Summary
CUPELLI ASSET MANAGEMENT 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 €330,242 and a net result of €94,874. Equity is growing by about 47% per year across the filed financial years. Its solvency ranks better than 57% of 6,655 sector peers (NACE 64, financial year 2025). The company has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Activity
Activities of holding companies
NACE 64210
1 site
Size
€563,680total assets 2025
- Equity
- €330,242
- Profit
- €94,874
Turnover not published (abbreviated or micro format)
Financial health
Financial institution: outside the modelBankruptcy probability: sector outside the model
Structure
2025 accounts 24 days early1 of 3 deeds summarised
SignalsneutralLatest accounts filed on timeShow the evidence
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.
Bankruptcy probability, 12 months
This is a financial institution (bank, insurer or financial holding). A bank balance sheet works differently from that of an ordinary trading or manufacturing company. We therefore show no bankruptcy probability rather than a misleading figure.
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 07-01-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 days early
2024
on the day
2023
5 days early
2022
on the day
2021
5 days early
2020
17 days early
2019
2 days 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 8 days before the deadline; the sector median (NACE 64) for financial year 2024 is 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 26 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
30-06-2026 year end27-10-2026 today31-01-2027 deadline
- Annual accounts filedfinancial year 2025 · abbreviated…
- Registered officeRegistered-office move
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
Equity
€330,242▲ 40.3%
2024 · €235,368
Net result
€94,874▲ 13.1%
2024 · €83,853
Total assets
€563,680▲ 0.9%
2024 · €558,442
Solvency
58.6%▲ 16.4pp
2024 · 42.1%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result recovers in 2025; 2025 is 21% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€134,825
2025
Net result€94,874
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€563,680
2025
Equity€330,242
2025
Debt€233,439
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€214,313
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)16.8%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency58.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio5.04
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,862-€10,726▲ 36.4%€7,555▼ 29.6%€57,858▲ 666%€179,271▲ 210%€111,742▼ 37.7%€134,825▲ 20.7%
Net result€717-€4,341within the sector's middle half▲ 506%€2,773below the sector's middle half▼ 36.1%€42,327within the sector's middle half▲ 15×€140,436above the sector's middle half▲ 232%€83,853within the sector's middle half▼ 40.3%€94,874within the sector's middle half▲ 13.1%
Equity€34,078-€38,419below the sector's middle half▲ 12.7%€41,680within the sector's middle half▲ 8.5%€41,680within the sector's middle half=€154,116within the sector's middle half▲ 270%€235,368within the sector's middle half▲ 52.7%€330,242within the sector's middle half▲ 40.3%
Total assets€95,698-€97,540below the sector's middle half▲ 1.9%€80,247below the sector's middle half▼ 17.7%€150,676within the sector's middle half▲ 87.8%€208,930within the sector's middle half▲ 38.7%€558,442below the sector's middle half▲ 167%€563,680below the sector's middle half▲ 0.9%
Debt€61,620-€59,121▼ 4.1%€38,568▼ 34.8%€108,996▲ 183%€54,815▼ 49.7%€323,074▲ 489%€233,439▼ 27.7%
Working capital€22,555-€27,483within the sector's middle half▲ 21.8%€28,274within the sector's middle half▲ 2.9%€28,590within the sector's middle half▲ 1.1%€141,690within the sector's middle half▲ 396%€169,335within the sector's middle half▲ 19.5%€214,313within the sector's middle half▲ 26.6%
Solvency35.6%-39.4%within the sector's middle half▲ 3.8pp51.9%within the sector's middle half▲ 12.6pp27.7%within the sector's middle half▼ 24.3pp73.8%within the sector's middle half▲ 46.1pp42.1%within the sector's middle half▼ 31.6pp58.6%within the sector's middle half▲ 16.4pp
Current ratio1.57-1.58within the sector's middle half▲ 0.011.75within the sector's middle half▲ 0.171.31within the sector's middle half▼ 0.453.82within the sector's middle half▲ 2.523.18above the sector's middle half▼ 0.655.04above the sector's middle half▲ 1.86
Return on assets (ROA)0.7%-4.5%within the sector's middle half▲ 3.7pp3.5%within the sector's middle half▼ 1.0pp28.1%above the sector's middle half▲ 24.6pp67.2%above the sector's middle half▲ 39.1pp15.0%above the sector's middle half▼ 52.2pp16.8%above the sector's middle half▲ 1.8pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €563,680
Fixed assets
€296,281 ▼ 4.8%
Current assets
€267,399 ▲ 8.2%
Equity and liabilities €563,680
Equity
€330,242 ▲ 40.3%
Debt
€233,439 ▼ 27.7%
Debt's share of the balance-sheet total falls from 57.9% to 41.4%. Equity is higher and debt is lower.
