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STABEX

Active
Private limited companyfounded 1990active for 35 yearsDirk Martenslaan 21/2, 8870 Izegem, BelgiumKBO/BCE: BE 0442.080.369

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 08-07-2026 at the NBB all 35 filings

Turnover
≈ €780,000
Estimated: probably between €560,000 and €1.0m
Total assets
€527,980▲ 1.4%
2024 · €520,726
Net result
€67,124▼ 36.2%
2024 · €105,166
Working capital
€162,185▲ 103%
2024 · €79,958
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 20% lower than in 2024.

Operating result€95,151 2025 Net result€67,124 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€46,456-€58,529▲ 26.0%€76,777▲ 31.2%€40,015▼ 47.9%€50,843▲ 27.1%€116,331▲ 129%€118,440▲ 1.8%€95,151▼ 19.7%
Net result€33,375-€46,342▲ 38.9%€64,748within the sector's middle half▲ 39.7%€30,170within the sector's middle half▼ 53.4%€42,722within the sector's middle half▲ 41.6%€101,390within the sector's middle half▲ 137%€105,166within the sector's middle half▲ 3.7%€67,124within the sector's middle half▼ 36.2%
Equity€104,099-€114,441▲ 9.9%€129,189within the sector's middle half▲ 12.9%€129,359within the sector's middle half▲ 0.1%€132,081within the sector's middle half▲ 2.1%€153,472within the sector's middle half▲ 16.2%€173,638within the sector's middle half▲ 13.1%€240,762within the sector's middle half▲ 38.7%
Total assets€354,971-€361,873▲ 1.9%€395,022within the sector's middle half▲ 9.2%€358,059within the sector's middle half▼ 9.4%€412,112within the sector's middle half▲ 15.1%€501,504within the sector's middle half▲ 21.7%€520,726within the sector's middle half▲ 3.8%€527,980within the sector's middle half▲ 1.4%
Debt€247,122-€243,682▼ 1.4%€263,333▲ 8.1%€223,700▼ 15.1%€275,031▲ 22.9%€343,032▲ 24.7%€342,588▼ 0.1%€285,969▼ 16.5%
Working capital€31,908-€29,563▼ 7.4%€47,127within the sector's middle half▲ 59.4%€56,571within the sector's middle half▲ 20.0%€53,081within the sector's middle half▼ 6.2%€66,711within the sector's middle half▲ 25.7%€79,958within the sector's middle half▲ 19.9%€162,185within the sector's middle half▲ 103%
Solvency29.3%-31.6%▲ 2.3pp32.7%within the sector's middle half▲ 1.1pp36.1%within the sector's middle half▲ 3.4pp32.0%within the sector's middle half▼ 4.1pp30.6%within the sector's middle half▼ 1.4pp33.3%within the sector's middle half▲ 2.7pp45.6%within the sector's middle half▲ 12.3pp
Current ratio1.23-1.21▼ 0.021.26within the sector's middle half▲ 0.051.34within the sector's middle half▲ 0.081.25within the sector's middle half▼ 0.091.24within the sector's middle half=1.26within the sector's middle half▲ 0.011.64within the sector's middle half▲ 0.38
Return on assets (ROA)9.4%-12.8%▲ 3.4pp16.4%above the sector's middle half▲ 3.6pp8.4%within the sector's middle half▼ 8.0pp10.4%within the sector's middle half▲ 1.9pp20.2%above the sector's middle half▲ 9.9pp20.2%above the sector's middle half=12.7%within the sector's middle half▼ 7.5pp
Staff (FTE)2.2-2.7▲ 22.7%3.7within the sector's middle half▲ 37.0%3.8within the sector's middle half▲ 2.7%3.8within the sector's middle half=2.6within the sector's middle half▼ 31.6%2.4within the sector's middle half▼ 7.7%2.5within the sector's middle half▲ 4.2%
above within below The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €527,980
Fixed assets €111,604 ▼ 13.2%
Current assets €416,377 ▲ 6.2%
Equity and liabilities €527,980
Equity €240,762 ▲ 38.7%
Provisions €1,250 ▼ 72.2%
Debt €285,969 ▼ 16.5%
Debt's share of the balance-sheet total falls from 65.8% to 54.2%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€117,487▼
2024 · €150,761
Cash flow
€89,460▼
2024 · €137,487
Quick ratio
1.21▲
2024 · 0.92
Debt to equity
1.19▼
2024 · 1.97
ROE
27.9%▼
2024 · 60.6%
Interest coverage
39.78▼
2024 · 40.20
Debt ≤ 1 year
€254,192▼
2024 · €312,234
Debt > 1 year
€30,426▲
2024 · €28,951
Income taxes
€25,461▲
2024 · €10,087
Staff costs
€182,573▲
2024 · €156,309
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date44333
full-time22222
part-time22111
in full-time equivalents3.73.72.52.52.5
Average over the year, in full-time equivalents3.83.82.62.42.5
On a permanent contract44333
Joined--0-1
Left--1-1
Training hours32326-0

