STIMMER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 30 filings
Turnover
€881,137▼ 5.6%
2018 · €932,915
EBIT margin
0.0%▼ 0.3pp
2018 · 0.4%
Net result
-€67,338▲ 61.6%
2024 · -€175,295
Working capital
-€422,436▼ 4.0%
2024 · -€406,243
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€54,242
▲ 66.9%
2025
20182025
Net result
-€67,338
▲ 61.6%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€422,436
▼ 19.0%
2025
lowest quarter of the sector
20182025
Total assets
€67,066
▼ 32.8%
2025
lowest quarter of the sector
20182025
Debt
€489,502
▲ 7.6%
2025
20182025
Working capital
-€422,436
▼ 4.0%
2025
lowest quarter of the sector
20182025
Solvency
-629.9%
▼ 274.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.14
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-100.4%
▲ 75.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.4
▼ 90.8%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€932,915-€881,137▼ 5.6%
Operating result€3,334-€119▼ 96.4%€123,686▲ 1,040×-€2,353-€15,975▼ 579%-€271,906▼ 1,602%-€164,058▲ 39.7%-€54,242▲ 66.9%
Net result€1,789--€741€108,911above the sector's middle half-€2,527below the sector's middle half-€16,166below the sector's middle half▼ 540%-€275,412below the sector's middle half▼ 1,604%-€175,295below the sector's middle half▲ 36.4%-€67,338below the sector's middle half▲ 61.6%
EBIT margin0.4%-0.0%▼ 0.3pp
Equity€6,133-€5,392▼ 12.1%€114,302within the sector's middle half▲ 21×€111,775within the sector's middle half▼ 2.2%€95,610within the sector's middle half▼ 14.5%-€179,802below the sector's middle half-€355,098below the sector's middle half▼ 97.5%-€422,436below the sector's middle half▼ 19.0%
Total assets€151,659-€149,670▼ 1.3%€133,955below the sector's middle half▼ 10.5%€113,622below the sector's middle half▼ 15.2%€156,633below the sector's middle half▲ 37.9%€148,985below the sector's middle half▼ 4.9%€99,831below the sector's middle half▼ 33.0%€67,066below the sector's middle half▼ 32.8%
Debt€145,526-€144,279▼ 0.9%€19,653▼ 86.4%€1,847▼ 90.6%€61,023▲ 33×€328,788▲ 439%€454,928▲ 38.4%€489,502▲ 7.6%
Working capital€4,763-€4,022▼ 15.6%€112,932within the sector's middle half▲ 28×€111,775within the sector's middle half▼ 1.0%€58,294within the sector's middle half▼ 47.8%-€245,841below the sector's middle half-€406,243below the sector's middle half▼ 65.2%-€422,436below the sector's middle half▼ 4.0%
Solvency4.0%-3.6%▼ 0.4pp85.3%above the sector's middle half▲ 81.7pp98.4%above the sector's middle half▲ 13.0pp61.0%within the sector's middle half▼ 37.3pp-120.7%below the sector's middle half▼ 181.7pp-355.7%below the sector's middle half▼ 235.0pp-629.9%below the sector's middle half▼ 274.2pp
Current ratio1.03-1.03=6.75above the sector's middle half▲ 5.7261.52above the sector's middle half▲ 54.781.96within the sector's middle half▼ 59.570.25below the sector's middle half▼ 1.710.11below the sector's middle half▼ 0.150.14below the sector's middle half▲ 0.03
Return on assets (ROA)1.2%--0.5%▼ 1.7pp81.3%above the sector's middle half▲ 81.8pp-2.2%below the sector's middle half▼ 83.5pp-10.3%below the sector's middle half▼ 8.1pp-184.9%below the sector's middle half▼ 174.5pp-175.6%below the sector's middle half▲ 9.3pp-100.4%below the sector's middle half▲ 75.2pp
Staff (FTE)32-27.6▼ 13.8%9.5within the sector's middle half▼ 65.6%0.3below the sector's middle half▼ 96.8%0.1below the sector's middle half▼ 66.7%5within the sector's middle half▲ 50×15.3above the sector's middle half▲ 206%1.4below the sector's middle half▼ 90.8%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 a loss of €54,242, smaller than the loss of €164,058 in 2024.
Key figures and ratios
EBITDA
-€39,572▲
2024 · -€149,389
Cash flow
-€52,669▲
2024 · -€160,626
Interest coverage
-3.03▲
2024 · -13.41
Debt ≤ 1 year
€489,502▲
2024 · €454,705
Income taxes
€17▼
2024 · €93
Staff costs
€65,601▼
2024 · €245,867
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 26 | 1 | 3 |
| full-time | - | 2 | 0 | 3 |
| part-time | - | 24 | 1 | - |
| in full-time equivalents | - | 14.3 | 0.7 | 3 |
| Average over the year, in full-time equivalents | 0.1 | 5 | 15.3 | 1.4 |
| On a permanent contract | - | 26 | 1 | 3 |
| Joined | 1 | 50 | 37 | 3 |
| Left | 1 | 24 | 62 | 0 |
| Training hours | - | - | 16 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €37,450 | - | - | - |
| Intangible fixed assets | - | - | €73,346 | - | - |
| Depreciation and write-downs of the year | - | - | €7,308 | €14,669 | €14,669 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €278,794 awarded · €278,141 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €43,131 | €42,730 |
| 2024 | 2 | €146,189 | €145,937 |
| 2023 | 1 | €85,576 | €85,576 |
| 2022 | 1 | €3,898 | €3,898 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €932,915 | €881,137 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | -€6,288 | €3,317 | €133,080 | €245,867 | €65,601 | ▼ 73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €7,308 | €14,669 | €14,669 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €1,048 | €5,347 | - | - |
| Other operating charges640/8 | - | - | - | €449 | €653 | €719 | €755 | €784 | ▲ 3.8% |
| Non-recurring operating charges66A | - | - | - | €202 | €0 | - | - | €36,700 | - |
| Gross operating margin9900 | - | - | €370,492 | -€7,990 | -€12,005 | -€129,750 | €102,580 | €63,512 | ▼ 38.1% |
| Operating profit (loss)9901 | €3,334 | €119 | €123,686 | -€2,353 | -€15,975 | -€271,906 | -€164,058 | -€54,242 | ▲ 66.9% |
| Financial income75/76B | - | - | - | €0 | - | - | €0 | - | - |
| Recurring financial income75 | €237 | €106 | €2 | €0 | - | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €175 | €191 | €3,506 | €11,144 | €13,079 | ▲ 17.4% |
| Recurring financial charges65 | €1,782 | €967 | €291 | €175 | €191 | €3,506 | €11,144 | €13,079 | ▲ 17.4% |
| Debt charges650 | €849 | €603 | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1,789 | -€741 | €123,397 | -€2,527 | -€16,166 | -€275,412 | -€175,203 | -€67,321 | ▲ 61.6% |
| Income taxes67/77 | - | - | €14,487 | €0 | - | - | €93 | €17 | ▼ 81.2% |
| Profit (loss) for the period9904 | €1,789 | -€741 | €108,911 | -€2,527 | -€16,166 | -€275,412 | -€175,295 | -€67,338 | ▲ 61.6% |
| Profit (loss) for the period to be appropriated9905 | €1,789 | -€741 | €108,911 | -€2,527 | -€16,166 | -€275,412 | -€175,295 | -€67,338 | ▲ 61.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151,659 | €149,670 | €133,955 | €113,622 | €156,633 | €148,985 | €99,831 | €67,066 | ▼ 32.8% |
| Fixed assets21/28 | €1,370 | €1,370 | €1,370 | €0 | €37,450 | €66,038 | €51,369 | €0 | ▼ 100% |
| Intangible fixed assets21 | - | - | - | - | - | €66,038 | €51,369 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | - | - | €37,450 | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €37,450 | - | - | - | - |
| Financial fixed assets28 | €1,370 | €1,370 | €1,370 | €0 | - | - | - | - | - |
| Current assets29/58 | €150,289 | €148,300 | €132,585 | €113,622 | €119,183 | €82,947 | €48,462 | €67,066 | ▲ 38.4% |
| Stocks and contracts in progress3 | - | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €95,895 | €99,572 | €29,145 | €28,788 | €3,592 | €25,080 | €42,478 | €53,042 | ▲ 24.9% |
| Trade receivables40 | - | - | - | €8,274 | €245 | €19,166 | €42,461 | €53,042 | ▲ 24.9% |
| Other amounts receivable41 | - | - | - | €20,514 | €3,347 | €5,913 | €18 | - | - |
| Cash at bank and in hand54/58 | €45,889 | €44,404 | €103,441 | €84,627 | €105,836 | €37,196 | €5,805 | €14,024 | ▲ 142% |
| Deferred charges and accrued income490/1 | - | - | - | €208 | €9,755 | €20,671 | €178 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151,659 | €149,670 | €133,955 | €113,622 | €156,633 | €148,985 | €99,831 | €67,066 | ▼ 32.8% |
| Equity10/15 | €6,133 | €5,392 | €114,302 | €111,775 | €95,610 | -€179,802 | -€355,098 | -€422,436 | ▼ 19.0% |
| Contributions10/11 | €6,205 | €6,205 | - | €6,205 | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Reserves13 | €66,519 | €66,519 | €108,097 | €105,570 | €89,404 | €89,404 | €89,404 | €89,404 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €103,710 | €87,544 | €87,544 | €87,544 | €87,544 | = |
| Profit (loss) carried forward14 | -€66,591 | -€67,332 | €0 | - | - | -€275,412 | -€450,707 | -€518,045 | ▼ 14.9% |
| Amounts payable17/49 | €145,526 | €144,279 | €19,653 | €1,847 | €61,023 | €328,788 | €454,928 | €489,502 | ▲ 7.6% |
| Amounts payable within one year42/48 | €145,526 | €144,279 | €19,653 | €1,847 | €60,889 | €328,788 | €454,705 | €489,502 | ▲ 7.7% |
| Trade debts44 | €2,341 | €7,812 | €6,812 | €1,500 | €60,545 | €41,796 | €72,332 | €9,038 | ▼ 87.5% |
| Suppliers440/4 | - | - | - | €1,500 | €60,545 | €41,796 | €72,332 | €9,038 | ▼ 87.5% |
| Taxes, remuneration and social security45 | - | - | - | €347 | €344 | €24,590 | €16,609 | €14,879 | ▼ 10.4% |
| Taxes450/3 | - | - | - | - | - | €0 | €93 | €364 | ▲ 294% |
| Remuneration and social security454/9 | - | - | - | €347 | €344 | €24,590 | €16,516 | €14,515 | ▼ 12.1% |
| Other amounts payable47/48 | - | - | - | - | - | €262,402 | €365,764 | €465,585 | ▲ 27.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €134 | - | €223 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,789 | -€741 | €108,911 | -€2,527 | -€16,166 | -€275,412 | -€175,295 | -€67,338 | ▲ 61.6% |
| + Depreciation and write-downs630 | - | - | - | - | - | €7,308 | €14,669 | €14,669 | = |
| Operating cash flow (approximation) | €1,789 | -€741 | €108,911 | -€2,527 | -€16,166 | -€268,104 | -€160,626 | -€52,669 | ▲ 67.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €1,370 | -€37,450 | -€35,897 | €0 | €36,700 | - |
| Change in cash | - | -€1,485 | €59,036 | -€18,814 | €21,210 | -€68,640 | -€31,391 | €8,218 | - |
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, 6,619 companies had the same profile as STIMMER has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STIMMER itself: 4.3% 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 6,619 companies, not a prediction for STIMMER. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00248408 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00224232 | |
| 31-12-2023 | abbreviated format | 03-07-2024 | 2024-00213963 | |
| 31-12-2022 | abbreviated format | 19-06-2023 | 2023-00134775 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20173711 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-32300160 | |
| 31-12-2019 | full format | 14-09-2020 | 2020-52600456 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-37300093 | |
| 31-12-2017 | full format | 27-09-2018 | 2018-64900424 | |
| 31-12-2016 | full format | 27-07-2017 | 2017-36700305 |