Summary
BELWING is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €61,500 and a net result of €0. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 7% of 493 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 493 sector peers (2025).
NBB · sector comparisonPosition among 493 sector peers
Solvency
better than 7%
← weakest
strongest →
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 20-05-2026, 72 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
72 d early
2024
65 d early
2023
28 d late
2022
26 d early
2021
26 d early
2020
30 d late
2019
30 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 23 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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
Go further with this company
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Financials · fiscal year 2025, full schema
Equity
€61,500=
2024 · €61,500
Net result
€0
2024 · €0
Total assets
€3.3m▼ 17.8%
2024 · €4.0m
Solvency
1.9%▲ 0.3pp
2024 · 1.5%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, 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
Line20212022202320242025
Operating result€541▲ 8.0%€308▼ 43.1%€206▼ 33.2%-€2,686-€927▲ 65.5%
Net result€0below the sector's middle half€0below the sector's middle half€0below the sector's middle half
Equity€61,500below the sector's middle half=€61,500below the sector's middle half=€61,500below the sector's middle half=€61,500below the sector's middle half=€61,500below the sector's middle half=
Total assets€5.1mabove the sector's middle half▼ 1.3%€5.0mabove the sector's middle half▼ 2.8%€4.5mabove the sector's middle half▼ 9.1%€4.0mabove the sector's middle half▼ 10.9%€3.3mwithin the sector's middle half▼ 17.8%
Debt€5.1m▼ 1.3%€4.9m▼ 2.9%€4.5m▼ 9.2%€4.0m▼ 11.1%€3.3m▼ 18.1%
Working capital€5.1m▼ 1.6%€4.9m▼ 3.6%€4.4m▼ 10.0%€3.8m▼ 14.1%€3.3m▼ 12.7%
Solvency1.2%below the sector's middle half=1.2%below the sector's middle half=1.4%below the sector's middle half▲ 0.1pp1.5%below the sector's middle half▲ 0.2pp1.9%below the sector's middle half▲ 0.3pp
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €927 in 2025 against €2,686 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €3.3m
Equity
€61,500 =
Debt
€3.3m ▼ 18.1%
Debt's share of the balance-sheet total falls from 98.5% to 98.1%. Debt is lower.
Key figures and ratios
ROE
0.0%=
2024 · 0.0%
ROA
0.0%=
2024 · 0.0%
Debt ≤ 1 year
€26,594▼
2024 · €266,038
Debt > 1 year
€3.2m▼
2024 · €3.7m
A ratio outside any meaningful range has been withheld (balance sheet total €3.3m, equity €61,500).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €20,471 | €83,624 | €354,516 | €357,104 | €457,150 | ▲ 28.0% |
| Gross operating margin9900 | €21,012 | €83,932 | €354,722 | €354,419 | €456,223 | ▲ 28.7% |
| Operating profit (loss)9901 | €541 | €308 | €206 | -€2,686 | -€927 | ▲ 65.5% |
| Financial income75/76B | - | - | - | €3,013 | €1,254 | ▼ 58.4% |
| Recurring financial income75 | - | - | - | €3,013 | €1,254 | ▼ 58.4% |
| Financial charges65/66B | €541 | €308 | €206 | €327 | €327 | = |
| Recurring financial charges65 | €541 | €308 | €206 | €327 | €327 | = |
| Profit (loss) for the period before taxes9903 | - | - | €0 | €0 | €0 | - |
| Profit (loss) for the period9904 | - | - | €0 | €0 | €0 | - |
| Profit (loss) for the period to be appropriated9905 | - | - | €0 | €0 | €0 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.1m | €5.0m | €4.5m | €4.0m | €3.3m | ▼ 17.8% |
| Current assets29/58 | €5.1m | €5.0m | €4.5m | €4.0m | €3.3m | ▼ 17.8% |
| Amounts receivable after more than one year29 | €5.0m | €4.8m | €4.3m | €3.7m | €3.2m | ▼ 12.9% |
| Trade receivables290 | - | - | - | €3.7m | - | - |
| Other amounts receivable291 | €5.0m | €4.8m | €4.3m | - | €3.2m | - |
| Amounts receivable within one year40/41 | €67,624 | €105,668 | €143,375 | €268,183 | €29,625 | ▼ 89.0% |
