STRAREX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-01-2026 PDF all 5 filings
Turnover
≈ €1.3m
Estimated: probably between €840,000 and €1.7m
Total assets
€588,419▲ 28.8%
2024 · €456,987
Net result
€73,743▲ 74.2%
2024 · €42,341
Working capital
€95,863▲ 47.7%
2024 · €64,920
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€118,006
▲ 55.9%
2025
20212025
Net result
€73,743
▲ 74.2%
2025
middle half of the sector
20212025
Equity
€194,004
▲ 61.3%
2025
middle half of the sector
20212025
Total assets
€588,419
▲ 28.8%
2025
middle half of the sector
20212025
Debt
€394,414
▲ 17.1%
2025
20212025
Working capital
€95,863
▲ 47.7%
2025
middle half of the sector
20212025
Solvency
33.0%
▲ 6.7pp
2025
middle half of the sector
20212025
Current ratio
1.24
▲ 0.05
2025
middle half of the sector
20212025
Return on assets (ROA)
12.5%
▲ 3.3pp
2025
middle half of the sector
20212025
Staff (FTE)
8.5
▼ 17.5%
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€16,019-€48,361▲ 202%€69,113▲ 42.9%€75,706▲ 9.5%€118,006▲ 55.9%
Net result€6,519within the sector's middle half-€29,571within the sector's middle half▲ 354%€38,831within the sector's middle half▲ 31.3%€42,341within the sector's middle half▲ 9.0%€73,743within the sector's middle half▲ 74.2%
Equity€9,519below the sector's middle half-€39,090within the sector's middle half▲ 311%€77,921within the sector's middle half▲ 99.3%€120,261within the sector's middle half▲ 54.3%€194,004within the sector's middle half▲ 61.3%
Total assets€247,442within the sector's middle half-€248,577within the sector's middle half▲ 0.5%€354,053above the sector's middle half▲ 42.4%€456,987above the sector's middle half▲ 29.1%€588,419within the sector's middle half▲ 28.8%
Debt€237,923-€209,487▼ 12.0%€276,133▲ 31.8%€336,726▲ 21.9%€394,414▲ 17.1%
Working capital-€5,767below the sector's middle half-€16,033within the sector's middle half€18,761within the sector's middle half▲ 17.0%€64,920within the sector's middle half▲ 246%€95,863within the sector's middle half▲ 47.7%
Solvency3.8%below the sector's middle half-15.7%below the sector's middle half▲ 11.9pp22.0%below the sector's middle half▲ 6.3pp26.3%within the sector's middle half▲ 4.3pp33.0%within the sector's middle half▲ 6.7pp
Current ratio0.97below the sector's middle half-1.08within the sector's middle half▲ 0.111.07within the sector's middle half▼ 0.011.19within the sector's middle half▲ 0.121.24within the sector's middle half▲ 0.05
Return on assets (ROA)2.6%within the sector's middle half-11.9%within the sector's middle half▲ 9.3pp11.0%within the sector's middle half▼ 0.9pp9.3%within the sector's middle half▼ 1.7pp12.5%within the sector's middle half▲ 3.3pp
Staff (FTE)3.1-7.6▲ 145%11▲ 44.7%10.3▼ 6.4%8.5above the sector's middle half▼ 17.5%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 56% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €588,419
Fixed assets
€98,141 ▲ 75.2%
Current assets
€490,278 ▲ 22.3%
Equity and liabilities €588,419
Equity
€194,004 ▲ 61.3%
Debt
€394,414 ▲ 17.1%
Debt's share of the balance-sheet total falls from 73.7% to 67.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€141,409▲
2024 · €102,494
Cash flow
€97,146▲
2024 · €69,129
Debt to equity
2.03▼
2024 · 2.80
ROE
38.0%▲
2024 · 35.2%
Interest coverage
17.23▲
2024 · 10.81
Debt ≤ 1 year
€394,414▲
2024 · €336,058
Debt > 1 year
€0▼
2024 · €668
Income taxes
€37,270▲
2024 · €24,093
Staff costs
€479,464▼
2024 · €581,593
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 11 | 10 | 8 |
| full-time | 8 | 8 | 8 | 8 |
| part-time | 1 | 3 | 2 | 0 |
| in full-time equivalents | 8.6 | 10.3 | 9.6 | 8 |
| Average over the year, in full-time equivalents | 7.6 | 11 | 10.3 | 8.5 |
| On a permanent contract | 9 | 11 | 10 | 8 |
| Joined | 5 | 19 | 5 | 3 |
| Left | 3 | 17 | 6 | 5 |
| Training hours | - | - | 418 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €17,181 | €56,978 | €19,481 | €9,738 |
| Intangible fixed assets | - | - | - | €55,798 |
| Financial fixed assets | €550 | €300 | €1,050 | - |
| Depreciation and write-downs of the year | €13,856 | €24,010 | €26,788 | €23,404 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €54,418 awarded · €16,918 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €50,000 | €12,500 |
| 2024 | 1 | €1,020 | €1,020 |
| 2023 | 1 | €3,398 | €3,398 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €294,721 | €560,518 | €581,593 | €479,464 | ▼ 17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,720 | €13,856 | €24,010 | €26,788 | €23,404 | ▼ 12.6% |
| Other operating charges640/8 | - | €892 | €3,683 | €1,286 | €1,110 | ▼ 13.6% |
| Non-recurring operating charges66A | - | - | - | €2,477 | €0 | ▼ 100% |
