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olivLaw · European equity research

Belysse Group BELYS.BR

Belgium · Euronext Brussels · ISIN BE0974314461 · Vertical: Listed companies from Belgium

0.36EUR+2.56% · 1 dayClose 05 Nov 2026

At the close of 05 Nov 2026, Belysse Group (BELYS.BR) stock was 0.36 EUR (+2.56% on the day), with market capitalisation 13.1 m EUR, P/E 1.2 on diluted EPS of 0.29 EUR over the last 12 months, beta 0.01, 52-week range 0.32–0.90 EUR.

Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
13.1 m EUR
shares as of 31 Dec 2024
P/E (TTM)
1.2
Diluted EPS TTM 0.29 · TTM to 31 Dec 2024
E/P (TTM)
80.56%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.01
Volatility (1y) 59%
52-week range
0.320.90

Price history

Loading chart…

Technical reading

RSI (14)
47.9
neutral
Bollinger (20, 2)
0.31 – 0.41
in the upper half of the band · %B 0.51 · band width 26.8%
SMA 50 / 200
0.40 / 0.56
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+0.8%+0.4%+0.5 pp—
3 months−24.7%−3.3%−21.4 pp—
6 months−39.0%+4.0%−42.9 pp—
Year to date−56.1%+8.1%−64.2 pp—
1 year−59.6%+10.7%−70.2 pp+8.1%
3 years−59.6%+50.1%−109.6 pp−4.6%
5 years−85.9%+43.6%−129.5 pp—
Max drawdown (1y)
−64.8%
18 Nov 2025 → 15 Oct 2026
Max drawdown (5y)
−91.7%
20 Jan 2022 → 15 Oct 2026
Compound annual growth (5y)
−32.4%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 1-quarter history (min 2.2, median 2.2, max 2.2; quarters with earnings only).

Fiscal years

Fiscal year202220232024
Revenue337.4 m300.9 m280.4 m
Revenue YoYunavailable−10.8%−6.8%
Net income-67.7 m-11.1 m10.6 m
Net income YoYunavailableunavailableunavailable
Diluted EPS-1.88-0.310.29
Diluted EPS YoYunavailableunavailableunavailable
net %-20.1%-3.7%3.8%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
38.6 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
95.5 m EUR
Total assets
320.3 m EUR
Debt / equity
unavailable
Current ratio
1.78x
ROE
12.2%
ROA
3.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2022
337.4 m
2023
300.9 m
2024
280.4 m