Key figures and ratios
ROE
28.7%▼
2024 · 35.6%
Debt ≤ 1 year
€53,087▼
2024 · €77,816
Debt > 1 year
€180,352▼
2024 · €242,000
Income taxes
€37,814▲
2024 · €22,243
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,434 | €11,620 | €11,881 | €7,517 | €11,517 | €23,418 | €14,661 | ▼ 37.4% |
| Other operating charges640/8 | - | - | - | €730 | €5,293 | €5,571 | €1,929 | ▼ 65.4% |
| Gross operating margin9900 | €23,922 | €23,586 | €20,338 | €66,105 | €196,082 | €140,731 | €151,415 | ▲ 7.6% |
| Operating profit (loss)9901 | €7,862 | €10,726 | €7,555 | €57,858 | €179,271 | €111,742 | €134,825 | ▲ 20.7% |
| Financial income75/76B | - | - | - | €1 | €0 | €3,281 | €10,738 | ▲ 227% |
| Recurring financial income75 | €0 | - | €0 | €1 | €0 | €3,281 | €10,738 | ▲ 227% |
| Financial charges65/66B | - | - | - | €2,660 | €1,863 | €8,926 | €12,876 | ▲ 44.2% |
| Recurring financial charges65 | €2,245 | €2,318 | €2,113 | €2,660 | €1,863 | €8,926 | €12,876 | ▲ 44.2% |
| Profit (loss) for the period before taxes9903 | €5,617 | €8,409 | €5,442 | €55,199 | €177,408 | €106,096 | €132,688 | ▲ 25.1% |
| Income taxes67/77 | €4,900 | €4,068 | €2,669 | €12,873 | €36,972 | €22,243 | €37,814 | ▲ 70.0% |
| Profit (loss) for the period9904 | €717 | €4,341 | €2,773 | €42,327 | €140,436 | €83,853 | €94,874 | ▲ 13.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €63,150 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €717 | €4,341 | €2,773 | €42,327 | €140,436 | €20,702 | €94,874 | ▲ 358% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €95,698 | €97,540 | €80,247 | €150,676 | €208,930 | €558,442 | €563,680 | ▲ 0.9% |
| Fixed assets21/28 | €33,576 | €22,632 | €14,324 | €28,591 | €17,073 | €311,291 | €296,281 | ▼ 4.8% |
| Tangible fixed assets22/27 | €33,576 | €22,632 | €14,324 | €28,591 | €17,073 | €311,291 | €296,281 | ▼ 4.8% |
| Land and buildings22 | - | - | - | - | - | €305,510 | €295,449 | ▼ 3.3% |
| Furniture and vehicles24 | - | - | - | €26,494 | €15,227 | €4,184 | €832 | ▼ 80.1% |
| Other tangible fixed assets26 | - | - | - | €2,097 | €1,847 | €1,597 | €0 | ▼ 100% |
| Current assets29/58 | €62,122 | €74,908 | €65,924 | €122,085 | €191,857 | €247,151 | €267,399 | ▲ 8.2% |
| Amounts receivable after more than one year29 | - | - | - | - | €6,400 | €0 | - | - |
| Other amounts receivable291 | - | - | - | - | €6,400 | €0 | - | - |
| Amounts receivable within one year40/41 | €9,232 | €978 | €2,331 | €26,000 | €145,000 | €8,982 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €26,000 | €145,000 | €117 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0 | - | €8,865 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | - | €164,602 | €177,769 | ▲ 8.0% |
| Cash at bank and in hand54/58 | €50,641 | €71,041 | €58,894 | €91,800 | €36,945 | €64,168 | €87,027 | ▲ 35.6% |
| Deferred charges and accrued income490/1 | - | - | - | €4,285 | €3,512 | €9,399 | €2,603 | ▼ 72.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €95,698 | €97,540 | €80,247 | €150,676 | €208,930 | €558,442 | €563,680 | ▲ 0.9% |
| Equity10/15 | €34,078 | €38,419 | €41,680 | €41,680 | €154,116 | €235,368 | €330,242 | ▲ 40.3% |
| Contributions10/11 | €6,200 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €23,080 | €23,080 | €23,080 | €23,080 | €135,516 | €216,768 | €311,642 | ▲ 43.8% |
| Non-distributable reserves130/1 | - | - | - | €1,430 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,430 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €63,150 | €63,150 | = |
| Distributable reserves133 | - | - | - | €21,650 | €135,516 | €153,618 | €248,492 | ▲ 61.8% |
| Profit (loss) carried forward14 | €4,798 | €9,139 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €61,620 | €59,121 | €38,568 | €108,996 | €54,815 | €323,074 | €233,439 | ▼ 27.7% |
| Amounts payable after more than one year17 | €22,052 | €11,696 | €918 | €15,434 | €4,647 | €242,000 | €180,352 | ▼ 25.5% |
| Financial debts170/4 | - | - | - | €15,434 | €4,647 | €242,000 | €180,352 | ▼ 25.5% |
| Amounts payable within one year42/48 | €39,568 | €47,425 | €37,650 | €93,495 | €50,167 | €77,816 | €53,087 | ▼ 31.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,125 | €10,786 | €22,647 | €11,227 | ▼ 50.4% |
| Trade debts44 | €2,661 | €5,073 | €891 | €6,701 | €8,666 | €7,825 | €3,963 | ▼ 49.4% |
| Suppliers440/4 | - | - | - | €6,701 | €8,666 | €7,825 | €3,963 | ▼ 49.4% |
| Taxes, remuneration and social security45 | - | - | - | €15,590 | €17,799 | €21,695 | €28,630 | ▲ 32.0% |
| Taxes450/3 | - | - | - | €15,590 | €17,799 | €21,695 | €27,702 | ▲ 27.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €928 | - |
