SL BELGIUM

Active

Public limited companyfounded 201015 yrs activeRue des Frères Wright 8, 6041 Charleroi, BelgiumKBO/BCE: BE 0831.920.104

SL BELGIUM has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.89M and a net result of €3.41M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 68% of 142 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).

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Checked score

Score 2025

67 / 100

Healthy

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability83▲+16

Solvency68▲+24

Growth78▲+13

Track record100

Bankruptcy probability, 12 months

1.1% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €550k at 30 days acceptable

Liquidity ample (current ratio 1.59 against 0.58 in 2024; short-term debt: 47.3% and cash: 5.2% of total assets), but 57.5% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Ten signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 79

Relative position

BE, all sectors

reference

Sector 79

higher

← fewer bankruptcies more bankruptcies →

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

42.5%

Return on assets

16.3%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Growing equity

Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year €8.89M

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

on the day

2024

83 d late

2023

16 d early

2022

13 d early

2021

31 d late

2020

145 d late

2019

111 d late

← before the deadline after the deadline →

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.

Companies Code · seven months

Position in the running window

19-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€47.10M▲ 11.9%

2024 · €42.08M

2018: €19.23M 2019: €19.59M 2020: €5.51M 2021: €7.01M 2022: €24.55M 2023: €34.83M 2024: €42.08M

2018 → 2025

EBIT margin

11.6%▲ 6.2pp

2024 · 5.4%

2018: 9.5% 2019: 1.3% 2020: -21.1% 2021: -10.2% 2022: 2.8% 2023: 3.6% 2024: 5.4%

2018 → 2025

Net result

€3.41M▼ 11.7%

2024 · €3.86M

2018: €924k 2019: €-240k 2020: €-1.34M 2021: €-3.65M 2022: €232k 2023: €381k 2024: €3.86M

2018 → 2025

Working capital

€5.86M

2024 · €-8.69M

2018: €-4.87M 2019: €-5.19M 2020: €-6.54M 2021: €-7.47M 2022: €-8.28M 2023: €-9.82M 2024: €-8.69M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€7.01M-€24.55M▲ 250%€34.83M▲ 41.9%€42.08M▲ 20.8%€47.10M▲ 11.9%

Equity€1.01M-€1.24M▲ 23.0%€1.62M▲ 30.7%€5.48M▲ 238%€8.89M▲ 62.2%

Operating result€-718k-€696k€1.24M▲ 78.0%€2.29M▲ 84.7%€5.48M▲ 139%

Net result€-3.65M-€232k€381k▲ 63.9%€3.86M▲ 913%€3.41M▼ 11.7%

Result per fiscal year

Operating resultNet result

The operating result has risen four years in a row; 2025 is 139% above 2024 and is the highest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €20.89M

24.6%

75.4%

Fixed assets €5.14M▼ 68.5%

Current assets €15.75M▲ 30.9%

Equity and liabilities €20.89M

42.5%

56.4%

Equity €8.89M▲ 62.2%

Provisions €223k▲ 703%

Debt €11.78M▼ 48.4%

The debt ratio falls from 80.6% to 56.4%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€6.01M▲

2024 · €2.50M

Cash flow

€3.94M▼

2024 · €4.07M

Solvency

42.5%▲

2024 · 19.3%

Current ratio

1.59▲

2024 · 0.58

Quick ratio

1.59▲

2024 · 0.58

Debt / equity

1.33▼

2024 · 4.17

ROE

38.3%▼

2024 · 70.4%

ROA

16.3%▲

2024 · 13.6%

Interest coverage

18.68▲

2024 · 5.18

Debt

€11.78M▼

2024 · €22.84M

Debt ≤ 1 year

€9.89M▼

2024 · €20.73M

Debt > 1 year

€1.89M▼

2024 · €2.11M

Income taxes

€1.07M▲

2024 · €2k

Staff costs

€2.35M▲

2024 · €1.92M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€28.35M€20.89M▼

