STRABEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 11 filings
Turnover
≈ €600,000
Estimated: probably between €500,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€328,336▲ 14.7%
2024 · €286,217
Working capital
€36,859▲ 119%
2024 · €16,801
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€415,619
▲ 31.5%
2025
20182025
Net result
€328,336
▲ 14.7%
2025
highest quarter of the sector
20182025
Equity
€66,679
▲ 73.9%
2025
middle half of the sector
20182025
Total assets
€151,280
▲ 91.8%
2025
middle half of the sector
20182025
Debt
€84,601
▲ 109%
2025
20182025
Working capital
€36,859
▲ 119%
2025
middle half of the sector
20182025
Solvency
44.1%
▼ 4.5pp
2025
middle half of the sector
20182025
Current ratio
1.44
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
217.0%
▼ 145.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.2m▲ 389%€0.07m▼ 71.6%€0.06m▼ 15.0%€0.1m▲ 148%-€0.05m€0.3m€0.4m▲ 31.5%
Net result€0.02m-€0.2m▲ 551%€0.004mwithin the sector's middle half▼ 97.4%€0.1mabove the sector's middle half▲ 29×€0.1mabove the sector's middle half▼ 13.3%€0.08mabove the sector's middle half▼ 29.2%€0.3mabove the sector's middle half▲ 277%€0.3mabove the sector's middle half▲ 14.7%
Equity€0.5m-€0.7m▲ 33.0%€0.2mwithin the sector's middle half▼ 76.2%€0.4mabove the sector's middle half€0.2mwithin the sector's middle half▼ 42.5%€0.04mwithin the sector's middle half▼ 82.7%€0.07mwithin the sector's middle half▲ 73.9%
Total assets€0.9m-€1.2m▲ 30.9%€0.6mwithin the sector's middle half▼ 49.1%€0.3mwithin the sector's middle half▼ 44.2%€0.5mabove the sector's middle half▲ 57.7%€0.5mabove the sector's middle half▼ 4.9%€0.08mbelow the sector's middle half▼ 84.5%€0.2mwithin the sector's middle half▲ 91.8%
Debt€0.4m-€0.5m▲ 28.6%€0.5m▼ 16.6%€0.06m▼ 86.7%€0.1m▲ 146%€0.3m▲ 93.0%€0.04m▼ 85.8%€0.08m▲ 109%
Working capital€0.5m-€0.7m▲ 34.0%€0.1mwithin the sector's middle half▼ 79.0%€0.3mabove the sector's middle half▲ 91.2%€0.4mabove the sector's middle half▲ 41.7%€0.2mabove the sector's middle half▼ 43.9%€0.02mwithin the sector's middle half▼ 91.9%€0.04mwithin the sector's middle half▲ 119%
Solvency53.7%-54.5%▲ 0.8pp25.5%within the sector's middle half▼ 29.0pp72.3%within the sector's middle half43.7%within the sector's middle half▼ 28.5pp48.6%within the sector's middle half▲ 4.9pp44.1%within the sector's middle half▼ 4.5pp
Current ratio2.15-2.20▲ 0.051.30within the sector's middle half▼ 0.905.35above the sector's middle half▲ 4.043.50within the sector's middle half▼ 1.851.73within the sector's middle half▼ 1.771.41within the sector's middle half▼ 0.311.44within the sector's middle half▲ 0.02
Return on assets (ROA)2.7%-13.5%▲ 10.8pp0.7%within the sector's middle half▼ 12.8pp36.6%above the sector's middle half▲ 35.9pp20.1%within the sector's middle half▼ 16.5pp15.0%within the sector's middle half▼ 5.1pp362.8%above the sector's middle half▲ 347.9pp217.0%above the sector's middle half▼ 145.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 32% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2021 Net result +2,840% on 2020. The accounts now follow the micro format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €151,280
Fixed assets
€29,820 ▲ 38.4%
Current assets
€121,460 ▲ 112%
Equity and liabilities €151,280
Equity
€66,679 ▲ 73.9%
Debt
€84,601 ▲ 109%
Debt's share of the balance-sheet total rises from 51.4% to 55.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€417,910▲
2024 · €317,689
Cash flow
€330,626▲
2024 · €287,862
Debt to equity
1.27▲
2024 · 1.06
ROE
492.4%▼
2024 · 746.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€84,601▲
2024 · €40,541
Income taxes
€111,476▲
2024 · €78,023
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 | €1,130 | €746 | - | €9,010 | €10,569 |
| Depreciation and write-downs of the year | €2,033 | €2,340 | €1,408 | €1,645 | €2,291 |
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 | €2,378 | €1,812 | €1,629 | €2,033 | €2,340 | €1,408 | €1,645 | €2,291 | ▲ 39.3% |
| Other operating charges640/8 | - | - | - | €1,160 | €662 | €384 | €514 | €1,167 | ▲ 127% |
| Non-recurring operating charges66A | - | - | - | - | - | €25,500 | - | - | - |
| Gross operating margin9900 | €51,682 | €241,061 | €70,019 | €60,912 | €146,011 | -€25,643 | €318,202 | €419,077 | ▲ 31.7% |
| Operating profit (loss)9901 | €48,855 | €238,798 | €67,938 | €57,719 | €143,009 | -€52,936 | €316,044 | €415,619 | ▲ 31.5% |
| Financial income75/76B | - | - | - | €127,382 | €7,569 | €131,577 | €48,377 | €25,437 | ▼ 47.4% |
| Recurring financial income75 | €23,502 | €2,123 | €64,773 | €127,382 | €7,569 | €131,577 | €48,377 | €25,437 | ▼ 47.4% |
| Financial charges65/66B | - | - | - | €10,966 | €2,557 | €2,625 | €180 | €1,245 | ▲ 591% |
