STUART

Active Private limited companyfounded 2000active for 26 yearsAlbert I laan 245, 8620 NieuwpoortKBO/BCE: BE 0470.638.654

STUART

Financial year 2025

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Annual accounts 2025

micro format, filed on 05-05-2026, 5 days late

Gross margin

€133,458

▼ 8.4%

Operating result

€65,971

▼ 24.6%

Profit

€38,979

▼ 26.3%

Working capital

€229,751

▲ 17.0%

Solvency

59.7%

▲ 4.1 percentage points

Current ratio

3.30

▼ 0.41

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €750,000. Estimated: probably between €580,000 and €1.1m.

Balance sheet

balance sheet total €433,897 on 30-09-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency59.7%

Higher than 72% of 22,817 companies in 2025.

Current ratio3.30

Higher than 79% of 21,951 companies in 2025.

Return on assets9.0%

Higher than 66% of 22,101 companies in 2025.

STUART Middle half of the sector 80% of the sector Micro accounts in retail trade (NACE 47)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter

Staff

Staff cost per FTE€18,833

Staff costs divided by the average number of full-time equivalents.

Joined and left+0

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	433,897	396,088	417,310	460,816	482,057	534,719	498,197	532,615	609,329	595,023	673,721	683,669	240,430	252,772	293,133	284,755	332,434	270,359	357,725
Fixed assets`21/28`	104,450	127,325	150,201	173,077	195,953	223,315	251,919	283,274	317,680	354,489	396,788	444,961	38,699	45,210	50,585	27,823	46,366	67,237	113,720
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	35,000	40,000	45,000	-	-	-	-
Tangible fixed assets`22/27`	104,450	127,325	150,201	173,077	195,953	223,315	251,919	283,274	317,680	354,489	396,788	444,961	1,006	2,517	2,892	25,130	43,673	64,544	111,027
Land and buildings`22`	104,450	127,325	150,201	173,077	195,953	223,315	251,723	282,833	316,944	354,489	396,788	444,514	-	662	1,490	2,483	288	1,410	2,793
Plant, machinery and equipment`23`	-	-	-	-	-	-	196	441	735	-	-	-	-	-	-	-	-	3,394	8,800
Furniture and vehicles`24`	-	-	-	-	-	-	-	-	-	-	-	447	1,006	1,855	1,402	22,647	43,385	59,740	99,434
Financial fixed assets`28`	-	-	-	-	-	-	-	-	-	-	-	-	2,693	2,693	2,693	2,693	2,693	2,693	2,693
Current assets`29/58`	329,447	268,763	267,109	287,739	286,104	311,403	246,277	249,341	291,650	240,534	276,933	238,708	201,731	207,562	242,548	256,932	286,068	203,122	244,005
Stocks and contracts in progress`3`	138,750	136,250	111,755	175,530	133,125	205,230	194,500	187,900	206,890	203,832	218,187	159,588	129,222	157,477	157,752	139,473	148,572	103,495	41,000
Stocks`30/36`	138,750	136,250	111,755	175,530	133,125	205,230	194,500	187,900	206,890	203,832	218,187	159,588	129,222	157,477	157,752	139,473	148,572	103,495	41,000
Amounts receivable within one year`40/41`	47,919	21,378	16,063	12,299	3,901	5,766	1,837	12,988	5,967	1,795	12,457	50,374	16,157	17,793	15,944	17,612	55,489	13,926	29,718
Trade receivables`40`	1,618	3,617	3,972	3,621	1,071	1,512	1,713	7,874	5,854	1,635	1,954	886	1,762	14,030	2,622	2,789	19,067	5,972	22,274
Other amounts receivable`41`	46,301	17,761	12,092	8,678	2,831	4,254	124	5,114	113	160	10,503	49,488	14,395	3,763	13,322	14,823	36,422	7,954	7,444
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,000	-	-	-	-
Cash at bank and in hand`54/58`	141,298	109,708	137,593	98,240	148,253	98,334	48,874	45,542	78,792	34,636	46,018	28,746	55,645	32,292	38,852	99,847	81,975	84,367	172,395
Deferred charges and accrued income`490/1`	1,480	1,427	1,697	1,670	824	2,073	1,066	2,911	-	271	271	-	707	-	-	-	32	1,334	892
