STEPHEX STABLES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 09-03-2026 PDF all 23 filings
Every figure per financial year
The operating result for 2025 is a loss of €302,370, after a profit of €554,622 in 2024. It is the lowest result since 2021.
Staff
| Item | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 24 | 28 | 27 |
| full-time | 22 | 26 | 24 |
| part-time | 2 | 2 | 3 |
| in full-time equivalents | 22.9 | 26.9 | 25.2 |
| Average over the year, in full-time equivalents | 18.4 | 27.9 | 26.2 |
| On a permanent contract | 24 | 27 | 25 |
| Joined | 42 | 32 | 53 |
| Left | 18 | 29 | 54 |
| Training hours | - | - | 1,406 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Overdue debts
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | €9,000 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.5m | €1.1m | €585,326 | €8.5m |
| Pledge on the business | - | €18.9m | €18.9m | €18.9m |
| Pledge on other assets, amount secured | - | - | - | €9.0m |
| Carrying value of the other pledged assets | €21.7m | €9.0m | €9.0m | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €208,592 | €558,517 | €97,716 | €1.8m |
| Intangible fixed assets | €0 | - | - | - |
| Financial fixed assets | - | - | €1,200 | - |
| Depreciation and write-downs of the year | €1.2m | €973,548 | €939,496 | €1.5m |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is SD Bedrijfsrevisoren.
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Fee for the audit | €25,000 | €27,500 | €27,500 | €27,500 |
| Other work by the auditor | €2,463 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €131.5m | €148.7m | €144.4m | €135.8m | ▼ 5.9% |
| Turnover70 | €101.1m | €97.3m | €107.5m | €128.5m | €145.6m | €142.3m | €130.9m | ▼ 8.0% |
| Other operating income74 | - | - | - | €3.0m | €3.0m | €2.0m | €4.9m | ▲ 139% |
| Non-recurring operating income76A | - | - | - | - | €0.1m | €0.01m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €122.9m | €143.3m | €143.9m | €136.1m | ▼ 5.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €91.4m | €118.9m | €119.2m | €108.8m | ▼ 8.8% |
| Purchases600/8 | - | - | - | €90.4m | €131.6m | €115.6m | €110.9m | ▼ 4.0% |
| Change in stocks: decrease (increase)609 | - | - | - | €1.0m | -€12.7m | €3.7m | -€2.1m | - |
| Services and other goods61 | - | - | - | €27.5m | €22.3m | €22.0m | €24.5m | ▲ 11.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.6m | €1.7m | €1.6m | ▼ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.3m | €1.2m | €1.3m | €1.2m | €1.0m | €0.9m | €1.5m | ▲ 55.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2.0m | -€0.1m | -€0.2m | -€0.3m | ▼ 86.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.2m | €0 | -€0.3m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.3m | €0.2m | €0.3m | €0.1m | ▼ 61.9% |
| Non-recurring operating charges66A | - | - | - | €57 | €0.5m | €0.05m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €5.3m | €2.8m | €2.9m | €8.6m | €5.3m | €0.6m | -€0.3m | - |
| Financial income75/76B | - | - | - | €0.6m | €1.8m | €2.5m | €3.2m | ▲ 24.7% |
| Recurring financial income75 | €0.07m | €0.05m | €0.3m | €0.6m | €1.8m | €2.5m | €3.2m | ▲ 24.7% |
| Income from financial fixed assets750 | - | - | - | €0.4m | €1.8m | €0 | - | - |
| Income from current assets751 | - | - | - | €0.01m | €0 | €2.5m | €1.8m | ▼ 26.5% |
| Other financial income752/9 | - | - | - | €0.2m | €0.02m | €0.03m | €1.3m | ▲ 45× |
| Financial charges65/66B | - | - | - | €0.7m | €1.7m | €2.4m | €1.9m | ▼ 19.7% |
