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NorthStone

Active
Public limited companyfounded 2013active for 13 yearsVerbrande Poort 8, 3000 Leuven, BelgiumKBO/BCE: BE 0502.465.839

Financials · financial year 2025, full format

Annual accounts 2025 filed on 31-07-2026 at the NBB all 13 filings

Turnover
≈ €1.3m
Estimated: probably between €920,000 and €2.1m
EBIT margin
Not included in this filing
Net result
-€107,325▼ 4,444%
2024 · -€2,362
Working capital
€204,747▼ 74.5%
2024 · €804,176
Multi-year overview
2018 to 2025, 8 financial years
Operating result
-€95,150
▼ 432,400% 2025
20182025
Net result
-€107,325
▼ 4,444% 2025
lowest quarter of the sector
20182025
Equity
€343,787
▼ 23.8% 2025
middle half of the sector
20182025
Total assets
€893,184
▼ 36.3% 2025
middle half of the sector
20182025
Debt
€549,397
▼ 42.2% 2025
20182025
Working capital
€204,747
▼ 74.5% 2025
middle half of the sector
20182025
Solvency
38.5%
▲ 6.3pp 2025
middle half of the sector
20182025
Current ratio
1.56
▼ 2.46 2025
middle half of the sector
20182025
Return on assets (ROA)
-12.0%
▼ 11.8pp 2025
lowest quarter of the sector
20182025
Staff (FTE)
7.4
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.1m▲ 419%€0.05m▼ 63.1%€0.01m▼ 77.5%-€0.05m€0.06m-€22-€0.1m▼ 432,400%
Net result€0.03m-€0.09m▲ 270%€0.04mwithin the sector's middle half▼ 56.7%€0.007mwithin the sector's middle half▼ 82.6%-€0.05mbelow the sector's middle half€0.04mwithin the sector's middle half-€0.002mwithin the sector's middle half-€0.1mbelow the sector's middle half▼ 4,444%
Equity€0.006m-€0.1m▲ 17×€0.5mabove the sector's middle half▲ 351%€0.5mabove the sector's middle half▲ 1.6%€0.4mwithin the sector's middle half▼ 11.0%€0.5mwithin the sector's middle half▲ 10.5%€0.5mwithin the sector's middle half▼ 0.5%€0.3mwithin the sector's middle half▼ 23.8%
Total assets€0.1m-€0.3m▲ 96.4%€0.6mabove the sector's middle half▲ 113%€0.6mabove the sector's middle half▼ 2.4%€0.6mwithin the sector's middle half▲ 3.5%€0.9mwithin the sector's middle half▲ 47.3%€1.4mwithin the sector's middle half▲ 50.1%€0.9mwithin the sector's middle half▼ 36.3%
Debt€0.1m-€0.2m▲ 34.4%€0.2m▼ 10.3%€0.2m▼ 12.6%€0.2m▲ 47.3%€0.5m▲ 115%€1.0m▲ 97.9%€0.5m▼ 42.2%
Working capital€0.1m-€0.2m▲ 76.3%€0.4mabove the sector's middle half▲ 123%€0.2mabove the sector's middle half▼ 41.4%€0.009mwithin the sector's middle half▼ 95.9%€0.4mwithin the sector's middle half▲ 42×€0.8mabove the sector's middle half▲ 109%€0.2mwithin the sector's middle half▼ 74.5%
Solvency3.9%-34.2%▲ 30.4pp72.3%within the sector's middle half▲ 38.1pp75.2%within the sector's middle half▲ 2.9pp64.8%within the sector's middle half▼ 10.5pp48.6%within the sector's middle half▼ 16.2pp32.2%within the sector's middle half▼ 16.4pp38.5%within the sector's middle half▲ 6.3pp
Current ratio3.31-2.69▼ 0.623.68within the sector's middle half▲ 0.982.49within the sector's middle half▼ 1.191.04within the sector's middle half▼ 1.452.59within the sector's middle half▲ 1.554.02above the sector's middle half▲ 1.431.56within the sector's middle half▼ 2.46
Return on assets (ROA)17.1%-32.3%▲ 15.1pp6.5%within the sector's middle half▼ 25.7pp1.2%below the sector's middle half▼ 5.4pp-8.0%below the sector's middle half▼ 9.1pp4.6%within the sector's middle half▲ 12.6pp-0.2%within the sector's middle half▼ 4.8pp-12.0%below the sector's middle half▼ 11.8pp
Staff (FTE)9.49.5within the sector's middle half▲ 1.1%9.6within the sector's middle half▲ 1.1%7.4within the sector's middle half
above within below The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 a loss of €95,150, larger than the loss of €22 in 2024. It is the lowest result since 2021.

