Financials · financial year 2025, micro format
Annual accounts 2025 filed on 06-05-2026 PDF all 22 filings
Equity
€660,749▼ 12.5%
2024 · €755,316
Net result
€219,260▼ 1.1%
2024 · €221,675
Total assets
€833,786▼ 4.5%
2024 · €873,108
Solvency
79.2%▼ 7.3pp
2024 · 86.5%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€318,070
▲ 0.2%
2025
20182025
Net result
€219,260
▼ 1.1%
2025
highest quarter of the sector
20182025
Equity
€660,749
▼ 12.5%
2025
highest quarter of the sector
20182025
Total assets
€833,786
▼ 4.5%
2025
middle half of the sector
20182025
Debt
€173,038
▲ 46.9%
2025
20182025
Working capital
€343,649
▼ 21.6%
2025
highest quarter of the sector
20182025
Solvency
79.2%
▼ 7.3pp
2025
highest quarter of the sector
20182025
Current ratio
2.99
▼ 1.73
2025
middle half of the sector
20182025
Return on assets (ROA)
26.3%
▲ 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€101,223-€111,953▲ 10.6%€174,936▲ 56.3%€149,426▼ 14.6%€145,275▼ 2.8%€207,696▲ 43.0%€317,504▲ 52.9%€318,070▲ 0.2%
Net result€59,952-€68,198▲ 13.8%€114,950above the sector's middle half▲ 68.6%€100,501above the sector's middle half▼ 12.6%€98,376above the sector's middle half▼ 2.1%€141,488above the sector's middle half▲ 43.8%€221,675above the sector's middle half▲ 56.7%€219,260above the sector's middle half▼ 1.1%
Equity€315,164-€383,361▲ 21.6%€498,312above the sector's middle half▲ 30.0%€501,999above the sector's middle half▲ 0.7%€520,302above the sector's middle half▲ 3.6%€601,838above the sector's middle half▲ 15.7%€755,316above the sector's middle half▲ 25.5%€660,749above the sector's middle half▼ 12.5%
Total assets€691,251-€722,244▲ 4.5%€591,641within the sector's middle half▼ 18.1%€666,100within the sector's middle half▲ 12.6%€642,021within the sector's middle half▼ 3.6%€696,667within the sector's middle half▲ 8.5%€873,108within the sector's middle half▲ 25.3%€833,786within the sector's middle half▼ 4.5%
Debt€376,087-€338,883▼ 9.9%€93,330▼ 72.5%€164,101▲ 75.8%€121,719▼ 25.8%€94,829▼ 22.1%€117,793▲ 24.2%€173,038▲ 46.9%
Working capital€119,885-€185,325▲ 54.6%€52,714within the sector's middle half▼ 71.6%€74,883within the sector's middle half▲ 42.1%€86,741within the sector's middle half▲ 15.8%€284,738above the sector's middle half▲ 228%€438,216above the sector's middle half▲ 53.9%€343,649above the sector's middle half▼ 21.6%
Solvency45.6%-53.1%▲ 7.5pp84.2%above the sector's middle half▲ 31.1pp75.4%within the sector's middle half▼ 8.9pp81.0%above the sector's middle half▲ 5.7pp86.4%above the sector's middle half▲ 5.3pp86.5%above the sector's middle half▲ 0.1pp79.2%above the sector's middle half▼ 7.3pp
Current ratio3.26-4.12▲ 0.862.29within the sector's middle half▼ 1.821.54within the sector's middle half▼ 0.751.71within the sector's middle half▲ 0.174.00within the sector's middle half▲ 2.294.72above the sector's middle half▲ 0.722.99within the sector's middle half▼ 1.73
Return on assets (ROA)8.7%-9.4%▲ 0.8pp19.4%within the sector's middle half▲ 10.0pp15.1%within the sector's middle half▼ 4.3pp15.3%within the sector's middle half▲ 0.2pp20.3%within the sector's middle half▲ 5.0pp25.4%within the sector's middle half▲ 5.1pp26.3%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 0% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €833,786
Fixed assets
€317,100 =
Current assets
€516,686 ▼ 7.1%
Equity and liabilities €833,786
Equity
€660,749 ▼ 12.5%
Debt
€173,038 ▲ 46.9%
Debt's share of the balance-sheet total rises from 13.5% to 20.8%. Equity is lower and debt is higher.
