Equity
€85,579 from €2.8m in 2011
Equity fell by 97% in 14 years.
STONE
Lifetime
17 annual accounts with figures on one time axis, 26 filings since 1999Turnoverpeak €23.4m (2025)
€23.4m
Resultlowest -€2.1m (2025)
-€2.1m
Equitypeak €2.8m (2011)
€85,579
Debts
€8.7m
Staffpeak 67.9 FTE (2008)
44 FTE
Board8 names since 2023
4 directorsAxis and 3 others
Owners3 names in the annual accounts
100%AXIS and 1 other
Documentsfilings and deeds
05-02-20265 days late
2025financial year
Loss of €2.1m2 directors appointed 07-07Change of role: AXIS NV, from sole director to director 30-06Power of attorney: Geertrui Van der Paal 07-01No figures for the year before
Key points
from the 2025 annual accountsDebts
€8.7m 99% of the balance sheet
Financial debts 46%Suppliers 43%Taxes and wages 6%Other 5%
€4.0m of the debts are secured on the company's own assets. In 2018 that was €4.5m.
Staff
44 FTE from 67.9 in 2008
Between 2008 and 2025, 35% of the full-time equivalents disappeared.
Filings
26 annual accounts since 1999
Six of the last ten came late. The 2019 accounts came latest: 158 days after the end of the period.
Board
2 joined
New directors. Latest change 03-06-2026 · 7 in office.
Position in the sector
1.0%
Lower solvency than 95% of companies in non-metallic mineral products. Sector median 46.3% · 366 companies.
Checked score
62
Healthy
Financially stronger than 5% of small companies in non-metallic mineral products (NACE 23)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
1.2% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 233 companies (NACE 23, small).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.0%
01-2025: 1.0%● unchanged vs 12-2024
02-2025: 0.9%▼ -0.1 percentage points vs 01-2025
03-2025: 0.9%● unchanged vs 02-2025lowest value
04-2025: 0.9%● unchanged vs 03-2025lowest value
05-2025: 0.9%● unchanged vs 04-2025
06-2025: 0.9%● unchanged vs 05-2025
07-2025: 1.1%▲ +0.2 percentage points vs 06-2025
08-2025: 1.3%▲ +0.2 percentage points vs 07-2025
09-2025: 1.6%▲ +0.3 percentage points vs 08-2025
10-2025: 2.2%▲ +0.6 percentage points vs 09-2025
11-2025: 2.2%● unchanged vs 10-2025
12-2025: 2.4%▲ +0.2 percentage points vs 11-2025
01-2026: 3.3%▲ +0.9 percentage points vs 12-2025highest value
02-2026: 3.3%● unchanged vs 01-2026highest value
03-2026: 1.2%▼ -2.1 percentage points vs 02-2026
04-2026: 1.2%● unchanged vs 03-2026
05-2026: 1.2%● unchanged vs 04-2026
06-2026: 1.2%● unchanged vs 05-2026
07-2026: 1.2%● unchanged vs 06-2026
08-2026: 1.1%▼ -0.1 percentage points vs 07-2026
09-2026: 1.1%● unchanged vs 08-2026
10-2026: 1.2%▲ +0.1 percentage points vs 09-2026
11-2026: 1.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Loss of €2.1m (financial year 2025)
Equity €85,579 (1.0% of total assets)
Liquidity: current ratio 0.77, cash €388,785
lowers risk
Sector: Manufacture of other non-metallic mineral products (NACE 23)
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 23, small). It does better than 6% of them on solvency, 3% on liquidity and 6% on profitability.
The bankruptcy probability was computed on 04-11-2026 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.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 175 companies had the same profile as STONE has now. Each dot is one company, two years later.
85.1%
were still trading
8.6%
stopped another way
5.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STONE itself: 1.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 175 companies, not a prediction for STONE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €5,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.77 (0.98 in 2023), below 1. Short-term debt is 94.8% and cash 4.4% of total assets. 99% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 366 sector peers (2025).
