STE-LO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-10-2025 PDF all 7 filings
Turnover
≈ €370,000
Estimated: probably between €300,000 and €640,000
Total assets
€465,671▲ 52.3%
2024 · €305,839
Net result
€193,282▼ 7.5%
2024 · €208,963
Working capital
€352,065▲ 22.8%
2024 · €286,783
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€251,973
▼ 7.6%
2025
20192025
Net result
€193,282
▼ 7.5%
2025
highest quarter of the sector
20192025
Equity
€367,571
▲ 25.8%
2025
highest quarter of the sector
20192025
Total assets
€465,671
▲ 52.3%
2025
highest quarter of the sector
20192025
Debt
€98,100
▲ 613%
2025
20192025
Working capital
€352,065
▲ 22.8%
2025
highest quarter of the sector
20192025
Solvency
78.9%
▼ 16.6pp
2025
highest quarter of the sector
20192025
Current ratio
4.59
▼ 17.26
2025
highest quarter of the sector
20192025
Return on assets (ROA)
41.5%
▼ 26.8pp
2025
highest 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€97,377-€68,181▼ 30.0%€104,588▲ 53.4%€142,312▲ 36.1%€164,617▲ 15.7%€272,633▲ 65.6%€251,973▼ 7.6%
Net result€76,438-€52,453above the sector's middle half▼ 31.4%€82,199above the sector's middle half▲ 56.7%€109,085above the sector's middle half▲ 32.7%€126,847above the sector's middle half▲ 16.3%€208,963above the sector's middle half▲ 64.7%€193,282above the sector's middle half▼ 7.5%
Equity€65,138-€117,591within the sector's middle half▲ 80.5%€172,190within the sector's middle half▲ 46.4%€106,274within the sector's middle half▼ 38.3%€83,121within the sector's middle half▼ 21.8%€292,084above the sector's middle half▲ 251%€367,571above the sector's middle half▲ 25.8%
Total assets€105,991-€127,817within the sector's middle half▲ 20.6%€187,317within the sector's middle half▲ 46.6%€123,594within the sector's middle half▼ 34.0%€97,386within the sector's middle half▼ 21.2%€305,839within the sector's middle half▲ 214%€465,671above the sector's middle half▲ 52.3%
Debt€40,853-€10,226▼ 75.0%€15,128▲ 47.9%€17,320▲ 14.5%€14,265▼ 17.6%€13,755▼ 3.6%€98,100▲ 613%
Working capital€64,178-€114,287within the sector's middle half▲ 78.1%€168,898above the sector's middle half▲ 47.8%€104,159within the sector's middle half▼ 38.3%€74,180within the sector's middle half▼ 28.8%€286,783above the sector's middle half▲ 287%€352,065above the sector's middle half▲ 22.8%
Solvency61.5%-92.0%above the sector's middle half▲ 30.5pp91.9%above the sector's middle half▼ 0.1pp86.0%above the sector's middle half▼ 5.9pp85.4%above the sector's middle half▼ 0.6pp95.5%above the sector's middle half▲ 10.2pp78.9%above the sector's middle half▼ 16.6pp
Current ratio2.57-12.18above the sector's middle half▲ 9.6012.16above the sector's middle half▼ 0.017.01above the sector's middle half▼ 5.156.20above the sector's middle half▼ 0.8121.85above the sector's middle half▲ 15.654.59above the sector's middle half▼ 17.26
Return on assets (ROA)72.1%-41.0%above the sector's middle half▼ 31.1pp43.9%above the sector's middle half▲ 2.8pp88.3%above the sector's middle half▲ 44.4pp130.3%above the sector's middle half▲ 42.0pp68.3%above the sector's middle half▼ 61.9pp41.5%above the sector's middle half▼ 26.8pp
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 8% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €465,671
Fixed assets
€15,506 ▲ 193%
Current assets
€450,165 ▲ 49.8%
Equity and liabilities €465,671
Equity
€367,571 ▲ 25.8%
Debt
€98,100 ▲ 613%
Debt's share of the balance-sheet total rises from 4.5% to 21.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€256,032▼
2024 · €276,272
Cash flow
€197,340▼
2024 · €212,602
Debt to equity
0.27▲
2024 · 0.05
ROE
52.6%▼
2024 · 71.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€98,100▲
2024 · €13,755
Income taxes
€59,785▼
2024 · €64,080
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €9,231 | - | €14,264 |
| Depreciation and write-downs of the year | €1,177 | €2,405 | €3,639 | €4,059 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €240 | €886 | €1,177 | €1,177 | €2,405 | €3,639 | €4,059 | ▲ 11.5% |
| Other operating charges640/8 | - | - | - | €541 | €542 | €778 | €379 | ▼ 51.4% |
| Gross operating margin9900 | €98,523 | €69,512 | €105,865 | €144,030 | €167,564 | €277,051 | €256,410 | ▼ 7.4% |
| Operating profit (loss)9901 | €97,377 | €68,181 | €104,588 | €142,312 | €164,617 | €272,633 | €251,973 | ▼ 7.6% |
