Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 12 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 8 to 3.4.
Financials
Financial year 2025
Belcoast Holidays from Middelkerke, company number BE0429092465, closed financial year 2025 with a result of € 132,288 after tax. For that financial year Belcoast Holidays recorded a gross margin of € 962,018 and equity of € 5.9 million. Compared with financial year 2024, the result moved from € 118,776 to € 132,288. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 9, 2026.
€ 5.9 million
▲ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 132,288
▲ 11% vs 2024
Profit after tax over the fiscal year.
€ 82,509
▼ 49% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 75,000 paid out
57 % of the profit went to the shareholders, mostly to BELCOAST HOLDING (100 % of the shares). That is where the money ends up.
People and assets in 2025
3.4
▼ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 198,502
▼ 10% vs 2024
€ 58,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 176,258
▼ 11% vs 2024
Of which on lease € 1,902.
Debts at end 2025
€ 3.6 million
▼ 14% vs 2024
€ 503,794 is repaid this year. At this pace the long-term loan is gone in ≈ 7 years.
€ 91,258
▼ 48% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 53,433
▲ 21% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 1,392,211 | € 780,888 | € 1,053,374 | € 962,018 | ▼ 9% |
| Profit after taxes | € 100,102 | € -114,172 | € 118,776 | € 132,288 | ▲ 11% |
| Equity | € 6,312,180 | € 6,198,008 | € 5,816,784 | € 5,874,072 | ▲ 1% |
| Total debts | € 4,889,171 | € 5,256,446 | € 5,417,860 | € 4,776,366 | ▼ 12% |
| Cash | € 271,002 | € 25,505 | € 160,872 | € 82,509 | ▼ 49% |
| Land & buildings | € 10,471,483 | € 10,533,838 | € 10,417,422 | € 10,015,278 | ▼ 4% |
| Retained profit | € 3,570,406 | € 3,456,234 | € 3,075,010 | € 3,132,298 | ▲ 2% |
| Dividend | € 0 | € 0 | € 500,000 | € 75,000 | ▼ 85% |
| Bank debt | € 4,100,777 | € 4,483,242 | € 4,160,419 | € 3,584,635 | ▼ 14% |
| Balance sheet total | € 11,201,351 | € 11,454,455 | € 11,234,644 | € 10,650,439 | ▼ 5% |
| Employees (FTE) | 17.3 | 8 | 3.9 | 3.4 | ▼ 0.5 |
Key figures of Belcoast Holidays, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Belcoast Holidays?
What happened at Belcoast Holidays in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Belcoast Holding BV stepped down as director. NBB
- Stefanie Surmont stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 132,288 (▲ 11% vs 2024). Source: NBB ↗
- New establishment in Middelkerke. KBO
- Belcoast Holding BV became a director. NBB
- Stefanie Surmont became a director. NBB
- New establishment in Middelkerke. KBO
- Start of the company according to the CBE. KBO
In short
From € 100,102 profit in 2022 to € 132,288 profit in 2025.
Paid € 15,657 in corporate taxes since 2022.
Best year ever: 2025, with € 132,288 profit.
On average € 282,900 of value added per employee in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of BELCOAST HOLDING comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Belcoast HolidaysThe shares are held by BELCOAST HOLDING (100%). It owns 100% of Zeegalm Hotel and 100% of Westbay Hotel itself.
Directors
According to the 2025 annual accounts
Managing director · represented by Dobbelaere Jan
Also active at: HOTEL HELIOS INVEST, UPSTAIRS OOSTENDE PATRIMONIUM, HOTEL INVESTMENT FUND, CONTINENTAL DE PANNE UITBATING, SKY HOTEL REAL ESTATE, BRICKS INVEST, BELCOAST HOLIDAY HOMES, OSTENDIAN +1 more
since 2023 · until 2028
Stefanie Surmont
Director
Also active at: BELCOAST HOLDING, FLOW HOSPITALITY GROUP, HOTEL INVESTMENT FUND, Bolder Hotel, Zeegalm Hotel, WESTBAY HOTEL
since 2023 · until 2028
Shareholders
100%
Participations
100%
100%
Establishments
Establishment units
Physical locations of this company
Vakantiestraat 1
8434 Middelkerke
Essex Scottishlaan 49
8434 Middelkerke
Active since 6 March 2026
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0429.092.465
- VAT number
- BE 0429.092.465
- Registered office
- Vakantiestraat 1, 8434 Middelkerke
- Names & denominations
- Belcoast Holidays
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 2 June 1986
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
Vakantieparken
Vakantiecentra en vakantiedorpen
Verhuur en exploitatie van eigen of geleased residentieel onroerend goed, exclusief sociale woningen
Activiteiten van holdings
Overige zakelijke dienstverlening, neg
Holdings