ACTIVE

Belfisco

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Financial year 2025 · closed on 30/09/2025

Net result

84,4 k €

+1017.3% YoY

Gross margin

452 k €

+12.0% YoY

Equity

71,7 k €

+0.6% YoY

Workforce

7,8 ETP

-8.2% YoY

What does Belfisco do?

Belfisco is a Private limited company incorporated in 1992. Its main activity is: Accounting, bookkeeping and auditing activities; tax consultancy. Its registered office is in Liège. It employs on average 7,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0448.415.459

Incorporation

09/10/1992

Legal form

Private limited company

Registered office

Quai des Vennes 18/20
4020 Liège · WallonieSee on map

Contributed capital

43 454,20 €

Latest accounts

30/09/2025

Average workforce

7,8 ETP

Activities (NACE)

69201Accounting, bookkeeping and auditing activities; tax consultancy· main 69201Accounting, bookkeeping and auditing activities; tax consultancy 69202Accounting, bookkeeping and auditing activities; tax consultancy 74121Specialised design activities 74122Specialised design activities

Joint committees (1)

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	452 k €	+12.0%	403,5 k €	-25.0%	538,3 k €	+17.1%	459,5 k €	+1.7%	452 k €	+6.2%	425,5 k €	+1.2%	420,6 k €	+24.1%	339 k €	+9.2%	310,6 k €	+3.7%	299,5 k €	-14.4%	350 k €	+10.5%	316,8 k €	+20.3%	263,4 k €	+7.5%	245 k €	+4.8%	233,7 k €	+3.4%	226,1 k €	+23.1%	183,7 k €	+5.1%	174,8 k €	+23.8%	141,2 k €	-7.5%	152,6 k €
EBITDA	90,7 k €	+118%	41,6 k €	-78.0%	189,3 k €	-5.0%	199,2 k €	-3.7%	206,9 k €	-7.3%	223,1 k €	+13.6%	196,4 k €	+44.6%	135,8 k €	+18.2%	114,9 k €	+65.6%	69,4 k €	-38.5%	112,8 k €	-12.2%	128,4 k €	+104%	62,9 k €	-0.8%	63,4 k €	-33.8%	95,7 k €	+36.7%	70,1 k €	+24.8%	56,1 k €	-6.8%	60,2 k €	+54.9%	38,9 k €	-35.6%	60,4 k €
Operating result	100,6 k €	+319%	24 k €	-84.3%	152,7 k €	+4.3%	146,5 k €	-2.7%	150,5 k €	-7.8%	163,3 k €	+23.5%	132,2 k €	+95.0%	67,8 k €	-18.7%	83,4 k €	+84.4%	45,2 k €	-42.2%	78,3 k €	-28.2%	109,1 k €	+241%	32 k €	+2.3%	31,3 k €	-55.3%	69,9 k €	+38.1%	50,6 k €	+106%	24,5 k €	-34.9%	37,7 k €	+176%	13,7 k €	-59.0%	33,3 k €
Net result	84,4 k €	+1017%	7,6 k €	-94.6%	139 k €	+4.4%	133,1 k €	+0.1%	132,9 k €	-9.0%	146 k €	+19.2%	122,5 k €	+122%	55,3 k €	-23.2%	72 k €	+168%	26,8 k €	-60.7%	68,3 k €	-22.1%	87,7 k €	+255%	24,7 k €	+28.7%	19,2 k €	-70.3%	64,6 k €	+48.3%	43,5 k €	+135%	18,5 k €	-41.3%	31,6 k €	+302%	7,9 k €	-67.3%	24,1 k €
Balance sheet
Equity	71,7 k €	+0.6%	71,2 k €	-0.1%	71,3 k €	-62.4%	189,7 k €	+7.4%	176,6 k €	+14.9%	153,7 k €	+20.4%	127,7 k €	+2.0%	125,2 k €	-24.3%	165,4 k €	+2.5%	161,4 k €	+7.9%	149,6 k €	+5.9%	141,2 k €	+5.4%	134 k €	+3.6%	129,3 k €	+0.9%	128,1 k €	+3.7%	123,5 k €	+3.0%	120 k €	+3.9%	115,4 k €	+11.2%	103,9 k €	+8.2%	96 k €
Total assets	386,2 k €	+24.3%	310,8 k €	-34.3%	473,3 k €	-0.1%	474 k €	+7.2%	442,3 k €	-1.7%	449,8 k €	-5.5%	476 k €	+9.2%	436 k €	+31.6%	331,3 k €	+21.0%	273,7 k €	-17.4%	331,4 k €	+3.7%	319,4 k €	+18.4%	269,7 k €	+13.2%	238,2 k €	-12.6%	272,7 k €	+8.9%	250,5 k €	+8.7%	230,5 k €	-4.5%	241,5 k €	+23.2%	196 k €	-5.2%	206,8 k €
Cash	38,2 k €	-28.6%	53,5 k €	-59.9%	133,3 k €	-13.8%	154,7 k €	+8.8%	142,2 k €	+9.7%	129,6 k €	-4.2%	135,4 k €	+152%	53,6 k €	-64.5%	151,1 k €	+68.5%	89,7 k €	-38.9%	146,7 k €	+19.5%	122,8 k €	+3.1%	119,1 k €	+26.6%	94,1 k €	-30.5%	135,3 k €	+15.6%	117,1 k €	+45.6%	80,4 k €	-24.5%	106,5 k €	+83.5%	58,1 k €	-31.3%	84,6 k €
Debts	291,5 k €	+34.9%	216,1 k €	-42.9%	378,3 k €	+43.8%	263,1 k €	+8.8%	241,8 k €	-11.4%	272,9 k €	-15.6%	323,4 k €	+13.4%	285,1 k €	+105%	139,4 k €	+57.0%	88,8 k €	-43.9%	158,3 k €	+1.7%	155,6 k €	+37.1%	113,5 k €	+33.4%	85,1 k €	-29.2%	120,2 k €	+19.0%	101 k €	+28.3%	78,7 k €	-23.1%	102,3 k €	+47.9%	69,2 k €	-19.2%	85,6 k €
Other
Workforce	7,8 ETP	-8.2%	8,5 ETP	+2.4%	8,3 ETP	+29.7%	6,4 ETP	+3.2%	6,2 ETP	+24.0%	5,0 ETP		–		–		–		4,9 ETP	-14.0%	5,7 ETP	+14.0%	5,0 ETP	+25.0%	4,0 ETP	0.0%	4,0 ETP	+5.3%	3,8 ETP	-15.6%	4,5 ETP	+18.4%	3,8 ETP	-11.6%	4,3 ETP	+13.2%	3,8 ETP	0.0%	3,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 17 ended

