Financials
- Financial year
- 2025
- Total assets
- €667,864
- Loss
- -€40,024
- Solvency
- 9.0%
Belvus
ActiveSummary
The computed 12-month bankruptcy probability of Belvus is 2.8% (moderate). The 2025 annual accounts show equity of €59,976 and a net result of -€40,024. Its solvency ranks better than 17% of 9,597 sector peers (NACE 46, financial year 2025). The company has been active since 2025 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Activity
Agents in non-specialised wholesale trade
NACE 46190Electricity, gas, steam and air conditioning supply NACE 35150
1 site
Size
€667,864total assets 2025
- Staff
- 1 FTE
- Equity
- €59,976
- Loss
- -€40,024
Turnover not published (abbreviated format)
Structure
- EMU Holding BVDirector · permanent representative UCAR Onur
Accounts filed 26 days late2 of 3 deeds read
Why 50raises riskFounded in 20251 change of registered office in 24 monthsEquity €59,976 (9.0% of total assets)lowers riskFigures for financial year 2025 (filed 26-08-2026)Show the evidence
Checked score
Score 2025
50
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 20% of its sector peers (NACE 46, micro)
Financial strength
Weak
Solvency
34
equity 9.0% of total assets
Liquidity
23
short-term debt 64.3% · cash 5.7%
Profitability
11
return on assets -6.0%
Bankruptcy probability, 12 months
2.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
03-2026: 3.6%
04-2026: 3.6%● unchanged vs 03-2026
05-2026: 3.7%▲ +0.1 percentage points vs 04-2026
06-2026: 4.1%▲ +0.4 percentage points vs 05-2026
07-2026: 4.3%▲ +0.2 percentage points vs 06-2026
08-2026: 4.7%▲ +0.4 percentage points vs 07-2026highest value
09-2026: 2.7%▼ -2.0 percentage points vs 08-2026lowest value
10-2026: 2.8%▲ +0.1 percentage points vs 09-2026
Credit of up to €2,500 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.89, below 1; short-term debt: 64.3% and cash: 5.7% of total assets), and 91% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, micro): better than 22% on solvency, 21% on liquidity and 17% on profitability.
The bankruptcy probability was computed on 12-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 9597 sector peers (2025).
NBB · sector comparisonPosition among 9597 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 1 filingDeviation from the deadline
2025
26 days late
← before the deadline
after the deadline →
Searched, nothing found (1)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Resignation: BV EMU Investments (director)Appointment: BV EMU Holding (director)…
- Permanent representative: Liesbet DesmedtRegistered-office move
Key points
By topic
Board & ownership
- Board
- 1 member
- EMU Holding BVDirector
Timeline
- Events
- 3
- Since
- 2025
Company details
- Sites
- 1
- Legal form
- Private limited company
- Activity
- Agents in non-specialised wholesale tradeNACE 46190
- Founded
- 27-02-2025
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 1
See the provisions in the deeds
Go to Articles of associationGo further with this company
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