BELUCE
ActiveSummary
BELUCE has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €89,555 and a net result of €5,194. Equity is growing by ~13.3% per year across the filed fiscal years. Its solvency ranks better than 18% of 8161 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2023
Profitability70▲+3
Solvency36▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.78 against 0.43 in 2023; short-term debt: 33.1% and cash: 1.5% of total assets), and 89.1% 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
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 →
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
10.9%
Return on assets
0.6%
Age of the figures
15 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 8161 sector peers (2025).
NBB · sector comparisonPosition among 8161 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2023
14 d late
2022
3 d early
2021
25 d late
2020
37 d early
2019
4 d late
2018
on the day
← 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 on the deadline day; the sector median for financial year 2023 is 2 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€89,555▲ 6.2%
2023 · €84,361
Total assets
€819,877▼ 1.4%
2023 · €831,333
Net result
€5,194▼ 41.5%
2023 · €8,885
Working capital
-€59,568▲ 47.0%
2023 · -€112,322
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
Line20202021202220232025
Operating result€21,002▲ 23.1%€33,537▲ 59.7%€31,888▼ 4.9%€28,973▼ 9.1%€37,654-
Net result€8,137within the sector's middle half▲ 390%€9,163within the sector's middle half▲ 12.6%€11,274within the sector's middle half▲ 23.0%€8,885within the sector's middle half▼ 21.2%€5,194within the sector's middle half-
Equity€55,039below the sector's middle half▲ 17.3%€64,202within the sector's middle half▲ 16.6%€75,477within the sector's middle half▲ 17.6%€84,361within the sector's middle half▲ 11.8%€89,555below the sector's middle half-
Total assets€689,046within the sector's middle half▲ 0.5%€861,874above the sector's middle half▲ 25.1%€872,925above the sector's middle half▲ 1.3%€831,333above the sector's middle half▼ 4.8%€819,877within the sector's middle half-
Debt€634,006▼ 0.7%€797,672▲ 25.8%€797,449=€746,972▼ 6.3%€730,322-
Working capital€52,907within the sector's middle half▲ 22.5%-€39,282below the sector's middle half-€45,042below the sector's middle half▼ 14.7%-€112,322below the sector's middle half▼ 149%-€59,568below the sector's middle half-
Solvency8.0%below the sector's middle half▲ 1.1pp7.4%below the sector's middle half▼ 0.5pp8.6%within the sector's middle half▲ 1.2pp10.1%within the sector's middle half▲ 1.5pp10.9%below the sector's middle half-
Current ratio1.41within the sector's middle half▲ 0.220.83below the sector's middle half▼ 0.590.81below the sector's middle half▼ 0.020.43below the sector's middle half▼ 0.370.78below the sector's middle half-
Return on assets (ROA)1.2%within the sector's middle half▲ 0.9pp1.1%within the sector's middle half▼ 0.1pp1.3%within the sector's middle half▲ 0.2pp1.1%within the sector's middle half▼ 0.2pp0.6%within the sector's middle half-
Staff (FTE)0.3below the sector's middle half▼ 87.0%0.5▲ 66.7%1.4▲ 180%1.2▼ 14.3%0below the sector's middle half-
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 or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result is €37,654 in 2025, compared with €28,973 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €819,877
Fixed assets
€608,325 ▼ 18.4%
Current assets
€211,552 ▲ 145%
Equity and liabilities €819,877
Equity
€89,555 ▲ 6.2%
Debt
€730,322 ▼ 2.2%
Debt's share of the balance-sheet total falls from 89.9% to 89.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€228,051▲
2023 · €114,508
Cash flow
€195,591▲
2023 · €94,420
Quick ratio
0.66▲
2023 · 0.31
Debt to equity
8.15▼
2023 · 8.85
ROE
5.8%▼
2023 · 10.5%
Interest coverage
7.65▲
2023 · 5.61
Debt ≤ 1 year
€271,120▲
2023 · €198,601
Debt > 1 year
€459,202▼
2023 · €548,371
Income taxes
€3,002▲
2023 · €129
Staff costs
€2,616▼
2023 · €54,449
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.0%
went bankrupt
0.9%
stopped otherwise
98%
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 0.8% 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 497,338 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% | 1.9% |
| 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 4,105 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 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €22,693 | €65,107 | €54,449 | €2,616 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,414 | €43,291 | €73,110 | €85,535 | €190,397 | - |
| Other operating charges640/8 | - | €4,435 | €3,974 | €4,507 | €10,291 | - |
| Non-recurring operating charges66A | - | - | €1,806 | €0 | - | - |
| Gross operating margin9900 | €79,122 | €103,955 | €175,885 | €173,464 | €240,958 | - |
| Operating profit (loss)9901 | €21,002 | €33,537 | €31,888 | €28,973 | €37,654 | - |
| Financial income75/76B | - | €1,160 | €357 | €459 | €340 | - |
| Recurring financial income75 | €1,350 | €1,160 | €357 | €459 | €340 | - |
| Financial charges65/66B | - | €25,445 | €15,773 | €20,418 | €29,798 | - |
| Recurring financial charges65 | €14,135 | €25,445 | €15,773 | €20,418 | €29,798 | - |
| Profit (loss) for the period before taxes9903 | €8,217 | €9,252 | €16,471 | €9,013 | €8,196 | - |
| Income taxes67/77 | €80 | €89 | €5,196 | €129 | €3,002 | - |
| Profit (loss) for the period9904 | €8,137 | €9,163 | €11,274 | €8,885 | €5,194 | - |
