Financials · financial year 2025, full format
Annual accounts 2025 filed on 08-06-2026 PDF all 41 filings
Equity
€23.2m▲ 660%
2024 · €3.1m
Net result
-€1.4m▼ 25.9%
2024 · -€1.1m
Total assets
€51.8m▲ 102%
2024 · €25.6m
Solvency
44.8%▲ 32.9pp
2024 · 11.9%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€218,589
▲ 21.2%
2025
20182025
Net result
-€1.4m
▼ 25.9%
2025
lowest quarter of the sector
20182025
Equity
€23.2m
▲ 660%
2025
highest quarter of the sector
20182025
Total assets
€51.8m
▲ 102%
2025
highest quarter of the sector
20182025
Debt
€28.6m
▲ 26.5%
2025
20182025
Working capital
€1.0m
2025
middle half of the sector
20182025
Solvency
44.8%
▲ 32.9pp
2025
middle half of the sector
20182025
Current ratio
2.49
▲ 2.37
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.6%
▲ 1.6pp
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
Turnover€0.002m-€0.002m=€0.002m=€0.002m=€0.001m▼ 25.0%
Operating result-€0.008m--€0.007m▲ 12.1%-€0.007m▲ 3.4%-€0.007m▲ 3.6%-€0.008m▼ 23.2%-€0.6m▼ 7,567%-€0.3m▲ 55.0%-€0.2m▲ 21.2%
Net result€0.4m-€0.005m▼ 98.8%€0.1mwithin the sector's middle half▲ 27×-€0.8mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 59.3%-€1.1mbelow the sector's middle half▼ 246%-€1.1mbelow the sector's middle half▼ 1.0%-€1.4mbelow the sector's middle half▼ 25.9%
Equity€6.6m-€6.6m▲ 0.1%€6.3mwithin the sector's middle half▼ 4.9%€5.5mwithin the sector's middle half▼ 12.1%€5.2mwithin the sector's middle half▼ 5.6%€4.1mwithin the sector's middle half▼ 20.6%€3.1mwithin the sector's middle half▼ 26.1%€23.2mabove the sector's middle half▲ 660%
Total assets€16.6m-€6.6m▼ 60.2%€6.7mwithin the sector's middle half▲ 2.1%€6.0mwithin the sector's middle half▼ 11.7%€6.0mwithin the sector's middle half▲ 0.1%€23.2mwithin the sector's middle half▲ 289%€25.6mwithin the sector's middle half▲ 10.6%€51.8mabove the sector's middle half▲ 102%
Debt€10.0m-€0.007m▼ 99.9%€0.5m▲ 68×€0.4m▼ 5.4%€0.8m▲ 71.0%€19.0m▲ 25×€22.6m▲ 18.6%€28.6m▲ 26.5%
Working capital€6.5m-€6.5m▲ 0.1%€6.3mabove the sector's middle half▼ 4.0%€5.5mabove the sector's middle half▼ 12.1%€2.2mabove the sector's middle half▼ 60.0%-€0.6mbelow the sector's middle half-€0.6mbelow the sector's middle half▲ 0.4%€1.0mwithin the sector's middle half
Solvency39.7%-99.9%▲ 60.2pp93.1%above the sector's middle half▼ 6.8pp92.6%above the sector's middle half▼ 0.5pp87.3%above the sector's middle half▼ 5.3pp17.8%below the sector's middle half▼ 69.5pp11.9%below the sector's middle half▼ 5.9pp44.8%within the sector's middle half▲ 32.9pp
Current ratio1.65-14.51above the sector's middle half13.47above the sector's middle half▼ 1.043.91above the sector's middle half▼ 9.560.20below the sector's middle half▼ 3.710.13below the sector's middle half▼ 0.072.49within the sector's middle half▲ 2.37
Return on assets (ROA)2.5%-0.1%▼ 2.4pp1.9%within the sector's middle half▲ 1.8pp-12.8%below the sector's middle half▼ 14.7pp-5.2%below the sector's middle half▲ 7.6pp-4.6%below the sector's middle half▲ 0.6pp-4.2%below the sector's middle half▲ 0.4pp-2.6%below the sector's middle half▲ 1.6pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 a loss of €218,589, smaller than the loss of €277,508 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51.8m
Fixed assets
€50.1m ▲ 96.0%
Current assets
€1.7m ▲ 19×
Equity and liabilities €51.8m
Equity
€23.2m ▲ 660%
Debt
€28.6m ▲ 26.5%
Debt's share of the balance-sheet total falls from 88.1% to 55.2%. Equity and debt are higher.
