Equity
-€1.3m
Debts exceed assets in financial year 2025.
Billtrust Belgium
Lifetime
18 annual accounts with figures on one time axispeak €4.6m (2024)
€4.1m▼ 10.5%
lowest -€2.4m (2021)
€611,905▼ 48.0%
peak €698,100 (2020)
-€1.3m▲ €611,905
€6.0m▼ 22.8%
peak 37.4 FTE (2022)
22.1 FTE▼ 19.9%
Board8 names since 2021
1 directorBTRS Holding Europe BV
Owners3 names in the annual accounts
consolidatesBTS Holdings Inc
Documentsfilings and deeds
07-09-202638 days late
2025abbreviated format
Result from €1.2m to €611,905Staff from 27.6 FTE to 22.1 FTEAppointment: David Zwick (day-to-day manager) 25-08Resignation: Mimont Bezzih (day-to-day manager) 13-08New day-to-day manager 20-03Equity from -€1.9m to -€1.3m
Key points
from the 2025 annual accountsResult
€611,905 ▼ 48.0%
The result fell in 2025 from €1.2m to €611,905.
Debts
€6.0m 128% of the balance sheet
Suppliers 1%Taxes and wages 7%Other 92%
Of this, €745,490 falls due within a year.
Staff
22.1 FTE from 37.4 in 2022
Between 2022 and 2025, 41% of the full-time equivalents disappeared.
At the same address
80 companies
Position in the sector
-€1.3m
Less equity than 95% of companies in publishing. Sector median €155,033 · 325 companies.
2025 accounts filed 38 days after the deadline
Checked score
56
Fair
Financially stronger than 56% of small companies in publishing (NACE 58)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.5% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 109 companies (NACE 58, small).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 6.3%highest value
01-2025: 6.3%● unchanged vs 12-2024highest value
02-2025: 6.3%● unchanged vs 01-2025highest value
03-2025: 6.3%● unchanged vs 02-2025highest value
04-2025: 6.3%● unchanged vs 03-2025highest value
05-2025: 6.3%● unchanged vs 04-2025highest value
06-2025: 6.3%● unchanged vs 05-2025highest value
07-2025: 6.3%● unchanged vs 06-2025highest value
08-2025: 6.0%▼ -0.3 percentage points vs 07-2025
09-2025: 6.0%● unchanged vs 08-2025
10-2025: 6.0%● unchanged vs 09-2025
11-2025: 2.0%▼ -4.0 percentage points vs 10-2025
12-2025: 2.2%▲ +0.2 percentage points vs 11-2025
01-2026: 3.2%▲ +1.0 percentage point vs 12-2025
02-2026: 3.2%● unchanged vs 01-2026
03-2026: 3.2%● unchanged vs 02-2026
04-2026: 2.9%▼ -0.3 percentage points vs 03-2026
05-2026: 4.4%▲ +1.5 percentage points vs 04-2026
06-2026: 4.4%● unchanged vs 05-2026
07-2026: 4.4%● unchanged vs 06-2026
08-2026: 5.8%▲ +1.4 percentage points vs 07-2026
09-2026: 5.8%● unchanged vs 08-2026
10-2026: 0.5%▼ -5.3 percentage points vs 09-2026lowest value
11-2026: 0.5%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€1.3m
1 change of registered office in 24 months
lowers risk
Size: turnover €5.6m, 22.1 FTE, total assets €4.7m
Liquidity: current ratio 6.24, cash €426,510, halved
Calculation
The band follows from the bankruptcy probability. 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 58, small). It does better than 5% of them on solvency, 61% on liquidity, 77% on profitability and 81% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 265 companies had the same profile as Billtrust Belgium has now. Each dot is one company, two years later.
94.3%
were still trading
3.4%
stopped another way
1.1%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Billtrust Belgium itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,448 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 265 companies, not a prediction for Billtrust Belgium. 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.
Credit verdict
No credit on open account
Liquidity is ample, with a current ratio of 6.24 (5.42 in 2024), above the usual 1.5. Short-term debt is 15.9% and cash 9.1% of total assets. However, equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 325 sector peers (2025).
