Hotel Development Belzan
ActiveSummary
The computed 12-month bankruptcy probability of Hotel Development Belzan is 2.1% (moderate). The 2025 annual accounts show negative equity (-€74,983) and a net result of -€17,229. Equity is shrinking by about 47% per year across the filed financial years. Its solvency ranks better than 5% of 513 sector peers (NACE 55, financial year 2025). The company has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- -€74,983
- Loss
- -€17,229
- Parent
- Serret Ltd · 100%
- Bouke KoppertDirector
- Stephen LoftusDirector
Why 52raises riskLast filed accounts filed 55 days late; 1 of the last 3 lateNo registered site in the KBOlowers riskSize: total assets €3,571Liquidity: current ratio 0.05, cash €3,370, halvedShow the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 55, micro): better than 8% on solvency, 54% on liquidity, 5% on profitability and 18% on growth.
The bankruptcy probability was computed on 30-10-2026 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
This company filed its last 6 accounts on average 5 days before the deadline; the sector median (NACE 55) for financial year 2024 is 1 day before the deadline, and 45% of those companies filed late.
Searched, nothing found (2)
- Reappointments: Stephen Loftus (director) and Bouke…Gazette deed
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, full format
2025 annual accounts filed late (55 days) Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00525139.
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result turns negative in 2025: a loss of €16,956 after €4,312 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 55, Accommodation: 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).
Peer companies
Historical observationOf the 6,007 companies that looked in July 2024 the way this one looks now, 7.9% went bankrupt within 24 months and 83.0% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,007 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €35,000 | - | - |
| Non-recurring operating income76A | - | - | - | - | €9,592 | - | - |
| Operating charges60/66A | - | €31,854 | €39,005 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €9,769 | €35,794 | €16,412 | ▼ 54.1% |
| Services and other goods61 | - | €403 | €3,594 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,588 | €30,984 | €34,942 | €25,286 | €3,958 | - | - |
| Other operating charges640/8 | - | €468 | €469 | €516 | €528 | €544 | ▲ 3.0% |
| Gross operating margin9900 | - | - | - | -€9,769 | €8,798 | -€16,412 | - |
| Operating profit (loss)9901 | -€15,361 | -€31,854 | -€39,005 | -€35,572 | €4,312 | -€16,956 | - |
| Financial charges65/66B | - | €178 | €545 | €370 | €390 | €273 | ▼ 30.0% |
| Recurring financial charges65 | €290 | €178 | €545 | €370 | €390 | €273 | ▼ 30.0% |
| Debt charges650 | - | - | €15 | - | - | - | - |
| Other financial charges652/9 | - | €178 | €530 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€15,651 | -€32,032 | -€39,551 | -€35,942 | €3,922 | -€17,229 | - |
| Profit (loss) for the period9904 | -€15,651 | -€32,032 | -€39,551 | -€35,942 | €3,922 | -€17,229 | - |
| Profit (loss) for the period to be appropriated9905 | -€15,651 | -€32,032 | -€39,551 | -€35,942 | €3,922 | -€17,229 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €87,977 | €64,831 | €30,383 | €6,226 | €7,363 | €3,571 | ▼ 51.5% |
| Formation expenses20 | €70,170 | €43,562 | €16,953 | - | - | - | - |
| Fixed assets21/28 | - | €20,625 | €12,292 | €3,958 | - | - | - |
| Intangible fixed assets21 | - | €20,625 | €12,292 | €3,958 | - | - | - |
| Current assets29/58 | €17,807 | €645 | €1,139 | €2,268 | €7,363 | €3,571 | ▼ 51.5% |
| Amounts receivable within one year40/41 | €17,164 | €645 | €14 | €291 | €15 | €201 | ▲ 13× |
| Trade receivables40 | - | - | - | - | - | €134 | - |
| Other amounts receivable41 | - | €645 | €14 | €291 | €15 | €67 | ▲ 347% |
| Cash at bank and in hand54/58 | €643 | - | €1,125 | €1,977 | €7,348 | €3,370 | ▼ 54.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €87,977 | €64,831 | €30,383 | €6,226 | €7,363 | €3,571 | ▼ 51.5% |
