STAGE ONE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00036055.
Annual accounts 2025 filed on 02-02-2026 PDF all 16 filings
Turnover
€37,664▼ 90.2%
2022 · €384,014
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€3,211
2024 · €106,992
Working capital
-€64,416▼ 82.9%
2024 · -€35,228
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€1,254
2025
20192025
Net result
-€3,211
2025
middle half of the sector
20192025
Equity
€18,268
▼ 8.9%
2025
middle half of the sector
20192025
Total assets
€152,981
▼ 69.0%
2025
middle half of the sector
20192025
Debt
€134,713
▼ 71.6%
2025
20192025
Working capital
-€64,416
▼ 82.9%
2025
lowest quarter of the sector
20192025
Solvency
11.9%
▲ 7.9pp
2025
lowest quarter of the sector
20192025
Current ratio
0.52
▼ 0.40
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-2.1%
▼ 23.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€384,014€37,664▼ 90.2%
Operating result€5,777--€228€3,519-€20,643-€87,754▼ 325%€114,501-€1,254
Net result€5,742--€598within the sector's middle half€5,569within the sector's middle half-€20,963below the sector's middle half-€90,361below the sector's middle half▼ 331%€106,992above the sector's middle half-€3,211within the sector's middle half
Equity€19,417-€18,819within the sector's middle half▼ 3.1%€24,388within the sector's middle half▲ 29.6%€3,425below the sector's middle half▼ 86.0%-€86,936below the sector's middle half€20,056within the sector's middle half€18,268within the sector's middle half▼ 8.9%
Total assets€303,830-€408,905above the sector's middle half▲ 34.6%€325,737above the sector's middle half▼ 20.3%€202,743within the sector's middle half▼ 37.8%€126,131within the sector's middle half▼ 37.8%€493,884above the sector's middle half▲ 292%€152,981within the sector's middle half▼ 69.0%
Debt€284,413-€390,086▲ 37.2%€301,349▼ 22.7%€199,318▼ 33.9%€213,067▲ 6.9%€473,827▲ 122%€134,713▼ 71.6%
Working capital€9,417--€40,714below the sector's middle half-€80,252below the sector's middle half▼ 97.1%-€70,476below the sector's middle half▲ 12.2%-€178,163below the sector's middle half▼ 153%-€35,228below the sector's middle half▲ 80.2%-€64,416below the sector's middle half▼ 82.9%
Solvency6.4%-4.6%below the sector's middle half▼ 1.8pp7.5%below the sector's middle half▲ 2.9pp1.7%below the sector's middle half▼ 5.8pp-68.9%below the sector's middle half▼ 70.6pp4.1%below the sector's middle half▲ 73.0pp11.9%below the sector's middle half▲ 7.9pp
Current ratio1.03-0.90within the sector's middle half▼ 0.140.73below the sector's middle half▼ 0.160.65below the sector's middle half▼ 0.090.16below the sector's middle half▼ 0.480.93within the sector's middle half▲ 0.760.52below the sector's middle half▼ 0.40
Return on assets (ROA)1.9%--0.1%within the sector's middle half▼ 2.0pp1.7%within the sector's middle half▲ 1.9pp-10.3%below the sector's middle half▼ 12.0pp-71.6%below the sector's middle half▼ 61.3pp21.7%above the sector's middle half▲ 93.3pp-2.1%within the sector's middle half▼ 23.8pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 €1,254, after a profit of €114,501 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €152,981
Fixed assets
€82,684 ▲ 49.6%
Current assets
€70,297 ▼ 84.0%
Equity and liabilities €152,981
Equity
€18,268 ▼ 8.9%
Debt
€134,713 ▼ 71.6%
Debt's share of the balance-sheet total falls from 95.9% to 88.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1,260▼
2024 · €149,244
Cash flow
-€697▼
2024 · €141,735
Debt to equity
7.37▼
2024 · 23.62
ROE
-17.6%▼
2024 · 533.5%
Interest coverage
0.22▼
2024 · over 100
Debt ≤ 1 year
€134,713▼
2024 · €473,827
Income taxes
€1,448▼
2024 · €6,646
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,219 | - | - | €36,361 |
| Depreciation and write-downs of the year | €32,959 | €39,897 | €34,743 | €2,514 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €384,014 | €37,664 | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €37,740 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €369,500 | €86,033 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,000 | €30,467 | €0 | €32,959 | €39,897 | €34,743 | €2,514 | ▼ 92.8% |
| Other operating charges640/8 | - | - | - | €3,599 | €2,856 | €2,842 | €8,178 | ▲ 188% |
| Gross operating margin9900 | €15,877 | €30,239 | €3,519 | €15,914 | -€45,001 | €152,086 | €9,438 | ▼ 93.8% |
| Operating profit (loss)9901 | €5,777 | -€228 | €3,519 | -€20,643 | -€87,754 | €114,501 | -€1,254 | - |
| Financial income75/76B | - | - | - | €1,261 | €0 | €119 | €5,179 | ▲ 44× |
| Recurring financial income75 | - | - | €3,000 | €1,261 | €0 | €119 | €5,179 | ▲ 44× |
