OLSTE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 09-03-2026 PDF all 29 filings
Every figure per financial year
The operating result for 2025 is 106% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 3 | 3 |
| full-time | 4 | 3 | 3 | 2 | 3 |
| part-time | - | 1 | 1 | 1 | - |
| in full-time equivalents | 4 | 3.8 | 3.8 | 2.8 | 3 |
| Average over the year, in full-time equivalents | 4.2 | 4.3 | 3.8 | 2.8 | 3.1 |
| On a permanent contract | 4 | 4 | 4 | 3 | 3 |
| Joined | 2 | 1 | - | 0 | 2 |
| Left | 1 | 1 | - | 1 | 2 |
| Training hours | 495 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €25.5m | €18.9m | €18.0m | €7.8m | €7.7m |
| Mortgages, amount registered | €192,100 | €164,600 | €164,600 | €164,600 | €164,600 |
| Mortgage mandates | €34.0m | €35.5m | €33.2m | €33.2m | €33.2m |
| Carrying value of the mortgaged assets | €4.8m | €3.2m | €3.1m | €3.0m | €2.9m |
| Pledge on other assets, amount secured | - | €35.5m | €33.2m | €33.2m | €33.2m |
| Carrying value of the other pledged assets | €4.1m | €42.5m | €42.8m | €37.5m | €41.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €124,271 | €43,428 | €27,387 | €78,452 | €191,949 |
| Intangible fixed assets | €20,005 | €15,975 | €31,670 | - | - |
| Financial fixed assets | €1.3m | €321,700 | €61,500 | - | €155,000 |
| Depreciation and write-downs of the year | €163,566 | €188,065 | €191,368 | €191,161 | €189,292 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES.
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €8,150 | €11,655 | €12,050 | €12,500 |
| Other work by the auditor | - | €9,150 | €16,183 | €18,396 | €21,840 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €685 awarded · €685 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €255 | €255 |
| 2024 | 1 | €280 | €280 |
| 2023 | 1 | €150 | €150 |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €3.8m | €3.2m | €4.2m | €10.9m | €13.7m | ▲ 26.3% |
| Turnover70 | €7.4m | €3.3m | €3.7m | €3.0m | €4.0m | €10.7m | €13.7m | ▲ 28.0% |
| Other operating income74 | - | - | €0.08m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 60.5% |
| Non-recurring operating income76A | - | - | - | - | - | €0.007m | - | - |
| Operating charges60/66A | - | - | €3.0m | €3.2m | €3.7m | €8.0m | €7.8m | ▼ 2.2% |
| Goods for resale, raw materials and consumables60 | - | - | €1.6m | €1.3m | €1.4m | €6.2m | €5.1m | ▼ 18.1% |
| Purchases600/8 | - | - | €0.3m | €0.7m | €1.7m | €0.8m | €9.1m | ▲ 11× |
| Change in stocks: decrease (increase)609 | - | - | €1.3m | €0.6m | -€0.4m | €5.4m | -€4.1m | - |
| Services and other goods61 | - | - | €0.7m | €1.0m | €1.4m | €1.2m | €2.1m | ▲ 71.3% |
| Remuneration, social security and pensions62 | - | - | €0.5m | €0.6m | €0.5m | €0.3m | €0.4m | ▲ 32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.006m | - | - | - | - |
| Other operating charges640/8 | - | - | €0.08m | €0.08m | €0.2m | €0.1m | €0.1m | ▼ 6.9% |
| Non-recurring operating charges66A | - | - | €0.001m | - | €0.005m | €0.003m | - | - |
| Operating profit (loss)9901 | €2.9m | €0.4m | €0.8m | -€0.006m | €0.5m | €2.9m | €5.9m | ▲ 106% |
| Financial income75/76B | - | - | €2.4m | €6.2m | €4.7m | €1.6m | €3.7m | ▲ 132% |
| Recurring financial income75 | €4.8m | €3.9m | €2.4m | €1.7m | €4.7m | €1.6m | €3.7m | ▲ 132% |
| Income from financial fixed assets750 | - | - | €2.3m | €1.5m | €4.4m | €1.1m | €3.0m | ▲ 174% |
| Income from current assets751 | - | - | €0.1m | €0.3m | €0.3m | €0.5m | €0.7m | ▲ 36.7% |
