Stolm
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 4 filings
Turnover
≈ €270,000
Estimated: probably between €200,000 and €430,000
Total assets
€335,460▲ 23.1%
2024 · €272,475
Net result
€7,237▼ 72.7%
2024 · €26,492
Working capital
€45,764▲ 1.3%
2024 · €45,169
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€19,296
▼ 49.5%
2025
20222025
Net result
€7,237
▼ 72.7%
2025
middle half of the sector
20222025
Equity
€97,654
▲ 8.0%
2025
middle half of the sector
20222025
Total assets
€335,460
▲ 23.1%
2025
highest quarter of the sector
20222025
Debt
€237,806
▲ 30.6%
2025
20222025
Working capital
€45,764
▲ 1.3%
2025
middle half of the sector
20222025
Solvency
29.1%
▼ 4.1pp
2025
middle half of the sector
20222025
Current ratio
1.22
▼ 0.11
2025
middle half of the sector
20222025
Return on assets (ROA)
2.2%
▼ 7.6pp
2025
middle half of the sector
20222025
Staff (FTE)
no figure
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€38,952-€40,973▲ 5.2%€38,196▼ 6.8%€19,296▼ 49.5%
Net result€31,359above the sector's middle half-€30,965above the sector's middle half▼ 1.3%€26,492within the sector's middle half▼ 14.4%€7,237within the sector's middle half▼ 72.7%
Equity€32,959within the sector's middle half-€63,924within the sector's middle half▲ 93.9%€90,417within the sector's middle half▲ 41.4%€97,654within the sector's middle half▲ 8.0%
Total assets€118,809within the sector's middle half-€177,123within the sector's middle half▲ 49.1%€272,475within the sector's middle half▲ 53.8%€335,460above the sector's middle half▲ 23.1%
Debt€85,850-€113,198▲ 31.9%€182,058▲ 60.8%€237,806▲ 30.6%
Working capital-€6,773below the sector's middle half-€29,746within the sector's middle half€45,169within the sector's middle half▲ 51.8%€45,764within the sector's middle half▲ 1.3%
Solvency27.7%within the sector's middle half-36.1%within the sector's middle half▲ 8.3pp33.2%within the sector's middle half▼ 2.9pp29.1%within the sector's middle half▼ 4.1pp
Current ratio0.91below the sector's middle half-1.27within the sector's middle half▲ 0.351.32within the sector's middle half▲ 0.061.22within the sector's middle half▼ 0.11
Return on assets (ROA)26.4%above the sector's middle half-17.5%within the sector's middle half▼ 8.9pp9.7%within the sector's middle half▼ 7.8pp2.2%within the sector's middle half▼ 7.6pp
Staff (FTE)1.2-0.8▼ 33.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 49% lower than in 2024 and the lowest since 2022. 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 €335,460
Fixed assets
€78,905 ▼ 10.5%
Current assets
€256,555 ▲ 39.2%
Equity and liabilities €335,460
Equity
€97,654 ▲ 8.0%
Debt
€237,806 ▲ 30.6%
Debt's share of the balance-sheet total rises from 66.8% to 70.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50,161▲
2024 · €49,474
Cash flow
€38,102▲
2024 · €37,770
Debt to equity
2.44▲
2024 · 2.01
ROE
7.4%▼
2024 · 29.3%
Interest coverage
5.39▼
2024 · 12.14
Debt ≤ 1 year
€210,791▲
2024 · €139,161
Debt > 1 year
€27,015▼
2024 · €41,097
Income taxes
€3,322▼
2024 · €7,735
Staff costs
€9,789▲
2024 · €1,357
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1.2 | 0.8 |
| On a permanent contract | 1 | - |
| Joined | 2 | 3 |
| Left | 1 | 4 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €44,828 | €1,057 | €66,438 | €21,625 |
| Intangible fixed assets | €5,688 | - | €12,173 | - |
| Depreciation and write-downs of the year | €4,013 | €10,648 | €11,277 | €30,865 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €5,957 awarded · €5,957 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €540 |
| 2024 | 1 | €540 | €0 |
| 2023 | 1 | €3,242 | €3,242 |
| 2022 | 1 | €2,175 | €2,175 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €59,127 | €21,216 | €1,357 | €9,789 | ▲ 621% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,013 | €10,648 | €11,277 | €30,865 | ▲ 174% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,485 | - |
| Other operating charges640/8 | €871 | €975 | €1,990 | €7,595 | ▲ 282% |
| Non-recurring operating charges66A | - | - | €9,009 | - | - |
| Gross operating margin9900 | €102,963 | €73,811 | €61,830 | €69,030 | ▲ 11.6% |
