ACTIVE

BELASCO

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Financial year 2025 · closed on 31/12/2025

Net result

305,9 k €

+4.9% YoY

Revenue

27,6 M €

-7.8% YoY

Equity

7 M €

+4.6% YoY

Workforce

41,6 ETP

+3.7% YoY

What does BELASCO do?

BELASCO is a Public limited company incorporated in 2011. Its main activity is: Manufacture of other non-metallic mineral products n.e.c.. Its registered office is in Gent. It employs on average 41,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0835.182.668

Incorporation

04/04/2011

Legal form

Public limited company

Registered office

Christoffel Columbuslaan Z/N
9042 Gent · FlandreSee on map

Contributed capital

3 000 000,00 €

Latest accounts

31/12/2025

Average workforce

41,6 ETP

Activities (NACE)

23990Manufacture of other non-metallic mineral products n.e.c.· main 23990Manufacture of other non-metallic mineral products n.e.c.42110Construction of roads and motorways 42110Construction of roads and motorways 42919Construction of water projects 42919Construction of water projects

Joint committees (3)

Signals

ProfitableSolid equityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Revenue	27,6 M €	-7.8%	30 M €	+2.1%	29,3 M €	-10.5%	32,8 M €	+23.8%	26,5 M €	-0.2%	26,5 M €	-7.3%	28,6 M €	-6.8%	30,7 M €	+22.0%	25,2 M €	+9.0%	23,1 M €	-0.4%	23,2 M €	-24.9%	30,9 M €	-14.2%	36 M €	+3.3%	34,9 M €	+76.4%	19,8 M €
EBITDA	1,7 M €	+10.2%	1,6 M €	+6.3%	1,5 M €	-34.3%	2,3 M €	+233%	677,5 k €	-69.2%	2,2 M €	+38.8%	1,6 M €	-3.3%	1,6 M €	+2.9%	1,6 M €	+171%	586 k €	-48.3%	1,1 M €	-53.3%	2,4 M €	-10.2%	2,7 M €	+30.4%	2,1 M €	+198%	693,9 k €
Operating result	629,8 k €	-2.1%	643,2 k €	+42.6%	451,1 k €	-61.2%	1,2 M €	+334%	-496,6 k €	-145%	1,1 M €	+91.6%	576,8 k €	-24.3%	761,7 k €	-1.7%	774,7 k €	+332%	-334 k €	-265%	202,4 k €	-83.0%	1,2 M €	-27.8%	1,6 M €	+61.1%	1 M €	+471%	179,4 k €
Net result	305,9 k €	+4.9%	291,8 k €	+94.6%	149,9 k €	-81.2%	795,8 k €	+232%	-602,9 k €	-182%	738,3 k €	+139%	309,2 k €	-29.0%	435,6 k €	-23.7%	570,7 k €	+194%	-604,7 k €	-272%	-162,4 k €	-131%	520,1 k €	-36.3%	816,4 k €	+117%	377 k €	+762%	43,7 k €
Balance sheet
Equity	7 M €	+4.6%	6,7 M €	+4.6%	6,4 M €	+2.4%	6,2 M €	+14.6%	5,4 M €	-10.0%	6 M €	+13.9%	5,3 M €	+6.2%	5 M €	+9.6%	4,6 M €	+14.3%	4 M €	-13.2%	4,6 M €	-3.4%	4,8 M €	+12.3%	4,2 M €	+23.9%	3,4 M €	+12.4%	3 M €
Total assets	18,1 M €	-3.1%	18,7 M €	+14.5%	16,3 M €	-15.8%	19,4 M €	+11.8%	17,4 M €	-2.2%	17,8 M €	-6.6%	19 M €	-8.3%	20,7 M €	+9.6%	18,9 M €	+0.9%	18,8 M €	+2.5%	18,3 M €	-19.4%	22,7 M €	-2.1%	23,2 M €	+2.9%	22,5 M €	+20.3%	18,7 M €
Cash	1,2 M €	-42.0%	2 M €	+674%	262,8 k €	-83.7%	1,6 M €	+101%	806,2 k €	-13.4%	930,6 k €	-41.5%	1,6 M €	+266%	434 k €	-29.2%	613 k €	+203%	202,6 k €	+1523%	12,5 k €	-98.3%	721,5 k €	-36.1%	1,1 M €	+4156%	26,5 k €	-98.1%	1,4 M €
Debts	11,2 M €	-7.4%	12 M €	+20.9%	10 M €	-24.4%	13,2 M €	+10.5%	11,9 M €	+1.7%	11,7 M €	-14.6%	13,7 M €	-12.8%	15,7 M €	+9.6%	14,4 M €	-2.5%	14,7 M €	+7.8%	13,7 M €	-23.3%	17,8 M €	-5.2%	18,8 M €	-0.7%	18,9 M €	+21.6%	15,6 M €
Other
Workforce	41,6 ETP	+3.7%	40,1 ETP	-0.2%	40,2 ETP	-3.1%	41,5 ETP	-4.4%	43,4 ETP	-3.3%	44,9 ETP	+1.4%	44,3 ETP	+0.7%	44,0 ETP	-3.7%	45,7 ETP	+2.0%	44,8 ETP	+4.2%	43,0 ETP	-2.5%	44,1 ETP	-2.0%	45,0 ETP	-2.4%	46,1 ETP	+8.7%	42,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 31 ended

