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STELLAR

Active Risk: not assessed
Public limited companyfounded 2014active for 11 yearsDiestersesteenweg 52, 3583 Beringen, BelgiumKBO/BCE: BE 0507.761.247

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

Equity
€44.4m▲ 28.5%
2024 · €34.6m
Net result
€9.8m▼ 10.7%
2024 · €11.0m
Total assets
€83.2m▲ 3.8%
2024 · €80.1m
Solvency
53.4%▲ 10.3pp
2024 · 43.1%
Trend over the years

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€1.6m 2025 Operating result-€1.9m 2025 Net result€9.8m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

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).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€0.3m€0.3m▼ 11.9%€0.4m▲ 44.0%€1.1m▲ 185%€1.6m▲ 47.1%
Operating result-€0.05m--€0.04m▲ 6.4%-€0.3m▼ 590%-€0.2m▲ 37.0%-€0.9m▼ 403%-€3.0m▼ 221%-€3.1m▼ 3.7%-€1.9m▲ 39.4%
Net result€3.8m-€7.5m▲ 96.8%€1.9mabove the sector's middle half▼ 74.6%€5.9mabove the sector's middle half▲ 213%€5.1mabove the sector's middle half▼ 13.6%€2.6mabove the sector's middle half▼ 48.8%€11.0mabove the sector's middle half▲ 319%€9.8mabove the sector's middle half▼ 10.7%
Equity€12.5m-€7.9m▼ 36.3%€9.8mwithin the sector's middle half▲ 23.9%€15.8mwithin the sector's middle half▲ 60.4%€20.9mabove the sector's middle half▲ 32.5%€23.5mabove the sector's middle half▲ 12.6%€34.6mabove the sector's middle half▲ 46.8%€44.4mabove the sector's middle half▲ 28.5%
Total assets€13.5m-€16.6m▲ 23.4%€18.6mwithin the sector's middle half▲ 12.1%€20.8mwithin the sector's middle half▲ 11.7%€27.2mwithin the sector's middle half▲ 30.8%€32.1mwithin the sector's middle half▲ 17.8%€80.1mabove the sector's middle half▲ 150%€83.2mabove the sector's middle half▲ 3.8%
Debt€1.0m-€8.7m▲ 771%€8.8m▲ 1.3%€5.0m▼ 42.8%€6.3m▲ 25.3%€8.5m▲ 35.4%€45.6m▲ 435%€38.7m▼ 15.0%
Working capital€6.4m--€0.05m€6.9mabove the sector's middle half€11.3mabove the sector's middle half▲ 64.5%€8.5mabove the sector's middle half▼ 25.3%€5.8mabove the sector's middle half▼ 31.8%€1.7mwithin the sector's middle half▼ 70.6%€11.3mabove the sector's middle half▲ 567%
Solvency92.6%-47.8%▼ 44.8pp52.9%within the sector's middle half▲ 5.0pp75.9%within the sector's middle half▲ 23.0pp76.9%within the sector's middle half▲ 1.0pp73.5%within the sector's middle half▼ 3.4pp43.1%within the sector's middle half▼ 30.3pp53.4%within the sector's middle half▲ 10.3pp
Current ratio0.992.81within the sector's middle half▲ 1.815.88above the sector's middle half▲ 3.083.56above the sector's middle half▼ 2.322.51within the sector's middle half▼ 1.051.14within the sector's middle half▼ 1.372.32within the sector's middle half▲ 1.17
Return on assets (ROA)28.2%-45.0%▲ 16.8pp10.2%above the sector's middle half▼ 34.8pp28.6%above the sector's middle half▲ 18.4pp18.9%above the sector's middle half▼ 9.7pp8.2%within the sector's middle half▼ 10.7pp13.8%above the sector's middle half▲ 5.6pp11.8%above the sector's middle half▼ 1.9pp
Staff (FTE)2.9within the sector's middle half5.9within the sector's middle half▲ 103%4.2within the sector's middle half▼ 28.8%3.7within the sector's middle half▼ 11.9%3.2within the sector's middle half▼ 13.5%
above within below 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €83.2m
Fixed assets €63.3m ▼ 5.2%
Current assets €19.9m ▲ 48.3%
Equity and liabilities €83.2m
Equity €44.4m ▲ 28.5%
Debt €38.7m ▼ 15.0%
Debt's share of the balance-sheet total falls from 56.9% to 46.6%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
ROE
22.2%▼
2024 · 31.9%
Debt ≤ 1 year
€8.6m▼
2024 · €11.7m
Debt > 1 year
€30.2m▼
2024 · €33.9m
Income taxes
€329▼
2024 · €484
Staff costs
€731,273▼
2024 · €858,937
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date56443
full-time46113
part-time1-330
in full-time equivalents4.863.23.33
Average over the year, in full-time equivalents2.95.94.23.73.2
On a permanent contract56443
Joined51111
Left00312
Training hours42326121637

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
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

fixed assets acquired
Item20212022202320242025
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

fees

The auditor is BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES.

