STULZ BELGIUM
ActiveSTULZ BELGIUM has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.11M and a net result of €94k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 69% of 7760 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
77
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability75▼-9
Solvency85▼-11
Growth78=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85k at 30 days acceptable
Liquidity ample (current ratio 3.88 against 4.31 in 2024; short-term debt: 25.5% and cash: 63.1% of total assets), and 39.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
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
60.2%
Return on assets
5.1%
Age of the figures
9 mo
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 · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.11M
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 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
37 d early
2023
9 d early
2022
1 d late
2021
17 d early
2020
43 d early
2019
17 d early
← before the deadline
after the deadline →
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
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.11M▲ 9.2%
2024 · €1.02M
2018: €-30k
2019: €-63k
2020: €6k
2021: €110k
2022: €443k
2023: €842k
2024: €1.02M
2018 → 2025
Total assets
€1.85M▲ 29.7%
2024 · €1.42M
2018: €568k
2019: €373k
2020: €326k
2021: €285k
2022: €1.28M
2023: €1.45M
2024: €1.42M
2018 → 2025
Net result
€94k▼ 46.6%
2024 · €176k
2018: €-27k
2019: €-33k
2020: €69k
2021: €105k
2022: €333k
2023: €399k
2024: €176k
2018 → 2025
Working capital
€1.35M▲ 26.4%
2024 · €1.07M
2018: €30k
2019: €-21k
2020: €79k
2021: €113k
2022: €892k
2023: €1.01M
2024: €1.07M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€110k-€443k▲ 301%€842k▲ 90.0%€1.02M▲ 20.9%€1.11M▲ 9.2%
Operating result€150k-€443k▲ 195%€541k▲ 22.1%€239k▼ 55.8%€130k▼ 45.7%
Net result€105k-€333k▲ 218%€399k▲ 19.8%€176k▼ 55.8%€94k▼ 46.6%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 46% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.85M
Fixed assets
€24k▼ 21.5%
Current assets
€1.82M▲ 30.8%
Equity and liabilities €1.85M
Equity
€1.11M▲ 9.2%
Debt
€735k▲ 81.1%
The debt ratio rises from 28.5% to 39.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€136k▼
2024 · €246k
Cash flow
€101k▼
2024 · €183k
Solvency
60.2%▼
2024 · 71.5%
Current ratio
3.88▼
2024 · 4.31
Quick ratio
3.88▼
2024 · 4.31
Debt / equity
0.66▲
2024 · 0.40
ROE
8.5%▼
2024 · 17.3%
ROA
5.1%▼
2024 · 12.4%
Interest coverage
24.12▼
2024 · 40.17
Debt
€735k▲
2024 · €406k
Debt ≤ 1 year
€470k▲
2024 · €323k
Income taxes
€34k▼
2024 · €65k
Staff costs
€227k▼
2024 · €371k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.42M€1.85M▲
Fixed assets21/28€30k€24k▼
Tangible fixed assets22/27€30k€24k▼
Furniture and vehicles24€30k€24k▼
Current assets29/58€1.39M€1.82M▲
Amounts receivable within one year40/41€189k€634k▲
Trade receivables40€189k€633k▲
Other amounts receivable41-€302
Cash at bank and in hand54/58€1.07M€1.17M▲
Deferred charges and accrued income490/1€138k€23k▼
Equity and liabilities
Total equity and liabilities10/49€1.42M€1.85M▲
Equity10/15€1.02M€1.11M▲
Contributions10/11€20k€20k=
Reserves13€998k€1.09M▲
Distributable reserves133€998k€1.09M▲
Amounts payable17/49€406k€735k▲
Amounts payable within one year42/48€323k€470k▲
Trade debts44€182k€385k▲
Suppliers440/4€182k€385k▲
Taxes, remuneration and social security45€110k€85k▼
Taxes450/3€77k€61k▼
Remuneration and social security454/9€33k€24k▼
Other amounts payable47/48€31k€0▼
Accrued charges and deferred income492/3€83k€265k▲
Income statement
Code20242025
Remuneration, social security and pensions62€371k€227k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€7k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€434
Other operating charges640/8€2k€1k▼
Gross operating margin9900€618k€366k▼
Operating profit (loss)9901€239k€130k▼
Financial income75/76B€8k€4k▼
Recurring financial income75€8k€4k▼
Financial charges65/66B€6k€6k▼
Recurring financial charges65€6k€6k▼
Profit (loss) for the period before taxes9903€241k€128k▼
Income taxes67/77€65k€34k▼
Profit (loss) for the period9904€176k€94k▼
Profit (loss) for the period to be appropriated9905€176k€94k▼
Appropriation of the result
Profit (loss) to be appropriated9906€176k€94k▼
Transfer to equity691/2€176k€94k▼
To other reserves6921€176k€94k▼
Social balance
Average headcount (FTE)90872.91.9▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €1MEq €1.02M ▲20.9%
5 profitable years in a row build equity to €1.02M.
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €399k ▲19.8%
Operating result €541k, net result €399k, both a record.
31-12
Financial
Equity above €500kEq €842k ▲90%
4 profitable years in a row build equity to €842k.
01-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 1 day late
2022
31-12
Financial
Equity above €200kEq €443k ▲301%
3 profitable years in a row build equity to €443k.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €100kEq €110k ▲1791%
2 profitable years in a row build equity to €110k.
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €69k
Net result €69k after 2 loss-making years.
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €-33k
Net result drops to €-33k, the lowest in the series; recovery starts the following year.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, Brussel · 1 establishment unit since 2013
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Kantersteen 471000 BrusselGround area
6,828 m²
Building footprint
7,874 m²
Volume, LiDAR
179,427 m³
Parcel 21804D0900/00E002, Brussels · tallest building 44.7 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
Stulz Belgium
since 20132.225.529.792
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21804D0900/00E002 | Brussels | 6,828 m² | 1 · 7,874 m² | 44.7 m · 8 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Recognitions · licences · registrations
Legal Entity Identifier
699400WLUDFSVS72BG68
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Of 9,530 companies in sector 43222 we hold annual accounts for 5,661. 2,943 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded01-10-2013
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
Sources
Crossroads Bank for EnterprisesNational Bank · 12 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.