Key figures and ratios
ROE
33.2%▲
2024 · 29.3%
Debt ≤ 1 year
€173,038▲
2024 · €117,793
Income taxes
€103,597▲
2024 · €103,474
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,494 | €43,071 | €8,292 | - | - |
| Depreciation and write-downs of the year | €55,171 | €59,179 | €46,768 | €0 | - |
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 | €40,819 | €40,819 | €45,442 | €55,171 | €59,179 | €46,768 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €2,896 | €2,203 | €2,600 | €506 | €520 | ▲ 2.9% |
| Non-recurring operating charges66A | - | - | - | €0 | €3,642 | €0 | - | - | - |
| Gross operating margin9900 | €144,533 | €155,296 | €224,652 | €207,493 | €210,299 | €257,065 | €318,010 | €318,590 | ▲ 0.2% |
| Operating profit (loss)9901 | €101,223 | €111,953 | €174,936 | €149,426 | €145,275 | €207,696 | €317,504 | €318,070 | ▲ 0.2% |
| Financial income75/76B | - | - | - | €79 | €268 | €437 | €8,096 | €4,848 | ▼ 40.1% |
| Recurring financial income75 | €48 | €1,297 | €100 | €79 | €268 | €437 | €8,096 | €4,848 | ▼ 40.1% |
| Financial charges65/66B | - | - | - | €2,175 | €1,365 | €617 | €450 | €60 | ▼ 86.7% |
| Recurring financial charges65 | €7,691 | €6,691 | €6,313 | €2,175 | €1,365 | €617 | €450 | €60 | ▼ 86.7% |
| Profit (loss) for the period before taxes9903 | €93,581 | €106,559 | €168,723 | €147,330 | €144,178 | €207,516 | €325,150 | €322,858 | ▼ 0.7% |
| Income taxes67/77 | €33,629 | €38,361 | €53,773 | €46,829 | €45,802 | €66,028 | €103,474 | €103,597 | ▲ 0.1% |
| Profit (loss) for the period9904 | €59,952 | €68,198 | €114,950 | €100,501 | €98,376 | €141,488 | €221,675 | €219,260 | ▼ 1.1% |
| Profit (loss) for the period to be appropriated9905 | €59,952 | €68,198 | €114,950 | €100,501 | €98,376 | €141,488 | €221,675 | €219,260 | ▼ 1.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €691,251 | €722,244 | €591,641 | €666,100 | €642,021 | €696,667 | €873,108 | €833,786 | ▼ 4.5% |
| Fixed assets21/28 | €518,306 | €477,487 | €498,183 | €453,506 | €433,756 | €317,100 | €317,100 | €317,100 | = |
| Tangible fixed assets22/27 | €518,306 | €477,487 | €498,183 | €453,506 | €433,756 | €317,100 | €317,100 | €317,100 | = |
| Land and buildings22 | - | - | - | €140,113 | €124,006 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €3,642 | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €309,750 | €309,750 | €317,100 | €317,100 | €317,100 | = |
| Current assets29/58 | €172,945 | €244,758 | €93,458 | €212,595 | €208,266 | €379,567 | €556,008 | €516,686 | ▼ 7.1% |
| Amounts receivable within one year40/41 | - | €39,265 | €0 | €1,100 | €1,009 | €11,956 | €259 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €1,044 | €0 | €3,645 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €56 | €1,009 | €8,310 | €259 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | - | - | €450,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €171,753 | €203,107 | €92,228 | €210,215 | €205,846 | €341,207 | €99,845 | €515,120 | ▲ 416% |
| Deferred charges and accrued income490/1 | - | - | - | €1,279 | €1,410 | €26,404 | €5,904 | €1,567 | ▼ 73.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €691,251 | €722,244 | €591,641 | €666,100 | €642,021 | €696,667 | €873,108 | €833,786 | ▼ 4.5% |
| Equity10/15 | €315,164 | €383,361 | €498,312 | €501,999 | €520,302 | €601,838 | €755,316 | €660,749 | ▼ 12.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €253,164 | €321,361 | €436,312 | €439,999 | €458,302 | €539,838 | €693,316 | €598,749 | ▼ 13.6% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €433,799 | €452,102 | €533,638 | €687,116 | €592,549 | ▼ 13.8% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €376,087 | €338,883 | €93,330 | €164,101 | €121,719 | €94,829 | €117,793 | €173,038 | ▲ 46.9% |
| Amounts payable after more than one year17 | €321,802 | €278,670 | €52,000 | €26,000 | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €26,000 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €53,060 | €59,433 | €40,745 | €137,711 | €121,524 | €94,829 | €117,793 | €173,038 | ▲ 46.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,000 | €26,000 | €0 | - | - | - |
| Trade debts44 | €1,440 | €3,072 | €280 | €7,529 | €9,095 | €1,533 | €0 | €760 | - |
| Suppliers440/4 | - | - | - | €7,529 | €9,095 | €1,533 | €0 | €760 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,369 | €6,356 | €33,344 | €49,595 | €73,901 | ▲ 49.0% |
| Taxes450/3 | - | - | - | €7,369 | €6,356 | €33,344 | €49,595 | €73,901 | ▲ 49.0% |
| Other amounts payable47/48 | - | - | - | €96,814 | €80,074 | €59,952 | €68,198 | €98,376 | ▲ 44.3% |
| Accrued charges and deferred income492/3 | - | - | - | €390 | €195 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €59,952 | €68,198 | €114,950 | €100,501 | €98,376 | €141,488 | €221,675 | €219,260 | ▼ 1.1% |
| + Depreciation and write-downs630 | €40,819 | €40,819 | €45,442 | €55,171 | €59,179 | €46,768 | €0 | - | - |
| Operating cash flow (approximation) | €100,771 | €109,017 | €160,392 | €155,672 | €157,555 | €188,256 | €221,675 | €219,260 | ▼ 1.1% |
| Investment in fixed assets (approximation) | - | €0 | -€66,138 | -€10,494 | -€39,429 | €69,887 | €0 | €0 | - |
| Change in cash | - | €31,353 | -€110,878 | €117,987 | -€4,369 | €135,361 | -€241,362 | €415,274 | - |
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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-05-2026 | 2026-00103938 | |
| 31-12-2024 | micro format | 27-05-2025 | 2025-00107213 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00152880 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00137526 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20072554 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30100305 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-44900532 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-30000381 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-29000316 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-26500449 |