Equity
STONEX paid out €500,000 in dividends. That is 99% of the 2025 profit.
STONEX paid out €500,000 in dividends. That is 99% of the 2025 profit.
The result rose in 2025 from €376,669 to €505,241.
The accounts state no turnover.
Green is investment, beige is depreciation.
Higher net result than 92% of companies in office administrative support. Sector median €20,982 · 2,825 companies.
The dashed line is the sector median: 0.2% across 12,668 companies (NACE 82, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, micro). It does better than 42% of them on solvency, 34% on liquidity, 87% on profitability and 44% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 3,127 companies had the same profile as STONEX has now. Each dot stands for 8 companies, two years later.
That fits the bankruptcy probability of STONEX itself: 0.1% within 12 months.
The method was tested on the 497,447 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 3,127 companies, not a prediction for STONEX. 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.
Liquidity is ample, with a current ratio of 1.52 (1.48 in 2024), above the usual 1.5. Short-term debt is 61.3% and cash 25.1% of total assets. However, 61.3% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 13 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| STONEX Lievegem | €0.8m | €673,104 | 38.7% | - |
| VDA SOCIAAL KANTOOR Waregem | €0.7m | €631,222 | 47.2% | - |
| CropEnergies AG Manneheim | €0.9m | €779,923 | 23.0% | 2 |
| Masje Ghent | €1.2m | €678,372 | 82.8% | - |
| G-ausa-R Maldegem | €0.8m | €417,758 | 73.5% | - |
| CP Trade & Invest Sint-Niklaas | €1.0m | €580,153 | 78.1% | - |
| FIDEVINC Lasne | €1.1m | €572,630 | 77.4% | - |
These companies have the same main activity as STONEX: other business support services (NACE 82990). They are comparable in size and age: total assets between €703,000 and €1.2m, founded between 2021 and 2023.
STONEX files the abbreviated format. That format states no turnover. The gross margin rose from €586,650 in 2023 to €673,104 in 2025.
GLOWSTONE holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
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.
Turnover ≈ €1.0m. Estimated: probably between €830,000 and €1.4m.
Higher than 48% of 2,823 companies in 2025.
Higher than 54% of 2,712 companies in 2025.
Higher than 95% of 2,770 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
840,623 | 981,291 | 599,286 | |
21/28 |
54,843 | 76 | 76 | |
22/27 |
54,768 | - | - | |
26 |
54,768 | - | - | |
28 |
76 | 76 | 76 | |
29/58 |
785,780 | 981,216 | 599,211 | |
29 |
446,989 | 423,156 | 138,440 | |
291 |
446,989 | 423,156 | 138,440 | |
40/41 |
92,723 | 32,392 | 52,561 | |
40 |
46,185 | 30,000 | 51,567 | |
41 |
46,538 | 2,392 | 995 | |
54/58 |
211,071 | 515,607 | 403,245 | |
490/1 |
34,997 | 10,061 | 4,965 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
840,623 | 981,291 | 599,286 | |
10/15 |
325,232 | 319,991 | 193,321 | |
10/11 |
3,000 | 3,000 | 3,000 | |
13 |
190,321 | 190,321 | 190,321 | |
133 |
190,321 | 190,321 | 190,321 | |
14 |
131,911 | 126,669 | - | |
17/49 |
515,391 | 661,301 | 405,965 | |
42/48 |
515,391 | 661,301 | 405,965 | |
44 |
1,638 | 657 | 450 | |
440/4 |
1,638 | 657 | 450 | |
45 |
11,789 | 158,245 | 149,795 | |
450/3 |
11,789 | 158,245 | 149,795 | |
47/48 |
501,965 | 502,398 | 255,720 | |
| Income statement | ||||
9900 |
673,104 | 496,457 | 586,650 | |
630 |
3,268 | - | - | |
640/8 |
4,973 | 628 | 832 | |
9901 |
664,864 | 495,830 | 585,818 | |
75/76B |
11,619 | 9,329 | 4,404 | |
75 |
11,619 | 9,329 | 4,404 | |
65/66B |
63 | 39 | 106 | |
65 |
63 | 39 | 106 | |
9903 |
676,420 | 505,119 | 590,117 | |
67/77 |
171,179 | 128,450 | 149,795 | |
9904 |
505,241 | 376,669 | 440,321 | |
9905 |
505,241 | 376,669 | 440,321 | |
| Appropriation of the result | ||||
9906 |
631,911 | 376,669 | 440,321 | |
14P |
126,669 | - | - | |
691/2 |
- | 0 | 190,321 | |
6921 |
- | 0 | 190,321 | |
694/7 |
500,000 | 250,000 | 250,000 | |
694 |
500,000 | 250,000 | 250,000 | |
| Document | ||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-07-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 668,131 | - | - | ||
| 508,509 | - | - | ||
| 58,036 | - | 76 | ||
| -304,536 | 112,362 | - | ||
| 270,389 | 319,915 | 193,246 | ||
| 38.7% | 32.6% | 32.3% | ||
| 1.52 | 1.48 | 1.48 | ||
| 1.58 | 2.07 | 2.10 | ||
| 155.3% | 117.7% | 227.8% | ||
| 60.1% | 38.4% | 73.5% | ||
| over 100 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €58,036 | - | - |
| Financial fixed assets | €0 | - | €76 |
| €3,268 | - | - |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 34% higher than in 2024 and the highest since 2023. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 67.4% to 61.3%. Equity is higher and debt is lower.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of GLOWSTONE. Every holding stands with its own latest accounts.
| IMPERIA ARENA
registered office since 19-08-2011 · founded in 2011 |
total assets €12,498 (2025) 0838.645.667 |
| GLOWSTONE
registered office since 31-08-2022 · founded in 2022 |
total assets €10,066 (2025) 0790.255.139 |
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
STONEX was incorporated on 9 September 2022 as a private limited company by GLOWSTONE, with a starting capital of €3,000.12 The registered office was moved to Lievegem in 2025.3 The board currently has 2 members, 2 of whom have served since 2022.4 Total assets rose from €599,286 in 2023 to €840,623 in 2025.5
| Establishment | Since | Unit number |
|---|---|---|
| Bredestraat 156 registered office 9920 Lievegem | 09-09-2022 | 2.335.513.144 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44036A2057/00A000 | 4,166 m² | 1 · 163 m² | 9.4 m |
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