STUDARO
ActiveSummary
STUDARO has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €413,210 and a net result of €128,247. Equity is growing by ~36.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability86▲+3
Solvency69▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity short (current ratio 0.98 against 0.91 in 2023; short-term debt: 55.9% and cash: 20.4% of total assets), and 56% of the assets are financed with debt.
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Signals
Three 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 78
Relative position
BE, all sectors
reference
Employment activities (NACE 78)
about 17% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 24-06-2026, 37 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
37 d early
2024
34 d early
2023
8 d early
2022
14 d early
2021
53 d late
2020
1 d early
2019
68 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 30% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 17 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2024, abbreviated schema
Equity
€413,210▲ 45.0%
2023 · €284,963
Total assets
€938,945▲ 18.8%
2023 · €790,590
Net result
€128,247▲ 41.5%
2023 · €90,641
Working capital
-€11,092▲ 75.6%
2023 · -€45,515
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 78, Employment activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€109,872€36,418€55,182▲ 51.5%€96,429▲ 74.7%€156,966▲ 62.8%
Net result-€111,904below the sector's middle half€34,651within the sector's middle half€52,361within the sector's middle half▲ 51.1%€90,641within the sector's middle half▲ 73.1%€128,247within the sector's middle half▲ 41.5%
Equity€107,309within the sector's middle half▼ 51.0%€141,960above the sector's middle half▲ 32.3%€194,322within the sector's middle half▲ 36.9%€284,963within the sector's middle half▲ 46.6%€413,210within the sector's middle half▲ 45.0%
Total assets€172,898within the sector's middle half▼ 38.7%€421,361above the sector's middle half▲ 144%€660,640within the sector's middle half▲ 56.8%€790,590within the sector's middle half▲ 19.7%€938,945within the sector's middle half▲ 18.8%
Debt€65,589▲ 4.3%€279,401▲ 326%€466,318▲ 66.9%€505,627▲ 8.4%€525,734▲ 4.0%
Working capital€100,292above the sector's middle half▼ 52.0%€72,223within the sector's middle half▼ 28.0%-€14,600below the sector's middle half-€45,515below the sector's middle half▼ 212%-€11,092below the sector's middle half▲ 75.6%
Solvency62.1%within the sector's middle half▼ 15.6pp33.7%within the sector's middle half▼ 28.4pp29.4%within the sector's middle half▼ 4.3pp36.0%within the sector's middle half▲ 6.6pp44.0%within the sector's middle half▲ 8.0pp
Current ratio2.53within the sector's middle half▼ 1.801.26within the sector's middle half▼ 1.270.97below the sector's middle half▼ 0.290.91below the sector's middle half▼ 0.060.98below the sector's middle half▲ 0.07
Return on assets (ROA)-64.7%below the sector's middle half▼ 69.3pp8.2%within the sector's middle half▲ 72.9pp7.9%within the sector's middle half▼ 0.3pp11.5%within the sector's middle half▲ 3.5pp13.7%within the sector's middle half▲ 2.2pp
Staff (FTE)0.5below the sector's middle half▼ 77.3%2.2▲ 340%11.2within the sector's middle half▲ 409%18within the sector's middle half▲ 60.7%18.3within the sector's middle half▲ 1.7%
above
within
below
the middle half (P25 to P75) of NACE 78, Employment activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2022 Staff (FTE) +409% on 2021. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2024 is 63% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €938,945
Fixed assets
€425,584 ▲ 27.6%
Current assets
€513,361 ▲ 12.3%
Equity and liabilities €938,945
Equity
€413,210 ▲ 45.0%
Debt
€525,734 ▲ 4.0%
Debt's share of the balance-sheet total falls from 64.0% to 56.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€273,402▲
2023 · €171,552
Cash flow
€244,683▲
2023 · €165,764
Debt to equity
1.27▼
2023 · 1.77
ROE
31.0%▼
2023 · 31.8%
Interest coverage
15.49▼
2023 · 22.96
Debt ≤ 1 year
€524,453▲
2023 · €502,526
Income taxes
€2,010▲
2023 · €1,641
Staff costs
€867,078▲
2023 · €753,746
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,781 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
2.7%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,781 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,580 | - | - |
| Remuneration, social security and pensions62 | - | €105,127 | €404,783 | €753,746 | €867,078 | ▲ 15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,586 | €7,629 | €33,974 | €75,123 | €116,436 | ▲ 55.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €940 | €8,512 | - | - | - |
| Other operating charges640/8 | - | €1,387 | €4,415 | €2,376 | €4,886 | ▲ 106% |
| Gross operating margin9900 | -€84,854 | €151,501 | €506,866 | €927,674 | €1.1m | ▲ 23.5% |
| Operating profit (loss)9901 | -€109,872 | €36,418 | €55,182 | €96,429 | €156,966 | ▲ 62.8% |
| Financial income75/76B | - | €345 | €1,894 | €3,325 | €3,937 | ▲ 18.4% |
| Recurring financial income75 | €118 | €345 | €1,894 | €3,325 | €3,937 | ▲ 18.4% |
| Financial charges65/66B | - | €1,866 | €4,137 | €7,472 | €30,646 | ▲ 310% |
| Recurring financial charges65 | €1,845 | €1,866 | €4,137 | €7,472 | €17,646 | ▲ 136% |
| Non-recurring financial charges66B | - | - | - | - | €13,000 | - |
