STRAGIER
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 35 filings
Turnover
≈ €1.1m
Estimated: probably between €840,000 and €1.8m
EBIT margin
Not included in this filing
Net result
€68,965▼ 10.4%
2024 · €76,943
Working capital
€74,549▲ 34.1%
2024 · €55,599
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€98,087
▼ 11.6%
2025
20182025
Net result
€68,965
▼ 10.4%
2025
middle half of the sector
20182025
Equity
€109,585
▼ 0.9%
2025
lowest quarter of the sector
20182025
Total assets
€562,496
▼ 6.4%
2025
lowest quarter of the sector
20182025
Debt
€452,911
▼ 7.6%
2025
20182025
Working capital
€74,549
▲ 34.1%
2025
middle half of the sector
20182025
Solvency
19.5%
▲ 1.1pp
2025
middle half of the sector
20182025
Current ratio
1.23
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
12.3%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.5
=
2025
lowest 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€142,887-€110,225▼ 22.9%€110,804▲ 0.5%€124,236▲ 12.1%€153,849▲ 23.8%€112,073▼ 27.2%€110,998▼ 1.0%€98,087▼ 11.6%
Net result€100,398-€75,187▼ 25.1%€79,412within the sector's middle half▲ 5.6%€90,000within the sector's middle half▲ 13.3%€111,926within the sector's middle half▲ 24.4%€83,396within the sector's middle half▼ 25.5%€76,943within the sector's middle half▼ 7.7%€68,965within the sector's middle half▼ 10.4%
Equity€208,757-€213,944▲ 2.5%€203,356within the sector's middle half▼ 4.9%€188,356within the sector's middle half▼ 7.4%€150,282within the sector's middle half▼ 20.2%€133,678within the sector's middle half▼ 11.0%€110,620within the sector's middle half▼ 17.2%€109,585below the sector's middle half▼ 0.9%
Total assets€577,707-€593,989▲ 2.8%€593,482within the sector's middle half▼ 0.1%€557,376within the sector's middle half▼ 6.1%€581,852within the sector's middle half▲ 4.4%€644,071within the sector's middle half▲ 10.7%€600,883within the sector's middle half▼ 6.7%€562,496below the sector's middle half▼ 6.4%
Debt€368,950-€380,045▲ 3.0%€390,125▲ 2.7%€369,020▼ 5.4%€431,570▲ 17.0%€510,393▲ 18.3%€490,263▼ 3.9%€452,911▼ 7.6%
Working capital€138,624-€142,821▲ 3.0%€136,225within the sector's middle half▼ 4.6%€125,501within the sector's middle half▼ 7.9%€96,033within the sector's middle half▼ 23.5%€36,055within the sector's middle half▼ 62.5%€55,599within the sector's middle half▲ 54.2%€74,549within the sector's middle half▲ 34.1%
Solvency36.1%-36.0%▼ 0.1pp34.3%within the sector's middle half▼ 1.8pp33.8%within the sector's middle half▼ 0.5pp25.8%within the sector's middle half▼ 8.0pp20.8%within the sector's middle half▼ 5.1pp18.4%within the sector's middle half▼ 2.3pp19.5%within the sector's middle half▲ 1.1pp
Current ratio1.81-1.70▼ 0.111.64within the sector's middle half▼ 0.061.57within the sector's middle half▼ 0.071.31within the sector's middle half▼ 0.261.11within the sector's middle half▼ 0.201.16within the sector's middle half▲ 0.061.23within the sector's middle half▲ 0.06
Return on assets (ROA)17.4%-12.7%▼ 4.7pp13.4%above the sector's middle half▲ 0.7pp16.1%above the sector's middle half▲ 2.8pp19.2%above the sector's middle half▲ 3.1pp12.9%above the sector's middle half▼ 6.3pp12.8%above the sector's middle half▼ 0.1pp12.3%above the sector's middle half▼ 0.5pp
Staff (FTE)2.4-2.7▲ 12.5%2.7within the sector's middle half=2.5within the sector's middle half▼ 7.4%2below the sector's middle half▼ 20.0%2.3below the sector's middle half▲ 15.0%2.5below the sector's middle half▲ 8.7%2.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 12% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €562,496
Fixed assets
€159,394 ▼ 22.9%
Current assets
€403,102 ▲ 2.3%
Equity and liabilities €562,496
Equity
€109,585 ▼ 0.9%
Debt
€452,911 ▼ 7.6%
Debt's share of the balance-sheet total falls from 81.6% to 80.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€156,628▼
