STUBBE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 26 filings
Turnover
≈ €220,000
Estimated: probably between €130,000 and €440,000
Total assets
€381,264▼ 8.1%
2024 · €414,758
Net result
€7,591▲ 37.3%
2024 · €5,527
Working capital
€121,486▲ 6.6%
2024 · €113,976
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,680
▲ 19.2%
2025
20192025
Net result
€7,591
▲ 37.3%
2025
middle half of the sector
20192025
Equity
€276,893
▲ 2.8%
2025
highest quarter of the sector
20192025
Total assets
€381,264
▼ 8.1%
2025
middle half of the sector
20192025
Debt
€104,371
▼ 28.2%
2025
20192025
Working capital
€121,486
▲ 6.6%
2025
middle half of the sector
20192025
Solvency
72.6%
▲ 7.7pp
2025
highest quarter of the sector
20192025
Current ratio
3.76
▲ 1.21
2025
highest quarter of the sector
20192025
Return on assets (ROA)
2.0%
▲ 0.7pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€21,874-€23,741€52,627▲ 122%€25,455▼ 51.6%€40,097▲ 57.5%€17,352▼ 56.7%€20,680▲ 19.2%
Net result-€30,342-€13,090within the sector's middle half€39,891above the sector's middle half▲ 205%€12,628within the sector's middle half▼ 68.3%€21,498within the sector's middle half▲ 70.2%€5,527within the sector's middle half▼ 74.3%€7,591within the sector's middle half▲ 37.3%
Equity€186,669-€199,759above the sector's middle half▲ 7.0%€229,650above the sector's middle half▲ 15.0%€242,278above the sector's middle half▲ 5.5%€263,775above the sector's middle half▲ 8.9%€269,302above the sector's middle half▲ 2.1%€276,893above the sector's middle half▲ 2.8%
Total assets€515,454-€480,943above the sector's middle half▼ 6.7%€453,714above the sector's middle half▼ 5.7%€483,467above the sector's middle half▲ 6.6%€454,433above the sector's middle half▼ 6.0%€414,758above the sector's middle half▼ 8.7%€381,264within the sector's middle half▼ 8.1%
Debt€328,785-€281,185▼ 14.5%€224,064▼ 20.3%€241,189▲ 7.6%€190,657▼ 21.0%€145,456▼ 23.7%€104,371▼ 28.2%
Working capital€552-€30,373within the sector's middle half▲ 55×€59,188within the sector's middle half▲ 94.9%€106,982within the sector's middle half▲ 80.7%€118,857above the sector's middle half▲ 11.1%€113,976within the sector's middle half▼ 4.1%€121,486within the sector's middle half▲ 6.6%
Solvency36.2%-41.5%within the sector's middle half▲ 5.3pp50.6%within the sector's middle half▲ 9.1pp50.1%within the sector's middle half▼ 0.5pp58.0%within the sector's middle half▲ 7.9pp64.9%within the sector's middle half▲ 6.9pp72.6%above the sector's middle half▲ 7.7pp
Current ratio1.00-1.16within the sector's middle half▲ 0.161.41within the sector's middle half▲ 0.251.78within the sector's middle half▲ 0.372.11within the sector's middle half▲ 0.332.55within the sector's middle half▲ 0.443.76above the sector's middle half▲ 1.21
Return on assets (ROA)-5.9%-2.7%within the sector's middle half▲ 8.6pp8.8%within the sector's middle half▲ 6.1pp2.6%within the sector's middle half▼ 6.2pp4.7%within the sector's middle half▲ 2.1pp1.3%within the sector's middle half▼ 3.4pp2.0%within the sector's middle half▲ 0.7pp
Staff (FTE)2-2within the sector's middle half=2=1.7▼ 15.0%1.3▼ 23.5%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 19% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The 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 €381,264
Fixed assets
€215,723 ▼ 5.0%
Current assets
€165,541 ▼ 11.8%
Equity and liabilities €381,264
Equity
€276,893 ▲ 2.8%
Debt
€104,371 ▼ 28.2%
Debt's share of the balance-sheet total falls from 35.1% to 27.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32,028▲
2024 · €26,041
Cash flow
€18,939▲
2024 · €14,216
Quick ratio
1.69▲
2024 · 1.13
Debt to equity
0.38▼
2024 · 0.54
ROE
2.7%▲
2024 · 2.1%
Interest coverage
3.76▲
2024 · 2.67
