Stemafisk
ActiveSummary
Stemafisk has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.0m and a net result of €650,081. Equity is growing by about 11% per year across the filed financial years. Its solvency ranks better than 44% of 4,111 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 16.5 FTE
- Equity
- €2.0m
- Profit
- €650,081
- Parent
- MAENE-VANWALLEGHEM FINANCE · 84.8%
- Holdings
- 2
- Stefaan MaeneDirector
Why 90raises riskFigures for financial year 2025 (filed 19-11-2025)Liquidity: current ratio 1.95, cash €135,982lowers riskSector: Legal and accounting activities (NACE 69)Profit of €650,081 (financial year 2025)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 69, small): better than 41% on solvency, 24% on liquidity, 62% on profitability and 65% on growth.
The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 21 days after the deadline; the sector median (NACE 69) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2019 to 2025net €650,081 ▲9.3%
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (14 days) Filed on 14 November 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00567789.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result has risen four years in a row; 2025 is 2% above 2024 and is the highest 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.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 69, Legal and accounting activities: 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), Staff (FTE).
Peer companies
Historical observationOf the 20,136 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95.0% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,136 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.9m | €1.1m | €1.2m | ▲ 9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.07m | €0.05m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.003m | - | - | €0.004m | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.03m | €0.08m | ▲ 206% |
| Non-recurring operating charges66A | - | - | - | - | €0.002m | €0 | €0.007m | - |
| Gross operating margin9900 | €0.9m | €1.1m | €1.1m | €1.3m | €1.5m | €1.9m | €2.1m | ▲ 11.3% |
| Operating profit (loss)9901 | €0.2m | €0.4m | €0.3m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 1.7% |
| Financial income75/76B | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 66.8% |
| Recurring financial income75 | €0.3m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 66.8% |
| Non-recurring financial income76B | - | - | - | - | €0.004m | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.03m | €0.03m | €0.05m | ▲ 66.7% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.02m | €0.02m | €0.03m | €0.03m | €0.05m | ▲ 66.7% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.7m | €0.8m | ▲ 11.3% |
| Income taxes67/77 | €0.08m | €0.1m | €0.07m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 18.9% |
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 9.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.1m | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.001m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.6m | €0.7m | ▲ 9.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.7m | €3.3m | €3.6m | €3.9m | €4.9m | €5.3m | ▲ 9.0% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.5m | €1.7m | €1.7m | €2.8m | €2.9m | ▲ 3.2% |
| Intangible fixed assets21 | - | - | €0.05m | €0.05m | €0.04m | €0.03m | €0.01m | ▼ 42.7% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.4m | €0.5m | €0.6m | €0.8m | €0.8m | ▼ 2.0% |
| Land and buildings22 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.09m | €0.06m | €0.04m | ▼ 37.3% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 5.4% |
| Financial fixed assets28 | €0.9m | €0.9m | €1.1m | €1.1m | €1.1m | €2.0m | €2.1m | ▲ 5.8% |
| Current assets29/58 | €1.4m | €1.6m | €1.8m | €1.9m | €2.2m | €2.1m | €2.4m | ▲ 16.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Other amounts receivable291 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Amounts receivable within one year40/41 | €0.9m | €1.1m | €1.3m | €1.3m | €1.2m | €0.9m | €1.3m | ▲ 48.9% |
| Trade receivables40 | - | - | - | €0.6m | €0.5m | €0.3m | €0.5m | ▲ 61.3% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.7m | €0.6m | €0.8m | ▲ 42.7% |
| Current investments50/53 | €0.003m | €0.003m | €0.3m | €0.4m | €0.7m | €0.8m | €0.8m | ▲ 0.2% |
| Cash at bank and in hand54/58 | €0.4m | €0.5m | €0.06m | €0.06m | €0.05m | €0.06m | €0.1m | ▲ 119% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.1m | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.7m | €3.3m | €3.6m | €3.9m | €4.9m | €5.3m | ▲ 9.0% |
| Equity10/15 | €1.0m | €1.2m | €1.4m | €1.4m | €1.7m | €1.7m | €2.0m | ▲ 14.7% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Contributions outside capital11 | - | - | - | €0.1m | €0.1m | - | - | - |
| Share premium1100/10 | - | - | - | €0.1m | €0.1m | - | - | - |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.6m | €0.9m | €1.1m | €1.3m | €1.5m | €1.5m | €1.8m | ▲ 16.5% |
| Provisions and deferred taxes16 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Pensions and similar obligations160 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Amounts payable17/49 | €1.2m | €1.2m | €1.6m | €1.9m | €2.0m | €2.9m | €3.1m | ▲ 6.5% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.8m | €0.8m | €0.9m | €1.7m | €1.8m | ▲ 7.9% |
| Financial debts170/4 | - | - | - | €0.8m | €0.9m | €1.7m | €1.8m | ▲ 7.9% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.8m | €1.0m | €1.0m | €1.2m | €1.2m | ▲ 6.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 1.9% |
| Financial debts43 | - | - | - | €0.05m | €0.05m | €0.06m | €0.06m | = |
| Credit institutions430/8 | - | - | - | - | - | €0.06m | €0.06m | = |
| Other loans439 | - | - | - | €0.05m | €0.05m | - | - | - |
| Trade debts44 | €0.02m | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 63.9% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 63.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 61.1% |
| Taxes450/3 | - | - | - | €0.1m | €0.09m | €0.1m | €0.2m | ▲ 85.9% |
