STUPA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 75 days after the deadline Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00557877.
Annual accounts 2025 filed on 14-10-2026 at the NBB all 26 filings
Turnover
≈ €1.9m
Estimated: probably between €1.7m and €2.3m
Total assets
€816,704▲ 25.3%
2024 · €651,966
Net result
€15,658▼ 73.9%
2024 · €59,950
Working capital
€183,562▼ 51.4%
2024 · €377,442
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,993
▼ 73.1%
2025
20182025
Net result
€15,658
▼ 73.9%
2025
middle half of the sector
20182025
Equity
€394,908
▼ 12.6%
2025
highest quarter of the sector
20182025
Total assets
€816,704
▲ 25.3%
2025
highest quarter of the sector
20182025
Debt
€421,796
▲ 111%
2025
20182025
Working capital
€183,562
▼ 51.4%
2025
highest quarter of the sector
20182025
Solvency
48.4%
▼ 21.0pp
2025
middle half of the sector
20182025
Current ratio
1.44
▼ 1.45
2025
middle half of the sector
20182025
Return on assets (ROA)
1.9%
▼ 7.3pp
2025
middle half of the sector
20182025
Staff (FTE)
13.7
▲ 0.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€161,785-€131,270▼ 18.9%-€57,213€90,700-€67,685-€109,157▼ 61.3%€66,801€17,993▼ 73.1%
Net result€51,489-€72,600▲ 41.0%-€51,843below the sector's middle half€86,925within the sector's middle half-€62,779below the sector's middle half-€105,757below the sector's middle half▼ 68.5%€59,950within the sector's middle half€15,658within the sector's middle half▼ 73.9%
Equity€684,328-€745,212▲ 8.9%€664,798above the sector's middle half▼ 10.8%€751,723above the sector's middle half▲ 13.1%€638,944above the sector's middle half▼ 15.0%€533,187above the sector's middle half▼ 16.6%€451,850above the sector's middle half▼ 15.3%€394,908above the sector's middle half▼ 12.6%
Total assets€926,686-€925,881▼ 0.1%€788,672above the sector's middle half▼ 14.8%€915,792above the sector's middle half▲ 16.1%€860,230within the sector's middle half▼ 6.1%€776,691within the sector's middle half▼ 9.7%€651,966within the sector's middle half▼ 16.1%€816,704above the sector's middle half▲ 25.3%
Debt€242,358-€180,669▼ 25.5%€123,874▼ 31.4%€164,070▲ 32.4%€221,286▲ 34.9%€243,505▲ 10.0%€200,116▼ 17.8%€421,796▲ 111%
Working capital€578,471-€667,018▲ 15.3%€577,254above the sector's middle half▼ 13.5%€667,407above the sector's middle half▲ 15.6%€523,086above the sector's middle half▼ 21.6%€436,311above the sector's middle half▼ 16.6%€377,442above the sector's middle half▼ 13.5%€183,562above the sector's middle half▼ 51.4%
Solvency73.8%-80.5%▲ 6.6pp84.3%above the sector's middle half▲ 3.8pp82.1%above the sector's middle half▼ 2.2pp74.3%above the sector's middle half▼ 7.8pp68.6%above the sector's middle half▼ 5.6pp69.3%above the sector's middle half▲ 0.7pp48.4%within the sector's middle half▼ 21.0pp
Current ratio3.39-4.69▲ 1.316.07above the sector's middle half▲ 1.385.27above the sector's middle half▼ 0.813.42above the sector's middle half▼ 1.852.82above the sector's middle half▼ 0.602.89above the sector's middle half▲ 0.071.44within the sector's middle half▼ 1.45
Return on assets (ROA)5.6%-7.8%▲ 2.3pp-6.6%within the sector's middle half▼ 14.4pp9.5%within the sector's middle half▲ 16.1pp-7.3%below the sector's middle half▼ 16.8pp-13.6%below the sector's middle half▼ 6.3pp9.2%within the sector's middle half▲ 22.8pp1.9%within the sector's middle half▼ 7.3pp
Staff (FTE)21.8-19.8▼ 9.2%14.2above the sector's middle half▼ 28.3%14.1above the sector's middle half▼ 0.7%14.8within the sector's middle half▲ 5.0%14.7within the sector's middle half▼ 0.7%13.6within the sector's middle half▼ 7.5%13.7within the sector's middle half▲ 0.7%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 73% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €816,704
Fixed assets
€211,346 ▲ 184%
Current assets
€605,357 ▲ 4.8%
Equity and liabilities €816,704
Equity
€394,908 ▼ 12.6%
Debt
€421,796 ▲ 111%
Debt's share of the balance-sheet total rises from 30.7% to 51.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€46,954▼
2024 · €93,121
