9974
Belc CO., LTD.
株式会社ベルク
Retail Trade
Belc CO., LTD. manages a chain of food supermarkets in Japan. The company offers meat products, seafood products, fruit and vegetable processed products, eggs and dairy products, processed and frozen food products, Japanese and kneaded products, side dishes/breads, sweets and desserts, and other goods, as well as beverages and alcohol. Belc CO., LTD. was incorporated in 1959 and is headquartered in Tsurugashima, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥416.5B
¥381.4B
¥346.1B
¥305.6B
¥297.0B
Cost of Sales
¥304.5B
¥278.4B
¥251.9B
¥221.0B
¥221.9B
Gross Profit
¥112.0B
¥103.1B
¥94.2B
¥84.6B
¥75.1B
SG&A
¥101.0B
¥92.4B
¥85.5B
¥75.9B
¥64.0B
Operating Income
¥17.9B
¥17.0B
¥14.5B
¥14.0B
¥13.1B
Non-Operating Income
¥617M
¥582M
¥631M
¥399M
¥904M
Dividend Income
—
—
—
¥3M
¥2M
Interest Income
—
—
—
¥39M
¥38M
Non-Operating Expenses
¥349M
¥205M
¥155M
¥120M
¥91M
Interest Expense
¥301M
¥164M
¥120M
¥98M
¥83M
Ordinary Income
¥18.2B
¥17.4B
¥15.0B
¥14.3B
¥13.9B
Pre-tax Income
¥17.3B
¥17.1B
¥14.7B
¥14.2B
¥13.6B
Income Taxes
¥4.6B
¥4.7B
¥4.1B
¥4.6B
¥4.4B
Current Tax
¥5.2B
¥4.9B
¥4.2B
¥4.8B
¥4.6B
Deferred Tax
¥-543M
¥-178M
¥-162M
¥-180M
¥-197M
Net Income (owners)
¥12.7B
¥12.4B
¥10.7B
¥9.6B
¥9.2B
Comprehensive Income
¥13.4B
¥12.4B
¥10.7B
¥9.9B
¥9.2B
EBITDA
¥26.4B
¥24.6B
¥21.5B
¥20.5B
¥19.4B
EPS
¥608.69
¥594.16
¥512.25
¥461.02
¥440.30
Shares Outstanding
20.9M
20.9M
20.9M
20.9M
20.9M
Shares Issued (total)
20.9M
20.9M
20.9M
20.9M
20.9M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥221.4B
¥200.7B
¥184.4B
¥169.3B
¥153.2B
Current Assets
¥44.6B
¥40.0B
¥36.9B
¥32.7B
¥27.4B
Cash & Deposits
¥19.8B
¥17.8B
¥17.0B
¥15.6B
¥11.8B
Trade Receivables
¥5.7B
¥5.3B
¥5.2B
¥4.1B
¥3.5B
Non-Current Assets
¥176.8B
¥160.7B
¥147.5B
¥136.6B
¥125.8B
PP&E
¥152.5B
¥138.2B
¥128.3B
¥118.9B
¥108.8B
Intangible Assets
¥2.2B
¥2.4B
¥2.4B
¥1.6B
¥1.7B
Investment Securities
¥267M
¥157M
¥123M
¥110M
¥80M
Deferred Tax Assets
¥3.2B
¥2.9B
¥2.8B
¥2.6B
¥2.6B
Total Liabilities
¥100.8B
¥90.8B
¥84.4B
¥78.0B
¥69.6B
Current Liabilities
¥53.3B
¥49.2B
¥45.4B
¥38.3B
¥36.2B
ST Debt
¥10.4B
¥7.9B
¥7.4B
¥7.3B
¥6.8B
Taxes Payable
¥3.1B
¥3.1B
¥2.1B
¥2.8B
¥3.0B
Non-Current Liabilities
¥47.5B
¥41.6B
¥39.0B
¥39.7B
¥33.3B
Total LT Borrowings
¥32.8B
¥28.4B
¥26.4B
¥27.6B
¥21.8B
Pension Obligations
—
—
—
—
¥248M
Deferred Tax Liab.
¥14M
—
—
—
—
Total Equity
¥120.6B
¥109.9B
¥100.0B
¥91.3B
¥83.7B
Capital Stock
¥3.9B
¥3.9B
¥3.9B
¥3.9B
¥3.9B
Capital Surplus
¥4.1B
¥4.1B
¥4.1B
¥4.1B
¥4.1B
Retained Earnings
¥112.0B
¥102.0B
¥92.0B
¥83.4B
¥75.9B
Treasury Stock
¥-221M
¥-114M
¥-118M
¥-118M
¥-3M
AOCI
¥754M
¥69M
¥83M
¥34M
¥-241M
Equity (owners)
¥119.8B
¥109.9B
¥99.9B
¥91.3B
¥83.9B
Total Interest-Bearing Debt ⓘ
¥43.1B
¥36.4B
¥33.8B
¥34.9B
¥28.6B
Net Cash ⓘ
¥-23.3B
¥-18.5B
¥-16.8B
¥-19.3B
¥-16.8B
NCAV ⓘ
¥-56.2B
¥-50.8B
¥-47.5B
¥-45.3B
¥-42.2B
NCAV/Share
¥-2,694
¥-2,434
¥-2,276
¥-2,172
¥-2,022
BV/Share
¥5,743
¥5,264
¥4,787
¥4,374
¥4,020
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥20.9B
¥22.7B
¥21.1B
¥15.6B
¥17.1B
Interest Paid
¥-266M
¥-146M
¥-113M
¥-72M
¥-56M
Interest Received
¥21M
¥13M
¥5M
¥5M
¥5M
D&A
¥8.6B
¥7.6B
¥7.0B
¥6.5B
¥6.3B
Investing CF
¥-22.8B
¥-21.7B
¥-16.2B
¥-15.9B
¥-18.5B
CapEx
¥23.1B
¥17.8B
¥17.1B
¥16.5B
¥16.3B
Purchase Investments
¥-10M
¥-9M
—
¥-10M
—
Proceeds from Invest.
