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 has been shrinking by about 2.8% per year since 2018. Its solvency ranks better than 28% of 39,293 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Score breakdownraises riskLiquidity: current ratio 0.20, cash €6,1761 of the last 3 accounts latelowers riskSize: total assets €9.5mSector: Activities of head offices; management consultancy activities (NACE 70)Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
78/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 19% of small companies in head offices and management consultancy (NACE 70)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency52=
equity 26.8% of total assets
Liquidity16-2
short-term debt 63.9% · cash 0.1%
Profitability27-8
return on assets -0.1%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.5%Low
0%0.5%1.5%4%10%≥ 25%
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.1% (4,516 companies, NACE 70, small)
Last 24 months12-2024: 0.6%01-2025: 0.6%● unchanged vs 12-202402-2025: 0.6%● unchanged vs 01-202503-2025: 0.7%▲ +0.1 percentage points vs 02-202504-2025: 0.7%● unchanged vs 03-202505-2025: 0.7%● unchanged vs 04-202506-2025: 0.7%● unchanged vs 05-202507-2025: 0.7%● unchanged vs 06-202508-2025: 1.1%▲ +0.4 percentage points vs 07-2025highest value09-2025: 0.5%▼ -0.6 percentage points vs 08-202510-2025: 0.5%● unchanged vs 09-202511-2025: 0.5%● unchanged vs 10-202512-2025: 0.5%● unchanged vs 11-202501-2026: 0.5%● unchanged vs 12-2025lowest value02-2026: 0.5%● unchanged vs 01-2026lowest value03-2026: 0.5%● unchanged vs 02-202604-2026: 0.5%● unchanged vs 03-202605-2026: 0.5%● unchanged vs 04-202606-2026: 0.6%▲ +0.1 percentage points vs 05-202607-2026: 0.6%● unchanged vs 06-202608-2026: 0.5%▼ -0.1 percentage points vs 07-202609-2026: 0.5%● unchanged vs 08-202610-2026: 0.5%● unchanged vs 09-202611-2026: 0.5%● unchanged vs 10-2026
Credit of up to €190,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.2 (0.21 in 2024), below 1. Short-term debt is 63.9% and cash 0.1% of total assets. 73.2% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, small). It does better than 27% of them on solvency, 7% on liquidity, 15% on profitability and 29% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 43 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (4 of the last 5 accounts filed within 51 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
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%
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=
abovewithinbelowThe sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 4% lower than in 2024. It is the second fall in a row.
Large changes and their cause
2023Net result +247% on 2022.The accounts now follow the micro format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.5m
87.2%
12.8%
Fixed assets€8.3m ▼ 0.5%
Current assets€1.2m ▼ 2.1%
Equity and liabilities €9.5m
26.8%
73.2%
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
2025 value · change against 2024
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.
Staff
social balance sheet
Item
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
1
1
1
1
full-time
1
1
1
1
part-time
-
0
0
0
in full-time equivalents
1
1
1
1
Average over the year, in full-time equivalents
0.7
0
1
1
On a permanent contract
1
1
1
1
Joined
1
1
-
1
Left
0
1
-
1
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€31,641
€43,564
€16,446
€618,076
€1,391
Financial fixed assets
-
-
€300,250
€3.7m
€0
Depreciation and write-downs of the year
€21,395
€28,394
€31,872
€36,595
€42,552
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 57 lines
Balance sheetCode20242025
Assets
Total assets20/58€9.6m€9.5m▼
Fixed assets21/28€8.3m€8.3m▼
Tangible fixed assets22/27€0.1m€0.07m▼
Land and buildings22€0.06m€0.04m▼
Furniture and vehicles24€0.05m€0.03m▼
Financial fixed assets28€8.2m€8.2m=
Current assets29/58€1.2m€1.2m▼
Amounts receivable after more than one year29€0.6m€0.5m▼
Other amounts receivable291€0.6m€0.5m▼
Amounts receivable within one year40/41€0.7m€0.6m▼
Trade receivables40€0.3m€0.2m▼
Other amounts receivable41€0.3m€0.5m▲
Cash at bank and in hand54/58€0.009m€0.006m▼
Deferred charges and accrued income490/1€0.006m€0.02m▲
Equity and liabilities
Total equity and liabilities10/49€9.6m€9.5m▼
Equity10/15€2.6m€2.5m▼
Contributions10/11€2.1m€2.1m=
