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 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 30 % of short-term debt in 2024; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 6.3 to 0.
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Late annual account NBB
Fiscal year 2024 was filed 189 days after the legal deadline.
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Legal situation KBO
Opening faillissement according to the CBE.
Financials
Financial year 2024
Solar Energy Conversion Power Corporation from Turnhout, company number BE0600864421, closed financial year 2024 with a result of € -1.1 million after tax. For that financial year Solar Energy Conversion Power Corporation recorded a gross margin of € -562,596 and equity of € -1.7 million. Compared with financial year 2023, the result moved from € -1.2 million to € -1.1 million. 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 February 5, 2026.
€ -1.7 million
▼ € 1.1 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.1 million
▲ 13 % less loss than in 2023
Profit after tax over the fiscal year.
€ 2,346
▼ 98% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -2.7 million.
People and assets in 2024
0
▼ 5.4 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 224,881
▼ 49% vs 2023
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 4,183
▼ 44% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
€ 2.3 million
▼ 6% vs 2023
€ 576,693 is repaid this year. At this pace the long-term loan is gone in ≈ 4 years.
€ 252,934
▼ 10% vs 2023
Supplier invoices still open on the last day of the fiscal year.
€ 49,689
▲ 2% vs 2023
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Gross margin | € 703,135 | € 563,311 | € -481,800 | € -562,596 | ▼ € 80,795 |
| Profit after taxes | € 217,404 | € -137,738 | € -1,248,691 | € -1,081,945 | ▲ € 166,745 |
| Equity | € 817,706 | € 679,968 | € -568,723 | € -1,650,668 | ▼ € 1.1 million |
| Total debts | € 1,808,992 | € 2,106,698 | € 3,012,889 | € 3,297,082 | ▲ 9% |
| Cash | € 535,833 | € 322,031 | € 149,005 | € 2,346 | ▼ 98% |
| Retained profit | € -200,894 | € -338,632 | € -1,587,323 | € -2,669,268 | ▼ € 1.1 million |
| Bank debt | € 899,137 | € 1,885,320 | € 2,446,989 | € 2,297,266 | ▼ 6% |
| Balance sheet total | € 2,626,698 | € 2,786,666 | € 2,444,166 | € 1,646,414 | ▼ 33% |
| Employees (FTE) | 5.2 | 6.3 | 5.4 | 0 | ▼ 5.4 |
Key figures of Solar Energy Conversion Power Corporation, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to Solar Energy Conversion Power Corporation?
What happened at Solar Energy Conversion Power Corporation in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
Solar Energy Conversion Power Corporation is active according to the CBE. Legal situation: Opening faillissement.
- Jos Rutten stepped down as director. NBB
- Hugo Vandenborre stepped down as director. NBB
- Julien Nyst stepped down as director. NBB
- New annual accounts for financial year 2024: loss of € 1.1 million. filed late Source: NBB ↗
- Jos Rutten became a director. NBB
- Hugo Vandenborre became a director. NBB
- Julien Nyst became a director. NBB
- New establishment in Turnhout. KBO
In short
From € 217,404 profit in 2021 to € 1.1 million loss in 2024.
Paid € 31,334 in corporate taxes since 2021.
Best year ever: 2021, with € 217,404 profit.
On average € 89,400 of value added per employee in 2022.
Management
The shares are held by Hestia Holdings (45%), Giacomini Benelux (22.5%), JORU BV (18.5%), Energiek (10%) and Joris Van Dyck (4%). It owns 100% of Solar Energy Power Conversion GmbH itself.
Directors
According to the 2024 annual accounts
Hugo Vandenborre
Managing director
Also active at: V & V BEHEER, HESTIA HOLDINGS, VANDENBORRE ENERGY SYSTEMS
since 2015 · until 2027
Jos Rutten
Director
Also active at: DOMEIN CLOS ST. DENIS, JORU, WIJNKASTEEL HAKSBERG, Cortes-Ko, VINAR, KGB, New-KON
since 2024 · until 2030
since 2015 · until 2027
Shareholders
Participations
Solar Energy Power Conversion GmbH
100%
Establishments
Establishment units
Physical locations of this company
Slachthuisstraat 112 box 2
2300 Turnhout
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 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
- 0600.864.421
- VAT number
- BE 0600.864.421
- Registered office
- Slachthuisstraat 112 bus 2, 2300 Turnhout
- Names & denominations
- Solar Energy Conversion Power Corporation · Solenco Power
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Opening faillissement
- Start date
- 10 March 2015
- Peppol
- Active · Active since 14 Sept 2026
- Activities · NACE
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