| Gross operating margin9900 | €288,560 | €357,830 | €657,324 | €687,849 | €621,983 | ▼ 9.6% |
| Operating profit (loss)9901 | €16,019 | €48,361 | €69,113 | €75,706 | €118,006 | ▲ 55.9% |
| Financial income75/76B | - | €61 | €253 | €212 | €1,216 | ▲ 474% |
| Recurring financial income75 | €10 | €61 | €253 | €212 | €1,216 | ▲ 474% |
| Financial charges65/66B | - | €2,106 | €5,126 | €9,484 | €8,209 | ▼ 13.4% |
| Recurring financial charges65 | €361 | €2,106 | €5,126 | €9,484 | €8,209 | ▼ 13.4% |
| Profit (loss) for the period before taxes9903 | €15,667 | €46,316 | €64,240 | €66,434 | €111,013 | ▲ 67.1% |
| Income taxes67/77 | €9,148 | €16,745 | €25,410 | €24,093 | €37,270 | ▲ 54.7% |
| Profit (loss) for the period9904 | €6,519 | €29,571 | €38,831 | €42,341 | €73,743 | ▲ 74.2% |
| Profit (loss) for the period to be appropriated9905 | €6,519 | €29,571 | €38,831 | €42,341 | €73,743 | ▲ 74.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €247,442 | €248,577 | €354,053 | €456,987 | €588,419 | ▲ 28.8% |
| Fixed assets21/28 | €28,199 | €32,074 | €65,043 | €56,009 | €98,141 | ▲ 75.2% |
| Intangible fixed assets21 | - | - | - | - | €55,117 | - |
| Tangible fixed assets22/27 | €28,199 | €31,524 | €64,493 | €54,709 | €41,723 | ▼ 23.7% |
| Land and buildings22 | - | - | - | - | €4,092 | - |
| Plant, machinery and equipment23 | - | €22,010 | €44,065 | €37,783 | €22,887 | ▼ 39.4% |
| Furniture and vehicles24 | - | €6,507 | €18,347 | €15,771 | €14,517 | ▼ 8.0% |
| Other tangible fixed assets26 | - | €3,007 | €2,081 | €1,154 | €228 | ▼ 80.2% |
| Financial fixed assets28 | - | €550 | €550 | €1,300 | €1,300 | = |
| Current assets29/58 | €219,243 | €216,503 | €289,010 | €400,978 | €490,278 | ▲ 22.3% |
| Amounts receivable within one year40/41 | €71,942 | €166,056 | €235,325 | €319,420 | €332,295 | ▲ 4.0% |
| Trade receivables40 | - | €165,856 | €234,533 | €299,798 | €304,377 | ▲ 1.5% |
| Other amounts receivable41 | - | €200 | €792 | €19,622 | €27,918 | ▲ 42.3% |
| Cash at bank and in hand54/58 | €106,936 | €45,732 | €50,708 | €77,454 | €143,130 | ▲ 84.8% |
| Deferred charges and accrued income490/1 | - | €4,715 | €2,978 | €4,104 | €14,853 | ▲ 262% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €247,442 | €248,577 | €354,053 | €456,987 | €588,419 | ▲ 28.8% |
| Equity10/15 | €9,519 | €39,090 | €77,921 | €120,261 | €194,004 | ▲ 61.3% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €6,519 | €36,090 | €74,921 | €117,261 | €191,004 | ▲ 62.9% |
| Distributable reserves133 | - | €36,090 | €74,921 | €117,261 | €191,004 | ▲ 62.9% |
| Amounts payable17/49 | €237,923 | €209,487 | €276,133 | €336,726 | €394,414 | ▲ 17.1% |
| Amounts payable after more than one year17 | €12,913 | €8,674 | €5,884 | €668 | €0 | ▼ 100% |
| Financial debts170/4 | - | €8,674 | €5,884 | €668 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €225,010 | €200,470 | €270,249 | €336,058 | €394,414 | ▲ 17.4% |
| Current portion of amounts payable after more than one year42 | - | €4,239 | €5,101 | €5,216 | €668 | ▼ 87.2% |
| Trade debts44 | €149,798 | €100,851 | €94,851 | €156,973 | €296,534 | ▲ 88.9% |
| Suppliers440/4 | - | €100,851 | €94,851 | €156,973 | €296,534 | ▲ 88.9% |
| Taxes, remuneration and social security45 | - | €94,971 | €100,090 | €113,526 | €97,213 | ▼ 14.4% |
| Taxes450/3 | - | €60,699 | €71,635 | €35,275 | €32,511 | ▼ 7.8% |
| Remuneration and social security454/9 | - | €34,273 | €28,455 | €78,252 | €64,702 | ▼ 17.3% |
| Other amounts payable47/48 | - | €410 | €70,208 | €60,343 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €343 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,519 | €29,571 | €38,831 | €42,341 | €73,743 | ▲ 74.2% |
| + Depreciation and write-downs630 | €8,720 | €13,856 | €24,010 | €26,788 | €23,404 | ▼ 12.6% |
| Operating cash flow (approximation) | €15,239 | €43,427 | €62,840 | €69,129 | €97,146 | ▲ 40.5% |
| Investment in fixed assets (approximation) | - | -€17,731 | -€56,978 | -€17,754 | -€65,535 | ▼ 269% |
| Change in cash | - | -€61,204 | €4,976 | €26,747 | €65,676 | ▲ 146% |
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, 26,972 companies had the same profile as STRAREX has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STRAREX itself: 0.3% 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 26,972 companies, not a prediction for STRAREX. 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 |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 26-01-2026 | 2026-00013474 | |
| 30-06-2024 | micro format | 16-01-2025 | 2025-00005552 | |
| 30-06-2023 | micro format | 06-10-2023 | 2023-00479017 | |
| 30-06-2022 | micro format | 19-01-2023 | 2023-00000557 | |
| 30-06-2021 | micro format | 05-01-2022 | 2022-00300544 |