Active BE 0433.363.237Private limited company

STELINCO

Leuvensestraat 40 ·3300 Tienen, Belgium· 38 yrs active

Sector: Retail sale of footwear (47721)

Conclusion Checked

STELINCO has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €609k and a net result of €-55k. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 88% of 9900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€609k
Net result	€-55k
Staff (FTE)	3
Better than sector	88%

Financial profile 5 of 5 axes measured · computed by Checked

55 / 100

Mixed profile: strong on solvency, weaker on profitability.

All 5 axes are computed from data Checked has read.

Health 42

Profitability 0

Solvency 100

Growth 32

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.8% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1988, 38 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

42 / 100 Weak

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€25k

estimate, not credit advice

Score history

68 2022

81 2023

81 2024

42 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.74 (≥ 1.5) +10

Quick ratio Quick ratio 0.54 (< 0.6) -5

Leverage Debt/equity 0.23 (< 1.0) +10

Profitability Negatieve ROE -9% -10

Interest coverage Interest coverage -3.0× (< 1.5×) -10

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview39 NBB filings

Annual accounts filed on 30-06-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~3.1%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	79.2%	37.6%	better than 88% of 9900 sector peers
Net result	€-55k	€31k	better than 8% of 9895 sector peers
Equity	€609k	€261k	better than 75% of 9909 sector peers
Gross operating margin	€111k	€227k	better than 31% of 9875 sector peers
Staff costs	€124k	€159k	higher than 41% of 7511 sector peers

EBITDA

€-22k

- 22-25

Net profit

€-55k

- 22-25

Cash flow

€13k

-83.2% 22-25

Total assets

€769k

-6.9% 22-25

Equity

€609k

-8.3% 22-25

Working capital

€238k

-3.1% 22-25

Employees (FTE)

3

-16.7% 22-25

Staff costs

€124k

-4.7% 22-25

Income taxes

€844

-87.3% 22-25

Dividends

€0

-100.0% 22-25

Debt

€138k

+1.2% 22-25

Debt ≤ 1y

€137k

+6.5% 22-25

Debt > 1y

€0

-100.0% 22-25

Current ratio

2.74

-5.9% 22-25

Quick ratio

0.54

-40.9% 22-25

Solvency

79.2%

-1.6% 22-25

Debt / equity

0.23

+10.4% 22-25

ROE

-9.1%

- 22-25

ROA

-7.2%

- 22-25

Interest coverage

-2.97

- 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	abbreviated schema	abbreviated schema	full schema	abbreviated schema
Revenue	-	-	-	-
EBITDA	€-22k	€59k	€75k	€60k
Net profit	€-55k	€3k	€12k	€-781
Cash flow	€13k	€78k	€88k	€76k
Staff costs	€124k	€130k	€128k	€112k
Income taxes	€844	€7k	€11k	€6k
Dividends	-	€0	€30k	€30k
Total assets	€769k	€826k	€903k	€979k
Equity	€609k	€665k	€662k	€679k
Debt	€138k	€136k	€214k	€270k
of which ≤ 1y	€137k	€128k	€191k	€206k
of which > 1y	€0	€7k	€22k	€63k
Working capital	€238k	€245k	€191k	€207k
Employees (FTE)	3.0	3.6	3.6	3.3

Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, full schema), so the columns are not directly comparable.

Ratios (computed)

	2025	2024	2023	2022
Current ratio	2.74	2.91	2.00	2.00
Quick ratio	0.54	0.91	0.51	0.77
Working capital ratio	30.9%	29.7%	21.2%	21.1%
Solvency	79.2%	80.5%	73.2%	69.4%
Debt / equity	0.23	0.20	0.32	0.40
Long-term debt ratio	0.00	0.01	0.03	0.09
Interest coverage	-2.97	7.25	8.96	6.74
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	-7.2%	0.4%	1.4%	-0.1%
ROE	-9.1%	0.5%	1.9%	-0.1%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €395k · 51.3% Current assets €374k · 48.7%

