UPSTONE
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-10-2026 at the NBB all 6 filings
Equity
€63,069▼ 29.6%
2025 · €89,568
Total assets
€100,165▼ 19.4%
2025 · €124,313
Net result
-€26,499
2025 · €875
Working capital
€58,735▼ 29.7%
2025 · €83,592
Multi-year overview
2021 to 2026, 6 financial yearsOperating result
-€21,148
2026
20212026
Net result
-€26,499
2026
20212026
Equity
€63,069
▼ 29.6%
2026
20212026
Total assets
€100,165
▼ 19.4%
2026
20212026
Debt
€37,095
▲ 6.8%
2026
20212026
Working capital
€58,735
▼ 29.7%
2026
20212026
Solvency
63.0%
▼ 9.1pp
2026
20212026
Current ratio
2.58
▼ 0.82
2026
20212026
Return on assets (ROA)
-26.5%
▼ 27.2pp
2026
20212026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120222023202420252026
Operating result€76,155-€83,245▲ 9.3%€80,912▼ 2.8%€73,467▼ 9.2%€57,285▼ 22.0%-€21,148
Net result€75,934above the sector's middle half-€77,091above the sector's middle half▲ 1.5%€4,584within the sector's middle half▼ 94.1%€23,084within the sector's middle half▲ 404%€875within the sector's middle half▼ 96.2%-€26,499
Equity€28,934within the sector's middle half-€61,025within the sector's middle half▲ 111%€65,609within the sector's middle half▲ 7.5%€88,693within the sector's middle half▲ 35.2%€89,568within the sector's middle half▲ 1.0%€63,069▼ 29.6%
Total assets€51,389below the sector's middle half-€88,290below the sector's middle half▲ 71.8%€91,807below the sector's middle half▲ 4.0%€115,990below the sector's middle half▲ 26.3%€124,313below the sector's middle half▲ 7.2%€100,165▼ 19.4%
Debt€22,455-€27,265▲ 21.4%€26,199▼ 3.9%€27,297▲ 4.2%€34,745▲ 27.3%€37,095▲ 6.8%
Working capital€15,290within the sector's middle half-€37,400within the sector's middle half▲ 145%€47,007within the sector's middle half▲ 25.7%€77,143within the sector's middle half▲ 64.1%€83,592within the sector's middle half▲ 8.4%€58,735▼ 29.7%
Solvency56.3%within the sector's middle half-69.1%above the sector's middle half▲ 12.8pp71.5%above the sector's middle half▲ 2.3pp76.5%above the sector's middle half▲ 5.0pp72.1%above the sector's middle half▼ 4.4pp63.0%▼ 9.1pp
Current ratio2.01within the sector's middle half-2.37within the sector's middle half▲ 0.362.79within the sector's middle half▲ 0.423.83above the sector's middle half▲ 1.033.41above the sector's middle half▼ 0.422.58▼ 0.82
Return on assets (ROA)147.8%above the sector's middle half-87.3%above the sector's middle half▼ 60.4pp5.0%within the sector's middle half▼ 82.3pp19.9%above the sector's middle half▲ 14.9pp0.7%within the sector's middle half▼ 19.2pp-26.5%▼ 27.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €21,148, after a profit of €57,285 in 2025. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €100,165
Fixed assets
€4,335 ▼ 27.5%
Current assets
€95,830 ▼ 19.0%
Equity and liabilities €100,165
Equity
€63,069 ▼ 29.6%
Debt
€37,095 ▲ 6.8%
Debt's share of the balance-sheet total rises from 27.9% to 37.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€19,507▼
2025 · €62,859
Cash flow
-€24,858▼
2025 · €6,450
Debt to equity
0.59▲
2025 · 0.39
ROE
-42.0%▼
2025 · 1.0%
Interest coverage
-25.03▼
2025 · 1.17
Debt ≤ 1 year
€37,095▲
2025 · €34,745
Income taxes
€4,584▲
2025 · €2,854
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,918 | €1,898 | - | - | - |
| Depreciation and write-downs of the year | €6,246 | €6,921 | €7,052 | €5,574 | €1,641 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,769 | €6,246 | €6,921 | €7,052 | €5,574 | €1,641 | ▼ 70.6% |
| Other operating charges640/8 | - | €137 | €85 | €533 | €1,571 | - | - |
| Gross operating margin9900 | €86,914 | €89,628 | €87,918 | €81,052 | €64,430 | -€19,507 | - |
| Operating profit (loss)9901 | €76,155 | €83,245 | €80,912 | €73,467 | €57,285 | -€21,148 | - |
| Financial income75/76B | - | - | €12 | - | €33 | €13 | ▼ 61.7% |
| Recurring financial income75 | €462 | - | €12 | - | €33 | €13 | ▼ 61.7% |
| Financial charges65/66B | - | €228 | €40,814 | €35,909 | €53,588 | €779 | ▼ 98.5% |
| Recurring financial charges65 | €682 | €228 | €40,814 | €35,909 | €53,588 | €779 | ▼ 98.5% |
| Profit (loss) for the period before taxes9903 | €75,934 | €83,017 | €40,110 | €37,558 | €3,729 | -€21,915 | - |
| Income taxes67/77 | - | €5,926 | €35,526 | €14,474 | €2,854 | €4,584 | ▲ 60.6% |
| Profit (loss) for the period9904 | €75,934 | €77,091 | €4,584 | €23,084 | €875 | -€26,499 | - |
| Profit (loss) for the period to be appropriated9905 | €75,934 | €77,091 | €4,584 | €23,084 | €875 | -€26,499 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €51,389 | €88,290 | €91,807 | €115,990 | €124,313 | €100,165 | ▼ 19.4% |
| Fixed assets21/28 | €20,953 | €23,625 | €18,602 | €11,550 | €5,976 | €4,335 | ▼ 27.5% |
| Tangible fixed assets22/27 | €20,953 | €23,625 | €18,602 | €11,550 | €5,976 | €4,335 | ▼ 27.5% |
| Furniture and vehicles24 | - | €17,321 | €12,978 | €6,606 | €1,711 | €749 | ▼ 56.2% |
| Other tangible fixed assets26 | - | €6,304 | €5,624 | €4,945 | €4,265 | €3,585 | ▼ 15.9% |
| Current assets29/58 | €30,436 | €64,665 | €73,205 | €104,440 | €118,337 | €95,830 | ▼ 19.0% |
| Amounts receivable after more than one year29 | - | €49,385 | €72,320 | €89,080 | €107,626 | €45,195 | ▼ 58.0% |
| Other amounts receivable291 | - | €49,385 | €72,320 | €89,080 | €107,626 | €45,195 | ▼ 58.0% |
| Amounts receivable within one year40/41 | €14,378 | €14,541 | €20 | €14,540 | €10,554 | €3,225 | ▼ 69.4% |
| Trade receivables40 | - | €14,536 | - | €14,520 | €9,680 | €3,194 | ▼ 67.0% |
| Other amounts receivable41 | - | €4 | €20 | €20 | €874 | €31 | ▼ 96.5% |
| Cash at bank and in hand54/58 | €1,678 | - | €83 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | €739 | €781 | €820 | €157 | €47,410 | ▲ 302× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €51,389 | €88,290 | €91,807 | €115,990 | €124,313 | €100,165 | ▼ 19.4% |
| Equity10/15 | €28,934 | €61,025 | €65,609 | €88,693 | €89,568 | €63,069 | ▼ 29.6% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | - | €4,584 | €27,668 | €28,543 | €28,543 | = |
| Distributable reserves133 | - | - | €4,584 | €27,668 | €28,543 | €28,543 | = |
| Profit (loss) carried forward14 | €25,934 | €58,025 | €58,025 | €58,025 | €58,025 | €31,526 | ▼ 45.7% |
| Amounts payable17/49 | €22,455 | €27,265 | €26,199 | €27,297 | €34,745 | €37,095 | ▲ 6.8% |
| Amounts payable after more than one year17 | €7,308 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €15,146 | €27,265 | €26,199 | €27,297 | €34,745 | €37,095 | ▲ 6.8% |
| Current portion of amounts payable after more than one year42 | - | €7,308 | - | - | - | - | - |
| Financial debts43 | - | €8,039 | - | €2,664 | €1,214 | €1,231 | ▲ 1.5% |
| Credit institutions430/8 | - | €8,039 | - | €2,664 | €1,214 | €1,231 | ▲ 1.5% |
| Trade debts44 | €813 | €3,427 | €65 | €2,141 | €17,690 | €2,704 | ▼ 84.7% |
| Suppliers440/4 | - | €3,427 | €65 | €2,141 | €17,690 | €2,704 | ▼ 84.7% |
| Taxes, remuneration and social security45 | - | €8,490 | €26,134 | €22,492 | €15,842 | €3,160 | ▼ 80.1% |
| Taxes450/3 | - | €5,490 | €26,134 | €22,492 | €15,842 | €3,160 | ▼ 80.1% |
| Remuneration and social security454/9 | - | €3,000 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €30,000 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €75,934 | €77,091 | €4,584 | €23,084 | €875 | -€26,499 | - |
| + Depreciation and write-downs630 | €7,769 | €6,246 | €6,921 | €7,052 | €5,574 | €1,641 | ▼ 70.6% |
| Operating cash flow (approximation) | €83,703 | €83,337 | €11,505 | €30,136 | €6,450 | -€24,858 | - |
| Investment in fixed assets (approximation) | - | -€8,918 | -€1,898 | €0 | €0 | €0 | - |
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, 3,591 companies had the same profile as UPSTONE has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of UPSTONE itself: 0.8% 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 3,591 companies, not a prediction for UPSTONE. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 28-10-2026 | 2026-00598522 | |
| 31-03-2025 | micro format | 31-10-2025 | 2025-00564665 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00522218 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00505696 | |
| 31-03-2022 | micro format | 24-10-2022 | 2022-20475152 | |
| 31-03-2021 | micro format | 16-06-2021 | 2021-20800149 |