| Recurring financial charges65 | €25,707 | €1,845 | €93,979 | €10,966 | €2,557 | €2,625 | €180 | €1,245 | ▲ 591% |
| Profit (loss) for the period before taxes9903 | €46,650 | €239,076 | €38,732 | €174,135 | €148,021 | €76,017 | €364,241 | €439,811 | ▲ 20.7% |
| Income taxes67/77 | €21,860 | €77,715 | €34,516 | €50,171 | €40,600 | - | €78,023 | €111,476 | ▲ 42.9% |
| Profit (loss) for the period9904 | €24,790 | €161,361 | €4,216 | €123,964 | €107,421 | €76,017 | €286,217 | €328,336 | ▲ 14.7% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €200,000 | - | - |
| Profit (loss) for the period to be appropriated9905 | €24,790 | €161,361 | €4,216 | €123,964 | €107,421 | €76,017 | €486,217 | €328,336 | ▼ 32.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €1.2m | €0.6m | €0.3m | €0.5m | €0.5m | €0.08m | €0.2m | ▲ 91.8% |
| Fixed assets21/28 | €0.004m | €0.001m | €0.02m | €0.02m | €0.02m | €0.01m | €0.02m | €0.03m | ▲ 38.4% |
| Intangible fixed assets21 | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €280 | - | - |
| Tangible fixed assets22/27 | €0.002m | €0.001m | €0.003m | €0.003m | €0.002m | €0.001m | €0.008m | €0.02m | ▲ 104% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.001m | €0.008m | €0.02m | ▲ 104% |
| Financial fixed assets28 | €0.002m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €0.9m | €1.2m | €0.6m | €0.3m | €0.5m | €0.5m | €0.06m | €0.1m | ▲ 112% |
| Amounts receivable after more than one year29 | - | - | - | €0.04m | - | - | - | - | - |
| Trade receivables290 | - | - | - | €0.04m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.3m | €0.3m | €0.2m | €0.03m | €0.07m | €0.008m | €0.003m | ▼ 60.6% |
| Trade receivables40 | - | - | - | €0.002m | - | €0.06m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.2m | €0.03m | €0.003m | €0.008m | €0.003m | ▼ 60.6% |
| Current investments50/53 | €0.5m | €0.5m | €0.3m | - | - | - | €286 | €0.1m | ▲ 350× |
| Cash at bank and in hand54/58 | €0.02m | €0.5m | €0.05m | €0.1m | €0.5m | €0.4m | €0.05m | €0.02m | ▼ 62.7% |
| Deferred charges and accrued income490/1 | - | - | - | €391 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €1.2m | €0.6m | €0.3m | €0.5m | €0.5m | €0.08m | €0.2m | ▲ 91.8% |
| Equity10/15 | €0.5m | €0.7m | €0.2m | - | €0.4m | €0.2m | €0.04m | €0.07m | ▲ 73.9% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.6m | €0.1m | €0.3m | €0.4m | €0.2m | €0.02m | €0.05m | ▲ 144% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.2m | €0.02m | €0.05m | ▲ 144% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.5m | €0.06m | €0.1m | €0.3m | €0.04m | €0.08m | ▲ 109% |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.5m | €0.06m | €0.1m | €0.3m | €0.04m | €0.08m | ▲ 109% |
| Trade debts44 | €0.008m | €0.02m | €0.003m | €420 | €0.003m | €0.005m | €0.002m | €0.004m | ▲ 68.3% |
| Suppliers440/4 | - | - | - | €420 | €0.003m | €0.005m | €0.002m | €0.004m | ▲ 68.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.1m | €0.04m | €0.002m | €0.01m | ▲ 765% |
| Taxes450/3 | - | - | - | €0.05m | €0.1m | €0.04m | - | €0.01m | - |
| Remuneration and social security454/9 | - | - | - | - | €0.02m | €0.002m | €0.002m | €0.002m | = |
| Other amounts payable47/48 | - | - | - | €0.009m | €0.03m | €0.2m | €0.04m | €0.07m | ▲ 84.4% |
| Accrued charges and deferred income492/3 | - | - | - | €15 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,790 | €161,361 | €4,216 | €123,964 | €107,421 | €76,017 | €286,217 | €328,336 | ▲ 14.7% |
| + Depreciation and write-downs630 | €2,378 | €1,812 | €1,629 | €2,033 | €2,340 | €1,408 | €1,645 | €2,291 | ▲ 39.3% |
| Operating cash flow (approximation) | €27,168 | €163,173 | €5,845 | €125,997 | €109,761 | €77,425 | €287,862 | €330,626 | ▲ 14.9% |
| Investment in fixed assets (approximation) | - | €1,564 | -€18,873 | -€1,130 | -€746 | -€1 | -€9,010 | -€10,569 | ▼ 17.3% |
| Change in cash | - | €468,966 | -€436,585 | €80,679 | €359,366 | -€61,818 | -€378,674 | -€30,791 | ▲ 91.9% |
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, 34,693 companies had the same profile as STRABEL 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 STRABEL 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 STRABEL. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00253972 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00404687 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00394069 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00393398 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20390872 | |
| 31-12-2020 | full format | 29-06-2021 | 2021-26500244 | |
| 31-12-2019 | full format | 01-09-2020 | 2020-49800403 | |
| 31-12-2018 | full format | 28-08-2020 | 2020-48400275 | |
| 31-12-2017 | full format | 20-08-2018 | 2018-47800233 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56200039 |