Large changes and their cause
  • 2025 Net result -4,444% on 2024. The accounts now follow the full format, last year the abbreviated format.

The turnover shown is an estimate from the gross margin.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €893,184
Fixed assets €325,267 ▼ 1.6%
Current assets €567,917 ▼ 47.0%
Equity and liabilities €893,184
Equity €343,787 ▼ 23.8%
Debt €549,397 ▼ 42.2%
Debt's share of the balance-sheet total falls from 67.8% to 61.5%. Equity and debt are lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€20,983▼
2024 · €119,827
Cash flow
€8,808▼
2024 · €117,487
Debt to equity
1.60▼
2024 · 2.11
ROE
-31.2%▼
2024 · -0.5%
Interest coverage
1.57▼
2024 · 23.18
Debt ≤ 1 year
€363,170▲
2024 · €266,356
Debt > 1 year
€11,455
Income taxes
€33▲
2024 · €4
Staff costs
€486,525▲
2024 · €386,545
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-2025
Employees at the balance-sheet date1010107
full-time101097
part-time-010
in full-time equivalents10109.47
Average over the year, in full-time equivalents9.49.59.77.4
On a permanent contract101097
Joined4126
Left1126

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€18,647€24,806€25,523€40,426€19,149
Intangible fixed assets€167,765€231,884€662€52,869€89,612
Financial fixed assets-€650-€49,500€2,000
Depreciation and write-downs of the year€49,139€91,010€119,847€119,849€116,133

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2022 to 2025 · 8 entries · €357,672 awarded · €285,427 paid
Year Entries AwardedPaid
2025 4 €6,278€141,208
2024 2 €348,135€140,960
2022 2 €3,259€3,259
Schemes
3 entries · €343,927 · €274,000 paid · Fonds voor Innoveren en Ondernemen
3 entries · €8,941 · €8,693 paid · Fonds voor Innoveren en Ondernemen
2 entries · €4,804 · €2,734 paid · Vlaams Agentschap voor Internationaal Ondernemen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines
Balance sheet Code20242025
Assets
Total assets20/58€1.4m€0.9m▼
Fixed assets21/28€0.3m€0.3m▼
Intangible fixed assets21€0.2m€0.2m▼
Tangible fixed assets22/27€0.06m€0.06m▼
Plant, machinery and equipment23€0.04m€0.03m▼
Furniture and vehicles24€0.004m€0.003m▼
Other tangible fixed assets26€0.02m€0.02m▼
Financial fixed assets28€0.05m€0.05m▲
Current assets29/58€1.1m€0.6m▼
Amounts receivable after more than one year29-€0.2m
Other amounts receivable291-€0.2m
Amounts receivable within one year40/41€0.8m€0.3m▼
Trade receivables40€0.2m€0.2m▼
Other amounts receivable41€0.7m€0.2m▼
Current investments50/53€0.005m-
Cash at bank and in hand54/58€0.2m€0.05m▼
Deferred charges and accrued income490/1€0.02m€0.006m▼
Equity and liabilities
Total equity and liabilities10/49€1.4m€0.9m▼
Equity10/15€0.5m€0.3m▼
Contributions10/11€0.4m€0.4m=
Capital10€0.06m€0.06m=
Issued capital100€0.06m€0.06m=
Contributions outside capital11€0.3m€0.3m=
Other1109/19€0.3m€0.3m=
Reserves13€0.05m€0.05m=
Non-distributable reserves130/1€0.006m€0.006m=
Legal reserve130€0.006m€0.006m=
Distributable reserves133€0.04m€0.04m=
Profit (loss) carried forward14€0.05m-€0.06m▼
Amounts payable17/49€1.0m€0.5m▼
Amounts payable after more than one year17-€0.01m
Financial debts170/4-€0.01m
Amounts payable within one year42/48€0.3m€0.4m▲
Current portion of amounts payable after more than one year42€0.07m€0.04m▼
Financial debts43€0.1m€0.3m▲
Credit institutions430/8€0.1m€0.3m▲
Trade debts44€0.04m€0.01m▼
Suppliers440/4€0.04m€0.01m▼
Taxes, remuneration and social security45€0.06m€0.07m▲
Taxes450/3€0.003m€0.005m▲
Remuneration and social security454/9€0.06m€0.06m▲
Accrued charges and deferred income492/3€0.7m€0.2m▼
Income statement Code20242025
Remuneration, social security and pensions62€0.4m€0.5m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1m€0.1m▼
Other operating charges640/8€0.005m€0.001m▼
Gross operating margin9900€0.5m€0.5m▼
Operating profit (loss)9901-€22-€0.1m▼
Financial income75/76B€0.003m€0.001m▼
Recurring financial income75€0.003m€0.001m▼
Financial charges65/66B€0.005m€0.01m▲
Recurring financial charges65€0.005m€0.01m▲
Profit (loss) for the period before taxes9903-€0.002m-€0.1m▼
Income taxes67/77€4€33▲
Profit (loss) for the period9904-€0.002m-€0.1m▼
Profit (loss) for the period to be appropriated9905-€0.002m-€0.1m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.05m-€0.06m▼
Profit (loss) brought forward from the previous period14P€0.05m€0.05m▼

