BSTOR
ActiveSummary
BSTOR has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €22.4m and a net result of €4.7m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 39% of 195 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability64=
Solvency63▲+7
Growth85=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €950,000 at 30 days acceptable
Liquidity ample (current ratio 5.22 against 0.84 in 2024; short-term debt: 1.5% and cash: 5.5% of total assets), but 61.8% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.2%
Return on assets
8%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Scientific research and development (NACE 72)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €22.4m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-05-2026, 70 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
70 d early
2024
69 d early
2023
46 d early
2022
69 d early
2021
52 d early
2020
71 d early
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 58 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 23 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#5 company by total assets in Oudergem, Professional and technical services sector#5 company by equity in Oudergem, Professional and technical services sector
Turnover
€9.6m▲ 100%
2024 · €4.8m
EBIT margin
51.6%▲ 19.5pp
2024 · 32.1%
Net result
€4.7m▲ 108%
2024 · €2.3m
Working capital
€3.8m
2024 · -€1.1m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€498,611€1.1m▲ 118%€4.8m▲ 338%€9.6m▲ 100%
Operating result-€175,013-€468,454▼ 168%-€1.0m▼ 123%€1.5m€4.9m▲ 222%
Net result-€141,376below the sector's middle half-€413,400below the sector's middle half▼ 192%€97,765within the sector's middle half€2.3mabove the sector's middle half▲ 2,210%€4.7mabove the sector's middle half▲ 108%
EBIT margin-94.0%-95.9%▼ 2.0pp32.1%▲ 128.0pp51.6%▲ 19.5pp
Equity€1.3mwithin the sector's middle half▼ 9.7%€3.5mwithin the sector's middle half▲ 163%€3.6mwithin the sector's middle half▲ 2.8%€9.3mabove the sector's middle half▲ 161%€22.4mabove the sector's middle half▲ 141%
Total assets€2.3mwithin the sector's middle half▼ 2.5%€5.2mwithin the sector's middle half▲ 124%€7.9mwithin the sector's middle half▲ 51.3%€30.0mabove the sector's middle half▲ 281%€58.5mabove the sector's middle half▲ 95.4%
Debt€1.0m▲ 8.9%€1.7m▲ 73.4%€4.3m▲ 148%€20.7m▲ 380%€36.2m▲ 74.9%
Working capital€1.2mwithin the sector's middle half▼ 14.6%€2.9mabove the sector's middle half▲ 135%€1.3mwithin the sector's middle half▼ 55.7%-€1.1mbelow the sector's middle half€3.8mwithin the sector's middle half
Solvency56.8%within the sector's middle half▼ 4.5pp66.6%within the sector's middle half▲ 9.8pp45.2%within the sector's middle half▼ 21.3pp31.0%within the sector's middle half▼ 14.3pp38.2%within the sector's middle half▲ 7.3pp
Current ratio5.83within the sector's middle half▼ 8.886.45above the sector's middle half▲ 0.621.32within the sector's middle half▼ 5.130.84below the sector's middle half▼ 0.485.22within the sector's middle half▲ 4.38
Return on assets (ROA)-6.1%within the sector's middle half▼ 14.0pp-7.9%within the sector's middle half▼ 1.9pp1.2%within the sector's middle half▲ 9.2pp7.5%within the sector's middle half▲ 6.3pp8.0%above the sector's middle half▲ 0.5pp
Staff (FTE)1.3below the sector's middle half▲ 30.0%2.2below the sector's middle half▲ 69.2%4.2within the sector's middle half▲ 90.9%6.3within the sector's middle half▲ 50.0%9.9within the sector's middle half▲ 57.1%