| Other financial income752/9 | - | - | €401 | €0.002m | €0.003m | - | €0.001m | - |
| Non-recurring financial income76B | - | - | - | €4.5m | - | - | - | - |
| Financial charges65/66B | - | - | €0.4m | €0.4m | €0.9m | €0.6m | €0.4m | ▼ 35.5% |
| Recurring financial charges65 | €0.5m | €0.3m | €0.4m | €0.2m | €0.7m | €0.6m | €0.4m | ▼ 45.2% |
| Debt charges650 | €0.4m | €0.3m | €0.3m | €0.2m | €0.6m | €0.6m | €0.3m | ▼ 55.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | €0.1m | -€0.02m | €0.02m | - |
| Other financial charges652/9 | - | - | €0.04m | €0.02m | €0.04m | €0.04m | €0.06m | ▲ 38.3% |
| Non-recurring financial charges66B | - | - | - | €0.2m | €0.2m | - | €0.06m | - |
| Profit (loss) for the period before taxes9903 | €7.2m | €4.0m | €2.8m | €5.8m | €4.3m | €3.8m | €9.1m | ▲ 141% |
| Income taxes67/77 | €0.7m | €0.02m | €0.1m | €0.008m | €0.06m | €0.7m | €1.6m | ▲ 133% |
| Taxes670/3 | - | - | €0.1m | €0.008m | €0.06m | €0.7m | €1.6m | ▲ 133% |
| Profit (loss) for the period9904 | €6.5m | €3.9m | €2.7m | €5.8m | €4.2m | €3.1m | €7.6m | ▲ 143% |
| Profit (loss) for the period to be appropriated9905 | €6.5m | €3.9m | €2.7m | €5.8m | €4.2m | €3.1m | €7.6m | ▲ 143% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €59.6m | €59.6m | €63.9m | €56.7m | €59.3m | €53.3m | €61.4m | ▲ 15.2% |
| Formation expenses20 | €0.003m | €0.002m | €0.002m | €0.001m | €0.001m | €352 | €1 | ▼ 99.7% |
| Fixed assets21/28 | €12.3m | €10.7m | €12.0m | €12.1m | €14.5m | €14.9m | €17.1m | ▲ 15.4% |
| Intangible fixed assets21 | - | - | €0.02m | €0.03m | €0.04m | €0.02m | €0.005m | ▼ 73.9% |
| Tangible fixed assets22/27 | €3.7m | €3.6m | €3.6m | €3.4m | €3.3m | €3.2m | €3.2m | ▲ 0.5% |
| Land and buildings22 | - | - | €3.3m | €3.2m | €3.1m | €3.0m | €2.9m | ▼ 3.7% |
| Furniture and vehicles24 | - | - | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 79.5% |
| Financial fixed assets28 | €8.6m | €7.1m | €8.4m | €8.6m | €11.2m | €11.7m | €14.0m | ▲ 19.6% |
| Affiliated companies280/1 | - | - | €8.4m | €8.6m | €11.2m | €11.7m | €14.0m | ▲ 19.6% |
| Participating interests280 | - | - | €7.8m | €2.6m | €2.4m | €2.4m | €2.5m | ▲ 3.8% |
| Amounts receivable281 | - | - | €0.7m | €6.0m | €8.8m | €9.2m | €11.4m | ▲ 23.8% |
| Other financial fixed assets284/8 | - | - | €0.005m | €0.004m | €0.005m | €0.005m | €0.005m | ▼ 4.9% |
| Amounts receivable and cash guarantees285/8 | - | - | €0.005m | €0.004m | €0.005m | €0.005m | €0.005m | ▼ 4.9% |
| Current assets29/58 | €47.4m | €48.9m | €51.9m | €44.6m | €44.8m | €38.4m | €44.2m | ▲ 15.1% |
| Amounts receivable after more than one year29 | - | - | €1.8m | - | - | - | €0.5m | - |
| Trade receivables290 | - | - | €1.0m | - | - | - | €0.5m | - |
| Other amounts receivable291 | - | - | €0.8m | - | - | - | - | - |
| Stocks and contracts in progress3 | €43.3m | €44.4m | €43.1m | €42.5m | €42.8m | €37.5m | €41.5m | ▲ 10.9% |
| Stocks30/36 | - | - | €43.1m | €42.5m | €42.8m | €37.5m | €41.5m | ▲ 10.9% |
| Property held for sale35 | - | - | €43.1m | €42.5m | €42.8m | €37.5m | €41.5m | ▲ 10.9% |
| Amounts receivable within one year40/41 | €2.8m | €2.7m | €7.0m | €1.8m | €1.8m | €0.9m | €1.9m | ▲ 116% |
| Trade receivables40 | - | - | €0.6m | €1.4m | €0.5m | €0.4m | €1.9m | ▲ 318% |
| Other amounts receivable41 | - | - | €6.4m | €0.5m | €1.2m | €0.4m | €0.05m | ▼ 88.2% |
| Cash at bank and in hand54/58 | €0.005m | €0.6m | €0.02m | €0.1m | €0.08m | €0.006m | €0.1m | ▲ 24× |