| Recurring financial charges65 | €0.3m | €0.7m | €0.4m | €0.7m | €1.7m | €2.4m | €1.9m | ▼ 19.7% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.4m | €1.6m | €2.3m | €1.8m | ▼ 20.9% |
| Other financial charges652/9 | - | - | - | €0.3m | €0.06m | €0.07m | €0.08m | ▲ 20.7% |
| Profit (loss) for the period before taxes9903 | €5.1m | €2.1m | €2.9m | €8.5m | €5.5m | €0.7m | €0.9m | ▲ 34.4% |
| Income taxes67/77 | €1.6m | €0.2m | €0.3m | €2.0m | €1.7m | €0 | - | - |
| Taxes670/3 | - | - | - | €2.0m | €1.7m | €0 | - | - |
| Profit (loss) for the period9904 | €3.5m | €1.9m | €2.5m | €6.5m | €3.8m | €0.7m | €0.9m | ▲ 34.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.7m | €1.3m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €2.8m | €2.0m | €2.8m | €7.3m | €5.1m | €0.7m | €0.9m | ▲ 34.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €62.5m | €60.0m | €67.7m | €88.4m | €104.5m | €115.4m | €112.6m | ▼ 2.5% |
| Fixed assets21/28 | €16.5m | €18.5m | €6.5m | €5.5m | €4.6m | €3.7m | €4.1m | ▲ 10.4% |
| Intangible fixed assets21 | €0.02m | €0.02m | €0.01m | €0.01m | €0.007m | €0.004m | €0.001m | ▼ 81.0% |
| Tangible fixed assets22/27 | €5.6m | €5.9m | €4.8m | €3.8m | €3.5m | €2.7m | €3.0m | ▲ 13.6% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 20.5% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 7.3% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.4m | €0.3m | €1.6m | ▲ 505% |
| Leasing and similar rights25 | - | - | - | €2.8m | €2.1m | €1.5m | €0.8m | ▼ 43.5% |
| Other tangible fixed assets26 | - | - | - | €0.08m | €0.08m | €0.1m | €0.1m | = |
| Assets under construction and advance payments27 | - | - | - | - | €0.3m | €0.3m | €0.05m | ▼ 85.0% |
| Financial fixed assets28 | €10.9m | €12.6m | €1.7m | €1.7m | €1.0m | €1.1m | €1.1m | ▲ 2.7% |
| Affiliated companies280/1 | - | - | - | €1.7m | €1.0m | €1.0m | €1.0m | = |
| Participating interests280 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable281 | - | - | - | €1.5m | €0.9m | €0.9m | €0.9m | = |
| Other financial fixed assets284/8 | - | - | - | €0.02m | €0.008m | €0.02m | €0.05m | ▲ 132% |
| Shares284 | - | - | - | - | - | €0.001m | €0.001m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.02m | €0.008m | €0.02m | €0.05m | ▲ 140% |
| Current assets29/58 | €46.0m | €41.5m | €61.2m | €82.9m | €99.9m | €111.7m | €108.4m | ▼ 2.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | €44.3m | €45.2m | €49.9m | ▲ 10.5% |
| Other amounts receivable291 | - | - | - | €0.1m | €44.3m | €45.2m | €49.9m | ▲ 10.5% |
| Stocks and contracts in progress3 | €31.3m | €25.5m | €22.0m | €27.2m | €40.0m | €36.1m | €38.8m | ▲ 7.5% |
| Stocks30/36 | - | - | - | €27.2m | €40.0m | €36.1m | €38.8m | ▲ 7.5% |
| Goods purchased for resale34 | - | - | - | €27.2m | €40.0m | €36.1m | €38.8m | ▲ 7.5% |
| Amounts receivable within one year40/41 | €13.9m | €15.0m | €38.7m | €53.0m | €13.9m | €27.6m | €18.2m | ▼ 34.1% |
| Trade receivables40 | - | - | - | €6.0m | €9.6m | €9.4m | €12.8m | ▲ 35.8% |
| Other amounts receivable41 | - | - | - | €47.0m | €4.3m | €18.2m | €5.4m | ▼ 70.5% |
| Cash at bank and in hand54/58 | €0.7m | €0.8m | €0.2m | €2.3m | €0.9m | €2.0m | €0.7m | ▼ 65.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €1.0m | €0.7m | €0.8m | ▲ 9.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €62.5m | €60.0m | €67.7m | €88.4m | €104.5m | €115.4m | €112.6m | ▼ 2.5% |
| Equity10/15 | €16.9m | €18.8m | €21.3m | €27.8m | €31.6m | €32.0m | €32.6m | ▲ 1.9% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €2.5m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €1.3m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.7m | €3.0m | €3.0m | €3.0m | = |