above
within
below
the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2022 Net result -192% on 2021. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 222% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €58.5m
Fixed assets
€53.8m ▲ 122%
Current assets
€4.7m ▼ 17.9%
Equity and liabilities €58.5m
Equity
€22.4m ▲ 141%
Debt
€36.2m ▲ 74.9%
Debt's share of the balance-sheet total falls from 69.0% to 61.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5.0m▲
2024 · €1.6m
Cash flow
€4.8m▲
2024 · €2.3m
Debt to equity
1.62▼
2024 · 2.23
ROE
21.0%▼
2024 · 24.4%
Interest coverage
2.15▲
2024 · 2.08
Debt ≤ 1 year
€904,037▼
2024 · €6.8m
Debt > 1 year
€33.6m▲
2024 · €13.4m
Income taxes
€1.0m▲
2024 · €47,447
Staff costs
€1.6m▲
2024 · €1.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €499,058 | €1.1m | €4.8m | €9.6m | ▲ 100% |
| Turnover70 | - | €498,611 | €1.1m | €4.8m | €9.6m | ▲ 100% |
| Other operating income74 | - | €447 | €952 | €1,479 | €2,310 | ▲ 56.2% |
| Operating charges60/66A | - | €967,512 | €2.1m | €3.2m | €4.6m | ▲ 42.7% |
| Services and other goods61 | - | €715,894 | €1.5m | €2.1m | €3.0m | ▲ 40.4% |
| Remuneration, social security and pensions62 | €174,748 | €243,435 | €622,564 | €1.0m | €1.6m | ▲ 48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €672 | €3,320 | €6,985 | €37,573 | €45,364 | ▲ 20.7% |
| Other operating charges640/8 | €522 | €4,862 | €2,037 | €9,654 | €14,580 | ▲ 51.0% |
| Gross operating margin9900 | €928 | - | - | - | - | - |
| Operating profit (loss)9901 | -€175,013 | -€468,454 | -€1.0m | €1.5m | €4.9m | ▲ 222% |
| Financial income75/76B | €87,510 | €134,677 | €1.2m | €1.5m | €3.1m | ▲ 104% |
| Recurring financial income75 | €87,510 | €134,677 | €1.2m | €1.5m | €3.1m | ▲ 104% |
| Income from financial fixed assets750 | - | - | €1.2m | €900,000 | €3.1m | ▲ 243% |
| Income from current assets751 | - | €134,422 | €58,553 | €629,188 | €32,393 | ▼ 94.9% |
| Other financial income752/9 | - | €255 | €0 | - | €34 | - |
| Financial charges65/66B | €53,823 | €79,223 | €77,255 | €754,467 | €2.3m | ▲ 207% |
| Recurring financial charges65 | €53,823 | €79,223 | €77,255 | €754,467 | €2.3m | ▲ 207% |
| Debt charges650 | - | €78,953 | €76,373 | €753,017 | €2.3m | ▲ 207% |
| Other financial charges652/9 | - | €270 | €882 | €1,451 | €4,007 | ▲ 176% |
| Profit (loss) for the period before taxes9903 | -€141,326 | -€413,000 | €98,730 | €2.3m | €5.7m | ▲ 148% |
| Income taxes67/77 | €50 | €400 | €965 | €47,447 | €1.0m | ▲ 2,038% |
| Taxes670/3 | - | €400 | €965 | €47,447 | €1.0m | ▲ 2,038% |
| Profit (loss) for the period9904 | -€141,376 | -€413,400 | €97,765 | €2.3m | €4.7m | ▲ 108% |
| Profit (loss) for the period to be appropriated9905 | -€141,376 | -€413,400 | €97,765 | €2.3m | €4.7m | ▲ 108% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.3m | €5.2m | €7.9m | €30.0m | €58.5m | ▲ 95.4% |
| Fixed assets21/28 | €829,752 | €1.8m | €2.6m | €24.2m | €53.8m | ▲ 122% |
| Tangible fixed assets22/27 | €1,948 | €14,702 | €64,763 | €145,854 | €127,045 | ▼ 12.9% |
| Plant, machinery and equipment23 | €1,948 | €14,702 | €19,225 | €28,163 | €38,273 | ▲ 35.9% |
| Furniture and vehicles24 | - | - | €12,774 | €32,389 | €24,441 | ▼ 24.5% |
| Other tangible fixed assets26 | - | - | €32,763 | €85,303 | €64,331 | ▼ 24.6% |
| Financial fixed assets28 | €827,804 | €1.8m | €2.6m | €24.1m | €53.7m | ▲ 123% |
