Checked.be
Active
BE 0473.732.756Private limited company
STAGEWORKS
Moorselstraat 223 ·3080 Tervuren, Belgium· 25 yrs active
Sector: General electrical installation work
(43211)
Conclusion
STAGEWORKS has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €168k and a net result of €-37k. Equity is shrinking by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 85% of 26547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €168k |
| Net result | €-37k |
| Better than sector | 85% |
| Active | 25 yrs |
Financial profile
66
/ 100
Strong profile, led by solvency.
All 5 axes are computed from data Checked has read.
Health
70
Profitability
0
Solvency
100
Growth
58
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2001, 25 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
70
/ 100
Healthy
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€12k
estimate, not credit advice
Score history
55
2021
98
2022
93
2023
70
2024
70
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 9.26 (≥ 1.5)
+10
Quick ratio
Quick ratio 9.25 (≥ 1.0)
+5
Leverage
Debt/equity 0.25 (< 1.0)
+10
Profitability
Negatieve ROE -22%
-10
Interest coverage
Interest coverage 27.4× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 21-07-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~5.2%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 80.1% | 47.4% | |
| Net result | €-37k | €10k | |
| Equity | €168k | €60k | |
| Gross operating margin | €34k | €39k | |
| Total assets | €210k | €141k |
€11k
-50.0%
21-25
€-37k
-5.1%
21-25
€12k
-54.3%
21-25
€210k
-20.1%
21-25
€168k
-32.3%
21-25
€89k
-5.0%
21-25
1
-
21-25
€326
-85.8%
21-25
€165
-
21-25
€100k
-
21-25
€42k
+192.3%
21-25
€11k
-14.0%
21-25
9.26
+9.3%
21-25
9.25
+9.2%
21-25
80.1%
-15.3%
21-25
0.25
+331.8%
21-25
-22.3%
-55.3%
21-25
-17.8%
-31.6%
21-25
27.38
-78.7%
21-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ | 2022 Δ | 2021 Δ |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | -50.0% | -75.2% | -18.3% | - | - |
| Net profit | -5.1% | - | -37.3% | - | - |
| Cash flow | -54.3% | -72.7% | -19.4% | - | - |
| Staff costs | - | -85.8% | -93.7% | -5.9% | - |
| Income taxes | - | - | +56.2% | -45.7% | - |
| Dividends | - | - | - | - | - |
| Total assets | -20.1% | -10.7% | -12.5% | +33.8% | - |
| Equity | -32.3% | -12.5% | +25.5% | -3.3% | - |
| Debt | +192.3% | +40.7% | -90.8% | +540.0% | - |
| of which ≤ 1y | -14.0% | +23.0% | -90.8% | +540.0% | - |
| of which > 1y | - | - | - | - | - |
| Working capital | -5.0% | -12.0% | -29.2% | -16.1% | - |
| Employees (FTE) | - | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 9.26 | 8.47 | 11.44 | 2.36 | 11.38 |
| Quick ratio | 9.25 | 8.47 | 11.44 | 2.36 | 11.38 |
| Working capital ratio | 42.2% | 35.5% | 36.0% | 44.5% | 70.9% |
| Solvency | 80.1% | 94.6% | 96.6% | 67.3% | 93.2% |
| Debt / equity | 0.25 | 0.06 | 0.04 | 0.49 | 0.07 |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | 27.38 | 128.27 | 169.43 | 465.69 | -46.12 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -17.8% | -13.6% | 19.6% | 27.4% | -15.5% |
| ROE | -22.3% | -14.3% | 20.3% | 40.8% | -16.6% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €210k | €263k | €294k | €336k | €251k |
| Fixed assets | 21/28 | €111k | €157k | €178k | €77k | €56k |
| Tangible fixed assets | 22/27 | €111k | €157k | €178k | €77k | €56k |
| Current assets | 29/58 | €99k | €106k | €116k | €259k | €195k |
| Stocks & contracts in progress | 3 | €41 | - | - | - | - |
| Amounts receivable within one year | 40/41 | €88k | €41k | €41k | €84k | €55k |
| Cash & bank | 54/58 | €11k | €58k | €67k | €168k | €133k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €210k | €263k | €294k | €336k | €251k |
| Equity | 10/15 | €168k | €249k | €284k | €226k | €234k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €473k | €516k | €516k | €516k | €616k |
| Accumulated profits (losses) | 14 | €-323k | €-286k | €-250k | €-308k | €-400k |
| Amounts payable | 17/49 | €42k | €14k | €10k | €110k | €17k |
| Amounts payable within one year | 42/48 | €11k | €12k | €10k | €110k | €17k |
| Trade debts payable within one year | 44 | - | €10k | €10k | €751 | €15k |
| Income statement | ||||||
| Gross operating margin | 9900 | €34k | €28k | €97k | €152k | €41k |
| Operating result | 9901 | €-38k | €-38k | €58k | €91k | €-39k |
| Financial income | 75 | €680 | €933 | €1k | €1k | €1k |
| Financial charges | 65 | €419 | €179 | €546 | €243 | €248 |
| Result before taxes | 9903 | €-37k | €-36k | €58k | €92k | €-39k |
| Income taxes | 67/77 | €165 | €-50 | €355 | €227 | €418 |
| Net result for the period | 9904 | €-37k | €-36k | €58k | €92k | €-39k |
| Result to be appropriated | 9905 | €-37k | €-36k | €58k | €92k | €-39k |
Legal Structure
| NACE primary | General electrical installation work(43211) |
| Legal form | Private limited company(610) |
| Incorporation | 05-01-2001 |
| Status | Active |
| Postal code | 3080 |
Establishment units
DL ELEKTRICITEITSWERKEN
since 20012.100.052.176
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24104A0019/00W000 | Flanders | 256 m² | 1 · 75 m² | 10.0 m · 3 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
21-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
28-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 89 days late
2023
31-12
Financial
Liquidity times 5current ratio 11.44
Current ratio from 2.36 to 11.44; short-term debt falls from €110k to €10k.
04-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €92k
Net result €92k after one loss-making year.
09-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
10-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
28-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
09-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
General electrical installation work4321145310
Names & trade names
| Legal nameNL | STAGEWORKS |
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