STARGET
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 25 filings
Turnover
€0
2023 · €0
EBIT margin
10.0%
Net result
-€7,705▼ 124%
2024 · -€3,439
Working capital
€144,385▼ 4.6%
2024 · €151,271
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€8,461
▲ 26.4%
2025
20182025
Net result
-€7,705
▼ 124%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€150,391
▼ 4.9%
2025
middle half of the sector
20182025
Total assets
€152,923
▼ 4.4%
2025
middle half of the sector
20182025
Debt
€2,532
▲ 39.5%
2025
20182025
Working capital
€144,385
▼ 4.6%
2025
highest quarter of the sector
20182025
Solvency
98.3%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
59.49
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-5.0%
▼ 2.9pp
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
Turnover€89,835€0€0€0
Operating result€25,598--€1,960€8,944€13,013▲ 45.5%€134,818▲ 936%€37,682▼ 72.0%-€11,491-€8,461▲ 26.4%
Net result€18,402--€3,302€5,908within the sector's middle half€8,406within the sector's middle half▲ 42.3%€81,775above the sector's middle half▲ 873%€28,931within the sector's middle half▼ 64.6%-€3,439below the sector's middle half-€7,705below the sector's middle half▼ 124%
EBIT margin10.0%
Equity€39,818-€36,515▼ 8.3%€42,424within the sector's middle half▲ 16.2%€50,829within the sector's middle half▲ 19.8%€132,604within the sector's middle half▲ 161%€162,001within the sector's middle half▲ 22.2%€158,096within the sector's middle half▼ 2.4%€150,391within the sector's middle half▼ 4.9%
Total assets€116,043-€66,457▼ 42.7%€50,678below the sector's middle half▼ 23.7%€66,877below the sector's middle half▲ 32.0%€190,836within the sector's middle half▲ 185%€213,667within the sector's middle half▲ 12.0%€159,911within the sector's middle half▼ 25.2%€152,923within the sector's middle half▼ 4.4%
Debt€76,226-€29,942▼ 60.7%€8,255▼ 72.4%€16,048▲ 94.4%€58,232▲ 263%€51,666▼ 11.3%€1,815▼ 96.5%€2,532▲ 39.5%
Working capital€27,040-€30,311▲ 12.1%€35,848within the sector's middle half▲ 18.3%€44,940within the sector's middle half▲ 25.4%€125,623within the sector's middle half▲ 180%€154,090above the sector's middle half▲ 22.7%€151,271above the sector's middle half▼ 1.8%€144,385above the sector's middle half▼ 4.6%
Solvency34.3%-54.9%▲ 20.6pp83.7%above the sector's middle half▲ 28.8pp76.0%within the sector's middle half▼ 7.7pp69.5%within the sector's middle half▼ 6.5pp75.8%within the sector's middle half▲ 6.3pp98.9%above the sector's middle half▲ 23.0pp98.3%above the sector's middle half▼ 0.5pp
Current ratio1.35-2.02▲ 0.665.50above the sector's middle half▲ 3.483.80within the sector's middle half▼ 1.703.16within the sector's middle half▼ 0.644.01within the sector's middle half▲ 0.8559.49above the sector's middle half
Return on assets (ROA)15.9%--5.0%▼ 20.8pp11.7%within the sector's middle half▲ 16.6pp12.6%within the sector's middle half▲ 0.9pp42.9%above the sector's middle half▲ 30.3pp13.5%within the sector's middle half▼ 29.3pp-2.2%below the sector's middle half▼ 15.7pp-5.0%below the sector's middle half▼ 2.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €8,461, smaller than the loss of €11,491 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €152,923
Fixed assets
€6,070 ▼ 15.9%
Current assets
€146,853 ▼ 3.8%
Equity and liabilities €152,923
Equity
€150,391 ▼ 4.9%
Debt
€2,532 ▲ 39.5%
Debt's share of the balance-sheet total rises from 1.1% to 1.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€7,364▲
2024 · -€10,394
Cash flow
-€6,608▼
2024 · -€2,342
Debt to equity
0.02▲
2024 · 0.01
ROE
-5.1%▼
2024 · -2.2%
Interest coverage
-19.73▲
2024 · -44.00
Debt ≤ 1 year
€2,468▲
2024 · €1,424
Income taxes
€95▼
2024 · €830
Staff costs
€0▼
2024 · €383
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €1,652 | €2,300 | €0 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €972 | €560 | €968 | €1,097 | €1,097 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €89,835 | - | €0 | €0 | €0 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €0 | €0 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €218 | €367 | €427 | €383 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,528 | €8,051 | €782 | €972 | €560 | €968 | €1,097 | €1,097 | = |
| Other operating charges640/8 | - | - | - | - | €5,996 | - | - | €50 | - |
| Gross operating margin9900 | €35,100 | €7,312 | €9,994 | €14,203 | €141,740 | €39,077 | -€10,011 | -€7,314 | ▲ 26.9% |
| Operating profit (loss)9901 | €25,598 | -€1,960 | €8,944 | €13,013 | €134,818 | €37,682 | -€11,491 | -€8,461 | ▲ 26.4% |
| Financial income75/76B | - | - | - | €6 | €205 | €4,881 | €9,118 | €1,225 | ▼ 86.6% |
| Recurring financial income75 | €78 | €22 | €0 | €6 | €205 | €4,881 | €9,118 | €1,225 | ▼ 86.6% |
| Financial charges65/66B | - | - | - | €553 | €10,251 | €323 | €236 | €373 | ▲ 58.0% |
| Recurring financial charges65 | €497 | €602 | €497 | €553 | €161 | €323 | €236 | €373 | ▲ 58.0% |
