STANNIC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-04-2026 PDF all 33 filings
Turnover
≈ €560,000
Estimated: probably between €340,000 and €1.0m
Total assets
€487,082▲ 4.7%
2024 · €465,248
Net result
€4,543
2024 · -€588
Working capital
€73,477▲ 64.8%
2024 · €44,598
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,183
▲ 225%
2025
20192025
Net result
€4,543
2025
middle half of the sector
20192025
Equity
€226,097
▲ 2.1%
2025
middle half of the sector
20192025
Total assets
€487,082
▲ 4.7%
2025
lowest quarter of the sector
20192025
Debt
€260,985
▲ 7.1%
2025
20192025
Working capital
€73,477
▲ 64.8%
2025
middle half of the sector
20192025
Solvency
46.4%
▼ 1.2pp
2025
middle half of the sector
20192025
Current ratio
1.33
▲ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
0.9%
▲ 1.1pp
2025
middle half of the sector
20192025
Staff (FTE)
2
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€8,683--€14,385▼ 65.7%€10,206€7,135▼ 30.1%€25,910▲ 263%€5,285▼ 79.6%€17,183▲ 225%
Net result-€15,336--€18,742below the sector's middle half▼ 22.2%€6,185below the sector's middle half€2,535below the sector's middle half▼ 59.0%€16,087within the sector's middle half▲ 535%-€588below the sector's middle half€4,543within the sector's middle half
Equity€216,078-€197,335within the sector's middle half▼ 8.7%€203,521below the sector's middle half▲ 3.1%€206,056below the sector's middle half▲ 1.2%€222,142below the sector's middle half▲ 7.8%€221,554below the sector's middle half▼ 0.3%€226,097within the sector's middle half▲ 2.1%
Total assets€404,458-€340,972below the sector's middle half▼ 15.7%€311,657below the sector's middle half▼ 8.6%€319,920below the sector's middle half▲ 2.7%€371,648below the sector's middle half▲ 16.2%€465,248below the sector's middle half▲ 25.2%€487,082below the sector's middle half▲ 4.7%
Debt€188,380-€143,636▼ 23.8%€108,136▼ 24.7%€113,865▲ 5.3%€149,505▲ 31.3%€243,694▲ 63.0%€260,985▲ 7.1%
Working capital€91,302-€73,105within the sector's middle half▼ 19.9%€77,024within the sector's middle half▲ 5.4%€100,161within the sector's middle half▲ 30.0%€101,011within the sector's middle half▲ 0.8%€44,598below the sector's middle half▼ 55.8%€73,477within the sector's middle half▲ 64.8%
Solvency53.4%-57.9%within the sector's middle half▲ 4.5pp65.3%above the sector's middle half▲ 7.4pp64.4%above the sector's middle half▼ 0.9pp59.8%within the sector's middle half▼ 4.6pp47.6%within the sector's middle half▼ 12.2pp46.4%within the sector's middle half▼ 1.2pp
Current ratio1.60-1.58within the sector's middle half▼ 0.021.83within the sector's middle half▲ 0.251.98within the sector's middle half▲ 0.141.78within the sector's middle half▼ 0.201.24within the sector's middle half▼ 0.541.33within the sector's middle half▲ 0.08
Return on assets (ROA)-3.8%--5.5%below the sector's middle half▼ 1.7pp2.0%within the sector's middle half▲ 7.5pp0.8%below the sector's middle half▼ 1.2pp4.3%within the sector's middle half▲ 3.5pp-0.1%below the sector's middle half▼ 4.5pp0.9%within the sector's middle half▲ 1.1pp
Staff (FTE)3.8-3.4below the sector's middle half▼ 10.5%2.1below the sector's middle half▼ 38.2%2below the sector's middle half▼ 4.8%2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 nearly 3.3 times that of 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €487,082
Fixed assets
€188,364 ▼ 20.5%
Current assets
€298,717 ▲ 30.9%
Equity and liabilities €487,082
Equity
€226,097 ▲ 2.1%
Debt
€260,985 ▲ 7.1%
Debt's share of the balance-sheet total rises from 52.4% to 53.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€65,850▲
2024 · €43,755
Cash flow
€53,210▲
