STEJO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00466937.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 16 filings
Turnover
≈ €300,000
Estimated: probably between €220,000 and €500,000
Total assets
€580,796▲ 5.2%
2024 · €552,028
Net result
€39,188▼ 44.3%
2024 · €70,294
Working capital
-€72,686▲ 4.5%
2024 · -€76,140
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€66,631
▲ 11.3%
2025
20182025
Net result
€39,188
▼ 44.3%
2025
highest quarter of the sector
20182025
Equity
€234,849
▲ 20.0%
2025
highest quarter of the sector
20182025
Total assets
€580,796
▲ 5.2%
2025
highest quarter of the sector
20182025
Debt
€345,947
▼ 2.9%
2025
20182025
Working capital
-€72,686
▲ 4.5%
2025
lowest quarter of the sector
20182025
Solvency
40.4%
▲ 5.0pp
2025
middle half of the sector
20182025
Current ratio
0.53
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
6.7%
▼ 6.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€35,980-€14,895▼ 58.6%€55,945▲ 276%€11,527▼ 79.4%€38,972▲ 238%€47,162▲ 21.0%€59,875▲ 27.0%€66,631▲ 11.3%
Net result€22,209-€9,754▼ 56.1%€36,479above the sector's middle half▲ 274%€5,195within the sector's middle half▼ 85.8%€20,767within the sector's middle half▲ 300%€30,531above the sector's middle half▲ 47.0%€70,294above the sector's middle half▲ 130%€39,188above the sector's middle half▼ 44.3%
Equity€53,341-€63,095▲ 18.3%€99,574within the sector's middle half▲ 57.8%€104,768within the sector's middle half▲ 5.2%€125,535within the sector's middle half▲ 19.8%€147,566above the sector's middle half▲ 17.5%€195,661above the sector's middle half▲ 32.6%€234,849above the sector's middle half▲ 20.0%
Total assets€88,011-€109,819▲ 24.8%€170,285within the sector's middle half▲ 55.1%€608,181above the sector's middle half▲ 257%€564,722above the sector's middle half▼ 7.1%€552,552above the sector's middle half▼ 2.2%€552,028above the sector's middle half▼ 0.1%€580,796above the sector's middle half▲ 5.2%
Debt€34,670-€46,724▲ 34.8%€70,711▲ 51.3%€503,413▲ 612%€439,187▼ 12.8%€404,986▼ 7.8%€356,368▼ 12.0%€345,947▼ 2.9%
Working capital€43,507-€60,027▲ 38.0%€84,613within the sector's middle half▲ 41.0%-€95,717below the sector's middle half-€91,193below the sector's middle half▲ 4.7%-€96,258below the sector's middle half▼ 5.6%-€76,140below the sector's middle half▲ 20.9%-€72,686below the sector's middle half▲ 4.5%
Solvency60.6%-57.5%▼ 3.2pp58.5%within the sector's middle half▲ 1.0pp17.2%below the sector's middle half▼ 41.2pp22.2%within the sector's middle half▲ 5.0pp26.7%within the sector's middle half▲ 4.5pp35.4%within the sector's middle half▲ 8.7pp40.4%within the sector's middle half▲ 5.0pp
Current ratio2.60-4.36▲ 1.763.41above the sector's middle half▼ 0.950.51below the sector's middle half▼ 2.900.50below the sector's middle half▼ 0.010.47below the sector's middle half▼ 0.020.55below the sector's middle half▲ 0.070.53below the sector's middle half▼ 0.02
Return on assets (ROA)25.2%-8.9%▼ 16.4pp21.4%above the sector's middle half▲ 12.5pp0.9%within the sector's middle half▼ 20.6pp3.7%within the sector's middle half▲ 2.8pp5.5%within the sector's middle half▲ 1.8pp12.7%within the sector's middle half▲ 7.2pp6.7%within the sector's middle half▼ 6.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 11% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €580,796
Fixed assets
€499,815 ▲ 8.7%
Current assets
€80,981 ▼ 12.4%
Equity and liabilities €580,796
Equity
€234,849 ▲ 20.0%
Debt
€345,947 ▼ 2.9%
