U.S. SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549



                               FORM 10-QSB




           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934



             For the quarterly period ended September 30, 2001


                       Commission File Number: 0-23857


                          Royal Belle Capital Corp.
        ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


        Colorado
----------------------------                ---------------------------------
(State of other jurisdiction of             (IRS Employer Identification No.)
 incorporation or organization)


                          5770 South Beech Court
                       Greenwood Village, Colorado  80121
          ----------------------------------------------------------
          (Address of principal executive offices including zip code)


                              (303) 721-0605
                        --------------------------
                        (Issuer's telephone number)





Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

                            Yes X             No___


As of September 30, 2001, the Registrant had 2,000,000 shares of common stock,
no par value per share, outstanding.

Transitional Small Business Disclosure Format (check one): Yes__    No X



                                    INDEX

                                                               Page
                                                              Number

Part I.  Financial Information

     Item I.   Financial Statements

               Review Report of Independent Certified
                 Public Accountant                              3

               Balance Sheets as of September 30, 2001
                 and December 31, 2000                          4

               Statements of Operations, Three Months
                 Ended September 30, 2001 and 2000              5

               Statements of Operations, Nine Months
                 Ended September 30, 2001 and 2000              6

               Statements of Cash Flows, Nine Months
                 Ended September 30, 2001 and 2000              7

               Notes to Financial Statements                    8

     Item 2.   Management's Discussion and Analysis of
               Financial Conditions and Results of
               Operations                                       9

Part II.  Other Information                                    10

Signatures                                                     11

























                                       2


REVIEW REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT



The Board of Directors
Royal Belle Capital Corp.
Greenwood Village, CO

We have reviewed the accompanying balance sheet of Royal Belle Capital Corp.
as of September 30, 2001, and the related statements of operations and cash
flows for the three months and nine months then ended, in accordance with
Statements on Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants.  All information included
in these financial statements is the representation of the management of Royal
Belle Capital Corp.

A review of interim financial statements consists principally of inquiries of
Company personnel responsible for financial matters and analytical procedures
applied to financial data.  It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements in order for them to
be in conformity with generally accepted accounting principles.

As discussed in the notes to the financial statements, certain conditions
indicate that the Company may be unable to continue as a going concern.  The
accompanying financial statements do not include any adjustments to the
financial statements that might be necessary should the Company be unable to
continue as a going concern.


/s/ Schumacher & Associates, Inc.

Schumacher & Associates, Inc.
Certified Public Accountants
2525 Fifteenth Street, Suite 3H
Denver, Colorado 80211

November 13, 2001
















                                       3

                         ROYAL BELLE CAPITAL CORP.

                              BALANCE SHEETS
                               (Unaudited)

                                 ASSETS

                                              September 30     December 31
                                                   2001            2000
                                              ------------     -----------

Current Assets
 Cash                                         $       453      $      556
                                              -----------      ----------
  Total Current Assets                                453             556

Organization costs, net of amortization             2,012           3,220
                                              -----------      ----------

  Total Assets                                $     2,465      $    3,776
                                              ===========      ==========



                     LIABILITIES AND STOCKHOLDERS' (DEFICIT)

Current Liabilities:
     Accounts payable                               3,408           5,466
     Advances payable, related parties              6,067             523
                                              -----------      ----------
  Total Current Liabilities                         9,475           5,989
                                              -----------      ----------

Stockholders' (Deficit):
Preferred Stock, no par value,
     5,000,000 shares authorized
     none issued and outstanding                        -               -
 Common Stock, no par value,
     100,000,000 shares authorized
     2,000,000 shares issued and
     outstanding                                   12,050          12,050
Additional paid-in capital                         13,500          10,800
Accumulated deficit                               (32,560)        (25,063)
                                              -----------      ----------
Total Stockholders' (Deficit)                      (7,010)         (2,213)
                                              -----------      ----------

Total Liabilities and Stockholders' (Deficit) $     2,465      $    3,776
                                              ===========      ==========







The accompanying notes are an integral part of the financial statements.

                                       4



                           ROYAL BELLE CAPITAL CORP.

                           STATEMENT OF OPERATIONS
                                (Unaudited)

                                                   Three Months Ended
                                             September 30,      September 30,
                                                 2001               2000
                                             -------------      -------------


Revenues                                      $          -       $         -
                                              ------------       -----------

Operating Expenses:
     Amortization                                      402               402
     Professional fees                               1,565             1,310
     Rent                                              300               300
     Other                                              40                25
                                              ------------       -----------
       Total Operating Expenses                      2,307             2,037
                                              ------------       -----------

Net Loss                                      $     (2,307)      $    (2,037)
                                              ------------       -----------

Per Share                                     $        nil       $       nil
                                              ============       ===========

Weighted Average Number of Shares
  Outstanding                                    2,000,000         2,000,000
                                              ============       ===========























The accompanying notes are an integral part of the financial statements.

                                       5



                           ROYAL BELLE CAPITAL CORP.

                           STATEMENT OF OPERATIONS
                                (Unaudited)

                                                    Nine Months Ended
                                             September 30,      September 30,
                                                2001                2000
                                             -------------      -------------

Revenues                                     $          -       $         -
                                             ------------       -----------

Operating Expenses:
     Amortization                                   1,208             1,208
     Professional fees                              5,286             5,472
     Rent                                             900               900
     Other                                            103                73
                                             ------------       -----------
       Total Operating Expenses                     7,497             7,653
                                             ------------       -----------

Net Loss                                     $     (7,497)      $    (7,653)
                                             ------------       -----------

Per Share                                    $        nil       $       nil
                                             ============       ===========

Weighted Average Number of Shares
  Outstanding                                   2,000,000         2,000,000
                                             ============        ===========
























The accompanying notes are an integral part of the financial statements.

                                    6

                           ROYAL BELLE CAPITAL CORP.

                           STATEMENT OF CASH FLOWS
                                (Unaudited)

                                                   Nine Months Ended
                                             September 30,    September 30,
                                                 2001             2000
                                             -------------    -------------
Cash Flows from Operating Activities:
     Net (loss)                              $     (7,497)    $     (7,653)

     Amortization                                   1,208            1,208
     Increase (decrease) in accounts
      payable                                      (2,057)           3,148
                                             ------------     ------------

  Net Cash (Used in) Operating Activities          (8,346)          (3,297)
                                             ------------     ------------


Cash Flows from Investing Activities                 -                -
                                             ------------     ------------

Cash Flows from Financing Activities:
     Advances from related parties                  5,543              523
     Increase in additional paid-in capital         2,700            2,700
                                             ------------     ------------

  Net Cash Provided by Financing Activities         8,243            3,223
                                             ------------     ------------

(Decrease) in Cash                                   (103)             (74)

Cash, Beginning of Period                             556              654
                                             ------------     ------------

Cash, End of Period                          $        453     $        580
                                             ============     ============

Interest Paid                                $          -     $          -
                                             ============     ============

Income Taxes Paid                            $          -     $          -
                                             ============     ============










The accompanying notes are an integral part of the financial statements.

                                       7



                           ROYAL BELLE CAPITAL CORP.

                        NOTES TO FINANCIAL STATEMENTS
                          September 30, 2001 (Unaudited)


(1)   Condensed Financial Statements

The financial statements included herein have been prepared by Royal Belle
Capital Corp. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission.  Certain information and footnote
disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted as allowed by such rules and regulations, and Royal Belle Capital
Corp. believes that the disclosures are adequate to make the information
presented not misleading.  It is suggested that these financial statements be
read in conjunction with the December 31, 2000 audited financial statements
and the accompanying notes thereto.  While management believes the procedures
followed in preparing these financial statements are reasonable, the accuracy
of the amounts are in some respect's dependent upon the facts that will exist,
and procedures that will be accomplished by Royal Belle Capital Corp. later in
the year.

The management of Royal Belle Capital Corp. believes that the accompanying
unaudited condensed financial statements contain all adjustments (including
normal recurring adjustments) necessary to present fairly the operations and
cash flows for the periods presented.

(2)  Basis of Presentation - Going Concern

The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles, which contemplates continuation of
the Company as a going concern.  However, the Company has sustained operating
losses since its inception and has a net capital deficiency.  Management is
attempting to raise additional capital.

In view of these matters, realization of certain of the assets in the
accompanying balance sheet is dependent upon continued operations of the
Company, which in turn is dependent upon the Company's ability to meet its
financial requirements, raise additional capital, and the success of its
future operations.  Management is in the process of attempting to raise
additional capital and reduce operating expenses.  Management believes that
its ability to raise additional capital and reduce operating expenses provide
an opportunity for the Company to continue as a going concern.













                                      8



                                   ITEM 2

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS


Royal Belle Capital Corp. (the "Company") was organized as a Colorado
corporation on December 5, 1996, in order to evaluate, structure and complete
a merger with, or acquisition of, prospects consisting of private companies,
partnerships or sole proprietorships.  The Company may seek to acquire a
controlling interest in such entities in contemplation of later completing an
acquisition.  The Company is not limited to any operation or geographic area
in seeking out opportunities.  Management has not identified any particular
business or industry within which the Company will seek an acquisition or
merger.  The Company has not conducted, nor have others made available to it,
market research supporting the viability of the Company's proposed operations.

The Company generated no revenues during the quarter ended September 30, 2001,
and management does not anticipate any revenues until following the conclusion
of a merger or acquisition, if any, as contemplated by the Company's business
plan.

The Company's capital is limited.  The Company anticipates operational costs
will be limited until such time as significant evaluation work is undertaken
regarding prospective mergers or acquisitions.

At September 30, 2001, the Company had no material commitments for capital
expenditures.





























                                       9



                         PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

         None.

Item 2.  Changes in Securities

         None.

Item 3.  Defaults upon Senior Securities

         None.

Item 4.  Submission of Matters to a Vote of Security Holders

         None.

Item 5.  Other Information

         None.

Item 6.  Exhibits and Reports on Form 8-K

         None.
































                                       10



                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                       ROYAL BELLE CAPITAL CORP.



Date: November 14, 2001                By:/s/ Joseph J. Peirce
                                          Joseph J. Peirce, President










































                                       11