Summary
Hubstef is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €143.0m and a net result of €13.4m. Equity is growing by ~5% per year across the filed fiscal years. Its solvency ranks better than 79% of 5585 sector peers (fiscal year 2025). The company has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
142 d early
2023
5 d early
2022
2 d early
2021
93 d early
2020
32 d early
2019
on the day
← 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 39 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 26 April (4 of the last 5 filed years within 89 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
In the rankings
#3 company by total assets in Sint-Martens-Latem#3 company by equity in Sint-Martens-Latem#7 oldest company in Sint-Martens-Latem, Finance and insurance sector
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€143.0m▲ 5.5%
2024 · €135.6m
Net result
€13.4m▲ 8.3%
2024 · €12.4m
Total assets
€169.5m▼ 0.7%
2024 · €170.6m
Solvency
84.4%▲ 4.9pp
2024 · 79.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Operating result€78,224=€17,761▼ 77.3%€11,110▼ 37.4%€21,931▲ 97.4%€24,396▲ 11.2%
Net result€9.3m▲ 27.8%€13.8mabove the sector's middle half▲ 48.5%€12.0mabove the sector's middle half▼ 13.2%€12.4mabove the sector's middle half▲ 3.3%€13.4mabove the sector's middle half▲ 8.3%
Equity€113.2m▲ 4.5%€122.0mabove the sector's middle half▲ 7.8%€129.5mabove the sector's middle half▲ 6.1%€135.6mabove the sector's middle half▲ 4.7%€143.0mabove the sector's middle half▲ 5.5%
Total assets€155.1m▼ 1.0%€163.4mabove the sector's middle half▲ 5.3%€168.7mabove the sector's middle half▲ 3.3%€170.6mabove the sector's middle half▲ 1.1%€169.5mabove the sector's middle half▼ 0.7%
Debt€46.0m▼ 8.5%€41.4m▼ 10.1%€39.2m▼ 5.2%€35.1m▼ 10.5%€26.5m▼ 24.5%
Working capital-€1.4m€2.6mabove the sector's middle half€5.7mabove the sector's middle half▲ 120%€7.3mabove the sector's middle half▲ 29.1%-€2.2mbelow the sector's middle half
Solvency73.0%▲ 3.9pp74.7%within the sector's middle half▲ 1.7pp76.8%within the sector's middle half▲ 2.1pp79.4%above the sector's middle half▲ 2.7pp84.4%above the sector's middle half▲ 4.9pp
Current ratio0.39▼ 0.801.42within the sector's middle half▲ 1.031.68within the sector's middle half▲ 0.261.85within the sector's middle half▲ 0.170.49within the sector's middle half▼ 1.37
Return on assets (ROA)6.0%▲ 1.4pp8.5%within the sector's middle half▲ 2.5pp7.1%within the sector's middle half▼ 1.3pp7.3%within the sector's middle half▲ 0.1pp7.9%within the sector's middle half▲ 0.7pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 11% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €169.5m
Fixed assets
€167.3m ▲ 8.1%
Current assets
€2.1m ▼ 86.6%
Equity and liabilities €169.5m
Equity
€143.0m ▲ 5.5%
Debt
€26.5m ▼ 24.5%
Debt's share of the balance-sheet total falls from 20.6% to 15.6%. Equity is higher and debt is lower.
Key figures and ratios
ROE
9.4%▲
2024 · 9.1%
Debt ≤ 1 year
€4.4m▼
2024 · €8.6m
Debt > 1 year
€22.0m▼
2024 · €26.4m
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | €1,100 | €1,110 | €1,733 | €1,143 | ▼ 34.1% |
| Gross operating margin9900 | €79,321 | €18,861 | €12,220 | €23,663 | €25,539 | ▲ 7.9% |
| Operating profit (loss)9901 | €78,224 | €17,761 | €11,110 | €21,931 | €24,396 | ▲ 11.2% |
| Financial income75/76B | - | €14.5m | €12.5m | €12.9m | €13.9m | ▲ 7.0% |
| Recurring financial income75 | €10.0m | €14.5m | €12.5m | €12.9m | €13.9m | ▲ 7.0% |
| Financial charges65/66B | - | €680,582 | €535,964 | €577,085 | €464,847 | ▼ 19.4% |
| Recurring financial charges65 | €800,220 | €680,564 | €535,964 | €577,085 | €464,847 | ▼ 19.4% |
| Non-recurring financial charges66B | - | €18 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €9.3m | €13.8m | €12.0m | €12.4m | €13.4m | ▲ 8.3% |
| Income taxes67/77 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €9.3m | €13.8m | €12.0m | €12.4m | €13.4m | ▲ 8.3% |
| Profit (loss) for the period to be appropriated9905 | €9.3m | €13.8m | €12.0m | €12.4m | €13.4m | ▲ 8.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €155.1m | €163.4m | €168.7m | €170.6m | €169.5m | ▼ 0.7% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €154.2m | €154.7m | €154.7m | €154.7m | €167.3m | ▲ 8.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Financial fixed assets28 | €154.2m | €154.7m | €154.7m | €154.7m | €167.3m | ▲ 8.1% |
| Current assets29/58 | €874,944 | €8.6m | €14.0m | €15.9m | €2.1m | ▼ 86.6% |
| Amounts receivable after more than one year29 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Other amounts receivable291 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €756,152 | €6.7m | €13.4m | €10.2m | €1.4m | ▼ 86.3% |