2024 · €172,337
Cash flow
€127,506▼
2024 · €138,281
Quick ratio
0.69▲
2024 · 0.57
Debt to equity
4.13▼
2024 · 4.43
ROE
62.9%▼
2024 · 69.6%
Interest coverage
26.34▼
2024 · 26.47
Debt ≤ 1 year
€328,553▼
2024 · €338,577
Debt > 1 year
€124,359▼
2024 · €151,686
Income taxes
€24,709▼
2024 · €28,225
Staff costs
€141,655▲
2024 · €137,808
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 3 | 3 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | - | - | 1 | 1 | 1 |
| in full-time equivalents | 2 | 2 | 2.5 | 2.5 | 2.5 |
| Average over the year, in full-time equivalents | 2.5 | 2 | 2.3 | 2.5 | 2.5 |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | 0 | - | 2 | - | 1 |
| Left | 1 | - | 1 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,412 | €9,654 | €145,677 | €1,661 | €11,228 |
| Depreciation and write-downs of the year | €45,616 | €46,227 | €50,374 | €61,338 | €58,542 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €135,887 | €112,134 | €125,877 | €137,808 | €141,655 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,504 | €37,917 | €40,460 | €45,616 | €46,227 | €50,374 | €61,338 | €58,542 | ▼ 4.6% |
| Other operating charges640/8 | - | - | - | €350 | €271 | €285 | €295 | €301 | ▲ 2.0% |
| Gross operating margin9900 | €287,486 | €289,546 | €303,756 | €306,088 | €312,480 | €288,610 | €310,439 | €298,584 | ▼ 3.8% |
| Operating profit (loss)9901 | €142,887 | €110,225 | €110,804 | €124,236 | €153,849 | €112,073 | €110,998 | €98,087 | ▼ 11.6% |
| Financial income75/76B | - | - | - | €16 | €102 | €340 | €681 | €1,534 | ▲ 125% |
| Recurring financial income75 | €28 | €20 | €15 | €16 | €102 | €340 | €681 | €1,534 | ▲ 125% |
| Financial charges65/66B | - | - | - | €2,709 | €2,446 | €2,907 | €6,512 | €5,947 | ▼ 8.7% |
| Recurring financial charges65 | €2,995 | €2,782 | €3,017 | €2,709 | €2,446 | €2,907 | €6,512 | €5,947 | ▼ 8.7% |
| Profit (loss) for the period before taxes9903 | €139,920 | €107,464 | €107,802 | €121,543 | €151,505 | €109,507 | €105,168 | €93,673 | ▼ 10.9% |
| Income taxes67/77 | €39,521 | €32,276 | €28,389 | €31,543 | €39,579 | €26,111 | €28,225 | €24,709 | ▼ 12.5% |
| Profit (loss) for the period9904 | €100,398 | €75,187 | €79,412 | €90,000 | €111,926 | €83,396 | €76,943 | €68,965 | ▼ 10.4% |
| Profit (loss) for the period to be appropriated9905 | €100,398 | €75,187 | €79,412 | €90,000 | €111,926 | €83,396 | €76,943 | €68,965 | ▼ 10.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €577,707 | €593,989 | €593,482 | €557,376 | €581,852 | €644,071 | €600,883 | €562,496 | ▼ 6.4% |
| Fixed assets21/28 | €268,745 | €247,646 | €243,756 | €211,552 | €174,980 | €270,282 | €206,708 | €159,394 | ▼ 22.9% |
| Tangible fixed assets22/27 | €268,425 | €247,326 | €243,437 | €211,233 | €174,660 | €269,962 | €206,388 | €159,075 | ▼ 22.9% |
| Land and buildings22 | - | - | - | €132,702 | €114,961 | €221,847 | €177,670 | €137,412 | ▼ 22.7% |
| Plant, machinery and equipment23 | - | - | - | €50,257 | €39,131 | €28,427 | €17,906 | €6,522 | ▼ 63.6% |
| Furniture and vehicles24 | - | - | - | €28,274 | €20,568 | €19,688 | €10,813 | €15,141 | ▲ 40.0% |
| Financial fixed assets28 | €320 | €320 | €320 | €320 | €320 | €320 | €320 | €320 | = |
| Current assets29/58 | €308,962 | €346,343 | €349,725 | €345,823 | €406,873 | €373,789 | €394,175 | €403,102 | ▲ 2.3% |
| Stocks and contracts in progress3 | €170,518 | €173,993 | €183,798 | €181,957 | €185,116 | €184,775 | €200,102 | €175,410 | ▼ 12.3% |
| Stocks30/36 | - | - | - | €181,957 | €185,116 | €184,775 | €200,102 | €175,410 | ▼ 12.3% |
| Amounts receivable within one year40/41 | €71,432 | €84,076 | €84,778 | €80,844 | €82,131 | €75,440 | €96,065 | €129,531 | ▲ 34.8% |