| Financial income75/76B | - | - | - | €1 | - | €667 | €2,085 | ▲ 213% |
| Recurring financial income75 | €0 | €15 | €22 | €1 | - | €667 | €2,085 | ▲ 213% |
| Financial charges65/66B | - | - | - | €592 | €55 | €257 | €991 | ▲ 286% |
| Recurring financial charges65 | €573 | €728 | €746 | €592 | €55 | €257 | €991 | ▲ 286% |
| Profit (loss) for the period before taxes9903 | €96,804 | €67,468 | €103,863 | €141,721 | €164,562 | €273,043 | €253,066 | ▼ 7.3% |
| Income taxes67/77 | €20,366 | €15,015 | €21,664 | €32,636 | €37,715 | €64,080 | €59,785 | ▼ 6.7% |
| Profit (loss) for the period9904 | €76,438 | €52,453 | €82,199 | €109,085 | €126,847 | €208,963 | €193,282 | ▼ 7.5% |
| Profit (loss) for the period to be appropriated9905 | €76,438 | €52,453 | €82,199 | €109,085 | €126,847 | €208,963 | €193,282 | ▼ 7.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €105,991 | €127,817 | €187,317 | €123,594 | €97,386 | €305,839 | €465,671 | ▲ 52.3% |
| Fixed assets21/28 | €960 | €3,304 | €3,292 | €2,115 | €8,941 | €5,301 | €15,506 | ▲ 193% |
| Tangible fixed assets22/27 | €960 | €3,304 | €3,292 | €2,115 | €8,941 | €5,301 | €15,506 | ▲ 193% |
| Plant, machinery and equipment23 | - | - | - | €1,292 | €1,499 | €509 | €166 | ▼ 67.5% |
| Furniture and vehicles24 | - | - | - | €583 | €7,442 | €4,792 | €10,103 | ▲ 111% |
| Other tangible fixed assets26 | - | - | - | €240 | - | - | €5,238 | - |
| Current assets29/58 | €105,031 | €124,513 | €184,025 | €121,480 | €88,446 | €300,537 | €450,165 | ▲ 49.8% |
| Amounts receivable within one year40/41 | - | €4,985 | €68,109 | €14,756 | €19,193 | €22,147 | €342,715 | ▲ 15× |
| Trade receivables40 | - | - | - | €14,520 | €1,410 | €15,730 | - | - |
| Other amounts receivable41 | - | - | - | €236 | €17,782 | €6,417 | €342,715 | ▲ 53× |
| Cash at bank and in hand54/58 | €104,765 | €119,390 | €115,916 | €105,076 | €67,278 | €276,744 | €105,698 | ▼ 61.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,648 | €1,975 | €1,647 | €1,752 | ▲ 6.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €105,991 | €127,817 | €187,317 | €123,594 | €97,386 | €305,839 | €465,671 | ▲ 52.3% |
| Equity10/15 | €65,138 | €117,591 | €172,190 | €106,274 | €83,121 | €292,084 | €367,571 | ▲ 25.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €58,938 | €111,391 | €111,391 | - | - | - | - | - |
| Profit (loss) carried forward14 | - | - | €42,199 | €85,814 | €62,661 | €271,624 | €347,111 | ▲ 27.8% |
| Amounts payable17/49 | €40,853 | €10,226 | €15,128 | €17,320 | €14,265 | €13,755 | €98,100 | ▲ 613% |
| Amounts payable within one year42/48 | €40,853 | €10,226 | €15,128 | €17,320 | €14,265 | €13,755 | €98,100 | ▲ 613% |
| Trade debts44 | €87 | €13 | €2,944 | €331 | €1,377 | €52 | €8,404 | ▲ 162× |
| Suppliers440/4 | - | - | - | €331 | €1,377 | €52 | €8,404 | ▲ 162× |
| Taxes, remuneration and social security45 | - | - | - | €16,989 | €12,888 | €13,703 | €16,558 | ▲ 20.8% |
| Taxes450/3 | - | - | - | €16,989 | €12,888 | €13,703 | €16,558 | ▲ 20.8% |
| Other amounts payable47/48 | - | - | - | - | - | - | €73,138 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,438 | €52,453 | €82,199 | €109,085 | €126,847 | €208,963 | €193,282 | ▼ 7.5% |
| + Depreciation and write-downs630 | €240 | €886 | €1,177 | €1,177 | €2,405 | €3,639 | €4,059 | ▲ 11.5% |
| Operating cash flow (approximation) | €76,678 | €53,339 | €83,376 | €110,262 | €129,252 | €212,602 | €197,340 | ▼ 7.2% |
| Investment in fixed assets (approximation) | - | -€3,230 | -€1,165 | €0 | -€9,231 | €0 | -€14,264 | - |
| Change in cash | - | €14,625 | -€3,473 | -€10,840 | -€37,798 | €209,465 | -€171,046 | - |
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, 6,782 companies had the same profile as STE-LO has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of STE-LO 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 6,782 companies, not a prediction for STE-LO. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00558694 | |
| 31-03-2024 | micro format | 15-10-2024 | 2024-00508120 | |
| 31-03-2023 | micro format | 27-10-2023 | 2023-00504054 | |
| 31-03-2022 | micro format | 27-10-2022 | 2022-20481701 | |
| 31-03-2021 | micro format | 02-11-2021 | 2021-76800268 | |
| 31-03-2020 | micro format | 27-11-2020 | 2020-72500307 | |
| 31-03-2019 | micro format | 09-09-2019 | 2019-63900139 |