STECA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00485551.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 35 filings
Turnover
≈ €190,000
Estimated: probably between €150,000 and €300,000
EBIT margin
Not included in this filing
Net result
€103,320▲ 30.6%
2024 · €79,137
Working capital
-€2,753▲ 64.3%
2024 · -€7,714
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€131,773
▲ 25.9%
2025
20182025
Net result
€103,320
▲ 30.6%
2025
highest quarter of the sector
20182025
Equity
€67,405
▲ 0.5%
2025
middle half of the sector
20182025
Total assets
€154,669
▲ 66.3%
2025
middle half of the sector
20182025
Debt
€87,264
▲ 237%
2025
20182025
Working capital
-€2,753
▲ 64.3%
2025
middle half of the sector
20182025
Solvency
43.6%
▼ 28.5pp
2025
middle half of the sector
20182025
Current ratio
0.97
▲ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
66.8%
▼ 18.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.02m▼ 66.4%€0.2m▲ 12×€0.04m▼ 81.6%€0.02m▼ 30.3%€0.1m▲ 322%€0.1m▼ 0.6%€0.1m▲ 25.9%
Net result€0.03m-€0.01m▼ 70.0%€0.1mabove the sector's middle half▲ 13×€0.03mwithin the sector's middle half▼ 79.4%€0.02mwithin the sector's middle half▼ 30.3%€0.08mabove the sector's middle half▲ 323%€0.08mabove the sector's middle half▲ 0.6%€0.1mabove the sector's middle half▲ 30.6%
Equity€0.4m-€0.4m▲ 2.7%€0.4mwithin the sector's middle half▼ 2.8%€0.3mwithin the sector's middle half▼ 20.3%€0.2mwithin the sector's middle half▼ 23.1%€0.07mwithin the sector's middle half▼ 69.7%€0.07mwithin the sector's middle half▲ 0.2%€0.07mwithin the sector's middle half▲ 0.5%
Total assets€1.2m-€1.1m▼ 11.9%€1.1mwithin the sector's middle half▲ 5.6%€0.4mbelow the sector's middle half▼ 64.9%€0.3mwithin the sector's middle half▼ 21.2%€0.2mwithin the sector's middle half▼ 25.7%€0.09mbelow the sector's middle half▼ 60.1%€0.2mwithin the sector's middle half▲ 66.3%
Debt€0.9m-€0.7m▼ 18.1%€0.8m▲ 10.0%€0.1m▼ 85.7%€0.09m▼ 16.3%€0.2m▲ 80.2%€0.03m▼ 84.4%€0.09m▲ 237%
Working capital€0.3m-€0.3m▲ 3.0%€0.3mwithin the sector's middle half▼ 0.5%€0.2mwithin the sector's middle half▼ 24.1%€0.1mabove the sector's middle half▼ 31.0%-€0.01mwithin the sector's middle half-€0.008mwithin the sector's middle half▲ 40.6%-€0.003mwithin the sector's middle half▲ 64.3%
Solvency29.7%-34.6%▲ 4.9pp31.9%within the sector's middle half▼ 2.7pp72.3%above the sector's middle half▲ 40.5pp70.6%above the sector's middle half▼ 1.7pp28.7%within the sector's middle half▼ 41.9pp72.1%above the sector's middle half▲ 43.4pp43.6%within the sector's middle half▼ 28.5pp
Current ratio1.30-1.38▲ 0.081.34within the sector's middle half▼ 0.042.80within the sector's middle half▲ 1.462.48within the sector's middle half▼ 0.320.92within the sector's middle half▼ 1.560.70within the sector's middle half▼ 0.220.97within the sector's middle half▲ 0.27
Return on assets (ROA)2.7%-0.9%▼ 1.8pp11.4%above the sector's middle half▲ 10.5pp6.7%above the sector's middle half▼ 4.7pp5.9%within the sector's middle half▼ 0.8pp33.8%above the sector's middle half▲ 27.8pp85.1%above the sector's middle half▲ 51.3pp66.8%above the sector's middle half▼ 18.3pp
Staff (FTE)1.6-0.6▼ 62.5%0.9below the sector's middle half▲ 50.0%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 26% higher than in 2024 and the highest since 2020. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €154,669
Fixed assets
€70,158 ▼ 6.2%
Current assets
€84,511 ▲ 364%
Equity and liabilities €154,669
Equity
€67,405 ▲ 0.5%
Debt
€87,264 ▲ 237%
Debt's share of the balance-sheet total rises from 27.9% to 56.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€136,414▲
2024 · €109,329
Cash flow
€107,961▲
2024 · €83,779
Debt to equity
1.29▲
2024 · 0.39
ROE
153.3%▲
2024 · 118.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€87,264▲
2024 · €25,922
Income taxes
€35,770▲
2024 · €26,768
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0 |
| Joined | 0 |
| Left | 2 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,545 | - | - | - |
| Depreciation and write-downs of the year | €5,419 | €5,208 | €4,641 | €4,642 | €4,641 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | -€5,058 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,581 | €21,549 | €12,404 | €5,419 | €5,208 | €4,641 | €4,642 | €4,641 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €3,028 | - | - | - |
| Other operating charges640/8 | - | - | - | €2,824 | €2,283 | €2,500 | €2,607 | €2,730 | ▲ 4.7% |
| Non-recurring operating charges66A | - | - | - | - | €1,317 | €0 | €489 | €0 | ▼ 100% |
| Gross operating margin9900 | €212,565 | €243,186 | €257,480 | €39,000 | €33,777 | €115,507 | €112,425 | €139,144 | ▲ 23.8% |
| Operating profit (loss)9901 | €50,065 | €16,827 | €195,111 | €35,815 | €24,969 | €105,338 | €104,687 | €131,773 | ▲ 25.9% |