Debt ≤ 1 year
€44,055▼
2024 · €73,710
Debt > 1 year
€55,987▼
2024 · €66,916
Income taxes
€4,711▲
2024 · €2,550
Staff costs
€608▼
2024 · €780
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 | 1 | 1 | - | - |
| full-time | 0 | 0 | - | - |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 0.2 | 0.2 | - | - |
| Average over the year, in full-time equivalents | 1.3 | 0.6 | - | - |
| On a permanent contract | 1 | 1 | - | - |
| Joined | 0 | 0 | - | - |
| Left | 2 | 2 | - | - |
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 | €25,409 | €999 | €7,724 | - |
| Depreciation and write-downs of the year | €15,085 | €11,732 | €8,689 | €11,348 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €58,886 | €1,367 | €780 | €608 | ▼ 22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,230 | €25,326 | €17,423 | €15,085 | €11,732 | €8,689 | €11,348 | ▲ 30.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €17,840 | -€8,427 | -€384 | €3,020 | - |
| Other operating charges640/8 | - | - | - | €9,439 | €36,093 | €6,777 | €6,232 | ▼ 8.0% |
| Gross operating margin9900 | €94,248 | €127,337 | €147,851 | €126,704 | €80,863 | €33,213 | €41,888 | ▲ 26.1% |
| Operating profit (loss)9901 | -€21,874 | €23,741 | €52,627 | €25,455 | €40,097 | €17,352 | €20,680 | ▲ 19.2% |
| Financial income75/76B | - | - | - | €61 | €378 | €466 | €143 | ▼ 69.3% |
| Recurring financial income75 | €2,642 | €5,155 | €965 | €61 | €378 | €466 | €143 | ▼ 69.3% |
| Financial charges65/66B | - | - | - | €8,212 | €10,252 | €9,741 | €8,522 | ▼ 12.5% |
| Recurring financial charges65 | €13,190 | €15,615 | €10,617 | €8,212 | €10,252 | €9,741 | €8,522 | ▼ 12.5% |
| Profit (loss) for the period before taxes9903 | -€32,423 | €13,282 | €42,976 | €17,304 | €30,223 | €8,077 | €12,301 | ▲ 52.3% |
| Income taxes67/77 | -€2,081 | €192 | €3,084 | €4,677 | €8,725 | €2,550 | €4,711 | ▲ 84.7% |
| Profit (loss) for the period9904 | -€30,342 | €13,090 | €39,891 | €12,628 | €21,498 | €5,527 | €7,591 | ▲ 37.3% |
| Profit (loss) for the period to be appropriated9905 | -€30,342 | €13,090 | €39,891 | €12,628 | €21,498 | €5,527 | €7,591 | ▲ 37.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €515,454 | €480,943 | €453,714 | €483,467 | €454,433 | €414,758 | €381,264 | ▼ 8.1% |
| Fixed assets21/28 | €293,027 | €266,301 | €250,978 | €238,904 | €228,037 | €227,071 | €215,723 | ▼ 5.0% |
| Tangible fixed assets22/27 | €292,862 | €266,136 | €250,813 | €238,739 | €228,007 | €227,041 | €215,693 | ▼ 5.0% |
| Land and buildings22 | - | - | - | €234,594 | €226,440 | €219,156 | €212,121 | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | - | €787 | €454 | €121 | ▼ 73.4% |
| Furniture and vehicles24 | - | - | - | €4,146 | €779 | €7,432 | €3,451 | ▼ 53.6% |
| Financial fixed assets28 | €165 | €165 | €165 | €165 | €30 | €30 | €30 | = |
| Current assets29/58 | €222,426 | €214,642 | €202,736 | €244,563 | €226,396 | €187,686 | €165,541 | ▼ 11.8% |
| Stocks and contracts in progress3 | €114,820 | €104,706 | €103,628 | €128,580 | €131,330 | €104,369 | €91,024 | ▼ 12.8% |
| Stocks30/36 | - | - | - | €128,580 | €131,330 | €104,369 | €91,024 | ▼ 12.8% |
| Amounts receivable within one year40/41 | €106,281 | €104,195 | €94,562 | €108,524 | €92,386 | €81,301 | €72,647 | ▼ 10.6% |
| Trade receivables40 | - | - | - | €107,161 | €82,449 | €71,343 | €69,595 | ▼ 2.5% |
| Other amounts receivable41 | - | - | - | €1,363 | €9,938 | €9,958 | €3,052 | ▼ 69.4% |
| Cash at bank and in hand54/58 | €939 | €3,398 | €1,288 | €2,202 | €1,440 | €660 | €636 | ▼ 3.6% |
| Deferred charges and accrued income490/1 | - | - | - | €5,256 | €1,240 | €1,357 | €1,235 | ▼ 9.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €515,454 | €480,943 | €453,714 | €483,467 | €454,433 | €414,758 | €381,264 | ▼ 8.1% |
