StevCon
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 13 filings
Turnover
€174,706
EBIT margin
10.2%
Net result
€49,667▲ 23.6%
2024 · €40,177
Working capital
€7,428
2024 · -€54,386
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€71,362
▲ 62.9%
2025
20182025
Net result
€49,667
▲ 23.6%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€109,498
▲ 83.0%
2025
middle half of the sector
20182025
Total assets
€180,995
▲ 49.2%
2025
middle half of the sector
20182025
Debt
€71,497
▲ 16.4%
2025
20182025
Working capital
€7,428
2025
middle half of the sector
20182025
Solvency
60.5%
▲ 11.2pp
2025
middle half of the sector
20182025
Current ratio
1.11
▲ 1.00
2025
middle half of the sector
20182025
Return on assets (ROA)
27.4%
▼ 5.7pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€174,706
Operating result-€208,887--€2,246▲ 98.9%€51,820€17,793▼ 65.7%-€57,199€19,805€43,814▲ 121%€71,362▲ 62.9%
Net result-€218,682--€14,542▲ 93.4%€26,294within the sector's middle half€11,658within the sector's middle half▼ 55.7%-€59,440below the sector's middle half€16,649within the sector's middle half€40,177within the sector's middle half▲ 141%€49,667within the sector's middle half▲ 23.6%
EBIT margin10.2%
Equity-€86,408--€100,950▼ 16.8%€112,229within the sector's middle half€123,887within the sector's middle half▲ 10.4%€64,448within the sector's middle half▼ 48.0%€81,096within the sector's middle half▲ 25.8%€59,831within the sector's middle half▼ 26.2%€109,498within the sector's middle half▲ 83.0%
Total assets€101,141-€55,260▼ 45.4%€244,050within the sector's middle half▲ 342%€218,249within the sector's middle half▼ 10.6%€160,100within the sector's middle half▼ 26.6%€139,234within the sector's middle half▼ 13.0%€121,271within the sector's middle half▼ 12.9%€180,995within the sector's middle half▲ 49.2%
Debt€187,548-€156,209▼ 16.7%€131,821▼ 15.6%€94,362▼ 28.4%€95,653▲ 1.4%€58,138▼ 39.2%€61,440▲ 5.7%€71,497▲ 16.4%
Working capital-€96,876--€74,248▲ 23.4%-€77,561below the sector's middle half▼ 4.5%-€50,731below the sector's middle half▲ 34.6%-€48,910below the sector's middle half▲ 3.6%-€11,821below the sector's middle half▲ 75.8%-€54,386below the sector's middle half▼ 360%€7,428within the sector's middle half
Solvency-85.4%--182.7%▼ 97.2pp46.0%within the sector's middle half▲ 228.7pp56.8%within the sector's middle half▲ 10.8pp40.3%within the sector's middle half▼ 16.5pp58.2%within the sector's middle half▲ 18.0pp49.3%within the sector's middle half▼ 8.9pp60.5%within the sector's middle half▲ 11.2pp
Current ratio0.32-0.19▼ 0.130.38below the sector's middle half▲ 0.190.46below the sector's middle half▲ 0.080.12below the sector's middle half▼ 0.340.35below the sector's middle half▲ 0.230.11below the sector's middle half▼ 0.231.11within the sector's middle half▲ 1.00
Return on assets (ROA)-216.2%--26.3%▲ 189.9pp10.8%within the sector's middle half▲ 37.1pp5.3%within the sector's middle half▼ 5.4pp-37.1%below the sector's middle half▼ 42.5pp12.0%within the sector's middle half▲ 49.1pp33.1%above the sector's middle half▲ 21.2pp27.4%within the sector's middle half▼ 5.7pp
Staff (FTE)0.7
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 operating result for 2025 is 63% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €180,995
Fixed assets
€106,261 ▼ 7.0%
Current assets
€74,734 ▲ 959%
Equity and liabilities €180,995
Equity
€109,498 ▲ 83.0%
Debt
€71,497 ▲ 16.4%