The notes to these accounts have 12 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.

Source: Annual accounts 2025 at the NBB, filed on 31-07-2026.

Line20182019202020212022202320242025Change
Remuneration, social security and pensions62---€366,965€391,508€476,593€386,545€486,525▲ 25.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5,354€11,552€32,139€49,139€91,010€119,847€119,849€116,133▼ 3.1%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€1,102-----
Other operating charges640/8---€512€17,553€5,601€4,862€1,199▼ 75.3%
Gross operating margin9900€34,933€195,785€335,098€429,505€448,075€659,973€511,234€508,707▼ 0.5%
Operating profit (loss)9901€27,324€141,755€52,308€11,787-€51,996€57,932-€22-€95,150▼ 432,400%
Financial income75/76B---€181€261€425€2,834€1,244▼ 56.1%
Recurring financial income75€7€20€48€181€261€425€2,834€1,244▼ 56.1%
Financial charges65/66B---€1,729€1,330€4,727€5,170€13,386▲ 159%
Recurring financial charges65€231€3,105€1,311€1,729€1,330€4,727€5,170€13,386▲ 159%
Profit (loss) for the period before taxes9903€27,100€138,670€51,045€10,239-€53,065€53,630-€2,358-€107,292▼ 4,450%
Income taxes67/77€1,450€43,716€9,940€3,087-€2,500€10,685€4€33▲ 725%
Profit (loss) for the period9904€25,650€94,954€41,105€7,152-€50,565€42,945-€2,362-€107,325▼ 4,444%
Profit (loss) for the period to be appropriated9905€25,650€94,954€41,105€7,152-€50,565€42,945-€2,362-€107,325▼ 4,444%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€0.1m€0.3m€0.6m€0.6m€0.6m€0.9m€1.4m€0.9m▼ 36.3%
Fixed assets21/28€0.01m€0.02m€0.1m€0.2m€0.4m€0.3m€0.3m€0.3m▼ 1.6%
Intangible fixed assets21€0.001m€0.001m€0.08m€0.2m€0.4m€0.3m€0.2m€0.2m▼ 0.8%
Tangible fixed assets22/27€0.008m€0.02m€0.02m€0.02m€0.04m€0.04m€0.06m€0.06m▼ 9.3%
Plant, machinery and equipment23---€0.02m€0.03m€0.04m€0.04m€0.03m▼ 8.3%
Furniture and vehicles24---€0.004m€0.004m€0.003m€0.004m€0.003m▼ 23.0%
Other tangible fixed assets26------€0.02m€0.02m▼ 8.5%
Financial fixed assets28----€0.001m€0.001m€0.05m€0.05m▲ 4.0%
Current assets29/58€0.1m€0.3m€0.5m€0.4m€0.2m€0.6m€1.1m€0.6m▼ 47.0%
Amounts receivable after more than one year29-------€0.2m-
Other amounts receivable291-------€0.2m-
Amounts receivable within one year40/41€0.009m€0.2m€0.1m€0.1m€0.02m€0.5m€0.8m€0.3m▼ 59.3%
Trade receivables40---€0.1m€0.02m€0.2m€0.2m€0.2m▼ 9.5%
Other amounts receivable41-----€0.3m€0.7m€0.2m▼ 73.5%
Current investments50/53------€0.005m--
Cash at bank and in hand54/58€0.08m€0.09m€0.4m€0.2m€0.2m€0.09m€0.2m€0.05m▼ 73.9%
Deferred charges and accrued income490/1---€0.01m€0.001m€0.007m€0.02m€0.006m▼ 65.3%
Equity and liabilities
Total equity and liabilities10/49€0.1m€0.3m€0.6m€0.6m€0.6m€0.9m€1.4m€0.9m▼ 36.3%
Equity10/15€0.006m€0.1m€0.5m€0.5m€0.4m€0.5m€0.5m€0.3m▼ 23.8%
Contributions10/11€0.007m€0.007m€0.06m€0.4m€0.4m€0.4m€0.4m€0.4m=
Capital10---€0.06m€0.06m€0.06m€0.06m€0.06m=
Issued capital100---€0.06m€0.06m€0.06m€0.06m€0.06m=
Contributions outside capital11---€0.3m€0.3m€0.3m€0.3m€0.3m=
Other1109/19---€0.3m€0.3m€0.3m€0.3m€0.3m=
