Studeco
ActiveSummary
Studeco has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €36.37M and a net result of €-391k. Equity is growing by ~19.8% per year across the filed fiscal years. Its solvency ranks better than 72% of 729 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability49▲+26
Solvency89▼-4
Growth68▼-17
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110k at 30 days acceptable
Liquidity ample (current ratio 4.02 against 24.13 in 2024; short-term debt: 2.4% and cash: 0% of total assets), and 35.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
64.3%
Return on assets
-0.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
23 d early
2024
15 d early
2023
35 d early
2022
27 d early
2021
31 d early
2020
32 d early
2020
83 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema, statutory accounts
Turnover
€1.16M▼ 17.6%
2024 · €1.41M
2020: €137klowest in 6 years
2021: €620k▲ +352% vs 2020
2022: €889k▲ +43.5% vs 2021
2023: €1.22M▲ +36.7% vs 2022
2024: €1.41M▲ +15.9% vs 2023highest in 6 years
2025: €1.16M▼ -17.6% vs 2024
2020 → 2025
EBIT margin
39.5%▲ 41.9pp
2024 · -2.4%
2020: -81.0%lowest in 6 years
2021: 8.0%▲ +110% vs 2020
2022: 11.0%▲ +37.6% vs 2021
2023: 0.9%▼ -91.4% vs 2022
2024: -2.4%▼ -355% vs 2023
2025: 39.5%▲ +1750% vs 2024highest in 6 years
2020 → 2025
Net result
€-391k
2024 · €1.80M
2019: €15k
2020: €11k▼ -28.4% vs 2019
2020: €-123k
2021: €576k▲ +567% vs 2020
2022: €2.66M▲ +362% vs 2021highest value
2023: €1.34M▼ -49.8% vs 2022
2024: €1.80M▲ +34.5% vs 2023
2025: €-391k▼ -122% vs 2024lowest value
2019 → 2025
Working capital
€4.08M▼ 31.9%
2024 · €6.00M
2019: €543k
2020: €629k▲ +16.0% vs 2019
2020: €557k
2021: €698k▲ +25.5% vs 2020
2022: €413k▼ -40.9% vs 2021
2023: €147k▼ -64.4% vs 2022lowest value
2024: €6.00M▲ +3982% vs 2023highest value
2025: €4.08M▼ -31.9% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€620k-€889k▲ 43.5%€1.22M▲ 36.7%€1.41M▲ 15.9%€1.16M▼ 17.6%
2021: €620klowest in 5 years
2022: €889k▲ +43.5% vs 2021
2023: €1.22M▲ +36.7% vs 2022
2024: €1.41M▲ +15.9% vs 2023highest in 5 years
2025: €1.16M▼ -17.6% vs 2024
Equity€26.70M-€29.36M▲ 10.0%€30.70M▲ 4.6%€36.76M▲ 19.8%€36.37M▼ 1.1%
2021: €26.70Mlowest in 5 years
2022: €29.36M▲ +10.0% vs 2021
2023: €30.70M▲ +4.6% vs 2022
2024: €36.76M▲ +19.8% vs 2023highest in 5 years
2025: €36.37M▼ -1.1% vs 2024
Operating result€49k-€98k▲ 97.5%€11k▼ 88.3%€-34k€459k
2021: €49k
2022: €98k▲ +97.5% vs 2021
2023: €11k▼ -88.3% vs 2022
2024: €-34k▼ -396% vs 2023lowest in 5 years
2025: €459k▲ +1460% vs 2024highest in 5 years
Net result€576k-€2.66M▲ 362%€1.34M▼ 49.8%€1.80M▲ 34.5%€-391k
2021: €576k
2022: €2.66M▲ +362% vs 2021highest in 5 years
2023: €1.34M▼ -49.8% vs 2022
2024: €1.80M▲ +34.5% vs 2023
2025: €-391k▼ -122% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €459k after a loss of €34k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56.54M
Fixed assets
€51.10M ▲ 7.3%
Current assets
€5.44M ▼ 13.1%
Equity and liabilities €56.54M
Equity
€36.37M ▼ 1.1%
Debt
€20.18M ▲ 17.7%
Debt's share of the balance-sheet total rises from 31.8% to 35.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€551k▲
2024 · €11k
Cash flow
€-298k▼
2024 · €1.84M
Current ratio
4.02▼
2024 · 24.13
Debt to equity
0.55▲
2024 · 0.47
ROE
-1.1%▼
2024 · 4.9%
ROA
-0.7%▼
2024 · 3.3%
Interest coverage
0.65▲
2024 · 0.01
Debt ≤ 1 year
€1.35M▲
2024 · €259k
Debt > 1 year
€18.52M▲
2024 · €16.24M
Income taxes
€-14▼
2024 · €1k
Staff costs
€376k▼
2024 · €466k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 71 lines
Balance sheet