Cash flow
€44,619▼
2024 · €86,270
Quick ratio
1.40▼
2024 · 2.81
Debt to equity
1.07▲
2024 · 0.44
ROE
4.0%▼
2024 · 13.3%
Interest coverage
13.94▼
2024 · 60.21
Debt ≤ 1 year
€421,796▲
2024 · €200,116
Income taxes
€9,028▲
2024 · €6,231
Staff costs
€725,598▲
2024 · €694,067
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 14 | 13 | 11 | 13 |
| full-time | 13 | 13 | 12 | 10 | 12 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 13.5 | 13.5 | 12.5 | 10.5 | 12.5 |
| Average over the year, in full-time equivalents | 14.1 | 14.8 | 14.7 | 13.6 | 13.7 |
| On a permanent contract | 14 | 13 | 11 | 10 | 13 |
| Joined | 190 | - | - | - | - |
| Left | 191 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,970 | €53,360 | €5,135 | - | €65,900 |
| Intangible fixed assets | - | - | - | - | €100,000 |
| Depreciation and write-downs of the year | €20,653 | €24,317 | €25,401 | €26,320 | €28,961 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €412,039 | €625,505 | €692,836 | €694,067 | €725,598 | ▲ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,217 | €27,664 | €24,620 | €20,653 | €24,317 | €25,401 | €26,320 | €28,961 | ▲ 10.0% |
| Other operating charges640/8 | - | - | - | €8,497 | €9,522 | €6,135 | €15,884 | €8,622 | ▼ 45.7% |
| Gross operating margin9900 | €837,374 | €772,205 | €343,450 | €531,889 | €591,659 | €615,216 | €803,072 | €781,174 | ▼ 2.7% |
| Operating profit (loss)9901 | €161,785 | €131,270 | -€57,213 | €90,700 | -€67,685 | -€109,157 | €66,801 | €17,993 | ▼ 73.1% |
| Financial income75/76B | - | - | - | €6,327 | €6,999 | €5,203 | €926 | €10,061 | ▲ 986% |
| Recurring financial income75 | €1,538 | €6,668 | €6,374 | €6,327 | €6,999 | €5,203 | €926 | €10,061 | ▲ 986% |
| Financial charges65/66B | - | - | - | €1,213 | €1,880 | €1,575 | €1,547 | €3,368 | ▲ 118% |
| Recurring financial charges65 | €1,577 | €751 | €930 | €1,213 | €1,880 | €1,575 | €1,547 | €3,368 | ▲ 118% |
| Profit (loss) for the period before taxes9903 | €161,746 | €137,187 | -€51,769 | €95,814 | -€62,566 | -€105,529 | €66,181 | €24,687 | ▼ 62.7% |
| Income taxes67/77 | €110,257 | €64,588 | €74 | €8,890 | €213 | €228 | €6,231 | €9,028 | ▲ 44.9% |
| Profit (loss) for the period9904 | €51,489 | €72,600 | -€51,843 | €86,925 | -€62,779 | -€105,757 | €59,950 | €15,658 | ▼ 73.9% |
| Profit (loss) for the period to be appropriated9905 | €63,989 | €72,600 | -€51,843 | €86,925 | -€62,779 | -€105,757 | €59,950 | €15,658 | ▼ 73.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €926,686 | €925,881 | €788,672 | €915,792 | €860,230 | €776,691 | €651,966 | €816,704 | ▲ 25.3% |
| Fixed assets21/28 | €105,857 | €78,194 | €97,634 | €91,951 | €120,994 | €100,727 | €74,408 | €211,346 | ▲ 184% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €96,658 | - |
| Tangible fixed assets22/27 | €103,976 | €76,312 | €95,752 | €90,069 | €119,112 | €98,846 | €72,526 | €112,807 | ▲ 55.5% |
| Land and buildings22 | - | - | - | - | €4,566 | €3,485 | €2,404 | €1,324 | ▼ 45.0% |
| Plant, machinery and equipment23 | - | - | - | €64,262 | €94,208 | €80,491 | €60,720 | €107,000 | ▲ 76.2% |
| Furniture and vehicles24 | - | - | - | €25,807 | €20,338 | €14,870 | €9,401 | €4,484 | ▼ 52.3% |
| Financial fixed assets28 | €1,882 | €1,882 | €1,882 | €1,882 | €1,882 | €1,882 | €1,882 | €1,882 | = |
| Current assets29/58 | €820,829 | €847,688 | €691,038 | €823,842 | €739,236 | €675,964 | €577,558 | €605,357 | ▲ 4.8% |
| Amounts receivable after more than one year29 | - | - | - | €546,080 | €516,541 | €521,707 | €380,419 | €316,534 | ▼ 16.8% |
| Other amounts receivable291 | - | - | - | €546,080 | €516,541 | €521,707 | €380,419 | €316,534 | ▼ 16.8% |
| Stocks and contracts in progress3 | €13,261 | €15,478 | €13,588 | €12,459 | €14,907 | €12,458 | €15,347 | €14,879 | ▼ 3.0% |
| Stocks30/36 | - | - | - | €12,459 | €14,907 | €12,458 | €15,347 | €14,879 | ▼ 3.0% |
| Amounts receivable within one year40/41 | €3,332 | €8,350 | €48,525 | €20,259 | €10,689 | €5,778 | €8,520 | €53,968 | ▲ 533% |
