STARTEL
ActiveSummary
STARTEL has been active since 1976 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€61,849) and a net result of €18,416. Equity is shrinking by ~7.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.09 against 0.01 in 2024; short-term debt: 278.7% and cash: 20% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-179%
Return on assets
53.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
on the day
2023
30 d late
2022
3 d early
2021
13 d early
2020
23 d late
2019
53 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 17 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
-€61,849▲ 22.9%
2024 · -€80,266
Total assets
€34,549▲ 15.2%
2024 · €29,994
Net result
€18,416▲ 127%
2024 · €8,106
Working capital
-€87,525▲ 19.7%
2024 · -€109,050
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€8,730▼ 94.4%-€4,690▲ 46.3%-€9,624▼ 105%€8,259€18,570▲ 125%
Net result-€8,870▼ 91.6%-€4,843▲ 45.4%-€9,776▼ 102%€8,106€18,416▲ 127%
Equity-€73,751▼ 13.7%-€78,595▼ 6.6%-€88,371▼ 12.4%-€80,266▲ 9.2%-€61,849▲ 22.9%
Total assets€32,237▼ 26.3%€29,611▼ 8.1%€26,628▼ 10.1%€29,994▲ 12.6%€34,549▲ 15.2%
Debt€105,988▼ 2.4%€108,206▲ 2.1%€114,999▲ 6.3%€110,259▼ 4.1%€96,399▼ 12.6%
Working capital-€103,919▼ 1.4%-€102,118▲ 1.7%-€112,513▼ 10.2%-€109,050▲ 3.1%-€87,525▲ 19.7%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 125% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €34,549
Fixed assets
€25,800 ▼ 10.8%
Current assets
€8,749 ▲ 707%
Key figures and ratios
EBITDA
€20,132▲
2024 · €10,052
Cash flow
€19,979▲
2024 · €9,899
Solvency
-179.0%▲
2024 · -267.6%
Current ratio
0.09▲
2024 · 0.01
Debt to equity
-1.56▼
2024 · -1.37
ROA
53.3%▲
2024 · 27.0%
Interest coverage
131.35▲
2024 · 65.58
Debt ≤ 1 year
€96,274▼
2024 · €110,134
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,798 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,542 | €7,992 | €1,807 | €1,793 | €1,563 | ▼ 12.8% |
| Other operating charges640/8 | €2,182 | €1,926 | €2,707 | €2,816 | €2,905 | ▲ 3.1% |
| Gross operating margin9900 | €995 | €5,228 | -€5,111 | €12,869 | €23,037 | ▲ 79.0% |
| Operating profit (loss)9901 | -€8,730 | -€4,690 | -€9,624 | €8,259 | €18,570 | ▲ 125% |
| Financial income75/76B | - | - | €1 | - | - | - |
| Recurring financial income75 | - | - | €1 | - | - | - |
| Financial charges65/66B | €141 | €153 | €153 | €153 | €153 | = |
| Recurring financial charges65 | €141 | €153 | €153 | €153 | €153 | = |
| Profit (loss) for the period before taxes9903 | -€8,870 | -€4,843 | -€9,776 | €8,106 | €18,416 | ▲ 127% |
| Profit (loss) for the period9904 | -€8,870 | -€4,843 | -€9,776 | €8,106 | €18,416 | ▲ 127% |
| Profit (loss) for the period to be appropriated9905 | -€8,870 | -€4,843 | -€9,776 | €8,106 | €18,416 | ▲ 127% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €32,237 | €29,611 | €26,628 | €29,994 | €34,549 | ▲ 15.2% |
| Fixed assets21/28 | €30,167 | €23,524 | €24,267 | €28,909 | €25,800 | ▼ 10.8% |
| Tangible fixed assets22/27 | €22,725 | €16,081 | €14,275 | €17,175 | €15,612 | ▼ 9.1% |
| Land and buildings22 | €22,725 | €15,183 | €13,826 | €17,175 | €15,612 | ▼ 9.1% |
| Furniture and vehicles24 | - | €899 | €449 | - | - | - |
| Financial fixed assets28 | €7,442 | €7,442 | €9,992 | €11,735 | €10,189 | ▼ 13.2% |
| Current assets29/58 | €2,070 | €6,088 | €2,360 | €1,084 | €8,749 | ▲ 707% |
| Amounts receivable within one year40/41 | €559 | €1,400 | €475 | €392 | €1,855 | ▲ 373% |
| Trade receivables40 | €559 | €1,400 | €475 | €392 | €1,855 | ▲ 373% |
| Cash at bank and in hand54/58 | €1,511 | €4,688 | €1,885 | €692 | €6,894 | ▲ 896% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €32,237 | €29,611 | €26,628 | €29,994 | €34,549 | ▲ 15.2% |