Active mandates

MANANGALI

Managing director · since 08 octobre 2025 · until 04 juin 2026 · 1018.392.310

Represented by Bart Verhulst

Active

FOMA Consulting

Director · since 02 juin 2022 · until 03 juin 2027 · 0720.889.152

Represented by Annick Martin

Active

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 03 juin 2027 · 0502.422.485

Represented by Beyst Mark

Active

BESIX Infra

Managing director · since 25 avril 2017 · until 08 octobre 2025 · 0406.922.918

Represented by Manangali bv vast vertegenwoordigd door bart Verhulst

Active

Jean-François Pôlet

Chairman of the board of directors · since 25 avril 2017 · until 03 juin 2027

Active

Jean-François Pôlet

Director · since 25 avril 2017 · until 03 juin 2027

Active

Ended mandates

FOMA Consulting

Director · since 02 juin 2022 · until 03 juin 2027 · 0720.889.152

Represented by Annick Martin

Ended

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 04 juin 2020 · 0502.422.485

Represented by Beyst Mark

Ended

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 03 juin 2021 · 0502.422.485

Represented by Beyst Mark

Ended

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 03 juin 2027 · 0502.422.485

Represented by Beyst Mark

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	23/06/2026	23/06/2025	28/06/2024	20/06/2023	24/06/2022	28/06/2021
General meeting	04/06/2026	05/06/2025	06/06/2024	01/06/2023	02/06/2022	03/06/2021
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

15 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/06/2026	23/06/2026	Dutch	PDF
Full model	31/12/2024	05/06/2025	23/06/2025	Dutch	PDF
Full model	31/12/2023	06/06/2024	28/06/2024	Dutch	PDF
Full model	31/12/2022	01/06/2023	20/06/2023	Dutch	PDF
Full model	31/12/2021	02/06/2022	24/06/2022	Dutch	PDF
Full model	31/12/2020	03/06/2021	28/06/2021	Dutch	PDF
Full model	31/12/2019	04/06/2020	25/06/2020	Dutch	PDF
Full model	31/12/2018	06/06/2019	24/06/2019	Dutch	PDF
Full model	31/12/2017	07/06/2018	29/06/2018	Dutch	PDF
Full model	31/12/2016	31/03/2017	15/06/2017	Dutch	PDF
Full model	31/12/2015	02/06/2016	13/07/2016	Dutch	PDF
Full model	31/12/2014	04/06/2015	29/06/2015	Dutch	PDF
Full model	31/12/2013	23/09/2014	29/09/2014	Dutch	PDF
Full model	31/12/2012	28/06/2013	12/07/2013	Dutch	PDF
Full model	31/12/2011	30/06/2012	04/07/2012	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 6 active · 31 ended

Active mandates

MANANGALI

Managing director · since 08 octobre 2025 · until 04 juin 2026 · 1018.392.310

Represented by Bart Verhulst

Active

FOMA Consulting

Director · since 02 juin 2022 · until 03 juin 2027 · 0720.889.152

Represented by Annick Martin

Active

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 03 juin 2027 · 0502.422.485

Represented by Beyst Mark

Active

BESIX Infra

Managing director · since 25 avril 2017 · until 08 octobre 2025 · 0406.922.918

Represented by Manangali bv vast vertegenwoordigd door bart Verhulst

Active

Jean-François Pôlet

Chairman of the board of directors · since 25 avril 2017 · until 03 juin 2027

Active

Jean-François Pôlet

Director · since 25 avril 2017 · until 03 juin 2027

Active

Ended mandates

FOMA Consulting

Director · since 02 juin 2022 · until 03 juin 2027 · 0720.889.152

Represented by Annick Martin

Ended

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 04 juin 2020 · 0502.422.485

Represented by Beyst Mark

Ended

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 03 juin 2021 · 0502.422.485

Represented by Beyst Mark

Ended

Mark Beyst - Consultancy

Director · since 23 janvier 2020 · until 03 juin 2027 · 0502.422.485

Represented by Beyst Mark

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/07/2025
ONTSLAGEN - BENOEMINGEN - DIVERSEN
PDF
Mandates17/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other01/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates17/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/07/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/08/2021
ONTSLAGEN - BENOEMINGEN
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 2025305,9 k €↑
2024
Annual accounts 2024291,8 k €↑
2023
Annual accounts 2023149,9 k €↓
2022
Annual accounts 2022795,8 k €↑
2021
Annual accounts 2021-602,9 k €↓
2020
Annual accounts 2020738,3 k €↑
2019
Annual accounts 2019309,2 k €↓
2018
Annual accounts 2018435,6 k €↓
2017
Annual accounts 2017570,7 k €↑
2016
Annual accounts 2016-604,7 k €↓
2015
Annual accounts 2015-162,4 k €↓
2014
Annual accounts 2014520,1 k €↓
2013
Annual accounts 2013816,4 k €↑
2012
Annual accounts 2012377 k €↑
2011
Annual accounts 201143,7 k €
04/04/2011
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

BELASCO

Overview

What does BELASCO do?

Trend over 15 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