Financials · financial year 2025, micro format
Annual accounts 2025 filed on 11-05-2026 PDF all 8 filings
Equity
€978,918▲ 11.6%
2024 · €877,223
Net result
€101,695▼ 18.2%
2024 · €124,297
Total assets
€1.4m▼ 8.1%
2024 · €1.5m
Solvency
71.2%▲ 12.5pp
2024 · 58.6%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€137,290
▼ 18.8%
2025
20182025
Net result
€101,695
▼ 18.2%
2025
highest quarter of the sector
20182025
Equity
€978,918
▲ 11.6%
2025
highest quarter of the sector
20182025
Total assets
€1.4m
▼ 8.1%
2025
highest quarter of the sector
20182025
Debt
€396,789
▼ 35.9%
2025
20182025
Working capital
-€90,061
▲ 46.8%
2025
lowest quarter of the sector
20182025
Solvency
71.2%
▲ 12.5pp
2025
middle half of the sector
20182025
Current ratio
0.50
▲ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
7.4%
▼ 0.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.5m-€0.1m▼ 78.2%€0.09m▼ 16.7%€0.08m▼ 12.5%€0.2m▲ 121%€0.1m▼ 33.4%€0.2m▲ 50.3%€0.1m▼ 18.8%
Net result€0.3m-€0.08m▼ 75.6%€0.07mabove the sector's middle half▼ 2.7%€0.05mwithin the sector's middle half▼ 28.9%€0.1mabove the sector's middle half▲ 159%€0.08mabove the sector's middle half▼ 40.7%€0.1mabove the sector's middle half▲ 53.3%€0.1mabove the sector's middle half▼ 18.2%
Equity€0.3m-€0.4m▲ 24.0%€0.5mabove the sector's middle half▲ 22.0%€0.5mabove the sector's middle half▲ 11.0%€0.7mabove the sector's middle half▲ 25.6%€0.8mabove the sector's middle half▲ 12.1%€0.9mabove the sector's middle half▲ 16.5%€1.0mabove the sector's middle half▲ 11.6%
Total assets€1.7m-€1.6m▼ 5.4%€2.0mabove the sector's middle half▲ 21.2%€1.7mabove the sector's middle half▼ 14.9%€1.7mabove the sector's middle half▼ 0.7%€1.6mabove the sector's middle half▼ 5.8%€1.5mabove the sector's middle half▼ 4.4%€1.4mabove the sector's middle half▼ 8.1%
Debt€1.4m-€1.2m▼ 12.2%€1.5m▲ 21.0%€1.1m▼ 23.2%€1.0m▼ 13.0%€0.8m▼ 17.9%€0.6m▼ 23.8%€0.4m▼ 35.9%
Working capital-€0.1m--€0.2m▼ 12.9%-€0.4mbelow the sector's middle half▼ 174%-€0.2mbelow the sector's middle half▲ 53.5%-€0.3mbelow the sector's middle half▼ 33.2%-€0.2mbelow the sector's middle half▲ 13.1%-€0.2mbelow the sector's middle half▲ 24.1%-€0.09mbelow the sector's middle half▲ 46.8%
Solvency18.6%-24.4%▲ 5.8pp24.5%within the sector's middle half▲ 0.1pp32.0%within the sector's middle half▲ 7.4pp40.4%within the sector's middle half▲ 8.5pp48.1%within the sector's middle half▲ 7.7pp58.6%within the sector's middle half▲ 10.5pp71.2%within the sector's middle half▲ 12.5pp
Current ratio0.65-0.53▼ 0.120.40below the sector's middle half▼ 0.130.20below the sector's middle half▼ 0.200.08below the sector's middle half▼ 0.130.22below the sector's middle half▲ 0.140.39below the sector's middle half▲ 0.170.50below the sector's middle half▲ 0.11
Return on assets (ROA)18.2%-4.7%▼ 13.5pp3.8%within the sector's middle half▼ 0.9pp3.2%within the sector's middle half▼ 0.6pp8.2%within the sector's middle half▲ 5.1pp5.2%within the sector's middle half▼ 3.0pp8.3%within the sector's middle half▲ 3.1pp7.4%within the sector's middle half▼ 0.9pp
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 19% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €1.4m
Fixed assets
€1.3m ▼ 7.4%
Current assets
€90,647 ▼ 16.5%
Equity and liabilities €1.4m
Equity
€978,918 ▲ 11.6%
Debt
€396,789 ▼ 35.9%
Debt's share of the balance-sheet total falls from 41.4% to 28.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
10.4%▼
2024 · 14.2%
Debt ≤ 1 year
€180,708▼
2024 · €277,885
Debt > 1 year
€214,936▼
2024 · €338,903
Income taxes
€29,473▼
2024 · €35,743
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 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €137,500 | - | €137,500 | €137,500 | €137,500 |
| Mortgage mandates | €1.1m | - | €1.1m | €1.1m | €1.1m |
| Carrying value of the mortgaged assets | €1.3m | - | €1.2m | €1.2m | €1.1m |
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 | €81,683 | €344,215 | €6,405 | €34,403 | €47,752 |
| Depreciation and write-downs of the year | €146,129 | €118,363 | €143,907 | €150,361 | €150,670 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €311,948 | €86,481 | €80,921 | €146,129 | €118,363 | €143,907 | €150,361 | €150,670 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €3,959 | €8,699 | €6,839 | €7,041 | €6,823 | ▼ 3.1% |
| Gross operating margin9900 | €795,893 | €193,959 | €172,337 | €226,572 | €295,779 | €263,180 | €326,384 | €294,784 | ▼ 9.7% |
| Operating profit (loss)9901 | €480,603 | €104,938 | €87,371 | €76,484 | €168,717 | €112,433 | €168,982 | €137,290 | ▼ 18.8% |