| Remuneration and social security454/9 | - | - | - | - | €0.02m | €0.05m | €0.05m | ▲ 8.0% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 25.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.02m | €0.03m | €0.01m | ▼ 55.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 9.3% |
| + Depreciation and write-downs630 | €0.05m | €0.07m | €0.05m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 28.4% |
| Operating cash flow (approximation) | €0.5m | €0.4m | €0.4m | €0.4m | €0.5m | €0.7m | €0.8m | ▲ 12.7% |
| Investment in fixed assets (approximation) | - | -€0.08m | -€0.4m | -€0.2m | -€0.2m | -€1.2m | -€0.3m | ▲ 78.9% |
| Change in cash | - | €0.07m | -€0.4m | €0.002m | -€0.006m | €0.01m | €0.07m | ▲ 664% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2025 | abbreviated format | 14-11-2025 | 2025-00567789 |
| 31-03-2024 | abbreviated format | 19-11-2024 | 2024-00601970 |
| 31-03-2023 | abbreviated format | 30-11-2023 | 2023-00522671 |
| 31-03-2022 | abbreviated format | 29-11-2022 | 2022-20527207 |
| 31-03-2021 | abbreviated format | 18-11-2021 | 2021-77700325 |
| 31-03-2020 | abbreviated format | 30-11-2020 | 2020-73800140 |
| 31-03-2019 | abbreviated format | 04-11-2019 | 2019-73000200 |
| 31-03-2018 | abbreviated format | 07-11-2018 | 2018-71800285 |
| 31-03-2017 | abbreviated format | 16-11-2017 | 2017-69800428 |
| 31-03-2016 | abbreviated format | 07-11-2016 | 2016-67500478 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €21,018 awarded · €21,733 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €6,075 | €6,106 |
| 2024 | 2 | €9,700 | €9,520 |
| 2023 | 1 | €2,775 | €3,639 |
| 2022 | 1 | €2,468 | €2,468 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Stefaan Maene |
|
Owners and capital
Owners
4 ownersChain of control
- MAENE-VANWALLEGHEM FINANCE
- Stemafisk
Highest known parent: MAENE-VANWALLEGHEM FINANCE. The sources do not say who stands above it.
Owners 4
-
84.8%
-
share not stated
-
share not stated
-
share not stated
According to the annual accounts to 31-03-2023 of Stemafisk and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- Maene-Vanwalleghem Finance
- Tyteca Accountancy
- Buro-B
- Q Office
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 03-01-2024 Converted to unavailable equity
Group and network
Holdings and subsidiaries
2 holdingsHoldings 2
-
100%
-
share not stated
According to the annual accounts to 31-03-2023 of Stemafisk and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
1 current directorThe board mandates are listed below; here you explore them as a network.
Board mandates elsewhere
1 board mandateHistory
Acts, filings and financial milestones
03-01
Gazette deed
Resignation: Stefaan Maene (manager)Reappointment: Stefaan Maene (director) · Amendment of the articles · Capital conversion11 facts ▸
- General meeting, 27-12-2023
- Amendment of the articles (2 times)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Kind of shares, “creatie twee soorten A-aandelen en B-aandelen”, 212 (deed in Dutch)
- Shareholding, “A, A-aandelen komen overeen met thans toebehorende aandelen” (deed in Dutch)
- Shareholding, “B, B-aandelen komen overeen met thans toebehorende aandelen” (deed in Dutch) (3 times)
- Director resignation, Stefaan Maene (manager (not named in the articles))
- Director reappointment, Stefaan Maene (director (not named in the articles))
- Director discharge, Stefaan Maene
- Registered office clause, “8490 Jabbeke Gistelsteenweg 403” (deed in Dutch)
- Power of attorney
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 31012C0441/00R000 | Flanders | 2,040 m² | 1 · 487 m² | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De organisatie van boekhoudingsdiensten en raadgeving daaromtrent; Het openen,het houden,het centraliseren en het sluiten van…” (deed in Dutch)
9 activities (deed in Dutch)
- De organisatie van boekhoudingsdiensten en raadgeving daaromtrent
- Het openen,het houden,het centraliseren en het sluiten van boekingen,geschikt voor het opmaken van de rekeningen
- Het bepalen van de resultaten en het opmaken van de jaarrekening in de door de wet bepaalde vorm
- Het belastingadvies,bijstand en vertegenwoordiging van belastingplichtigen in alle belastingaangelegenheden
- Studie-,organisatie- en raadgevend bureau betreffende financiële,fiscale en sociale aangelegenheden
- Juridische dienstverlening,in het bijzonder dan de bijstand bij de oprichting en vereffening van vennootschappen
- De vennootschap mag via inbreng,fusie,inschrijving belangen nemen in of optreden als bestuurder van andere rechtspersonen of vennootschappen met een gelijkaardig voorwerp
- De vennootschap mag optreden als vereffenaar van andere vennootschappen
- De vennootschap mag alle verrichtingen,met inbegrip van financiële,roerende en onroerende verrichtingen,doen die rechtstreeks of onrechtstreeks verband houden met het voorwerp van de vennootschap voor zover die verrichtingen in overeenstemming zijn met de plichtenleer die geldt voor het beroep van boekhouder
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- STEMAFISK
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, bestuursorgaan kan bij enkel besluit administratieve zetels,agentschappen,werkhuizen,stapelplaatsen,bijkantoren vestigen in…” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Benoemd met of zonder beperking van duur, één of meer bestuurders” (deed in Dutch)“Bedrag van vaste of evenredige vergoeding, Artikel 12” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “212, 38” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Alle procedure- en expertisekosten voor de helft ten laste van overdrager en voor andere helft ten laste van koper(s),naar evenredigheid met…” (deed in Dutch)
- Share issue ruleHow and by whom new shares can be issued.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Third Friday of September at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Algemene vergadering beslissende in vormen vereist voor statutenwijziging, 22” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “23, bestuurder(s) in functie krachtens statuten indien geen andere vereffenaar benoemd” (deed in Dutch)