| Non-recurring financial charges66B | - | - | - | - | €10,091 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €25,179 | -€2,540 | €8,447 | €12,465 | €124,772 | €42,241 | -€2,609 | -€7,609 | ▼ 192% |
| Income taxes67/77 | €6,777 | €763 | €2,539 | €4,060 | €42,997 | €13,310 | €830 | €95 | ▼ 88.5% |
| Profit (loss) for the period9904 | €18,402 | -€3,302 | €5,908 | €8,406 | €81,775 | €28,931 | -€3,439 | -€7,705 | ▼ 124% |
| Profit (loss) for the period to be appropriated9905 | €18,402 | -€3,302 | €5,908 | €8,406 | €81,775 | €28,931 | -€3,439 | -€7,705 | ▼ 124% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €116,043 | €66,457 | €50,678 | €66,877 | €190,836 | €213,667 | €159,911 | €152,923 | ▼ 4.4% |
| Formation expenses20 | - | €0 | €0 | €0 | €0 | €0 | €0 | - | - |
| Fixed assets21/28 | €12,778 | €6,296 | €6,861 | €5,889 | €6,982 | €8,314 | €7,217 | €6,070 | ▼ 15.9% |
| Tangible fixed assets22/27 | €12,728 | €6,246 | €6,812 | €5,839 | €6,932 | €8,264 | €7,167 | €6,070 | ▼ 15.3% |
| Furniture and vehicles24 | - | - | - | €5,839 | €6,932 | €8,264 | €7,167 | €6,070 | ▼ 15.3% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €0 | ▼ 100% |
| Current assets29/58 | €103,266 | €60,161 | €43,817 | €60,988 | €183,855 | €205,353 | €152,694 | €146,853 | ▼ 3.8% |
| Amounts receivable within one year40/41 | €13,123 | €2,904 | €3,854 | €5,996 | €0 | €6,350 | €0 | €4,753 | - |
| Trade receivables40 | - | - | - | €5,996 | €0 | €6,350 | €0 | €3,663 | - |
| Other amounts receivable41 | - | - | - | €0 | €0 | €0 | €0 | €1,090 | - |
| Current investments50/53 | - | - | - | - | €89,909 | €94,040 | €101,469 | €101,386 | ▼ 0.1% |
| Cash at bank and in hand54/58 | €90,142 | €57,257 | €39,696 | €54,648 | €93,626 | €104,633 | €50,884 | €40,576 | ▼ 20.3% |
| Deferred charges and accrued income490/1 | - | - | - | €345 | €319 | €330 | €341 | €139 | ▼ 59.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €116,043 | €66,457 | €50,678 | €66,877 | €190,836 | €213,667 | €159,911 | €152,923 | ▼ 4.4% |
| Equity10/15 | €39,818 | €36,515 | €42,424 | €50,829 | €132,604 | €162,001 | €158,096 | €150,391 | ▼ 4.9% |
| Contributions10/11 | €6,300 | €6,300 | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €10,266 | €92,041 | €121,437 | €120,971 | €120,971 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €8,406 | €90,181 | €119,577 | €119,111 | €119,111 | = |
| Profit (loss) carried forward14 | €31,658 | €28,355 | €34,264 | €34,264 | €34,264 | €34,264 | €30,825 | €23,120 | ▼ 25.0% |
| Amounts payable17/49 | €76,226 | €29,942 | €8,255 | €16,048 | €58,232 | €51,666 | €1,815 | €2,532 | ▲ 39.5% |
| Amounts payable within one year42/48 | €76,226 | €29,850 | €7,970 | €16,048 | €58,232 | €51,263 | €1,424 | €2,468 | ▲ 73.4% |
| Trade debts44 | €17,587 | €1,200 | €3,781 | €1,839 | €600 | €361 | €271 | €2,373 | ▲ 777% |
| Suppliers440/4 | - | - | - | €1,839 | €600 | €361 | €271 | €2,373 | ▲ 777% |
| Taxes, remuneration and social security45 | - | - | - | €13,488 | €56,995 | €50,578 | €1,153 | €95 | ▼ 91.7% |
| Taxes450/3 | - | - | - | €13,488 | €56,995 | €50,578 | €1,153 | €95 | ▼ 91.7% |
| Remuneration and social security454/9 | - | - | - | €0 | €0 | €0 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €721 | €637 | €324 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0 | €403 | €391 | €63 | ▼ 83.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,402 | -€3,302 | €5,908 | €8,406 | €81,775 | €28,931 | -€3,439 | -€7,705 | ▼ 124% |
| + Depreciation and write-downs630 | €7,528 | €8,051 | €782 | €972 | €560 | €968 | €1,097 | €1,097 | = |
| Operating cash flow (approximation) | €25,930 | €4,749 | €6,690 | €9,378 | €82,335 | €29,899 | -€2,342 | -€6,608 | ▼ 182% |
| Investment in fixed assets (approximation) | - | -€1,569 | -€1,347 | €0 | -€1,652 | -€2,300 | €0 | €50 | - |
| Change in cash | - | -€32,885 | -€17,561 | €14,952 | €38,978 | €11,007 | -€53,749 | -€10,309 | ▲ 80.8% |
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, 12,322 companies had the same profile as STARGET has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STARGET 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 12,322 companies, not a prediction for STARGET. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00371704 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00376775 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00376712 | |
| 31-12-2022 | micro format | 17-08-2023 | 2023-00338729 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20400467 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-66100034 | |
| 31-12-2019 | micro format | 09-10-2020 | 2020-61000292 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-48600147 | |
| 31-12-2017 | micro format | 13-08-2018 | 2018-45700249 | |
| 31-12-2016 | micro format | 06-09-2017 | 2017-60200280 |