STAGE UNIT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 36 filings
Turnover
≈ €220,000
Estimated: probably between €140,000 and €420,000
EBIT margin
Not included in this filing
Net result
€14,865▲ 12×
2024 · €1,288
Working capital
-€3,261▲ 23.6%
2024 · -€4,270
In the rankings
#2 oldest company in Heist-op-den-Berg, Arts, sports and recreation sector#7 company by equity in Heist-op-den-Berg, Arts, sports and recreation sector#8 company by total assets in Heist-op-den-Berg, Arts, sports and recreation sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€26,497
▲ 75.0%
2025
20182025
Net result
€14,865
▲ 12×
2025
middle half of the sector
20182025
Equity
€280,098
▲ 5.6%
2025
middle half of the sector
20182025
Total assets
€559,099
▲ 6.3%
2025
lowest quarter of the sector
20182025
Debt
€279,000
▲ 7.0%
2025
20182025
Working capital
-€3,261
▲ 23.6%
2025
middle half of the sector
20182025
Solvency
50.1%
▼ 0.3pp
2025
middle half of the sector
20182025
Current ratio
0.99
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
2.7%
▲ 2.4pp
2025
middle half of the sector
20182025
Staff (FTE)
0.8
▲ 33.3%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€61,270-€21,750▼ 64.5%-€56,855-€11,750▲ 79.3%€35,595-€29,675€15,141€26,497▲ 75.0%
Net result€44,456-€13,281▼ 70.1%-€65,751below the sector's middle half-€21,074within the sector's middle half▲ 67.9%€23,813within the sector's middle half-€39,809below the sector's middle half€1,288within the sector's middle half€14,865within the sector's middle half▲ 12×
Equity€353,485-€366,767▲ 3.8%€301,015within the sector's middle half▼ 17.9%€279,942within the sector's middle half▼ 7.0%€303,754within the sector's middle half▲ 8.5%€263,946within the sector's middle half▼ 13.1%€265,234within the sector's middle half▲ 0.5%€280,098within the sector's middle half▲ 5.6%
Total assets€818,482-€908,589▲ 11.0%€680,257within the sector's middle half▼ 25.1%€601,104within the sector's middle half▼ 11.6%€565,567within the sector's middle half▼ 5.9%€522,567within the sector's middle half▼ 7.6%€526,063within the sector's middle half▲ 0.7%€559,099below the sector's middle half▲ 6.3%
Debt€464,997-€541,822▲ 16.5%€379,242▼ 30.0%€321,162▼ 15.3%€261,813▼ 18.5%€258,621▼ 1.2%€260,830▲ 0.9%€279,000▲ 7.0%
Working capital-€96,377--€47,130▲ 51.1%-€8,746within the sector's middle half▲ 81.4%€11,117within the sector's middle half€62,517within the sector's middle half▲ 462%€10,570within the sector's middle half▼ 83.1%-€4,270within the sector's middle half-€3,261within the sector's middle half▲ 23.6%
Solvency43.2%-40.4%▼ 2.8pp44.3%within the sector's middle half▲ 3.9pp46.6%within the sector's middle half▲ 2.3pp53.7%within the sector's middle half▲ 7.1pp50.5%within the sector's middle half▼ 3.2pp50.4%within the sector's middle half▼ 0.1pp50.1%within the sector's middle half▼ 0.3pp
Current ratio0.77-0.90▲ 0.120.97within the sector's middle half▲ 0.071.04within the sector's middle half▲ 0.071.26within the sector's middle half▲ 0.221.04within the sector's middle half▼ 0.220.98within the sector's middle half▼ 0.060.99within the sector's middle half▲ 0.01
Return on assets (ROA)5.4%-1.5%▼ 4.0pp-9.7%below the sector's middle half▼ 11.1pp-3.5%below the sector's middle half▲ 6.2pp4.2%within the sector's middle half▲ 7.7pp-7.6%below the sector's middle half▼ 11.8pp0.2%within the sector's middle half▲ 7.9pp2.7%within the sector's middle half▲ 2.4pp
Staff (FTE)3.2-2.9▼ 9.4%3within the sector's middle half▲ 3.4%3.4within the sector's middle half▲ 13.3%1.2below the sector's middle half▼ 64.7%1.6within the sector's middle half▲ 33.3%0.6below the sector's middle half▼ 62.5%0.8below the sector's middle half▲ 33.3%
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 75% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €559,099
Fixed assets
€339,126 ▲ 7.8%
Current assets
€219,973 ▲ 4.0%
Equity and liabilities €559,099
Equity
€280,098 ▲ 5.6%
Debt
€279,000 ▲ 7.0%
Debt's share of the balance-sheet total rises from 49.6% to 49.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€67,392▲
2024 · €57,623
Cash flow
€55,760▲
2024 · €43,769
Quick ratio
0.62▼
2024 · 0.62
Debt to equity
1.00▲
2024 · 0.98
ROE
5.3%▲
2024 · 0.5%
Interest coverage
5.89▲
2024 · 4.09
Debt ≤ 1 year
€223,234▲