| Trade receivables40 | €6,023 | €5,716 | €8,103 | €3,513 | €6,132 | ▲ 74.6% |
| Other amounts receivable41 | €61,601 | €99,952 | €135,273 | €264,670 | €23,493 | ▼ 91.1% |
| Cash at bank and in hand54/58 | €57,768 | €57,962 | €57,864 | €59,355 | €58,469 | ▼ 1.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.1m | €5.0m | €4.5m | €4.0m | €3.3m | ▼ 17.8% |
| Equity10/15 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Amounts payable17/49 | €5.1m | €4.9m | €4.5m | €4.0m | €3.3m | ▼ 18.1% |
| Amounts payable after more than one year17 | €5.0m | €4.8m | €4.3m | €3.7m | €3.2m | ▼ 12.9% |
| Other amounts payable178/9 | €5.0m | €4.8m | €4.3m | €3.7m | €3.2m | ▼ 12.9% |
| Amounts payable within one year42/48 | €63,779 | €102,130 | €139,739 | €266,038 | €26,594 | ▼ 90.0% |
| Trade debts44 | €2,178 | €2,178 | €4,467 | €2,640 | €4,560 | ▲ 72.7% |
| Suppliers440/4 | €2,178 | €2,178 | €4,467 | €2,640 | €4,560 | ▲ 72.7% |
| Other amounts payable47/48 | €61,601 | €99,952 | €135,273 | €263,398 | €22,034 | ▼ 91.6% |
| Accrued charges and deferred income492/3 | €113 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | €0 | €0 | €0 | - |
| Operating cash flow (approximation) | - | - | €0 | €0 | €0 | - |
| Change in cash | - | €194 | -€98 | €1,491 | -€886 | ▼ 159% |
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
26-08
State Gazette act
Permanent representative: Hanine EssaheliReappointments: SPARAXIS SA (director) and Marin Gérardy (director) · Appointment: LIBRA Audit Assurance (commissaire aux comptes)4 facts ▸
State Gazette act
Permanent representative: Hanine Essaheli
Reappointments: SPARAXIS SA (director) and Marin Gérardy (director) · Appointment: LIBRA Audit Assurance (commissaire aux comptes)4 facts ▸
- Permanent representative, Hanine Essaheli (permanent representative)
- Director reappointment, SPARAXIS SA (director)
- Director reappointment, Marin Gérardy (director)
- Auditor appointment, LIBRA Audit Assurance (commissaire aux comptes)
20-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity times 8current ratio 124.52
Current ratio from 15.15 to 124.52; short-term debt falls from €266,038 to €26,594.
27-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
2020
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors
Statutory auditor 1
LIBRA – AUDIT & ASSURANCE
CurrentCommissaire aux comptes · since 26-08-2026 · perm. rep.: Hanine Essaheli
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
7 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège
Ground area
2,811 m²
Building footprint
1,999 m²
Volume, LiDAR
68,083 m³
Parcel 62803A1368/00V000, Wallonia · tallest building 43.0 m, ±12 floors. Linked by address, not a title deed.
45
companies at this address
See who is registered here
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62803A1368/00V000 | Wallonia | 2,811 m² | 1 · 1,999 m² | 43.0 m · 12 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 3 in office
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Marin Gérardy |
|
| Sparaxis SA |
|
| LIBRA – AUDIT & ASSURANCE |
|
Structure & network
Part of the group
Wallonie Entreprendre
33 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
Highest known parent: SOCIETE REGIONALE D'INVESTISSEMENT DE WALLONIE, EN ABREGE : S.R.I.W.. The sources do not say who stands above it.
Owners 2
- 80%
-
80%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
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Of 1,507 companies in sector 66199 we hold annual accounts for 923. 579 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded13-04-2017
Fiscal year end31-12
Activities, NACEBEL 2025
66199Other activities auxiliary to financial services, excluding insurance and pension funding
E-invoicing
Reachable via Peppol
Peppol ID
0208:0674535327
Registered
10-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.