| Operating profit (loss)9901 | €38,952 | €40,973 | €38,196 | €19,296 | ▼ 49.5% |
| Financial income75/76B | €138 | €260 | €105 | €571 | ▲ 445% |
| Recurring financial income75 | €138 | €260 | €105 | €571 | ▲ 445% |
| Financial charges65/66B | €776 | €1,359 | €4,074 | €9,307 | ▲ 128% |
| Recurring financial charges65 | €776 | €1,359 | €4,074 | €9,307 | ▲ 128% |
| Profit (loss) for the period before taxes9903 | €38,314 | €39,873 | €34,227 | €10,559 | ▼ 69.2% |
| Income taxes67/77 | €6,954 | €8,908 | €7,735 | €3,322 | ▼ 57.1% |
| Profit (loss) for the period9904 | €31,359 | €30,965 | €26,492 | €7,237 | ▼ 72.7% |
| Profit (loss) for the period to be appropriated9905 | €31,359 | €30,965 | €26,492 | €7,237 | ▼ 72.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €118,809 | €177,123 | €272,475 | €335,460 | ▲ 23.1% |
| Fixed assets21/28 | €46,503 | €36,912 | €88,145 | €78,905 | ▼ 10.5% |
| Intangible fixed assets21 | €5,379 | €4,242 | €13,900 | €8,542 | ▼ 38.5% |
| Tangible fixed assets22/27 | €41,124 | €32,670 | €74,245 | €70,363 | ▼ 5.2% |
| Plant, machinery and equipment23 | €1,059 | €679 | €2,599 | €691 | ▼ 73.4% |
| Furniture and vehicles24 | €4,711 | €3,954 | €4,447 | €3,276 | ▼ 26.3% |
| Leasing and similar rights25 | €12,411 | €7,801 | €45,639 | €31,239 | ▼ 31.6% |
| Other tangible fixed assets26 | €22,943 | €20,236 | €21,559 | €35,157 | ▲ 63.1% |
| Current assets29/58 | €72,306 | €140,211 | €184,329 | €256,555 | ▲ 39.2% |
| Amounts receivable within one year40/41 | €42,486 | €55,379 | €147,894 | €245,368 | ▲ 65.9% |
| Trade receivables40 | €9,514 | €55,045 | €135,154 | €228,570 | ▲ 69.1% |
| Other amounts receivable41 | €32,971 | €333 | €12,740 | €16,798 | ▲ 31.9% |
| Cash at bank and in hand54/58 | €25,850 | €79,442 | €31,352 | €9,176 | ▼ 70.7% |
| Deferred charges and accrued income490/1 | €3,970 | €5,390 | €5,084 | €2,011 | ▼ 60.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €118,809 | €177,123 | €272,475 | €335,460 | ▲ 23.1% |
| Equity10/15 | €32,959 | €63,924 | €90,417 | €97,654 | ▲ 8.0% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €29,959 | €60,924 | €87,417 | €94,654 | ▲ 8.3% |
| Distributable reserves133 | €29,959 | €60,924 | €87,417 | €94,654 | ▲ 8.3% |
| Amounts payable17/49 | €85,850 | €113,198 | €182,058 | €237,806 | ▲ 30.6% |
| Amounts payable after more than one year17 | €6,771 | €2,734 | €41,097 | €27,015 | ▼ 34.3% |
| Financial debts170/4 | €6,771 | €2,734 | €41,097 | €27,015 | ▼ 34.3% |
| Amounts payable within one year42/48 | €79,079 | €110,464 | €139,161 | €210,791 | ▲ 51.5% |
| Current portion of amounts payable after more than one year42 | €3,961 | €33,372 | €38,814 | €9,465 | ▼ 75.6% |
| Financial debts43 | - | - | - | €150 | - |
| Credit institutions430/8 | - | - | - | €150 | - |
| Trade debts44 | €55,630 | €51,734 | €79,296 | €155,822 | ▲ 96.5% |
| Suppliers440/4 | €55,630 | €51,734 | €79,296 | €155,822 | ▲ 96.5% |
| Advances received on contracts in progress46 | - | - | - | €96 | - |
| Taxes, remuneration and social security45 | €18,089 | €25,358 | €12,848 | €12,759 | ▼ 0.7% |
| Taxes450/3 | €9,487 | €22,858 | €10,348 | €5,935 | ▼ 42.6% |
| Remuneration and social security454/9 | €8,601 | €2,500 | €2,500 | €6,824 | ▲ 173% |
| Other amounts payable47/48 | €1,400 | - | €8,202 | €32,498 | ▲ 296% |
| Accrued charges and deferred income492/3 | - | - | €1,800 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,359 | €30,965 | €26,492 | €7,237 | ▼ 72.7% |
| + Depreciation and write-downs630 | €4,013 | €10,648 | €11,277 | €30,865 | ▲ 174% |
| Operating cash flow (approximation) | €35,372 | €41,613 | €37,770 | €38,102 | ▲ 0.9% |
| Investment in fixed assets (approximation) | - | -€1,057 | -€62,510 | -€21,625 | ▲ 65.4% |
| Change in cash | - | €53,592 | -€48,091 | -€22,175 | ▲ 53.9% |
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, 3,274 companies had the same profile as Stolm has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Stolm itself: 1.1% 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 3,274 companies, not a prediction for Stolm. 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.