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

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts secured on the company's own assets€77,491€85,655€103,706€66,659€47,815
Mortgages, amount registered€240,000€240,000€240,000€240,000€240,000
Carrying value of the mortgaged assets€107,999€95,999€83,999€72,000€60,000
Pledge on other assets, amount secured€9,491€33,654€67,706€46,658€43,814
Carrying value of the other pledged assets€10,224€39,740€72,410€54,341€51,276

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€165€39,228€51,118€215€40,811
Intangible fixed assets€3,801----
Depreciation and write-downs of the year€33,103€29,738€34,493€32,321€22,336

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

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines
Balance sheet Code20242025
Assets
Total assets20/58€520,726€527,980▲
Fixed assets21/28€128,533€111,604▼
Intangible fixed assets21€1,288€169▼
Tangible fixed assets22/27€127,245€111,435▼
Land and buildings22€72,000€60,000▼
Furniture and vehicles24€55,246€51,435▼
Current assets29/58€392,192€416,377▲
Stocks and contracts in progress3€105,724€109,452▲
Contracts in progress37€105,724€109,452▲
Amounts receivable within one year40/41€203,029€192,589▼
Trade receivables40€202,917€187,851▼
Other amounts receivable41€113€4,738▲
Cash at bank and in hand54/58€77,680€111,138▲
Deferred charges and accrued income490/1€5,759€3,198▼
Equity and liabilities
Total equity and liabilities10/49€520,726€527,980▲
Equity10/15€173,638€240,762▲
Contributions10/11€20,000€20,000=
Reserves13€152,000€152,000=
Distributable reserves133€152,000€152,000=
Profit (loss) carried forward14€1,638€68,762▲
Provisions and deferred taxes16€4,500€1,250▼
Provisions for liabilities and charges160/5€4,500€1,250▼
Environmental obligations163€4,500€0▼
Other liabilities and charges164/5-€1,250
Amounts payable17/49€342,588€285,969▼
Amounts payable after more than one year17€28,951€30,426▲
Financial debts170/4€28,951€30,426▲
Amounts payable within one year42/48€312,234€254,192▼
Current portion of amounts payable after more than one year42€37,708€17,389▼
Trade debts44€133,421€123,298▼
Suppliers440/4€133,421€123,298▼
Taxes, remuneration and social security45€55,999€60,655▲
Taxes450/3€39,160€42,447▲
Remuneration and social security454/9€16,839€18,208▲
Other amounts payable47/48€85,107€52,850▼
Accrued charges and deferred income492/3€1,402€1,351▼
Income statement Code20242025
Non-recurring operating income76A€0-
Remuneration, social security and pensions62€156,309€182,573▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€32,321€22,336▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€6,002
Provisions for liabilities and charges: additions (uses and reversals)635/8-€500-€3,250▼
Other operating charges640/8€3,551€3,085▼
Non-recurring operating charges66A-€4,826
Gross operating margin9900€310,121€310,724▲
Operating profit (loss)9901€118,440€95,151▼
Financial income75/76B€563€387▼
Recurring financial income75€563€387▼
Financial charges65/66B€3,750€2,953▼
Recurring financial charges65€3,750€2,953▼
Profit (loss) for the period before taxes9903€115,253€92,584▼
Income taxes67/77€10,087€25,461▲
Profit (loss) for the period9904€105,166€67,124▼
Profit (loss) for the period to be appropriated9905€105,166€67,124▼
Appropriation of the result
Profit (loss) to be appropriated9906€111,638€68,762▼
Profit (loss) brought forward from the previous period14P€6,472€1,638▼
Transfer to equity691/2€25,000€0▼
To other reserves6921€25,000€0▼
Profit to be distributed694/7€85,000€0▼
Directors or managers695€85,000€0▼
Social balance sheet
Average headcount (FTE)90872.42.5▲