| Financial charges65/66B | - | - | - | €1,461 | €2,319 | €982 | €5,688 | ▲ 479% |
| Recurring financial charges65 | €35 | €370 | €1 | €1,461 | €2,319 | €982 | €5,688 | ▲ 479% |
| Profit (loss) for the period before taxes9903 | €5,742 | -€598 | €6,518 | -€20,844 | -€90,073 | €113,638 | -€1,763 | - |
| Income taxes67/77 | - | - | €948 | €120 | €288 | €6,646 | €1,448 | ▼ 78.2% |
| Profit (loss) for the period9904 | €5,742 | -€598 | €5,569 | -€20,963 | -€90,361 | €106,992 | -€3,211 | - |
| Profit (loss) for the period to be appropriated9905 | €5,742 | -€598 | €5,569 | -€20,963 | -€90,361 | €106,992 | -€3,211 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €303,830 | €408,905 | €325,737 | €202,743 | €126,131 | €493,884 | €152,981 | ▼ 69.0% |
| Fixed assets21/28 | €10,000 | €59,533 | €104,641 | €73,901 | €91,227 | €55,284 | €82,684 | ▲ 49.6% |
| Tangible fixed assets22/27 | €10,000 | €59,533 | €95,682 | €64,942 | €88,027 | €53,284 | €80,684 | ▲ 51.4% |
| Plant, machinery and equipment23 | - | - | - | - | €7,013 | €5,260 | €34,404 | ▲ 554% |
| Furniture and vehicles24 | - | - | - | €64,942 | €81,014 | €48,025 | €46,280 | ▼ 3.6% |
| Financial fixed assets28 | - | - | €8,959 | €8,959 | €3,200 | €2,000 | €2,000 | = |
| Current assets29/58 | €293,830 | €349,372 | €221,096 | €128,842 | €34,904 | €438,600 | €70,297 | ▼ 84.0% |
| Amounts receivable within one year40/41 | €286,830 | €349,372 | €87,053 | €127,964 | €29,917 | €437,312 | €68,221 | ▼ 84.4% |
| Trade receivables40 | - | - | - | €106,216 | €29,917 | €401,580 | €277 | ▼ 99.9% |
| Other amounts receivable41 | - | - | - | €21,748 | - | €35,732 | €67,943 | ▲ 90.1% |
| Cash at bank and in hand54/58 | €7,000 | €0 | €9,043 | €878 | €4,675 | €1,287 | €2,076 | ▲ 61.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €312 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €303,830 | €408,905 | €325,737 | €202,743 | €126,131 | €493,884 | €152,981 | ▼ 69.0% |
| Equity10/15 | €19,417 | €18,819 | €24,388 | €3,425 | -€86,936 | €20,056 | €18,268 | ▼ 8.9% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Contributions outside capital11 | - | - | - | €12,400 | - | - | - | - |
| Other1109/19 | - | - | - | €12,400 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €5,157 | €4,559 | €10,128 | -€10,835 | -€101,196 | €5,796 | €4,008 | ▼ 30.9% |
| Amounts payable17/49 | €284,413 | €390,086 | €301,349 | €199,318 | €213,067 | €473,827 | €134,713 | ▼ 71.6% |
| Amounts payable within one year42/48 | €284,413 | €390,086 | €301,349 | €199,318 | €213,067 | €473,827 | €134,713 | ▼ 71.6% |
| Trade debts44 | €282,500 | €369,943 | €243,257 | €173,438 | €161,088 | €270,942 | €86,469 | ▼ 68.1% |
| Suppliers440/4 | - | - | - | €173,438 | €161,088 | €270,942 | €35,419 | ▼ 86.9% |
| Bills of exchange payable441 | - | - | - | - | - | - | €51,050 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,830 | €32,611 | €107,879 | €3,284 | ▼ 97.0% |
| Taxes450/3 | - | - | - | €3,830 | €32,611 | €107,879 | €3,284 | ▼ 97.0% |
| Other amounts payable47/48 | - | - | - | €22,050 | €19,368 | €95,007 | €44,960 | ▼ 52.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,742 | -€598 | €5,569 | -€20,963 | -€90,361 | €106,992 | -€3,211 | - |
| + Depreciation and write-downs630 | €10,000 | €30,467 | €0 | €32,959 | €39,897 | €34,743 | €2,514 | ▼ 92.8% |
| Operating cash flow (approximation) | €15,742 | €29,869 | €5,569 | €11,995 | -€50,464 | €141,735 | -€697 | - |
| Investment in fixed assets (approximation) | - | -€80,000 | -€45,108 | -€2,219 | -€57,223 | €1,200 | -€29,914 | - |
| Change in cash | - | -€7,000 | €9,043 | -€8,165 | €3,797 | -€3,388 | €788 | - |
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, 2,166 companies had the same profile as STAGE ONE has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of STAGE ONE itself is lower: 0.4% within 12 months. It rests on far more data about STAGE ONE than the profile alone.
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 2,166 companies, not a prediction for STAGE ONE. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00036055 | |
| 30-06-2024 | micro format | 02-02-2026 | 2026-00025930 | |
| 30-06-2023 | micro format | 10-02-2024 | 2024-00028929 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00011668 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03300302 | |
| 30-06-2020 | micro format | 04-05-2021 | 2021-13500295 | |
| 30-06-2019 | micro format | 26-11-2020 | 2020-73100409 | |
| 31-12-2017 | micro format | 09-03-2018 | 2018-06600196 | |
| 31-12-2016 | micro format | 01-07-2017 | 2017-27600294 | |
| 31-12-2015 | full format | 06-06-2016 | 2016-16200369 |