STONE PLUS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 16 filings
Turnover
≈ €140,000
Estimated: probably between €65,000 and €260,000
Total assets
€392,454▲ 1.1%
2024 · €388,145
Net result
€5,648▼ 91.5%
2024 · €66,151
Working capital
€63,469▲ 58.3%
2024 · €40,094
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,986
▼ 90.8%
2025
20182025
Net result
€5,648
▼ 91.5%
2025
middle half of the sector
20182025
Equity
€135,471
▲ 4.4%
2025
middle half of the sector
20182025
Total assets
€392,454
▲ 1.1%
2025
middle half of the sector
20182025
Debt
€256,983
▼ 0.5%
2025
20182025
Working capital
€63,469
▲ 58.3%
2025
middle half of the sector
20182025
Solvency
34.5%
▲ 1.1pp
2025
middle half of the sector
20182025
Current ratio
1.27
▲ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
1.4%
▼ 15.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€34,317-€6,194▼ 81.9%€22,090▲ 257%-€24,093-€49,885▼ 107%€1,102€86,594▲ 79×€7,986▼ 90.8%
Net result€21,778-€3,157▼ 85.5%€16,286within the sector's middle half▲ 416%-€24,365below the sector's middle half€8,500within the sector's middle half€290within the sector's middle half▼ 96.6%€66,151above the sector's middle half▲ 228×€5,648within the sector's middle half▼ 91.5%
Equity€59,805-€62,962▲ 5.3%€79,248within the sector's middle half▲ 25.9%€54,883within the sector's middle half▼ 30.7%€63,383within the sector's middle half▲ 15.5%€63,673within the sector's middle half▲ 0.5%€129,824within the sector's middle half▲ 104%€135,471within the sector's middle half▲ 4.4%
Total assets€503,792-€450,271▼ 10.6%€446,152above the sector's middle half▼ 0.9%€422,458above the sector's middle half▼ 5.3%€209,494within the sector's middle half▼ 50.4%€215,883within the sector's middle half▲ 3.0%€388,145within the sector's middle half▲ 79.8%€392,454within the sector's middle half▲ 1.1%
Debt€443,987-€387,309▼ 12.8%€366,904▼ 5.3%€367,575▲ 0.2%€146,110▼ 60.3%€152,210▲ 4.2%€258,322▲ 69.7%€256,983▼ 0.5%
Working capital€59,629--€37,540-€18,152below the sector's middle half▲ 51.6%-€39,415below the sector's middle half▼ 117%-€24,713below the sector's middle half▲ 37.3%-€32,209below the sector's middle half▼ 30.3%€40,094within the sector's middle half€63,469within the sector's middle half▲ 58.3%
Solvency11.9%-14.0%▲ 2.1pp17.8%within the sector's middle half▲ 3.8pp13.0%within the sector's middle half▼ 4.8pp30.3%within the sector's middle half▲ 17.3pp29.5%within the sector's middle half▼ 0.8pp33.4%within the sector's middle half▲ 4.0pp34.5%within the sector's middle half▲ 1.1pp
Current ratio1.13-0.90▼ 0.230.95within the sector's middle half▲ 0.050.89below the sector's middle half▼ 0.060.81below the sector's middle half▼ 0.080.79below the sector's middle half▼ 0.031.16within the sector's middle half▲ 0.371.27within the sector's middle half▲ 0.11
Return on assets (ROA)4.3%-0.7%▼ 3.6pp3.7%within the sector's middle half▲ 2.9pp-5.8%below the sector's middle half▼ 9.4pp4.1%within the sector's middle half▲ 9.8pp0.1%within the sector's middle half▼ 3.9pp17.0%above the sector's middle half▲ 16.9pp1.4%within the sector's middle half▼ 15.6pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 91% lower than in 2024.