2024 · €215,683
Debt > 1 year
€55,766▲
2024 · €45,147
Income taxes
€377▼
2024 · €381
Staff costs
€9,257▼
2024 · €18,552
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | - |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 0.4 | 0.4 | 0.4 | 0.4 | - |
| Average over the year, in full-time equivalents | 3.4 | 1.2 | 1.6 | 0.6 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | 2 | 2 | 2 | 2 | 2 |
| Left | 5 | 2 | 2 | 2 | 3 |
| Training hours | 310 | 109 | 109 | 91 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €204,669 | €157,145 | €136,435 | €153,026 | €174,656 |
| Debts guaranteed by Belgian public bodies | - | €21,184 | €7,239 | - | - |
| Pledge on other assets, amount secured | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 |
| Carrying value of the other pledged assets | €235,003 | €165,037 | €167,654 | €221,251 | €250,689 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,788 | €3,529 | €53,263 | €94,025 | €65,455 |
| Depreciation and write-downs of the year | €80,209 | €68,659 | €51,402 | €42,481 | €40,895 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €14,857 awarded · €14,857 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €65,996 | €23,832 | €28,819 | €18,552 | €9,257 | ▼ 50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €75,812 | €82,809 | €86,031 | €80,209 | €68,659 | €51,402 | €42,481 | €40,895 | ▼ 3.7% |
| Other operating charges640/8 | - | - | - | €4,338 | €2,976 | €3,607 | €2,626 | €2,771 | ▲ 5.5% |
| Gross operating margin9900 | €284,532 | €224,083 | €70,927 | €138,792 | €131,062 | €54,152 | €78,800 | €79,420 | ▲ 0.8% |
| Operating profit (loss)9901 | €61,270 | €21,750 | -€56,855 | -€11,750 | €35,595 | -€29,675 | €15,141 | €26,497 | ▲ 75.0% |
| Financial income75/76B | - | - | - | €437 | €177 | €288 | €603 | €193 | ▼ 68.0% |
| Recurring financial income75 | €2,814 | €1,227 | €342 | €437 | €177 | €288 | €603 | €193 | ▼ 68.0% |
| Financial charges65/66B | - | - | - | €9,073 | €9,705 | €9,953 | €14,076 | €11,448 | ▼ 18.7% |
| Recurring financial charges65 | €8,089 | €8,855 | €8,575 | €9,073 | €9,705 | €9,953 | €14,076 | €11,448 | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €55,995 | €14,122 | -€65,088 | -€20,385 | €26,067 | -€39,340 | €1,669 | €15,242 | ▲ 813% |
| Income taxes67/77 | €11,540 | €841 | €664 | €688 | €2,255 | €468 | €381 | €377 | ▼ 0.9% |
| Profit (loss) for the period9904 | €44,456 | €13,281 | -€65,751 | -€21,074 | €23,813 | -€39,809 | €1,288 | €14,865 | ▲ 12× |
| Profit (loss) for the period to be appropriated9905 | €44,456 | €13,281 | -€65,751 | -€21,074 | €23,813 | -€39,809 | €1,288 | €14,865 | ▲ 12× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €818,482 | €908,589 | €680,257 | €601,104 | €565,567 | €522,567 | €526,063 | €559,099 | ▲ 6.3% |
| Fixed assets21/28 | €488,733 | €491,495 | €414,431 | €326,631 | €261,330 | €263,192 | €314,651 | €339,126 | ▲ 7.8% |
| Tangible fixed assets22/27 | €234,166 | €269,685 | €230,634 | €156,213 | €91,083 | €92,944 | €144,488 | €169,048 | ▲ 17.0% |
| Plant, machinery and equipment23 | - | - | - | €92,580 | €58,328 | €57,864 | €57,145 | €95,467 | ▲ 67.1% |
| Furniture and vehicles24 | - | - | - | €13,970 | €6,962 | €22,324 | €21,919 | €18,028 | ▼ 17.8% |
| Leasing and similar rights25 | - | - | - | €49,663 | €25,792 | €12,756 | €65,425 | €55,554 | ▼ 15.1% |
| Financial fixed assets28 | €254,567 | €221,810 | €183,798 | €170,418 | €170,248 | €170,248 | €170,163 | €170,078 | = |
| Current assets29/58 | €329,749 | €417,094 | €265,826 | €274,473 | €304,237 | €259,375 | €211,412 | €219,973 | ▲ 4.0% |
| Stocks and contracts in progress3 | €79,136 | €110,591 | €79,041 | €78,790 | €73,954 | €74,710 | €76,762 | €81,641 | ▲ 6.4% |
| Stocks30/36 | - | - | - | €78,790 | €73,954 | €74,710 | €76,762 | €81,641 | ▲ 6.4% |
| Amounts receivable within one year40/41 | €184,083 | €241,907 | €133,947 | €47,694 | €69,022 | €64,074 | €34,043 | €45,109 | ▲ 32.5% |
| Trade receivables40 | - | - | - | €34,638 | €66,594 | €63,812 | €33,841 | €44,812 | ▲ 32.4% |
| Other amounts receivable41 | - | - | - | €13,055 | €2,427 | €262 | €201 | €297 | ▲ 47.2% |
| Current investments50/53 | €5 | €5 | €5 | €5 | €5 | €5 | - | - | - |
