Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 05-06-2026 PDF all 39 filings
Equity
€1.1m▼ 4.4%
2024 · €1.2m
Net result
€65,209▲ 84.3%
2024 · €35,385
Total assets
€1.9m▲ 2.4%
2024 · €1.9m
Solvency
56.8%▼ 4.0pp
2024 · 60.8%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€117,901
▲ 85.5%
2025
20182025
Net result
€65,209
▲ 84.3%
2025
middle half of the sector
20182025
Equity
€1.1m
▼ 4.4%
2025
highest quarter of the sector
20182025
Total assets
€1.9m
▲ 2.4%
2025
highest quarter of the sector
20182025
Debt
€841,512
▲ 12.9%
2025
20182025
Working capital
-€108,981
▼ 1,631%
2025
lowest quarter of the sector
20182025
Solvency
56.8%
▼ 4.0pp
2025
middle half of the sector
20182025
Current ratio
0.75
▼ 0.22
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▲ 1.5pp
2025
middle half of the sector
20182025
Staff (FTE)
0.7
▼ 30.0%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.2m▲ 5.3%€0.1m▼ 43.7%€0.2m▲ 15.4%€0.05m▼ 65.4%€0.2m▲ 295%€0.06m▼ 69.9%€0.1m▲ 85.5%
Net result€0.1m-€0.1m▲ 15.3%€0.06mwithin the sector's middle half▼ 52.4%€0.08mwithin the sector's middle half▲ 21.5%€0.02mwithin the sector's middle half▼ 77.5%€0.1mwithin the sector's middle half▲ 598%€0.04mwithin the sector's middle half▼ 70.9%€0.07mwithin the sector's middle half▲ 84.3%
Equity€0.7m-€0.8m▲ 18.9%€0.9mabove the sector's middle half▲ 7.6%€1.0mabove the sector's middle half▲ 8.6%€1.0mabove the sector's middle half▲ 1.8%€1.1mabove the sector's middle half▲ 12.2%€1.2mabove the sector's middle half▲ 3.2%€1.1mabove the sector's middle half▼ 4.4%
Total assets€2.5m-€2.5m▲ 2.4%€2.4mabove the sector's middle half▼ 6.2%€2.1mabove the sector's middle half▼ 13.5%€2.0mabove the sector's middle half▼ 1.7%€1.9mabove the sector's middle half▼ 4.0%€1.9mwithin the sector's middle half▼ 2.5%€1.9mabove the sector's middle half▲ 2.4%
Debt€1.8m-€1.7m▼ 4.1%€1.5m▼ 13.0%€1.1m▼ 26.9%€1.0m▼ 4.8%€0.8m▼ 19.6%€0.7m▼ 10.1%€0.8m▲ 12.9%
Working capital-€0.3m--€0.3m▼ 1.9%-€0.2mbelow the sector's middle half▲ 48.3%-€0.04mbelow the sector's middle half▲ 78.1%-€0.1mbelow the sector's middle half▼ 222%€0.02mwithin the sector's middle half-€0.006mwithin the sector's middle half-€0.1mbelow the sector's middle half▼ 1,631%
Solvency28.5%-33.0%▲ 4.6pp37.9%within the sector's middle half▲ 4.9pp47.5%within the sector's middle half▲ 9.7pp49.2%within the sector's middle half▲ 1.7pp57.5%within the sector's middle half▲ 8.3pp60.8%within the sector's middle half▲ 3.3pp56.8%within the sector's middle half▼ 4.0pp
Current ratio0.61-0.61=0.68below the sector's middle half▲ 0.070.81below the sector's middle half▲ 0.130.69below the sector's middle half▼ 0.121.08within the sector's middle half▲ 0.390.98within the sector's middle half▼ 0.100.75below the sector's middle half▼ 0.22
Return on assets (ROA)4.7%-5.2%▲ 0.6pp2.7%within the sector's middle half▼ 2.6pp3.7%within the sector's middle half▲ 1.1pp0.9%below the sector's middle half▼ 2.9pp6.2%within the sector's middle half▲ 5.4pp1.9%below the sector's middle half▼ 4.4pp3.4%within the sector's middle half▲ 1.5pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=0.7below the sector's middle half▼ 30.0%
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 2025 is 86% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€1.6m ▼ 1.1%
Current assets
€334,122 ▲ 23.7%
Equity and liabilities €1.9m
Equity
€1.1m ▼ 4.4%
Debt
€841,512 ▲ 12.9%
Debt's share of the balance-sheet total rises from 39.2% to 43.2%. Equity is lower and debt is higher.