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 €392,454
Fixed assets
€89,822 ▲ 0.1%
Current assets
€302,633 ▲ 1.4%
Equity and liabilities €392,454
Equity
€135,471 ▲ 4.4%
Debt
€256,983 ▼ 0.5%
Debt's share of the balance-sheet total falls from 66.6% to 65.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,896▼
2024 · €92,795
Cash flow
€12,557▼
2024 · €72,352
Debt to equity
1.90▼
2024 · 1.99
ROE
4.2%▼
2024 · 51.0%
Interest coverage
42.47▼
2024 · over 100
Debt ≤ 1 year
€239,164▼
2024 · €258,322
Income taxes
€1,988▼
2024 · €19,944
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | €49,811 | €22,750 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €12,045 | €1,082 | - | €7,001 |
| Financial fixed assets | - | €21 | - | - | - |
| Depreciation and write-downs of the year | €3,102 | €5,471 | €6,021 | €6,202 | €6,910 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,200 | €1,864 | €3,102 | €3,102 | €5,471 | €6,021 | €6,202 | €6,910 | ▲ 11.4% |
| Other operating charges640/8 | - | - | - | €124 | €1,406 | €2,112 | €1,548 | €1,971 | ▲ 27.4% |
| Gross operating margin9900 | €38,178 | €8,120 | €25,192 | -€20,867 | -€43,007 | €9,235 | €94,343 | €16,867 | ▼ 82.1% |
| Operating profit (loss)9901 | €34,317 | €6,194 | €22,090 | -€24,093 | -€49,885 | €1,102 | €86,594 | €7,986 | ▼ 90.8% |
| Financial income75/76B | - | - | - | - | €250,239 | - | €1 | €0 | ▼ 66.0% |
| Recurring financial income75 | €1,177 | €886 | €1,089 | - | €250,239 | - | €1 | €0 | ▼ 66.0% |
| Non-recurring financial income76B | - | - | - | - | €250,239 | - | - | - | - |
| Financial charges65/66B | - | - | - | €259 | €191,854 | €311 | €500 | €351 | ▼ 29.8% |
| Recurring financial charges65 | €4,222 | €2,147 | €5,110 | €259 | €274 | €311 | €500 | €351 | ▼ 29.8% |
| Non-recurring financial charges66B | - | - | - | - | €191,580 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €31,272 | €4,934 | €18,069 | -€24,353 | €8,500 | €790 | €86,094 | €7,636 | ▼ 91.1% |
| Income taxes67/77 | €9,494 | €1,776 | €1,783 | €13 | - | €500 | €19,944 | €1,988 | ▼ 90.0% |
| Profit (loss) for the period9904 | €21,778 | €3,157 | €16,286 | -€24,365 | €8,500 | €290 | €66,151 | €5,648 | ▼ 91.5% |
| Profit (loss) for the period to be appropriated9905 | €21,778 | €3,157 | €16,286 | -€24,365 | €8,500 | €290 | €66,151 | €5,648 | ▼ 91.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €503,792 | €450,271 | €446,152 | €422,458 | €209,494 | €215,883 | €388,145 | €392,454 | ▲ 1.1% |
| Fixed assets21/28 | €176 | €100,502 | €97,400 | €94,298 | €100,892 | €95,932 | €89,730 | €89,822 | ▲ 0.1% |
| Tangible fixed assets22/27 | - | €100,502 | €97,400 | €94,298 | €100,871 | €95,932 | €89,730 | €89,822 | ▲ 0.1% |
| Land and buildings22 | - | - | - | €94,298 | €91,196 | €88,094 | €84,992 | €81,890 | ▼ 3.6% |
| Furniture and vehicles24 | - | - | - | - | €9,675 | €7,838 | €4,738 | €7,931 | ▲ 67.4% |
| Financial fixed assets28 | €176 | - | - | - | €21 | - | - | - | - |
| Current assets29/58 | €503,615 | €349,769 | €348,752 | €328,160 | €108,602 | €119,951 | €298,415 | €302,633 | ▲ 1.4% |
| Amounts receivable within one year40/41 | €347,352 | €303,875 | €299,787 | €302,580 | €96,608 | €109,036 | €220,439 | €294,438 | ▲ 33.6% |
| Trade receivables40 | - | - | - | €187,087 | - | €12,805 | €24,200 | €107,690 | ▲ 345% |
| Other amounts receivable41 | - | - | - | €115,493 | €96,608 | €96,231 | €196,239 | €186,748 | ▼ 4.8% |