Fixed assets21/28€16.31M€5.14M▼

Tangible fixed assets22/27€4.28M€4.14M▼

Land and buildings22€3.74M€4.05M▲

Plant, machinery and equipment23€84k€55k▼

Furniture and vehicles24€46k€27k▼

Assets under construction and advance payments27€404k€217▼

Financial fixed assets28€12.04M€1.00M▼

Affiliated companies280/1€11.03M-

Participating interests280€11.03M-

Other financial fixed assets284/8€1.00M€1.00M=

Amounts receivable and cash guarantees285/8€1.00M€1.00M=

Current assets29/58€12.03M€15.75M▲

Amounts receivable within one year40/41€10.17M€14.65M▲

Trade receivables40€5.52M€5.09M▼

Other amounts receivable41€4.65M€9.56M▲

Cash at bank and in hand54/58€1.84M€1.08M▼

Deferred charges and accrued income490/1€16k€25k▲

Equity and liabilities

Total equity and liabilities10/49€28.35M€20.89M▼

Equity10/15€5.48M€8.89M▲

Contributions10/11€3.84M€3.84M=

Capital10€3.84M€3.84M=

Issued capital100€3.84M€3.84M=

Reserves13€202k€1.32M▲

Non-distributable reserves130/1€202k€322k▲

Legal reserve130€202k€322k▲

Tax-exempt reserves132-€1,000k

Profit (loss) carried forward14€1.44M€3.73M▲

Provisions and deferred taxes16€28k€223k▲

Provisions for liabilities and charges160/5€28k€223k▲

Major repairs and maintenance162-€195k

Other liabilities and charges164/5€28k€28k=

Amounts payable17/49€22.84M€11.78M▼

Amounts payable after more than one year17€2.11M€1.89M▼

Financial debts170/4€2.11M€1.89M▼

Credit institutions173€2.11M€1.89M▼

Amounts payable within one year42/48€20.73M€9.89M▼

Current portion of amounts payable after more than one year42-€216k

Trade debts44€11.92M€8.27M▼

Suppliers440/4€11.92M€8.27M▼

Taxes, remuneration and social security45€307k€1.34M▲

Taxes450/3€115k€955k▲

Remuneration and social security454/9€192k€381k▲

Other amounts payable47/48€8.50M€70k▼

Income statement Code20242025

Operating income70/76A€42.14M€47.16M▲

Turnover70€42.08M€47.10M▲

Other operating income74€59k€61k▲

Operating charges60/66A€39.85M€41.69M▲

Goods for resale, raw materials and consumables60€18.14M€17.98M▼

Purchases600/8€18.14M€17.98M▼

Services and other goods61€19.52M€20.54M▲

Remuneration, social security and pensions62€1.92M€2.35M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€212k€533k▲

Provisions for liabilities and charges: additions (uses and reversals)635/8-€195k

Other operating charges640/8€57k€91k▲

Operating profit (loss)9901€2.29M€5.48M▲

Financial income75/76B€2.85M€56k▼

Recurring financial income75€130k€56k▼

Income from financial fixed assets750€130k-

Other financial income752/9€99€56k▲

Non-recurring financial income76B€2.72M-

Financial charges65/66B€1.28M€1.05M▼

Recurring financial charges65€1.28M€1.04M▼

Debt charges650€482k€322k▼

Other financial charges652/9€794k€719k▼

Non-recurring financial charges66B-€11k

Profit (loss) for the period before taxes9903€3.86M€4.48M▲

Income taxes67/77€2k€1.07M▲

Taxes670/3€2k€1.07M▲

Profit (loss) for the period9904€3.86M€3.41M▼

Transfer to tax-exempt reserves689-€1,000k

Profit (loss) for the period to be appropriated9905€3.86M€2.41M▼

Appropriation of the result

Profit (loss) to be appropriated9906€1.52M€3.85M▲

Profit (loss) brought forward from the previous period14P€-2.34M€1.44M▲

Transfer to equity691/2€76k€120k▲

To the legal reserve6920€76k€120k▲

Social balance

Average headcount (FTE)908733.034.0▲

The notes to these accounts (55 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 15Financial 5Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

31-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Liquidity triplescurrent ratio 1.59

Current ratio from 0.58 to 1.59; short-term debt falls from €20.73M to €9.89M.

22-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 83 days late

2024

31-12

Financial Highest result since 2018net €3.86M ▲913%

Net result €3.86M, the highest in the series.

31-12

Financial Equity above €5MEq €5.48M ▲238%

3 profitable years in a row build equity to €5.48M.

15-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

18-07

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Back to profitnet €232k

Net result €232k after 3 loss-making years.

31-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 31 days late

2021

31-12

Financial Weakest financial yearnet €-3.65M

Net result drops to €-3.65M, the lowest in the series; recovery starts the following year.

23-12

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 145 days late

2020

19-11

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 111 days late

2019

18-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

09-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

19-09

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 50 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

9 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, Charleroi · 3 establishment units since 2013

establishment approximate All 3 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Rue des Frères Wright 86041 Charleroi

Ground area

9.3 ha

Building footprint

1.6 ha

Volume, LiDAR

276,091 m³

3 parcels, Brussels, Wallonia · tallest building 51.1 m, ±10 floors. Linked by address, not a title deed.

3 establishment units

SL Belgium

Marcel Broodthaersplein 8, 1060 Sint-Gillis (bij-Brussel)Non-scheduled passenger transport by road

since 20132.305.685.743

SL Belgium - Site Charleroi airport

Rue des Frères Wright ., 6041 CharleroiScheduled passenger transport by road

since 20152.244.468.053

FLIBCO SLB HQ BXL

Vorstlaan 25, 1170 Watermaal-BosvoordeScheduled passenger transport by road

since 20252.371.351.971

3 parcels

Wallonia 1 (33.3%) Brussels 2 (66.7%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21652E0905/00H000 ProtectedMonument · Site or landscapeRoyale BelgeSource ↗	Brussels	8.3 ha	1 · 1.3 ha	51.0 m · 3 fl.
52028B0318/00V000	Wallonia	7,219 m²	1 · 1,185 m²	23.7 m · 6 fl.
21562A0411/00A002	Brussels	2,707 m²	1 · 2,234 m²	49.4 m · 10 fl.