ACTIVE

BELGIAN CO

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Financial year 2025 · closed on 31/12/2025

Net result

227,5 k €

-45.3% YoY

Gross margin

598,2 k €

-12.6% YoY

Equity

730,1 k €

+45.3% YoY

Workforce

7,7 ETP

+120.0% YoY

What does BELGIAN CO do?

BELGIAN CO is a Private limited company incorporated in 1989. Its main activity is: Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores. Its registered office is in Bruxelles. It employs on average 7,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.350.423

Incorporation

14/09/1989

Legal form

Private limited company

Registered office

Rue de l'Etuve 22B
1000 Bruxelles · BruxellesSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Average workforce

7,7 ETP

Activities (NACE)

47242Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores· main 47242Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores 46360Wholesale of sugar and chocolate and sugar confectionery 46360Wholesale of sugar and chocolate and sugar confectionery

Joint committees (4)

119
11900
201
20100

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	598,2 k €	-12.6%	684,5 k €	+261%	189,5 k €	+96.1%	96,6 k €	+45.3%	66,5 k €	-80.8%	345,6 k €	+93.3%	178,8 k €	-12.1%	203,3 k €	-5.3%	214,6 k €	-9.6%	237,3 k €	-8.7%	259,8 k €	-7.4%	280,5 k €	+31.3%	213,6 k €	+26.5%	168,8 k €	+41.6%	119,2 k €	-76.9%	516,1 k €	+25.0%	412,9 k €	-30.1%	590,4 k €	+109%	282 k €
EBITDA	329,3 k €	-42.0%	568,2 k €	+352%	125,8 k €	+265%	34,4 k €	-7.1%	37,1 k €	-81.3%	198,4 k €	+254%	56 k €	+7.3%	52,2 k €	-31.4%	76 k €	-5.8%	80,7 k €	-50.2%	161,9 k €	-16.7%	194,4 k €	+85.6%	104,7 k €	+41.1%	74,2 k €	+68.7%	44 k €	-84.2%	279,2 k €	+216%	88,5 k €	-71.3%	308 k €	+106%	149,2 k €
Operating result	299,1 k €	-44.9%	543,3 k €	+420%	104,5 k €	+1127%	8,5 k €	-20.1%	10,7 k €	-93.7%	170,3 k €	+404%	33,8 k €	+27.0%	26,6 k €	-40.3%	44,6 k €	-8.8%	48,9 k €	-64.3%	137,2 k €	-25.9%	185,2 k €	+110%	88,1 k €	+39.5%	63,1 k €	+66.6%	37,9 k €	-84.7%	247,7 k €	+378%	51,8 k €	-80.4%	264,8 k €	+129%	115,5 k €
Net result	227,5 k €	-45.3%	416 k €	+478%	72 k €	+909%	7,1 k €	+316%	-3,3 k €	-102%	172,2 k €	+241%	50,5 k €	-3.9%	52,5 k €	-13.5%	60,8 k €	+24.7%	48,7 k €	-42.4%	84,7 k €	-35.6%	131,5 k €	+167%	49,3 k €	+15.9%	42,5 k €	+48.8%	28,6 k €	-82.4%	162,7 k €	+889%	16,5 k €	-91.1%	184,3 k €	+132%	79,3 k €
Balance sheet
Equity	730,1 k €	+45.3%	502,5 k €	+169%	186,6 k €	-13.1%	214,6 k €	+3.4%	207,5 k €	-70.8%	710,3 k €	+15.9%	613 k €	+9.0%	562,3 k €	+10.3%	509,7 k €	+13.5%	448,9 k €	+12.2%	400,2 k €	+26.8%	315,5 k €	+71.4%	184,1 k €	+36.5%	134,8 k €	+46.0%	92,3 k €	+44.8%	63,7 k €	-53.7%	137,6 k €	-26.7%	187,8 k €	+37.2%	136,8 k €
Total assets	1,1 M €	+36.4%	832,2 k €	-25.0%	1,1 M €	+22.7%	904,3 k €	-35.5%	1,4 M €	+4.1%	1,3 M €	+5.6%	1,3 M €	-12.5%	1,5 M €	+78.2%	817,9 k €	+23.3%	663,2 k €	+12.1%	591,5 k €	+37.8%	429,3 k €	+53.4%	279,9 k €	+47.5%	189,7 k €	+45.1%	130,7 k €	-66.0%	384,4 k €	+13.6%	338,5 k €	-14.2%	394,4 k €	+50.0%	263 k €
Cash	131,8 k €	-31.8%	193,2 k €	+648%	25,8 k €	-90.1%	261,5 k €	+41.0%	185,4 k €	-61.3%	479 k €	+47.9%	323,9 k €	+235%	96,7 k €	-53.1%	206,2 k €	+1508%	12,8 k €	-52.7%	27,1 k €	-85.8%	190,5 k €	+484%	32,6 k €	-9.9%	36,2 k €	+62.3%	22,3 k €	-91.2%	254,8 k €	+55.0%	164,4 k €	+7.2%	153,4 k €	+386%	31,5 k €
Debts	373,6 k €	+38.7%	269,4 k €	-50.4%	543,5 k €	-21.2%	689,7 k €	-42.3%	1,2 M €	+88.1%	635,4 k €	+24.8%	509 k €	-41.6%	872,3 k €	+229%	265,2 k €	+29.4%	205 k €	+7.2%	191,3 k €	+68.1%	113,8 k €	+21.3%	93,9 k €	+70.8%	54,9 k €	+55.7%	35,3 k €	-88.4%	304,4 k €	+52.0%	200,2 k €	+0.1%	200 k €	+66.5%	120,1 k €
Other
Workforce	7,7 ETP	+120%	3,5 ETP	+119%	1,6 ETP	-15.8%	1,9 ETP	-36.7%	3,0 ETP	-41.2%	5,1 ETP	+24.4%	4,1 ETP	-8.9%	4,5 ETP	-11.8%	5,1 ETP	-19.0%	6,3 ETP	+23.5%	5,1 ETP	+18.6%	4,3 ETP	-12.2%	4,9 ETP	+32.4%	3,7 ETP	+12.1%	3,3 ETP	-58.2%	7,9 ETP	-24.0%	10,4 ETP	-7.1%	11,2 ETP	+55.6%	7,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 14 ended