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	433,897	396,088	417,310	460,816	482,057	534,719	498,197	532,615	609,329	595,023	673,721	683,669	240,430	252,772	293,133	284,755	332,434	270,359	357,725
Equity`10/15`	258,948	219,969	167,073	160,532	142,005	150,761	179,629	175,042	170,658	146,481	131,717	112,068	166,005	122,490	39,630	27,896	161,492	177,058	171,005
Contributions`10/11`	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000
Issued capital`100`	-	-	-	-	-	-	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000
Uncalled capital`101`	-	-	-	-	-	-	14,000	14,000	14,000	14,000	14,000	14,000	14,000	14,000	14,000	14,000	14,000	14,000	14,000
Reserves`13`	251,948	212,969	160,073	153,532	135,005	143,761	172,629	168,042	163,658	139,481	124,717	159,005	159,005	115,490	32,630	20,896	154,492	170,058	164,005
Non-distributable reserves`130/1`	-	-	0	2,100	2,100	2,100	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	2,100	2,100	2,100	2,100	2,100	2,100	2,100	2,100	2,100	2,100	2,100	2,100	2,100
Reserves not available under the articles`1311`	-	-	0	2,100	2,100	2,100	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	-	-	-	0	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750
Distributable reserves`133`	251,948	212,969	160,073	151,432	114,155	122,911	151,779	147,192	142,808	118,631	103,867	138,155	138,155	94,640	11,780	46	133,642	149,208	143,155
Profit (loss) carried forward`14`	-	0	0	0	-	-	-	-	-	-	-	-53,937	-	-	-	-	-	-	-
Amounts payable`17/49`	174,949	176,119	250,237	300,284	340,052	383,958	318,568	357,574	438,671	448,543	542,004	571,601	74,425	130,282	253,503	256,859	170,942	93,301	186,720
Amounts payable after more than one year`17`	75,253	103,473	131,693	159,913	188,133	216,353	238,933	280,914	322,466	363,600	404,327	444,660	-	39,000	27,850	-	-	2,800	9,521
Financial debts`170/4`	75,253	103,473	131,693	159,913	188,133	216,353	238,933	280,914	322,466	363,600	404,327	444,660	-	-	-	-	-	2,800	9,521
Other amounts payable`178/9`	-	-	-	-	-	-	-	-	-	-	-	-	-	39,000	27,850	-	-	-	-
Amounts payable within one year`42/48`	99,696	72,331	118,544	140,371	142,220	167,605	79,635	74,108	116,138	73,507	137,525	107,309	74,425	91,150	222,135	252,436	170,866	90,429	177,094
Current portion of amounts payable after more than one year`42`	28,220	28,220	28,220	28,220	28,220	33,691	41,981	41,552	41,134	40,728	40,333	39,950	-	-	18,346	-	2,800	6,721	11,814
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	15,081	-	12,074	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	15,081	-	12,074	-	-	-
Trade debts`44`	16,470	11,705	8,359	18,516	22,492	13,345	11,027	4,610	22,425	22,329	60,644	8,342	47,736	37,660	58,962	25,098	58,696	31,263	43,700
Suppliers`440/4`	16,470	11,705	8,359	18,516	22,492	13,345	11,027	4,610	22,425	22,329	60,644	8,342	47,736	37,660	58,962	25,098	58,696	31,263	43,700
Taxes, remuneration and social security`45`	55,005	32,406	33,616	44,890	24,383	23,118	16,273	14,383	22,818	10,429	6,752	8,353	4,878	11,967	11,660	45,264	36,370	20,310	35,830
Taxes`450/3`	48,409	27,158	28,119	40,468	22,509	18,831	10,125	9,194	17,243	4,608	1,330	1,284	855	8,561	5,440	40,934	33,887	17,677	32,983
Remuneration and social security`454/9`	6,597	5,248	5,498	4,422	1,874	4,287	6,148	5,189	5,575	5,820	5,422	7,069	4,023	3,406	6,220	4,330	2,483	2,633	2,847
Other amounts payable`47/48`	-	0	48,348	48,745	67,125	97,451	10,354	13,564	29,761	22	29,796	50,664	21,811	26,442	133,167	170,000	73,000	32,135	85,750
Accrued charges and deferred income`492/3`	0	315	-	0	9,699	-	-	2,551	67	11,436	152	19,632	-	132	3,518	4,423	76	72	105
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	-	13,223	-	-	26,415	5,491	-
Gross operating margin`9900`	133,458	145,741	146,200	131,288	87,686	33,119	93,815	105,432	127,079	128,342	148,712	102,612	119,835	191,478	145,271	167,942	147,678	107,261	189,955
Remuneration, social security and pensions`62`	39,549	30,928	27,564	23,241	9,229	21,432	44,426	42,761	44,158	45,026	45,373	40,422	36,299	53,499	32,748	28,189	23,031	23,634	27,939
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	22,876	22,876	22,876	22,876	27,362	28,604	31,355	34,405	38,035	42,299	48,173	89,498	6,511	8,169	27,238	23,794	27,130	27,182	41,239
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-22,648	-1,595	6,511	3,374	-3,140	-30	2,031	-1,011	5,008	8,375	250
Other operating charges`640/8`	5,062	4,476	4,235	4,369	2,773	3,618	3,648	3,706	5,653	2,050	5,624	2,448	5,141	936	3,633	2,856	3,888	6,536	6,841
Operating profit (loss)`9901`	65,971	87,460	91,525	80,802	48,322	-20,536	14,386	24,561	61,881	40,562	43,031	-33,130	75,024	128,904	79,621	114,114	88,621	41,534	113,686
Financial income`75/76B`	0	0	0	356	1,066	537	336	549	32	5	26	99	55	59	184	604	1,926	2,292	2,224
Recurring financial income`75`	0	0	0	356	1,066	537	336	549	32	5	26	99	55	59	184	604	1,926	2,292	2,224
Financial charges`65/66B`	7,301	8,784	9,348	9,427	10,127	8,869	6,950	17,082	20,644	21,024	23,407	20,906	9,351	18,430	14,366	9,288	7,760	9,387	7,613
Recurring financial charges`65`	7,301	8,784	9,348	9,427	10,127	8,869	6,950	17,082	20,644	21,024	23,407	20,906	9,351	18,430	14,366	9,288	7,760	9,387	7,613
Profit (loss) for the period before taxes`9903`	58,670	78,676	82,177	71,731	39,261	-28,868	7,771	8,027	41,269	19,543	19,650	-53,937	65,728	123,756	65,439	105,430	109,202	39,930	108,297
Income taxes`67/77`	19,691	25,780	27,288	29,026	4,502	-	3,184	3,644	17,091	4,780	-	-	22,213	40,896	28,705	39,026	34,768	3,877	29,789
Profit (loss) for the period`9904`	38,979	52,896	54,889	42,705	34,759	-28,868	4,587	4,383	24,178	14,763	19,650	-53,937	43,515	82,860	36,734	66,404	74,434	36,053	78,508
Transfer from tax-exempt reserves`789`	-	-	0	18,750	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	38,979	52,896	54,889	61,455	34,759	-28,868	4,587	4,383	24,178	14,763	19,650	-53,937	43,515	82,860	36,734	66,404	74,434	36,053	78,508
Appropriation of the result
Profit (loss) to be appropriated`9906`	38,979	52,896	54,889	61,455	34,759	-28,868	4,587	4,383	24,178	14,763	-34,287	-53,937	43,515	82,860	36,734	66,404	74,434	36,053	78,508
Transfer from equity`791/2`	-	0	48,348	24,178	43,515	28,868	-	-	-	-	34,287	-	-	-	-	133,596	15,566	-	26,492
Transfer to equity`691/2`	38,979	52,896	54,889	61,455	34,759	-	4,587	4,383	24,178	14,763	-	-	43,515	82,860	11,734	-	-	6,053	-
To other reserves`6921`	38,979	52,896	54,889	61,455	34,759	-	4,587	4,383	24,178	14,763	-	-	43,515	82,860	11,734	-	-	6,053	-
Profit to be distributed`694/7`	-	0	48,348	24,178	43,515	-	-	-	-	-	-	-	-	-	25,000	200,000	90,000	30,000	105,000
Return on contributions (dividend)`694`	-	0	48,348	24,178	43,515	-	-	-	-	-	-	-	-	-	25,000	200,000	60,000	-	75,000
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,000	30,000	30,000
Social balance sheet
Average staff (FTE)`9087`	2.1	2	1.2	1	2.2	0.8	0.9	1.1	1.2	1.2	1.4	1.1	1	1.8	1.1	1	0.8	0.8	1.2
Hours worked`1013`	1,328	1,148	1,140	961	487	1,139	1,929	2,121	2,228	2,300	2,484	2,196	1,985	3,509	2,100	1,798	1,346	1,456	1,890
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 6 older financial years (2001-2006) were filed as documents without figures as data, scans for example.