esef· 29 Apr 2025verified

Operating income
2022
15.4 m
2023
10.7 m
2024
23.0 m

esef· 29 Apr 2025verified

Depreciation & amortisation
2022
18.7 m
2023
19.9 m
2024
19.6 m

esef· 29 Apr 2025verified

EBITDA
2022
34.1 m ≈
2023
30.6 m ≈
2024
42.6 m ≈

esef· 29 Apr 2025derived

Interest expense
2022
19.7 m
2023
18.8 m
2024
24.3 m

esef· 29 Apr 2025verified

Pre-tax income
2022
-4.3 m
2023
-7.7 m
2024
12.9 m

esef· 29 Apr 2025verified

Income tax
2022
9.0 m
2023
3.4 m
2024
2.3 m

esef· 29 Apr 2025verified

Net income
2022
-67.7 m
2023
-11.1 m
2024
10.6 m

esef· 29 Apr 2025verified

Diluted EPS
2022
-1.88
2023
-0.31
2024
0.29

esef· 29 Apr 2025verified

Balance sheet · EUR

Cash
2022
38.5 m
2023
35.8 m
2024
38.6 m

esef· 29 Apr 2025verified

Receivables
2022
25.0 m
2023
28.4 m
2024
17.5 m

esef· 29 Apr 2025verified

Inventories
2022
76.2 m
2023
52.3 m
2024
49.6 m

esef· 29 Apr 2025verified

Current assets
2022
139.7 m
2023
117.5 m
2024
106.3 m

esef· 29 Apr 2025verified

Property, plant & equipment, net
2022
108.2 m
2023
100.8 m
2024
99.6 m

esef· 29 Apr 2025verified

Goodwill
2022
105.7 m
2023
103.0 m
2024
107.7 m

esef· 29 Apr 2025verified

Intangibles (excl. goodwill)
2022
5.4 m
2023
5.2 m
2024
4.7 m

esef· 29 Apr 2025verified

Total assets
2022
360.4 m
2023
327.6 m
2024
320.3 m

esef· 29 Apr 2025verified

Current liabilities
2022
86.0 m
2023
205.0 m
2024
59.6 m

esef· 29 Apr 2025verified

Total liabilities
2022
267.0 m
2023
249.8 m
2024
224.8 m

esef· 29 Apr 2025verified

Equity
2022
93.4 m
2023
77.7 m
2024
95.5 m

esef· 29 Apr 2025verified

Shares outstanding at year end
2022
36.0 m
2023
35.8 m
2024
36.5 m

esef· 29 Apr 2025derived

Cash flow · EUR

Operating cash flow
2022
27.9 m
2023
31.1 m
2024
40.1 m

esef· 29 Apr 2025verified

Investing cash flow
2022
151.8 m
2023
-11.8 m
2024
-10.2 m

esef· 29 Apr 2025verified

Financing cash flow
2022
-189.4 m
2023
-21.5 m
2024
-28.8 m

esef· 29 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-6.8%
computed by olivLawFY 2024
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
114.5%
computed by olivLawFY 2024
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
15.2%
computed by olivLawFY 2024
EBIT margin
8.2%
computed by olivLawFY 2024
Net margin
3.8%
computed by olivLawFY 2024
FCF margin
unavailable
input data missing

Returns

ROE
12.2%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
3.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
8.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
0.9x
computed by olivLawFY 2024

Liquidity

Current ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
40.1 m EUR
computed by olivLawFY 2024
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
94.3%
computed by olivLawFY 2024

Efficiency

Days sales outstanding
30 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
13.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
unavailable
input data missing
Market cap / net income TTM
1.2x
computed by olivLawFY 2024
P/E (TTM)
1.2x
computed by olivLawFY 2024
Earnings yield
80.6%
computed by olivLawFY 2024
P/B
0.1x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
0.0x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.36 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 13.1 m EUR

Key indicators

Market capitalisation
13.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
1.2x
computed by olivLawFY 2024
P/B
0.1x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
12.2%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
3.8%
computed by olivLawFY 2024
Revenue growth (YoY)
-6.8%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: esefpublished 29 Apr 2025
verified 74derived 3

The data is older than the freshness threshold.

Score by group

27% · Insufficient data

Estimated value range

Low
3.20
EUR per share
Mid
4.46
EUR per share
High
6.85
EUR per share
Price: 0.36 EUR
The price is below the range
Potential to the central value: 1,139.2% (value / price − 1)
Margin of safety: 91.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.20 – 6.85 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E3.20 – 6.85 (Mid 4.46)
    24 companies used · median multiple 15.4x · quartiles 11.0x – 23.6x
    ACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality3.8%49 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet0.9x0 (on a fixed band)23%
Current ratio · Balance sheet1.8x82 (on a fixed band)15%
P/E (TTM) · Valuation1.2x100 (vs peers)38%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet33/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial49/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial100/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Belysse Group (BELYS.BR). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 280.4 m EUR in 2024; YoY growth -6.8%; net margin 3.8%; ROE 12.2%.

