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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Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Shrinking team NBB
FTE fell two years in a row, from 5.1 to 3.7.
Financials
Financial year 2025
BELGIUM SR from Brussel, company number BE0537736425, closed financial year 2025 with a result of € -318,814 after tax. For that financial year BELGIUM SR recorded revenue of € 899,973 and equity of € -546,163. Compared with financial year 2024, the result moved from € -245,086 to € -318,814. 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 23, 2026.
€ -546,163
▼ € 320,201 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -318,814
▼ 30 % more loss than in 2024
Profit after tax over the fiscal year.
€ 28,430
▲ 10% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -565,332.
People and assets in 2025
3.7
▼ 0.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 182,680
▼ 43% vs 2024
€ 49,400 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.
€ 12,363
▲ 38% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 157,902
▼ 19% vs 2024
€ 40,027 is repaid this year. At this pace the long-term loan is gone in ≈ 4 years.
€ 1.5 million
▲ 37% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 567 days on average.
€ 28,715
▲ 103% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | - | € 1,077,275 | € 1,496,243 | € 899,973 | ▼ 40% |
| Gross margin | € 372,293 | - | - | - | |
| Profit after taxes | € 19,269 | € -117,797 | € -245,086 | € -318,814 | ▼ € 73,728 |
| Equity | € 134,964 | € 20,511 | € -225,962 | € -546,163 | ▼ € 320,201 |
| Total debts | € 2,301,270 | € 2,876,500 | € 4,539,258 | € 4,188,137 | ▼ 8% |
| Cash | € 68,383 | € 21,877 | € 25,825 | € 28,430 | ▲ 10% |
| Retained profit | € 116,364 | € -1,433 | € -246,518 | € -565,332 | ▼ € 318,814 |
| Bank debt | € 267,159 | € 233,436 | € 196,009 | € 157,902 | ▼ 19% |
| Balance sheet total | € 2,436,234 | € 2,897,011 | € 4,313,296 | € 3,641,974 | ▼ 16% |
| Employees (FTE) | 298,413.5 | 5.1 | 4.6 | 3.7 | ▼ 0.9 |
Key figures of BELGIUM SR, 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 BELGIUM SR?
What happened at BELGIUM SR in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 318,814. filed late Source: NBB ↗
- TAIL SCS became a director. NBB
- MICHEL CIGRANG became a director. NBB
- PHG ASSET MANAGEMENT SRL became a director. NBB
- New establishment in Brussel. KBO
- Start of the company according to the CBE. KBO
In short
From € 19,269 profit in 2022 to € 318,814 loss in 2025.
Paid € 20,224 in corporate taxes since 2022.
Best year ever: 2022, with € 19,269 profit.
On average € 0 of value added per employee in 2022.
Management
The stake of MACAN.GROUP comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
BELGIUM SRBehind BELGIUM SR are PHG ASSET MANAGEMENT SRL, MICHEL CIGRANG and TAIL SCS. The shares are held by MACAN.GROUP (100%). It owns 90% of MARRAKECH SR, 49% of KNOKKE SR, 49% of Antwerp SR and 49% of Brussels SR itself.
Directors
According to the 2025 annual accounts
Director · represented by PHILIPPE GILLION
Also active at: Macan PROPERTIES, Résidence Louise, Société de Transactions Immobilières et de Constructions, Comentri, Les Fermes de Matignolle, MD1 CENTER HOUSE, MACAN.GROUP, MACAN DEVELOPMENT +8 more
since 2022
MICHEL CIGRANG
Director
Also active at: WIELS CENTRE D'ARTS CONTEMPORAINS - CENTRUM VOOR HEDENDAAGSE KUNST, HAKONE, HUGE CAPITAL
since 2023
Director · represented by LAURENCE TAILLIEU
Also active at: ORAC, WHITE INVEST, IMMOTAI, POLDERWIND, Orac Holding, Inula
since 2023
Shareholders
100%
Participations
Establishments
Establishment units
Physical locations of this company
Louizalaan 251
1050 Brussel
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
- 0537.736.425
- VAT number
- BE 0537.736.425
- Registered office
- Louizalaan 251, 1050 Brussel
- Names & denominations
- BELGIUM SR
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 28 August 2013
- Peppol
- Active · Active since 5 Dec 2025
- Contact
- [email protected] 0488/60.80.73
- Activities · NACE
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