| Profit (loss) carried forward14 | €13.3m | €14.7m | €17.2m | €23.7m | €27.5m | €27.8m | €28.4m | ▲ 2.1% |
| Provisions and deferred taxes16 | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.2m | €0.2m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.4m | €0.4m | €0.2m | €0.2m | = |
| Environmental obligations163 | - | - | - | €0.4m | €0.4m | €0 | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.2m | €0.2m | = |
| Amounts payable17/49 | €45.2m | €41.0m | €46.1m | €60.1m | €72.4m | €83.2m | €79.8m | ▼ 4.1% |
| Amounts payable after more than one year17 | €1.7m | €2.0m | €1.5m | €1.1m | €24.6m | €30.3m | €21.2m | ▼ 30.1% |
| Financial debts170/4 | - | - | - | €1.1m | €24.6m | €30.3m | €21.2m | ▼ 30.1% |
| Leasing and similar obligations172 | - | - | - | €1.1m | €0.6m | €0.3m | €0.1m | ▼ 61.1% |
| Credit institutions173 | - | - | - | - | - | - | €0.5m | - |
| Other loans174 | - | - | - | - | €24.0m | €30.0m | €20.6m | ▼ 31.5% |
| Amounts payable within one year42/48 | €43.4m | €38.7m | €44.0m | €58.3m | €47.4m | €52.9m | €58.2m | ▲ 10.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.5m | €0.5m | €0.3m | €0.6m | ▲ 95.9% |
| Financial debts43 | - | - | - | €8.2m | €5.4m | €12.5m | €7.3m | ▼ 41.9% |
| Credit institutions430/8 | - | - | - | €8.2m | €5.4m | €12.5m | €7.3m | ▼ 41.9% |
| Trade debts44 | €21.9m | €32.9m | €13.4m | €20.3m | €29.7m | €31.3m | €42.8m | ▲ 36.9% |
| Suppliers440/4 | - | - | - | €20.3m | €29.7m | €31.3m | €42.8m | ▲ 36.9% |
| Advances received on contracts in progress46 | - | - | - | €4.4m | €2.6m | €1.8m | €2.1m | ▲ 19.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €1.0m | €0.4m | €0.8m | ▲ 107% |
| Taxes450/3 | - | - | - | €0.06m | €1.0m | €0.2m | €0.7m | ▲ 178% |
| Remuneration and social security454/9 | - | - | - | - | €0.04m | €0.1m | €0.08m | ▼ 34.4% |
| Other amounts payable47/48 | - | - | - | €24.9m | €8.2m | €6.6m | €4.6m | ▼ 30.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.8m | €0.5m | €0.06m | €0.5m | ▲ 730% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.5m | €1.9m | €2.5m | €6.5m | €3.8m | €0.7m | €0.9m | ▲ 34.4% |
| + Depreciation and write-downs630 | €1.3m | €1.2m | €1.3m | €1.2m | €1.0m | €0.9m | €1.5m | ▲ 55.3% |
| Operating cash flow (approximation) | €4.8m | €3.1m | €3.8m | €7.8m | €4.8m | €1.6m | €2.4m | ▲ 46.4% |
| Investment in fixed assets (approximation) | - | -€3.2m | €10.7m | -€0.2m | -€0.04m | -€0.1m | -€1.8m | ▼ 1,574% |
| Change in cash | - | €0.1m | -€0.6m | €2.1m | -€1.5m | €1.1m | -€1.3m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,685 companies had the same profile as STEPHEX STABLES has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of STEPHEX STABLES itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,685 companies, not a prediction for STEPHEX STABLES. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 09-03-2026 | 2026-00051769 | |
| 30-09-2024 | full format | 28-02-2025 | 2025-00041390 | |
| 30-09-2023 | full format | 23-02-2024 | 2024-00033498 | |
| 30-09-2022 | full format | 28-02-2023 | 2023-00032910 | |
| 30-09-2021 | full format | 21-02-2022 | 2022-06200055 | |
| 30-09-2020 | full format | 27-08-2021 | 2021-65600114 | |
| 30-09-2019 | full format | 13-05-2020 | 2020-11900375 | |
| 30-09-2018 | full format | 02-04-2019 | 2019-08800125 | |
| 30-09-2017 | full format | 29-03-2018 | 2018-08100084 | |
| 30-09-2016 | full format | 28-03-2017 | 2017-07300139 |