Key figures and ratios
ROE
5.9%▲
2024 · 3.1%
Debt ≤ 1 year
€443,102▲
2024 · €276,425
Debt > 1 year
€393,750▼
2024 · €468,750
Income taxes
€37,432▲
2024 · €14,403
Staff costs
€93,650▼
2024 · €140,760
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 0.7 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €970,428 | €741,271 | €662,514 | €543,750 | €468,750 |
| Mortgages, amount registered | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 |
| Carrying value of the mortgaged assets | €1.8m | €1.7m | €1.6m | €1.5m | €1.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,417 | €23,754 | €37,796 | €81,649 | €153,259 |
| Intangible fixed assets | €16,833 | €9,055 | €27,100 | €33,199 | €4,378 |
| Financial fixed assets | - | - | €2,054 | - | - |
| Depreciation and write-downs of the year | €172,354 | €167,699 | €156,615 | €162,016 | €175,913 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €91,559 | €99,329 | €119,961 | €140,760 | €93,650 | ▼ 33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €161,586 | €181,504 | €173,371 | €172,354 | €167,699 | €156,615 | €162,016 | €175,913 | ▲ 8.6% |
| Other operating charges640/8 | - | - | - | €9,545 | €9,689 | €10,521 | €10,882 | €11,629 | ▲ 6.9% |
| Non-recurring operating charges66A | - | - | - | €818 | €588 | €684 | €374 | €684 | ▲ 83.2% |
| Gross operating margin9900 | €481,622 | €518,806 | €415,873 | €428,389 | €330,693 | €498,588 | €377,589 | €399,777 | ▲ 5.9% |
| Operating profit (loss)9901 | €225,425 | €237,411 | €133,602 | €154,113 | €53,388 | €210,806 | €63,557 | €117,901 | ▲ 85.5% |
| Financial income75/76B | - | - | - | €1,135 | €2,254 | €1,987 | €6,934 | €6,650 | ▼ 4.1% |
| Recurring financial income75 | €6 | €7 | €5 | €1,135 | €2,254 | €1,987 | €6,934 | €6,650 | ▼ 4.1% |
| Financial charges65/66B | - | - | - | €31,466 | €27,003 | €27,856 | €20,704 | €21,910 | ▲ 5.8% |
| Recurring financial charges65 | €53,482 | €45,354 | €41,928 | €31,466 | €27,003 | €27,856 | €20,704 | €21,910 | ▲ 5.8% |
| Profit (loss) for the period before taxes9903 | €171,949 | €192,014 | €91,678 | €123,781 | €28,640 | €184,937 | €49,787 | €102,641 | ▲ 106% |
| Income taxes67/77 | €56,117 | €58,515 | €28,067 | €46,511 | €11,227 | €63,397 | €14,403 | €37,432 | ▲ 160% |
| Profit (loss) for the period9904 | €115,832 | €133,499 | €63,611 | €77,270 | €17,413 | €121,540 | €35,385 | €65,209 | ▲ 84.3% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €37,380 | - | €73,675 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €73,675 | - | €105,250 | - | - |
| Profit (loss) for the period to be appropriated9905 | €115,832 | €96,119 | €63,611 | €77,270 | -€56,262 | €158,920 | -€69,865 | €138,884 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.5m | €2.5m | €2.4m | €2.1m | €2.0m | €1.9m | €1.9m | €1.9m | ▲ 2.4% |
| Fixed assets21/28 | €2.0m | €2.1m | €2.0m | €1.9m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 1.1% |
| Intangible fixed assets21 | €0.01m | €0.02m | €0.02m | €0.03m | €0.03m | €0.04m | €0.06m | €0.04m | ▼ 25.7% |
| Tangible fixed assets22/27 | €2.0m | €2.0m | €2.0m | €1.9m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 0.2% |
| Land and buildings22 | - | - | - | €1.8m | €1.7m | €1.6m | €1.5m | €1.5m | ▼ 0.3% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €378 | €0.002m | €0.002m | ▼ 12.7% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.01m | €0.009m | €0.005m | €0.009m | ▲ 75.8% |
| Other tangible fixed assets26 | - | - | - | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | ▼ 2.3% |
| Financial fixed assets28 | €354 | €354 | €0.005m | €0.005m | €0.005m | €0.007m | €354 | €354 | = |
