ACTIVE

BELSHOE

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Financial year 2025 · closed on 31/12/2025

Net result

53,4 k €

+112.9% YoY

Gross margin

211,3 k €

+6.9% YoY

Equity

414,2 k €

+0.9% YoY

What does BELSHOE do?

BELSHOE is a Private limited company incorporated in 1999. Its registered office is in Wellin.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0466.256.333

Incorporation

25/06/1999

Legal form

Private limited company

Registered office

Rue de Grupont,Chanly 94A
6921 Wellin · WallonieSee on map

Contributed capital

22 000,00 €

Latest accounts

31/12/2025

Joint committees (1)

Contacts

3 public details availableLog in to view

Signals

ProfitableSolid equityLow 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	211,3 k €	+6.9%	197,7 k €	-5.5%	209,1 k €	+13.1%	184,9 k €	+27.9%	144,5 k €	-9.7%	160 k €	-6.2%	170,5 k €	+3.8%	164,2 k €	+4.8%	156,7 k €	-4.2%	163,6 k €	+4.9%	156 k €	+37.9%	113,1 k €	-14.5%	132,3 k €	+18.7%	111,5 k €	-0.9%	112,6 k €	-25.9%	151,9 k €	-24.8%	201,9 k €	+1.7%	198,6 k €	+12.4%	176,7 k €	+111%	83,6 k €
EBITDA	90 k €	+8.5%	82,9 k €	-16.0%	98,8 k €	+16.9%	84,5 k €	+61.9%	52,2 k €	-32.3%	77,1 k €	+3.1%	74,8 k €	+25.2%	59,8 k €	+15.2%	51,9 k €	-12.9%	59,6 k €	-18.8%	73,4 k €	+318%	17,6 k €	-55.8%	39,7 k €	+20.0%	33,1 k €	-34.4%	50,5 k €	-45.5%	92,6 k €	-39.8%	153,8 k €	+0.7%	152,6 k €	+14.0%	133,9 k €	+223%	41,5 k €
Operating result	78,2 k €	+9.1%	71,7 k €	-14.8%	84,2 k €	+14.1%	73,8 k €	+64.5%	44,9 k €	-36.5%	70,6 k €	+11.2%	63,5 k €	+17.4%	54,1 k €	+38.6%	39 k €	-19.8%	48,7 k €	-15.7%	57,7 k €	+5050%	1,1 k €	-91.4%	13 k €	+18.7%	11 k €	-67.0%	33,3 k €	-57.1%	77,6 k €	-44.2%	139 k €	-1.1%	140,6 k €	+59.8%	88 k €	+164%	33,3 k €
Net result	53,4 k €	+113%	25,1 k €	-60.9%	64,3 k €	-0.5%	64,6 k €	+72.2%	37,5 k €	-26.6%	51,1 k €	+2.4%	49,9 k €	+22.8%	40,6 k €	+6.2%	38,3 k €	-13.4%	44,1 k €	-5.0%	46,5 k €	+259%	13 k €	-42.7%	22,6 k €	+67.5%	13,5 k €	-51.3%	27,7 k €	-54.6%	61,1 k €	-36.2%	95,8 k €	+1.1%	94,8 k €	+78.6%	53,1 k €	+180%	19 k €
Balance sheet
Equity	414,2 k €	+0.9%	410,6 k €	-3.6%	426,1 k €	+8.5%	392,6 k €	+5.5%	372,1 k €	+11.2%	334,6 k €	+18.0%	283,5 k €	+21.4%	233,6 k €	+21.0%	193 k €	-49.2%	379,8 k €	+13.2%	335,6 k €	+16.1%	289,1 k €	+4.7%	276,1 k €	-0.9%	278,5 k €	+5.1%	265 k €	+11.7%	237,3 k €	+34.7%	176,2 k €	+40.5%	125,4 k €	+65.8%	75,7 k €	+77.7%	42,6 k €
Total assets	1 M €	+0.7%	1 M €	-1.3%	1 M €	+4.4%	984,6 k €	+10.8%	888,3 k €	+5.5%	842,1 k €	+7.3%	784,8 k €	+19.4%	657,1 k €	+5.9%	620,4 k €	+13.5%	546,4 k €	+4.1%	524,8 k €	+4.9%	500,1 k €	-0.2%	501 k €	+4.2%	481 k €	+3.3%	465,5 k €	+3.1%	451,4 k €	+0.2%	450,3 k €	-5.0%	473,9 k €	+29.3%	366,6 k €	+20.4%	304,4 k €
Cash	431,4 k €	-5.0%	454,1 k €	-0.5%	456,3 k €	-17.5%	553 k €	+9.0%	507,2 k €	+35.4%	374,6 k €	+11.4%	336,3 k €	+43.4%	234,5 k €	-6.1%	249,9 k €	+5.5%	236,8 k €	+8.6%	218 k €	+42.7%	152,8 k €	-1.4%	154,9 k €	-2.3%	158,6 k €	+17.0%	135,5 k €	-9.2%	149,2 k €	-12.2%	169,9 k €	+24.1%	136,8 k €	+99.2%	68,7 k €	+630%	9,4 k €
Debts	607,4 k €	+0.6%	604 k €	+0.4%	601,8 k €	+1.7%	592 k €	+14.7%	516,2 k €	+1.7%	507,5 k €	+1.4%	500,7 k €	+18.6%	422,3 k €	-0.9%	426,2 k €	+158%	165,4 k €	-12.0%	187,9 k €	-10.3%	209,5 k €	-6.0%	222,9 k €	+11.0%	200,8 k €	+1.3%	198,1 k €	-6.5%	211,9 k €	-22.0%	271,7 k €	-20.0%	339,6 k €	+18.8%	285,9 k €	+11.1%	257,3 k €
Other
Workforce	–		–		2,0 ETP	-100.0%	98 546,0 ETP	+4927200%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	-13.0%	2,3 ETP	0.0%	2,3 ETP	+15.0%	2,0 ETP	0.0%	2,0 ETP	-25.9%	2,7 ETP	-10.0%	3,0 ETP	+50.0%	2,0 ETP	0.0%	2,0 ETP	+33.3%	1,5 ETP	+50.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 1 ended