The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 05-05-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 5 days after the deadline. Filed on 5 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00102666.

Financial year	Type	Filed	Reference	Document
30-09-2025	micro format	05-05-2026	2026-00102666	PDF
30-09-2024	micro format	11-04-2025	2025-00068099	PDF
30-09-2023	micro format	29-04-2024	2024-00073456	PDF
30-09-2022	micro format	27-03-2023	2023-00045962	PDF
30-09-2021	micro format	02-05-2022	2022-20016590	PDF
30-09-2020	micro format	26-04-2021	2021-11200447	PDF
30-09-2019	micro format	28-04-2020	2020-10300018	PDF
30-09-2018	micro format	23-04-2019	2019-10500404	PDF
30-09-2017	micro format	06-04-2018	2018-09300443	PDF
30-09-2016	abbreviated format	07-04-2017	2017-09100328	PDF
30-09-2015	abbreviated format	31-03-2016	2016-08700046	PDF
30-09-2014	abbreviated format	26-03-2015	2015-07400483	PDF
30-09-2013	abbreviated format	31-03-2014	2014-08000394	PDF
30-09-2012	abbreviated format	22-03-2013	2013-07000581	PDF
30-09-2011	abbreviated format	29-03-2012	2012-07600434	PDF
30-09-2010	abbreviated format	18-02-2011	2011-03900196	PDF
30-09-2009	abbreviated format	22-03-2010	2010-07100328	PDF
30-09-2008	abbreviated format	27-03-2009	2009-09300025	PDF
30-09-2007	abbreviated format	25-03-2008	2008-08100061	PDF
30-09-2006	abbreviated format	26-03-2007	2007-09104970	PDF
30-09-2005	abbreviated format	22-03-2006	2006-08001842	PDF
30-09-2004	abbreviated format	29-03-2005	2005-09204378	PDF
30-09-2003	abbreviated format	22-03-2004	2004-08100829	PDF
30-09-2002	abbreviated format	28-03-2003	2003-09203301	PDF
30-09-2001	abbreviated format	23-04-2002	2002-10400689	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	88,847	110,336	114,401	103,678	75,684	8,068	45,741	58,966	99,916	82,861	91,204	56,368	81,535	137,073	106,859	137,908	115,751	68,716	154,925
Cash flow	61,855	75,772	77,765	65,581	62,121	-264	35,942	38,789	62,213	57,062	67,823	35,561	50,026	91,029	63,972	90,198	101,564	63,235	119,747
Investment in fixed assets (approximation)	0	0	0	0	0	0	6,590	0	1,226	-0	0	498,453	0	2,794	50,000	5,251	6,259	-19,301	101,537
Change in cash	31,590	-27,885	39,353	-50,014	49,919	49,460	3,332	-33,250	44,156	-11,382	17,272	-26,899	23,353	-6,560	-60,995	17,872	-2,392	-88,028	-
Working capital	229,751	196,432	148,565	147,368	143,885	143,799	166,642	175,233	175,512	167,027	139,408	131,399	127,306	116,412	20,413	4,496	115,202	112,693	66,911
Solvency	59.7%	55.5%	40.0%	34.8%	29.5%	28.2%	36.1%	32.9%	28.0%	24.6%	19.6%	16.4%	69.0%	48.5%	13.5%	9.8%	48.6%	65.5%	47.8%
Current ratio	3.30	3.72	2.25	2.05	2.01	1.86	3.09	3.36	2.51	3.27	2.01	2.22	2.71	2.28	1.09	1.02	1.67	2.25	1.38
Quick ratio	1.91	1.83	1.31	0.80	1.08	0.63	0.65	0.83	0.73	0.50	0.43	0.74	0.97	0.55	0.38	0.47	0.80	1.10	1.15
Debt to equity	0.68	0.80	1.50	1.87	2.39	2.55	1.77	2.04	2.57	3.06	4.11	5.10	0.45	1.06	6.40	9.21	1.06	0.53	1.09
ROE	15.1%	24.0%	32.9%	26.6%	24.5%	-19.1%	2.6%	2.5%	14.2%	10.1%	14.9%	-48.1%	26.2%	67.6%	92.7%	238.0%	46.1%	20.4%	45.9%
ROA	9.0%	13.4%	13.2%	9.3%	7.2%	-5.4%	0.9%	0.8%	4.0%	2.5%	2.9%	-7.9%	18.1%	32.8%	12.5%	23.3%	22.4%	13.3%	21.9%
Interest coverage	12.17	12.56	12.24	11.00	7.47	-	-	-	-	-	-	-	-	-	-	-	-	-	-

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.

Social balance sheet

Item	30-09-2025	30-09-2024	30-09-2023	30-09-2022	30-09-2021
Employees at the balance-sheet date	2	2	2	1	2
full-time	0	0	0	0	-
part-time	2	2	2	1	2
in full-time equivalents	0.7	0.7	0.9	0.6	0.7
Average over the year, in full-time equivalents	0.9	0.7	0.6	0.6	0.8
On a permanent contract	2	2	1	1	2
Joined	19	3	1	1	1
Left	19	2	0	2	1

Source: social balance sheet in the 2021 to 2025 annual accounts

Insights on STUART

The operating result for 2025 is 25% lower than in 2024 and the lowest since 2021. It is the second fall in a row.

Debt's share of the balance-sheet total falls from 44.5% to 40.3%. Equity is higher and debt is lower.

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