| Cash at bank and in hand54/58 | €156,264 | €45,894 | €48,966 | €25,580 | €11,198 | €8,051 | €74,759 | €8,194 | ▼ 89.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €796 | €2,864 | €3,217 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €503,792 | €450,271 | €446,152 | €422,458 | €209,494 | €215,883 | €388,145 | €392,454 | ▲ 1.1% |
| Equity10/15 | €59,805 | €62,962 | €79,248 | €54,883 | €63,383 | €63,673 | €129,824 | €135,471 | ▲ 4.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €18,600 | - | - | - | - |
| Other1109/19 | - | - | - | - | €18,600 | - | - | - | - |
| Reserves13 | €14,501 | €14,501 | €14,501 | €36,283 | €44,783 | €45,073 | €111,224 | €116,871 | ▲ 5.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €34,423 | €42,923 | €43,213 | €111,224 | €116,871 | ▲ 5.1% |
| Profit (loss) carried forward14 | €26,704 | €29,861 | €46,147 | - | - | - | - | - | - |
| Amounts payable17/49 | €443,987 | €387,309 | €366,904 | €367,575 | €146,110 | €152,210 | €258,322 | €256,983 | ▼ 0.5% |
| Amounts payable within one year42/48 | €443,987 | €387,309 | €366,904 | €367,575 | €133,315 | €152,160 | €258,322 | €239,164 | ▼ 7.4% |
| Trade debts44 | €315,033 | €266,869 | €241,188 | €245,431 | €9,634 | €339 | €2,081 | €4,531 | ▲ 118% |
| Suppliers440/4 | - | - | - | €245,431 | €9,634 | €339 | €2,081 | €4,531 | ▲ 118% |
| Taxes, remuneration and social security45 | - | - | - | €3,001 | €4,637 | €11,943 | €53,238 | €36,544 | ▼ 31.4% |
| Taxes450/3 | - | - | - | €1,783 | €119 | €8,566 | €49,811 | €22,750 | ▼ 54.3% |
| Remuneration and social security454/9 | - | - | - | €1,218 | €4,518 | €3,376 | €3,427 | €13,793 | ▲ 302% |
| Other amounts payable47/48 | - | - | - | €119,143 | €119,045 | €139,878 | €203,003 | €198,089 | ▼ 2.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €12,796 | €50 | - | €17,819 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,778 | €3,157 | €16,286 | -€24,365 | €8,500 | €290 | €66,151 | €5,648 | ▼ 91.5% |
| + Depreciation and write-downs630 | €1,200 | €1,864 | €3,102 | €3,102 | €5,471 | €6,021 | €6,202 | €6,910 | ▲ 11.4% |
| Operating cash flow (approximation) | €22,978 | €5,021 | €19,388 | -€21,263 | €13,972 | €6,311 | €72,352 | €12,557 | ▼ 82.6% |
| Investment in fixed assets (approximation) | - | -€102,190 | €0 | €0 | -€12,065 | -€1,061 | €0 | -€7,001 | - |
| Change in cash | - | -€110,370 | €3,072 | -€23,386 | -€14,382 | -€3,147 | €66,708 | -€66,565 | - |
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, 10,904 companies had the same profile as STONE PLUS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of STONE PLUS itself: 0.5% 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 10,904 companies, not a prediction for STONE PLUS. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00286532 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00396646 | |
| 31-12-2023 | micro format | 05-11-2024 | 2024-00527732 | |
| 31-12-2022 | micro format | 23-07-2023 | 2023-00260308 | |
| 31-12-2021 | micro format | 13-12-2022 | 2022-20538276 | |
| 31-12-2020 | micro format | 14-09-2021 | 2021-67200375 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23900396 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25600508 | |
| 31-12-2017 | micro format | 24-09-2018 | 2018-64300188 | |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-48300034 |