| Equity10/15 | -€73,751 | -€78,595 | -€88,371 | -€80,266 | -€61,849 | ▲ 22.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€141,951 | -€146,795 | -€156,571 | -€148,466 | -€130,049 | ▲ 12.4% |
| Amounts payable17/49 | €105,988 | €108,206 | €114,999 | €110,259 | €96,399 | ▼ 12.6% |
| Amounts payable within one year42/48 | €105,988 | €108,206 | €114,874 | €110,134 | €96,274 | ▼ 12.6% |
| Trade debts44 | €584 | €295 | €744 | €134 | €720 | ▲ 436% |
| Suppliers440/4 | €584 | €295 | €744 | €134 | €720 | ▲ 436% |
| Other amounts payable47/48 | €105,405 | €107,911 | €114,130 | €110,000 | €95,554 | ▼ 13.1% |
| Accrued charges and deferred income492/3 | - | - | €125 | €125 | €125 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,870 | -€4,843 | -€9,776 | €8,106 | €18,416 | ▲ 127% |
| + Depreciation and write-downs630 | €7,542 | €7,992 | €1,807 | €1,793 | €1,563 | ▼ 12.8% |
| Operating cash flow (approximation) | -€1,328 | €3,148 | -€7,970 | €9,899 | €19,979 | ▲ 102% |
| Investment in fixed assets (approximation) | - | -€1,348 | -€2,550 | -€6,436 | €1,546 | ▲ 124% |
| Change in cash | - | €3,177 | -€2,802 | -€1,193 | €6,201 | ▲ 620% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-09
State Gazette act
Reappointments: Bru-Saint Germes Nicole, BISARRE Rémi and BISARRE Lionel6 facts ▸
State Gazette act
Reappointments: Bru-Saint Germes Nicole, BISARRE Rémi and BISARRE Lionel
6 facts ▸
- General meeting, 22-04-2026
- Director reappointment, Bru-Saint Germes Nicole (director)
- Director reappointment, BISARRE Rémi (director)
- Director reappointment, BISARRE Lionel (director)
- Director reappointment, Bru-Saint Germes Nicole (managing director)
- Other statement, ratification of acts by administrators since last reappointment
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
31-12
Financial
Highest result since 2018net €18,416 ▲127%
Operating result €18,570, net result €18,416, both a record.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €8,106
Net result €8,106 after 6 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 23 days late
2020
22-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 53 days late
2019
31-12
Financial
Weakest financial yearnet -€23,120
Net result drops to -€23,120, the lowest in the series; recovery starts the following year.
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26113454). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 3
BISARRE Lionel
CurrentDirector · since 22-04-2026
BISARRE Rémi
CurrentDirector · since 22-04-2026
Bru-Saint Germes Nicole
CurrentDirector · since 22-04-2026
Day-to-day management 1
Bru-Saint Germes Nicole
CurrentManaging director
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 1976
Ground area
3,970 m²
Building footprint
2,187 m²
Volume, LiDAR
35,886 m³
2 parcels, Brussels · tallest building 27.8 m, ±7 floors. Linked by address, not a title deed.
18
companies at this address
See who is registered here
1 establishment unit
SARTEL SA
since 19762.012.541.746
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21618B0328/00V010 | Brussels | 2,423 m² | 1 · 1,157 m² | 21.9 m · 5 fl. |
| 21013B0016/00G009 | Brussels | 1,547 m² | 1 · 1,030 m² | 27.8 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 3 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| BISARRE Lionel |
|
| BISARRE Rémi |
|
| Bru-Saint Germes Nicole |
|
Structure & network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Identification & contact
Identification
Legal formPublic limited company
Founded02-07-1976
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.