Active mandates

Claude SEPTON

Director

Active

Ended mandates

Claude SEPTON

Manager

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	10/08/2026	28/08/2025	29/08/2024	28/07/2023	28/07/2022	22/07/2021
General meeting	04/08/2026	23/07/2025	25/03/2024	16/05/2023	17/05/2022	18/05/2021
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	04/08/2026	10/08/2026	French	PDF
Abridged model	31/12/2024	23/07/2025	28/08/2025	French	PDF
Abridged model	31/12/2023	25/03/2024	29/08/2024	French	PDF
Abridged model	31/12/2022	16/05/2023	28/07/2023	French	PDF
Abridged model	31/12/2021	17/05/2022	28/07/2022	French	PDF
Abridged model	31/12/2020	18/05/2021	22/07/2021	French	PDF
Abridged model	31/12/2019	19/05/2020	27/07/2020	French	PDF
Abridged model	31/12/2018	21/05/2019	01/07/2019	French	PDF
Abridged model	31/12/2017	22/05/2018	30/07/2018	French	PDF
Abridged model	31/12/2016	23/05/2017	24/07/2017	French	PDF
Abridged model	31/12/2015	24/05/2016	27/08/2016	French	PDF
Abridged model	31/12/2014	26/05/2015	21/08/2015	French	PDF
Abridged model	31/12/2013	27/05/2014	30/07/2014	French	PDF
Abridged model	31/12/2012	28/05/2013	26/07/2013	French	PDF
Abridged model	31/12/2011	22/05/2012	27/07/2012	French	PDF
Abridged model	31/12/2010	24/05/2011	29/07/2011	French	PDF
Abridged model	31/12/2009	25/05/2010	28/07/2010	French	PDF
Abridged model	31/12/2008	26/05/2009	31/07/2009	French	PDF
Abridged model	31/12/2007	06/05/2008	23/05/2008	French	PDF
Abridged model	31/12/2006	02/05/2007	19/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 1 active · 1 ended

Active mandates

Claude SEPTON

Director

Active

Ended mandates

Claude SEPTON

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/10/2023
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Capital / shares05/02/2018
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares16/01/2014
CAPITAL, ACTIONS
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 202553,4 k €↑
2024
Annual accounts 202425,1 k €↓
2023
Annual accounts 202364,3 k €↓
2022
Annual accounts 202264,6 k €↑
2021
Annual accounts 202137,5 k €↓
2020
Annual accounts 202051,1 k €↑
2019
Annual accounts 201949,9 k €↑
2018
Annual accounts 201840,6 k €↑
2017
Annual accounts 201738,3 k €↓
2016
Annual accounts 201644,1 k €↓
2015
Annual accounts 201546,5 k €↑
2014
Annual accounts 201413 k €↓
2013
Annual accounts 201322,6 k €↑
2012
Annual accounts 201213,5 k €↓
2011
Annual accounts 201127,7 k €↓
2010
Annual accounts 201061,1 k €↓
2009
Annual accounts 200995,8 k €↑
2008
Annual accounts 200894,8 k €↑
2007
Annual accounts 200753,1 k €↑
2006
Annual accounts 200619 k €
25/06/1999
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

BELSHOE

Overview

What does BELSHOE do?

Trend over 20 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