| Other amounts payable47/48 | - | - | - | €59,079 | €12,916 | €25,648 | €9,267 | ▼ 63.9% |
| Accrued charges and deferred income492/3 | - | - | - | €67 | €0 | €3,258 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €717 | €4,341 | €2,773 | €42,327 | €140,436 | €83,853 | €94,874 | ▲ 13.1% |
| + Depreciation and write-downs630 | €11,434 | €11,620 | €11,881 | €7,517 | €11,517 | €23,418 | €14,661 | ▼ 37.4% |
| Operating cash flow (approximation) | €12,151 | €15,961 | €14,654 | €49,843 | €151,953 | €107,270 | €109,534 | ▲ 2.1% |
| Investment in fixed assets (approximation) | - | -€677 | -€3,572 | -€21,784 | €0 | -€317,635 | €349 | - |
| Change in cash | - | €20,401 | -€12,147 | €32,906 | -€54,855 | €27,223 | €22,859 | ▼ 16.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | abbreviated format | 07-01-2026 | 2026-00006390 |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00024472 |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00013501 |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00018505 |
| 30-06-2021 | micro format | 26-01-2022 | 2022-02400270 |
| 30-06-2020 | micro format | 14-01-2021 | 2021-00900595 |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02900026 |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04200114 |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00900108 |
| 30-06-2016 | full format | 05-01-2017 | 2017-00500027 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,049. 13,941 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
No directors read yet: 1 of 3 Gazette acts processed. See the directors and other office holders in the KBO →
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
History
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2026
07-01
NBB filing
Annual accounts filed
financial year 2025 · abbreviated format
2025
08-10
Gazette deed
Registered officeRegistered-office move1 fact ▸
Gazette deed
Registered office
Registered-office move1 fact ▸
- Registered-office move, Hoogheide 44 te 3511 Kuringen
31-01
NBB filing
Annual accounts filed
financial year 2024 · abbreviated format
2024
30-06
Financial
Equity above €200,000equity €235,368 ▲52.7%
A profit in every financial year since 2019 builds equity to €235,368.
26-01
NBB filing
Annual accounts filed
financial year 2023 · micro format
2023
30-06
Financial
Highest result from 2019 to 2025net €140,436 ▲232%
Operating result €179,271, net result €140,436, both a record.
30-06
Financial
Liquidity more than doubledcurrent ratio 3.82
Current ratio from 1.31 to 3.82; short-term debt falls from €93,495 to €50,167.
30-06
Financial
Equity above €150,000equity €154,116 ▲270%
A profit in every financial year since 2019 builds equity to €154,116.
31-01
NBB filing
Annual accounts filed
financial year 2022 · micro format
2022
26-01
NBB filing
Annual accounts filed
financial year 2021 · micro format
2021
14-01
NBB filing
Annual accounts filed
financial year 2020 · micro format
2020
29-01
NBB filing
Annual accounts filed
financial year 2019 · micro format
Show earlier events
2019
31-01
NBB filing
Annual accounts filed
financial year 2018 · micro format
2018
09-01
NBB filing
Annual accounts filed
financial year 2017 · micro format
2017
05-01
NBB filing
Annual accounts filed
financial year 2016 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 11 annual accounts filed, the latest 10 are here; all 11 are under Financials.
1 of 3 deeds read
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Register details
Identification
Legal formPrivate limited company
Founded27-02-2014
Financial year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
68321Property management for co-owned buildings (syndics)
70200Business and other management consultancy
73200Market research and public opinion polling
82100Office administrative and support services
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0546948653
Also
9925:BE0546948653
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
9845007EB3C8D8996978
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Hasselt · 1 establishment unit since 2014
Ground area
899 m²
Building footprint
267 m²
Building volume
541 m³
2 parcels, Flanders · tallest building 10.3 m. Linked by address, not a title deed.
1 establishment unit
Cupelli Asset Management
since 2014unit no. 2.228.404.358
2 parcels
Flanders
2
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 71032B0658/00R000 | Flanders | 785 m² | 1 · 205 m² | - |
| 71326F0053/00H004 | Flanders | 114 m² | 1 · 62 m² | 10.3 m · 3 |
How the parcels are linked
Good to know
Both parcels match the address exactly.