Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
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Busy address KBO
83 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
Neptune Coatings from Elsene, company number BE0478488726, closed financial year 2025 with a result of € -129,563 after tax. For that financial year Neptune Coatings recorded a gross margin of € 122,972 and equity of € -3,717. Compared with financial year 2024, the result moved from € 103,260 to € -129,563. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on September 30, 2026.
€ -3,717
▼ € 129,563 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -129,563
▼ still € 103,260 profit in 2024
Profit after tax over the fiscal year.
€ 104,482
▼ 24% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -188,717.
People and assets in 2025
1.7
▲ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 82,620
▲ 15% vs 2024
€ 48,600 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.
€ 10,112
▲ 10% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 416,239
▼ 17% vs 2024
Loans from banks and other lenders, long and short.
€ 1.9 million
▲ 25% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 10,921
▼ 54% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 155,240 | € 186,738 | € 293,900 | € 122,972 | ▼ 58% |
| Profit after taxes | € 62,667 | € 103,706 | € 103,260 | € -129,563 | ▼ € 232,823 |
| Equity | € -81,120 | € 22,586 | € 125,846 | € -3,717 | ▼ € 129,563 |
| Total debts | € 1,628,999 | € 1,742,299 | € 2,053,365 | € 2,508,255 | ▲ 22% |
| Cash | € 220,333 | € 276,226 | € 138,070 | € 104,482 | ▼ 24% |
| Retained profit | € -266,120 | € -162,414 | € -59,154 | € -188,717 | ▼ € 129,563 |
| Bank debt | € 500,000 | € 500,000 | € 500,000 | € 416,239 | ▼ 17% |
| Balance sheet total | € 1,547,879 | € 1,764,886 | € 2,179,212 | € 2,504,538 | ▲ 15% |
| Employees (FTE) | 0.7 | 1 | 1.6 | 1.7 | ▲ 0.1 |
Key figures of Neptune Coatings, 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 Neptune Coatings?
What happened at Neptune Coatings in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Arda Makinadjian stepped down as director. NBB
- Hrair Babikian stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 129,563 (▼ € 232,823 vs 2024). filed late Source: NBB ↗
- Hrair Babikian became a director. NBB
- Arda Makinadjian became a director. NBB
- New establishment in Elsene. KBO
- Start of the company according to the CBE. KBO
In short
From € 62,667 profit in 2022 to € 129,563 loss in 2025.
Paid € 20,817 in corporate taxes since 2022.
Best year ever: 2023, with € 103,706 profit.
On average € 72,300 of value added per employee in 2025.
Management
The stake of NEPTUNE COATINGS INTERNATIONAL comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Neptune CoatingsThe shares are held by NEPTUNE COATINGS INTERNATIONAL (95%).
Directors
According to the 2025 annual accounts
since 2025 · until 2031
since 2025 · until 3031
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Louizalaan 390
1050 Elsene
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 83 companies are registered at this address.
All companies at this address →Niagara
€ -1,509 gross margin · 2025
BRUFLOR
€ 584 gross margin · 2025
BERNINFO
SILHOUETTE
€ 12,242 gross margin · 2025
I P A C
+78 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0478.488.726
- VAT number
- BE 0478.488.726
- Registered office
- Louizalaan 390, 1050 Elsene
- Names & denominations
- Neptune Coatings
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 3 October 2002
- Peppol
- Active · Active since 14 Nov 2025
- Activities · NACE
Detailhandel in overige bouwmaterialen, neg
Handelsbemiddeling in de niet-gespecialiseerde groothandel
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Groothandel in bouwmaterialen, algemeen assortiment