STH
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00031451.
Annual accounts 2025 filed on 02-02-2026 PDF all 14 filings
Turnover
≈ €83,000
Estimated: probably between €54,000 and €110,000
Total assets
€173,168▼ 3.7%
2024 · €179,764
Net result
€14,640▼ 46.4%
2024 · €27,332
Working capital
€120,384▼ 4.8%
2024 · €126,438
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€21,044
▼ 47.1%
2025
20192025
Net result
€14,640
▼ 46.4%
2025
middle half of the sector
20192025
Equity
€135,844
▼ 1.8%
2025
middle half of the sector
20192025
Total assets
€173,168
▼ 3.7%
2025
middle half of the sector
20192025
Debt
€37,324
▼ 9.8%
2025
20192025
Working capital
€120,384
▼ 4.8%
2025
highest quarter of the sector
20192025
Solvency
78.4%
▲ 1.5pp
2025
highest quarter of the sector
20192025
Current ratio
4.27
▲ 0.05
2025
highest quarter of the sector
20192025
Return on assets (ROA)
8.5%
▼ 6.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€16,615-€24,064▲ 44.8%€25,731▲ 6.9%€17,720▼ 31.1%€41,070▲ 132%€39,805▼ 3.1%€21,044▼ 47.1%
Net result€13,127-€17,910within the sector's middle half▲ 36.4%€20,099within the sector's middle half▲ 12.2%€13,479within the sector's middle half▼ 32.9%€28,101within the sector's middle half▲ 108%€27,332within the sector's middle half▼ 2.7%€14,640within the sector's middle half▼ 46.4%
Equity€57,571-€71,065within the sector's middle half▲ 23.4%€83,264within the sector's middle half▲ 17.2%€92,943within the sector's middle half▲ 11.6%€117,244within the sector's middle half▲ 26.1%€138,368within the sector's middle half▲ 18.0%€135,844within the sector's middle half▼ 1.8%
Total assets€67,198-€111,886within the sector's middle half▲ 66.5%€105,912within the sector's middle half▼ 5.3%€113,770within the sector's middle half▲ 7.4%€173,598within the sector's middle half▲ 52.6%€179,764within the sector's middle half▲ 3.6%€173,168within the sector's middle half▼ 3.7%
Debt€9,626-€40,821▲ 324%€22,648▼ 44.5%€20,827▼ 8.0%€56,354▲ 171%€41,396▼ 26.5%€37,324▼ 9.8%
Working capital€44,113-€40,928within the sector's middle half▼ 7.2%€59,610within the sector's middle half▲ 45.6%€82,269within the sector's middle half▲ 38.0%€105,259within the sector's middle half▲ 27.9%€126,438above the sector's middle half▲ 20.1%€120,384above the sector's middle half▼ 4.8%
Solvency85.7%-63.5%within the sector's middle half▼ 22.2pp78.6%above the sector's middle half▲ 15.1pp81.7%above the sector's middle half▲ 3.1pp67.5%within the sector's middle half▼ 14.2pp77.0%above the sector's middle half▲ 9.4pp78.4%above the sector's middle half▲ 1.5pp
Current ratio6.32-2.04within the sector's middle half▼ 4.283.81within the sector's middle half▲ 1.775.26above the sector's middle half▲ 1.442.88within the sector's middle half▼ 2.384.23within the sector's middle half▲ 1.344.27above the sector's middle half▲ 0.05
Return on assets (ROA)19.5%-16.0%within the sector's middle half▼ 3.5pp19.0%within the sector's middle half▲ 3.0pp11.8%within the sector's middle half▼ 7.1pp16.2%within the sector's middle half▲ 4.3pp15.2%within the sector's middle half▼ 1.0pp8.5%within the sector's middle half▼ 6.7pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 47% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €173,168
Fixed assets
€15,987 ▲ 13.2%
Current assets
€157,180 ▼ 5.1%
Equity and liabilities €173,168
Equity
€135,844 ▼ 1.8%
Debt
€37,324 ▼ 9.8%
Debt's share of the balance-sheet total falls from 23.0% to 21.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,525▼
2024 · €44,294
Cash flow
€19,121▼
2024 · €31,821
Quick ratio
2.37▼
2024 · 2.39
Debt to equity
0.27▼
2024 · 0.30
ROE
10.8%▼
2024 · 19.8%
Interest coverage
80.33▼
2024 · over 100
Debt ≤ 1 year
€36,796▼
2024 · €39,204
Income taxes
€6,576▼
2024 · €12,819
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,718 | €4,453 | €6,243 | €7,501 |
| Depreciation and write-downs of the year | €14,678 | €4,257 | €4,490 | €4,481 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,794 | €15,034 | €14,843 | €14,678 | €4,257 | €4,490 | €4,481 | ▼ 0.2% |
| Other operating charges640/8 | - | - | - | €1,554 | €1,665 | €3,161 | €491 | ▼ 84.5% |
| Non-recurring operating charges66A | - | - | - | €968 | - | - | €1,427 | - |
| Gross operating margin9900 | €26,466 | €42,048 | €42,474 | €34,920 | €46,992 | €47,456 | €27,444 | ▼ 42.2% |
| Operating profit (loss)9901 | €16,615 | €24,064 | €25,731 | €17,720 | €41,070 | €39,805 | €21,044 | ▼ 47.1% |
| Financial income75/76B | - | - | - | €878 | €723 | €500 | €489 | ▼ 2.1% |
| Recurring financial income75 | €1,994 | €698 | €677 | €878 | €723 | €500 | €489 | ▼ 2.1% |
| Financial charges65/66B | - | - | - | €52 | €128 | €154 | €318 | ▲ 106% |
| Recurring financial charges65 | €245 | €443 | €33 | €52 | €128 | €154 | €318 | ▲ 106% |
| Profit (loss) for the period before taxes9903 | €18,364 | €24,319 | €26,375 | €18,545 | €41,665 | €40,150 | €21,216 | ▼ 47.2% |
| Income taxes67/77 | €5,237 | €6,409 | €6,276 | €5,067 | €13,564 | €12,819 | €6,576 | ▼ 48.7% |
| Profit (loss) for the period9904 | €13,127 | €17,910 | €20,099 | €13,479 | €28,101 | €27,332 | €14,640 | ▼ 46.4% |
| Profit (loss) for the period to be appropriated9905 | €13,127 | €17,910 | €20,099 | €13,479 | €28,101 | €27,332 | €14,640 | ▼ 46.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €67,198 | €111,886 | €105,912 | €113,770 | €173,598 | €179,764 | €173,168 | ▼ 3.7% |
| Fixed assets21/28 | €14,797 | €31,575 | €25,102 | €12,173 | €12,369 | €14,122 | €15,987 | ▲ 13.2% |
| Tangible fixed assets22/27 | €14,797 | €31,575 | €25,102 | €12,173 | €12,369 | €14,122 | €15,987 | ▲ 13.2% |
| Plant, machinery and equipment23 | - | - | - | €6,656 | €8,985 | €10,136 | €13,386 | ▲ 32.1% |
| Furniture and vehicles24 | - | - | - | €2,937 | €1,177 | €2,097 | €1,031 | ▼ 50.8% |
| Other tangible fixed assets26 | - | - | - | €2,580 | €2,208 | €1,889 | €1,570 | ▼ 16.9% |
| Current assets29/58 | €52,401 | €80,311 | €80,810 | €101,597 | €161,229 | €165,643 | €157,180 | ▼ 5.1% |
| Stocks and contracts in progress3 | €17,013 | €26,627 | €31,976 | €56,280 | €88,525 | €72,001 | €69,805 | ▼ 3.1% |
| Stocks30/36 | - | - | - | €31,614 | €43,565 | €34,163 | €41,193 | ▲ 20.6% |
| Contracts in progress37 | - | - | - | €24,666 | €44,960 | €37,838 | €28,612 | ▼ 24.4% |
| Amounts receivable within one year40/41 | €15,509 | €13,384 | €8,412 | €21,012 | €71,304 | €69,287 | €62,623 | ▼ 9.6% |
| Trade receivables40 | - | - | - | €9,705 | €55,471 | €69,287 | €57,327 | ▼ 17.3% |
| Other amounts receivable41 | - | - | - | €11,307 | €15,833 | - | €5,295 | - |
| Cash at bank and in hand54/58 | €6,505 | €1,274 | €14,446 | €23,693 | €733 | €23,913 | €22,644 | ▼ 5.3% |
| Deferred charges and accrued income490/1 | - | - | - | €612 | €668 | €442 | €2,109 | ▲ 377% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €67,198 | €111,886 | €105,912 | €113,770 | €173,598 | €179,764 | €173,168 | ▼ 3.7% |
| Equity10/15 | €57,571 | €71,065 | €83,264 | €92,943 | €117,244 | €138,368 | €135,844 | ▼ 1.8% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €16,860 | €34,760 | €54,760 | €65,160 | €90,160 | €112,160 | €114,800 | ▲ 2.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Distributable reserves133 | - | - | - | €60,300 | €85,300 | €109,160 | €111,800 | ▲ 2.4% |
| Profit (loss) carried forward14 | €22,111 | €17,705 | €9,904 | €9,183 | €8,484 | €7,608 | €2,444 | ▼ 67.9% |
| Amounts payable17/49 | €9,626 | €40,821 | €22,648 | €20,827 | €56,354 | €41,396 | €37,324 | ▼ 9.8% |
| Amounts payable within one year42/48 | €8,288 | €39,384 | €21,200 | €19,328 | €55,970 | €39,204 | €36,796 | ▼ 6.1% |
| Trade debts44 | €3,937 | €23,556 | €12,680 | €15,235 | €35,504 | €7,022 | €12,829 | ▲ 82.7% |
| Suppliers440/4 | - | - | - | €15,235 | €35,504 | €7,022 | €12,829 | ▲ 82.7% |
| Taxes, remuneration and social security45 | - | - | - | €293 | €6,966 | €12,986 | €1,750 | ▼ 86.5% |
| Taxes450/3 | - | - | - | €293 | €5,466 | €11,486 | - | - |
| Remuneration and social security454/9 | - | - | - | - | €1,500 | €1,500 | €1,750 | ▲ 16.7% |
| Other amounts payable47/48 | - | - | - | €3,800 | €13,501 | €19,196 | €22,218 | ▲ 15.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,500 | €384 | €2,192 | €528 | ▼ 75.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,127 | €17,910 | €20,099 | €13,479 | €28,101 | €27,332 | €14,640 | ▼ 46.4% |
| + Depreciation and write-downs630 | €8,794 | €15,034 | €14,843 | €14,678 | €4,257 | €4,490 | €4,481 | ▼ 0.2% |
| Operating cash flow (approximation) | €21,922 | €32,944 | €34,942 | €28,157 | €32,358 | €31,821 | €19,121 | ▼ 39.9% |
| Investment in fixed assets (approximation) | - | -€31,811 | -€8,370 | -€1,750 | -€4,453 | -€6,243 | -€6,346 | ▼ 1.7% |
| Change in cash | - | -€5,231 | €13,172 | €9,248 | -€22,961 | €23,180 | -€1,269 | - |
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 STH 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 STH itself: 0.1% 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 STH. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00031451 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00022168 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00018249 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00010085 | |
| 30-06-2021 | micro format | 28-12-2021 | 2021-82400241 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77800171 | |
| 30-06-2019 | micro format | 10-01-2020 | 2020-00800492 | |
| 30-06-2018 | micro format | 07-01-2019 | 2019-00500108 | |
| 30-06-2017 | micro format | 29-12-2017 | 2017-73600024 | |
| 30-06-2016 | abbreviated format | 28-01-2017 | 2017-03000579 |