The notes to these accounts have 22 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 08-07-2026.

Line20182019202020212022202320242025Change
Non-recurring operating income76A----€905€8,264€0--
Remuneration, social security and pensions62---€197,911€193,520€165,347€156,309€182,573▲ 16.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30,846€34,690€33,543€33,103€29,738€34,493€32,321€22,336▼ 30.9%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€0---€6,002-
Provisions for liabilities and charges: additions (uses and reversals)635/8---€2,500€0--€500-€3,250▼ 550%
Other operating charges640/8---€4,368€2,913€3,473€3,551€3,085▼ 13.1%
Non-recurring operating charges66A-------€4,826-
Gross operating margin9900€189,773€197,005€277,710€277,897€277,015€319,644€310,121€310,724▲ 0.2%
Operating profit (loss)9901€46,456€58,529€76,777€40,015€50,843€116,331€118,440€95,151▼ 19.7%
Financial income75/76B---€6€4€385€563€387▼ 31.3%
Recurring financial income75€86€31€0€6€4€385€563€387▼ 31.3%
Financial charges65/66B---€3,250€3,142€3,540€3,750€2,953▼ 21.2%
Recurring financial charges65€5,197€4,789€4,053€3,250€3,142€3,540€3,750€2,953▼ 21.2%
Profit (loss) for the period before taxes9903€41,344€53,771€72,724€36,771€47,705€113,176€115,253€92,584▼ 19.7%
Income taxes67/77€7,969€7,428€7,976€6,601€4,982€11,786€10,087€25,461▲ 152%
Profit (loss) for the period9904€33,375€46,342€64,748€30,170€42,722€101,390€105,166€67,124▼ 36.2%
Transfer from tax-exempt reserves789---€0-----
Profit (loss) for the period to be appropriated9905€33,375€46,342€66,823€30,170€42,722€101,390€105,166€67,124▼ 36.2%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€354,971€361,873€395,022€358,059€412,112€501,504€520,726€527,980▲ 1.4%
Fixed assets21/28€185,377€190,030€163,663€134,526€144,015€160,640€128,533€111,604▼ 13.2%
Intangible fixed assets21-€5,840€6,379€7,719€5,089€2,459€1,288€169▼ 86.9%
Tangible fixed assets22/27€185,377€184,190€157,284€126,807€138,926€158,181€127,245€111,435▼ 12.4%
Land and buildings22---€107,999€95,999€83,999€72,000€60,000▼ 16.7%
Furniture and vehicles24---€18,808€42,927€74,182€55,246€51,435▼ 6.9%
Current assets29/58€169,594€171,843€231,359€223,533€268,097€340,865€392,192€416,377▲ 6.2%
Stocks and contracts in progress3€17,250€20,000€25,395€15,247€35,801€107,097€105,724€109,452▲ 3.5%
Contracts in progress37---€15,247€35,801€107,097€105,724€109,452▲ 3.5%
Amounts receivable within one year40/41€87,202€63,148€66,750€68,615€138,115€158,616€203,029€192,589▼ 5.1%
Trade receivables40---€67,645€138,097€158,581€202,917€187,851▼ 7.4%
Other amounts receivable41---€970€18€35€113€4,738▲ 42×
Current investments50/53--€100,645€100,645€70,645€0---
Cash at bank and in hand54/58€62,483€83,648€33,988€33,613€18,222€71,631€77,680€111,138▲ 43.1%
Deferred charges and accrued income490/1---€5,414€5,315€3,522€5,759€3,198▼ 44.5%
Equity and liabilities
Total equity and liabilities10/49€354,971€361,873€395,022€358,059€412,112€501,504€520,726€527,980▲ 1.4%
Equity10/15€104,099€114,441€129,189€129,359€132,081€153,472€173,638€240,762▲ 38.7%
Contributions10/11€20,000€20,000-€20,000€20,000€20,000€20,000€20,000=
Reserves13€84,075€94,075€92,000€92,000€102,000€127,000€152,000€152,000=
Non-distributable reserves130/1---€2,000€2,000€0---