2024 · €37,881
Quick ratio
0.75▼
2024 · 0.80
Debt to equity
1.15▲
2024 · 1.10
ROE
2.0%▲
2024 · -0.3%
Interest coverage
7.03▼
2024 · 9.50
Debt ≤ 1 year
€225,241▲
2024 · €183,619
Debt > 1 year
€32,410▼
2024 · €60,075
Income taxes
€4,201▲
2024 · €1,679
Staff costs
€147,922▲
2024 · €144,557
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2.1 | 2 | 2 | 2 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 0 | - | - | - | 0 |
| Left | 1 | - | - | - | 0 |
| Training hours | - | - | 4 | 4 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,099 | €2,460 | €50,890 | €138,597 | - |
| Depreciation and write-downs of the year | €25,000 | €27,380 | €27,124 | €38,469 | €48,666 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €136,815 | €129,695 | €138,307 | €144,557 | €147,922 | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,137 | €25,128 | €25,000 | €27,380 | €27,124 | €38,469 | €48,666 | ▲ 26.5% |
| Other operating charges640/8 | - | - | €4,894 | €4,522 | €4,263 | €10,273 | €4,817 | ▼ 53.1% |
| Gross operating margin9900 | €245,184 | €196,675 | €176,914 | €168,732 | €195,603 | €198,585 | €218,589 | ▲ 10.1% |
| Operating profit (loss)9901 | -€8,683 | -€14,385 | €10,206 | €7,135 | €25,910 | €5,285 | €17,183 | ▲ 225% |
| Financial income75/76B | - | - | €575 | €0 | - | €413 | €928 | ▲ 125% |
| Recurring financial income75 | €827 | €667 | €575 | €0 | - | €413 | €928 | ▲ 125% |
| Financial charges65/66B | - | - | €4,072 | €3,691 | €3,989 | €4,608 | €9,367 | ▲ 103% |
| Recurring financial charges65 | €6,747 | €4,472 | €4,072 | €3,691 | €3,989 | €4,608 | €9,367 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | -€14,603 | -€18,190 | €6,709 | €3,444 | €21,921 | €1,091 | €8,744 | ▲ 702% |
| Income taxes67/77 | €733 | €552 | €523 | €909 | €5,835 | €1,679 | €4,201 | ▲ 150% |
| Profit (loss) for the period9904 | -€15,336 | -€18,742 | €6,185 | €2,535 | €16,087 | -€588 | €4,543 | - |
| Transfer to tax-exempt reserves689 | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€17,745 | -€21,214 | €6,185 | €2,535 | €16,087 | -€588 | €4,543 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €404,458 | €340,972 | €311,657 | €319,920 | €371,648 | €465,248 | €487,082 | ▲ 4.7% |
| Fixed assets21/28 | €161,938 | €142,164 | €142,264 | €117,344 | €141,111 | €237,031 | €188,364 | ▼ 20.5% |
| Tangible fixed assets22/27 | €161,803 | €142,029 | €142,129 | €117,209 | €140,976 | €236,896 | €188,229 | ▼ 20.5% |
| Land and buildings22 | - | - | €105,283 | €92,064 | €77,821 | €114,954 | €100,298 | ▼ 12.7% |
| Plant, machinery and equipment23 | - | - | €11,919 | €10,001 | €23,535 | €14,687 | €10,410 | ▼ 29.1% |
| Furniture and vehicles24 | - | - | €24,927 | €15,144 | €39,620 | €107,254 | €77,521 | ▼ 27.7% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €242,520 | €198,807 | €169,393 | €202,576 | €230,537 | €228,218 | €298,717 | ▲ 30.9% |
| Stocks and contracts in progress3 | €49,550 | €54,142 | €78,923 | €94,391 | €77,502 | €81,157 | €130,700 | ▲ 61.0% |
| Stocks30/36 | - | - | €53,923 | €54,214 | €55,602 | €56,157 | €55,700 | ▼ 0.8% |
| Contracts in progress37 | - | - | €25,000 | €40,177 | €21,900 | €25,000 | €75,000 | ▲ 200% |
| Amounts receivable within one year40/41 | €140,008 | €115,021 | €88,365 | €105,725 | €145,890 | €130,730 | €167,520 | ▲ 28.1% |
| Trade receivables40 | - | - | €88,365 | €105,325 | €145,490 | €114,589 | €165,805 | ▲ 44.7% |
| Other amounts receivable41 | - | - | €0 | €400 | €400 | €16,141 | €1,714 | ▼ 89.4% |
| Cash at bank and in hand54/58 | €3,597 | €632 | €1,258 | €352 | €6,772 | €15,065 | €498 | ▼ 96.7% |
