BELTAINE
ActiveBELTAINE has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.96M and a net result of €-161k. Equity remains stable across the filed fiscal years (±0.6% per year). Its solvency ranks better than 37% of 4450 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
23
/ 100
Critical▼ -2 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency26=
Growth32=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.21 against 0.09 in 2024), and 75.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
24.5%
Return on assets
-0.4%
Age of the figures
8 mo
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 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
20 d early
2023
8 d early
2022
17 d late
2021
25 d early
2020
26 d early
2019
27 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
08-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-161k▲ 35.2%
2024 · €-248k
2019: €1k
2020: €-97k
2021: €307k
2022: €181k
2023: €-105k
2024: €-248k
2019 → 2025
Working capital
€-2.15M▲ 58.2%
2024 · €-5.14M
2019: €11.49M
2020: €11.52M
2021: €13.86M
2022: €10.29M
2023: €1.35M
2024: €-5.14M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€11.38M-€11.50M▲ 1.1%€11.37M▼ 1.2%€11.12M▼ 2.2%€10.96M▼ 1.5%
Operating result€604k-€569k▼ 5.8%€513k▼ 9.9%€367k▼ 28.4%€263k▼ 28.5%
Net result€307k-€181k▼ 41.3%€-105k€-248k▼ 137%€-161k▲ 35.2%
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 28% below 2024 and is the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44.70M
Fixed assets
€44.13M▼ 0.9%
Current assets
€574k▲ 13.3%
Equity and liabilities €44.70M
Equity
€10.96M▼ 1.5%
Provisions
€787k▼ 10.1%
Debt
€32.96M▼ 0.2%
The debt ratio rises from 73.4% to 73.7%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€1.82M▼
2024 · €1.88M
Cash flow
€1.40M▲
2024 · €1.26M
Solvency
24.5%▼
2024 · 24.7%
Current ratio
0.21▲
2024 · 0.09
Quick ratio
0.21▲
2024 · 0.09
Debt / equity
3.01▲
2024 · 2.97
ROE
-1.5%▲
2024 · -2.2%
ROA
-0.4%▲
2024 · -0.6%
Interest coverage
2.27▲
2024 · 1.58
Debt
€32.96M▼
2024 · €33.04M
Debt ≤ 1 year
€2.72M▼
2024 · €5.64M
Debt > 1 year
€29.37M▲
2024 · €26.76M
Income taxes
€36k▲
2024 · €7k
Staff costs
€68k▲
2024 · €65k
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€45.03M€44.70M▼
Fixed assets21/28€44.53M€44.13M▼
Tangible fixed assets22/27€20.16M€19.77M▼
Land and buildings22€20.16M€19.77M▼
Financial fixed assets28€24.36M€24.36M=
Current assets29/58€507k€574k▲
Amounts receivable within one year40/41€331k€149k▼
Trade receivables40€331k€115k▼
Other amounts receivable41€0€35k▲
Cash at bank and in hand54/58€237€237=
Deferred charges and accrued income490/1€175k€425k▲
Equity and liabilities
Total equity and liabilities10/49€45.03M€44.70M▼
Equity10/15€11.12M€10.96M▼
Contributions10/11€1.97M€1.97M=
Capital10€1.97M€1.97M=
Issued capital100€1.97M€1.97M=
Reserves13€3.43M€3.17M▼
Non-distributable reserves130/1€197k€197k=
Legal reserve130€197k€197k=
Tax-exempt reserves132€2.63M€2.36M▼
Distributable reserves133€609k€609k=
Profit (loss) carried forward14€5.71M€5.81M▲
Investment grants15€20k€15k▼
Provisions and deferred taxes16€875k€787k▼
Deferred taxes168€875k€787k▼
Amounts payable17/49€33.04M€32.96M▼
Amounts payable after more than one year17€26.76M€29.37M▲
Financial debts170/4€26.76M€29.37M▲
Amounts payable within one year42/48€5.64M€2.72M▼
Current portion of amounts payable after more than one year42€5.18M€1.30M▼
Financial debts43-€27
Credit institutions430/8-€27
Trade debts44€293k€231k▼
Suppliers440/4€293k€231k▼
Advances received on contracts in progress46€0€63▲
Taxes, remuneration and social security45€12k€14k▲
Taxes450/3€4k€5k▲
Remuneration and social security454/9€8k€8k▲
Other amounts payable47/48€158k€1.18M▲
Accrued charges and deferred income492/3€631k€871k▲
Income statement
Code20242025
Remuneration, social security and pensions62€65k€68k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.51M€1.56M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€151k
Other operating charges640/8€114k€116k▲
Gross operating margin9900€2.06M€2.16M▲
Operating profit (loss)9901€367k€263k▼
Financial income75/76B€489k€325k▼
Recurring financial income75€489k€325k▼
Financial charges65/66B€1.19M€801k▼
Recurring financial charges65€1.19M€801k▼
Profit (loss) for the period before taxes9903€-329k€-213k▲
Transfer from deferred taxes780€89k€89k=
Income taxes67/77€7k€36k▲
Profit (loss) for the period9904€-248k€-161k▲
Transfer from tax-exempt reserves789€266k€266k=
Profit (loss) for the period to be appropriated9905€18k€105k▲
Appropriation of the result
Profit (loss) to be appropriated9906€5.71M€5.81M▲
Profit (loss) brought forward from the previous period14P€5.69M€5.71M▲
Profit to be distributed694/7€0-
Directors or managers695€0-
Social balance
Average headcount (FTE)90870.80.8=
The notes to these accounts (19 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
State Gazette act
Resignations & appointmentsGeneral meeting · Director reappointment · Permanent representative4 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director reappointment · Permanent representative4 facts ▸
- General meeting, 11 juni 2026
- Director reappointment, ATHELEAN (bestuurder)
- Permanent representative, Frank Van Leemput
- Mandate compensation, ATHELEAN
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €-248k
Net result drops to €-248k, the lowest in the series; recovery starts the following year.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 17 days late
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €307k
Net result €307k after one loss-making year.
05-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 director, no change since 2026
ATHELEAN
CurrentDirector · since 11-06-2026 · Public limited company · perm. rep.: Frank Van Leemput
11-06-2026
Mandate renewed as Director
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2017
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.
Wolvengracht 181000 BrusselGround area
1,057 m²
Building footprint
221 m²
Volume, LiDAR
4,541 m³
2 parcels, Brussels, Flanders · tallest building 27.9 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
Beltaine
since 20172.265.439.651
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B0372/00A000 | Brussels | 811 m² | 1 · 146 m² | 27.9 m · 9 fl. |
| 12007A0280/00M000 | Flanders | 246 m² | 1 · 76 m² | 12.8 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Structure & network
Connections & network
11 connected companiesNetwork connections
Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Show 7 more network connections
Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Ownership & control
1 partyControl over this companysits on this company's board1
12 subsidiaries · 1 location
controls
BELTAINEBE 0456.111.024
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Of 9,091 companies in sector 68201 we hold annual accounts for 6,722. 2,061 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded27-09-1995
Fiscal year end31-12
Activities, NACEBEL
68201Renting and operating of own or leased residential real estate, excluding social housing
68310Real estate agency activities
68311Real estate activities
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 30 filingsAddress and cadastre registers
Data from official sources, last processed on 08-09-2026. Scores and ratios are computed by Checked and are not a credit decision.