Reserves not available under the articles1311---€2,000€2,000€0---
Distributable reserves133---€90,000€100,000€127,000€152,000€152,000=
Profit (loss) carried forward14€24€366€17,189€17,359€10,081€6,472€1,638€68,762▲ 42×
Provisions and deferred taxes16€3,750€3,750€2,500€5,000€5,000€5,000€4,500€1,250▼ 72.2%
Provisions for liabilities and charges160/5---€5,000€5,000€5,000€4,500€1,250▼ 72.2%
Environmental obligations163---€5,000€5,000€5,000€4,500€0▼ 100%
Other liabilities and charges164/5-------€1,250-
Amounts payable17/49€247,122€243,682€263,333€223,700€275,031€343,032€342,588€285,969▼ 16.5%
Amounts payable after more than one year17€107,723€99,741€77,491€55,180€57,743€66,659€28,951€30,426▲ 5.1%
Financial debts170/4---€55,180€57,743€66,659€28,951€30,426▲ 5.1%
Amounts payable within one year42/48€137,686€142,280€184,232€166,963€215,016€274,153€312,234€254,192▼ 18.6%
Current portion of amounts payable after more than one year42---€22,312€27,912€37,047€37,708€17,389▼ 53.9%
Trade debts44€64,364€52,666€63,285€66,813€73,020€103,442€133,421€123,298▼ 7.6%
Suppliers440/4---€66,813€73,020€103,442€133,421€123,298▼ 7.6%
Taxes, remuneration and social security45---€46,026€72,221€51,471€55,999€60,655▲ 8.3%
Taxes450/3---€7,029€36,767€34,777€39,160€42,447▲ 8.4%
Remuneration and social security454/9---€38,996€35,454€16,694€16,839€18,208▲ 8.1%
Other amounts payable47/48---€31,813€41,863€82,193€85,107€52,850▼ 37.9%
Accrued charges and deferred income492/3---€1,558€2,272€2,220€1,402€1,351▼ 3.7%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€33,375€46,342€64,748€30,170€42,722€101,390€105,166€67,124▼ 36.2%
+ Depreciation and write-downs630€30,846€34,690€33,543€33,103€29,738€34,493€32,321€22,336▼ 30.9%
Operating cash flow (approximation)€64,221€81,033€98,291€63,274€72,461€135,883€137,487€89,460▼ 34.9%
Investment in fixed assets (approximation)--€39,344-€7,176-€3,966-€39,228-€51,118-€215-€5,406▼ 2,416%
Change in cash-€21,165-€49,660-€375-€15,391€53,409€6,049€33,458▲ 453%

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, 31,368 companies had the same profile as STABEX has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.

  • Micro
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.5% went bankrupt
5.9% stopped otherwise
93.5% was still going

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

That fits the bankruptcy probability of STABEX 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.

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 31,368 companies, not a prediction for STABEX. 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 35 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 08-07-2026 2026-00268097 PDF
31-12-2024 abbreviated format 05-07-2025 2025-00241040 PDF
31-12-2023 abbreviated format 17-07-2024 2024-00256009 PDF
31-12-2022 abbreviated format 24-07-2023 2023-00263160 PDF
31-12-2021 abbreviated format 13-07-2022 2022-20183223 PDF
31-12-2020 abbreviated format 12-07-2021 2021-34100027 PDF
31-12-2019 abbreviated format 23-07-2020 2020-33500222 PDF
31-12-2018 abbreviated format 12-07-2019 2019-32000425 PDF
31-12-2017 abbreviated format 29-08-2018 2018-52800264 PDF
31-12-2016 micro format 14-08-2017 2017-43600095 PDF

Show all 35 filings

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