Summary
STELCON is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €48,186 and a net result of €45,801. Equity is shrinking by about 10% per year across the filed financial years. Its solvency ranks better than 72% of 9,701 sector peers (NACE 64, financial year 2025). The company has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€48,186▼ 60.6%
2024 · €122,384
Net result
€45,801▼ 53.7%
2024 · €98,892
Total assets
€64,585▼ 80.6%
2024 · €332,176
Solvency
74.6%▲ 37.8pp
2024 · 36.8%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen three years in a row; 2025 is 49% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€62,239
2025
Net result€45,801
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€64,585
2025
Equity€48,186
2025
Debt€16,400
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€44,513
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)70.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency74.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.71
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€89,054-€84,961▼ 4.6%€59,191▼ 30.3%€97,863▲ 65.3%€157,262▲ 60.7%€147,466▼ 6.2%€121,262▼ 17.8%€62,239▼ 48.7%
Net result€69,666-€67,249▼ 3.5%€47,379within the sector's middle half▼ 29.5%€75,781above the sector's middle half▲ 59.9%€119,382above the sector's middle half▲ 57.5%€116,253above the sector's middle half▼ 2.6%€98,892above the sector's middle half▼ 14.9%€45,801within the sector's middle half▼ 53.7%
Equity€152,448-€219,697▲ 44.1%€137,076within the sector's middle half▼ 37.6%€62,857within the sector's middle half▼ 54.1%€107,239within the sector's middle half▲ 70.6%€223,492within the sector's middle half▲ 108%€122,384within the sector's middle half▼ 45.2%€48,186within the sector's middle half▼ 60.6%
Total assets€153,039-€220,038▲ 43.8%€159,472within the sector's middle half▼ 27.5%€230,110within the sector's middle half▲ 44.3%€197,555within the sector's middle half▼ 14.1%€235,400within the sector's middle half▲ 19.2%€332,176within the sector's middle half▲ 41.1%€64,585below the sector's middle half▼ 80.6%
Debt€591-€341▼ 42.3%€22,396▲ 6,468%€167,253▲ 647%€90,316▼ 46.0%€11,907▼ 86.8%€209,791▲ 1,662%€16,400▼ 92.2%
Working capital€149,042-€214,226▲ 43.7%€133,429above the sector's middle half▼ 37.7%€58,496within the sector's middle half▼ 56.2%€98,142within the sector's middle half▲ 67.8%€220,883above the sector's middle half▲ 125%€116,412within the sector's middle half▼ 47.3%€44,513within the sector's middle half▼ 61.8%
Solvency99.6%-99.8%▲ 0.2pp86.0%above the sector's middle half▼ 13.9pp27.3%within the sector's middle half▼ 58.6pp54.3%within the sector's middle half▲ 27.0pp94.9%above the sector's middle half▲ 40.7pp36.8%within the sector's middle half▼ 58.1pp74.6%within the sector's middle half▲ 37.8pp
Current ratio6.96above the sector's middle half1.35within the sector's middle half▼ 5.612.09within the sector's middle half▲ 0.7419.55above the sector's middle half▲ 17.461.55within the sector's middle half▼ 18.003.71within the sector's middle half▲ 2.16
Return on assets (ROA)45.5%-30.6%▼ 15.0pp29.7%above the sector's middle half▼ 0.9pp32.9%above the sector's middle half▲ 3.2pp60.4%above the sector's middle half▲ 27.5pp49.4%above the sector's middle half▼ 11.0pp29.8%above the sector's middle half▼ 19.6pp70.9%above the sector's middle half▲ 41.1pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €64,585
Fixed assets
€3,673 ▼ 38.5%
Current assets
€60,913 ▼ 81.3%
Equity and liabilities €64,585
Equity
€48,186 ▼ 60.6%
Debt
€16,400 ▼ 92.2%
Debt's share of the balance-sheet total falls from 63.2% to 25.4%. Equity and debt are lower.