Active mandates

Laurent Badenberg

Director · since 15 octobre 2025

Active

Frederic Pelicaen

Director

Active

Li Ying

Director

Active

Ended mandates

Sebastien Loyens

Director · since 01 mai 2019

Ended

YING LI

Director · since 01 octobre 2015

Ended

YING LI

Manager · since 01 octobre 2015

Ended

STEPHEN PELICAEN

Manager · since 01 juillet 2014

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	24/08/2026	27/08/2025	01/08/2024	30/08/2023	24/06/2022	05/08/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	23/06/2023	24/06/2022	25/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/06/2026	24/08/2026	Dutch	PDF
Abridged model	31/12/2024	27/06/2025	27/08/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	01/08/2024	Dutch	PDF
Abridged model	31/12/2022	23/06/2023	30/08/2023	Dutch	PDF
Abridged model	31/12/2021	24/06/2022	24/06/2022	Dutch	PDF
Abridged model	31/12/2020	25/06/2021	05/08/2021	Dutch	PDF
Abridged model	31/12/2019	19/06/2020	23/06/2020	Dutch	PDF
Abridged model	31/12/2018	28/06/2019	09/07/2019	Dutch	PDF
Abridged model	31/12/2017	22/06/2018	29/06/2018	Dutch	PDF
Abridged model	31/12/2016	23/06/2017	30/06/2017	Dutch	PDF
Abridged model	31/12/2015	22/06/2016	22/06/2016	Dutch	PDF
Abridged model	31/12/2014	18/06/2015	19/06/2015	Dutch	PDF
Abridged model	31/12/2013	27/06/2014	15/07/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	18/07/2013	Dutch	PDF
Abridged model	31/12/2011	29/06/2012	18/07/2012	Dutch	PDF
Abridged model	31/12/2010	24/06/2011	01/07/2011	Dutch	PDF
Abridged model	31/12/2009	26/01/2010	30/08/2010	Dutch	PDF
Abridged model	31/12/2008	30/07/2009	28/08/2009	French	PDF
Abridged model	31/12/2007	27/06/2008	30/06/2008	Dutch	PDF
Abridged model	31/12/2006	22/08/2007	24/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 14 ended

Active mandates

Laurent Badenberg

Director · since 15 octobre 2025

Active

Frederic Pelicaen

Director

Active

Li Ying

Director

Active

Ended mandates

Sebastien Loyens

Director · since 01 mai 2019

Ended

YING LI

Director · since 01 octobre 2015

Ended

YING LI

Manager · since 01 octobre 2015

Ended

STEPHEN PELICAEN

Manager · since 01 juillet 2014

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/10/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Mandates06/06/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/11/2015
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/07/2014
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/10/2010
DEMISSIONS, NOMINATIONS
PDF
Mandates16/02/2010
DEMISSIONS, NOMINATIONS
PDF
Other23/04/2007
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025227,5 k €↓
2024
Annual accounts 2024416 k €↑
2023
Annual accounts 202372 k €↑
2022
Annual accounts 20227,1 k €↑
2021
Annual accounts 2021-3,3 k €↓
2019
Annual accounts 2019172,2 k €↑
2018
Annual accounts 201850,5 k €↓
2017
Annual accounts 201752,5 k €↓
2016
Annual accounts 201660,8 k €↑
2015
Annual accounts 201548,7 k €↓
2014
Annual accounts 201484,7 k €↓
2013
Annual accounts 2013131,5 k €↑
2012
Annual accounts 201249,3 k €↑
2011
Annual accounts 201142,5 k €↑
2010
Annual accounts 201028,6 k €↓
2009
Annual accounts 2009162,7 k €↑
2008
Annual accounts 200816,5 k €↓
2007
Annual accounts 2007184,3 k €↑
2006
Annual accounts 200679,3 k €
14/09/1989
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

BELGIAN CO

Overview

What does BELGIAN CO do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline