BLUESTONE
ActiveSummary
BLUESTONE has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.5m and a net result of -€10,933. Equity is shrinking by about 2.8% per year across the filed financial years. Its solvency ranks better than 28% of 39,131 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Financials · financial year 2025, micro format
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€10,933
2024 · €45,450
Working capital
-€4.9m▼ 5.1%
2024 · -€4.6m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 4% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.2m
2025
Net result-€0.01m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€9.5m
2025
Equity€2.5m
2025
Debt€7.0m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€4.9m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-0.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency26.8%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.20
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)1
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.2m▲ 48.5%€0.2m▼ 10.1%€0.2m▲ 1.8%€0.1m▼ 31.2%€0.3m▲ 167%€0.2m▼ 41.4%€0.2m▼ 4.2%
Net result€0.06m-€0.1m▲ 77.4%€0.09mwithin the sector's middle half▼ 20.1%€0.09mwithin the sector's middle half▲ 0.3%€0.05mwithin the sector's middle half▼ 40.0%€0.2mabove the sector's middle half▲ 247%€0.05mwithin the sector's middle half▼ 74.9%-€0.01mbelow the sector's middle half
Equity€3.1m-€3.1m▲ 1.9%€3.2mabove the sector's middle half▲ 2.8%€3.3mabove the sector's middle half▲ 2.7%€3.4mabove the sector's middle half▲ 1.6%€2.5mabove the sector's middle half▼ 25.2%€2.6mabove the sector's middle half▲ 1.8%€2.5mabove the sector's middle half▼ 0.4%
Total assets€4.7m-€4.9m▲ 3.0%€4.9mwithin the sector's middle half▼ 0.1%€5.0mwithin the sector's middle half▲ 2.4%€5.1mwithin the sector's middle half▲ 2.3%€5.4mabove the sector's middle half▲ 5.4%€9.6mabove the sector's middle half▲ 77.5%€9.5mabove the sector's middle half▼ 0.7%
Debt€1.7m-€1.8m▲ 4.9%€1.7m▼ 5.2%€1.7m▲ 1.8%€1.8m▲ 3.6%€2.9m▲ 63.5%€7.0m▲ 143%€7.0m▼ 0.8%
Working capital-€0.9m--€0.6m▲ 34.1%-€0.7mbelow the sector's middle half▼ 7.4%-€0.7mbelow the sector's middle half▼ 8.2%-€0.8mbelow the sector's middle half▼ 13.7%-€1.3mbelow the sector's middle half▼ 60.6%-€4.6mbelow the sector's middle half▼ 250%-€4.9mbelow the sector's middle half▼ 5.1%
Solvency64.7%-64.0%▼ 0.7pp65.8%within the sector's middle half▲ 1.8pp66.0%within the sector's middle half▲ 0.2pp65.6%within the sector's middle half▼ 0.5pp46.6%within the sector's middle half▼ 19.0pp26.7%below the sector's middle half▼ 19.9pp26.8%within the sector's middle half▲ 0.1pp
Current ratio0.18-0.32▲ 0.140.31below the sector's middle half▼ 0.010.36below the sector's middle half▲ 0.050.38below the sector's middle half▲ 0.020.38below the sector's middle half▼ 0.010.21below the sector's middle half▼ 0.160.20below the sector's middle half▼ 0.01
Return on assets (ROA)1.3%-2.2%▲ 0.9pp1.8%within the sector's middle half▼ 0.4pp1.7%within the sector's middle half=1.0%within the sector's middle half▼ 0.7pp3.4%within the sector's middle half▲ 2.3pp0.5%below the sector's middle half▼ 2.9pp-0.1%below the sector's middle half▼ 0.6pp
Staff (FTE)0.7below the sector's middle half0.9▲ 28.6%1▲ 11.1%1=
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2023 Net result +247% on 2022. The accounts now follow the micro format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.5m
Fixed assets
€8.3m ▼ 0.5%
Current assets
€1.2m ▼ 2.1%