NBB · sector comparisonPosition among 366 sector peers
Solvency
better than 5%
← weakest
strongest →
raises risk · 2025 accounts filed 5 days late
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 05-02-2026, 5 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
5 days late
2023
43 days early
2022
21 days late
2021
122 days late
2020
82 days late
2019
158 days late
2018
55 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 57 days after the deadline. In the sector (NACE 23), the median for financial year 2023 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (1)
Board and ownership
BJ
BV J. VANDE MOORTEL & C BEDRIJFSREVISOREN
Auditor, Bert DE CLERCQ
- AXIS 100%equity €1.8m (2024) · annual accounts 30-06-2025
- Steen Holding 100%score 84equity €1.3m (2025) · 2025 annual accounts of Steen Holding
Recent changes
3 directors appointed
Volura, HI1 and STEEN HOLDING · Permanent representatives: Jef Hendrik Maria Stalmans, Oscar Tom Kristine Van Hool and Jeltsin Neckebroek · General meeting of 26-05-2026 · Gazette deed
Capital increase of €2,000,000 to €3,000,000
Capital from €1,000,000 to €3,000,000 · Reappointments: SAS Invest, HI1 and STEEN HOLDING · Permanent representatives: Jef Stalmans, Oscar Van Hool and Jeltsin Neckebroek · General meeting of 25-02-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0464847853
2 directors appointed
HI1 BV and SAS Invest NV · Permanent representatives: Oscar Van Hool and Jef Stalmans · General meeting of 04-06-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| STONE Zulte | €23.4m | -7.1% | 1.0% | 44 |
| NEOCERAM La Louvière | €13.0m | 3.1% | 41.0% | 65.1 |
| Plint Express Waasland Temse | - | - | 77.2% | 3.6 |
| KLIVLO Diest | - | - | 24.8% | - |
| MDC Group Schilde | - | - | 22.7% | 1 |
| EURO CARRO Charleroi | €1.0m | 3.3% | 34.0% | 6.6 |
Grey: the largest companies of the sector (non-metallic mineral products (NACE 23)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as STONE: manufacture of other non-metallic mineral products (NACE 23310). They are comparable in size and age: total assets between €1m and €31m, founded between 1985 and 2015.
Official details
Source: KBO- Status
- Active since 31-12-1998Normal situation
- Activity
- Manufacture of other non-metallic mineral productsNACE 23310and 1 other
- Joint committees
- 106.02Concrete industry
- 124Construction
- 200Auxiliary committee for white-collar workers · annual accounts 30-06-2025
- Establishment units
- 2.089.918.7458530 Harelbeke, since 18-01-2001
- 2.277.630.2749870 Zulte, since 01-07-2018and 1 other
- Financial year end
- 30 June
- Peppol
- Reachable since 29-01-2026
Annual accounts to 30-06-2025
- Total assets
- €8.8m
- Employeeson 30-06-2025
- 43
- Filing
- Filed on 05-02-2026
Insights on STONE
STONE has existed since 1998. Turnover grew from €9.0m in 2008 to €23.4m in 2025, while staff fell from 67.9 to 44 full-time equivalents.
AXIS holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about STONE
- What is the company number of STONE?
- The company number of STONE is 0464.847.853. The VAT number is the same number with BE in front: BE 0464.847.853.
- Where is STONE based?
- The registered office is at Grote Steenweg 13, 9870 Zulte.Company details
- What does STONE do?
- According to the KBO register, the main activity is manufacture of other non-metallic mineral products (NACE 23310).
- What is the legal form of STONE?
- STONE is a public limited company (NV).
- When was STONE founded?
- STONE was founded on 31-12-1998.
- Is STONE still active?
- Yes, STONE is an active enterprise in the KBO register.
- How many employees does STONE have?
- STONE had an average of 44 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does STONE fall under?
- In its 30-06-2025 annual accounts, STONE states joint committees 106.02 (Concrete industry), 124 (Construction) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of STONE?
- The turnover of STONE was €23.4m in financial year 2025, according to the filed annual accounts.
- Is STONE profitable?
- In financial year 2025, STONE made a loss of €2.1m.
- Where can I find the annual accounts of STONE?
- STONE filed 26 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
Next steps
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