STONEFIX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 5 filings
Turnover
≈ €120,000
Estimated: probably between €65,000 and €230,000
Total assets
€90,505▲ 70.1%
2024 · €53,201
Net result
€28,549
2024 · -€6,698
Working capital
€59,610▲ 94.2%
2024 · €30,701
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€33,085
2025
20212025
Net result
€28,549
2025
middle half of the sector
20212025
Equity
€60,290
▲ 89.9%
2025
middle half of the sector
20212025
Total assets
€90,505
▲ 70.1%
2025
lowest quarter of the sector
20212025
Debt
€30,215
▲ 40.8%
2025
20212025
Working capital
€59,610
▲ 94.2%
2025
middle half of the sector
20212025
Solvency
66.6%
▲ 7.0pp
2025
middle half of the sector
20212025
Current ratio
2.97
▲ 0.54
2025
middle half of the sector
20212025
Return on assets (ROA)
31.5%
▲ 44.1pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€10,752-€17,939▲ 66.9%€2,389▼ 86.7%-€4,693€33,085
Net result€6,744within the sector's middle half-€10,901within the sector's middle half▲ 61.6%-€5,896below the sector's middle half-€6,698below the sector's middle half▼ 13.6%€28,549within the sector's middle half
Equity€33,435within the sector's middle half-€44,335below the sector's middle half▲ 32.6%€38,439within the sector's middle half▼ 13.3%€31,741below the sector's middle half▼ 17.4%€60,290within the sector's middle half▲ 89.9%
Total assets€75,745within the sector's middle half-€60,394below the sector's middle half▼ 20.3%€63,832within the sector's middle half▲ 5.7%€53,201below the sector's middle half▼ 16.7%€90,505below the sector's middle half▲ 70.1%
Debt€42,310-€16,058▼ 62.0%€25,393▲ 58.1%€21,460▼ 15.5%€30,215▲ 40.8%
Working capital€20,998within the sector's middle half-€32,914within the sector's middle half▲ 56.7%€37,953within the sector's middle half▲ 15.3%€30,701within the sector's middle half▼ 19.1%€59,610within the sector's middle half▲ 94.2%
Solvency44.1%within the sector's middle half-73.4%above the sector's middle half▲ 29.3pp60.2%within the sector's middle half▼ 13.2pp59.7%within the sector's middle half▼ 0.6pp66.6%within the sector's middle half▲ 7.0pp
Current ratio1.50within the sector's middle half-3.05within the sector's middle half▲ 1.552.49within the sector's middle half▼ 0.552.43within the sector's middle half▼ 0.062.97within the sector's middle half▲ 0.54
Return on assets (ROA)8.9%within the sector's middle half-18.0%above the sector's middle half▲ 9.1pp-9.2%below the sector's middle half▼ 27.3pp-12.6%below the sector's middle half▼ 3.4pp31.5%above the sector's middle half▲ 44.1pp
above
within
below
The sector band is the middle half of the companies in Computing infrastructure, data processing, hosting and other information service activities (NACE 63). 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 profit of €33,085, after a loss of €4,693 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €90,505
Fixed assets
€681 ▼ 34.5%
Current assets
€89,824 ▲ 72.2%
Equity and liabilities €90,505
Equity
€60,290 ▲ 89.9%
Debt
€30,215 ▲ 40.8%
Debt's share of the balance-sheet total falls from 40.3% to 33.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€33,444▲
2024 · -€4,472
Cash flow
€28,908▲
2024 · -€6,477
Quick ratio
1.91▼
2024 · 2.43
Debt to equity
0.50▼
2024 · 0.68
ROE
47.4%▲
2024 · -21.1%
Interest coverage
21.68▲
2024 · -2.64
Debt ≤ 1 year
€30,215▲
2024 · €21,460
Income taxes
€8,617▲
2024 · €310
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,801 | €2,115 | €1,681 | €774 | - |
| Depreciation and write-downs of the year | €1,433 | €3,130 | €204 | €221 | €359 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,433 | €3,130 | €204 | €221 | €359 | ▲ 62.7% |
| Other operating charges640/8 | €1,007 | €825 | €805 | €986 | €761 | ▼ 22.9% |
| Gross operating margin9900 | €13,192 | €21,895 | €3,398 | -€3,486 | €34,204 | - |
| Operating profit (loss)9901 | €10,752 | €17,939 | €2,389 | -€4,693 | €33,085 | - |
| Financial income75/76B | €187 | €7 | €20 | €0 | €5,625 | ▲ 46,872× |