Active mandates

BELFI+

Director · 0800.841.797

Represented by Jean Claude M Johnen

Active

JBEC

Director · 0800.840.908

Represented by Jean François Belleflamme

Active

Ended mandates

BELFI+

Director · since 17 avril 2023 · 0800.841.797

Represented by Jean Claude M Johnen

Ended

JBEC

Director · since 17 avril 2023 · 0800.840.908

Represented by Jean François Belleflamme

Ended

Magali Cambron

Director · since 29 décembre 2021

Ended

Jean Claude M Johnen

Manager · since 20 décembre 2017

Ended

At this address

Other companies at this address

Company	CBE no.
GSP HOLDING● Active	0893.960.314

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	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	19/01/2026	02/01/2025	18/01/2024	23/01/2023	08/01/2022	04/01/2021
General meeting	30/12/2025	02/01/2025	28/12/2023	30/12/2022	29/12/2021	30/12/2020
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	30/09/2025	30/12/2025	19/01/2026	French	PDF
Abridged model	30/09/2024	02/01/2025	02/01/2025	French	PDF
Abridged model	30/09/2023	28/12/2023	18/01/2024	French	PDF
Abridged model	30/09/2022	30/12/2022	23/01/2023	French	PDF
Abridged model	30/09/2021	29/12/2021	08/01/2022	French	PDF
Abridged model	30/09/2020	30/12/2020	04/01/2021	French	PDF
Micro model	30/09/2019	30/12/2019	31/12/2019	French	PDF
Micro model	30/09/2018	04/01/2019	14/01/2019	French	PDF
Micro model	30/09/2017	02/01/2018	02/01/2018	French	PDF
Abridged model	30/09/2016	28/12/2016	03/01/2017	French	PDF
Abridged model	30/09/2015	25/01/2016	26/01/2016	French	PDF
Abridged model	30/09/2014	20/01/2015	22/01/2015	French	PDF
Abridged model	30/09/2013	27/12/2013	27/12/2013	French	PDF
Abridged model	30/09/2012	28/12/2012	09/01/2013	French	PDF
Abridged model	30/09/2011	28/12/2011	30/12/2011	French	PDF
Abridged model	30/09/2010	29/12/2010	10/01/2011	French	PDF
Abridged model	30/09/2009	31/12/2009	04/01/2010	French	PDF
Abridged model	30/09/2008	26/12/2008	15/01/2009	French	PDF
Abridged model	30/09/2007	13/03/2008	17/03/2008	French	PDF
Abridged model	30/09/2006	19/12/2006	18/02/2008	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 30/09/2025 · 2 active · 17 ended

Active mandates

BELFI+

Director · 0800.841.797

Represented by Jean Claude M Johnen

Active

JBEC

Director · 0800.840.908

Represented by Jean François Belleflamme

Active

Ended mandates

BELFI+

Director · since 17 avril 2023 · 0800.841.797

Represented by Jean Claude M Johnen

Ended

JBEC

Director · since 17 avril 2023 · 0800.840.908

Represented by Jean François Belleflamme

Ended

Magali Cambron

Director · since 29 décembre 2021

Ended

Jean Claude M Johnen

Manager · since 20 décembre 2017

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other23/02/2026
Changement représentant permanent
PDF
Registered office21/10/2025
Transfert du siège
PDF
Mandates20/04/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - OBJET - DEMISSIONS, NOMINATIONS
PDF
Mandates19/01/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates05/02/2018
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Capital / shares19/12/2013
CAPITAL, ACTIONS
PDF
Capital / shares02/06/2009
OBJET - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates22/07/2004
DEMISSIONS, NOMINATIONS
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 202584,4 k €↑
2024
Annual accounts 20247,6 k €↓
2023
Annual accounts 2023139 k €↑
2022
Annual accounts 2022133,1 k €↑
2021
Annual accounts 2021132,9 k €↓
2020
Annual accounts 2020146 k €↑
2019
Annual accounts 2019122,5 k €↑
2018
Annual accounts 201855,3 k €↓
2017
Annual accounts 201772 k €↑
2016
Annual accounts 201626,8 k €↓
2015
Annual accounts 201568,3 k €↓
2014
Annual accounts 201487,7 k €↑
2013
Annual accounts 201324,7 k €↑
2012
Annual accounts 201219,2 k €↓
2011
Annual accounts 201164,6 k €↑
2010
Annual accounts 201043,5 k €↑
2009
Annual accounts 200918,5 k €↓
2008
Annual accounts 200831,6 k €↑
2007
Annual accounts 20077,9 k €↓
2006
Annual accounts 200624,1 k €
09/10/1992
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

Belfisco

Overview

What does Belfisco do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

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