| Profit (loss) for the period before taxes9903 | -€111,599 | €34,897 | €52,938 | €92,282 | €130,257 | ▲ 41.2% |
| Income taxes67/77 | €305 | €246 | €577 | €1,641 | €2,010 | ▲ 22.5% |
| Profit (loss) for the period9904 | -€111,904 | €34,651 | €52,361 | €90,641 | €128,247 | ▲ 41.5% |
| Profit (loss) for the period to be appropriated9905 | -€111,904 | €34,651 | €52,361 | €90,641 | €128,247 | ▲ 41.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €172,898 | €421,361 | €660,640 | €790,590 | €938,945 | ▲ 18.8% |
| Fixed assets21/28 | €7,017 | €71,471 | €210,285 | €333,579 | €425,584 | ▲ 27.6% |
| Intangible fixed assets21 | €6,521 | €69,349 | €203,002 | €302,173 | €394,346 | ▲ 30.5% |
| Tangible fixed assets22/27 | €489 | €2,115 | €2,025 | €6,156 | €5,988 | ▼ 2.7% |
| Furniture and vehicles24 | - | €2,115 | €2,025 | €6,156 | €5,988 | ▼ 2.7% |
| Financial fixed assets28 | €8 | €8 | €5,258 | €25,250 | €25,250 | = |
| Current assets29/58 | €165,881 | €349,890 | €450,355 | €457,011 | €513,361 | ▲ 12.3% |
| Amounts receivable within one year40/41 | €50,556 | €237,045 | €238,645 | €310,804 | €317,494 | ▲ 2.2% |
| Trade receivables40 | - | €235,645 | €237,574 | €255,489 | €215,009 | ▼ 15.8% |
| Other amounts receivable41 | - | €1,400 | €1,072 | €55,315 | €102,485 | ▲ 85.3% |
| Cash at bank and in hand54/58 | €114,003 | €112,127 | €184,725 | €129,468 | €191,219 | ▲ 47.7% |
| Deferred charges and accrued income490/1 | - | €719 | €26,985 | €16,738 | €4,648 | ▼ 72.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €172,898 | €421,361 | €660,640 | €790,590 | €938,945 | ▲ 18.8% |
| Equity10/15 | €107,309 | €141,960 | €194,322 | €284,963 | €413,210 | ▲ 45.0% |
| Contributions10/11 | - | €206,200 | €206,200 | €206,200 | €206,200 | = |
| Reserves13 | - | - | - | €78,763 | €207,010 | ▲ 163% |
| Distributable reserves133 | - | - | - | €78,763 | €207,010 | ▲ 163% |
| Profit (loss) carried forward14 | -€98,891 | -€64,240 | -€11,878 | - | - | - |
| Amounts payable17/49 | €65,589 | €279,401 | €466,318 | €505,627 | €525,734 | ▲ 4.0% |
| Amounts payable within one year42/48 | €65,589 | €277,667 | €464,955 | €502,526 | €524,453 | ▲ 4.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,750 | €103,000 | ▲ 449% |
| Trade debts44 | €55,409 | €269,091 | €398,464 | €346,269 | €358,302 | ▲ 3.5% |
| Suppliers440/4 | - | €269,091 | €398,464 | €346,269 | €358,302 | ▲ 3.5% |
| Taxes, remuneration and social security45 | - | €8,009 | €65,461 | €136,629 | €63,152 | ▼ 53.8% |
| Taxes450/3 | - | €285 | €25,722 | €69,985 | €10,509 | ▼ 85.0% |
| Remuneration and social security454/9 | - | €7,724 | €39,739 | €66,643 | €52,642 | ▼ 21.0% |
| Other amounts payable47/48 | - | €567 | €1,030 | €878 | - | - |
| Accrued charges and deferred income492/3 | - | €1,734 | €1,363 | €3,101 | €1,281 | ▼ 58.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€111,904 | €34,651 | €52,361 | €90,641 | €128,247 | ▲ 41.5% |
| + Depreciation and write-downs630 | €3,586 | €7,629 | €33,974 | €75,123 | €116,436 | ▲ 55.0% |
| Operating cash flow (approximation) | -€108,318 | €42,280 | €86,336 | €165,764 | €244,683 | ▲ 47.6% |
| Investment in fixed assets (approximation) | - | -€72,083 | -€172,788 | -€198,417 | -€208,440 | ▼ 5.1% |
| Change in cash | - | -€1,876 | €72,598 | -€55,256 | €61,751 | ▲ 212% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2019net €128,247 ▲41.5%
Operating result €156,966, net result €128,247, both a record.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €200,000Eq €284,963 ▲46.6%
3 profitable years in a row build equity to €284,963.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €150,000Eq €194,322 ▲36.9%
2 profitable years in a row build equity to €194,322.
22-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 53 days late
2021
31-12
Financial
Back to profitnet €34,651
Net result €34,651 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€111,904
Net result drops to -€111,904, the lowest in the series; recovery starts the following year.
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 68 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 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, Gent · 1 establishment unit since 2018
Ground area
2,973 m²
Building footprint
177 m²
Volume, LiDAR
956 m³
Parcel 44062B0316/00C000, Flanders · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
STUDARO
since 20182.278.663.325
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44062B0316/00C000 | Flanders | 2,973 m² | 1 · 177 m² | 9.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 ownersOwners 2
- Sourceaccounts Delfeno 202548.73%
-
9.22%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 16 entries · 695,677 EUR awarded · 683,177 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 7 | 42,240 EUR | 132,035 EUR |
| 2024 | 5 | 586,470 EUR | 484,175 EUR |
| 2023 | 3 | 60,122 EUR | 60,122 EUR |
| 2022 | 1 | 6,845 EUR | 6,845 EUR |
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Of 2,360 companies in sector 78100 we hold annual accounts for 1,364. 924 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
78100Employment placement agencies
Contact
Phone
+32498515473Gent
E-invoicing
Reachable via Peppol
Peppol ID
0208:0700324954
Also
9925:BE0700324954
Registered
31-03-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.