| Deferred charges and accrued income490/1 | - | - | €847 | €2,108 | €373 | €1,265 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €404,458 | €340,972 | €311,657 | €319,920 | €371,648 | €465,248 | €487,082 | ▲ 4.7% |
| Equity10/15 | €216,078 | €197,335 | €203,521 | €206,056 | €222,142 | €221,554 | €226,097 | ▲ 2.1% |
| Contributions10/11 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €28,112 | €177,335 | €183,521 | €186,056 | €202,142 | €201,554 | €206,097 | ▲ 2.3% |
| Non-distributable reserves130/1 | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | €28,584 | €28,584 | €28,584 | €28,584 | €28,584 | = |
| Distributable reserves133 | - | - | €152,937 | €155,472 | €173,559 | €172,970 | €177,514 | ▲ 2.6% |
| Profit (loss) carried forward14 | €167,966 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €188,380 | €143,636 | €108,136 | €113,865 | €149,505 | €243,694 | €260,985 | ▲ 7.1% |
| Amounts payable after more than one year17 | €35,054 | €15,025 | €12,993 | €8,025 | €18,800 | €60,075 | €32,410 | ▼ 46.1% |
| Financial debts170/4 | - | - | €12,993 | €8,025 | €18,800 | €60,075 | €32,410 | ▼ 46.1% |
| Amounts payable within one year42/48 | €151,218 | €125,702 | €92,368 | €102,415 | €129,526 | €183,619 | €225,241 | ▲ 22.7% |
| Current portion of amounts payable after more than one year42 | - | - | €19,917 | €4,968 | €14,891 | €34,588 | €27,665 | ▼ 20.0% |
| Financial debts43 | - | - | €24,995 | €18,550 | €5,327 | €0 | €19,669 | - |
| Credit institutions430/8 | - | - | €24,995 | €18,550 | €5,327 | €0 | €19,669 | - |
| Trade debts44 | €53,050 | €37,775 | €10,418 | €35,046 | €46,193 | €58,373 | €96,422 | ▲ 65.2% |
| Suppliers440/4 | - | - | €10,418 | €35,046 | €46,193 | €58,373 | €96,422 | ▲ 65.2% |
| Taxes, remuneration and social security45 | - | - | €21,229 | €29,780 | €40,763 | €45,848 | €43,635 | ▼ 4.8% |
| Taxes450/3 | - | - | €5,501 | €10,896 | €15,426 | €19,155 | €16,309 | ▼ 14.9% |
| Remuneration and social security454/9 | - | - | €15,727 | €18,884 | €25,336 | €26,693 | €27,326 | ▲ 2.4% |
| Other amounts payable47/48 | - | - | €15,809 | €14,071 | €22,351 | €44,811 | €37,850 | ▼ 15.5% |
| Accrued charges and deferred income492/3 | - | - | €2,775 | €3,425 | €1,180 | €0 | €3,334 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,336 | -€18,742 | €6,185 | €2,535 | €16,087 | -€588 | €4,543 | - |
| + Depreciation and write-downs630 | €32,137 | €25,128 | €25,000 | €27,380 | €27,124 | €38,469 | €48,666 | ▲ 26.5% |
| Operating cash flow (approximation) | €16,801 | €6,386 | €31,185 | €29,915 | €43,210 | €37,881 | €53,210 | ▲ 40.5% |
| Investment in fixed assets (approximation) | - | -€5,355 | -€25,099 | -€2,460 | -€50,890 | -€134,389 | €0 | - |
| Change in cash | - | -€2,965 | €626 | -€906 | €6,419 | €8,293 | -€14,567 | - |
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 STANNIC 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 STANNIC itself: 0.6% 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 STANNIC. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 29-04-2026 | 2026-00092128 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00081750 | |
| 30-09-2023 | abbreviated format | 26-04-2024 | 2024-00069974 | |
| 30-09-2022 | abbreviated format | 28-02-2023 | 2023-00032287 | |
| 30-09-2021 | abbreviated format | 02-05-2022 | 2022-20016194 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12500094 | |
| 30-09-2019 | micro format | 04-05-2020 | 2020-11200273 | |
| 30-09-2018 | micro format | 25-03-2019 | 2019-07800457 | |
| 30-09-2017 | micro format | 04-04-2018 | 2018-09000329 | |
| 30-09-2016 | abbreviated format | 25-04-2017 | 2017-10400110 |