| Equity10/15 | €45,849 | €13,817 | -€25,734 | -€61,676 | -€57,754 | -€74,983 | ▼ 29.8% |
| Contributions10/11 | €61,500 | €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 | = |
| Profit (loss) carried forward14 | -€15,651 | -€47,683 | -€87,234 | -€123,176 | -€119,254 | -€136,483 | ▼ 14.4% |
| Amounts payable17/49 | €42,128 | €51,014 | €56,117 | €67,902 | €65,117 | €78,554 | ▲ 20.6% |
| Amounts payable within one year42/48 | €42,128 | €51,014 | €56,117 | €67,902 | €65,117 | €78,554 | ▲ 20.6% |
| Trade debts44 | €5,352 | - | - | €3,785 | - | €437 | - |
| Suppliers440/4 | - | - | - | €3,785 | - | €437 | - |
| Other amounts payable47/48 | - | €51,014 | €56,117 | €64,117 | €65,117 | €78,117 | ▲ 20.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,651 | -€32,032 | -€39,551 | -€35,942 | €3,922 | -€17,229 | - |
| + Depreciation and write-downs630 | €9,588 | €30,984 | €34,942 | €25,286 | €3,958 | - | - |
| Operating cash flow (approximation) | -€6,063 | -€1,048 | -€4,609 | -€10,656 | €7,880 | -€17,229 | - |
| Investment in fixed assets (approximation) | - | - | -€26,609 | -€16,953 | - | - | - |
| Change in cash | - | - | - | €852 | €5,371 | -€3,978 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 24-09-2026 | 2026-00525139 |
| 31-12-2024 | abbreviated format | 02-07-2025 | 2025-00226865 |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00270577 |
| 31-12-2022 | full format | 27-06-2023 | 2023-00170773 |
| 31-12-2021 | full format | 08-07-2022 | 2022-20175644 |
| 31-12-2020 | full format | 12-08-2021 | 2021-48300179 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Bouke Koppert |
|
| Stephen Loftus |
|
| BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES |
|
| James MURPHY |
|
Owners and capital
Owners
1 ownerChain of control
- Serret LtdIE
- Hotel Development Belzan
Highest known parent: Serret Ltd (Ireland). The sources do not say who stands above it.
Owners 1
- Serret LtdIEparentSourceown accounts 2025100%
According to the 2025 annual accounts of Hotel Development Belzan and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 13-03-2024 Capital stated in the deed · €61,500 · 61,500 shares
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
21-10
Gazette deed
Reappointments: Stephen Loftus (director) and Bouke Koppert (director)3 facts ▸
- General meeting, 30-06-2025
- Director reappointment, Stephen Loftus (director)
- Director reappointment, Bouke Koppert (director)
13-03
Gazette deed
Resignation: James MURPHY (director)Reappointment: BDO Bedrijfsrevisoren (statutory auditor) · Permanent representative: Veerle Catry · Amendment of the articles6 facts ▸
- General meeting, 27-10-2023
- Amendment of the articles
- Capital, €61,500
- Director resignation, James MURPHY (director)
- Auditor reappointment, BDO Bedrijfsrevisoren (statutory auditor)
- Permanent representative, Veerle Catry
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44017B0298/00H000 | Flanders | 4,556 m² | - | - |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- Hotel Development Belzan
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, Artikel 2:Zetel” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Artikel 20: Vertegenwoordiging van de vennootschap De vennootschap is vertegenwoordigd in de akten, ook deze waarbij een ministerieel of…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Raad van bestuur, door louter kennisgeving aan raad van bestuur” (deed in Dutch)“Vergoeding bestuurders, andersluidende beslissing algemene vergadering” (deed in Dutch)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- 30 June at 13:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Ontbinding om welke reden en wanneer ook, één of meer” (deed in Dutch)“Bevoegdheden vereffenaars, alle verrichtingen vermeld in wet tenzij algemene vergadering anders besluit bij gewone meerderheid” (deed in Dutch)1 more provision on this in the deed