| Current assets29/58 | €0.5m | €0.5m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 23.7% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.05m | €0.05m | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.05m | €0.05m | - | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | €0.05m | ▼ 66.7% |
| Trade receivables40 | - | - | - | €0.06m | €0.08m | €0.09m | - | €0.03m | - |
| Other amounts receivable41 | - | - | - | €0.01m | €0.06m | €0.04m | €0.1m | €0.02m | ▼ 86.1% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.2m | €0.07m | €0.03m | €0.07m | €0.08m | €0.2m | ▲ 203% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.04m | €0.02m | €0.04m | €0.04m | ▲ 7.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.5m | €2.5m | €2.4m | €2.1m | €2.0m | €1.9m | €1.9m | €1.9m | ▲ 2.4% |
| Equity10/15 | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | €1.1m | €1.2m | €1.1m | ▼ 4.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.6m | €0.8m | €0.8m | €0.9m | €0.9m | €1.1m | €1.1m | €1.0m | ▼ 4.6% |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 4.3% |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other1319 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 4.5% |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 26.7% |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | €282 | €282 | €282 | €282 | - | - | - | - | - |
| Amounts payable17/49 | €1.8m | €1.7m | €1.5m | €1.1m | €1.0m | €0.8m | €0.7m | €0.8m | ▲ 12.9% |
| Amounts payable after more than one year17 | €1.0m | €0.9m | €1.0m | €0.9m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 16.0% |
| Financial debts170/4 | - | - | - | €0.9m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 16.0% |
| Amounts payable within one year42/48 | €0.8m | €0.8m | €0.5m | €0.2m | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 60.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.2m | €0.08m | €0.08m | €0.08m | = |
| Trade debts44 | €0.05m | €0.1m | €0.06m | €0.05m | €0.03m | €0.06m | €0.1m | €0.01m | ▼ 90.4% |
| Suppliers440/4 | - | - | - | €0.05m | €0.03m | €0.06m | €0.1m | €0.01m | ▼ 90.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.09m | €0.1m | €0.06m | €0.01m | ▼ 83.7% |
| Taxes450/3 | - | - | - | €0.05m | €0.07m | €0.08m | €0.04m | €0.008m | ▼ 81.1% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.002m | ▼ 89.3% |
| Other amounts payable47/48 | - | - | - | €0.002m | €0.02m | €0.005m | - | €0.3m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | - | - | - | €0.005m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €115,832 | €133,499 | €63,611 | €77,270 | €17,413 | €121,540 | €35,385 | €65,209 | ▲ 84.3% |
| + Depreciation and write-downs630 | €161,586 | €181,504 | €173,371 | €172,354 | €167,699 | €156,615 | €162,016 | €175,913 | ▲ 8.6% |
| Operating cash flow (approximation) | €277,418 | €315,003 | €236,982 | €249,624 | €185,112 | €278,155 | €197,401 | €241,122 | ▲ 22.1% |
| Investment in fixed assets (approximation) | - | -€236,873 | -€153,387 | -€41,555 | -€32,809 | -€66,949 | -€107,794 | -€157,636 | ▼ 46.2% |
| Change in cash | - | €44,369 | €27,094 | -€148,969 | -€37,601 | €36,457 | €12,950 | €160,619 | ▲ 12× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 05-06-2026 | 2026-00140349 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00132132 | |
| 31-12-2023 | abbreviated format | 10-06-2024 | 2024-00120056 | |
| 31-12-2022 | abbreviated format | 16-06-2023 | 2023-00132034 | |
| 31-12-2021 | abbreviated format | 07-06-2022 | 2022-20051369 | |
| 31-12-2020 | abbreviated format | 07-06-2021 | 2021-17700515 | |
| 31-12-2019 | abbreviated format | 08-06-2020 | 2020-15200089 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-20300202 | |
| 31-12-2017 | abbreviated format | 24-04-2018 | 2018-10500264 | |
| 31-12-2016 | abbreviated format | 06-06-2017 | 2017-15000481 |