Debt's share of the balance-sheet total falls from 50.7% to 39.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€92,682▲
2024 · €63,323
Cash flow
€70,987▲
2024 · €59,686
Debt to equity
0.65▼
2024 · 1.03
ROE
45.4%▼
2024 · 67.2%
Interest coverage
61.51▼
2024 · 63.89
Debt ≤ 1 year
€67,306▲
2024 · €61,440
Debt > 1 year
€3,781▲
2024 · €0
Income taxes
€20,203▲
2024 · €2,646
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €809 | €13,364 |
| Depreciation and write-downs of the year | €21,261 | €21,261 | €20,440 | €19,510 | €21,320 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €174,706 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €156,535 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €343 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,407 | €11,646 | €1,199 | €21,261 | €21,261 | €20,440 | €19,510 | €21,320 | ▲ 9.3% |
| Other operating charges640/8 | - | - | - | €1,094 | €107 | €604 | €616 | €950 | ▲ 54.2% |
| Gross operating margin9900 | €60,024 | €48,078 | €53,847 | €40,147 | -€35,487 | €40,850 | €63,939 | €93,632 | ▲ 46.4% |
| Operating profit (loss)9901 | -€208,887 | -€2,246 | €51,820 | €17,793 | -€57,199 | €19,805 | €43,814 | €71,362 | ▲ 62.9% |
| Financial income75/76B | - | - | - | €206 | €6 | €18 | €0 | €14 | - |
| Recurring financial income75 | €243 | €234 | €11 | €206 | €6 | €18 | €0 | €14 | - |
| Financial charges65/66B | - | - | - | €1,546 | €2,061 | €3,174 | €991 | €1,507 | ▲ 52.0% |
| Recurring financial charges65 | €3,379 | €8,040 | €3,732 | €1,546 | €2,061 | €3,174 | €991 | €1,507 | ▲ 52.0% |
| Profit (loss) for the period before taxes9903 | -€212,023 | -€10,052 | €48,099 | €16,453 | -€59,254 | €16,649 | €42,823 | €69,870 | ▲ 63.2% |
| Income taxes67/77 | €6,659 | €4,490 | €21,805 | €4,795 | €186 | €0 | €2,646 | €20,203 | ▲ 664% |
| Profit (loss) for the period9904 | -€218,682 | -€14,542 | €26,294 | €11,658 | -€59,440 | €16,649 | €40,177 | €49,667 | ▲ 23.6% |
| Profit (loss) for the period to be appropriated9905 | -€218,682 | -€14,542 | €79,644 | €11,658 | -€59,440 | €16,649 | €40,177 | €49,667 | ▲ 23.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €101,141 | €55,260 | €244,050 | €218,249 | €160,100 | €139,234 | €121,271 | €180,995 | ▲ 49.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €55,166 | €37,345 | €196,469 | €174,618 | €153,357 | €132,917 | €114,217 | €106,261 | ▼ 7.0% |
| Intangible fixed assets21 | €0 | €2,723 | €189,255 | €170,264 | €151,273 | €132,281 | €113,290 | €94,299 | ▼ 16.8% |
| Tangible fixed assets22/27 | €55,166 | €34,031 | €6,625 | €4,355 | €2,085 | €636 | €926 | €11,962 | ▲ 13× |
| Plant, machinery and equipment23 | - | - | - | €2,285 | €1,119 | €0 | €621 | €4,721 | ▲ 661% |
| Furniture and vehicles24 | - | - | - | €2,070 | €966 | €636 | €306 | €7,241 | ▲ 24× |
| Financial fixed assets28 | €0 | €590 | €590 | - | - | - | - | - | - |
| Current assets29/58 | €45,975 | €17,915 | €47,581 | €43,631 | €6,743 | €6,317 | €7,054 | €74,734 | ▲ 959% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €32,359 | €10,439 | €27,752 | €35,197 | €6,420 | €5,336 | €976 | €63,456 | ▲ 65× |
| Trade receivables40 | - | - | - | €12,322 | €1,391 | €2,536 | €0 | €21,393 | - |
| Other amounts receivable41 | - | - | - | €22,874 | €5,029 | €2,800 | €976 | €42,063 | ▲ 43× |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €13,616 | €7,477 | €19,703 | €8,434 | €323 | €980 | €125 | €1,840 | ▲ 15× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €5,953 | €9,438 | ▲ 58.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €101,141 | €55,260 | €244,050 | €218,249 | €160,100 | €139,234 | €121,271 | €180,995 | ▲ 49.2% |
