Active BE 0831.083.825Private limited company

Steps

Heiseltstraat 2B ·3890 Gingelom, Belgium· 15 yrs active

Sector: Production of electricity from non-renewable sources (35110)

Conclusion Checked

Steps has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.15M and a net result of €184k. Equity is growing by ~18.2% per year across the filed fiscal years. Its solvency ranks better than 25% of 266 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€1.15M
Net result	€184k
Staff (FTE)	46.2
Better than sector	25%

Financial profile 5 of 5 axes measured · computed by Checked

73 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 76

Profitability 80

Solvency 31

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.2% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2010, 15 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

76 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€85k

estimate, not credit advice

Score history

58 2023

71 2024

76 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.60 (≥ 1.5) +10

Leverage Debt/equity 9.30 (> 3.0) -10

Profitability ROE 16% (≥ 10%) +10

Interest coverage Interest coverage 24.9× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview3 NBB filings

Annual accounts filed on 08-07-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~18.2%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 35, Electricity, gas, steam and air conditioning supply · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	9.7%	32.4%	better than 25% of 266 sector peers
Net result	€184k	€17k	better than 75% of 266 sector peers
Equity	€1.15M	€466k	better than 68% of 266 sector peers
Gross operating margin	€2.53M	€248k	better than 92% of 265 sector peers
Staff costs	€1.78M	€296k	higher than 94% of 49 sector peers

EBITDA

€676k

+19.2% 23-25

Net profit

€184k

+11.3% 23-25

Cash flow

€662k

+32.8% 23-25

Total assets

€11.81M

+31.7% 23-25

Equity

€1.15M

+19.2% 23-25

Working capital

€2.92M

+40.4% 23-25

Employees (FTE)

46

- 23-25

Staff costs

€1.78M

+36.8% 23-25

Income taxes

€12k

-76.6% 23-25

Debt

€10.67M

+33.2% 23-25

Debt ≤ 1y

€4.87M

+15.3% 23-25

Debt > 1y

€5.80M

+53.1% 23-25

Current ratio

1.60

+7.2% 23-25

Quick ratio

0.76

-1.7% 23-25

Solvency

9.7%

-9.5% 23-25

Debt / equity

9.30

+11.8% 23-25

ROE

16.1%

-6.6% 23-25

ROA

1.6%

-15.4% 23-25

Interest coverage

24.90

-7.6% 23-25

Figures by fiscal year and ratios

Change versus the prior fiscal year, coloured by direction (green = favourable).

Fiscal year	2025 Δ	2024 Δ	2023 Δ
Deposit	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-
EBITDA	+19.2%	+8.8%	-
Net profit	+11.3%	+0.3%	-
Cash flow	+32.8%	+13.0%	-
Staff costs	+36.8%	+18.7%	-
Income taxes	-76.6%	-14.7%	-
Dividends	-	-	-
Total assets	+31.7%	+21.3%	-
Equity	+19.2%	+20.8%	-
Debt	+33.2%	+21.3%	-
of which ≤ 1y	+15.3%	-5.2%	-
of which > 1y	+53.1%	+76.6%	-
Working capital	+40.4%	+430.6%	-
Employees (FTE)	-	-100.0%	-

Ratios (computed)

	2025	2024	2023
Current ratio	1.60	1.49	1.09
Quick ratio	0.76	0.77	0.54
Working capital ratio	24.7%	23.2%	5.3%
Solvency	9.7%	10.7%	10.8%
Debt / equity	9.30	8.32	8.28
Long-term debt ratio	5.06	3.94	2.69
Interest coverage	24.90	26.94	23.11
Gross margin	-	-	-
Net margin	-	-	-
ROA	1.6%	1.8%	2.2%
ROE	16.1%	17.2%	20.7%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €4.02M · 34.1% Current assets €7.79M · 66.0%

