STEFMAR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00536706.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 20 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €1,403, larger than the loss of €557 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,672 | -€483 | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | -€1,400 | -€2,100 | - | - |
| Other operating charges640/8 | - | - | - | €459 | €460 | €499 | €513 | €528 | ▲ 2.8% |
| Gross operating margin9900 | -€867 | -€54 | -€55 | -€55 | -€4,259 | -€1,468 | -€2,143 | -€876 | ▲ 59.1% |
| Operating profit (loss)9901 | -€1,320 | -€509 | -€511 | €1,159 | -€4,236 | -€567 | -€557 | -€1,403 | ▼ 152% |
| Financial income75/76B | - | - | - | - | €15,196 | - | - | - | - |
| Recurring financial income75 | - | €392 | - | - | €15,196 | - | - | - | - |
| Financial charges65/66B | - | - | - | €141 | €2,395 | €36 | €44 | €51 | ▲ 17.2% |
| Recurring financial charges65 | €243 | €309 | €139 | €141 | €2,395 | €36 | €44 | €51 | ▲ 17.2% |
| Profit (loss) for the period before taxes9903 | -€1,563 | -€426 | -€650 | €1,018 | €8,565 | -€603 | -€600 | -€1,454 | ▼ 142% |
| Income taxes67/77 | - | - | - | - | €1,369 | - | - | - | - |
| Profit (loss) for the period9904 | -€1,563 | -€426 | -€650 | €1,018 | €7,196 | -€603 | -€600 | -€1,454 | ▼ 142% |
| Profit (loss) for the period to be appropriated9905 | -€1,563 | -€426 | -€650 | €1,018 | €7,196 | -€603 | -€600 | -€1,454 | ▼ 142% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2,608 | €3,827 | €3,688 | €3,820 | - | €134 | €91 | €40 | ▼ 56.2% |
| Current assets29/58 | €2,608 | €3,827 | €3,688 | €3,820 | - | €134 | €91 | €40 | ▼ 56.2% |
| Cash at bank and in hand54/58 | €2,608 | €3,827 | €3,688 | €3,820 | - | €134 | €91 | €40 | ▼ 56.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2,608 | €3,827 | €3,688 | €3,820 | - | €134 | €91 | €40 | ▼ 56.2% |
| Equity10/15 | -€90,153 | -€90,579 | -€91,229 | -€90,211 | -€83,015 | -€83,618 | -€84,218 | -€85,672 | ▼ 1.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €5,162 | €5,162 | €5,162 | €5,162 | €5,162 | €5,162 | €5,162 | €5,162 | = |
| Non-distributable reserves130/1 | - | - | - | €600 | €600 | €600 | €600 | €600 | = |
| Reserves not available under the articles1311 | - | - | - | €600 | €600 | €600 | €600 | €600 | = |
| Distributable reserves133 | - | - | - | €4,562 | €4,562 | €4,562 | €4,562 | €4,562 | = |
| Profit (loss) carried forward14 | -€113,915 | -€114,341 | -€114,991 | -€113,973 | -€106,777 | -€107,380 | -€107,980 | -€109,434 | ▼ 1.3% |
| Provisions and deferred taxes16 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €8,600 | €6,500 | €6,500 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €10,000 | €10,000 | €8,600 | €6,500 | €6,500 | = |
| Other liabilities and charges164/5 | - | - | - | €10,000 | €10,000 | €8,600 | €6,500 | €6,500 | = |
| Amounts payable17/49 | €82,761 | €84,406 | €84,917 | €84,031 | €73,015 | €75,152 | €77,809 | €79,212 | ▲ 1.8% |
| Amounts payable within one year42/48 | €76,601 | €84,406 | €84,917 | €84,031 | €73,015 | €75,152 | €77,809 | €78,684 | ▲ 1.1% |
| Trade debts44 | €13,479 | €1,264 | €1,264 | €1,375 | €3,814 | €5,222 | €1,420 | €694 | ▼ 51.2% |
| Suppliers440/4 | - | - | - | €1,375 | €3,814 | €5,222 | €1,420 | €694 | ▼ 51.2% |
| Taxes, remuneration and social security45 | - | - | - | €13,433 | €1,369 | €1,369 | - | - | - |
| Taxes450/3 | - | - | - | - | €1,369 | €1,369 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €13,433 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €69,223 | €67,831 | €68,561 | €76,388 | €77,991 | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €528 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,563 | -€426 | -€650 | €1,018 | €7,196 | -€603 | -€600 | -€1,454 | ▼ 142% |
| Operating cash flow (approximation) | -€1,563 | -€426 | -€650 | €1,018 | €7,196 | -€603 | -€600 | -€1,454 | ▼ 142% |
| Change in cash | - | €1,220 | -€139 | €132 | - | - | -€44 | -€51 | ▼ 17.2% |
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, 6,619 companies had the same profile as STEFMAR has now. Two years later, 4.5% had gone bankrupt and 84.5% were still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STEFMAR itself: 2.4% 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 6,619 companies, not a prediction for STEFMAR. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00536706 | |
| 31-12-2024 | micro format | 08-09-2025 | 2025-00493580 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00446987 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00424242 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20355471 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61900294 | |
| 31-12-2019 | micro format | 23-10-2020 | 2020-63000158 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60200524 | |
| 31-12-2017 | micro format | 11-09-2018 | 2018-62800339 | |
| 31-12-2016 | micro format | 27-09-2017 | 2017-63900202 |