| Affiliated companies280/1 | - | €1.8m | €2.6m | €24.1m | €53.7m | ▲ 123% |
| Participating interests280 | - | €1.8m | €2.6m | €8.7m | €22.9m | ▲ 164% |
| Amounts receivable281 | - | - | - | €15.4m | €30.8m | ▲ 100% |
| Companies linked by participating interests282/3 | - | €0 | - | - | - | - |
| Participating interests282 | - | €0 | - | - | - | - |
| Other financial fixed assets284/8 | - | €430 | €430 | €430 | €430 | = |
| Amounts receivable and cash guarantees285/8 | - | €430 | €430 | €430 | €430 | = |
| Current assets29/58 | €1.5m | €3.4m | €5.2m | €5.8m | €4.7m | ▼ 17.9% |
| Amounts receivable after more than one year29 | €1.3m | €2.2m | €108,751 | €0 | - | - |
| Other amounts receivable291 | €1.3m | €2.2m | €108,751 | €0 | - | - |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €85,884 | €316,763 | €856,417 | €488,785 | €553,181 | ▲ 13.2% |
| Trade receivables40 | €85,884 | €316,763 | €840,369 | €477,488 | €541,861 | ▲ 13.5% |
| Other amounts receivable41 | - | - | €16,047 | €11,298 | €11,320 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €53,077 | €686,397 | €4.1m | €4.6m | €3.2m | ▼ 30.0% |
| Deferred charges and accrued income490/1 | €24,467 | €198,493 | €167,018 | €638,310 | €932,394 | ▲ 46.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.3m | €5.2m | €7.9m | €30.0m | €58.5m | ▲ 95.4% |
| Equity10/15 | €1.3m | €3.5m | €3.6m | €9.3m | €22.4m | ▲ 141% |
| Contributions10/11 | €2.0m | €4.6m | €4.6m | €8.1m | €16.6m | ▲ 104% |
| Capital10 | €2.0m | €4.5m | €4.5m | €8.0m | €16.5m | ▲ 105% |
| Issued capital100 | €2.0m | €4.5m | €4.5m | €16.5m | €16.5m | = |
| Uncalled capital101 | - | - | - | €8.5m | €0 | ▼ 100% |
| Outside capital11 | €85,689 | €85,689 | €85,689 | €85,689 | €85,689 | = |
| Share premium1100/10 | €85,689 | €85,689 | €85,689 | €85,689 | €85,689 | = |
| Reserves13 | - | - | - | €60,729 | €296,033 | ▲ 387% |
| Non-distributable reserves130/1 | - | - | - | €60,729 | €296,033 | ▲ 387% |
| Legal reserve130 | - | - | - | €60,729 | €296,033 | ▲ 387% |
| Profit (loss) carried forward14 | -€728,550 | -€1.1m | -€1.0m | €1.1m | €5.5m | ▲ 406% |
| Amounts payable17/49 | €1.0m | €1.7m | €4.3m | €20.7m | €36.2m | ▲ 74.9% |
| Amounts payable after more than one year17 | €678,000 | €1.1m | €311,567 | €13.4m | €33.6m | ▲ 150% |
| Financial debts170/4 | €678,000 | €1.1m | €311,567 | €13.4m | €33.6m | ▲ 150% |
| Other loans174 | - | €1.1m | €311,567 | €13.4m | €33.6m | ▲ 150% |
| Amounts payable within one year42/48 | €255,481 | €532,038 | €4.0m | €6.8m | €904,037 | ▼ 86.7% |
| Current portion of amounts payable after more than one year42 | €120,000 | €0 | - | - | - | - |
| Financial debts43 | €90,000 | €350,000 | €3.6m | €5.9m | €1,512 | ▼ 100.0% |
| Credit institutions430/8 | - | - | - | - | €1,512 | - |
| Other loans439 | €90,000 | €350,000 | €3.6m | €5.9m | - | - |
| Trade debts44 | €20,066 | €148,709 | €298,724 | €209,854 | €495,891 | ▲ 136% |
| Suppliers440/4 | €20,066 | €148,709 | €298,724 | €209,854 | €495,891 | ▲ 136% |
| Taxes, remuneration and social security45 | €25,415 | €33,329 | €65,377 | €612,222 | €334,727 | ▼ 45.3% |
| Taxes450/3 | €5,034 | €9,547 | €965 | €495,399 | €169,587 | ▼ 65.8% |
| Remuneration and social security454/9 | €20,381 | €23,782 | €64,412 | €116,823 | €165,140 | ▲ 41.4% |
| Other amounts payable47/48 | - | - | - | €71,348 | €71,908 | ▲ 0.8% |
