BELVINA
ActiveSummary
BELVINA has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5,959 and a net result of -€1,569. Equity is shrinking by ~13% per year across the filed fiscal years. Its solvency ranks better than 95% of 18537 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency100▲+58
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
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Signals
Five 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
100%
Return on assets
-26.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€1,569
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
24 d early
2023
12 d early
2022
75 d early
2021
54 d early
2020
31 d early
2019
72 d early
← 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 41 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€5,959▼ 20.8%
2024 · €7,528
Total assets
€5,959▼ 86.9%
2024 · €45,572
Net result
-€1,569▲ 86.7%
2024 · -€11,756
Working capital
€39,528▼ 22.9%
2023 · €51,284
Trend over the years
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-€3,718€8,259€1,850▼ 77.6%-€11,756-€1,569▲ 86.7%
Net result-€3,882▼ 180%€6,147€1,850▼ 69.9%-€11,756-€1,569▲ 86.7%
Equity€11,287▼ 25.6%€17,434▲ 54.5%€19,284▲ 10.6%€7,528▼ 61.0%€5,959▼ 20.8%
Total assets€105,985▼ 19.3%€57,464▼ 45.8%€52,358▼ 8.9%€45,572▼ 13.0%€5,959▼ 86.9%
Debt€94,698▼ 18.5%€40,030▼ 57.7%€33,074▼ 17.4%€38,044▲ 15.0%
Working capital€101,287▼ 20.7%€57,434▼ 43.3%€51,284▼ 10.7%€39,528▼ 22.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1,569 in 2025 against €11,756 in 2024; the loss shrinks.
Key figures and ratios
Solvency
100.0%▲
2024 · 16.5%
ROE
-26.3%▲
2024 · -156.2%
ROA
-26.3%▼
2024 · -25.8%
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,827 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
14%
stopped otherwise
84%
still going
A further 0.7% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| 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 5,827 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €780 | €781 | €466 | €887 | €1,323 | ▲ 49.1% |
| Gross operating margin9900 | -€2,938 | €9,040 | €2,316 | -€10,869 | -€245 | ▲ 97.7% |
| Operating profit (loss)9901 | -€3,718 | €8,259 | €1,850 | -€11,756 | -€1,569 | ▲ 86.7% |
| Financial income75/76B | €43 | €488 | - | - | - | - |
| Recurring financial income75 | €43 | €488 | - | - | - | - |
| Financial charges65/66B | €206 | €2,600 | - | - | - | - |
| Recurring financial charges65 | €206 | €2,600 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€3,882 | €6,147 | €1,850 | -€11,756 | -€1,569 | ▲ 86.7% |
| Profit (loss) for the period9904 | -€3,882 | €6,147 | €1,850 | -€11,756 | -€1,569 | ▲ 86.7% |
| Profit (loss) for the period to be appropriated9905 | -€3,882 | €6,147 | €1,850 | -€11,756 | -€1,569 | ▲ 86.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €105,985 | €57,464 | €52,358 | €45,572 | €5,959 | ▼ 86.9% |
| Current assets29/58 | €105,985 | €57,464 | €52,358 | €45,572 | €5,959 | ▼ 86.9% |
| Stocks and contracts in progress3 | €85,768 | €56,026 | €44,852 | €5,629 | €5,629 | = |
| Stocks30/36 | €85,768 | €56,026 | €44,852 | €5,629 | €5,629 | = |
| Amounts receivable within one year40/41 | €9,173 | - | €5,808 | €34,703 | - | - |
| Trade receivables40 | €9,173 | - | €5,808 | €34,703 | - | - |
| Cash at bank and in hand54/58 | €11,044 | €1,438 | €1,698 | €5,240 | €331 | ▼ 93.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €105,985 | €57,464 | €52,358 | €45,572 | €5,959 | ▼ 86.9% |
| Equity10/15 | €11,287 | €17,434 | €19,284 | €7,528 | €5,959 | ▼ 20.8% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €15,336 | €15,336 | €15,336 | €15,336 | €15,336 | = |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | €13,336 | €13,336 | €13,336 | €13,336 | €13,336 | = |
| Profit (loss) carried forward14 | -€24,049 | -€17,902 | -€16,051 | -€27,807 | -€29,376 | ▼ 5.6% |
| Amounts payable17/49 | €94,698 | €40,030 | €33,074 | €38,044 | - | - |
| Amounts payable after more than one year17 | €90,000 | €40,000 | €32,000 | €32,000 | - | - |
| Financial debts170/4 | - | - | €32,000 | €32,000 | - | - |
| Other amounts payable178/9 | €90,000 | €40,000 | - | - | - | - |
| Amounts payable within one year42/48 | €4,698 | €30 | €1,074 | €6,044 | - | - |
| Taxes, remuneration and social security45 | €4,698 | €30 | €1,074 | €6,044 | - | - |
| Taxes450/3 | €4,698 | €30 | €1,074 | €6,044 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,882 | €6,147 | €1,850 | -€11,756 | -€1,569 | ▲ 86.7% |
| Operating cash flow (approximation) | -€3,882 | €6,147 | €1,850 | -€11,756 | -€1,569 | ▲ 86.7% |
| Change in cash | - | -€9,606 | €260 | €3,542 | -€4,910 | ▼ 239% |
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
Next filing, fiscal year 2026, expected by
2026
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€11,756
Net result drops to -€11,756, the lowest in the series; recovery starts the following year.
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €6,147
Net result €6,147 after 4 loss-making years.
31-12
Financial
Liquidity times 86current ratio 1933.50
Current ratio from 22.56 to 1933.50; short-term debt falls from €4,698 to €30.
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity times 32current ratio 35.30
Current ratio from 1.12 to 35.30; short-term debt falls from €138,091 to €3,723.
20-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
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.
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Directors · office · real estate
Directors
2 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, Heist-op-den-Berg · 1 establishment unit since 2010
Ground area
1.3 ha
Building footprint
1.2 ha
Volume, LiDAR
118,147 m³
Parcel 12014K0411/00K000, Flanders · tallest building 11.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Industriepark B 24, 2220 Heist-op-den-Berg
since 20102.257.023.120
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12014K0411/00K000indicative | Flanders | 1.3 ha | 1 · 1.2 ha | 11.3 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
0 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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DADEL
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BC +
BE 0476.140.039
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ERNEL
BE 0893.169.664
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Of 765 companies in sector 47552 we hold annual accounts for 444. 114 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 (pre-2019)
Founded02-04-2003
Fiscal year end31-12
Activities, NACEBEL 2025
47552Retail sale of lighting equipment
E-invoicing
Reachable via Peppol
Peppol ID
0208:0479928086
Registered
18-05-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.