ACTIVE

STEWAL

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Financial year 2025 · closed on 31/12/2025

Net result

197,1 k €

+73.2% YoY

Gross margin

1,6 M €

+8.4% YoY

Equity

1,4 M €

+6.2% YoY

Workforce

16,4 ETP

+1.9% YoY

What does STEWAL do?

STEWAL is a Public limited company incorporated in 1987. Its registered office is in Ronse. It employs on average 16,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.837.259

Incorporation

16/12/1987

Legal form

Public limited company

Registered office

Rue Klein Frankrijk 19
9600 Ronse · FlandreSee on map

Contributed capital

425 000,00 €

Latest accounts

31/12/2025

Average workforce

16,4 ETP

Joint committees (3)

111
11101
209

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,6 M €	+8.4%	1,5 M €	-1.6%	1,5 M €	+0.3%	1,5 M €	+3.5%	1,4 M €	+15.4%	1,2 M €	-13.9%	1,4 M €	-25.2%	1,9 M €	+8.9%	1,8 M €	-5.9%	1,9 M €	-6.8%	2 M €	-11.6%	2,3 M €	+24.8%	1,8 M €	-7.8%	2 M €	+70.1%	1,2 M €	-38.0%	1,9 M €	-0.8%	1,9 M €	-3.0%	1,9 M €
EBITDA	431,6 k €	+20.9%	356,8 k €	-7.8%	386,9 k €	-9.1%	425,4 k €	-5.8%	451,8 k €	+551%	69,4 k €	-22.2%	89,3 k €	-46.2%	166 k €	-15.1%	195,5 k €	-28.9%	275,1 k €	+14.5%	240,3 k €	-56.5%	552,3 k €	-3.0%	569,4 k €	+34.7%	422,7 k €	+227%	-333,4 k €	-228%	259,9 k €	+24.0%	209,7 k €	-10.8%	234,9 k €
Operating result	226,6 k €	+66.1%	136,4 k €	-56.3%	312,2 k €	+6.2%	294 k €	+2.8%	286 k €	+2403%	11,4 k €	-10.3%	12,7 k €	-27.0%	17,5 k €	+72.1%	10,1 k €	-91.0%	112,4 k €	+480%	19,4 k €	-93.6%	303,8 k €	-32.0%	446,8 k €	+63.9%	272,6 k €	+154%	-508,4 k €	-2437%	21,8 k €	+8517%	-258,5 €	-101%	22,8 k €
Net result	197,1 k €	+73.2%	113,8 k €	-57.9%	270,3 k €	+7.2%	252,3 k €	+7.0%	235,7 k €	+402970%	58,5 €	+775%	6,7 €	-99.8%	4 k €	+720%	-647,9 €	-101%	68,5 k €	+842%	7,3 k €	-96.2%	190,7 k €	-50.8%	387,9 k €	+44.5%	268,4 k €	+152%	-514,4 k €	-2679%	19,9 k €	+2572%	746,4 €	-97.3%	27,6 k €
Balance sheet
Equity	1,4 M €	+6.2%	1,3 M €	+9.5%	1,2 M €	-8.0%	1,3 M €	+15.7%	1,1 M €	+17.7%	960,6 k €	+0.0%	960,5 k €	+0.0%	960,5 k €	+0.4%	956,5 k €	-0.1%	957,1 k €	-2.3%	979,5 k €	+0.7%	972,2 k €	+11.4%	872,5 k €	+51.6%	575,5 k €	+62.4%	354,4 k €	-59.2%	868,8 k €	+2.3%	848,8 k €	+0.1%	848,1 k €
Total assets	2,2 M €	+13.5%	1,9 M €	-15.9%	2,3 M €	+14.3%	2 M €	+11.3%	1,8 M €	+23.1%	1,5 M €	+2.3%	1,4 M €	-7.3%	1,6 M €	-9.8%	1,7 M €	+6.7%	1,6 M €	-4.0%	1,7 M €	-22.7%	2,2 M €	+27.1%	1,7 M €	+13.2%	1,5 M €	-17.3%	1,8 M €	-0.9%	1,8 M €	-0.9%	1,9 M €	-11.3%	2,1 M €
Cash	508,9 k €	-2.4%	521,2 k €	-9.6%	576,2 k €	-20.8%	727,8 k €	+21.9%	596,9 k €	+441%	110,3 k €	-76.4%	467,9 k €	+161%	178,9 k €	+17.9%	151,8 k €	-33.5%	228,3 k €	+136%	96,9 k €	-78.5%	451,6 k €	+21.5%	371,8 k €	+9.3%	340,1 k €	-24.6%	450,9 k €	+227%	137,8 k €	+1.4%	135,9 k €	-32.1%	200,1 k €
Debts	792,6 k €	+37.6%	576,1 k €	-43.8%	1 M €	+75.7%	583,5 k €	+2.6%	568,8 k €	+11.5%	510,3 k €	+7.0%	477 k €	-19.9%	595,5 k €	-22.6%	768,9 k €	+17.8%	652,6 k €	-4.8%	685,8 k €	-39.4%	1,1 M €	+49.6%	757,2 k €	+35.6%	558,3 k €	-49.0%	1,1 M €	+71.5%	637,9 k €	-10.7%	714,4 k €	-28.2%	994,8 k €
Other
Workforce	16,4 ETP	+1.9%	16,1 ETP	-3.0%	16,6 ETP	-7.3%	17,9 ETP	+2.3%	17,5 ETP	-16.3%	20,9 ETP	-9.9%	23,2 ETP	-9.0%	25,5 ETP	+10.4%	23,1 ETP	-1.3%	23,4 ETP	-7.5%	25,3 ETP	+3.3%	24,5 ETP	+2.1%	24,0 ETP	+4.3%	23,0 ETP	+1.3%	22,7 ETP	-16.2%	27,1 ETP	-6.2%	28,9 ETP	-4.0%	30,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 35 ended