Reserves13€0.1m€0.2m▲
Tax-exempt reserves132-€0.06m
Distributable reserves133€0.1m€0.1m=
Profit (loss) carried forward14€0.3m€0.3m▼
Amounts payable17/49€7.0m€7.0m▼
Amounts payable after more than one year17€1.1m€0.9m▼
Financial debts170/4€1.1m€0.9m▼
Amounts payable within one year42/48€5.9m€6.1m▲
Current portion of amounts payable after more than one year42€0.3m€0.3m▼
Financial debts43€0.1m€0.1m=
Credit institutions430/8€0.1m€0.1m=
Trade debts44€0.02m€0.004m▼
Suppliers440/4€0.02m€0.004m▼
Taxes, remuneration and social security45€0.09m€0.03m▼
Taxes450/3€0.08m€0.02m▼
Remuneration and social security454/9€0.01m€0.007m▼
Other amounts payable47/48€5.3m€5.6m▲
Accrued charges and deferred income492/3€0-
Income statementCode20242025
Non-recurring operating income76A€0.6m€0▼
Remuneration, social security and pensions62€0.06m€0.07m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.04m€0.04m▲
Other operating charges640/8€0.001m€0.001m▼
Non-recurring operating charges66A€0.5m€0▼
Gross operating margin9900€0.8m€0.3m▼
Operating profit (loss)9901€0.2m€0.2m▼
Financial income75/76B€0.007m€0.02m▲
Recurring financial income75€0.007m€0.02m▲
Financial charges65/66B€0.1m€0.2m▲
Recurring financial charges65€0.1m€0.2m▲
Profit (loss) for the period before taxes9903€0.07m-€0.01m▼
Income taxes67/77€0.02m€0.001m▼
Profit (loss) for the period9904€0.05m-€0.01m▼
Transfer to tax-exempt reserves689-€0.06m
Profit (loss) for the period to be appropriated9905€0.05m-€0.07m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.4m€0.3m▼
Profit (loss) brought forward from the previous period14P€0.3m€0.3m=
Transfer to equity691/2€0.05m€0▼
To the legal reserve6920€0.05m€0▼
Profit to be distributed694/7€0-
Directors or managers695€0-
The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Director (not named in the articles) · since 01-06-2016 · earlier manager, until 05-04-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 24-07-2026
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Equity €260,087Profit of €7,490 in 2025 (profit of €431 in 2024)Checked score 82
10%
All subsidiaries, including indirect ones
10
BLUESTONE or one of its subsidiaries holds more than half of the shares of these companies. A company it consolidates per the LEI register is listed too.
Gazette deedChange of role: Paul RANSART, from manager to director
Amendment of the articles · Capital conversion · Purpose change11 points ▸
General meeting, 31-03-2023
Amendment of the articles, mentioned 2 times in the deed
Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
Capital conversion, “suppression du compte de capitaux propres statutairement indisponible, formes et majorités de la modification des statuts” (deed in French)
Purpose change
Capital
Director appointment, Paul RANSART (director (not named in the articles))
Director resignation, Paul RANSART (manager)
Director discharge, Paul RANSART
Registered office clause, “Square du Solbosch 30,1050 Ixelles” (deed in French)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
BLUESTONE was incorporated on 31 October 2000.1Total assets rose from €4.7m in 2018 to €9.5m in 2025 and headcount from 0.7 full-time equivalents in 2022 to 1 in 2025.2
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
Establishment unitBLUESTONE SPRL, Solbossquare 30, 1050 Elsene since 01-01-2008 · unit number 2.171.317.383
Phone069/85.97.89Elsene
Activities
NACEBEL 2025
VAT activities
70100Activities of head officesmain activity
Social security (RSZ) activities
47730Retail sale of pharmaceutical productsmain activity
Codes under NACEBEL 2008
VAT activities
70100Activities of head officesmain activity
Social security (RSZ) activities
47730Retail trademain activity
Codes under NACEBEL 2003
52310main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Toutes activités de conseils en matière de marketing, merchandising, aménagement, communication, management et gestion de points de vente et…”
16 activities
Toutes activités de conseils en matière de marketing, merchandising, aménagement, communication, management et gestion de points de vente et particulièrement ceux liés au domaine de la santé et du bien-être tels que officines pharmaceutiques, parapharmacie, herboristerie, centre d’esthétique, spa; cette énonciation étant exemplative et non limitative.
L'exploitation d'officines pharmaceutiques dans le respect des règles édictées par l'Ordre des Pharmaciens, et l'exploitation de laboratoires de recherches et d'analyse, de grossiste ou laboratoire pharmaceutique;
L'achat, la vente, l'importation, l'exportation, la fabrication, l'industrialisation, la représentation, la distribution, la commercialisation et le commerce sous toutes ses formes de tous produits chimiques, pharmaceutiques, allopathiques ou homéopathiques, diététiques, phytopharmaceutiques et vétérinaires, de tous articles de droguerie, de parfumerie, de cosmétique, d'hygiène, d'herboristerie, d'entretien, de nettoyage et de désinfection, de tous appareils, instruments et accessoires de chirurgie, d'acoustique, d'optique et d'orthopédie, bandagisterie, système d'alarme et autres produits s'y rapportant d'une quelconque façon ou pouvant y être adjoint utilement, et, d'une manière générale, de tous appareils, accessoires, instruments produits ou procédés se rattachant directement ou indirectement à l'exploitation d'une officine pharmaceutique, d’une parapharmacie, d’une herboristerie, d’un centre de bien-être, d’un centre d’esthétique, d’un spa, ou d'un laboratoire de recherche et d'analyses, ainsi que la formation et les conseils en ces matières;
L’achat et la vente de matériels, de matériaux, de mobiliers et d’aménagements liés aux activités décrites ci-avant;
L'achat, la vente, l'échange, l'approbation, la concession, la constitution, le démembrement concernant tous biens ou droits réels immobiliers et toutes affaires relatives à ces biens, en ce compris l'exploitation, la gestion et la location de ces biens;
La construction, la reconstruction, la transformation, la rénovation, l'aménagement, la démolition, ainsi que toute entreprise relativement aux biens immobiliers bâtis et non bâtis;
Les expertises, études, les conseils, prêts et financements et opérations immobilières et de promotion;
L'étude et la promotion immobilière et financière;
La gestion de toutes sociétés commerciales belges ou étrangères;
La prise de participations, majoritaires ou non, dans d'autres sociétés;
La prise de participations dans toute entreprise, sous quelque forme que ce soit, l'exercice du contrôle, de la gestion, de l'administration, de la consultance favorisant la poursuite de l'objet de ces sociétés, notamment et dans la mesure de ces compétences par l'exercice de mandats sociaux ou non;
La constitution, l'acquisition, la cession, la concession, la licence de droits de propriété industrielle, et de tous droits apparentés;
L'importation et l'exportation de tous biens et services, le courtage international commercial, industriel, financier, mobilier et immobilier, et toute autre opération analogue par le mécanisme ou par les effets, ainsi que l'exercice à l'étranger, s'il y lieu, de toutes les activités ci-dessus énumérées;
La gestion de bâtiments et équipements (« facilities management »), les services de gestion d'immeubles au sens large, y compris tous services de nettoyage, tant intérieur qu’extérieur, l’élaboration et l’entretien de parcs, jardins, tennis et piscines, sécurité, déménagement des lieux et autres services se rapportant à l'exploitation d'un immeuble tant pour compte propre que pour celui de tiers;
La gestion et l'entretien de bois, de parcs, de jardins et de terres, d'étangs, de tennis, de piscines;
L’achat, la vente, la location, l’importation, l’exportation de tous types de véhicules.