ACTIVE

BELCAR

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Financial year 2025 · closed on 31/12/2025

Net result

520,4 k €

-90.9% YoY

Gross margin

-7,6 k €

-0.0% YoY

Equity

20,9 M €

+2.6% YoY

What does BELCAR do?

BELCAR is a Public limited company incorporated in 1998. Its registered office is in Tournai.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0464.867.847

Incorporation

16/12/1998

Legal form

Public limited company

Registered office

Rue de la Terre à Briques(MAR) 29 box E
7522 Tournai · WallonieSee on map

Contributed capital

5 019 000,00 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

View the BCE/KBO Public Search record →

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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	-7,6 k €	-0.0%	-7,6 k €	+19.4%	-9,4 k €	-10.0%	-8,6 k €	-26.9%	-6,8 k €	+36.5%	-10,6 k €	+33.0%	-15,9 k €	-136%	-6,7 k €	+10.0%	-7,5 k €	+3.8%	-7,8 k €	+6.0%	-8,3 k €	+15.7%	-9,8 k €	-31.4%	-7,5 k €	-0.9%	-7,4 k €	+4.7%	-7,8 k €	-37.7%	-5,7 k €	+35.3%	-8,7 k €	-21.7%	-7,2 k €	-45.1%	-4,9 k €	-7.4%	-4,6 k €
EBITDA	-89,9 k €	+18.2%	-110 k €	+11.5%	-124,3 k €	-31.6%	-94,4 k €	+42.6%	-164,6 k €	-205%	-53,9 k €	+54.0%	-117,1 k €	-10.9%	-105,7 k €	-5.2%	-100,5 k €	-14.7%	-87,6 k €	+23.9%	-115,2 k €	-59.7%	-72,1 k €	-18.9%	-60,7 k €	-32.7%	-45,7 k €	+23.5%	-59,8 k €	-140%	-24,9 k €	+5.4%	-26,3 k €	-8.0%	-24,4 k €	-320%	-5,8 k €	-8.5%	-5,3 k €
Operating result	-89,9 k €	+18.2%	-110 k €	+11.5%	-124,3 k €	-31.6%	-94,4 k €	+42.6%	-164,6 k €	-205%	-53,9 k €	+54.0%	-117,1 k €	-10.9%	-105,7 k €	-5.2%	-100,5 k €	-14.7%	-87,6 k €	+23.9%	-115,2 k €	-59.7%	-72,1 k €	-18.9%	-60,7 k €	-32.7%	-45,7 k €	+23.5%	-59,8 k €	-140%	-24,9 k €	+5.4%	-26,3 k €	-8.0%	-24,4 k €	-320%	-5,8 k €	-8.5%	-5,3 k €
Net result	520,4 k €	-90.9%	5,7 M €	-0.6%	5,8 M €	-40.7%	9,7 M €	-24.0%	12,8 M €	+5485%	229,1 k €	-80.8%	1,2 M €	+82.0%	656,2 k €	+6.9%	613,8 k €	+13.5%	540,9 k €	-8.2%	589,2 k €	-92.2%	7,6 M €	+2507%	290,5 k €	-23.0%	377,3 k €	-16.2%	450,4 k €	+345%	101,3 k €	-98.9%	8,9 M €	+9863%	89,3 k €	+212%	28,6 k €	+296%	7,2 k €
Balance sheet
Equity	20,9 M €	+2.6%	20,3 M €	-10.5%	22,7 M €	+34.0%	17 M €	-12.7%	19,4 M €	-27.0%	26,6 M €	+0.9%	26,4 M €	+4.7%	25,2 M €	+2.4%	24,6 M €	+2.6%	24 M €	+2.3%	23,5 M €	+2.6%	22,9 M €	+49.4%	15,3 M €	+1.6%	15,1 M €	+2.6%	14,7 M €	+3.2%	14,3 M €	+0.7%	14,2 M €	+169%	5,3 M €	+1.7%	5,2 M €	+2675%	186,4 k €
Total assets	21,2 M €	-25.5%	28,5 M €	-7.6%	30,8 M €	+16.3%	26,5 M €	-13.8%	30,7 M €	-18.9%	37,9 M €	-3.5%	39,3 M €	+3.0%	38,2 M €	+1.7%	37,5 M €	+1.7%	36,9 M €	+0.4%	36,7 M €	+1.6%	36,2 M €	+25.2%	28,9 M €	+1.0%	28,6 M €	+0.7%	28,4 M €	+7.0%	26,5 M €	+1.3%	26,2 M €	+53.7%	17 M €	+0.5%	16,9 M €	+6.1%	16 M €
Cash	1,3 M €	-83.7%	8,2 M €	+763%	948,7 k €	-45.5%	1,7 M €	+36.7%	1,3 M €	+55.1%	821 k €	-62.9%	2,2 M €	+268%	600,9 k €	-44.2%	1,1 M €	+5.9%	1 M €	+14.4%	888,3 k €	+193%	303,6 k €	+973%	28,3 k €	-85.5%	194,8 k €	+18527%	1 k €	-95.3%	22,5 k €	+11039%	201,8 €	-31.0%	292,3 €	-97.1%	9,9 k €	+219%	3,1 k €
Debts	329,5 k €	-95.9%	8,1 M €	+0.6%	8,1 M €	-15.1%	9,5 M €	-15.7%	11,3 M €	+0.2%	11,3 M €	-12.6%	12,9 M €	-0.3%	12,9 M €	+0.5%	12,9 M €	+0.0%	12,9 M €	-3.0%	13,3 M €	-0.0%	13,3 M €	-2.2%	13,6 M €	+0.4%	13,5 M €	-1.2%	13,7 M €	+11.5%	12,3 M €	+2.0%	12 M €	+2.1%	11,8 M €	+0.0%	11,8 M €	-25.4%	15,8 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 12 ended