Item20212022202320242025
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

consolidated accounts

STELLAR heads a group. The consolidated accounts add up the company and its subsidiaries.

Item20212022202320242025
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 AwardedPaid
2025 2 €0€87,000
2024 2 €419,204€60,000
Schemes
3 entries · €219,204 · €87,000 paid · Fonds voor Innoveren en Ondernemen
1 entry · €200,000 · €60,000 paid · Pendelfonds
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 68 lines
Balance sheet Code20242025
Assets
Total assets20/58€80.1m€83.2m▲
Fixed assets21/28€66.7m€63.3m▼
Intangible fixed assets21€1.0m€0.8m▼
Financial fixed assets28€65.8m€62.5m▼
Affiliated companies280/1€65.8m€62.5m▼
Participating interests280€65.8m€62.5m▼
Current assets29/58€13.4m€19.9m▲
Amounts receivable after more than one year29€6.6m€8.0m▲
Other amounts receivable291€6.6m€8.0m▲
Stocks and contracts in progress3-€0
Amounts receivable within one year40/41€6.6m€8.6m▲
Trade receivables40€1.0m€0.4m▼
Other amounts receivable41€5.6m€8.2m▲
Cash at bank and in hand54/58€0.07m€3.1m▲
Deferred charges and accrued income490/1€0.2m€0.1m▼
Equity and liabilities
Total equity and liabilities10/49€80.1m€83.2m▲
Equity10/15€34.6m€44.4m▲
Contributions10/11€0.1m€0.1m=
Capital10€0.1m€0.1m=
Issued capital100€0.1m€0.1m=
Reserves13€34.5m€44.3m▲
Non-distributable reserves130/1€0.3m€0.3m=
Legal reserve130€0.3m€0.3m=
Distributable reserves133€34.1m€44.0m▲
Amounts payable17/49€45.6m€38.7m▼
Amounts payable after more than one year17€33.9m€30.2m▼
Financial debts170/4€33.9m€30.2m▼
Credit institutions173€31.4m€25.7m▼
Other loans174€2.5m€4.5m▲
Amounts payable within one year42/48€11.7m€8.6m▼
Current portion of amounts payable after more than one year42€6.0m€5.7m▼
Trade debts44€0.5m€0.4m▼
Suppliers440/4€0.5m€0.4m▼
Taxes, remuneration and social security45€0.2m€0.08m▼
Taxes450/3€232€0▼
Remuneration and social security454/9€0.2m€0.08m▼
Other amounts payable47/48€5.0m€2.4m▼
Income statement Code20242025
Operating income70/76A€1.2m€2.5m▲
Turnover70€1.1m€1.6m▲
Other operating income74€0.1m€0.9m▲
Operating charges60/66A€4.3m€4.3m▲
Goods for resale, raw materials and consumables60-€433
Purchases600/8-€433
Services and other goods61€3.1m€3.2m▲
Remuneration, social security and pensions62€0.9m€0.7m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.4m▲
Other operating charges640/8€0.02m€0.006m▼
Operating profit (loss)9901-€3.1m-€1.9m▲
Financial income75/76B€14.7m€16.7m▲
Recurring financial income75€11.5m€16.7m▲
Income from financial fixed assets750€11.3m€16.2m▲
Income from current assets751€0.2m€0.5m▲
Other financial income752/9-€33
Non-recurring financial income76B€3.2m€0▼
Financial charges65/66B€0.6m€5.0m▲
Recurring financial charges65€0.5m€1.9m▲
Debt charges650€0.4m€1.9m▲
Other financial charges652/9€0.009m€0.003m▼
Non-recurring financial charges66B€0.1m€3.1m▲
Profit (loss) for the period before taxes9903€11.0m€9.8m▼
Income taxes67/77€484€329▼
Taxes670/3€484€329▼
Profit (loss) for the period9904€11.0m€9.8m▼
Profit (loss) for the period to be appropriated9905€11.0m€9.8m▼
Appropriation of the result
Profit (loss) to be appropriated9906€11.0m€9.8m▼
Transfer to equity691/2€11.0m€9.8m▼
To other reserves6921€11.0m€9.8m▼
Social balance sheet
Average headcount (FTE)90873.73.2▼

The notes to these accounts have 59 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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---
Line20182019202020212022202320242025Change
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.

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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 PDF
31-12-2025 consolidated 11-08-2026 2026-00399196 PDF
31-12-2024 full format 30-07-2025 2025-00340413 PDF
31-12-2024 consolidated 22-07-2025 2025-00305484 PDF
31-12-2023 consolidated 22-08-2024 2024-00372420 PDF
31-12-2023 full format 30-07-2024 2024-00310649 PDF
31-12-2022 full format 28-07-2023 2023-00292324 PDF
31-12-2022 consolidated 10-07-2023 2023-00234050 PDF
31-12-2021 full format 26-07-2022 2022-20246673 PDF
31-12-2021 consolidated 11-07-2022 2022-20182318 PDF

Show all 19 filings

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