Belphi
ActiveSummary
Belphi has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-103k) and a net result of €-36k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 12% of 18280 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
29
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability11▼-24
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.17 against 0.15 in 2024; short-term debt: 61.2% and cash: 3.4% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-59.2%
Return on assets
-20.8%
Age of the figures
18 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← 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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
192022232425
2019 to 2025 · latest year €-103k
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 22-12-2025, 52 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 · 9 filingsDeviation from the deadline
2025
52 d late
2024
106 d late
2023
472 d late
2022
22 d late
2020
45 d late
2019
6 d late
2018
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close24-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€-103k▼ 54.3%
2024 · €-67k
2019: €-11k
2020: €-13k
2022: €3k
2023: €-44k
2024: €-67k
2019 → 2025
Total assets
€174k▼ 18.0%
2024 · €212k
2019: €332k
2020: €302k
2022: €269k
2023: €254k
2024: €212k
2019 → 2025
Net result
€-36k▼ 55.5%
2024 · €-23k
2019: €-899
2020: €-3k
2022: €5k
2023: €-46k
2024: €-23k
2019 → 2025
Working capital
€-88k▲ 1.7%
2024 · €-90k
2019: €-51k
2020: €-51k
2022: €-66k
2023: €-62k
2024: €-90k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202022202320242025Trend
Equity€-13k-€3k€-44k€-67k▼ 53.6%€-103k▼ 54.3%
Operating result€11k-€11k▼ 5.4%€-41k€-18k▲ 57.0%€-30k▼ 70.7%
Net result€-3k-€5k€-46k€-23k▲ 49.3%€-36k▼ 55.5%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €30k in 2025 against €18k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €174k
Fixed assets
€156k ▼ 20.4%
Current assets
€18k ▲ 10.5%
Key figures and ratios
EBITDA
€10k▼
2024 · €23k
Cash flow
€4k▼
2024 · €18k
Solvency
-59.2%▼
2024 · -31.5%
Current ratio
0.17▲
2024 · 0.15
Quick ratio
0.10▲
2024 · 0.09
Debt to equity
-2.69▲
2024 · -4.18
ROA
-20.8%▼
2024 · -11.0%
Interest coverage
1.31▼
2024 · 3.59
Debt
€277k▼
2024 · €279k
Debt ≤ 1 year
€107k▲
2024 · €106k
Debt > 1 year
€169k▼
2024 · €172k
Staff costs
€71k▲
2024 · €64k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€212k€174k▼
Fixed assets21/28€196k€156k▼
Intangible fixed assets21€17k€45▼
Tangible fixed assets22/27€179k€156k▼
Land and buildings22€134k€122k▼
Plant, machinery and equipment23€45k€34k▼
Furniture and vehicles24€343€82▼
Current assets29/58€16k€18k▲
Stocks and contracts in progress3€7k€7k=
Stocks30/36€7k€7k=
Amounts receivable within one year40/41€8k€5k▼
Trade receivables40€4k€0▼
Other amounts receivable41€4k€5k▲
Cash at bank and in hand54/58€926€6k▲
Deferred charges and accrued income490/1€373€550▲
Equity and liabilities
Total equity and liabilities10/49€212k€174k▼
Equity10/15€-67k€-103k▼
Contributions10/11€6k€6k=
Reserves13€55€55=
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Distributable reserves133€55€55=
Profit (loss) carried forward14€-73k€-109k▼
Amounts payable17/49€279k€277k▼
Amounts payable after more than one year17€172k€169k▼
Financial debts170/4€172k€169k▼
Amounts payable within one year42/48€106k€107k▲
Current portion of amounts payable after more than one year42€21k€23k▲
Trade debts44€71k€56k▼
Suppliers440/4€71k€56k▼
Taxes, remuneration and social security45€12k€12k▼
Taxes450/3€5k€5k▼
Remuneration and social security454/9€8k€7k▼
Other amounts payable47/48€2k€16k▲
Accrued charges and deferred income492/3€652€2k▲
Income statement
Code20242025
Remuneration, social security and pensions62€64k€71k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€41k€40k▼
Other operating charges640/8€3k€3k▼
Gross operating margin9900€91k€84k▼
Operating profit (loss)9901€-18k€-30k▼
Financial income75/76B€689€1k▲
Recurring financial income75€689€1k▲
Financial charges65/66B€7k€8k▲
Recurring financial charges65€7k€8k▲
Profit (loss) for the period before taxes9903€-23k€-36k▼
Profit (loss) for the period9904€-23k€-36k▼
Profit (loss) for the period to be appropriated9905€-23k€-36k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-73k€-109k▼
Profit (loss) brought forward from the previous period14P€-50k€-73k▼
The notes to these accounts (14 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
2025
22-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 52 days late
14-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 106 days late
14-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 472 days late
2023
31-03
Financial
Weakest financial yearnet €-46k
Net result drops to €-46k, the lowest in the series; recovery starts the following year.
2022
22-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
31-03
Financial
Back to profitnet €5k
Net result €5k after 2 loss-making years.
2020
15-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 45 days late
2019
06-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 6 days late
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
15-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 15 days late
11-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 72 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Evergem · 1 establishment unit since 2015
Ground area
761 m²
Building footprint
335 m²
Volume, LiDAR
1,165 m³
Parcel 43006C0362/00A003, Flanders · tallest building 8.2 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
BELPHI
since 20152.239.864.315
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43006C0362/00A003 | Flanders | 761 m² | 1 · 335 m² | 8.2 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 2 entries · 4,000 EUR awarded · 4,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,000 EUR | 2,000 EUR |
| 2023 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Hinderpremie bij openbare werken
Recognitions · licences · registrations
Food safety, FASFC
1 siteEvergem2.239.864.315
Similar companies · same sector, comparable size
DIVERS SERVICES
BE 0793.797.025
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MA-LINE
BE 0825.713.191
Ittre · Eq €2,563
GOLDEN PRETZEL
BE 0769.635.810
Antwerpen · Eq €2,445
De tafel van Elise
BE 0886.431.827
Aalst · Eq €2,589
DYVA
BE 0475.141.335
Rumst · Eq €2,611
Of 2,404 companies in sector 47241 we hold annual accounts for 1,101. 317 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded19-02-2015
Fiscal year end31-03
Activities, NACEBEL 2025
47241Retail sale of bread and pastry (bakery outlets)
10712Artisanal bread and fresh pastry making
Sources
Crossroads Bank for EnterprisesNational Bank · 9 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.