Reserves13€0.001m€0.006m€0.006m€0.006m€0.006m€0.05m€0.05m€0.05m=
Non-distributable reserves130/1---€0.006m€0.006m€0.006m€0.006m€0.006m=
Legal reserve130---€0.006m€0.006m€0.006m€0.006m€0.006m=
Distributable reserves133-----€0.04m€0.04m€0.04m=
Profit (loss) carried forward14-€0.002m€0.09m€0.09m€0.1m€0.05m€0.05m€0.05m-€0.06m-
Amounts payable17/49€0.1m€0.2m€0.2m€0.2m€0.2m€0.5m€1.0m€0.5m▼ 42.2%
Amounts payable after more than one year17-------€0.01m-
Financial debts170/4-------€0.01m-
Amounts payable within one year42/48€0.04m€0.1m€0.1m€0.2m€0.2m€0.2m€0.3m€0.4m▲ 36.3%
Current portion of amounts payable after more than one year42---€0.04m€0.07m€0.06m€0.07m€0.04m▼ 46.1%
Financial debts43------€0.1m€0.3m▲ 150%
Credit institutions430/8------€0.1m€0.3m▲ 150%
Trade debts44€0.003m€0.02m€0.03m€0.04m€0.06m€0.07m€0.04m€0.01m▼ 74.3%
Suppliers440/4---€0.04m€0.06m€0.07m€0.04m€0.01m▼ 74.3%
Taxes, remuneration and social security45---€0.06m€0.09m€0.1m€0.06m€0.07m▲ 10.0%
Taxes450/3---€0.02m€0.008m€0.02m€0.003m€0.005m▲ 43.4%
Remuneration and social security454/9---€0.05m€0.08m€0.1m€0.06m€0.06m▲ 8.1%
Other amounts payable47/48---€0.009m-----
Accrued charges and deferred income492/3-----€0.2m€0.7m€0.2m▼ 74.4%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€25,650€94,954€41,105€7,152-€50,565€42,945-€2,362-€107,325▼ 4,444%
+ Depreciation and write-downs630€5,354€11,552€32,139€49,139€91,010€119,847€119,849€116,133▼ 3.1%
Operating cash flow (approximation)€31,004€106,506€73,244€56,291€40,445€162,792€117,487€8,808▼ 92.5%
Investment in fixed assets (approximation)--€21,606-€110,316-€186,412-€257,340-€26,185-€142,796-€110,761▲ 22.4%
Change in cash-€11,659€326,604-€168,924-€38,551-€113,362€114,399-€153,445-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 4,805 companies had the same profile as NorthStone has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.

  • Micro
  • 10 to 20 years old
  • solvency 30% or more
  • a loss of 10% of the balance sheet or more
88.1% was still going
9.8% stopped otherwise
2.0% went bankrupt

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of NorthStone itself: 0.6% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 4,805 companies, not a prediction for NorthStone. 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.

Latest 10 of 13 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 31-07-2026 2026-00368331 PDF
31-12-2024 abbreviated format 31-07-2025 2025-00346971 PDF
31-12-2023 abbreviated format 13-08-2024 2024-00343414 PDF
31-12-2022 abbreviated format 09-08-2023 2023-00321362 PDF
31-12-2021 micro format 16-06-2022 2022-20067287 PDF
31-12-2020 micro format 30-06-2021 2021-27600185 PDF
31-12-2019 micro format 29-07-2020 2020-35800262 PDF
31-12-2018 micro format 14-08-2019 2019-47000555 PDF
31-12-2017 full format 27-07-2018 2018-38900250 PDF
31-12-2016 full format 18-08-2017 2017-44800393 PDF

Show all 13 filings

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