| Accrued charges and deferred income492/3 | €69,400 | €76,887 | €31,173 | €429,662 | €1.7m | ▲ 289% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€141,376 | -€413,400 | €97,765 | €2.3m | €4.7m | ▲ 108% |
| + Depreciation and write-downs630 | €672 | €3,320 | €6,985 | €37,573 | €45,364 | ▲ 20.7% |
| Operating cash flow (approximation) | -€140,704 | -€410,080 | €104,750 | €2.3m | €4.8m | ▲ 107% |
| Investment in fixed assets (approximation) | - | -€941,451 | -€857,046 | -€21.6m | -€29.7m | ▼ 37.2% |
| Change in cash | - | €633,320 | €3.4m | €508,771 | -€1.4m | ▼ 373% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-07
State Gazette act
Incorporation · Founder
Founding capital · Bank account
22-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €4.7m ▲108%
Operating result €4.9m, net result €4.7m, both a record.
31-12
Financial
Liquidity times 6current ratio 5.22
Current ratio from 0.84 to 5.22; short-term debt falls from €6.8m to €904,037.
31-12
Financial
Equity above €10mEq €22.4m ▲141%
3 profitable years in a row build equity to €22.4m.
23-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €5mEq €9.3m ▲161%
2 profitable years in a row build equity to €9.3m.
15-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €97,765
Net result €97,765 after 2 loss-making years.
23-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€413,400
Net result drops to -€413,400, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €2mEq €3.5m ▲163%
Equity rises from €1.3m to €3.5m.
Show earlier events
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
21-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €187,446
Net result €187,446 after 2 loss-making years.
31-12
Financial
Liquidity quadruplescurrent ratio 14.71
Current ratio from 3.76 to 14.71.
31-12
Financial
Equity above €1mEq €1.5m ▲474%
Equity rises from €254,002 to €1.5m.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Liquidity times 12current ratio 3.76
Current ratio from 0.31 to 3.76; short-term debt falls from €896,754 to €91,369.
31-12
Financial
Equity above €200,000Eq €254,002
Equity rises from -€628,280 to €254,002.
24-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
14 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Oudergem · 1 establishment unit since 2016
Ground area
5,192 m²
Building footprint
2,419 m²
Volume, LiDAR
41,930 m³
Parcel 21332B0424/00D008, Brussels · tallest building 27.6 m, ±7 floors. Linked by address, not a title deed.
18
companies at this address
See who is registered here
1 establishment unit
BSTOR
since 20162.250.982.988
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21332B0424/00D008 | Brussels | 5,192 m² | 1 · 2,419 m² | 27.6 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
3 owners · 6 holdingsOwners 3
-
38%
-
38%
- Sourceaccounts BEWATT 202418.99%
Holdings 6
- BSTOR DevCosubsidiarySourceown accounts 2025100%
-
75%
-
75%
- ESTOR-LUX IIIsubsidiarySourceown accounts 202575%
- Sourceown accounts 202550%
-
50%
According to the 2025 annual accounts of BSTOR and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 1,177 companies in sector 72109 we hold annual accounts for 717. 142 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-02-2016
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
72109Other research and development on natural sciences
72101Research and development on biotechnology
E-invoicing
Reachable via Peppol
Peppol ID
0208:0648717687
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.