Code20242025
Assets
Total assets20/58€53.90M€56.54M▲
Fixed assets21/28€47.64M€51.10M▲
Tangible fixed assets22/27€1.25M€4.63M▲
Land and buildings22€837k€4.63M▲
Assets under construction and advance payments27€410k€0▼
Financial fixed assets28€46.40M€46.48M▲
Affiliated companies280/1€46.40M€46.48M▲
Participating interests280€46.40M€46.48M▲
Current assets29/58€6.26M€5.44M▼
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€6.18M€5.42M▼
Trade receivables40€159k€258k▲
Other amounts receivable41€6.02M€5.16M▼
Cash at bank and in hand54/58€66k€15k▼
Deferred charges and accrued income490/1€9k€3k▼
Equity and liabilities
Total equity and liabilities10/49€53.90M€56.54M▲
Equity10/15€36.76M€36.37M▼
Contributions10/11€29.44M€29.44M=
Revaluation surpluses12€529k€488k▼
Reserves13€6.79M€6.44M▼
Distributable reserves133€6.79M€6.44M▼
Amounts payable17/49€17.14M€20.18M▲
Amounts payable after more than one year17€16.24M€18.52M▲
Financial debts170/4€16.24M€18.52M▲
Subordinated loans170€12.32M€12.00M▼
Credit institutions173€3.93M€6.52M▲
Other loans174€0-
Amounts payable within one year42/48€259k€1.35M▲
Current portion of amounts payable after more than one year42-€123k
Trade debts44€173k€14k▼
Suppliers440/4€173k€14k▼
Taxes, remuneration and social security45€86k€46k▼
Taxes450/3€16k€41k▲
Remuneration and social security454/9€70k€5k▼
Other amounts payable47/48-€1.17M
Accrued charges and deferred income492/3€639k€300k▼
Income statement
Code20242025
Operating income70/76A€1.66M€1.65M▼
Turnover70€1.41M€1.16M▼
Own construction capitalised72€14k€0▼
Other operating income74€235k€313k▲
Non-recurring operating income76A€1k€174k▲
Operating charges60/66A€1.69M€1.19M▼
Services and other goods61€1.15M€701k▼
Remuneration, social security and pensions62€466k€376k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€92k▲
Other operating charges640/8€20k€21k▲
Non-recurring operating charges66A€15k€0▼
Operating profit (loss)9901€-34k€459k▲
Financial income75/76B€2.67M€179k▼
Recurring financial income75€2.67M€179k▼
Income from financial fixed assets750€2.50M€8k▼
Income from current assets751€167k€171k▲
Other financial income752/9€0-
Non-recurring financial income76B-€317
Financial charges65/66B€836k€1.03M▲
Recurring financial charges65€836k€845k▲
Debt charges650€832k€845k▲
Other financial charges652/9€4k€0▼
Non-recurring financial charges66B-€183k
Profit (loss) for the period before taxes9903€1.80M€-391k▼
Income taxes67/77€1k€-14▼
Taxes670/3€1k€0▼
Tax adjustments and reversals of tax provisions77€32€14▼
Profit (loss) for the period9904€1.80M€-391k▼
Profit (loss) for the period to be appropriated9905€1.80M€-391k▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.80M€-391k▼
Transfer from equity791/2-€391k
From reserves792-€391k
Transfer to equity691/2€1.80M€0▼
To other reserves6921€1.80M€0▼
Social balance
Average headcount (FTE)90875.85.7▼
The notes to these accounts (81 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €713k | €1.01M | €1.41M | €1.66M | €1.65M | ▼ 0.7% |
| Turnover70 | €620k | €889k | €1.22M | €1.41M | €1.16M | ▼ 17.6% |
| Own construction capitalised72 | - | - | - | €14k | €0 | ▼ 100% |
| Other operating income74 | €93k | €124k | €190k | €235k | €313k | ▲ 33.1% |
| Non-recurring operating income76A | - | - | - | €1k | €174k | ▲ 12,735% |
| Operating charges60/66A | €664k | €915k | €1.39M | €1.69M | €1.19M | ▼ 29.8% |
| Services and other goods61 | €314k | €499k | €806k | €1.15M | €701k | ▼ 38.9% |