| Equity10/15 | €186,669 | €199,759 | €229,650 | €242,278 | €263,775 | €269,302 | €276,893 | ▲ 2.8% |
| Contributions10/11 | €18,750 | - | - | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Reserves13 | €167,919 | €181,009 | €210,900 | €223,528 | €245,025 | €250,025 | €256,925 | ▲ 2.8% |
| Non-distributable reserves130/1 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | = |
| Reserves not available under the articles1311 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | = |
| Tax-exempt reserves132 | - | - | - | €13,316 | €13,316 | €13,316 | €13,316 | = |
| Distributable reserves133 | - | - | - | €208,337 | €229,834 | €234,834 | €241,734 | ▲ 2.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | - | €527 | €1,217 | ▲ 131% |
| Amounts payable17/49 | €328,785 | €281,185 | €224,064 | €241,189 | €190,657 | €145,456 | €104,371 | ▼ 28.2% |
| Amounts payable after more than one year17 | €106,911 | €96,900 | €80,516 | €103,609 | €83,064 | €66,916 | €55,987 | ▼ 16.3% |
| Financial debts170/4 | - | - | - | €8,912 | €0 | - | - | - |
| Other amounts payable178/9 | - | - | - | €94,697 | €83,064 | €66,916 | €55,987 | ▼ 16.3% |
| Amounts payable within one year42/48 | €221,874 | €184,269 | €143,548 | €137,580 | €107,538 | €73,710 | €44,055 | ▼ 40.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,049 | €8,912 | €0 | - | - |
| Financial debts43 | - | - | - | €25,998 | €35,763 | €21,071 | €14,927 | ▼ 29.2% |
| Credit institutions430/8 | - | - | - | €25,998 | €35,763 | €21,071 | €14,927 | ▼ 29.2% |
| Trade debts44 | €59,437 | €45,088 | €54,692 | €57,902 | €41,621 | €38,483 | €18,684 | ▼ 51.4% |
| Suppliers440/4 | - | - | - | €57,902 | €41,621 | €38,483 | €18,684 | ▼ 51.4% |
| Advances received on contracts in progress46 | - | - | - | €4,137 | €1,686 | €1,656 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €28,456 | €19,556 | €12,501 | €10,444 | ▼ 16.4% |
| Taxes450/3 | - | - | - | €17,059 | €19,556 | €12,333 | €10,444 | ▼ 15.3% |
| Remuneration and social security454/9 | - | - | - | €11,396 | €0 | €168 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €3,038 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €55 | €4,830 | €4,329 | ▼ 10.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,342 | €13,090 | €39,891 | €12,628 | €21,498 | €5,527 | €7,591 | ▲ 37.3% |
| + Depreciation and write-downs630 | €24,230 | €25,326 | €17,423 | €15,085 | €11,732 | €8,689 | €11,348 | ▲ 30.6% |
| Operating cash flow (approximation) | -€6,112 | €38,416 | €57,315 | €27,712 | €33,229 | €14,216 | €18,939 | ▲ 33.2% |
| Investment in fixed assets (approximation) | - | €1,400 | -€2,100 | -€3,011 | -€864 | -€7,724 | €0 | - |
| Change in cash | - | €2,460 | -€2,111 | €914 | -€763 | -€780 | -€24 | ▲ 96.9% |
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, 17,041 companies had the same profile as STUBBE has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STUBBE itself: 0.6% 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 17,041 companies, not a prediction for STUBBE. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00016611 | |
| 30-06-2024 | micro format | 12-12-2024 | 2024-00615661 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00010245 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00020828 | |
| 30-06-2021 | micro format | 10-02-2022 | 2022-05300329 | |
| 30-06-2020 | micro format | 28-02-2021 | 2021-07000356 | |
| 30-06-2019 | micro format | 28-02-2020 | 2020-06000224 | |
| 30-06-2018 | micro format | 09-12-2019 | 2019-75600300 | |
| 30-06-2017 | micro format | 28-02-2018 | 2018-05800059 | |
| 30-06-2016 | abbreviated format | 27-02-2017 | 2017-05200250 |