| Equity10/15 | -€86,408 | -€100,950 | €112,229 | €123,887 | €64,448 | €81,096 | €59,831 | €109,498 | ▲ 83.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €193,085 | €193,085 | €193,085 | €193,085 | €193,085 | = |
| Reserves13 | €125,405 | €125,405 | €100,055 | €100,055 | €100,055 | €100,055 | €38,613 | €38,613 | = |
| Distributable reserves133 | - | - | - | €100,055 | €100,055 | €100,055 | €38,613 | €38,613 | = |
| Profit (loss) carried forward14 | -€218,013 | -€232,555 | -€180,911 | -€169,253 | -€228,693 | -€212,044 | -€171,867 | -€122,200 | ▲ 28.9% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €187,548 | €156,209 | €131,821 | €94,362 | €95,653 | €58,138 | €61,440 | €71,497 | ▲ 16.4% |
| Amounts payable after more than one year17 | €43,932 | €62,394 | - | - | €40,000 | €40,000 | €0 | €3,781 | - |
| Financial debts170/4 | - | - | - | - | €40,000 | €40,000 | €0 | €3,781 | - |
| Amounts payable within one year42/48 | €142,852 | €92,163 | €125,142 | €94,362 | €55,653 | €18,138 | €61,440 | €67,306 | ▲ 9.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €2,418 | - |
| Financial debts43 | - | - | - | - | - | - | - | €3,971 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €3,971 | - |
| Trade debts44 | €23,710 | €14,566 | €54,066 | €30,885 | €8,024 | €3,102 | €12,895 | €24,430 | ▲ 89.5% |
| Suppliers440/4 | - | - | - | €30,885 | €8,024 | €3,102 | €12,895 | €24,430 | ▲ 89.5% |
| Taxes, remuneration and social security45 | - | - | - | €16,775 | €578 | €7,634 | €15,227 | €34,395 | ▲ 126% |
| Taxes450/3 | - | - | - | €13,775 | €578 | €7,634 | €15,227 | €34,395 | ▲ 126% |
| Remuneration and social security454/9 | - | - | - | €3,000 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €46,702 | €47,050 | €7,401 | €33,317 | €2,093 | ▼ 93.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €410 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€218,682 | -€14,542 | €26,294 | €11,658 | -€59,440 | €16,649 | €40,177 | €49,667 | ▲ 23.6% |
| + Depreciation and write-downs630 | €16,407 | €11,646 | €1,199 | €21,261 | €21,261 | €20,440 | €19,510 | €21,320 | ▲ 9.3% |
| Operating cash flow (approximation) | -€202,275 | -€2,896 | €27,493 | €32,919 | -€38,179 | €37,089 | €59,686 | €70,987 | ▲ 18.9% |
| Investment in fixed assets (approximation) | - | €6,175 | -€160,324 | €590 | €0 | €0 | -€809 | -€13,364 | ▼ 1,552% |
| Change in cash | - | -€6,139 | €12,226 | -€11,268 | -€8,112 | €657 | -€856 | €1,716 | - |
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, 34,693 companies had the same profile as StevCon has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of StevCon 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 34,693 companies, not a prediction for StevCon. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00338858 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00330014 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00176135 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00282484 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20319946 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-32600501 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-65800279 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61300216 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61900408 | |
| 31-12-2016 | micro format | 11-09-2017 | 2017-60500461 |