges640/8€930€649▼
Non-recurring operating charges66A-€272
Gross operating margin9900€172k€220k▲
Operating profit (loss)9901€112k€161k▲
Financial income75/76B€3€1▼
Recurring financial income75€3€1▼
Financial charges65/66B€1k€2k▲
Recurring financial charges65€1k€2k▲
Profit (loss) for the period before taxes9903€111k€159k▲
Income taxes67/77€26k€37k▲
Profit (loss) for the period9904€86k€123k▲
Transfer to tax-exempt reserves689-€42k
Profit (loss) for the period to be appropriated9905€86k€80k▼
Appropriation of the result
Profit (loss) to be appropriated9906€110k€105k▼
Profit (loss) brought forward from the previous period14P€25k€25k=
Profit to be distributed694/7€86k€0▼
Return on contributions (dividend)694€86k€0▼
Directors or managers695€0-
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €23k | €46k | €55k | €54k | ▼ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €556 | €628 | €2k | €4k | €4k | ▲ 6.3% |
| Other operating charges640/8 | - | €2k | €775 | €930 | €649 | ▼ 30.2% |
| Non-recurring operating charges66A | - | - | - | - | €272 | - |
| Gross operating margin9900 | €90k | €122k | €145k | €172k | €220k | ▲ 27.8% |
| Operating profit (loss)9901 | €87k | €97k | €97k | €112k | €161k | ▲ 43.5% |
| Financial income75/76B | - | €0 | €15 | €3 | €1 | ▼ 61.8% |
| Recurring financial income75 | €7 | €0 | €15 | €3 | €1 | ▼ 61.8% |
| Financial charges65/66B | - | €858 | €816 | €1k | €2k | ▲ 79.4% |
| Recurring financial charges65 | €377 | €858 | €816 | €1k | €2k | ▲ 79.4% |
| Profit (loss) for the period before taxes9903 | €87k | €96k | €96k | €111k | €159k | ▲ 43.1% |
| Income taxes67/77 | €18k | €20k | €20k | €26k | €37k | ▲ 42.9% |
| Profit (loss) for the period9904 | €69k | €76k | €76k | €86k | €123k | ▲ 43.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €42k | - |
| Profit (loss) for the period to be appropriated9905 | €69k | €76k | €76k | €86k | €80k | ▼ 6.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €160k | €129k | €210k | €232k | €271k | ▲ 16.9% |
| Fixed assets21/28 | €472 | €4k | €9k | €14k | €16k | ▲ 21.5% |
| Tangible fixed assets22/27 | €472 | €4k | €9k | €14k | €16k | ▲ 21.5% |
| Furniture and vehicles24 | - | €4k | €4k | €3k | €8k | ▲ 143% |
| Other tangible fixed assets26 | - | - | €5k | €10k | €8k | ▼ 19.1% |
| Current assets29/58 | €160k | €125k | €201k | €218k | €254k | ▲ 16.6% |
| Amounts receivable within one year40/41 | €35k | €41k | €36k | €43k | €35k | ▼ 20.1% |
| Trade receivables40 | - | €41k | €34k | €38k | €32k | ▼ 16.4% |
| Other amounts receivable41 | - | €13 | €1k | €5k | €3k | ▼ 46.8% |
| Cash at bank and in hand54/58 | €125k | €82k | €165k | €171k | €208k | ▲ 22.1% |
| Deferred charges and accrued income490/1 | - | €2k | €0 | €4k | €12k | ▲ 173% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €160k | €129k | €210k | €232k | €271k | ▲ 16.9% |
| Equity10/15 | €123k | €85k | €45k | €45k | €168k | ▲ 271% |
| Contributions10/11 | - | €12k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €44k | ▲ 2,263% |
| Non-distributable reserves130/1 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €42k | - |
| Distributable reserves133 | - | €2k | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €109k | €70k | €25k | €25k | €105k | ▲ 325% |
| Amounts payable17/49 | €37k | €44k | €164k | €187k | €103k | ▼ 44.7% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €37k | €44k | €164k | €186k | €102k | ▼ 44.8% |
| Trade debts44 | €7k | €18k | €15k | €18k | €16k | ▼ 13.9% |
| Suppliers440/4 | - | €18k | €15k | €18k | €16k | ▼ 13.9% |
| Taxes, remuneration and social security45 | - | €14k | €16k | €17k | €31k | ▲ 83.7% |
| Taxes450/3 | - | €8k | €10k | €10k | €17k | ▲ 67.3% |
| Remuneration and social security454/9 | - | €6k | €6k | €7k | €14k | ▲ 108% |
| Other amounts payable47/48 | - | €12k | €133k | €151k | €56k | ▼ 62.8% |
| Accrued charges and deferred income492/3 | - | €0 | - | €905 | €827 | ▼ 8.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69k | €76k | €76k | €86k | €123k | ▲ 43.2% |
| + Depreciation and write-downs630 | €556 | €628 | €2k | €4k | €4k | ▲ 6.3% |
| Operating cash flow (approximation) | €69k | €76k | €78k | €89k | €126k | ▲ 41.8% |
| Investment in fixed assets (approximation) | - | €-4k | €-7k | €-8k | €-7k | ▲ 19.0% |
| Change in cash | - | €-42k | €83k | €6k | €38k | ▲ 577% |
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
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Highest result since 2018net €123k ▲43.2%
Operating result €161k, net result €123k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 2.49
Current ratio from 1.18 to 2.49; short-term debt falls from €186k to €102k.
31-12
Financial
Equity above €150kEq €168k ▲271%
7 profitable years in a row build equity to €168k.
04-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 96 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Equity above €100kEq €123k ▲126%
3 profitable years in a row build equity to €123k.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €20k ▼10.8%
Net result drops to €20k, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Trooz · 1 establishment unit since 2018
Ground area
3,685 m²
Building footprint
232 m²
Volume, LiDAR
732 m³
2 parcels, Wallonia · tallest building 9.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
BELSHINE
since 20182.279.142.880
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62040C0068/00B000 | Wallonia | 1,924 m² | 1 · 99 m² | 9.5 m · 3 fl. |
| 62040B0160/00A000 | Wallonia | 1,761 m² | 1 · 133 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 40,700 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
Founded26-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
46180Agents specialised in the wholesale of other particular products
Scores and ratios are computed by Checked and are not a credit decision.