| Profit (loss) for the period to be appropriated9905 | €8,137 | €9,163 | €11,274 | €8,885 | €5,194 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €689,046 | €861,874 | €872,925 | €831,333 | €819,877 | - |
| Fixed assets21/28 | €508,523 | €675,300 | €684,872 | €745,055 | €608,325 | - |
| Intangible fixed assets21 | €7,917 | €28,921 | €106,209 | €135,068 | €123,243 | - |
| Tangible fixed assets22/27 | €500,606 | €646,379 | €578,664 | €609,987 | €485,082 | - |
| Land and buildings22 | - | €513,693 | €476,385 | €444,328 | €385,406 | - |
| Plant, machinery and equipment23 | - | €51,030 | €40,312 | €28,654 | €20,816 | - |
| Furniture and vehicles24 | - | €60,273 | €45,604 | €125,262 | €72,922 | - |
| Other tangible fixed assets26 | - | €21,384 | €16,363 | €11,743 | €5,938 | - |
| Current assets29/58 | €180,523 | €186,574 | €188,053 | €86,278 | €211,552 | - |
| Stocks and contracts in progress3 | €31,585 | €51,923 | €38,767 | €24,257 | €33,967 | - |
| Stocks30/36 | - | €51,923 | €38,767 | €24,257 | €33,967 | - |
| Amounts receivable within one year40/41 | €49,087 | €73,316 | €132,062 | €42,167 | €165,540 | - |
| Trade receivables40 | - | €68,133 | €130,513 | €42,132 | €165,328 | - |
| Other amounts receivable41 | - | €5,184 | €1,549 | €34 | €212 | - |
| Cash at bank and in hand54/58 | €97,189 | €58,054 | €14,659 | €17,246 | €12,044 | - |
| Deferred charges and accrued income490/1 | - | €3,280 | €2,565 | €2,609 | €0 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €689,046 | €861,874 | €872,925 | €831,333 | €819,877 | - |
| Equity10/15 | €55,039 | €64,202 | €75,477 | €84,361 | €89,555 | - |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Reserves13 | €48,839 | €58,002 | €58,002 | €66,887 | €66,887 | - |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €0 | - |
| Other1319 | - | - | - | - | €1,860 | - |
| Tax-exempt reserves132 | - | €9,712 | €9,712 | €9,712 | €9,712 | - |
| Distributable reserves133 | - | €46,430 | €46,430 | €55,315 | €55,315 | - |
| Profit (loss) carried forward14 | - | - | €11,274 | €11,274 | €16,468 | - |
| Amounts payable17/49 | €634,006 | €797,672 | €797,449 | €746,972 | €730,322 | - |
| Amounts payable after more than one year17 | €506,391 | €571,817 | €564,254 | €548,371 | €459,202 | - |
| Financial debts170/4 | - | €571,817 | €564,254 | €548,371 | €459,202 | - |
| Amounts payable within one year42/48 | €127,615 | €225,855 | €233,095 | €198,601 | €271,120 | - |
| Current portion of amounts payable after more than one year42 | - | €58,079 | €52,445 | €56,733 | €42,316 | - |
| Financial debts43 | - | €75,000 | €75,000 | €75,000 | €75,000 | - |
| Credit institutions430/8 | - | €75,000 | €75,000 | €75,000 | €75,000 | - |
| Trade debts44 | €29,853 | €59,123 | €52,976 | €23,485 | €56,682 | - |
| Suppliers440/4 | - | €59,123 | €52,976 | €23,485 | €56,682 | - |
| Taxes, remuneration and social security45 | - | €20,582 | €38,387 | €20,019 | €22,842 | - |
| Taxes450/3 | - | €17,733 | €28,585 | €18,139 | €22,842 | - |
| Remuneration and social security454/9 | - | €2,850 | €9,802 | €1,879 | - | - |
| Other amounts payable47/48 | - | €13,071 | €14,286 | €23,364 | €74,280 | - |
| Accrued charges and deferred income492/3 | - | - | €100 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,137 | €9,163 | €11,274 | €8,885 | €5,194 | - |
| + Depreciation and write-downs630 | €41,414 | €43,291 | €73,110 | €85,535 | €190,397 | - |
| Operating cash flow (approximation) | €49,552 | €52,454 | €84,384 | €94,420 | €195,591 | - |
| Investment in fixed assets (approximation) | - | -€210,068 | -€82,682 | -€145,718 | - | - |
| Change in cash | - | -€39,134 | -€43,395 | €2,588 | - | - |
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
2026
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
14-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 14 days late
2023
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
24-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
04-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 4 days late
2019
30-09
Financial
Weakest financial yearnet €1,660 ▼89.8%
Net result drops to €1,660, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
06-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
09-05
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 9 days late
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.
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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, Knokke-Heist · 2 establishment units since 2014
Ground area
1,406 m²
Building footprint
998 m²
Volume, LiDAR
6,645 m³
2 parcels, Flanders · tallest building 10.1 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Beluce
since 20142.225.553.944
Beluce
since 20212.314.849.867
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31007D0078/00P002 | Flanders | 764 m² | 1 · 859 m² | 9.0 m · 2 fl. |
| 31336G0058/00A000 | Flanders | 642 m² | 1 · 138 m² | 10.1 m · 2 fl. |
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.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 2 entries · 3,534 EUR awarded · 3,534 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 2,544 EUR | 2,544 EUR |
| 2022 | 1 | 990 EUR | 990 EUR |
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Of 268 companies in sector 46474 we hold annual accounts for 181. 127 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
Founded19-12-2013
Fiscal year end30-06
Activities, NACEBEL 2025
46474Wholesale trade
Contact
E-mail
instituutavenuedebeaute@gmail.comBrugge
E-invoicing
Reachable via Peppol
Peppol ID
0208:0543565234
Also
9925:BE0543565234
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.