Key figures and ratios
ROE
-5.9%▲
2024 · -35.4%
Debt ≤ 1 year
€683,836▼
2024 · €688,515
Debt > 1 year
€27.0m▲
2024 · €20.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | €68,000 | €68,000 | - | - | - |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | €3.0m | €20.0m | €2.5m | €24.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €2,725 | €2,725 | €3,233 | €5,000 | €5,185 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.002m | €0.001m | - | - | - | - |
| Turnover70 | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | - | - | - | - |
| Operating charges60/66A | - | - | - | €0.008m | €0.009m | €0.6m | €0.3m | €0.2m | ▼ 21.2% |
| Services and other goods61 | - | - | - | €0.007m | €0.008m | €0.6m | €0.3m | €0.2m | ▼ 21.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.0% |
| Operating profit (loss)9901 | -€0.008m | -€0.007m | -€0.007m | -€0.007m | -€0.008m | -€0.6m | -€0.3m | -€0.2m | ▲ 21.2% |
| Financial income75/76B | - | - | - | €0.07m | €0.03m | €0.05m | €0.07m | €0.008m | ▼ 88.9% |
| Recurring financial income75 | €0.09m | €0.07m | €0.07m | €0.07m | €0.03m | €0.05m | €0.006m | €0.008m | ▲ 27.8% |
| Income from current assets751 | - | - | - | €0.07m | €0.02m | €0.04m | €0.001m | €0.003m | ▲ 151% |
| Other financial income752/9 | - | - | - | €0.001m | €0.005m | €0.006m | €0.005m | €0.005m | ▼ 2.5% |
| Non-recurring financial income76B | - | - | - | €214 | - | - | €0.06m | - | - |
| Financial charges65/66B | - | - | - | €0.8m | €0.3m | €0.5m | €0.9m | €1.1m | ▲ 31.5% |
| Recurring financial charges65 | €0.001m | €374 | €0.002m | €0.001m | €0.001m | €0.5m | €0.9m | €1.1m | ▲ 31.5% |
| Debt charges650 | - | - | - | - | - | €0.5m | €0.9m | €0.9m | ▲ 5.3% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.02m | €0.02m | €0.3m | ▲ 999% |
| Non-recurring financial charges66B | - | - | - | €0.8m | €0.3m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.005m | €0.2m | -€0.7m | -€0.3m | -€1.1m | -€1.1m | -€1.4m | ▼ 25.9% |
| Income taxes67/77 | - | - | €0.05m | €0.02m | €0.005m | - | €57 | - | - |
| Taxes670/3 | - | - | - | €0.02m | €0.005m | - | €57 | - | - |
| Profit (loss) for the period9904 | €0.4m | €0.005m | €0.1m | -€0.8m | -€0.3m | -€1.1m | -€1.1m | -€1.4m | ▼ 25.9% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.005m | €0.1m | -€0.8m | -€0.3m | -€1.1m | -€1.1m | -€1.4m | ▼ 25.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.6m | €6.6m | €6.7m | €6.0m | €6.0m | €23.2m | €25.6m | €51.8m | ▲ 102% |
| Fixed assets21/28 | €0.07m | €0.07m | €0.006m | €112 | €3.0m | €23.0m | €25.5m | €50.1m | ▲ 96.0% |
| Financial fixed assets28 | €0.07m | €0.07m | €0.006m | €112 | €3.0m | €23.0m | €25.5m | €50.1m | ▲ 96.0% |
| Affiliated companies280/1 | - | - | - | €112 | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Participating interests280 | - | - | - | €112 | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Companies linked by participating interests282/3 | - | - | - | - | - | €20.0m | €22.5m | €47.1m | ▲ 109% |
| Participating interests282 | - | - | - | - | - | €20.0m | €22.5m | €47.1m | ▲ 109% |
| Current assets29/58 | €16.5m | €6.5m | €6.7m | €6.0m | €3.0m | €0.2m | €0.09m | €1.7m | ▲ 19× |
| Amounts receivable within one year40/41 | €4.4m | €6.2m | €6.1m | €5.0m | €2.5m | €0.06m | €0.06m | €0.03m | ▼ 50.2% |