Equity & liabilities

Equity €609k · 79.2% Provisions €22k · 2.9% Debt €138k · 17.9%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€769k	€826k	€903k	€979k
Fixed assets	21/28	€395k	€452k	€521k	€567k
Tangible fixed assets	22/27	€390k	€448k	€517k	€563k
Financial fixed assets	28	€4k	€4k	€4k	€4k
Current assets	29/58	€374k	€374k	€382k	€412k
Stocks & contracts in progress	3	€301k	€257k	€285k	€253k
Amounts receivable within one year	40/41	€5k	€615	€490	€456
Cash & bank	54/58	€58k	€104k	€93k	€149k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€769k	€826k	€903k	€979k
Equity	10/15	€609k	€665k	€662k	€679k
Contributions / capital	10/11	€403k	€403k	€403k	€403k
Reserves	13	€186k	€194k	€191k	€228k
Accumulated profits (losses)	14	€20k	€67k	€67k	€48k
Provisions & deferred taxes	16	€22k	€25k	€28k	€30k
Amounts payable	17/49	€138k	€136k	€214k	€270k
Amounts payable after one year	17	€0	€7k	€22k	€63k
Amounts payable within one year	42/48	€137k	€128k	€191k	€206k
Trade debts payable within one year	44	€30k	€8k	€16k	€45k
Income statement
Gross operating margin	9900	€111k	€198k	€218k	€181k
Operating result	9901	€-90k	€-16k	€-1k	€-17k
Financial income	75	€33k	€31k	€30k	€28k
Financial charges	65	€7k	€8k	€8k	€9k
Result before taxes	9903	€-57k	€7k	€20k	€2k
Income taxes	67/77	€844	€7k	€11k	€6k
Net result for the period	9904	€-55k	€3k	€12k	€-781
Result to be appropriated	9905	€-47k	€11k	€21k	€7k

Directors & mandates 1 directors

Current directors & mandates

STELLS Stephanie
Director
State Gazette act 25340496 (27-06-2025)

Current
01-01-2025 → present

Legal Structure

NACE primary	Retail sale of footwear(47721)
Legal form	Private limited company(610)
Incorporation	24-02-1988
Status	Active
Postal code	3300

Establishment units 3 locations

Schoenen Steels

Leuvensestraat 40, 3300 TienenNACE 51422

since 19882.034.792.853

CARTHAGO

Schepen Dejonghstraat 1, 3800 Sint-TruidenNACE 51422

since 19882.034.792.655

CARTHAGO

Maastrichterstraat 82, 3700 Tongeren-BorgloonNACE 51422

since 19912.034.792.952

Real-estate footprint Source: CBE × cadastre

Flanders 3 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
71053H1147/00G000 ProtectedMonumentNeoclassicistisch burgerhuisSource ↗	Flanders	2,367 m²	1 · 1,777 m²	19.2 m · 1 fl.
24593G0190/00M000	Flanders	484 m²	1 · 365 m²	14.6 m · 3 fl.
73083C0051/00T000	Flanders	262 m²	1 · 256 m²	16.8 m · 1 fl.

Methodology

via registered seat: 1 · via establishment units: 2

3 of 3 parcels 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).

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

30-06

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2025

31-12

Financial Weakest financial yearnet €-55k ▼1863%

Net result drops to €-55k, the lowest in the series.

14-07

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

27-06

State Gazette act Director changes

Liesbeth Lerut

2024

11-12

NBB filing Annual accounts filed

fiscal year 2023 · full schema

19-07

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

31-12

Financial Back to profitnet €12k

Net result €12k after one loss-making year.

27-06

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

14-07

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2021

29-06

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema

2020

05-08

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 5 days late

2019

27-06

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2018

06-06

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 1 year ago

2025

27-06-2025 1 director appointed, 3 reappointed Director changes·Liesbeth Lerut

STELLS Stephanie, Bestuurder
Steels Martine, Bestuurder
Steels Guido, Bestuurder
Schreurs Reinhilde, Bestuurder

Notary: Liesbeth Lerut · Tielt-Winge

Original publication ↗

Technical details

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  "act_meta": {
    "language": "nl",
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    "filing_date": "2025-06-25",
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Retail sale of footwear47721

Names & trade names

Legal nameNL

STELINCO

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