| Financial income75/76B | - | - | - | €3,672 | €66 | €477 | €1,263 | €7,357 | ▲ 483% |
| Recurring financial income75 | €55 | €268 | €3 | €3,672 | €66 | €477 | €1,263 | €7,357 | ▲ 483% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €7,357 | - |
| Financial charges65/66B | - | - | - | €540 | €211 | €174 | €45 | €40 | ▼ 11.1% |
| Recurring financial charges65 | €788 | €369 | €1,179 | €540 | €211 | €174 | €45 | €40 | ▼ 11.1% |
| Profit (loss) for the period before taxes9903 | €49,332 | €16,726 | €193,935 | €38,947 | €24,824 | €105,641 | €105,905 | €139,090 | ▲ 31.3% |
| Income taxes67/77 | €16,891 | €6,987 | €64,319 | €12,237 | €6,206 | €26,946 | €26,768 | €35,770 | ▲ 33.6% |
| Profit (loss) for the period9904 | €32,441 | €9,739 | €129,616 | €26,710 | €18,618 | €78,695 | €79,137 | €103,320 | ▲ 30.6% |
| Profit (loss) for the period to be appropriated9905 | €32,441 | €9,739 | €129,616 | €26,710 | €18,618 | €78,695 | €79,137 | €103,320 | ▲ 30.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.1m | €0.4m | €0.3m | €0.2m | €0.09m | €0.2m | ▲ 66.3% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | ▼ 6.2% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.09m | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | ▼ 6.2% |
| Land and buildings22 | - | - | - | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | ▼ 6.2% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.001m | €0.001m | €0.001m | €210 | €210 | = |
| Current assets29/58 | €1.1m | €1.0m | €1.0m | €0.3m | €0.2m | €0.2m | €0.02m | €0.08m | ▲ 364% |
| Amounts receivable after more than one year29 | - | - | - | - | €0 | - | - | - | - |
| Trade receivables290 | - | - | - | €0 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €1.0m | €0.8m | €0.7m | €0.04m | €0.03m | €0.03m | €0.02m | €0.05m | ▲ 213% |
| Trade receivables40 | - | - | - | €0.04m | €0.02m | €0.03m | €0.02m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €257 | €0.002m | €0.002m | - | €0.05m | - |
| Current investments50/53 | €0.05m | €0 | - | €0.2m | €0.2m | €0.1m | - | - | - |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.3m | €0.04m | €0.04m | €0.008m | €0.003m | €0.04m | ▲ 13× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.1m | €0.4m | €0.3m | €0.2m | €0.09m | €0.2m | ▲ 66.3% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | €0.07m | €0.07m | €0.07m | ▲ 0.5% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.01m | €0.01m | €0.1m | €0.2m | €0.2m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0 | - | - | - |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.2m | €0.07m | €321 | €16 | €153 | €473 | ▲ 209% |
| Amounts payable17/49 | €0.9m | €0.7m | €0.8m | €0.1m | €0.09m | €0.2m | €0.03m | €0.09m | ▲ 237% |
| Amounts payable after more than one year17 | €0.006m | €0.006m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.9m | €0.7m | €0.8m | €0.1m | €0.09m | €0.2m | €0.03m | €0.09m | ▲ 237% |
| Trade debts44 | €0.8m | €0.7m | €0.6m | €0.001m | €0.001m | €0.001m | €61 | - | - |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.001m | €61 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.04m | €0.02m | €0.05m | ▲ 131% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.04m | €0.02m | €0.05m | ▲ 131% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.06m | €0.1m | €0.006m | €0.04m | ▲ 567% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,441 | €9,739 | €129,616 | €26,710 | €18,618 | €78,695 | €79,137 | €103,320 | ▲ 30.6% |
| + Depreciation and write-downs630 | €18,581 | €21,549 | €12,404 | €5,419 | €5,208 | €4,641 | €4,642 | €4,641 | = |
| Operating cash flow (approximation) | €51,022 | €31,288 | €142,020 | €32,129 | €23,826 | €83,336 | €83,779 | €107,961 | ▲ 28.9% |
| Investment in fixed assets (approximation) | - | -€23,642 | €2,191 | €5,002 | -€228 | €0 | €489 | €0 | ▼ 100% |
| Change in cash | - | €31,722 | €189,362 | -€250,237 | €4,556 | -€34,586 | -€5,372 | €33,313 | - |
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, 31,368 companies had the same profile as STECA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STECA 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 31,368 companies, not a prediction for STECA. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00485551 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00415817 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00414470 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00411707 | |
| 31-12-2021 | full format | 10-08-2022 | 2022-20283578 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-61900289 | |
| 31-12-2019 | full format | 26-08-2020 | 2020-45400270 | |
| 31-12-2018 | full format | 28-08-2019 | 2019-54400062 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-58300540 | |
| 31-12-2016 | full format | 25-08-2017 | 2017-48600057 |