| Recurring financial income75 | €187 | €7 | €20 | €0 | €0 | ▼ 75.0% |
| Non-recurring financial income76B | - | - | - | - | €5,625 | - |
| Financial charges65/66B | €860 | €2,029 | €7,977 | €1,695 | €1,543 | ▼ 9.0% |
| Recurring financial charges65 | €860 | €2,029 | €2,026 | €1,695 | €1,543 | ▼ 9.0% |
| Non-recurring financial charges66B | - | - | €5,951 | - | - | - |
| Profit (loss) for the period before taxes9903 | €10,078 | €15,917 | -€5,569 | -€6,388 | €37,166 | - |
| Income taxes67/77 | €3,334 | €5,016 | €328 | €310 | €8,617 | ▲ 28× |
| Profit (loss) for the period9904 | €6,744 | €10,901 | -€5,896 | -€6,698 | €28,549 | - |
| Profit (loss) for the period to be appropriated9905 | €6,744 | €10,901 | -€5,896 | -€6,698 | €28,549 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €75,745 | €60,394 | €63,832 | €53,201 | €90,505 | ▲ 70.1% |
| Fixed assets21/28 | €12,437 | €11,422 | €486 | €1,040 | €681 | ▼ 34.5% |
| Tangible fixed assets22/27 | €12,437 | €11,422 | €486 | €1,040 | €681 | ▼ 34.5% |
| Plant, machinery and equipment23 | €11,543 | €10,732 | - | - | - | - |
| Furniture and vehicles24 | €894 | €690 | €486 | €1,040 | €681 | ▼ 34.5% |
| Current assets29/58 | €63,308 | €48,972 | €63,346 | €52,162 | €89,824 | ▲ 72.2% |
| Stocks and contracts in progress3 | €17,144 | €16,350 | - | - | €32,168 | - |
| Stocks30/36 | €17,144 | €16,350 | - | - | €32,168 | - |
| Amounts receivable within one year40/41 | €33,824 | €27,464 | €57,385 | €49,144 | €46,450 | ▼ 5.5% |
| Trade receivables40 | €12,993 | €9,227 | €36,279 | €41,782 | €43,700 | ▲ 4.6% |
| Other amounts receivable41 | €20,831 | €18,238 | €21,106 | €7,362 | €2,750 | ▼ 62.6% |
| Cash at bank and in hand54/58 | €12,279 | €3,422 | €4,123 | €996 | €10,527 | ▲ 957% |
| Deferred charges and accrued income490/1 | €60 | €1,735 | €1,838 | €2,021 | €679 | ▼ 66.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €75,745 | €60,394 | €63,832 | €53,201 | €90,505 | ▲ 70.1% |
| Equity10/15 | €33,435 | €44,335 | €38,439 | €31,741 | €60,290 | ▲ 89.9% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €32,144 | €43,045 | €43,045 | €43,045 | €59,290 | ▲ 37.7% |
| Distributable reserves133 | €32,144 | €43,045 | €43,045 | €43,045 | €59,290 | ▲ 37.7% |
| Profit (loss) carried forward14 | €290 | €290 | -€5,606 | -€12,304 | - | - |
| Amounts payable17/49 | €42,310 | €16,058 | €25,393 | €21,460 | €30,215 | ▲ 40.8% |
| Amounts payable within one year42/48 | €42,310 | €16,058 | €25,393 | €21,460 | €30,215 | ▲ 40.8% |
| Financial debts43 | - | €1,263 | €1,275 | €763 | €759 | ▼ 0.5% |
| Credit institutions430/8 | - | €1,263 | €1,275 | €763 | €759 | ▼ 0.5% |
| Trade debts44 | €18,686 | €227 | €6,220 | €5,505 | €10,102 | ▲ 83.5% |
| Suppliers440/4 | €18,686 | €227 | €6,220 | €5,505 | €10,102 | ▲ 83.5% |
| Taxes, remuneration and social security45 | €13,624 | €4,568 | €5,524 | €4,000 | €18,961 | ▲ 374% |
| Taxes450/3 | €13,624 | €4,568 | €5,524 | €4,000 | €18,961 | ▲ 374% |
| Other amounts payable47/48 | €10,000 | €10,000 | €12,373 | €11,192 | €392 | ▼ 96.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,744 | €10,901 | -€5,896 | -€6,698 | €28,549 | - |
| + Depreciation and write-downs630 | €1,433 | €3,130 | €204 | €221 | €359 | ▲ 62.7% |
| Operating cash flow (approximation) | €8,178 | €14,031 | -€5,692 | -€6,477 | €28,908 | - |
| Investment in fixed assets (approximation) | - | -€2,115 | €10,732 | -€774 | €0 | - |
| Change in cash | - | -€8,857 | €701 | -€3,127 | €9,531 | - |
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 STONEFIX 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 STONEFIX 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 STONEFIX. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00352132 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00219948 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00320217 | |
| 31-12-2022 | abbreviated format | 23-08-2023 | 2023-00351182 | |
| 31-12-2021 | micro format | 20-05-2022 | 2022-20032497 |