Equity & liabilities

Equity €1.15M · 9.7% Debt €10.67M · 90.3%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€11.81M	€8.97M	€7.40M
Fixed assets	21/28	€4.02M	€2.67M	€2.55M
Tangible fixed assets	22/27	€3.95M	€2.59M	€2.48M
Financial fixed assets	28	€75k	€75k	€75k
Current assets	29/58	€7.79M	€6.30M	€4.85M
Stocks & contracts in progress	3	€4.09M	€3.04M	€2.45M
Amounts receivable within one year	40/41	€2.34M	€1.88M	€2.21M
Investments	50/53	€862k	€966k	-
Cash & bank	54/58	€469k	€403k	€170k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€11.81M	€8.97M	€7.40M
Equity	10/15	€1.15M	€963k	€797k
Contributions / capital	10/11	€20k	€20k	€20k
Reserves	13	€1.13M	€943k	€777k
Amounts payable	17/49	€10.67M	€8.01M	€6.60M
Amounts payable after one year	17	€5.80M	€3.79M	€2.15M
Amounts payable within one year	42/48	€4.87M	€4.22M	€4.46M
Trade debts payable within one year	44	€4.42M	€3.97M	€3.89M
Income statement
Gross operating margin	9900	€2.53M	€1.87M	€1.62M
Operating result	9901	€199k	€234k	€245k
Financial income	75	€20k	€2k	€645
Financial charges	65	€27k	€21k	€23k
Result before taxes	9903	€196k	€215k	€224k
Income taxes	67/77	€12k	€50k	€58k
Net result for the period	9904	€184k	€166k	€165k
Result to be appropriated	9905	€184k	€166k	€165k

Directors & mandates 2 directors

Current directors & mandates

Christophe Louisa Pierre BANGELS
Director
State Gazette act 23468612 (20-12-2023)

Current
20-12-2023 → present
2 events
- 20-12-2023 Resigned· Director
- 20-12-2023 Appointed· Director
Pascal Paul BANGELS
Director
State Gazette act 23468612 (20-12-2023)

Current
20-12-2023 → present
2 events
- 20-12-2023 Resigned· Director
- 20-12-2023 Appointed· Director

Legal Structure

NACE primary	Production of electricity from non-renewable sources(35110)
Legal form	Private limited company(610)
Incorporation	26-10-2010
Status	Active
Postal code	3890

Establishment units 1 location

Hannuitstraat 21, 3890 Gingelom

Support activities for crop production

since 20102.193.442.984

Real-estate footprint Source: CBE × cadastre

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
71040C0080/00G000	Flanders	4,720 m²	1 · 4,347 m²	11.3 m · 2 fl.
71026C0046/00A003	Flanders	1,117 m²	1 · 144 m²	8.0 m · 2 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 4 events

All 6Financial 2Gazette 1Filings 3

Next filing, fiscal year 2026, expected by 31-07-2027

2026

08-07

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2025

31-12

Financial Highest result since 2023net €184k ▲11.3%

Net result €184k, the highest in the series.

31-12

Financial Equity above €1MEq €1.15M ▲19.2%

3 profitable years in a row build equity to €1.15M.

14-07

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

2024

29-07

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

20-12

State Gazette act Director changes

Philip Odeurs

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 2 acts read

We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2023

20-12-2023 2 directors appointed, 2 resigning Director changes·Philip Odeurs

Christophe Louisa Pierre BANGELS, Bestuurder
Pascal Paul BANGELS, Bestuurder
Christophe Louisa Pierre BANGELS, Bestuurder
Pascal Paul BANGELS, Bestuurder

Notary: Philip Odeurs · Sint-Truiden

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Crop and animal production, hunting and related service activities01630Production of electricity from non-renewable sources35110Support activities for crop production01610Electricity, gas, steam and air conditioning supply35120Electricity, gas, steam and air conditioning supply35130Electricity, gas, steam and air conditioning supply35140

Names & trade names

Legal nameNL

Steps

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