| Trade receivables40 | - | - | - | €0.002m | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €5.0m | €2.5m | €0.06m | €0.06m | €0.03m | ▼ 50.2% |
| Cash at bank and in hand54/58 | €12.1m | €0.4m | €0.7m | €0.9m | €0.5m | €0.04m | €0.01m | €1.7m | ▲ 150× |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | €0.05m | €0.02m | €0.02m | ▲ 12.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.6m | €6.6m | €6.7m | €6.0m | €6.0m | €23.2m | €25.6m | €51.8m | ▲ 102% |
| Equity10/15 | €6.6m | €6.6m | €6.3m | €5.5m | €5.2m | €4.1m | €3.1m | €23.2m | ▲ 660% |
| Contributions10/11 | €5.1m | €5.1m | €5.1m | €5.1m | €5.1m | €5.1m | €5.1m | €26.6m | ▲ 425% |
| Capital10 | - | - | - | €5.1m | €5.1m | €5.1m | €5.1m | €26.6m | ▲ 425% |
| Issued capital100 | - | - | - | €5.1m | €5.1m | €5.1m | €5.1m | €26.6m | ▲ 425% |
| Contributions outside capital11 | - | - | - | €66 | €66 | €66 | €66 | €66 | = |
| Share premium1100/10 | - | - | - | €66 | €66 | €66 | €66 | €66 | = |
| Reserves13 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Non-distributable reserves130/1 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Legal reserve130 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Profit (loss) carried forward14 | €0.4m | €0.5m | €0.1m | -€0.6m | -€0.9m | -€2.0m | -€3.1m | -€4.4m | ▼ 44.0% |
| Amounts payable17/49 | €10.0m | €0.007m | €0.5m | €0.4m | €0.8m | €19.0m | €22.6m | €28.6m | ▲ 26.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €17.8m | €20.6m | €27.0m | ▲ 31.3% |
| Financial debts170/4 | - | - | - | - | - | €17.8m | €20.6m | €27.0m | ▲ 31.3% |
| Other loans174 | - | - | - | - | - | €17.8m | €20.6m | €27.0m | ▲ 31.3% |
| Amounts payable within one year42/48 | €10.0m | €0.005m | €0.5m | €0.4m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 0.7% |
| Trade debts44 | €0.004m | €0.004m | €0.004m | €0.005m | €0.008m | €0.008m | €0.01m | €0.005m | ▼ 49.2% |
| Suppliers440/4 | - | - | - | €0.005m | €0.008m | €0.008m | €0.01m | €0.005m | ▼ 49.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.005m | €0.005m | - | €323 | - |
| Taxes450/3 | - | - | - | €0.02m | €0.005m | €0.005m | - | €323 | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.5m | €1.3m | €0.9m | ▼ 32.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.005m | €0.1m | -€0.8m | -€0.3m | -€1.1m | -€1.1m | -€1.4m | ▼ 25.9% |
| Operating cash flow (approximation) | €0.4m | €0.005m | €0.1m | -€0.8m | -€0.3m | -€1.1m | -€1.1m | -€1.4m | ▼ 25.9% |
| Investment in fixed assets (approximation) | - | €0.001m | €0.06m | €0.006m | -€3.0m | -€20.0m | -€2.5m | -€24.5m | ▼ 874% |
| Change in cash | - | -€11.7m | €0.3m | €0.2m | -€0.4m | -€0.4m | -€0.03m | €1.6m | - |
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 41 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-06-2026 | 2026-00151306 | |
| 31-12-2024 | full format | 21-05-2025 | 2025-00102815 | |
| 31-12-2023 | full format | 15-10-2024 | 2024-00513548 | |
| 31-12-2022 | full format | 05-06-2023 | 2023-00114393 | |
| 31-12-2021 | full format | 30-05-2022 | 2022-20047335 | |
| 31-12-2020 | full format | 14-06-2021 | 2021-20200204 | |
| 31-12-2019 | full format | 04-06-2020 | 2020-14800034 | |
| 31-12-2018 | full format | 03-06-2019 | 2019-15900097 | |
| 31-12-2017 | full format | 11-06-2018 | 2018-18100377 | |
| 31-12-2016 | full format | 06-06-2017 | 2017-15800007 |