| Deferred charges and accrued income490/1 | - | - | €0.08m | €0.2m | €0.1m | €0.08m | €0.1m | ▲ 27.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €59.6m | €59.6m | €63.9m | €56.7m | €59.3m | €53.3m | €61.4m | ▲ 15.2% |
| Equity10/15 | €30.3m | €31.8m | €33.8m | €31.4m | €35.6m | €37.2m | €42.8m | ▲ 14.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Revaluation surpluses12 | - | - | €4.9m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Reserves13 | €23.9m | €26.8m | €28.8m | €30.1m | €34.3m | €35.9m | €41.5m | ▲ 15.5% |
| 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 | - | - | €28.8m | €30.1m | €34.3m | €35.9m | €41.5m | ▲ 15.5% |
| Amounts payable17/49 | €29.3m | €27.9m | €30.1m | €25.3m | €23.7m | €16.1m | €18.6m | ▲ 15.8% |
| Amounts payable after more than one year17 | €24.5m | €23.7m | €25.4m | €18.9m | €17.9m | €7.7m | €7.6m | ▼ 1.2% |
| Financial debts170/4 | - | - | €25.4m | €18.9m | €17.9m | €7.7m | €7.6m | ▼ 1.2% |
| Credit institutions173 | - | - | €25.4m | €18.8m | €17.9m | €7.6m | €7.5m | ▼ 1.2% |
| Other loans174 | - | - | €0.04m | €0.04m | - | €0.08m | €0.08m | ▼ 0.6% |
| Amounts payable within one year42/48 | €4.5m | €4.1m | €4.7m | €6.4m | €5.8m | €8.3m | €11.0m | ▲ 31.4% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 2.0% |
| Trade debts44 | €0.2m | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.9m | ▲ 285% |
| Suppliers440/4 | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.9m | ▲ 285% |
| Advances received on contracts in progress46 | - | - | - | €0.05m | €0.03m | €0.03m | €0.02m | ▼ 38.6% |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.08m | €0.07m | €0.06m | €0.4m | ▲ 659% |
| Taxes450/3 | - | - | €0.03m | €0.02m | €0.009m | €0.004m | €0.4m | ▲ 93× |
| Remuneration and social security454/9 | - | - | €0.08m | €0.07m | €0.06m | €0.05m | €0.04m | ▼ 29.2% |
| Other amounts payable47/48 | - | - | €4.2m | €5.9m | €5.4m | €7.9m | €9.5m | ▲ 20.4% |
| Accrued charges and deferred income492/3 | - | - | €0.04m | €0.02m | €0.08m | €0.02m | €0.03m | ▲ 30.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6.5m | €3.9m | €2.7m | €5.8m | €4.2m | €3.1m | €7.6m | ▲ 143% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.0% |
| Operating cash flow (approximation) | €6.6m | €4.1m | €2.8m | €5.9m | €4.4m | €3.3m | €7.7m | ▲ 135% |
| Investment in fixed assets (approximation) | - | €1.4m | -€1.4m | -€0.3m | -€2.6m | -€0.5m | -€2.5m | ▼ 368% |
| Change in cash | - | €0.6m | -€0.6m | €0.1m | -€0.06m | -€0.07m | €0.1m | - |
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, 31,368 companies had the same profile as OLSTE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of OLSTE itself: 0.1% 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 31,368 companies, not a prediction for OLSTE. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 09-03-2026 | 2026-00053397 | |
| 30-09-2024 | full format | 25-03-2025 | 2025-00054931 | |
| 30-09-2023 | full format | 14-03-2024 | 2024-00045683 | |
| 30-09-2022 | full format | 10-03-2023 | 2023-00039420 | |
| 30-09-2021 | full format | 05-05-2022 | 2022-20023330 | |
| 30-09-2020 | full format | 14-04-2021 | 2021-10300446 | |
| 30-09-2019 | full format | 31-03-2020 | 2020-08200276 | |
| 30-09-2018 | full format | 05-03-2019 | 2019-06500101 | |
| 30-09-2017 | full format | 05-03-2018 | 2018-06300544 | |
| 30-09-2016 | abbreviated format | 09-03-2017 | 2017-06100002 |