Financials
Financial year 2025
Studeco from Geraardsbergen, company number BE0437761295, closed financial year 2025 with a result of € -390,561 after tax. For that financial year Studeco recorded revenue of € 1.2 million and equity of € 36.4 million. Compared with financial year 2024, the result moved from € 1.8 million to € -390,561. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 8, 2026.
€ 36.4 million
▼ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -390,561
▼ still € 1.8 million profit in 2024
Profit after tax over the fiscal year.
€ 14,532
▼ 78% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 6.4 million.
People and assets in 2025
5.7
▼ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 375,556
▼ 19% vs 2024
€ 65,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 18.6 million
▲ 15% vs 2024
€ 123,306 is repaid this year. At this pace the long-term loan is gone in ≈ 151 years.
€ 14,299
▼ 92% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 7 days on average.
€ 45,961
▼ 47% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 889,032 | € 1,215,437 | € 1,408,417 | € 1,160,474 | ▼ 18% |
| Profit after taxes | € 2,660,252 | € 1,336,452 | € 1,796,957 | € -390,561 | ▼ € 2.2 million |
| Equity | € 29,358,755 | € 30,695,207 | € 36,758,268 | € 36,367,707 | ▼ 1% |
| Total debts | € 12,060,533 | € 16,865,922 | € 17,142,847 | € 20,175,260 | ▲ 18% |
| Cash | € 383,988 | € 130,622 | € 65,875 | € 14,532 | ▼ 78% |
| Land & buildings | € 804,071 | € 881,217 | € 836,964 | € 4,627,444 | ▲ € 3.8 million |
| Retained profit | € 3,577,595 | € 4,955,047 | € 6,793,004 | € 6,443,442 | ▼ 5% |
| Bank debt | € 11,925,000 | € 16,701,975 | € 16,244,000 | € 18,644,000 | ▲ 15% |
| Balance sheet total | € 41,419,288 | € 47,561,129 | € 53,901,115 | € 56,542,967 | ▲ 5% |
| Employees (FTE) | 5.2 | 5.8 | 5.8 | 5.7 | ▼ 0.1 |
Key figures of Studeco, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Studeco?
What happened at Studeco in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 390,561 (▼ € 2.2 million vs 2024). Source: NBB ↗
- Sofindev VI CommV became a director. NBB
- Sofindev Management NV became a director. NBB
- Karel De Cock became a director. NBB
- New establishment in Geraardsbergen. KBO
- Start of the company according to the CBE. KBO
In short
From € 2.7 million profit in 2022 to € 390,561 loss in 2025.
Paid € 2,869 in corporate taxes since 2022.
Best year ever: 2022, with € 2.7 million profit.
Pays suppliers within 7 days on average.
Management
The stake of SOFINDEV V comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
StudecoBehind Studeco are Sofindev VI CommV, Sofindev Management NV and Karel De Cock. The shares are held by Altenova BV (100%) and SOFINDEV V (60.9%). It owns 100% of Altebra NV, 0.1% of Pyronova s.r.o., 0% of Pyronova IS D.O.O. Veternik, 0% of Iluvia BV, 0% of Altebra Waregem BV and 0% of Pyronova IS Hungária Kft itself.
Directors
According to the 2025 annual accounts
Director · represented by Carlo Daelemans
Also active at: Expertum Group, FIRE CONCEPT, Polysto Group, Merkator Group, ALTEBRA WAREGEM, Coffee Service Group, Shipex Group, Optima Forma BidCo +2 more
since 2025
Director · represented by Sven Vandewiele
Also active at: ALTEBRA, W.V.T. Industries, SOFINDEV IV, Sofindev IV Investments Privak, Claes Food Projects, Info Invest, ILUVIA, Mabo International +20 more
since 2020
Karel De Cock
Managing director
Also active at: BG TRADE, ALTEBRA, FIRE CONCEPT, DC INVEST, ALTEBRA WAREGEM, Altenova
since 2020
Shareholders
100%
60.9%
Participations
100%
Pyronova s.r.o.
0.1%
Pyronova IS D.O.O. Veternik
0%
0%
Pyronova IS Hungária Kft
0%
Pyronova IS Slovakia s.r.o.
0%
Altebra Sprinklertechniek BV
0%
Altebra Sweden AB
0%
Pyronova IS Czechia s.r.o.
0%
Pyronova IS Romania srl
0%
TOV Pironova IC Ukraïna
0%
Fire Concept France
Establishments
Establishment units
Physical locations of this company
Hasseltkouter(Oph) 53
9500 Geraardsbergen
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0437.761.295
- VAT number
- BE 0437.761.295
- Registered office
- Hasseltkouter(Oph) 53, 9500 Geraardsbergen
- Names & denominations
- Studeco
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 30 June 1989
- Peppol
- Active · Active since 1 Jan 2001
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