Equity and liabilities €9.5m
Equity
€2.5m ▼ 0.4%
Debt
€7.0m ▼ 0.8%
Debt's share of the balance-sheet total falls from 73.3% to 73.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€206,461▼
2024 · €207,604
Cash flow
€31,619▼
2024 · €82,044
Debt to equity
2.73▼
2024 · 2.74
ROE
-0.4%▼
2024 · 1.8%
Interest coverage
1.06▼
2024 · 1.91
Debt ≤ 1 year
€6.1m▲
2024 · €5.9m
Debt > 1 year
€881,732▼
2024 · €1.1m
Income taxes
€725▼
2024 · €23,994
Staff costs
€70,827▲
2024 · €56,873
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,400 | €571,048 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | €44,195 | €62,486 | €56,873 | €70,827 | ▲ 24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,043 | €16,066 | €15,901 | €21,395 | €28,394 | €31,872 | €36,595 | €42,552 | ▲ 16.3% |
| Other operating charges640/8 | - | - | - | €1,051 | €3,850 | €2,047 | €1,334 | €1,062 | ▼ 20.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €522,082 | €0 | ▼ 100% |
| Gross operating margin9900 | €125,091 | €190,855 | €172,673 | €181,047 | €185,580 | €388,192 | €787,892 | €278,349 | ▼ 64.7% |
| Operating profit (loss)9901 | €116,702 | €173,304 | €155,780 | €158,601 | €109,140 | €291,787 | €171,009 | €163,908 | ▼ 4.2% |
| Financial income75/76B | - | - | - | €2,906 | €10,759 | €8,303 | €6,926 | €19,959 | ▲ 188% |
| Recurring financial income75 | €9,886 | €13,788 | €4,245 | €2,906 | €10,759 | €8,303 | €6,926 | €19,959 | ▲ 188% |
| Financial charges65/66B | - | - | - | €41,852 | €40,881 | €56,301 | €108,492 | €194,076 | ▲ 78.9% |
| Recurring financial charges65 | €57,842 | €50,973 | €41,139 | €41,852 | €40,881 | €56,301 | €108,492 | €194,076 | ▲ 78.9% |
| Profit (loss) for the period before taxes9903 | €68,745 | €136,119 | €118,885 | €119,656 | €79,018 | €243,789 | €69,443 | -€10,208 | - |
| Income taxes67/77 | €7,668 | €27,784 | €32,306 | €32,795 | €26,867 | €62,848 | €23,994 | €725 | ▼ 97.0% |
| Profit (loss) for the period9904 | €61,077 | €108,335 | €86,579 | €86,861 | €52,151 | €180,941 | €45,450 | -€10,933 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €58,940 | - |
| Profit (loss) for the period to be appropriated9905 | €61,077 | €108,335 | €86,579 | €86,861 | €52,151 | €180,941 | €45,450 | -€69,873 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.7m | €4.9m | €4.9m | €5.0m | €5.1m | €5.4m | €9.6m | €9.5m | ▼ 0.7% |
| Fixed assets21/28 | €4.5m | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | €8.3m | €8.3m | ▼ 0.5% |
| Tangible fixed assets22/27 | €165 | €0.06m | €0.04m | €0.05m | €0.07m | €0.05m | €0.1m | €0.07m | ▼ 36.5% |
| Land and buildings22 | - | - | - | - | - | - | €0.06m | €0.04m | ▼ 30.1% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.06m | €0.05m | €0.05m | €0.03m | ▼ 44.7% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.01m | €0 | - | - | - |
| Financial fixed assets28 | €4.5m | €4.5m | €4.5m | €4.5m | €4.5m | €4.5m | €8.2m | €8.2m | = |
| Current assets29/58 | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.8m | €1.2m | €1.2m | ▼ 2.1% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.6m | €0.5m | ▼ 4.8% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.6m | €0.5m | ▼ 4.8% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.8m | €0.7m | €0.6m | ▼ 1.9% |
| Trade receivables40 | - | - | - | €0.08m | €0.2m | €0.4m | €0.3m | €0.2m | ▼ 49.8% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.5m | ▲ 48.1% |