Active mandates

STEWALINDUS

Managing director · since 15 novembre 2023 · until 05 juin 2029 · 0432.837.358

Represented by An-Sylvie Steenhoudt

Active

Ended mandates

STEWALINDUS

Managing director · since 23 novembre 2023 · until 06 juin 2029 · 0432.837.358

Represented by An-Sylvie STEENHOUDT

Ended

STEWALINDUS

Director · since 07 mai 2020 · until 06 juin 2024 · 0432.837.358

Represented by An-Sylvie Steenhoudt

Ended

STEWALINDUS

Managing director · since 07 mai 2020 · until 06 juin 2024 · 0432.837.358

Represented by An-Sylvie STEENHOUDT

Ended

An-Sylvie Steenhoudt

Mandate · since 06 juin 2018 · until 06 juin 2024

Ended

At this address

Other companies at this address

Company	CBE no.
STEWAL BTW-EENHEID● Active	0779.964.825
STEWALINDUS● Active	0432.837.358

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	08/07/2026	11/07/2025	28/06/2024	23/08/2023	30/08/2022	09/07/2021
General meeting	18/06/2026	04/06/2025	27/06/2024	28/06/2023	01/06/2022	02/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	18/06/2026	08/07/2026	Dutch	PDF
Abridged model	31/12/2024	04/06/2025	11/07/2025	Dutch	PDF
Abridged model	31/12/2023	27/06/2024	28/06/2024	Dutch	PDF
Abridged model	31/12/2022	28/06/2023	23/08/2023	Dutch	PDF
Abridged model	31/12/2021	01/06/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	02/06/2021	09/07/2021	Dutch	PDF
Abridged model	31/12/2019	03/06/2020	13/08/2020	Dutch	PDF
Abridged model	31/12/2018	05/06/2019	23/07/2019	Dutch	PDF
Abridged model	31/12/2017	06/06/2018	21/06/2018	Dutch	PDF
Abridged model	31/12/2016	07/06/2017	06/07/2017	Dutch	PDF
Abridged model	31/12/2015	01/06/2016	02/06/2016	Dutch	PDF
Abridged model	31/12/2014	03/06/2015	10/07/2015	Dutch	PDF
Abridged model	31/12/2013	04/06/2014	30/06/2014	Dutch	PDF
Abridged model	31/12/2012	05/06/2013	24/06/2013	Dutch	PDF
Abridged model	31/12/2011	27/06/2012	24/07/2012	Dutch	PDF
Abridged model	31/12/2010	01/06/2011	27/06/2011	Dutch	PDF
Abridged model	31/12/2009	02/06/2010	30/06/2010	Dutch	PDF
Abridged model	31/12/2008	03/06/2009	02/07/2009	Dutch	PDF
Abridged model	31/12/2007	04/06/2008	10/07/2008	Dutch	PDF
Abridged model	31/12/2006	06/06/2007	18/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 35 ended

Active mandates

STEWALINDUS

Managing director · since 15 novembre 2023 · until 05 juin 2029 · 0432.837.358

Represented by An-Sylvie Steenhoudt

Active

Ended mandates

STEWALINDUS

Managing director · since 23 novembre 2023 · until 06 juin 2029 · 0432.837.358

Represented by An-Sylvie STEENHOUDT

Ended

STEWALINDUS

Director · since 07 mai 2020 · until 06 juin 2024 · 0432.837.358

Represented by An-Sylvie Steenhoudt

Ended

STEWALINDUS

Managing director · since 07 mai 2020 · until 06 juin 2024 · 0432.837.358

Represented by An-Sylvie STEENHOUDT

Ended

An-Sylvie Steenhoudt

Mandate · since 06 juin 2018 · until 06 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/06/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/09/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/03/2017
ONTSLAGEN - BENOEMINGEN
PDF
Registered office22/04/2014
MAATSCHAPPELIJKE ZETEL
PDF
Mandates24/12/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/01/2010
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025197,1 k €↑
2024
Annual accounts 2024113,8 k €↓
2023
Annual accounts 2023270,3 k €↑
2022
Annual accounts 2022252,3 k €↑
2021
Annual accounts 2021235,7 k €↑
2018
Annual accounts 201858,5 €↑
2017
Annual accounts 20176,7 €↓
2016
Annual accounts 20164 k €↑
2015
Annual accounts 2015-647,9 €↓
2014
Annual accounts 201468,5 k €↑
2013
Annual accounts 20137,3 k €↓
2012
Annual accounts 2012190,7 k €↓
2011
Annual accounts 2011387,9 k €↑
2010
Annual accounts 2010268,4 k €↑
2009
Annual accounts 2009-514,4 k €↓
2008
Annual accounts 200819,9 k €↑
2007
Annual accounts 2007746,4 €↓
2006
Annual accounts 200627,6 k €
16/12/1987
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

STEWAL

Overview

What does STEWAL do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline