Summary
ING COMMERCIAL FINANCE BELUX is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €48.65M and a net result of €14.05M. Equity is growing by ~4.5% per year across the filed fiscal years. Its solvency ranks better than 6% of 2399 sector peers (fiscal year 2025). The company has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 6% of 2399 sector peers (2025).
NBB · sector comparisonPosition among 2399 sector peers
Solvency
better than 6%
← weakest
strongest →
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 16-04-2026, 106 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
106 d early
2024
100 d early
2023
98 d early
2022
94 d early
2021
82 d early
2020
72 d early
2019
92 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Equity
€48.65M▲ 1.5%
2024 · €47.92M
2018: €35.87Mlowest in 8 years
2019: €37.56M▲ +4.7% vs 2018
2020: €41.24M▲ +9.8% vs 2019
2021: €43.77M▲ +6.1% vs 2020
2022: €47.76M▲ +9.1% vs 2021
2023: €49.76M▲ +4.2% vs 2022highest in 8 years
2024: €47.92M▼ -3.7% vs 2023
2025: €48.65M▲ +1.5% vs 2024
2018 → 2025
Net result
€14.05M▼ 1.0%
2024 · €14.20M
2018: €11.15Mlowest in 8 years
2019: €13.23M▲ +18.6% vs 2018
2020: €12.45M▼ -5.9% vs 2019
2021: €15.81M▲ +27.0% vs 2020
2022: €17.83M▲ +12.7% vs 2021highest in 8 years
2023: €15.99M▼ -10.3% vs 2022
2024: €14.20M▼ -11.2% vs 2023
2025: €14.05M▼ -1.0% vs 2024
2018 → 2025
Total assets
€2.17B▲ 16.0%
2024 · €1.87B
2018: €1.65B
2019: €1.78B▲ +7.7% vs 2018
2020: €1.49B▼ -15.9% vs 2019lowest in 8 years
2021: €2.01B▲ +34.3% vs 2020
2022: €2.16B▲ +7.7% vs 2021
2023: €1.89B▼ -12.6% vs 2022
2024: €1.87B▼ -0.7% vs 2023
2025: €2.17B▲ +16.0% vs 2024highest in 8 years
2018 → 2025
Solvency
2.2%▼ 0.3pp
2024 · 2.6%
2018: 2.2%
2019: 2.1%▼ -2.8% vs 2018lowest in 8 years
2020: 2.8%▲ +30.6% vs 2019highest in 8 years
2021: 2.2%▼ -21.0% vs 2020
2022: 2.2%▲ +1.4% vs 2021
2023: 2.6%▲ +19.1% vs 2022
2024: 2.6%▼ -3.0% vs 2023
2025: 2.2%▼ -12.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€13.62M-€16.51M▲ 21.2%€15.79M▼ 4.4%€16.87M▲ 6.8%€17.31M▲ 2.6%
2021: €13.62Mlowest in 5 years
2022: €16.51M▲ +21.2% vs 2021
2023: €15.79M▼ -4.4% vs 2022
2024: €16.87M▲ +6.8% vs 2023
2025: €17.31M▲ +2.6% vs 2024highest in 5 years
Equity€43.77M-€47.76M▲ 9.1%€49.76M▲ 4.2%€47.92M▼ 3.7%€48.65M▲ 1.5%
2021: €43.77Mlowest in 5 years
2022: €47.76M▲ +9.1% vs 2021
2023: €49.76M▲ +4.2% vs 2022highest in 5 years
2024: €47.92M▼ -3.7% vs 2023
2025: €48.65M▲ +1.5% vs 2024
Operating result€433k-€1.22M▲ 183%€1.11M▼ 9.3%€-966k€-505k▲ 47.8%
2021: €433k
2022: €1.22M▲ +183% vs 2021highest in 5 years
2023: €1.11M▼ -9.3% vs 2022
2024: €-966k▼ -187% vs 2023lowest in 5 years
2025: €-505k▲ +47.8% vs 2024
Net result€15.81M-€17.83M▲ 12.7%€15.99M▼ 10.3%€14.20M▼ 11.2%€14.05M▼ 1.0%
2021: €15.81M
2022: €17.83M▲ +12.7% vs 2021highest in 5 years
2023: €15.99M▼ -10.3% vs 2022
2024: €14.20M▼ -11.2% vs 2023
2025: €14.05M▼ -1.0% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €505k in 2025 against €966k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €2.17B
Equity
€48.65M ▲ 1.5%
Debt
€2.13B ▲ 16.4%
Debt's share of the balance-sheet total rises from 97.4% to 97.8%. Equity and debt are higher.
Key figures and ratios
ROE
28.9%▼
2024 · 29.6%
ROA
0.6%▼
2024 · 0.8%
Debt ≤ 1 year
€2.12B▲
2024 · €1.82B
Income taxes
€4.66M▼
2024 · €5.03M
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 · 64 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.87B€2.17B▲
Current assets29/58€1.87B€2.17B▲
Amounts receivable within one year40/41€1.82B€2.12B▲
Trade receivables40€1.82B€2.12B▲
Other amounts receivable41€4k€0▼
Cash at bank and in hand54/58€50.76M€53.24M▲
Deferred charges and accrued income490/1€191k€34k▼
Equity and liabilities
Total equity and liabilities10/49€1.87B€2.17B▲
Equity10/15€47.92M€48.65M▲
Contributions10/11€5.00M€5.00M=
Capital10€5.00M€5.00M=
Issued capital100€5.00M€5.00M=
Reserves13€15.54M€16.27M▲
Non-distributable reserves130/1€500k€500k=
Legal reserve130€500k€500k=
Tax-exempt reserves132€3.26M€2.99M▼
Distributable reserves133€11.78M€12.78M▲
Profit (loss) carried forward14€27.38M€27.38M=
Provisions and deferred taxes16€0-
Provisions for liabilities and charges160/5€0-
Other liabilities and charges164/5€0-
Amounts payable17/49€1.83B€2.13B▲
Amounts payable within one year42/48€1.82B€2.12B▲
Financial debts43€1.66B€2.00B▲
Credit institutions430/8€1.66B€2.00B▲
Trade debts44€146.86M€104.43M▼
Suppliers440/4€146.86M€104.43M▼
Taxes, remuneration and social security45€714k€1.06M▲
Taxes450/3€714k€1.06M▲
Other amounts payable47/48€17.96M€15.71M▼
Accrued charges and deferred income492/3€5.08M€4.56M▼
Income statement
Code20242025
Operating income70/76A€16.87M€17.63M▲
Turnover70€16.87M€17.31M▲
Other operating income74-€4k
Non-recurring operating income76A€0€315k▲
Operating charges60/66A€17.83M€18.13M▲
Services and other goods61€17.43M€17.66M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€471k€470k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-105k€0▲
Other operating charges640/8€2k€0▼
Non-recurring operating charges66A€34k€395▼
Operating profit (loss)9901€-966k€-505k▲
Financial income75/76B€96.61M€71.96M▼
Recurring financial income75€96.61M€71.96M▼
Income from current assets751€96.47M€71.75M▼
Other financial income752/9€136k€210k▲
Financial charges65/66B€76.41M€52.75M▼
Recurring financial charges65€76.41M€52.75M▼
Debt charges650€76.27M€52.60M▼
Other financial charges652/9€143k€149k▲
Profit (loss) for the period before taxes9903€19.23M€18.71M▼
Income taxes67/77€5.03M€4.66M▼
Taxes670/3€5.03M€4.66M▼
Tax adjustments and reversals of tax provisions77-€6k
Profit (loss) for the period9904€14.20M€14.05M▼
Transfer from tax-exempt reserves789€3.84M€1.26M▼
Transfer to tax-exempt reserves689€998k€998k=
Profit (loss) for the period to be appropriated9905€17.04M€14.31M▼
Appropriation of the result
Profit (loss) to be appropriated9906€44.42M€41.69M▼
Profit (loss) brought forward from the previous period14P€27.38M€27.38M=
Transfer to equity691/2€1.00M€998k▼
To other reserves6921€1.00M€998k▼
Profit to be distributed694/7€16.04M€13.32M▼
Return on contributions (dividend)694€16.04M€13.32M▼
The notes to these accounts (23 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €13.63M | €16.61M | €15.89M | €16.87M | €17.63M | ▲ 4.5% |
| Turnover70 | €13.62M | €16.51M | €15.79M | €16.87M | €17.31M | ▲ 2.6% |
| Other operating income74 | - | €1k | €0 | - | €4k | - |
| Non-recurring operating income76A | €10k | €101k | €104k | €0 | €315k | - |
| Operating charges60/66A | €13.20M | €15.39M | €14.78M | €17.83M | €18.13M | ▲ 1.7% |
| Services and other goods61 | €12.84M | €14.76M | €14.31M | €17.43M | €17.66M | ▲ 1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €349k | €484k | €470k | €471k | €470k | ▼ 0.2% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €-105k | €0 | ▲ 100% |
| Other operating charges640/8 | €2k | - | €2k | €2k | €0 | ▼ 100% |
| Non-recurring operating charges66A | - | €146k | €0 | €34k | €395 | ▼ 98.8% |
| Operating profit (loss)9901 | €433k | €1.22M | €1.11M | €-966k | €-505k | ▲ 47.8% |
| Financial income75/76B | €20.92M | €32.66M | €95.12M | €96.61M | €71.96M | ▼ 25.5% |
| Recurring financial income75 | €20.92M | €32.66M | €95.12M | €96.61M | €71.96M | ▼ 25.5% |
| Income from current assets751 | €20.73M | €32.44M | €94.94M | €96.47M | €71.75M | ▼ 25.6% |
| Other financial income752/9 | €192k | €220k | €183k | €136k | €210k | ▲ 54.3% |
| Financial charges65/66B | €194k | €10.15M | €75.25M | €76.41M | €52.75M | ▼ 31.0% |
| Recurring financial charges65 | €194k | €10.15M | €75.25M | €76.41M | €52.75M | ▼ 31.0% |
| Debt charges650 | - | €10.03M | €75.12M | €76.27M | €52.60M | ▼ 31.0% |
| Other financial charges652/9 | €194k | €124k | €126k | €143k | €149k | ▲ 4.5% |
| Profit (loss) for the period before taxes9903 | €21.16M | €23.73M | €20.98M | €19.23M | €18.71M | ▼ 2.7% |
| Income taxes67/77 | €5.35M | €5.90M | €5.00M | €5.03M | €4.66M | ▼ 7.4% |
| Taxes670/3 | €5.35M | €5.90M | €5.00M | €5.03M | €4.66M | ▼ 7.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €6k | - |
| Profit (loss) for the period9904 | €15.81M | €17.83M | €15.99M | €14.20M | €14.05M | ▼ 1.0% |
| Transfer from tax-exempt reserves789 | - | €1.17M | €427k | €3.84M | €1.26M | ▼ 67.1% |
| Transfer to tax-exempt reserves689 | €1.26M | €2.00M | €998k | €998k | €998k | = |
| Profit (loss) for the period to be appropriated9905 | €14.55M | €16.99M | €15.42M | €17.04M | €14.31M | ▼ 16.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.01B | €2.16B | €1.89B | €1.87B | €2.17B | ▲ 16.0% |
| Current assets29/58 | €2.01B | €2.16B | €1.89B | €1.87B | €2.17B | ▲ 16.0% |
| Amounts receivable within one year40/41 | €1.97B | €2.14B | €1.86B | €1.82B | €2.12B | ▲ 16.3% |
| Trade receivables40 | €1.97B | €2.14B | €1.86B | €1.82B | €2.12B | ▲ 16.3% |
| Other amounts receivable41 | €326k | €849k | €241k | €4k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €31.93M | €18.52M | €23.45M | €50.76M | €53.24M | ▲ 4.9% |
| Deferred charges and accrued income490/1 | €532k | €938k | €701k | €191k | €34k | ▼ 82.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.01B | €2.16B | €1.89B | €1.87B | €2.17B | ▲ 16.0% |
| Equity10/15 | €43.77M | €47.76M | €49.76M | €47.92M | €48.65M | ▲ 1.5% |
| Contributions10/11 | €5.00M | €5.00M | €5.00M | €5.00M | €5.00M | = |
| Capital10 | €5.00M | €5.00M | €5.00M | €5.00M | €5.00M | = |
| Issued capital100 | €5.00M | €5.00M | €5.00M | €5.00M | €5.00M | = |
| Reserves13 | €11.38M | €15.38M | €17.38M | €15.54M | €16.27M | ▲ 4.7% |
| Non-distributable reserves130/1 | €500k | €500k | €500k | €500k | €500k | = |
| Legal reserve130 | €500k | €500k | €500k | €500k | €500k | = |
| Tax-exempt reserves132 | €4.70M | €5.53M | €6.10M | €3.26M | €2.99M | ▼ 8.1% |
| Distributable reserves133 | €6.19M | €9.35M | €10.78M | €11.78M | €12.78M | ▲ 8.5% |
| Profit (loss) carried forward14 | €27.38M | €27.38M | €27.38M | €27.38M | €27.38M | = |
| Provisions and deferred taxes16 | €105k | €105k | €105k | €0 | - | - |
| Provisions for liabilities and charges160/5 | €105k | €105k | €105k | €0 | - | - |
| Other liabilities and charges164/5 | €105k | €105k | €105k | €0 | - | - |
| Amounts payable17/49 | €1.96B | €2.11B | €1.84B | €1.83B | €2.13B | ▲ 16.4% |
| Amounts payable within one year42/48 | €1.96B | €2.11B | €1.83B | €1.82B | €2.12B | ▲ 16.4% |
| Financial debts43 | €1.72B | €1.97B | €1.72B | €1.66B | €2.00B | ▲ 20.8% |
| Credit institutions430/8 | €1.72B | €1.97B | €1.72B | €1.66B | €2.00B | ▲ 20.8% |
| Trade debts44 | €225.86M | €121.57M | €95.59M | €146.86M | €104.43M | ▼ 28.9% |
| Suppliers440/4 | €225.86M | €121.57M | €95.59M | €146.86M | €104.43M | ▼ 28.9% |
| Taxes, remuneration and social security45 | €213k | €168k | €149k | €714k | €1.06M | ▲ 49.1% |
| Taxes450/3 | €213k | €168k | €149k | €714k | €1.06M | ▲ 49.1% |
| Other amounts payable47/48 | €14.73M | €15.29M | €16.66M | €17.96M | €15.71M | ▼ 12.5% |
| Accrued charges and deferred income492/3 | €1.60M | €5.70M | €6.62M | €5.08M | €4.56M | ▼ 10.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15.81M | €17.83M | €15.99M | €14.20M | €14.05M | ▼ 1.0% |
| Operating cash flow (approximation) | €15.81M | €17.83M | €15.99M | €14.20M | €14.05M | ▼ 1.0% |
| Change in cash | - | €-13.41M | €4.93M | €27.31M | €2.48M | ▼ 90.9% |
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
16-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
22-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
24-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2018net €17.83M ▲12.7%
Operating result €1.22M, net result €17.83M, both a record.
10-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
20-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
01-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 61 acts read
About the unread acts
We know of 61 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
61 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, Brussel · 1 establishment unit since 2000
Ground area
1.0 ha
Building footprint
4,485 m²
Volume, LiDAR
149,111 m³
Parcel 21805E0512/00G000, Brussels · tallest building 37.0 m, ±11 floors. Linked by address, not a title deed.
56
companies at this address
See who is registered here
1 establishment unit
ING COMMERCIAL FINANCE BELUX
since 20002.093.722.729
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21805E0512/00G000 | Brussels | 1.0 ha | 1 · 4,485 m² | 37.0 m · 11 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel 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: expect extra rules on renovation or sale.
Structure & network
Ownership & control
2 parent companiesControl over this companyparent company per the LEI register2
Brussels
ING GROEP N.V.
Amsterdam, Netherlands · indirect
controls
ING COMMERCIAL FINANCE BELUXBE 0470.131.086
Recognitions · licences · registrations
Legal Entity Identifier
98450008DC579884A433
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Of 29 companies in sector 64923 we hold annual accounts for 19. 5 are within a factor 10 of this equity. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded26-01-2000
Fiscal year end31-12
Activities, NACEBEL 2025
64923Financial service activities, except insurance and pension funding
46190Agents in non-specialised wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.