NorthStone
ActiveFinancials · 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 yearsOperating 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
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
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 10 | 10 | 7 |
| full-time | 10 | 10 | 9 | 7 |
| part-time | - | 0 | 1 | 0 |
| in full-time equivalents | 10 | 10 | 9.4 | 7 |
| Average over the year, in full-time equivalents | 9.4 | 9.5 | 9.7 | 7.4 |
| On a permanent contract | 10 | 10 | 9 | 7 |
| Joined | 4 | 1 | 2 | 6 |
| Left | 1 | 1 | 2 | 6 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €6,278 | €141,208 |
| 2024 | 2 | €348,135 | €140,960 |
| 2022 | 2 | €3,259 | €3,259 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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.
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.
| 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 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00346971 | |
| 31-12-2023 | abbreviated format | 13-08-2024 | 2024-00343414 | |
| 31-12-2022 | abbreviated format | 09-08-2023 | 2023-00321362 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20067287 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27600185 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-35800262 | |
| 31-12-2018 | micro format | 14-08-2019 | 2019-47000555 | |
| 31-12-2017 | full format | 27-07-2018 | 2018-38900250 | |
| 31-12-2016 | full format | 18-08-2017 | 2017-44800393 |