| Trade receivables40 | - | €20,716 | €51,240 | €214,748 | €323,405 | ▲ 50.6% |
| Other amounts receivable41 | - | €6.7m | €13.3m | €9.9m | €1.1m | ▼ 89.3% |
| Current investments50/53 | €0 | - | - | €3.6m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €118,792 | €1.4m | €88,371 | €1.6m | €241,466 | ▼ 85.2% |
| Deferred charges and accrued income490/1 | - | - | - | €28,661 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €155.1m | €163.4m | €168.7m | €170.6m | €169.5m | ▼ 0.7% |
| Equity10/15 | €113.2m | €122.0m | €129.5m | €135.6m | €143.0m | ▲ 5.5% |
| Contributions10/11 | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Capital10 | - | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Issued capital100 | - | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Reserves13 | €110.2m | €119.0m | €126.5m | €132.6m | €140.0m | ▲ 5.6% |
| Non-distributable reserves130/1 | - | €297,472 | €297,472 | €297,472 | €297,472 | = |
| Legal reserve130 | - | €297,472 | €297,472 | €297,472 | €297,472 | = |
| Distributable reserves133 | - | €118.7m | €126.2m | €132.3m | €139.7m | ▲ 5.6% |
| Profit (loss) carried forward14 | €0 | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €46.0m | €41.4m | €39.2m | €35.1m | €26.5m | ▼ 24.5% |
| Amounts payable after more than one year17 | €43.7m | €35.1m | €30.8m | €26.4m | €22.0m | ▼ 16.6% |
| Financial debts170/4 | - | €35.1m | €30.8m | €26.4m | €22.0m | ▼ 16.6% |
| Amounts payable within one year42/48 | €2.2m | €6.1m | €8.3m | €8.6m | €4.4m | ▼ 48.9% |
| Current portion of amounts payable after more than one year42 | - | €4.4m | €4.4m | €4.4m | €4.4m | = |
| Trade debts44 | €49,791 | €49,979 | €80,152 | €71,954 | €1,065 | ▼ 98.5% |
| Suppliers440/4 | - | €49,979 | €80,152 | €71,954 | €1,065 | ▼ 98.5% |
| Other amounts payable47/48 | - | €1.6m | €3.9m | €4.1m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €172,107 | €143,600 | €125,914 | €108,160 | ▼ 14.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9.3m | €13.8m | €12.0m | €12.4m | €13.4m | ▲ 8.3% |
| + Depreciation and write-downs630 | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | €9.3m | €13.8m | €12.0m | €12.4m | €13.4m | ▲ 8.3% |
| Investment in fixed assets (approximation) | - | -€516,715 | €0 | €0 | -€12.6m | - |
| Change in cash | - | €1.3m | -€1.4m | €1.5m | -€1.4m | ▼ 190% |
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
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
09-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
25-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Liquidity quadruplescurrent ratio 1.42
Current ratio from 0.39 to 1.42.
27-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Weakest financial yearnet €3.3m ▼96.1%
Net result drops to €3.3m, the lowest in the series; recovery starts the following year.
30-09
Financial
Liquidity times 13current ratio 2.86
Current ratio from 0.22 to 2.86.
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
03-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
30-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB 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.
Have them read with priority
Sign in to place this company at the front of the reading queue.
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, Sint-Martens-Latem · 1 establishment unit since 1984
Ground area
2,762 m²
Building footprint
362 m²
Volume, LiDAR
2,010 m³
Parcel 44064A0297/00E000, Flanders · tallest building 13.5 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Nelemeersstraat 5, 9830 Sint-Martens-Latem
since 19842.121.907.959
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44064A0297/00E000 | Flanders | 2,762 m² | 1 · 362 m² | 13.5 m · 2 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.
Recognitions · licences · registrations
Legal Entity Identifier
894500CM26RTP70VIH32
Similar companies · same sector, comparable size
ALCOGROUP HOLDING
BE 0463.522.913
Watermaal-Bosvoorde · Eq €143.0m
DTHF
BE 0454.910.697
Lasne · Eq €143.3m
Hubo België
BE 0411.982.457
Wommelgem · Eq €143.5m
U2P
BE 0649.865.950
Tessenderlo-Ham · Eq €143.8m
LA LORRAINE BAKERY GROUP
BE 0412.382.632
Ninove · Eq €140.7m
Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 1,468 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
Founded28-08-1984
Fiscal year end30-09
Activities, NACEBEL 2025
64210Activities of holding companies
64999Other financial services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0427053584
Also
9925:BE0427053584
Registered
20-08-2026
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.