Financials · financial year 2025, full format, standalone accounts
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00399196.
Annual accounts 2025 filed on 31-08-2026 at the NBB Consolidated accounts 2025 at the NBB all 19 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €1.9m, smaller than the loss of €3.1m 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.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 6 | 4 | 4 | 3 |
| full-time | 4 | 6 | 1 | 1 | 3 |
| part-time | 1 | - | 3 | 3 | 0 |
| in full-time equivalents | 4.8 | 6 | 3.2 | 3.3 | 3 |
| Average over the year, in full-time equivalents | 2.9 | 5.9 | 4.2 | 3.7 | 3.2 |
| On a permanent contract | 5 | 6 | 4 | 4 | 3 |
| Joined | 5 | 1 | 1 | 1 | 1 |
| Left | 0 | 0 | 3 | 1 | 2 |
| Training hours | 42 | 3 | 261 | 216 | 37 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.7m | €3.9m | €6.0m | €37.4m | €31.4m |
| Carrying value of the other pledged assets | €7.1m | €14.0m | €21.4m | €65.8m | €65.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | €60,113 | €1.6m | - | €222,721 | €193,790 |
| Financial fixed assets | €816,649 | €6.9m | €7.4m | €56.8m | - |
| Depreciation and write-downs of the year | - | €212,826 | €330,058 | €340,284 | €397,082 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €10,620 | €11,780 | €23,860 | €32,900 | €33,670 |
| Other work by the auditor | €9,887 | €1,050 | - | - | - |
| Work by persons linked to the auditor | €14,413 | - | €6,646 | €33,000 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Group figures
STELLAR heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Turnover | €171.0m | €196.2m | €265.9m | €443.2m | €489.1m |
| Operating result | €3.2m | €4.5m | €11.2m | €10.7m | -€8.8m |
| Result for the year | €556,000 | €1.5m | €5.1m | €1.4m | -€16.7m |
| Equity | €13.9m | €15.7m | - | - | - |
| Total assets | €40.6m | €68.4m | €89.6m | €176.4m | €168.3m |
Source: 2021 to 2025 consolidated accounts
Subsidies and aid
Flemish government
2024 to 2025 · 4 entries · €419,204 awarded · €147,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €87,000 |
| 2024 | 2 | €419,204 | €60,000 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.3m | €0.3m | €0.4m | €1.2m | €2.5m | ▲ 102% |
| Turnover70 | - | - | - | €0.3m | €0.3m | €0.4m | €1.1m | €1.6m | ▲ 47.1% |
| Other operating income74 | - | - | - | €0.004m | €0.02m | €0.02m | €0.1m | €0.9m | ▲ 595% |
| Operating charges60/66A | - | - | - | €0.5m | €1.2m | €3.4m | €4.3m | €4.3m | ▲ 0.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | - | €433 | - |
| Purchases600/8 | - | - | - | - | - | - | - | €433 | - |
| Services and other goods61 | - | - | - | €0.3m | €0.5m | €1.9m | €3.1m | €3.2m | ▲ 3.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.5m | €0.8m | €0.9m | €0.7m | ▼ 14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 16.7% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.005m | €0.006m | €0.02m | €0.006m | ▼ 75.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.3m | - | - | - |
| Operating profit (loss)9901 | -€0.05m | -€0.04m | -€0.3m | -€0.2m | -€0.9m | -€3.0m | -€3.1m | -€1.9m | ▲ 39.4% |
| Financial income75/76B | - | - | - | €8.0m | €6.1m | €5.8m | €14.7m | €16.7m | ▲ 13.9% |
| Recurring financial income75 | €3.9m | €7.5m | €0.1m | €8.0m | €6.1m | €5.8m | €11.5m | €16.7m | ▲ 45.5% |
| Income from financial fixed assets750 | - | - | - | €7.8m | €5.9m | €5.6m | €11.3m | €16.2m | ▲ 43.2% |
| Income from current assets751 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.5m | ▲ 202% |
| Other financial income752/9 | - | - | - | €74 | €345 | €0.03m | - | €33 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €3.2m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1.9m | €0.06m | €0.2m | €0.6m | €5.0m | ▲ 773% |
| Recurring financial charges65 | €0.007m | €0.02m | €0.4m | €0.3m | €0.06m | €0.2m | €0.5m | €1.9m | ▲ 324% |
| Debt charges650 | €0.002m | €0.01m | €0.3m | €0.2m | €0.06m | €0.2m | €0.4m | €1.9m | ▲ 332% |
| Other financial charges652/9 | - | - | - | €0.06m | €0.008m | €0.009m | €0.009m | €0.003m | ▼ 68.5% |
| Non-recurring financial charges66B | - | - | - | €1.6m | - | - | €0.1m | €3.1m | ▲ 27× |
| Profit (loss) for the period before taxes9903 | €3.8m | €7.5m | €1.9m | €5.9m | €5.1m | €2.6m | €11.0m | €9.8m | ▼ 10.7% |
| Income taxes67/77 | - | - | - | €262 | €0.001m | €0.001m | €484 | €329 | ▼ 32.0% |
| Taxes670/3 | - | - | - | €262 | €0.001m | €0.001m | €484 | €329 | ▼ 32.0% |
| Profit (loss) for the period9904 | €3.8m | €7.5m | €1.9m | €5.9m | €5.1m | €2.6m | €11.0m | €9.8m | ▼ 10.7% |