| Trade receivables40 | - | - | - | - | €132 | - | - | €1,395 | - |
| Other amounts receivable41 | - | - | - | €20,259 | €10,557 | €5,778 | €8,520 | €52,573 | ▲ 517% |
| Cash at bank and in hand54/58 | €244,236 | €252,603 | €69,843 | €245,043 | €197,099 | €134,220 | €173,271 | €219,976 | ▲ 27.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,801 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €926,686 | €925,881 | €788,672 | €915,792 | €860,230 | €776,691 | €651,966 | €816,704 | ▲ 25.3% |
| Equity10/15 | €684,328 | €745,212 | €664,798 | €751,723 | €638,944 | €533,187 | €451,850 | €394,908 | ▼ 12.6% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €126,291 | €215,746 | €215,746 | €302,671 | €302,671 | €302,671 | €221,334 | €164,392 | ▼ 25.7% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €300,811 | €300,811 | €300,811 | €219,474 | €162,533 | ▼ 25.9% |
| Profit (loss) carried forward14 | €551,840 | €523,269 | €442,855 | €442,855 | €330,076 | €224,319 | €224,319 | €224,319 | = |
| Amounts payable17/49 | €242,358 | €180,669 | €123,874 | €164,070 | €221,286 | €243,505 | €200,116 | €421,796 | ▲ 111% |
| Amounts payable after more than one year17 | - | - | €10,090 | €7,636 | €5,136 | €2,591 | - | - | - |
| Financial debts170/4 | - | - | - | €7,636 | €5,136 | €2,591 | - | - | - |
| Amounts payable within one year42/48 | €242,358 | €180,669 | €113,784 | €156,434 | €216,150 | €239,653 | €200,116 | €421,796 | ▲ 111% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,454 | €2,499 | €2,545 | €2,591 | - | - |
| Trade debts44 | €49,796 | €57,539 | €60,866 | €50,551 | €53,078 | €105,490 | €51,715 | €108,965 | ▲ 111% |
| Suppliers440/4 | - | - | - | €50,551 | €53,078 | €105,490 | €51,715 | €108,965 | ▲ 111% |
| Advances received on contracts in progress46 | - | - | - | €14,015 | €9,058 | €12,523 | €8,742 | €8,307 | ▼ 5.0% |
| Taxes, remuneration and social security45 | - | - | - | €83,223 | €123,074 | €80,667 | €120,082 | €140,108 | ▲ 16.7% |
| Taxes450/3 | - | - | - | €27,471 | €41,673 | €10,947 | €32,025 | €46,273 | ▲ 44.5% |
| Remuneration and social security454/9 | - | - | - | €55,752 | €81,401 | €69,720 | €88,057 | €93,834 | ▲ 6.6% |
| Other amounts payable47/48 | - | - | - | €6,190 | €28,441 | €38,428 | €16,987 | €164,415 | ▲ 868% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,260 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51,489 | €72,600 | -€51,843 | €86,925 | -€62,779 | -€105,757 | €59,950 | €15,658 | ▼ 73.9% |
| + Depreciation and write-downs630 | €30,217 | €27,664 | €24,620 | €20,653 | €24,317 | €25,401 | €26,320 | €28,961 | ▲ 10.0% |
| Operating cash flow (approximation) | €81,706 | €100,263 | -€27,223 | €107,578 | -€38,462 | -€80,356 | €86,270 | €44,619 | ▼ 48.3% |
| Investment in fixed assets (approximation) | - | €0 | -€44,060 | -€14,970 | -€53,360 | -€5,135 | €0 | -€165,900 | - |
| Change in cash | - | €8,367 | -€182,760 | €175,200 | -€47,944 | -€62,878 | €39,051 | €46,705 | ▲ 19.6% |
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, 14,766 companies had the same profile as STUPA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of STUPA itself is higher: 0.6% within 12 months. It rests on far more data about STUPA than the profile alone.
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 14,766 companies, not a prediction for STUPA. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-10-2026 | 2026-00557877 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00521680 | |
| 31-12-2023 | abbreviated format | 21-11-2024 | 2024-00602552 | |
| 31-12-2022 | abbreviated format | 09-10-2023 | 2023-00482227 | |
| 31-12-2021 | abbreviated format | 17-10-2022 | 2022-20471164 | |
| 31-12-2020 | abbreviated format | 24-11-2021 | 2021-78100298 | |
| 31-12-2019 | abbreviated format | 23-11-2020 | 2020-72000025 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-61100314 | |
| 31-12-2017 | abbreviated format | 24-08-2018 | 2018-49500234 | |
| 31-12-2016 | abbreviated format | 07-03-2018 | 2018-06600049 |