Active mandates

MUTATIS

Managing director · 0881.733.067

Represented by Pierre Dessaint

Active

Tanguy Mulliez

Director

Active

Ended mandates

MUTATIS

Managing director · since 30 novembre 2022 · 0881.733.067

Represented by Pierre DESSAINT

Ended

KEROLD

Managing director · since 12 juin 2015 · until 12 juin 2021 · 0898.179.814

Represented by Baptiste Maes

Ended

Menet Sylvie

Director · since 12 juin 2015 · until 12 juin 2021

Ended

KEROLD

Managing director · since 03 décembre 2009 · until 01 juin 2015 · 0898.179.814

Represented by Deberdt Bruno

Ended

At this address

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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	09/04/2026	03/06/2025	11/06/2024	05/06/2023	20/06/2022	05/07/2021
General meeting	02/03/2026	22/05/2025	23/05/2024	01/06/2023	19/05/2022	27/05/2021
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	02/03/2026	09/04/2026	French	PDF
Abridged model	31/12/2024	22/05/2025	03/06/2025	French	PDF
Abridged model	31/12/2023	23/05/2024	11/06/2024	French	PDF
Abridged model	31/12/2022	01/06/2023	05/06/2023	French	PDF
Abridged model	31/12/2021	19/05/2022	20/06/2022	French	PDF
Abridged model	31/12/2020	27/05/2021	05/07/2021	French	PDF
Abridged model	31/12/2019	11/06/2020	03/07/2020	French	PDF
Abridged model	31/12/2018	23/05/2019	11/06/2019	French	PDF
Abridged model	31/12/2017	26/06/2018	12/07/2018	French	PDF
Abridged model	31/12/2016	09/06/2017	29/06/2017	French	PDF
Abridged model	31/12/2015	10/06/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	02/06/2015	25/08/2015	French	PDF
Abridged model	31/12/2013	13/06/2014	25/08/2014	French	PDF
Abridged model	31/12/2012	14/06/2013	26/08/2013	French	PDF
Abridged model	31/12/2011	08/06/2012	28/08/2012	French	PDF
Abridged model	31/12/2010	10/06/2011	20/07/2011	French	PDF
Abridged model	31/12/2009	11/06/2010	30/08/2010	French	PDF
Abridged model	31/12/2008	12/06/2009	21/08/2009	French	PDF
Abridged model	31/12/2007	13/06/2008	01/08/2008	French	PDF
Abridged model	31/12/2006	08/06/2007	10/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 2 active · 12 ended

Active mandates

MUTATIS

Managing director · 0881.733.067

Represented by Pierre Dessaint

Active

Tanguy Mulliez

Director

Active

Ended mandates

MUTATIS

Managing director · since 30 novembre 2022 · 0881.733.067

Represented by Pierre DESSAINT

Ended

KEROLD

Managing director · since 12 juin 2015 · until 12 juin 2021 · 0898.179.814

Represented by Baptiste Maes

Ended

Menet Sylvie

Director · since 12 juin 2015 · until 12 juin 2021

Ended

KEROLD

Managing director · since 03 décembre 2009 · until 01 juin 2015 · 0898.179.814

Represented by Deberdt Bruno

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other04/12/2025
DIVERS
PDF
Mandates06/02/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Mandates06/07/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates04/12/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates03/10/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates19/02/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates14/01/2011
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates17/11/2009
SIEGE SOCIAL - 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 2025520,4 k €↓
2024
Annual accounts 20245,7 M €↓
2023
Annual accounts 20235,8 M €↓
2022
Annual accounts 20229,7 M €↓
2021
Annual accounts 202112,8 M €↑
2020
Annual accounts 2020229,1 k €↓
2019
Annual accounts 20191,2 M €↑
2018
Annual accounts 2018656,2 k €↑
2017
Annual accounts 2017613,8 k €↑
2016
Annual accounts 2016540,9 k €↓
2015
Annual accounts 2015589,2 k €↓
2014
Annual accounts 20147,6 M €↑
2013
Annual accounts 2013290,5 k €↓
2012
Annual accounts 2012377,3 k €↓
2011
Annual accounts 2011450,4 k €↑
2010
Annual accounts 2010101,3 k €↓
2009
Annual accounts 20098,9 M €↑
2008
Annual accounts 200889,3 k €↑
2007
Annual accounts 200728,6 k €↑
2006
Annual accounts 20067,2 k €
16/12/1998
IncorporationPublic 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

BELCAR

Overview

What does BELCAR 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