BELSI
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00104696.
Annual accounts 2025 filed on 05-05-2026 PDF all 7 filings
Turnover
≈ €77,000
Estimated: probably between €35,000 and €180,000
Total assets
€29,479▲ 18.2%
2024 · €24,943
Net result
€8,679▲ 22×
2024 · €394
Working capital
€25,339▲ 52.1%
2024 · €16,660
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€8,914
▲ 20×
2025
20192025
Net result
€8,679
▲ 22×
2025
middle half of the sector
20192025
Equity
€25,339
▲ 52.1%
2025
middle half of the sector
20192025
Total assets
€29,479
▲ 18.2%
2025
lowest quarter of the sector
20192025
Debt
€4,140
▼ 50.0%
2025
20192025
Working capital
€25,339
▲ 52.1%
2025
middle half of the sector
20192025
Solvency
86.0%
▲ 19.2pp
2025
highest quarter of the sector
20192025
Current ratio
7.12
▲ 4.11
2025
highest quarter of the sector
20192025
Return on assets (ROA)
29.4%
▲ 27.9pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,603--€4,996-€1,282▲ 74.3%€2,259€1,849▼ 18.2%€447▼ 75.8%€8,914▲ 20×
Net result€693--€5,390below the sector's middle half-€1,530within the sector's middle half▲ 71.6%€2,149within the sector's middle half€1,745within the sector's middle half▼ 18.8%€394within the sector's middle half▼ 77.4%€8,679within the sector's middle half▲ 22×
Equity€19,293-€13,902within the sector's middle half▼ 27.9%€12,372within the sector's middle half▼ 11.0%€14,521within the sector's middle half▲ 17.4%€16,266within the sector's middle half▲ 12.0%€16,660within the sector's middle half▲ 2.4%€25,339within the sector's middle half▲ 52.1%
Total assets€62,641-€39,936below the sector's middle half▼ 36.2%€24,717below the sector's middle half▼ 38.1%€29,785below the sector's middle half▲ 20.5%€24,583below the sector's middle half▼ 17.5%€24,943below the sector's middle half▲ 1.5%€29,479below the sector's middle half▲ 18.2%
Debt€43,348-€26,034▼ 39.9%€12,345▼ 52.6%€15,263▲ 23.6%€8,317▼ 45.5%€8,282▼ 0.4%€4,140▼ 50.0%
Working capital€10,695-€3,668within the sector's middle half▼ 65.7%€3,612within the sector's middle half▼ 1.5%€11,761within the sector's middle half▲ 226%€16,006within the sector's middle half▲ 36.1%€16,660within the sector's middle half▲ 4.1%€25,339within the sector's middle half▲ 52.1%
Solvency30.8%-34.8%within the sector's middle half▲ 4.0pp50.1%within the sector's middle half▲ 15.2pp48.8%within the sector's middle half▼ 1.3pp66.2%above the sector's middle half▲ 17.4pp66.8%above the sector's middle half▲ 0.6pp86.0%above the sector's middle half▲ 19.2pp
Current ratio1.34-1.17within the sector's middle half▼ 0.171.29within the sector's middle half▲ 0.121.77within the sector's middle half▲ 0.482.92above the sector's middle half▲ 1.153.01above the sector's middle half▲ 0.097.12above the sector's middle half▲ 4.11
Return on assets (ROA)1.1%--13.5%below the sector's middle half▼ 14.6pp-6.2%below the sector's middle half▲ 7.3pp7.2%within the sector's middle half▲ 13.4pp7.1%within the sector's middle half▼ 0.1pp1.6%within the sector's middle half▼ 5.5pp29.4%above the sector's middle half▲ 27.9pp
Staff (FTE)1-1below the sector's middle half=3.7▲ 270%1.8▼ 51.4%1.7
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 20 times that of 2024 and the highest since 2021. It is a recovery after the fall 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
Equity and liabilities €29,479
Equity
€25,339 ▲ 52.1%
Debt
€4,140 ▼ 50.0%
Debt's share of the balance-sheet total falls from 33.2% to 14.0%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.16▼
2024 · 0.50
ROE
34.2%▲
2024 · 2.4%
Debt ≤ 1 year
€4,140▼
2024 · €8,282
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | - |
| part-time | 1 | 2 | - |
| in full-time equivalents | 0.2 | 0.4 | - |
| Average over the year, in full-time equivalents | 1 | 0.5 | 0.3 |
| On a permanent contract | 1 | 1 | - |
| Joined | 2 | - | 0 |
| Left | 5 | - | 3 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €22,054 | €12,452 | €14,030 | €9,463 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,500 | €6,000 | €6,000 | €6,000 | €2,500 | - | - | - |
| Other operating charges640/8 | - | - | €750 | €301 | €611 | €816 | €1,178 | ▲ 44.3% |
| Gross operating margin9900 | €50,966 | €33,271 | €27,522 | €21,012 | €18,990 | €10,726 | €10,092 | ▼ 5.9% |
| Operating profit (loss)9901 | €1,603 | -€4,996 | -€1,282 | €2,259 | €1,849 | €447 | €8,914 | ▲ 20× |
| Financial income75/76B | - | - | - | - | - | €0 | - | - |
| Recurring financial income75 | - | - | - | - | - | €0 | - | - |
| Financial charges65/66B | - | - | €248 | €110 | €104 | €52 | €235 | ▲ 348% |
| Recurring financial charges65 | €911 | €395 | €248 | €110 | €104 | €52 | €235 | ▲ 348% |
| Profit (loss) for the period before taxes9903 | €693 | -€5,390 | -€1,530 | €2,149 | €1,745 | €394 | €8,679 | ▲ 22× |
| Profit (loss) for the period9904 | €693 | -€5,390 | -€1,530 | €2,149 | €1,745 | €394 | €8,679 | ▲ 22× |
| Profit (loss) for the period to be appropriated9905 | €693 | -€5,390 | -€1,530 | €2,149 | €1,745 | €394 | €8,679 | ▲ 22× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €62,641 | €39,936 | €24,717 | €29,785 | €24,583 | €24,943 | €29,479 | ▲ 18.2% |
| Fixed assets21/28 | €20,760 | €14,760 | €8,760 | €2,760 | €260 | - | - | - |
| Intangible fixed assets21 | €20,500 | €14,500 | €8,500 | €2,500 | - | - | - | - |
| Financial fixed assets28 | €260 | €260 | €260 | €260 | €260 | - | - | - |
| Current assets29/58 | €41,880 | €25,176 | €15,957 | €27,024 | €24,323 | €24,943 | €29,479 | ▲ 18.2% |
| Amounts receivable within one year40/41 | €22,566 | - | €14,107 | €20,154 | €20,140 | €19,519 | €23,374 | ▲ 19.8% |
| Trade receivables40 | - | - | €14,107 | €19,407 | €20,140 | €19,519 | €23,374 | ▲ 19.8% |
| Other amounts receivable41 | - | - | - | €747 | - | - | - | - |
| Cash at bank and in hand54/58 | €19,314 | €19,266 | €1,849 | €6,870 | €4,183 | €5,424 | €6,105 | ▲ 12.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €62,641 | €39,936 | €24,717 | €29,785 | €24,583 | €24,943 | €29,479 | ▲ 18.2% |
| Equity10/15 | €19,293 | €13,902 | €12,372 | €14,521 | €16,266 | €16,660 | €25,339 | ▲ 52.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €693 | €693 | €693 | €693 | €693 | €693 | €693 | = |
| Non-distributable reserves130/1 | - | - | €693 | €693 | €693 | - | - | - |
| Reserves not available under the articles1311 | - | - | €693 | €693 | €693 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €693 | €693 | = |
| Profit (loss) carried forward14 | - | -€5,390 | -€6,920 | -€4,771 | -€3,027 | -€2,632 | €6,046 | - |
| Amounts payable17/49 | €43,348 | €26,034 | €12,345 | €15,263 | €8,317 | €8,282 | €4,140 | ▼ 50.0% |
| Amounts payable after more than one year17 | €12,163 | €4,526 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €31,186 | €21,508 | €12,345 | €15,263 | €8,317 | €8,282 | €4,140 | ▼ 50.0% |
| Current portion of amounts payable after more than one year42 | - | - | €4,526 | - | - | - | - | - |
| Trade debts44 | €19,148 | €2,612 | €3,275 | €2,308 | €1,256 | €452 | €790 | ▲ 74.6% |
| Suppliers440/4 | - | - | €3,275 | €2,308 | €1,256 | €452 | €790 | ▲ 74.6% |
| Advances received on contracts in progress46 | - | - | - | €8,000 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €1,659 | €1,070 | €3,177 | €4,738 | €32 | ▼ 99.3% |
| Taxes450/3 | - | - | €249 | - | €1,613 | €4,351 | €32 | ▼ 99.3% |
| Remuneration and social security454/9 | - | - | €1,410 | €1,070 | €1,564 | €387 | - | - |
| Other amounts payable47/48 | - | - | €2,885 | €3,885 | €3,885 | €3,092 | €3,318 | ▲ 7.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €693 | -€5,390 | -€1,530 | €2,149 | €1,745 | €394 | €8,679 | ▲ 22× |
| + Depreciation and write-downs630 | €9,500 | €6,000 | €6,000 | €6,000 | €2,500 | - | - | - |
| Operating cash flow (approximation) | €10,193 | €610 | €4,470 | €8,149 | €4,245 | €394 | €8,679 | ▲ 22× |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - | - | - |
| Change in cash | - | -€49 | -€17,416 | €5,021 | -€2,687 | €1,241 | €681 | ▼ 45.1% |
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, 26,972 companies had the same profile as BELSI has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BELSI itself: 0.7% 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 26,972 companies, not a prediction for BELSI. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 05-05-2026 | 2026-00104696 | |
| 30-09-2024 | micro format | 16-05-2025 | 2025-00099171 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00082613 | |
| 30-09-2022 | micro format | 01-05-2023 | 2023-00075808 | |
| 30-09-2021 | micro format | 30-04-2022 | 2022-20019754 | |
| 30-09-2020 | micro format | 27-03-2021 | 2021-08600454 | |
| 30-09-2019 | micro format | 14-04-2020 | 2020-08900530 |