PHELCO
ActiveSummary
PHELCO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €317,087 and a net result of -€26,126. Equity remains stable across the filed fiscal years (±0.3% per year). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability10▼-90
Solvency100▲+4
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €23,000 at 30 days acceptable
Liquidity ample (current ratio 1.94 against 2.0 in 2024; short-term debt: 19.5% and cash: 29% of total assets), and 19.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
28 d late
2023
26 d late
2022
47 d early
2021
53 d early
2020
86 d late
2019
52 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 17 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 27 August (4 of the last 5 filed years within 74 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
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€26,126
2024 · €200,910
Working capital
€72,620▼ 33.5%
2024 · €109,196
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€3,182▼ 9.5%€4,460▲ 40.2%-€13,149€266,799-€24,962
Net result-€3,229-€1,734▲ 46.3%-€19,384▼ 1,018%€200,910-€26,126
Equity€163,421▼ 8.1%€161,687▼ 1.1%€142,303▼ 12.0%€343,213▲ 141%€317,087▼ 7.6%
Total assets€393,485▼ 3.5%€387,093▼ 1.6%€363,976▼ 6.0%€485,617▲ 33.4%€394,001▼ 18.9%
Debt€230,064=€225,406▼ 2.0%€221,673▼ 1.7%€142,404▼ 35.8%€76,914▼ 46.0%
Working capital€2,424▼ 76.5%-€12,483-€92,387▼ 640%€109,196€72,620▼ 33.5%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €24,962 after €266,799 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €394,001
Fixed assets
€244,467 ▼ 8.5%
Current assets
€149,534 ▼ 31.6%
Equity and liabilities €394,001
Equity
€317,087 ▼ 7.6%
Debt
€76,914 ▼ 46.0%
Debt's share of the balance-sheet total falls from 29.3% to 19.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,076▼
2024 · €288,685
Cash flow
-€4,240▼
2024 · €222,796
Current ratio
1.94▼
2024 · 2.00
Debt to equity
0.24▼
2024 · 0.41
ROE
-8.2%▼
2024 · 58.5%
ROA
-6.6%▼
2024 · 41.4%
Interest coverage
-2.64▼
2024 · 33.90
Debt ≤ 1 year
€76,914▼
2024 · €109,348
Debt > 1 year
€0▼
2024 · €33,056
Income taxes
€0▼
2024 · €57,373
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.7%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,340 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% | 1.0% |
| 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% 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 12,321 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,196 | €22,476 | €24,930 | €21,886 | €21,886 | = |
| Other operating charges640/8 | €3,535 | €2,854 | €3,405 | €2,690 | €3,849 | ▲ 43.1% |
| Non-recurring operating charges66A | - | - | €2,500 | €0 | - | - |
| Gross operating margin9900 | €27,913 | €29,789 | €17,686 | €291,375 | €773 | ▼ 99.7% |
| Operating profit (loss)9901 | €3,182 | €4,460 | -€13,149 | €266,799 | -€24,962 | ▼ 109% |
| Financial income75/76B | €1 | €0 | €1 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €1 | €0 | €1 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €6,412 | €6,194 | €6,236 | €8,516 | €1,164 | ▼ 86.3% |
| Recurring financial charges65 | €6,412 | €6,194 | €6,236 | €8,516 | €1,164 | ▼ 86.3% |
| Profit (loss) for the period before taxes9903 | -€3,229 | -€1,734 | -€19,384 | €258,283 | -€26,126 | ▼ 110% |
| Income taxes67/77 | - | - | - | €57,373 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€3,229 | -€1,734 | -€19,384 | €200,910 | -€26,126 | ▼ 113% |
| Profit (loss) for the period to be appropriated9905 | -€3,229 | -€1,734 | -€19,384 | €200,910 | -€26,126 | ▼ 113% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €393,485 | €387,093 | €363,976 | €485,617 | €394,001 | ▼ 18.9% |
| Fixed assets21/28 | €373,122 | €377,480 | €361,112 | €267,073 | €244,467 | ▼ 8.5% |
| Tangible fixed assets22/27 | €372,352 | €376,711 | €360,343 | €266,353 | €244,467 | ▼ 8.2% |
| Land and buildings22 | €274,626 | €264,636 | €254,646 | €187,140 | €177,150 | ▼ 5.3% |
| Plant, machinery and equipment23 | €7,544 | €6,530 | €5,516 | €4,700 | €3,884 | ▼ 17.4% |
| Other tangible fixed assets26 | €90,182 | €105,545 | €100,181 | €74,513 | €63,433 | ▼ 14.9% |
| Financial fixed assets28 | €769 | €769 | €769 | €720 | €0 | ▼ 100% |
| Current assets29/58 | €20,364 | €9,613 | €2,864 | €218,544 | €149,534 | ▼ 31.6% |
| Amounts receivable within one year40/41 | €16,692 | €0 | €0 | - | €35,000 | - |
| Trade receivables40 | €1,471 | €0 | €0 | - | - | - |
| Other amounts receivable41 | €15,221 | €0 | - | - | €35,000 | - |
| Cash at bank and in hand54/58 | €3,261 | €9,613 | €2,864 | €218,544 | €114,245 | ▼ 47.7% |
| Deferred charges and accrued income490/1 | €410 | €0 | - | - | €289 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €393,485 | €387,093 | €363,976 | €485,617 | €394,001 | ▼ 18.9% |
| Equity10/15 | €163,421 | €161,687 | €142,303 | €343,213 | €317,087 | ▼ 7.6% |
| Contributions10/11 | €11,205 | €11,205 | €11,205 | €11,205 | €11,205 | = |