| Cash at bank and in hand54/58 | €66,526 | €61,914 | €52,833 | €147,985 | €160,313 | €119,204 | €100,607 | €93,224 | ▼ 7.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €943 | €1,382 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €818,482 | €908,589 | €680,257 | €601,104 | €565,567 | €522,567 | €526,063 | €559,099 | ▲ 6.3% |
| Equity10/15 | €353,485 | €366,767 | €301,015 | €279,942 | €303,754 | €263,946 | €265,234 | €280,098 | ▲ 5.6% |
| Contributions10/11 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | = |
| Capital10 | - | - | - | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | = |
| Issued capital100 | - | - | - | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | = |
| Reserves13 | €149,485 | €162,767 | €97,015 | €84,006 | €99,754 | €99,754 | €99,754 | €99,754 | = |
| Non-distributable reserves130/1 | - | - | - | €20,400 | €20,400 | €20,400 | €20,400 | €20,400 | = |
| Legal reserve130 | - | - | - | €20,400 | €20,400 | €20,400 | €20,400 | €20,400 | = |
| Distributable reserves133 | - | - | - | €63,606 | €79,354 | €79,354 | €79,354 | €79,354 | = |
| Profit (loss) carried forward14 | - | - | - | -€8,064 | - | -€39,809 | -€38,521 | -€23,656 | ▲ 38.6% |
| Amounts payable17/49 | €464,997 | €541,822 | €379,242 | €321,162 | €261,813 | €258,621 | €260,830 | €279,000 | ▲ 7.0% |
| Amounts payable after more than one year17 | €28,397 | €77,598 | €104,669 | €57,145 | €20,094 | €9,816 | €45,147 | €55,766 | ▲ 23.5% |
| Financial debts170/4 | - | - | - | €57,145 | €20,094 | €9,816 | €45,147 | €55,766 | ▲ 23.5% |
| Amounts payable within one year42/48 | €426,126 | €464,224 | €274,572 | €263,356 | €241,719 | €248,805 | €215,683 | €223,234 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €47,524 | €37,052 | €26,619 | €17,879 | €28,890 | ▲ 61.6% |
| Financial debts43 | - | - | - | €100,000 | €100,000 | €100,000 | €90,000 | €90,000 | = |
| Credit institutions430/8 | - | - | - | €100,000 | €100,000 | €100,000 | €90,000 | €90,000 | = |
| Trade debts44 | €191,347 | €240,952 | €75,811 | €37,313 | €48,729 | €60,498 | €54,639 | €41,860 | ▼ 23.4% |
| Suppliers440/4 | - | - | - | €37,313 | €48,729 | €60,498 | €54,639 | €41,860 | ▼ 23.4% |
| Advances received on contracts in progress46 | - | - | - | €28,000 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €21,470 | €15,129 | €18,639 | €9,991 | €10,488 | ▲ 5.0% |
| Taxes450/3 | - | - | - | €7,352 | €11,996 | €9,368 | €3,660 | €5,583 | ▲ 52.5% |
| Remuneration and social security454/9 | - | - | - | €14,117 | €3,133 | €9,271 | €6,330 | €4,906 | ▼ 22.5% |
| Other amounts payable47/48 | - | - | - | €29,049 | €40,810 | €43,049 | €43,173 | €51,996 | ▲ 20.4% |
| Accrued charges and deferred income492/3 | - | - | - | €661 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,456 | €13,281 | -€65,751 | -€21,074 | €23,813 | -€39,809 | €1,288 | €14,865 | ▲ 12× |
| + Depreciation and write-downs630 | €75,812 | €82,809 | €86,031 | €80,209 | €68,659 | €51,402 | €42,481 | €40,895 | ▼ 3.7% |
| Operating cash flow (approximation) | €120,268 | €96,090 | €20,279 | €59,135 | €92,472 | €11,593 | €43,769 | €55,760 | ▲ 27.4% |
| Investment in fixed assets (approximation) | - | -€85,571 | -€8,967 | €7,592 | -€3,359 | -€53,263 | -€93,940 | -€65,370 | ▲ 30.4% |
| Change in cash | - | -€4,612 | -€9,081 | €95,152 | €12,328 | -€41,109 | -€18,597 | -€7,384 | ▲ 60.3% |
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, 17,041 companies had the same profile as STAGE UNIT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STAGE UNIT 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 17,041 companies, not a prediction for STAGE UNIT. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-07-2026 | 2026-00325200 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00172744 | |
| 31-12-2023 | abbreviated format | 22-07-2024 | 2024-00272087 | |
| 31-12-2022 | abbreviated format | 29-07-2023 | 2023-00290183 | |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20218481 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-41400461 | |
| 31-12-2019 | abbreviated format | 02-07-2020 | 2020-25500382 | |
| 31-12-2018 | abbreviated format | 18-06-2019 | 2019-19600250 | |
| 31-12-2017 | abbreviated format | 06-07-2018 | 2018-30700511 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-25800323 |