The estimated value range is 3.20–6.85 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.46 EUR, the price of 0.36 EUR leaves a potential of 1,139.2% (value / price − 1) and a margin of safety of 91.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.8x
  • P/E (TTM): 1.2x
  • The price is below the estimated value range

What contradicts it

  • Interest coverage: 0.9x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from Belgium · same country · compared with 39 companies

Multiples and returns vs the median

P/E
1.2x
vertical median 17.2x
below median (−92.8%)
EV/EBITDA
—
vertical median 5.2x
P/S
0.0x
vertical median 1.1x
below median (−95.9%)
P/B
0.1x
vertical median 1.3x
below median (−89.6%)
ROE
12.2%
vertical median 8.3%
above median (+47.8%)
Net margin
3.8%
vertical median 4.3%
below median (−12.1%)
EBIT margin
8.2%
vertical median 7.9%
at median
Revenue YoY
-6.8%
vertical median 1.0%
below median (−790.0%)
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
—
vertical median 1.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELI.BRElia Group11.9 bn23.39.6%13.6%−2.0%+28% / +34%
LOTB.BRLotus Bakeries11.4 bn66.420.9%12.7%+10.0%+82% / +76%
GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert10.6 bn82.40.8%2.1%+1.0%+6% / +9%
DIE.BRD'ieteren Group9.7 bn23.2—5.3%−1.5%+22% / +16%
ACKB.BRAckermans & Van Haaren8.8 bn22.28.4%7.6%+18.6%+22% / +77%
COLR.BRColruyt Group4.4 bn14.69.4%2.9%+3.1%+12% / −6%
DEME.BRDeme Group4.2 bn12.215.5%8.3%+1.3%+21% / +72%
AZE.BRAzelis Group2.9 bn16.16.6%4.3%+1.5%+29% / −42%
MELE.BRMelexis2.1 bn12.430.7%18.4%−3.3%−1% / −38%
BEKB.BRNV Bekaert SA2.1 bn30.73.1%1.8%−6.4%+10% / −5%
FAGR.BRFagron1.8 bn22.216.7%9.2%+14.3%+15% / +40%
KIN.BRKinepolis Group1.4 bn33.919.3%7.0%−4.5%+62% / +11%
JEN.BRJensen Group706.9 m17.215.1%9.1%+13.3%+28% / +111%
BAR.BRBarco563.5 m9.17.9%6.7%−9.9%−48% / −59%
IBAB.BRIon Beam Applications487.2 m39.510.7%2.1%+24.5%+48% / +52%
DECB.BRDeceuninck341.3 m24.64.3%1.7%−4.5%+8% / +8%
CAMB.BRCampine272.3 m12.228.6%6.1%+13.4%−12% / +161%
CFEB.BRAannemingsmaatschappij Cfe266.8 m11.19.9%2.0%−5.3%+22% / +48%
MOUR.BRMoury Construct261.2 m10.721.3%13.1%−4.0%+11% / +76%
EVS.BREvs Broadcast Equipment245.9 m6.020.8%21.7%+14.3%−49% / −36%
BPOST.BRBpost229.8 m3.56.3%1.5%−2.6%−39% / −75%
ECONB.BREconocom Group210.7 m40.51.2%0.2%+4.3%−1% / −36%
IMMO.BRImmobel172.2 m—-7.4%-25.2%−32.8%−24% / −36%
MONNI.BRKeyware Technologies171.0 m162.03.5%4.5%−5.9%−5% / −17%
HYSG.BRHybrid Software Group PLC121.3 m—-2.5%-5.5%+7.2%−4% / +13%

1- and 3-year price returns: for BELYS.BR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
0.19
Total return -47% · Per year -47%
0.34
Total return -5% · Per year -5%
0.52
Total return 44% · Per year 44%
3 years
0.15
Total return -58% · Per year -25%
0.31
Total return -14% · Per year -5%
0.52
Total return 44% · Per year 13%
5 years
0.12
Total return -66% · Per year -20%
0.28
Total return -23% · Per year -5%
0.52
Total return 44% · Per year 8%
What moves the 3-year price the most
  • Exit P/E± 0.08
  • Net margin± 0.05
  • Annual revenue growth± 0.05
  • Annual dilution± 0.00

AI analysis

The qualitative analysis has not been written for this company yet.

Products, market & competition

The qualitative analysis has not been written for this company yet.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Belysse Group (BELYS.BR): stock, results, valuation and forecast · olivLaw