Key figures and ratios
ROE
95.1%▲
2024 · 80.8%
Debt ≤ 1 year
€16,400▼
2024 · €209,791
Income taxes
€14,198▼
2024 · €28,006
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €8,147 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,341 | €2,269 | €1,824 | €2,424 | €4,929 | €2,636 | €2,184 | €2,299 | ▲ 5.3% |
| Other operating charges640/8 | - | - | - | €1,199 | €1,681 | €1,750 | €1,322 | €1,807 | ▲ 36.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €7,949 | - |
| Gross operating margin9900 | €90,976 | €90,363 | €62,255 | €101,486 | €163,872 | €151,852 | €124,767 | €74,295 | ▼ 40.5% |
| Operating profit (loss)9901 | €89,054 | €84,961 | €59,191 | €97,863 | €157,262 | €147,466 | €121,262 | €62,239 | ▼ 48.7% |
| Financial income75/76B | - | - | - | - | €52 | €2,047 | €5,829 | €465 | ▼ 92.0% |
| Recurring financial income75 | €259 | €1,139 | €2,109 | - | €52 | €2,047 | €5,829 | €465 | ▼ 92.0% |
| Financial charges65/66B | - | - | - | €398 | €336 | €246 | €193 | €2,705 | ▲ 1,305% |
| Recurring financial charges65 | €439 | €225 | €308 | €398 | €336 | €246 | €193 | €2,705 | ▲ 1,305% |
| Profit (loss) for the period before taxes9903 | €88,874 | €85,875 | €60,992 | €97,465 | €156,978 | €149,267 | €126,898 | €59,999 | ▼ 52.7% |
| Income taxes67/77 | €19,208 | €18,626 | €13,613 | €21,684 | €37,596 | €33,014 | €28,006 | €14,198 | ▼ 49.3% |
| Profit (loss) for the period9904 | €69,666 | €67,249 | €47,379 | €75,781 | €119,382 | €116,253 | €98,892 | €45,801 | ▼ 53.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €168 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €69,580 | €67,081 | €47,211 | €75,949 | €119,382 | €116,253 | €98,892 | €45,801 | ▼ 53.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €153,039 | €220,038 | €159,472 | €230,110 | €197,555 | €235,400 | €332,176 | €64,585 | ▼ 80.6% |
| Fixed assets21/28 | €3,406 | €5,471 | €3,647 | €4,361 | €9,097 | €2,609 | €5,972 | €3,673 | ▼ 38.5% |
| Tangible fixed assets22/27 | €3,406 | €5,471 | €3,647 | €4,361 | €9,097 | €2,609 | €5,972 | €3,673 | ▼ 38.5% |
| Furniture and vehicles24 | - | - | - | €4,361 | €9,097 | €2,609 | €5,972 | €3,673 | ▼ 38.5% |
| Current assets29/58 | €149,633 | €214,567 | €155,825 | €225,749 | €188,458 | €232,791 | €326,203 | €60,913 | ▼ 81.3% |
| Amounts receivable within one year40/41 | €27,303 | €33,781 | €20,359 | €26,781 | €34,226 | €35,340 | €44,784 | €18,719 | ▼ 58.2% |
| Trade receivables40 | - | - | - | €26,266 | €33,085 | €31,683 | €27,934 | €17,645 | ▼ 36.8% |
| Other amounts receivable41 | - | - | - | €515 | €1,141 | €3,656 | €16,850 | €1,073 | ▼ 93.6% |
| Current investments50/53 | - | - | - | - | - | - | €200,000 | - | - |
| Cash at bank and in hand54/58 | €122,330 | €80,786 | €135,466 | €198,968 | €154,232 | €197,451 | €79,345 | €42,099 | ▼ 46.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €2,075 | €95 | ▼ 95.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €153,039 | €220,038 | €159,472 | €230,110 | €197,555 | €235,400 | €332,176 | €64,585 | ▼ 80.6% |
| Equity10/15 | €152,448 | €219,697 | €137,076 | €62,857 | €107,239 | €223,492 | €122,384 | €48,186 | ▼ 60.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,946 | €2,114 | €2,282 | €2,114 | €2,114 | €2,114 | €2,114 | €2,114 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €254 | €254 | €254 | €254 | €254 | = |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €131,902 | €198,983 | €116,194 | €42,143 | €86,525 | €202,778 | €101,670 | €27,472 | ▼ 73.0% |
| Amounts payable17/49 | €591 | €341 | €22,396 | €167,253 | €90,316 | €11,907 | €209,791 | €16,400 | ▼ 92.2% |
| Amounts payable within one year42/48 | €591 | €341 | €22,396 | €167,253 | €90,316 | €11,907 | €209,791 | €16,400 | ▼ 92.2% |
| Trade debts44 | €131 | €341 | €106 | - | €701 | €434 | €337 | €1,444 | ▲ 328% |
| Suppliers440/4 | - | - | - | - | €701 | €434 | €337 | €1,444 | ▲ 328% |
| Taxes, remuneration and social security45 | - | - | - | €17,253 | €14,615 | €11,474 | €9,454 | €8,018 | ▼ 15.2% |
| Taxes450/3 | - | - | - | €17,253 | €14,615 | €11,474 | €9,454 | €8,018 | ▼ 15.2% |
| Other amounts payable47/48 | - | - | - | €150,000 | €75,000 | - | €200,000 | €6,938 | ▼ 96.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,666 | €67,249 | €47,379 | €75,781 | €119,382 | €116,253 | €98,892 | €45,801 | ▼ 53.7% |
| + Depreciation and write-downs630 | €1,341 | €2,269 | €1,824 | €2,424 | €4,929 | €2,636 | €2,184 | €2,299 | ▲ 5.3% |
| Operating cash flow (approximation) | €71,007 | €69,518 | €49,203 | €78,205 | €124,311 | €118,889 | €101,076 | €48,101 | ▼ 52.4% |
| Investment in fixed assets (approximation) | - | -€4,334 | €0 | -€3,138 | -€9,666 | €3,853 | -€5,547 | €0 | - |
| Change in cash | - | -€41,544 | €54,680 | €63,502 | -€44,736 | €43,219 | -€118,106 | -€37,246 | ▲ 68.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00242439 |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00211791 |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00156658 |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00158090 |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20148238 |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24600369 |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23900018 |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24600530 |
| 31-12-2017 | micro format | 27-06-2018 | 2018-23600262 |
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Of the 24,462 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,970. 10,489 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.