| Outside capital11 | €11,205 | €11,205 | €11,205 | €11,205 | €11,205 | = |
| Other1109/19 | €11,205 | €11,205 | €11,205 | €11,205 | €11,205 | = |
| Reserves13 | €220,631 | €220,631 | €220,631 | €359,853 | €359,853 | = |
| Non-distributable reserves130/1 | €2,231 | €2,231 | €2,231 | €2,231 | €2,231 | = |
| Reserves not available under the articles1311 | €2,231 | €2,231 | €2,231 | €2,231 | €2,231 | = |
| Tax-exempt reserves132 | €218,400 | €218,400 | €218,400 | €218,400 | €218,400 | = |
| Distributable reserves133 | - | - | - | €139,222 | €139,222 | = |
| Profit (loss) carried forward14 | -€68,414 | -€70,148 | -€89,533 | -€27,844 | -€53,970 | ▼ 93.8% |
| Amounts payable17/49 | €230,064 | €225,406 | €221,673 | €142,404 | €76,914 | ▼ 46.0% |
| Amounts payable after more than one year17 | €212,124 | €203,309 | €126,421 | €33,056 | €0 | ▼ 100% |
| Financial debts170/4 | €212,124 | €203,309 | €126,421 | €33,056 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €17,940 | €22,096 | €95,251 | €109,348 | €76,914 | ▼ 29.7% |
| Current portion of amounts payable after more than one year42 | €16,240 | €19,355 | €19,525 | €7,306 | €0 | ▼ 100% |
| Trade debts44 | €0 | €1,041 | €6,193 | €1,610 | €3,122 | ▲ 93.8% |
| Suppliers440/4 | €0 | €1,041 | €6,193 | €1,610 | €3,122 | ▲ 93.8% |
| Advances received on contracts in progress46 | - | - | €0 | - | - | - |
| Taxes, remuneration and social security45 | €0 | - | - | €57,373 | €57,373 | = |
| Taxes450/3 | - | - | - | €57,373 | €57,373 | = |
| Remuneration and social security454/9 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €1,700 | €1,700 | €69,532 | €43,059 | €16,419 | ▼ 61.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,229 | -€1,734 | -€19,384 | €200,910 | -€26,126 | ▼ 113% |
| + Depreciation and write-downs630 | €21,196 | €22,476 | €24,930 | €21,886 | €21,886 | = |
| Operating cash flow (approximation) | €17,967 | €20,742 | €5,546 | €222,796 | -€4,240 | ▼ 102% |
| Investment in fixed assets (approximation) | - | -€26,834 | -€8,562 | €72,154 | €720 | ▼ 99.0% |
| Change in cash | - | €6,352 | -€6,749 | €215,680 | -€104,299 | ▼ 148% |
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
31-08
State Gazette act
Resignation: Monique Pianet (director)Appointments: Van den Steen Gaëlle (director) and Van den Steen Nicolas (director)4 facts ▸
State Gazette act
Resignation: Monique Pianet (director)
Appointments: Van den Steen Gaëlle (director) and Van den Steen Nicolas (director)4 facts ▸
- Director resignation, Monique Pianet (director)
- Director appointment, Van den Steen Gaëlle (director)
- Director appointment, Van den Steen Nicolas (director)
- General meeting, 18-07-2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Weakest financial yearnet -€26,126
Net result drops to -€26,126, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Back to profitnet €200,910
Net result €200,910 after 3 loss-making years.
31-12
Financial
Liquidity times 66current ratio 2.00
Current ratio from 0.03 to 2.00.
31-12
Financial
Equity above €200,000Eq €343,213 ▲141%
Equity rises from €142,303 to €343,213.
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 26 days late
2023
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 86 days late
2020
31-12
Financial
Back to profitnet €1,214
Net result €1,214 after 2 loss-making years.
Show earlier events
21-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 52 days late
2019
31-12
Financial
Liquidity times 25current ratio 2.05
Current ratio from 0.08 to 2.05; short-term debt falls from €18,027 to €1,739.
06-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
07-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 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, last change in 2026
Gaëlle Van den Steen
CurrentDirector · since 20-06-2026
Nicolas Van den Steen
CurrentDirector · since 20-06-2026
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
3 of this company's 4 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, Chaumont-Gistoux · 1 establishment unit since 1989
Ground area
2,480 m²
Building footprint
338 m²
Volume, LiDAR
1,940 m³
2 parcels, Brussels, Wallonia · tallest building 14.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
PHELCO S.C.
since 19892.043.571.155
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25018D0090/00G000 | Wallonia | 2,298 m² | 1 · 212 m² | 7.8 m · 2 fl. |
| 21816C0155/00A003 | Brussels | 182 m² | 1 · 126 m² | 14.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Gaëlle Van den Steen |
|
| Nicolas Van den Steen |
|
| Monique Pianet |
|
Structure & network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Shareholding
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Identification & contact
Identification
Legal formCoöperatieve vennootschap (oud statuut)
Founded17-04-1989
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.