| Remuneration, social security and pensions62 | €259k | €345k | €389k | €466k | €376k | ▼ 19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €74k | €54k | €44k | €44k | €92k | ▲ 108% |
| Other operating charges640/8 | €17k | €17k | €21k | €20k | €21k | ▲ 4.4% |
| Non-recurring operating charges66A | - | - | €134k | €15k | €0 | ▼ 100% |
| Operating profit (loss)9901 | €49k | €98k | €11k | €-34k | €459k | ▲ 1,460% |
| Financial income75/76B | €1.01M | €3.00M | €2.00M | €2.67M | €179k | ▼ 93.3% |
| Recurring financial income75 | €1.01M | €3.00M | €2.00M | €2.67M | €179k | ▼ 93.3% |
| Income from financial fixed assets750 | €1.00M | €3.00M | €2.00M | €2.50M | €8k | ▼ 99.7% |
| Income from current assets751 | €6k | €3k | €542 | €167k | €171k | ▲ 2.4% |
| Other financial income752/9 | €0 | €0 | €6 | €0 | - | - |
| Non-recurring financial income76B | - | - | - | - | €317 | - |
| Financial charges65/66B | €479k | €440k | €674k | €836k | €1.03M | ▲ 23.1% |
| Recurring financial charges65 | €479k | €440k | €674k | €836k | €845k | ▲ 1.1% |
| Debt charges650 | €478k | €439k | €674k | €832k | €845k | ▲ 1.6% |
| Other financial charges652/9 | €297 | €371 | €252 | €4k | €0 | ▼ 100% |
| Non-recurring financial charges66B | €9 | €0 | €370 | - | €183k | - |
| Profit (loss) for the period before taxes9903 | €576k | €2.66M | €1.34M | €1.80M | €-391k | ▼ 122% |
| Income taxes67/77 | €197 | €763 | €1k | €1k | €-14 | ▼ 101% |
| Taxes670/3 | €197 | €763 | €1k | €1k | €0 | ▼ 100% |
| Tax adjustments and reversals of tax provisions77 | - | - | €12 | €32 | €14 | ▼ 56.1% |
| Profit (loss) for the period9904 | €576k | €2.66M | €1.34M | €1.80M | €-391k | ▼ 122% |
| Profit (loss) for the period to be appropriated9905 | €576k | €2.66M | €1.34M | €1.80M | €-391k | ▼ 122% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41.72M | €41.42M | €47.56M | €53.90M | €56.54M | ▲ 4.9% |
| Fixed assets21/28 | €40.94M | €40.88M | €47.28M | €47.64M | €51.10M | ▲ 7.3% |
| Tangible fixed assets22/27 | €858k | €804k | €881k | €1.25M | €4.63M | ▲ 271% |
| Land and buildings22 | €858k | €804k | €881k | €837k | €4.63M | ▲ 453% |
| Furniture and vehicles24 | €0 | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €410k | €0 | ▼ 100% |
| Financial fixed assets28 | €40.08M | €40.08M | €46.40M | €46.40M | €46.48M | ▲ 0.2% |
| Affiliated companies280/1 | €40.08M | €40.08M | €46.40M | €46.40M | €46.48M | ▲ 0.2% |
| Participating interests280 | €40.08M | €40.08M | €46.40M | €46.40M | €46.48M | ▲ 0.2% |
| Current assets29/58 | €787k | €538k | €284k | €6.26M | €5.44M | ▼ 13.1% |
| Amounts receivable after more than one year29 | €28k | €0 | - | - | - | - |
| Other amounts receivable291 | €28k | €0 | - | - | - | - |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €186k | €151k | €148k | €6.18M | €5.42M | ▼ 12.3% |
| Trade receivables40 | €91k | €120k | €145k | €159k | €258k | ▲ 62.3% |
| Other amounts receivable41 | €95k | €31k | €3k | €6.02M | €5.16M | ▼ 14.3% |
| Cash at bank and in hand54/58 | €570k | €384k | €131k | €66k | €15k | ▼ 77.9% |
| Deferred charges and accrued income490/1 | €3k | €3k | €5k | €9k | €3k | ▼ 65.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41.72M | €41.42M | €47.56M | €53.90M | €56.54M | ▲ 4.9% |
| Equity10/15 | €26.70M | €29.36M | €30.70M | €36.76M | €36.37M | ▼ 1.1% |
| Contributions10/11 | €25.17M | €25.17M | €25.17M | €29.44M | €29.44M | = |
| Revaluation surpluses12 | €652k | €611k | €570k | €529k | €488k | ▼ 7.8% |
| Reserves13 | €876k | €3.58M | €4.96M | €6.79M | €6.44M | ▼ 5.1% |
| Distributable reserves133 | €876k | €3.58M | €4.96M | €6.79M | €6.44M | ▼ 5.1% |
| Amounts payable17/49 | €15.02M | €12.06M | €16.87M | €17.14M | €20.18M | ▲ 17.7% |
| Amounts payable after more than one year17 | €14.93M | €11.93M | €16.70M | €16.24M | €18.52M | ▲ 14.0% |
| Financial debts170/4 | €14.93M | €11.93M | €16.70M | €16.24M | €18.52M | ▲ 14.0% |
| Subordinated loans170 | €7.00M | €6.00M | €12.32M | €12.32M | €12.00M | ▼ 2.6% |
| Credit institutions173 | €4.93M | €3.93M | €3.93M | €3.93M | €6.52M | ▲ 66.1% |
| Other loans174 | €3.00M | €2.00M | €458k | €0 | - | - |
| Amounts payable within one year42/48 | €89k | €126k | €137k | €259k | €1.35M | ▲ 422% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €123k | - |
| Trade debts44 | €47k | €53k | €59k | €173k | €14k | ▼ 91.8% |
| Suppliers440/4 | €47k | €53k | €59k | €173k | €14k | ▼ 91.8% |
| Taxes, remuneration and social security45 | €42k | €72k | €78k | €86k | €46k | ▼ 46.5% |
| Taxes450/3 | €7k | €19k | €26k | €16k | €41k | ▲ 151% |
| Remuneration and social security454/9 | €34k | €54k | €52k | €70k | €5k | ▼ 92.3% |
| Other amounts payable47/48 | - | - | - | - | €1.17M | - |
| Accrued charges and deferred income492/3 | €10k | €10k | €27k | €639k | €300k | ▼ 53.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €576k | €2.66M | €1.34M | €1.80M | €-391k | ▼ 122% |
| + Depreciation and write-downs630 | €74k | €54k | €44k | €44k | €92k | ▲ 108% |
| Operating cash flow (approximation) | €651k | €2.71M | €1.38M | €1.84M | €-298k | ▼ 116% |
| Investment in fixed assets (approximation) | - | €0 | €-6.44M | €-410k | €-3.55M | ▼ 767% |
| Change in cash | - | €-186k | €-253k | €-65k | €-51k | ▲ 20.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-391k
Net result drops to €-391k, the lowest in the series.
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity times 12current ratio 24.13
Current ratio from 2.07 to 24.13.
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2019net €2.66M ▲362%
Net result €2.66M, the highest in the series.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €576k
Net result €576k after one loss-making year.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €25MEq €26.12M ▲1,533%
Equity rises from €1.60M to €26.12M.
Show earlier events
09-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
22-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
13 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Geraardsbergen · 1 establishment unit since 1991
Ground area
7,400 m²
Building footprint
1,868 m²
Volume, LiDAR
15,691 m³
Parcel 41053B0257/00B000, Flanders · tallest building 10.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Studeco
since 19912.043.949.059
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41053B0257/00B000 | Flanders | 7,400 m² | 1 · 1,868 m² | 10.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 35,850 EUR awarded · 35,850 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 10,935 EUR | 10,935 EUR |
| 2024 | 1 | 11,476 EUR | 11,476 EUR |
| 2023 | 1 | 10,091 EUR | 10,091 EUR |
| 2022 | 1 | 3,348 EUR | 3,348 EUR |
Schemes
Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)
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Of 11,546 companies in sector 71121 we hold annual accounts for 6,561. 276 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-06-1989
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
43211General electrical installation work
70200Business and other management consultancy
73300Public relations and communication consultancy
Scores and ratios are computed by Checked and are not a credit decision.