| Financial income75/76B | - | - | - | €0 | €1 | €0 | €0 | - | - |
| Recurring financial income75 | €29 | - | - | €0 | €1 | €0 | €0 | - | - |
| Financial charges65/66B | - | - | - | €12,937 | €11,450 | €10,045 | €8,942 | €6,123 | ▼ 31.5% |
| Recurring financial charges65 | €10,286 | €4,703 | €9,983 | €12,937 | €11,450 | €10,045 | €8,942 | €6,123 | ▼ 31.5% |
| Profit (loss) for the period before taxes9903 | €470,346 | €100,235 | €77,387 | €63,548 | €157,267 | €102,388 | €160,040 | €131,168 | ▼ 18.0% |
| Income taxes67/77 | €157,628 | €23,798 | €2,996 | €10,644 | €20,486 | €21,292 | €35,743 | €29,473 | ▼ 17.5% |
| Profit (loss) for the period9904 | €312,717 | €76,437 | €74,391 | €52,904 | €136,781 | €81,096 | €124,297 | €101,695 | ▼ 18.2% |
| Profit (loss) for the period to be appropriated9905 | €312,717 | €76,437 | €74,391 | €52,904 | €136,781 | €81,096 | €124,297 | €101,695 | ▼ 18.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €1.6m | €2.0m | €1.7m | €1.7m | €1.6m | €1.5m | €1.4m | ▼ 8.1% |
| Fixed assets21/28 | €1.5m | €1.5m | €1.7m | €1.6m | €1.6m | €1.5m | €1.4m | €1.3m | ▼ 7.4% |
| Tangible fixed assets22/27 | €1.5m | €1.5m | €1.7m | €1.6m | €1.6m | €1.5m | €1.4m | €1.3m | ▼ 7.4% |
| Land and buildings22 | - | - | - | €1.3m | €1.3m | €1.2m | €1.2m | €1.1m | ▼ 3.8% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 25.9% |
| Current assets29/58 | €0.2m | €0.2m | €0.3m | €0.05m | €0.02m | €0.06m | €0.1m | €0.09m | ▼ 16.5% |
| Amounts receivable within one year40/41 | €0.05m | €0.04m | €0.08m | €0.03m | €0.003m | €0.05m | €0.05m | €0.04m | ▼ 22.7% |
| Trade receivables40 | - | - | - | €0.03m | €0.002m | €0.05m | €0.05m | €0.03m | ▼ 40.0% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.001m | €0.004m | €180 | €0.009m | ▲ 47× |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.2m | €0.01m | €0.02m | €0.006m | €0.05m | €0.05m | ▼ 14.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.002m | €0.005m | €0.006m | ▲ 19.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €1.6m | €2.0m | €1.7m | €1.7m | €1.6m | €1.5m | €1.4m | ▼ 8.1% |
| Equity10/15 | €0.3m | €0.4m | €0.5m | €0.5m | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 11.6% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.5m | €0.7m | €0.7m | €0.9m | €1.0m | ▲ 11.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.7m | €0.7m | €0.9m | €1.0m | ▲ 11.8% |
| Amounts payable17/49 | €1.4m | €1.2m | €1.5m | €1.1m | €1.0m | €0.8m | €0.6m | €0.4m | ▼ 35.9% |
| Amounts payable after more than one year17 | €1.0m | €0.9m | €0.8m | €0.9m | €0.7m | €0.5m | €0.3m | €0.2m | ▼ 36.6% |
| Financial debts170/4 | - | - | - | €0.9m | €0.7m | €0.5m | €0.3m | €0.2m | ▼ 36.6% |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.7m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 35.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 34.0% |
| Trade debts44 | €0.08m | €0.02m | €0.5m | €0.004m | €0.02m | €0.01m | €0.002m | €0.004m | ▲ 103% |
| Suppliers440/4 | - | - | - | €0.004m | €0.02m | €0.01m | €0.002m | €0.004m | ▲ 103% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 5.9% |
| Taxes450/3 | - | - | - | €0.005m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 5.9% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.05m | €0.07m | €0.07m | €0.03m | ▼ 52.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0.003m | €0.001m | ▼ 55.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €312,717 | €76,437 | €74,391 | €52,904 | €136,781 | €81,096 | €124,297 | €101,695 | ▼ 18.2% |
| + Depreciation and write-downs630 | €311,948 | €86,481 | €80,921 | €146,129 | €118,363 | €143,907 | €150,361 | €150,670 | ▲ 0.2% |
| Operating cash flow (approximation) | €624,666 | €162,918 | €155,312 | €199,033 | €255,144 | €225,003 | €274,658 | €252,365 | ▼ 8.1% |
| Investment in fixed assets (approximation) | - | -€69,447 | -€317,631 | -€81,683 | -€134,490 | -€6,405 | -€34,403 | -€47,752 | ▼ 38.8% |
| Change in cash | - | -€69,241 | €69,792 | -€183,354 | €698 | -€9,536 | €49,200 | -€7,882 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-05-2026 | 2026-00110893 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00238531 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00259362 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00205994 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20069034 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-22100015 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-21400530 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-19400281 |