| Cash at bank and in hand54/58 | €496 | €0.003m | €0.006m | €0.01m | €0.008m | €0.005m | €0.009m | €0.006m | ▼ 30.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.006m | €0.004m | €0.006m | €0.02m | ▲ 293% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.7m | €4.9m | €4.9m | €5.0m | €5.1m | €5.4m | €9.6m | €9.5m | ▼ 0.7% |
| Equity10/15 | €3.1m | €3.1m | €3.2m | €3.3m | €3.4m | €2.5m | €2.6m | €2.5m | ▼ 0.4% |
| Contributions10/11 | €3.1m | €3.1m | - | €3.1m | €3.1m | €2.1m | €2.1m | €2.1m | = |
| Reserves13 | €0.003m | €0.008m | €0.008m | €0.008m | €0.06m | €0.06m | €0.1m | €0.2m | ▲ 55.8% |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.008m | €0.008m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €0.06m | - |
| Distributable reserves133 | - | - | - | - | €0.05m | €0.06m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.04m | €0.01m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 20.5% |
| Amounts payable17/49 | €1.7m | €1.8m | €1.7m | €1.7m | €1.8m | €2.9m | €7.0m | €7.0m | ▼ 0.8% |
| Amounts payable after more than one year17 | €0.5m | €0.8m | €0.7m | €0.6m | €0.4m | €0.8m | €1.1m | €0.9m | ▼ 23.3% |
| Financial debts170/4 | - | - | - | €0.6m | €0.4m | €0.8m | €1.1m | €0.9m | ▼ 23.3% |
| Amounts payable within one year42/48 | €1.2m | €0.9m | €1.0m | €1.1m | €1.3m | €2.1m | €5.9m | €6.1m | ▲ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 19.3% |
| Financial debts43 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Credit institutions430/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Trade debts44 | €0.005m | €0.008m | €0.004m | €0.01m | €0.02m | €0.02m | €0.02m | €0.004m | ▼ 76.6% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.004m | ▼ 76.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.1m | €0.09m | €0.03m | ▼ 71.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.1m | €0.08m | €0.02m | ▼ 75.5% |
| Remuneration and social security454/9 | - | - | - | - | €0.006m | €0.003m | €0.01m | €0.007m | ▼ 50.9% |
| Other amounts payable47/48 | - | - | - | €0.8m | €1.0m | €1.6m | €5.3m | €5.6m | ▲ 6.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.002m | €0.003m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.06m | €0.1m | €0.09m | €0.09m | €0.05m | €0.2m | €0.05m | -€0.01m | - |
| + Depreciation and write-downs630 | €0.007m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 16.3% |
| Operating cash flow (approximation) | €0.07m | €0.1m | €0.1m | €0.1m | €0.08m | €0.2m | €0.08m | €0.03m | ▼ 61.5% |
| Investment in fixed assets (approximation) | - | -€0.08m | €325 | -€0.03m | -€0.04m | -€0.02m | -€3.8m | -€0.001m | ▲ 100.0% |
| Change in cash | - | €0.003m | €0.003m | €0.008m | -€0.006m | -€0.003m | €0.004m | -€0.003m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00337851 |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00446514 |
| 31-12-2023 | micro format | 20-10-2024 | 2024-00511535 |
| 31-12-2022 | full format | 29-10-2023 | 2023-00501536 |
| 31-12-2021 | full format | 31-08-2022 | 2022-20402380 |
| 31-12-2020 | full format | 30-09-2021 | 2021-70100018 |
| 31-12-2019 | full format | 16-08-2020 | 2020-42500205 |
| 31-12-2018 | full format | 27-08-2019 | 2019-52800100 |
| 31-12-2017 | full format | 30-08-2018 | 2018-54500472 |
| 31-12-2016 | full format | 29-08-2017 | 2017-51900308 |
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Of the 5,751 active companies whose main activity is activities of head offices (NACE 70100), figures are known for 3,662. 1,531 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.