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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Shrinking team NBB
FTE fell two years in a row, from 5.8 to 5.
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Busy address KBO
16 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art" from Sint-Gillis (bij-Brussel), company number BE0812088849, closed financial year 2025 with a result of € 255,407 after tax. For that financial year FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art" recorded a gross margin of € 390,733 and equity of € 35.2 million. Compared with financial year 2024, the result moved from € -359,690 to € 255,407. 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 December 22, 2025.
€ 35.2 million
▲ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 255,407
▲ still € 359,690 loss in 2024
Profit after tax over the fiscal year.
€ 646,336
▼ 62% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -2.5 million.
People and assets in 2025
5
▼ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 583,340
▼ 6% vs 2024
€ 116,700 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.
€ 4,113
▼ 58% vs 2024
Of which on lease € 2,262.
Debts at end 2025
€ 2,443
▼ 75% vs 2024
Loans from banks and other lenders, long and short.
€ 34,939
▼ 31% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 110,226
▼ 8% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 801,708 | € 476,922 | € 147,794 | € 390,733 | ▲ 164% |
| Profit after taxes | € -83,264 | € -103,079 | € -359,690 | € 255,407 | ▲ € 615,097 |
| Equity | € 29,706,385 | € 29,603,306 | € 34,993,616 | € 35,249,023 | ▲ 1% |
| Total debts | € 4,658,391 | € 5,560,887 | € 8,509,871 | € 6,720,563 | ▼ 21% |
| Cash | € 15,632,086 | € 904,088 | € 1,712,386 | € 646,336 | ▼ 62% |
| Retained profit | € -2,293,615 | € -2,396,694 | € -2,756,384 | € -2,500,977 | ▲ € 255,407 |
| Bank debt | € 23,406 | € 16,727 | € 9,744 | € 2,443 | ▼ 75% |
| Balance sheet total | € 34,364,775 | € 35,164,193 | € 43,503,487 | € 41,969,586 | ▼ 4% |
| Employees (FTE) | 5.1 | 5.8 | 5.5 | 5 | ▼ 0.5 |
Key figures of FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art", fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art"?
What happened at FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art" in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Ruba SALEH stepped down as director. NBB
- Frédéric DELCOR stepped down as director. NBB
- FINANCE.INVEST.BRUSSELS SA stepped down as director. NBB
- Gwenaelle GRUSELLE stepped down as director. NBB
- Diane PLATTEEUW stepped down as director. NBB
- Gaëtan SERVAIS stepped down as director. NBB
- Jean-Gilles LOWIES stepped down as director. NBB
- Laurent FACK stepped down as director. NBB
In short
From € 83,264 loss in 2022 to € 255,407 profit in 2025.
Paid € 102,419 in corporate taxes since 2022.
Best year ever: 2025, with € 255,407 profit.
On average € 78,100 of value added per employee in 2025.
A new publication or filing at FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art"? We notify you, reason included.
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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 finance&invest.brussels comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art"The shares are held by finance&invest.brussels (2.7%). It owns 18.8% of BELGIAN DESIGN, 14.5% of STRICTLY SONGS, 11.3% of CRUSO and 11.1% of MERCATORFONDS itself.
Directors
According to the 2025 annual accounts
Ruba SALEH
Director
since 2024 · until 2028
Frédéric DELCOR
Director
since 2023 · until 2028
Director · represented by Hugues VAN RENTERGHEM
Also active at: BRUXELLES INFRASTRUCTURE FINANCE - BRUSSEL INFRASTUCTUUR FINANCIERING, BRUSERVICES, S.F.A.R., MAISON DE LA RADIO FLAGEY, BE ANGELS, THEODORUS III, INNOVATION FUND, SEEDER FUND +14 more
since 2023 · until 2028
Gwenaelle GRUSELLE
Director
since 2023 · until 2028
Diane PLATTEEUW
Director
since 2023 · until 2028
Gaëtan SERVAIS
Vice-chairman of the board
Also active at: REGIE MEDIA BELGE, ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS, Belgian Media Ventures, PONGA, HI-TECH INVEST, SONUMA, WHITE FUND, Underdog production +3 more
since 2023 · until 2028
Jean-Gilles LOWIES
Director
since 2023 · until 2028
Laurent FACK
Director
Also active at: Conseil de la Musique de la Communauté Française Wallonie-Bruxelles
since 2023 · until 2028
Jean LEBLON
Chairman of the board
Also active at: Société Nationale de Construction Aérospatiale, Le Botanique
since 2023 · until 2028
since 2023 · until 2028
Shareholders
Participations
Establishments
Establishment units
Physical locations of this company
Gulden-Vlieslaan 72
1060 Sint-Gillis (bij-Brussel)
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 16 companies are registered at this address.
All companies at this address →Brusselse Gewestelijke Huisvestingsmaatschappij - Société du Logement de la Région bruxelles-capitale
€ 8 million revenue · 2025
Voor de Raad van de Europese Gemeenten Belgische Vereniging
ASSOCIATION POUR LA PROMOTION DES ARTS ET DU PATRIMOINE
€ 527,465 gross margin · 2025
SERVICE D'ACCOMPAGNEMENT SOCIAL AUX LOCATAIRES SOCIAUX - DIENST VOOR MAATSCHAPPELIJKE BEGELEIDING VAN SOCIALE HUURDERS
€ 4.1 million gross margin · 2025
SOCIETAL HOUSING NETWORK
+11 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
- 0812.088.849
- VAT number
- BE 0812.088.849
- Registered office
- Gulden-Vlieslaan 72, 1060 Sint-Gillis (bij-Brussel)
- Names & denominations
- FONDS D'INVESTISSEMENT DANS LES ENTREPRISES CULTURELLES "St'art" · St'art
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 27 May 2009
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
Activiteiten van geldmarkt- en niet-geldmarktbeleggingsfondsen
Beleggingstrusts en -fondsen en vergelijkbare financiële instellingen