Equity
€14.4m ▲ 32.9%
THE BELGIAN has made a profit in every financial year since 2006.
THE BELGIAN
Lifetime
20 annual accounts with figures on one time axis, 38 filings since 1988peak €17.7m (2025)
€17.7m▲ 10.9%
peak €5.7m (2024)
€3.6m▼ 36.8%
peak €14.4m (2025)
€14.4m▲ 32.9%
€3.3m▼ 41.4%
peak 59.4 FTE (2025)
59.4 FTE▲ 8.2%
Board15 names since 2019all names
6 directorsAnne-Marie Baecke and 5 others
Owners
consolidatesSekofer
Documentsfilings and deeds
09-06-202652 days before the deadline
2025financial year
Result from €5.7m to €3.6mStaff from 54.9 FTE to 59.4 FTEAppointment: BV Macon (director) 30-122 directors resigning, 1 reappointment, 1 statutory auditor r… 08-08Equity from €10.9m to €14.4mDebts from €5.7m to €3.3m
Key points
from the 2025 annual accountsResult
€3.6m ▼ 36.8%
The result fell in 2025 from €5.7m to €3.6m.
Staff
61 employees on 31-12-2025
In 2025, 22 people joined and 21 left. On top of that, 0.3 agency workers worked there on average.
Liquidity
5.30 was 2.78 in 2024
Short-term debts fell from €5.6m to €3.2m.
Filings
38 annual accounts since 1988
The last five annual accounts were filed 35 to 62 days before the end of the period.
Position in the sector
€3.6m
Higher net result than 95% of companies in specialised construction. Sector median €42,716 · 2,458 companies.
Checked score
98
Excellent
Financially stronger than 87% of medium-sized companies in specialised construction (NACE 43)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 241 companies (NACE 43, medium-sized).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: < 0.1%▼ -0.1 percentage points vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026lowest value
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: 0.1%▲ +0.1 percentage points vs 06-2026highest value
08-2026: 0.1%● unchanged vs 07-2026highest value
09-2026: 0.1%● unchanged vs 08-2026highest value
10-2026: 0.1%● unchanged vs 09-2026highest value
11-2026: 0.1%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
raises risk
Sector: Specialised construction activities (NACE 43)
lowers risk
Founded in 1988
Equity €14.4m (81.3% of total assets)
Profit of €3.6m (financial year 2025)
Calculation
The band follows from the bankruptcy probability. 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 43, medium-sized). It does better than 97% of them on solvency, 74% on liquidity, 97% on profitability and 79% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,579 companies had the same profile as THE BELGIAN has now. Each dot stands for 4 companies, two years later.
96.6%
were still trading
3.2%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of THE BELGIAN itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,579 companies, not a prediction for THE BELGIAN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €1,400,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 5.3 (2.78 in 2024), above the usual 1.5. Short-term debt is 18.1% and cash 4.4% of total assets. 18.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 days early
2024
58 days early
2023
62 days early
2022
35 days early
2021
52 days early
2020
29 days early
2019
43 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 47 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 9 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- Sekofer 97.14%score 94equity €9.2m (2025) · 2025 annual accounts of Sekofer
- Benjamin Tonoli 42%annual accounts 2021
- Walter Tonoli 39%annual accounts 2021
Recent changes
Security firm approval (camera systems) granted
Decision of 17-08-2026, published on 04-11-2026
Resignation: Dirk Vanderschrick (director)
Director discharge: Dirk Vanderschrick · General meeting of 03-02-2026 · Gazette deed
Appointment: BV Macon (director)
Permanent representative: Benjamin Tonoli · General meeting of 19-11-2025 · Gazette deed
2 directors resigning, 1 reappointment, 1 statutory auditor reappointed
Reappointments: Anne-Marie Baecke and BV Audit Van Goolen (statutory auditor) · Resignations: Gilbert Bongers and Chris Willems · Director discharge: Gilbert Bongers · General meeting of 16-06-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| THE BELGIAN Meise | €17.7m | 25.8% | 81.3% | 59.4 |
| AFSCHRIFT Ardooie | €20.1m | 19.7% | 63.1% | 57.6 |
| Van Cauter Multitechnieken Lede | €21.7m | 5.0% | 33.0% | 58.6 |
| Jansen Energy Solutions Heusden-Zolder | €26.4m | 5.7% | 9.3% | 70.4 |
| LEXAR TECHNICS Manage | €14.9m | 19.0% | 52.2% | 48.9 |
| ELECTRICITEITSWERKEN NUYTS Balen | €31.2m | 13.1% | 40.8% | 72.8 |
| LENAERTS Houthalen-Helchteren | €20.7m | 9.7% | 79.6% | 47.7 |
Grey: the largest companies of the sector (specialised construction (NACE 43)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as THE BELGIAN: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €13m and €17m, founded between 1977 and 1995.
Official details
Source: KBO- Status
- Active since 25-06-1988Normal situation
- Activity
- General electrical installation workNACE 43211and 1 other
- Joint committees
- 149Sectors related to metal, mechanical and electrical engineering
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.039.059.1701861 Meise, since 06-07-1988
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €17.7m▲ 7.4%
- Employeeson 31-12-2025
- 61=
- Filing
- Filed on 09-06-2026, 52 days before the end of the filing period
Insights on THE BELGIAN
THE BELGIAN has existed since 1988. Turnover grew from €6.2m in 2011 to €17.7m in 2025 and staff from 30.5 to 59.4 full-time equivalents.
Turnover has grown every year since 2013. Solvency rose in 2025 from 65.7% to 81.3% because of the retained profit and lower debts.
Sekofer holds 97.14% of the shares. In 2025, three directors stepped down. In October 2023, the Official Gazette published the appointment of Sekofer as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about THE BELGIAN
- What is the company number of THE BELGIAN?
- The company number of THE BELGIAN is 0434.631.165. The VAT number is the same number with BE in front: BE 0434.631.165.
- Where is THE BELGIAN based?
- The registered office is at Slozenstraat 86, 1861 Meise.Company details
- What does THE BELGIAN do?
- According to the KBO register, the main activity is general electrical installation work (NACE 43211).
- What is the legal form of THE BELGIAN?
- THE BELGIAN is a public limited company (NV).
- When was THE BELGIAN founded?
- THE BELGIAN was founded on 25-06-1988.
- Is THE BELGIAN still active?
- Yes, THE BELGIAN is an active enterprise in the KBO register.
- How many employees does THE BELGIAN have?
- THE BELGIAN had an average of 59.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does THE BELGIAN fall under?
- In its 2025 annual accounts, THE BELGIAN states joint committees 149 (Sectors related to metal, mechanical and electrical engineering) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of THE BELGIAN?
- The turnover of THE BELGIAN was €17.7m in financial year 2025, according to the filed annual accounts.
- Is THE BELGIAN profitable?
- In financial year 2025, THE BELGIAN made a profit of €3.6m.
- Where can I find the annual accounts of THE BELGIAN?
- THE BELGIAN filed 38 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of THE BELGIAN due?
- THE BELGIAN must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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