Debt's share of the balance-sheet total falls from 64.6% to 59.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€73,265▲
2024 · €69,128
Cash flow
€45,822▼
2024 · €79,548
Debt to equity
1.47▼
2024 · 1.82
ROE
16.7%▼
2024 · 35.9%
Interest coverage
13.70▲
2024 · 12.47
Debt ≤ 1 year
€153,667▼
2024 · €168,560
Debt > 1 year
€185,604▲
2024 · €183,220
Income taxes
€22,173▲
2024 · €21,788
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 | €15,000 | - | - | €3,305 | €49,774 |
| Financial fixed assets | €459,000 | - | - | - | - |
| Depreciation and write-downs of the year | €16,172 | €9,002 | €8,867 | €9,253 | €6,634 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €173 awarded · €173 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | €8,241 | - |
| Remuneration, social security and pensions62 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,352 | €8,092 | €11,160 | €16,172 | €9,002 | €8,867 | €9,253 | €6,634 | ▼ 28.3% |
| Other operating charges640/8 | - | - | - | €1,983 | €1,009 | €1,109 | €976 | €1,672 | ▲ 71.3% |
| Non-recurring operating charges66A | - | - | - | - | €3,270 | - | - | - | - |
| Gross operating margin9900 | €53,615 | €42,834 | €78,859 | €29,682 | €52,253 | €57,138 | €70,104 | €74,937 | ▲ 6.9% |
| Operating profit (loss)9901 | €35,980 | €14,895 | €55,945 | €11,527 | €38,972 | €47,162 | €59,875 | €66,631 | ▲ 11.3% |
| Financial income75/76B | - | - | - | €0 | €0 | €153 | €37,752 | €77 | ▼ 99.8% |
| Recurring financial income75 | - | - | €12 | €0 | €0 | €153 | €252 | €77 | ▼ 69.4% |
| Non-recurring financial income76B | - | - | - | - | - | - | €37,500 | - | - |
| Financial charges65/66B | - | - | - | €3,304 | €7,986 | €6,443 | €5,544 | €5,347 | ▼ 3.6% |
| Recurring financial charges65 | €793 | €949 | €1,305 | €3,304 | €7,986 | €6,443 | €5,544 | €5,347 | ▼ 3.6% |
| Profit (loss) for the period before taxes9903 | €35,188 | €13,946 | €54,652 | €8,223 | €30,986 | €40,872 | €92,082 | €61,361 | ▼ 33.4% |
| Income taxes67/77 | €12,979 | €4,192 | €18,173 | €3,028 | €10,219 | €10,341 | €21,788 | €22,173 | ▲ 1.8% |
| Profit (loss) for the period9904 | €22,209 | €9,754 | €36,479 | €5,195 | €20,767 | €30,531 | €70,294 | €39,188 | ▼ 44.3% |
| Profit (loss) for the period to be appropriated9905 | €22,209 | €9,754 | €36,479 | €5,195 | €20,767 | €30,531 | €70,294 | €39,188 | ▼ 44.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,011 | €109,819 | €170,285 | €608,181 | €564,722 | €552,552 | €552,028 | €580,796 | ▲ 5.2% |
| Fixed assets21/28 | €17,316 | €31,925 | €50,505 | €508,333 | €474,664 | €465,557 | €459,609 | €499,815 | ▲ 8.7% |
| Tangible fixed assets22/27 | €17,076 | €31,685 | €50,265 | €49,093 | €24,424 | €15,557 | €9,609 | €49,815 | ▲ 418% |
| Furniture and vehicles24 | - | - | - | €49,093 | €24,424 | €15,557 | €9,609 | €49,815 | ▲ 418% |
| Financial fixed assets28 | €240 | €240 | €240 | €459,240 | €450,240 | €450,000 | €450,000 | €450,000 | = |
| Current assets29/58 | €70,695 | €77,894 | €119,780 | €99,848 | €90,058 | €86,995 | €92,419 | €80,981 | ▼ 12.4% |
| Amounts receivable after more than one year29 | - | - | - | €24,799 | €22,399 | €19,099 | €15,499 | €11,899 | ▼ 23.2% |
| Other amounts receivable291 | - | - | - | €24,799 | €22,399 | €19,099 | €15,499 | €11,899 | ▼ 23.2% |
| Amounts receivable within one year40/41 | €24,738 | €15,596 | €22,825 | €11,077 | €18,224 | €13,095 | €13,095 | €12,077 | ▼ 7.8% |
| Trade receivables40 | - | - | - | €4,854 | €15,744 | €10,890 | €10,890 | €10,890 | = |
| Other amounts receivable41 | - | - | - | €6,223 | €2,480 | €2,205 | €2,205 | €1,187 | ▼ 46.2% |
