Summary
BORSACO 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 €479,184 and a net result of -€4,143. Equity is growing by ~16.3% per year across the filed fiscal years. Its solvency ranks better than 94% of 5593 sector peers (fiscal year 2025). The company has been active since 1983 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
1 signal. The signal on the left, the evidence on the right.
○neutral
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 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
58 d early
2024
51 d early
2023
50 d early
2022
55 d early
2021
53 d early
2020
50 d early
2019
46 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 52 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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. Usually files around 8 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#8 oldest company in Leuven, Finance and insurance sector
Equity
€479,184▼ 0.9%
2024 · €483,327
Net result
-€4,143▲ 64.3%
2024 · -€11,616
Total assets
€490,937▼ 1.7%
2024 · €499,293
Solvency
97.6%▲ 0.8pp
2024 · 96.8%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€491,944-€30,433-€15,767▲ 48.2%-€14,450▲ 8.4%-€8,715▲ 39.7%
Net result€334,221above the sector's middle half▲ 3,056%-€32,411below the sector's middle half€4,458below the sector's middle half-€11,616below the sector's middle half-€4,143below the sector's middle half▲ 64.3%
Equity€522,896within the sector's middle half▲ 177%€490,485within the sector's middle half▼ 6.2%€494,943within the sector's middle half▲ 0.9%€483,327within the sector's middle half▼ 2.3%€479,184within the sector's middle half▼ 0.9%
Total assets€630,507within the sector's middle half▲ 36.1%€557,050below the sector's middle half▼ 11.7%€509,786below the sector's middle half▼ 8.5%€499,293below the sector's middle half▼ 2.1%€490,937below the sector's middle half▼ 1.7%
Debt€107,611▼ 60.8%€66,565▼ 38.1%€14,843▼ 77.7%€15,966▲ 7.6%€11,753▼ 26.4%
Working capital€155,662within the sector's middle half€161,494within the sector's middle half▲ 3.7%€151,112within the sector's middle half▼ 6.4%€158,983within the sector's middle half▲ 5.2%€197,777within the sector's middle half▲ 24.4%
Solvency82.9%above the sector's middle half▲ 42.2pp88.1%above the sector's middle half▲ 5.1pp97.1%above the sector's middle half▲ 9.0pp96.8%above the sector's middle half▼ 0.3pp97.6%above the sector's middle half▲ 0.8pp
Current ratio3.33above the sector's middle half▲ 3.116.33above the sector's middle half▲ 3.0014.70above the sector's middle half▲ 8.3812.86above the sector's middle half▼ 1.8425.92above the sector's middle half▲ 13.05
Return on assets (ROA)53.0%above the sector's middle half▲ 50.7pp-5.8%below the sector's middle half▼ 58.8pp0.9%within the sector's middle half▲ 6.7pp-2.3%below the sector's middle half▼ 3.2pp-0.8%below the sector's middle half▲ 1.5pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €8,715 in 2025 against €14,450 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €490,937
Fixed assets
€285,223 ▼ 12.8%
Current assets
€205,714 ▲ 19.3%
Equity and liabilities €490,937
Equity
€479,184 ▼ 0.9%
Debt
€11,753 ▼ 26.4%
Debt's share of the balance-sheet total falls from 3.2% to 2.4%. Equity and debt are lower.
Key figures and ratios
ROE
-0.9%▲
2024 · -2.4%
Debt ≤ 1 year
€7,937▼
2024 · €13,400
Income taxes
€1,980▲
2024 · €729
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €542,326 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,966 | €65 | €219 | €737 | €1,282 | ▲ 73.9% |
| Other operating charges640/8 | €2,524 | €13,150 | €4,230 | €5,161 | €6,470 | ▲ 25.4% |
| Gross operating margin9900 | €514,434 | -€17,218 | -€11,318 | -€8,552 | -€963 | ▲ 88.7% |
| Operating profit (loss)9901 | €491,944 | -€30,433 | -€15,767 | -€14,450 | -€8,715 | ▲ 39.7% |
| Financial income75/76B | €376 | €6,068 | €11,065 | €4,638 | €7,465 | ▲ 61.0% |
| Recurring financial income75 | €376 | €6,068 | €7,065 | €4,638 | €7,465 | ▲ 61.0% |
| Non-recurring financial income76B | - | - | €4,000 | - | - | - |
| Financial charges65/66B | €3,099 | €13,237 | -€9,370 | €1,075 | €913 | ▼ 15.1% |
| Recurring financial charges65 | €3,099 | €13,237 | -€9,370 | €1,075 | €913 | ▼ 15.1% |
| Profit (loss) for the period before taxes9903 | €489,221 | -€37,602 | €4,668 | -€10,887 | -€2,163 | ▲ 80.1% |
| Income taxes67/77 | €155,000 | -€5,191 | €210 | €729 | €1,980 | ▲ 172% |
| Profit (loss) for the period9904 | €334,221 | -€32,411 | €4,458 | -€11,616 | -€4,143 | ▲ 64.3% |
| Profit (loss) for the period to be appropriated9905 | €334,221 | -€32,411 | €4,458 | -€11,616 | -€4,143 | ▲ 64.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €630,507 | €557,050 | €509,786 | €499,293 | €490,937 | ▼ 1.7% |
| Fixed assets21/28 | €408,049 | €365,234 | €347,647 | €326,910 | €285,223 | ▼ 12.8% |
| Tangible fixed assets22/27 | €142 | €77 | €3,490 | €2,753 | €11,066 | ▲ 302% |