| Profit (loss) for the period to be appropriated9905 | €3.8m | €7.5m | €1.9m | €5.9m | €5.1m | €2.6m | €11.0m | €9.8m | ▼ 10.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13.5m | €16.6m | €18.6m | €20.8m | €27.2m | €32.1m | €80.1m | €83.2m | ▲ 3.8% |
| Fixed assets21/28 | €7.0m | €8.0m | €7.9m | €7.2m | €15.4m | €22.5m | €66.7m | €63.3m | ▼ 5.2% |
| Intangible fixed assets21 | - | - | - | €0.06m | €1.4m | €1.1m | €1.0m | €0.8m | ▼ 20.5% |
| Financial fixed assets28 | €7.0m | €8.0m | €7.9m | €7.1m | €14.0m | €21.4m | €65.8m | €62.5m | ▼ 5.0% |
| Affiliated companies280/1 | - | - | - | €7.1m | €14.0m | €21.4m | €65.8m | €62.5m | ▼ 5.0% |
| Participating interests280 | - | - | - | €7.1m | €14.0m | €21.4m | €65.8m | €62.5m | ▼ 5.0% |
| Current assets29/58 | €6.4m | €8.6m | €10.7m | €13.6m | €11.8m | €9.6m | €13.4m | €19.9m | ▲ 48.3% |
| Amounts receivable after more than one year29 | - | - | - | €6.2m | €8.2m | €5.1m | €6.6m | €8.0m | ▲ 21.7% |
| Other amounts receivable291 | - | - | - | €6.2m | €8.2m | €5.1m | €6.6m | €8.0m | ▲ 21.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €0.7m | €2.6m | €5.3m | €6.9m | €3.3m | €4.3m | €6.6m | €8.6m | ▲ 31.0% |
| Trade receivables40 | - | - | - | - | €0.04m | €0.04m | €1.0m | €0.4m | ▼ 59.7% |
| Other amounts receivable41 | - | - | - | €6.9m | €3.2m | €4.3m | €5.6m | €8.2m | ▲ 47.3% |
| Cash at bank and in hand54/58 | €1.4m | €0.9m | €0.7m | €0.4m | €0.2m | €0.1m | €0.07m | €3.1m | ▲ 46× |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.04m | €0.08m | €0.2m | €0.1m | ▼ 35.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13.5m | €16.6m | €18.6m | €20.8m | €27.2m | €32.1m | €80.1m | €83.2m | ▲ 3.8% |
| Equity10/15 | €12.5m | €7.9m | €9.8m | €15.8m | €20.9m | €23.5m | €34.6m | €44.4m | ▲ 28.5% |
| Contributions10/11 | €6.9m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €5.6m | €7.8m | €9.7m | €15.7m | €20.8m | €23.4m | €34.5m | €44.3m | ▲ 28.6% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Distributable reserves133 | - | - | - | €15.3m | €20.5m | €23.1m | €34.1m | €44.0m | ▲ 28.8% |
| Amounts payable17/49 | €1.0m | €8.7m | €8.8m | €5.0m | €6.3m | €8.5m | €45.6m | €38.7m | ▼ 15.0% |
| Amounts payable after more than one year17 | €1.0m | - | €4.7m | €2.5m | €3.0m | €4.6m | €33.9m | €30.2m | ▼ 10.9% |
| Financial debts170/4 | - | - | - | €1.3m | €3.0m | €4.6m | €33.9m | €30.2m | ▼ 10.9% |
| Credit institutions173 | - | - | - | €1.3m | €3.0m | €4.6m | €31.4m | €25.7m | ▼ 18.2% |
| Other loans174 | - | - | - | - | - | - | €2.5m | €4.5m | ▲ 80.0% |
| Other amounts payable178/9 | - | - | - | €1.3m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.03m | €8.7m | €3.8m | €2.3m | €3.3m | €3.8m | €11.7m | €8.6m | ▼ 26.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.6m | €2.2m | €2.6m | €6.0m | €5.7m | ▼ 5.0% |
| Financial debts43 | - | - | - | - | - | €0.001m | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0.001m | - | - | - |
| Trade debts44 | €0.03m | €0.007m | €0.2m | €0.1m | €0.3m | €0.3m | €0.5m | €0.4m | ▼ 24.6% |
| Suppliers440/4 | - | - | - | €0.1m | €0.3m | €0.3m | €0.5m | €0.4m | ▼ 24.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.08m | €0.1m | €0.2m | €0.08m | ▼ 53.5% |
| Taxes450/3 | - | - | - | €262 | €262 | - | €232 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.08m | €0.1m | €0.2m | €0.08m | ▼ 53.4% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.8m | €0.8m | €5.0m | €2.4m | ▼ 52.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.001m | €0.05m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.8m | €7.5m | €1.9m | €5.9m | €5.1m | €2.6m | €11.0m | €9.8m | ▼ 10.7% |
| + Depreciation and write-downs630 | - | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 16.7% |
| Operating cash flow (approximation) | €3.8m | €7.5m | €1.9m | €5.9m | €5.3m | €3.0m | €11.4m | €10.2m | ▼ 9.9% |
| Investment in fixed assets (approximation) | - | -€1.0m | €0.08m | €0.8m | -€8.5m | -€7.4m | -€44.6m | €3.1m | - |
| Change in cash | - | -€0.5m | -€0.3m | -€0.2m | -€0.2m | -€0.1m | -€0.03m | €3.1m | - |
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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00489773 | |
| 31-12-2025 | consolidated | 11-08-2026 | 2026-00399196 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00340413 | |
| 31-12-2024 | consolidated | 22-07-2025 | 2025-00305484 | |
| 31-12-2023 | consolidated | 22-08-2024 | 2024-00372420 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00310649 | |
| 31-12-2022 | full format | 28-07-2023 | 2023-00292324 | |
| 31-12-2022 | consolidated | 10-07-2023 | 2023-00234050 | |
| 31-12-2021 | full format | 26-07-2022 | 2022-20246673 | |
| 31-12-2021 | consolidated | 11-07-2022 | 2022-20182318 |