| Current investments50/53 | - | - | - | €44,561 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €32,675 | €33,029 | €68,878 | €16,654 | €48,239 | €54,131 | €63,697 | €57,006 | ▼ 10.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,758 | €1,197 | €671 | €129 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,011 | €109,819 | €170,285 | €608,181 | €564,722 | €552,552 | €552,028 | €580,796 | ▲ 5.2% |
| Equity10/15 | €53,341 | €63,095 | €99,574 | €104,768 | €125,535 | €147,566 | €195,661 | €234,849 | ▲ 20.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €47,141 | €56,895 | €93,374 | €98,568 | €119,335 | €141,366 | €189,166 | €228,166 | ▲ 20.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €96,708 | €117,475 | €141,366 | €189,166 | €228,166 | ▲ 20.6% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €294 | €483 | ▲ 63.9% |
| Amounts payable17/49 | €34,670 | €46,724 | €70,711 | €503,413 | €439,187 | €404,986 | €356,368 | €345,947 | ▼ 2.9% |
| Amounts payable after more than one year17 | €7,332 | €25,058 | €35,544 | €307,603 | €256,244 | €218,432 | €183,220 | €185,604 | ▲ 1.3% |
| Financial debts170/4 | - | - | - | €307,603 | €256,244 | €218,432 | €183,220 | €185,604 | ▲ 1.3% |
| Amounts payable within one year42/48 | €27,188 | €17,868 | €35,167 | €195,565 | €181,251 | €183,254 | €168,560 | €153,667 | ▼ 8.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €46,788 | €42,359 | €37,812 | €34,756 | €44,474 | ▲ 28.0% |
| Financial debts43 | - | - | - | €37,507 | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €37,507 | €0 | - | - | - | - |
| Trade debts44 | €2,615 | €1,325 | €4,113 | €4,869 | €1,069 | €913 | €272 | €1,066 | ▲ 292% |
| Suppliers440/4 | - | - | - | €4,869 | €1,069 | €913 | €272 | €1,066 | ▲ 292% |
| Taxes, remuneration and social security45 | - | - | - | €15,105 | €7,538 | €6,553 | €16,485 | €12,053 | ▼ 26.9% |
| Taxes450/3 | - | - | - | €13,238 | €5,652 | €4,646 | €16,485 | €12,053 | ▼ 26.9% |
| Remuneration and social security454/9 | - | - | - | €1,867 | €1,885 | €1,907 | - | - | - |
| Other amounts payable47/48 | - | - | - | €91,297 | €130,285 | €137,976 | €117,047 | €96,075 | ▼ 17.9% |
| Accrued charges and deferred income492/3 | - | - | - | €244 | €1,692 | €3,300 | €4,588 | €6,676 | ▲ 45.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,209 | €9,754 | €36,479 | €5,195 | €20,767 | €30,531 | €70,294 | €39,188 | ▼ 44.3% |
| + Depreciation and write-downs630 | €4,352 | €8,092 | €11,160 | €16,172 | €9,002 | €8,867 | €9,253 | €6,634 | ▼ 28.3% |
| Operating cash flow (approximation) | €26,560 | €17,845 | €47,639 | €21,367 | €29,769 | €39,398 | €79,548 | €45,822 | ▼ 42.4% |
| Investment in fixed assets (approximation) | - | -€22,700 | -€29,741 | -€474,000 | €24,667 | €240 | -€3,305 | -€46,840 | ▼ 1,317% |
| Change in cash | - | €353 | €35,849 | -€52,224 | €31,584 | €5,893 | €9,566 | -€6,692 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00466937 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00437818 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00367799 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00256712 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20180763 | |
| 31-12-2020 | micro format | 29-10-2021 | 2021-75100298 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-37700115 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-44600586 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48100024 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-40300030 |