—
—
—
¥3M
—
Financing CF
¥3.8B
¥-165M
¥-3.4B
¥4.1B
¥5.8B
Dividends Paid
¥-2.6B
¥-2.4B
¥-2.1B
¥-1.9B
¥-1.9B
Share Buybacks
¥-106M
¥0M
¥0M
¥-114M
¥0M
LT Debt Repaid
¥-9.3B
¥-8.4B
¥-7.6B
¥-6.8B
¥-6.1B
Free Cash Flow
¥-2.1B
¥4.9B
¥3.9B
¥-920M
¥808M
Net Change in Cash
¥1.9B
¥805M
¥1.4B
¥3.8B
¥4.4B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
11.0%
11.8%
11.2%
11.0%
11.5%
ROA
6.0%
6.4%
6.0%
6.0%
6.0%
EPS
¥608.69
¥594.16
¥512.25
¥461.02
¥440.30
DPS
¥124.00
¥120.00
¥108.00
¥94.00
¥90.00
BPS
¥5,789.13
¥5,272.99
¥4,795.60
¥4,380.11
¥4,008.83
FCF/Share
¥-103
¥234
¥189
¥-44
¥39
NCAV/Share
¥-2,694
¥-2,434
¥-2,276
¥-2,172
¥-2,022
Payout Ratio
20.4%
20.2%
21.1%
20.4%
20.4%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 6
Date Activist Stake Event Flag Demands Source
2026-03-23
FMR LLC
10.0%
change
Passive
—
2026-03-06
FMR LLC
10.0%
+0.01%
change
Passive
—
2025-03-24
FMR LLC
9.99%
-0.01%
change
Passive
—
2025-03-07
FMR LLC
10.0%
change
Passive
—
2024-10-22
FMR LLC
10.0%
+1.16%
change
Passive
—
2024-01-22
FMR LLC
8.84%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 5
#
Shareholder
Shares (thou.)
% of Total
1
AEON Co.,Ltd.
イオン株式会社
3,131
15.00%
2
IH
株式会社IH
1,864
8.93%
3
TH
株式会社TH
1,401
6.72%
4
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
1,339
6.42%
5
有限会社ヘイセイカンパニー
1,083
5.19%
6
SHIMAMURA Co.,Ltd.
株式会社しまむら
877
4.21%
7
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
703
3.37%
8
The Musashino Bank, Ltd.
株式会社武蔵野銀行
677
3.25%
9
BBH FOR FIDELITY LOW-PRICED STOCK FUND(常任代理人株式会社三菱UFJ銀行)
653
3.13%
10
Employee Stock Ownership Plan
ベルク社員持株会
514
2.47%
Domestic Nominees
9.8%
+0.9% vs 2025
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2025
Sub-custodians for foreign asset managers
Direct / Strategic
48.9%
-0.2% vs 2025
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
2026
AEON Co.,Ltd.
イオン
15.00%
15.00%
15.00%
15.00%
IH
式会社IH
8.93%
8.93%
8.93%
8.93%
TH
式会社TH
6.72%
6.72%
6.72%
6.72%
Japan Master Trust Bank
日本マスタートラスト信託銀行
5.76%
5.87%
6.34%
6.42%
+0.08%
限会社ヘイセイカンパニー
5.19%
5.19%
5.19%
5.19%
SHIMAMURA Co.,Ltd.
式会社しまむら
4.21%
4.21%
4.21%
4.21%
Japan Custody Bank
日本カストディ銀行
—
2.65%
2.52%
3.37%
+0.85%
The Musashino Bank, Ltd.
式会社武蔵野銀行
3.25%
3.25%
3.25%
3.25%
Fidelity
7.85%
5.89%
3.27%
3.13%
-0.14%
Employee Stock Ownership Plan
ベルク社員持株会
2.60%
2.55%
2.50%
2.47%
-0.03%
原島保
last seen 2023
Exited Top 10
2.39%
—
—
—
Concentration (HHI)
ⓘ
512
488
469
474
4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥233M
+135% since 2023
Holdings
5
+1 new
1 exited
Trend
Stable
vs 2023
Held Company
FY2026
¥233M total
FY2023
¥99M total
Book Val ¥M
Shares
Book Val ¥M
Shares
The Musashino Bank, Ltd.
㈱武蔵野銀行
163
25,066
63
25,066
M
エイチ・ツー・オーリテイリング㈱
56
NEW
New
23,200
—
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
14
2,000
4
2,000
M
BANNERS CO.,LTD.
㈱バナーズ
—
—
Marusan Securities Co.,Ltd.
丸三証券㈱
—
—
M
KANSAI FOOD MARKET LTD.
㈱関西フードマーケット
—
−100%
Exit
—
32
23,200
Portfolio total
233
99
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding