STING RAY
ActiveSummary
STING RAY has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.14M and a net result of €277k. Equity is growing by ~9.3% per year across the filed fiscal years. Its solvency ranks better than 49% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▲+2
Solvency62▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €160k at 30 days acceptable
Liquidity tight (current ratio 1.16 against 1.18 in 2024; short-term debt: 28.2% and cash: 16.8% of total assets), and 62.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
37.4%
Return on assets
4.8%
Age of the figures
15 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 10-02-2026, 10 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
10 d late
2024
on the day
2023
1 d early
2022
18 d late
2021
28 d late
2020
2 d late
2019
90 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€277k▲ 46.9%
2024 · €188k
2019: €17k
2020: €-90k▼ -619% vs 2019lowest in 7 years
2021: €64k▲ +171% vs 2020
2022: €97k▲ +52.0% vs 2021
2023: €90k▼ -7.6% vs 2022
2024: €188k▲ +110% vs 2023
2025: €277k▲ +46.9% vs 2024highest in 7 years
2019 → 2025
Working capital
€266k▼ 5.9%
2024 · €283k
2019: €277k
2020: €363k▲ +31.0% vs 2019highest in 7 years
2021: €-266k▼ -173% vs 2020lowest in 7 years
2022: €117k▲ +144% vs 2021
2023: €173k▲ +47.7% vs 2022
2024: €283k▲ +64.1% vs 2023
2025: €266k▼ -5.9% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.34M-€1.59M▲ 18.5%€1.68M▲ 5.6%€1.87M▲ 11.2%€2.14M▲ 14.8%
2021: €1.34Mlowest in 5 years
2022: €1.59M▲ +18.5% vs 2021
2023: €1.68M▲ +5.6% vs 2022
2024: €1.87M▲ +11.2% vs 2023
2025: €2.14M▲ +14.8% vs 2024highest in 5 years
Operating result€168k-€211k▲ 25.7%€206k▼ 2.6%€326k▲ 58.5%€448k▲ 37.3%
2021: €168klowest in 5 years
2022: €211k▲ +25.7% vs 2021
2023: €206k▼ -2.6% vs 2022
2024: €326k▲ +58.5% vs 2023
2025: €448k▲ +37.3% vs 2024highest in 5 years
Net result€64k-€97k▲ 52.0%€90k▼ 7.6%€188k▲ 110%€277k▲ 46.9%
2021: €64klowest in 5 years
2022: €97k▲ +52.0% vs 2021
2023: €90k▼ -7.6% vs 2022
2024: €188k▲ +110% vs 2023
2025: €277k▲ +46.9% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 37% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.73M
Fixed assets
€3.85M ▲ 3.6%
Current assets
€1.88M ▲ 2.0%
Equity and liabilities €5.73M
Equity
€2.14M ▲ 14.8%
Provisions
€254k ▼ 8.8%
Debt
€3.34M ▼ 2.4%
Debt's share of the balance-sheet total falls from 61.4% to 58.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€930k▲
2024 · €809k
Cash flow
€759k▲
2024 · €671k
Current ratio
1.16▼
2024 · 1.18
Debt to equity
1.56▼
2024 · 1.83
ROE
12.9%▲
2024 · 10.1%
ROA
4.8%▲
2024 · 3.4%
Interest coverage
13.45▲
2024 · 10.96
Debt ≤ 1 year
€1.62M▲
2024 · €1.56M
Debt > 1 year
€1.72M▼
2024 · €1.85M
Income taxes
€126k▲
2024 · €92k
Staff costs
€76k▲
2024 · €76k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines
Balance sheet
Code20242025
Assets
Total assets20/58€5.56M€5.73M▲
Fixed assets21/28€3.72M€3.85M▲
Tangible fixed assets22/27€3.67M€3.82M▲
Land and buildings22€3.67M€3.81M▲
Furniture and vehicles24-€6k
Financial fixed assets28€45k€32k▼
Current assets29/58€1.85M€1.88M▲
Amounts receivable within one year40/41€878k€914k▲
Other amounts receivable41€878k€914k▲
Cash at bank and in hand54/58€960k€960k=
Deferred charges and accrued income490/1€9k€9k▲
Equity and liabilities
Total equity and liabilities10/49€5.56M€5.73M▲
Equity10/15€1.87M€2.14M▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€472k€399k▼
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Tax-exempt reserves132€212k€139k▼
Distributable reserves133€254k€254k=
Profit (loss) carried forward14€1.33M€1.68M▲
Provisions and deferred taxes16€279k€254k▼
Provisions for liabilities and charges160/5€208k€208k=
Other liabilities and charges164/5€208k€208k=
Deferred taxes168€71k€46k▼
Amounts payable17/49€3.42M€3.34M▼
Amounts payable after more than one year17€1.85M€1.72M▼
Financial debts170/4€1.03M€904k▼
Other amounts payable178/9€825k€815k▼
Amounts payable within one year42/48€1.56M€1.62M▲
Current portion of amounts payable after more than one year42€135k€151k▲
Trade debts44€40k€68k▲
Suppliers440/4€40k€68k▲
Taxes, remuneration and social security45€77k€73k▼
Taxes450/3€68k€63k▼
Remuneration and social security454/9€9k€11k▲
Other amounts payable47/48€1.31M€1.33M▲
Accrued charges and deferred income492/3€541€87▼
Income statement
Code20242025
Remuneration, social security and pensions62€76k€76k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€483k€482k▼
Other operating charges640/8€43k€82k▲
Gross operating margin9900€927k€1.09M▲
Operating profit (loss)9901€326k€448k▲
Financial income75/76B€5k-
Recurring financial income75€5k-
Financial charges65/66B€74k€69k▼
Recurring financial charges65€74k€69k▼
Profit (loss) for the period before taxes9903€257k€379k▲
Transfer from deferred taxes780€23k€24k▲
Income taxes67/77€92k€126k▲
Profit (loss) for the period9904€188k€277k▲
Transfer from tax-exempt reserves789€70k€73k▲
Profit (loss) for the period to be appropriated9905€258k€350k▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.33M€1.68M▲
Profit (loss) brought forward from the previous period14P€1.07M€1.33M▲
Social balance
Average headcount (FTE)90871.01.0=
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €43k | €61k | €76k | €76k | ▲ 1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €554k | €552k | €518k | €483k | €482k | ▼ 0.1% |
| Other operating charges640/8 | - | €68k | €103k | €43k | €82k | ▲ 89.2% |
| Gross operating margin9900 | €842k | €874k | €888k | €927k | €1.09M | ▲ 17.3% |
| Operating profit (loss)9901 | €168k | €211k | €206k | €326k | €448k | ▲ 37.3% |
| Financial income75/76B | - | - | - | €5k | - | - |
| Recurring financial income75 | - | - | - | €5k | - | - |
| Financial charges65/66B | - | €78k | €80k | €74k | €69k | ▼ 6.3% |
| Recurring financial charges65 | €83k | €78k | €80k | €74k | €69k | ▼ 6.3% |
| Profit (loss) for the period before taxes9903 | €85k | €133k | €126k | €257k | €379k | ▲ 47.2% |
| Transfer from deferred taxes780 | - | €23k | €23k | €23k | €24k | ▲ 4.9% |
| Income taxes67/77 | €49k | €59k | €59k | €92k | €126k | ▲ 37.1% |
| Profit (loss) for the period9904 | €64k | €97k | €90k | €188k | €277k | ▲ 46.9% |
| Transfer from tax-exempt reserves789 | - | €69k | €70k | €70k | €73k | ▲ 4.9% |
| Profit (loss) for the period to be appropriated9905 | €132k | €166k | €160k | €258k | €350k | ▲ 35.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.67M | €5.90M | €5.63M | €5.56M | €5.73M | ▲ 3.1% |
| Fixed assets21/28 | €4.29M | €4.13M | €3.84M | €3.72M | €3.85M | ▲ 3.6% |
| Tangible fixed assets22/27 | €4.28M | €4.11M | €3.80M | €3.67M | €3.82M | ▲ 4.0% |
| Land and buildings22 | - | €4.11M | €3.80M | €3.67M | €3.81M | ▲ 3.9% |
| Furniture and vehicles24 | - | €5k | - | - | €6k | - |
| Financial fixed assets28 | €14k | €14k | €45k | €45k | €32k | ▼ 30.0% |
| Current assets29/58 | €1.38M | €1.77M | €1.79M | €1.85M | €1.88M | ▲ 2.0% |
| Amounts receivable within one year40/41 | €875k | €906k | €859k | €878k | €914k | ▲ 4.1% |
| Other amounts receivable41 | - | €906k | €859k | €878k | €914k | ▲ 4.1% |
| Cash at bank and in hand54/58 | €497k | €858k | €918k | €960k | €960k | = |
| Deferred charges and accrued income490/1 | - | €7k | €8k | €9k | €9k | ▲ 0.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.67M | €5.90M | €5.63M | €5.56M | €5.73M | ▲ 3.1% |
| Equity10/15 | €1.34M | €1.59M | €1.68M | €1.87M | €2.14M | ▲ 14.8% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | - | €62k | €62k | €62k | €62k | = |
| Issued capital100 | - | €62k | €62k | €62k | €62k | = |
| Reserves13 | €529k | €612k | €542k | €472k | €399k | ▼ 15.5% |
| Non-distributable reserves130/1 | - | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | - | €6k | €6k | €6k | €6k | = |
| Tax-exempt reserves132 | - | €352k | €282k | €212k | €139k | ▼ 34.5% |
| Distributable reserves133 | - | €254k | €254k | €254k | €254k | = |
| Profit (loss) carried forward14 | €749k | €914k | €1.07M | €1.33M | €1.68M | ▲ 26.3% |
| Provisions and deferred taxes16 | €499k | €325k | €302k | €279k | €254k | ▼ 8.8% |
| Provisions for liabilities and charges160/5 | - | €208k | €208k | €208k | €208k | = |
| Other liabilities and charges164/5 | - | €208k | €208k | €208k | €208k | = |
| Deferred taxes168 | - | €117k | €94k | €71k | €46k | ▼ 34.5% |
| Amounts payable17/49 | €3.83M | €3.98M | €3.65M | €3.42M | €3.34M | ▼ 2.4% |
| Amounts payable after more than one year17 | €2.16M | €2.32M | €2.00M | €1.85M | €1.72M | ▼ 7.2% |
| Financial debts170/4 | - | €1.46M | €1.16M | €1.03M | €904k | ▼ 12.1% |
| Other amounts payable178/9 | - | €855k | €835k | €825k | €815k | ▼ 1.2% |
| Amounts payable within one year42/48 | €1.64M | €1.65M | €1.61M | €1.56M | €1.62M | ▲ 3.4% |
| Current portion of amounts payable after more than one year42 | - | €225k | €175k | €135k | €151k | ▲ 11.7% |
| Trade debts44 | €31k | €27k | €36k | €40k | €68k | ▲ 72.4% |
| Suppliers440/4 | - | €27k | €36k | €40k | €68k | ▲ 72.4% |
| Taxes, remuneration and social security45 | - | €42k | €84k | €77k | €73k | ▼ 5.5% |
| Taxes450/3 | - | €37k | €84k | €68k | €63k | ▼ 8.4% |
| Remuneration and social security454/9 | - | €5k | - | €9k | €11k | ▲ 16.3% |
| Other amounts payable47/48 | - | €1.36M | €1.32M | €1.31M | €1.33M | ▲ 1.0% |
| Accrued charges and deferred income492/3 | - | €11k | €36k | €541 | €87 | ▼ 83.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64k | €97k | €90k | €188k | €277k | ▲ 46.9% |
| + Depreciation and write-downs630 | €554k | €552k | €518k | €483k | €482k | ▼ 0.1% |
| Operating cash flow (approximation) | €618k | €649k | €607k | €671k | €759k | ▲ 13.1% |
| Investment in fixed assets (approximation) | - | €-384k | €-232k | €-358k | €-617k | ▼ 72.3% |
| Change in cash | - | €362k | €60k | €42k | €36 | ▼ 99.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-02
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 10 days late
2025
30-06
Financial
Highest result since 2019net €277k ▲46.9%
Operating result €448k, net result €277k, both a record.
30-06
Financial
Equity above €2MEq €2.14M ▲14.8%
5 profitable years in a row build equity to €2.14M.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
18-02
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 18 days late
2022
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 28 days late
2021
30-06
Financial
Back to profitnet €64k
Net result €64k after one loss-making year.
02-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 2 days late
2020
30-06
Financial
Weakest financial yearnet €-90k
Net result drops to €-90k, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 90 days late
2019
01-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
22-02
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 22 days late
2017
10-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 130 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Jans-Molenbeek · 1 establishment unit since 1989
Ground area
2,232 m²
Building footprint
316 m²
Volume, LiDAR
6,288 m³
2 parcels, Brussels · tallest building 41.0 m, ±13 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Madouplein 6 7, 1210 Sint-Joost-ten-Node
since 19892.043.588.080
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21524C0021/00G006 | Brussels | 2,105 m² | 1 · 189 m² | 11.2 m · 3 fl. |
| 21572B0363/00Z000 | Brussels | 127 m² | 1 · 127 m² | 41.0 m · 13 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,143 companies in sector 68201 we hold annual accounts for 6,764. 4,211 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-03-1989
Fiscal year end30-06
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.