| Furniture and vehicles24 | €142 | €77 | €3,490 | €2,753 | €11,066 | ▲ 302% |
| Financial fixed assets28 | €407,907 | €365,157 | €344,157 | €324,157 | €274,157 | ▼ 15.4% |
| Current assets29/58 | €222,458 | €191,816 | €162,139 | €172,383 | €205,714 | ▲ 19.3% |
| Amounts receivable within one year40/41 | €51,983 | €35,401 | €41,409 | €52,359 | €24,154 | ▼ 53.9% |
| Trade receivables40 | €4,447 | €5,401 | €6,409 | €9,859 | €6,654 | ▼ 32.5% |
| Other amounts receivable41 | €47,536 | €30,000 | €35,000 | €42,500 | €17,500 | ▼ 58.8% |
| Current investments50/53 | - | €63,406 | €95,000 | €95,000 | €95,000 | = |
| Cash at bank and in hand54/58 | €170,364 | €92,114 | €23,934 | €21,556 | €84,070 | ▲ 290% |
| Deferred charges and accrued income490/1 | €111 | €895 | €1,796 | €3,468 | €2,490 | ▼ 28.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €630,507 | €557,050 | €509,786 | €499,293 | €490,937 | ▼ 1.7% |
| Equity10/15 | €522,896 | €490,485 | €494,943 | €483,327 | €479,184 | ▼ 0.9% |
| Contributions10/11 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €288,487 | €288,487 | €288,487 | €288,487 | €288,487 | = |
| Non-distributable reserves130/1 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Reserves not available under the articles1311 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Distributable reserves133 | €280,987 | €280,987 | €280,987 | €280,987 | €280,987 | = |
| Profit (loss) carried forward14 | €159,409 | €126,998 | €131,456 | €119,840 | €115,697 | ▼ 3.5% |
| Amounts payable17/49 | €107,611 | €66,565 | €14,843 | €15,966 | €11,753 | ▼ 26.4% |
| Amounts payable after more than one year17 | €36,969 | €32,427 | - | - | - | - |
| Financial debts170/4 | €36,969 | €32,427 | - | - | - | - |
| Amounts payable within one year42/48 | €66,796 | €30,322 | €11,027 | €13,400 | €7,937 | ▼ 40.8% |
| Current portion of amounts payable after more than one year42 | €5,028 | €4,664 | - | - | - | - |
| Trade debts44 | €29,972 | €1,908 | - | €1,115 | €1,374 | ▲ 23.2% |
| Suppliers440/4 | €29,972 | €1,908 | - | €1,115 | €1,374 | ▲ 23.2% |
| Taxes, remuneration and social security45 | €31,796 | €23,750 | €11,027 | €12,285 | €6,563 | ▼ 46.6% |
| Taxes450/3 | €26,800 | €22,789 | €4,125 | €5,759 | €4,556 | ▼ 20.9% |
| Remuneration and social security454/9 | €4,996 | €961 | €6,902 | €6,526 | €2,007 | ▼ 69.2% |
| Accrued charges and deferred income492/3 | €3,846 | €3,816 | €3,816 | €2,566 | €3,816 | ▲ 48.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €334,221 | -€32,411 | €4,458 | -€11,616 | -€4,143 | ▲ 64.3% |
| + Depreciation and write-downs630 | €19,966 | €65 | €219 | €737 | €1,282 | ▲ 73.9% |
| Operating cash flow (approximation) | €354,187 | -€32,346 | €4,677 | -€10,879 | -€2,861 | ▲ 73.7% |
| Investment in fixed assets (approximation) | - | €42,750 | €17,368 | €20,000 | €40,405 | ▲ 102% |
| Change in cash | - | -€78,250 | -€68,180 | -€2,378 | €62,514 | ▲ 2,729% |
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
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Liquidity doublescurrent ratio 25.92
Current ratio from 12.86 to 25.92; short-term debt falls from €13,400 to €7,937.
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
11-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €4,458
Net result €4,458 after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 14.70
Current ratio from 6.33 to 14.70; short-term debt falls from €30,322 to €11,027.
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€32,411
Net result drops to -€32,411, the lowest in the series; recovery starts the following year.
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €334,221 ▲3,056%
Operating result €491,944, net result €334,221, both a record.
31-12
Financial
Liquidity times 15current ratio 3.33
Current ratio from 0.22 to 3.33; short-term debt falls from €144,862 to €66,796.
31-12
Financial
Equity above €500,000Eq €522,896 ▲177%
2 profitable years in a row build equity to €522,896.
Show earlier events
11-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €10,589
Net result €10,589 after 2 loss-making years.
15-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Leuven · 1 establishment unit since 1984
Ground area
208 m²
Building footprint
208 m²
Volume, LiDAR
2,222 m³
Parcel 24062A0556/00C000, Flanders · tallest building 15.4 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Vismarkt 4-5, 3000 Leuven
since 19842.024.120.873
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24062A0556/00C000 | Flanders | 208 m² | 1 · 208 m² | 15.4 m · 4 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 24,721 companies in sector 64210 we hold annual accounts for 19,799. 13,635 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
Founded21-12-1983
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
E-mail
borsaco@skynet.be
Phone
0477598273
E-invoicing
Reachable via Peppol
Peppol ID
0208:0425391421
Registered
24-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.