StW Horizon
ActiveSummary
StW Horizon has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-108k) and a net result of €-12k. Equity is shrinking by ~39.1% per year across the filed fiscal years. Its solvency ranks better than 9% of 9194 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
44
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Negative equity caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability42▲+6
Solvency12▼-2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.03 against 1.05 in 2024; short-term debt: 9.2% and cash: 4.2% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-13%
Return on assets
-1.5%
Age of the figures
16 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €-108k
neutral · Filed after the deadline
The financial year that closed on 31-05-2025 was due by 31-12-2025 and was filed on 19-01-2026, 19 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
19 d late
2024
3 d late
2023
8 d late
2022
31 d late
2021
326 d late
2020
8 d early
2019
155 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-05-2026 and is due by 31-12-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-05-2026 close24-09-2026 today31-12-2026 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€-108k▼ 13.0%
2024 · €-96k
2019: €18k
2020: €1k
2021: €-17k
2022: €-56k
2023: €-74k
2024: €-96k
2019 → 2025
Total assets
€832k▼ 3.7%
2024 · €864k
2019: €227k
2020: €215k
2021: €1.00M
2022: €964k
2023: €933k
2024: €864k
2019 → 2025
Net result
€-12k▲ 40.9%
2024 · €-21k
2019: €-26k
2020: €-16k
2021: €-18k
2022: €-39k
2023: €-19k
2024: €-21k
2019 → 2025
Working capital
€2k▼ 28.2%
2024 · €3k
2019: €17k
2020: €3k
2021: €112k
2022: €94k
2023: €29k
2024: €3k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-17k-€-56k▼ 227%€-74k▼ 33.1%€-96k▼ 28.4%€-108k▼ 13.0%
Operating result€-10k-€-28k▼ 173%€-2k▲ 92.4%€-5k▼ 137%€3k
Net result€-18k-€-39k▼ 111%€-19k▲ 52.4%€-21k▼ 14.2%€-12k▲ 40.9%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €3k after a loss of €5k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €832k
Fixed assets
€753k ▼ 5.5%
Current assets
€78k ▲ 17.2%
Key figures and ratios
EBITDA
€47k▲
2024 · €39k
Cash flow
€31k▲
2024 · €23k
Solvency
-13.0%▼
2024 · -11.1%
Current ratio
1.03▼
2024 · 1.05
Debt to equity
-8.70▲
2024 · -10.04
ROA
-1.5%▲
2024 · -2.4%
Interest coverage
3.04▲
2024 · 2.41
Debt
€940k▼
2024 · €960k
Debt ≤ 1 year
€76k▲
2024 · €64k
Debt > 1 year
€863k▼
2024 · €896k
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 · 39 lines
Balance sheet
Code20242025
Assets
Total assets20/58€864k€832k▼
Fixed assets21/28€797k€753k▼
Tangible fixed assets22/27€797k€753k▼
Land and buildings22€797k€753k▼
Current assets29/58€67k€78k▲
Amounts receivable within one year40/41€43k€43k▼
Trade receivables40€197€131▼
Other amounts receivable41€43k€43k▼
Cash at bank and in hand54/58€23k€35k▲
Deferred charges and accrued income490/1-€116
Equity and liabilities
Total equity and liabilities10/49€864k€832k▼
Equity10/15€-96k€-108k▼
Contributions10/11€44k€44k=
Profit (loss) carried forward14€-140k€-152k▼
Amounts payable17/49€960k€940k▼
Amounts payable after more than one year17€896k€863k▼
Financial debts170/4€896k€863k▼
Amounts payable within one year42/48€64k€76k▲
Current portion of amounts payable after more than one year42€24k€25k▲
Trade debts44€208€121▼
Suppliers440/4€208€121▼
Advances received on contracts in progress46-€2k
Taxes, remuneration and social security45€976€1k▲
Taxes450/3€976€1k▲
Other amounts payable47/48€39k€49k▲
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€44k=
Other operating charges640/8€4k€5k▲
Gross operating margin9900€43k€51k▲
Operating profit (loss)9901€-5k€3k▲
Financial income75/76B€2€0▼
Recurring financial income75€2€0▼
Financial charges65/66B€16k€15k▼
Recurring financial charges65€16k€15k▼
Profit (loss) for the period before taxes9903€-21k€-12k▲
Profit (loss) for the period9904€-21k€-12k▲
Profit (loss) for the period to be appropriated9905€-21k€-12k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-140k€-152k▼
Profit (loss) brought forward from the previous period14P€-118k€-140k▼
The notes to these accounts (16 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
19-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 19 days late
2025
03-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 3 days late
2024
08-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 8 days late
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
22-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 326 days late
31-05
Financial
Weakest financial yearnet €-39k
Net result drops to €-39k, the lowest in the series; recovery starts the following year.
2021
31-05
Financial
Liquidity doublescurrent ratio 3.58
Current ratio from 1.54 to 3.58.
2020
23-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 155 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Wuustwezel · 1 establishment unit since 2017
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.
Valkendreef 622990 WuustwezelGround area
1,970 m²
Building footprint
72 m²
Volume, LiDAR
16 m³
Parcel 11682H0010/00R005, Flanders · tallest building 3.9 m. Linked by address, not a title deed.
1 establishment unit
StW Horizon
since 20172.271.273.410
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11682H0010/00R005 | Flanders | 1,970 m² | 1 · 72 m² | 3.9 m |
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.
Similar companies · same sector, comparable size
BOBBIONI-MASTRATISI
BE 0890.532.947
Seraing · Eq €1,333
WAYNE INDUSTRIES
BE 0738.490.791
Wetteren · Eq €1,332
LOCOTAL
BE 1031.888.473
Tournai · Eq €1,354
BEYENS VASTGOED
BE 0795.156.312
Ravels · Eq €1,311
VCTR CONSULTING
BE 0741.373.374
Chaudfontaine · Eq €1,309
Of 12,022 companies in sector 68203 we hold annual accounts for 5,986. 387 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded11-12-2017
Fiscal year end31-05
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
46190Agents in non-specialised wholesale trade
64210Activities of holding companies
73200Market research and public opinion polling
82100Office administrative and support services
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.