| Trade receivables40 | - | - | - | €71,607 | €73,823 | €64,537 | €69,256 | €91,214 | ▲ 31.7% |
| Other amounts receivable41 | - | - | - | €9,237 | €8,308 | €10,903 | €26,809 | €38,317 | ▲ 42.9% |
| Current investments50/53 | €560 | €560 | €560 | €560 | €560 | €560 | €560 | €560 | = |
| Cash at bank and in hand54/58 | €66,452 | €86,888 | €79,366 | €81,202 | €137,763 | €111,674 | €96,278 | €96,020 | ▼ 0.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,260 | €1,302 | €1,339 | €1,171 | €1,580 | ▲ 35.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €577,707 | €593,989 | €593,482 | €557,376 | €581,852 | €644,071 | €600,883 | €562,496 | ▼ 6.4% |
| Equity10/15 | €208,757 | €213,944 | €203,356 | €188,356 | €150,282 | €133,678 | €110,620 | €109,585 | ▼ 0.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €146,757 | €151,944 | €141,356 | €126,356 | €88,282 | €71,678 | €48,620 | €47,585 | ▼ 2.1% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €120,156 | €82,082 | €65,478 | €42,420 | €41,385 | ▼ 2.4% |
| Amounts payable17/49 | €368,950 | €380,045 | €390,125 | €369,020 | €431,570 | €510,393 | €490,263 | €452,911 | ▼ 7.6% |
| Amounts payable after more than one year17 | €198,592 | €176,523 | €176,625 | €148,698 | €120,731 | €172,659 | €151,686 | €124,359 | ▼ 18.0% |
| Financial debts170/4 | - | - | - | €148,698 | €120,731 | €172,659 | €151,686 | €124,359 | ▼ 18.0% |
| Amounts payable within one year42/48 | €170,338 | €203,522 | €213,500 | €220,322 | €310,839 | €337,734 | €338,577 | €328,553 | ▼ 3.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,927 | €27,966 | €36,664 | €35,587 | €27,328 | ▼ 23.2% |
| Trade debts44 | €43,898 | €66,542 | €55,869 | €53,952 | €53,591 | €71,791 | €41,382 | €47,187 | ▲ 14.0% |
| Suppliers440/4 | - | - | - | €53,952 | €53,591 | €71,791 | €41,382 | €47,187 | ▲ 14.0% |
| Taxes, remuneration and social security45 | - | - | - | €15,957 | €31,000 | €19,411 | €24,554 | €25,339 | ▲ 3.2% |
| Taxes450/3 | - | - | - | €1,043 | €14,622 | €81 | €2,177 | €2,177 | = |
| Remuneration and social security454/9 | - | - | - | €14,914 | €16,378 | €19,331 | €22,376 | €23,161 | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | €122,486 | €198,281 | €209,868 | €237,054 | €228,699 | ▼ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €100,398 | €75,187 | €79,412 | €90,000 | €111,926 | €83,396 | €76,943 | €68,965 | ▼ 10.4% |
| + Depreciation and write-downs630 | €36,504 | €37,917 | €40,460 | €45,616 | €46,227 | €50,374 | €61,338 | €58,542 | ▼ 4.6% |
| Operating cash flow (approximation) | €136,902 | €113,105 | €119,872 | €135,615 | €158,153 | €133,770 | €138,281 | €127,506 | ▼ 7.8% |
| Investment in fixed assets (approximation) | - | -€16,819 | -€36,570 | -€13,412 | -€9,654 | -€145,677 | €2,236 | -€11,228 | - |
| Change in cash | - | €20,436 | -€7,522 | €1,836 | €56,561 | -€26,089 | -€15,396 | -€258 | ▲ 98.3% |
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, 3,818 companies had the same profile as STRAGIER has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STRAGIER itself: 0.2% 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 3,818 companies, not a prediction for STRAGIER. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 07-07-2026 | 2026-00270429 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00233578 | |
| 31-12-2023 | full format | 29-06-2024 | 2024-00204857 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00165014 | |
| 31-12-2021 | full format | 15-06-2022 | 2022-20078796 | |
| 31-12-2020 | full format | 02-06-2021 | 2021-17400034 | |
| 31-12-2019 | full format | 28-07-2020 | 2020-35500047 | |
| 31-12-2018 | full format | 04-07-2019 | 2019-28600441 | |
| 31-12-2017 | full format | 31-05-2018 | 2018-15100241 | |
| 31-12-2016 | full format | 02-06-2017 | 2017-14500045 |