NBB · sector comparisonPosition among 325 sector peers
Solvency
better than 10%
← weakest
strongest →
raises risk · 2025 accounts filed 38 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-09-2026, 38 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 · 10 filingsDeviation from the deadline
2025
38 days late
2024
403 days late
2023
426 days late
2022
792 days late
2021
88 days late
2020
10 days late
2019
9 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 250 days after the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 September (4 of the last 5 accounts filed within 365 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
BH
BTRS Holding Europe BV
Director
- BTRS HOLDINGS INC. consolidatedLEI register
- BTS Holdings Inc consolidatesannual accounts 2025
Shares in 3 companies, including Billtrust UK Ltd and iController GmbH
Board & ownershipRecent changes
Company renamed from ICONTROLLER to Billtrust Belgium
Registered office moved within Ghent · New registered office: Gaston Crommenlaan 8, 9050 Gent · Previous registered office: Moutstraat 64 bus B501, 9000 Gent · General meeting of 30-03-2026 · Gazette deed
Appointment: David Zwick (day-to-day manager)
Board meeting of 01-07-2025 · Gazette deed
Resignation: Mimont Bezzih (day-to-day manager)
Board meeting of 23-06-2025 · Gazette deed
New day-to-day manager
Sjoerd Janssen appointed, Marco Eeman resigned · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Billtrust Belgium Ghent | €5.6m | 12.0% | -27.8% | 22.1 |
| RetailSonar Ghent | - | - | 41.3% | 28.5 |
| Atmire Leuven | - | - | 65.7% | 27.8 |
| QORVO BELGIUM Brussels | - | - | 63.9% | 32.2 |
| MEDSOC Mont-Saint-Guibert | - | - | 14.8% | 19.1 |
| RECOMATICS Destelbergen | - | - | 19.1% | 14.1 |
| Hybrid Software Merelbeke-Melle | €4.9m | 4.6% | 44.6% | 12.1 |
Grey: the largest companies of the sector (publishing (NACE 58)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Billtrust Belgium: other software publishing (NACE 58290). They are comparable in size and age: total assets between €2.2m and €7.1m, founded between 1995 and 2011.
Official details
Source: KBO- Status
- Active since 15-11-2007Normal situation
- Registered office
- 81 active companies are registered at this address5 started in the 12 months before. Source: KBO register, as of 11 November 2026.
- Activity
- Other software publishingNACE 58290and 3 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.166.346.6299000 Ghent, since 15-11-2007
- Financial year end
- 31 December
- Peppol
- Reachable since 01-01-0001
Annual accounts 2025
- €4.7m▼ 19.8%
- Employeeson 31-12-2025
- 17▼ 29.2%
- Filing
- Filed on 07-09-2026
Insights on Billtrust Belgium
Billtrust Belgium files the abbreviated format. That format states no turnover. The gross margin rose from €13,089 in 2008 to €4.1m in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Billtrust Belgium
- What is the company number of Billtrust Belgium?
- The company number of Billtrust Belgium is 0893.502.434. The VAT number is the same number with BE in front: BE 0893.502.434.
- Where is Billtrust Belgium based?
- The registered office is at Gaston Crommenlaan 8, 9050 Ghent.Company details
- What does Billtrust Belgium do?
- According to the KBO register, the main activity is other software publishing (NACE 58290).
- What is the legal form of Billtrust Belgium?
- Billtrust Belgium is a private limited company (BV).
- When was Billtrust Belgium founded?
- Billtrust Belgium was founded on 15-11-2007.
- Is Billtrust Belgium still active?
- Yes, Billtrust Belgium is an active enterprise in the KBO register.
- How many employees does Billtrust Belgium have?
- Billtrust Belgium had an average of 22.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Billtrust Belgium fall under?
- In its 2025 annual accounts, Billtrust Belgium states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Billtrust Belgium?
- The turnover of Billtrust Belgium was €5.6m in financial year 2025, according to the filed annual accounts.
- Is Billtrust Belgium profitable?
- In financial year 2025, Billtrust Belgium made a profit of €611,905.
- Where can I find the annual accounts of Billtrust Belgium?
- Billtrust Belgium filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Billtrust Belgium due?
- Billtrust Belgium must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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