Financials · financial year 2025, abbreviated format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00436801.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 14 filings
Equity
€479,921▲ 3.2%
2024 · €465,147
Net result
€14,774▼ 75.5%
2024 · €60,303
Total assets
€494,823▲ 0.9%
2024 · €490,284
Solvency
97.0%▲ 2.1pp
2024 · 94.9%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€43,984
▼ 40.3%
2025
20182025
Net result
€14,774
▼ 75.5%
2025
middle half of the sector
20182025
Equity
€479,921
▲ 3.2%
2025
middle half of the sector
20182025
Total assets
€494,823
▲ 0.9%
2025
lowest quarter of the sector
20182025
Debt
€14,903
▼ 40.7%
2025
20182025
Working capital
€477,374
▲ 3.8%
2025
highest quarter of the sector
20182025
Solvency
97.0%
▲ 2.1pp
2025
highest quarter of the sector
20182025
Current ratio
33.03
▲ 13.73
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.0%
▼ 9.3pp
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-€2,266--€1,644▲ 27.5%€6,000€31,993▲ 433%€67,787▲ 112%€83,910▲ 23.8%€73,732▼ 12.1%€43,984▼ 40.3%
Net result-€2,196--€26,489▼ 1,106%€5,947within the sector's middle half€30,499within the sector's middle half▲ 413%€53,940within the sector's middle half▲ 76.9%€44,681within the sector's middle half▼ 17.2%€60,303within the sector's middle half▲ 35.0%€14,774within the sector's middle half▼ 75.5%
Equity€296,264-€269,775▼ 8.9%€275,723within the sector's middle half▲ 2.2%€306,222within the sector's middle half▲ 11.1%€360,162within the sector's middle half▲ 17.6%€404,843within the sector's middle half▲ 12.4%€465,147above the sector's middle half▲ 14.9%€479,921within the sector's middle half▲ 3.2%
Total assets€374,064-€352,621▼ 5.7%€356,878within the sector's middle half▲ 1.2%€388,487within the sector's middle half▲ 8.9%€461,367within the sector's middle half▲ 18.8%€422,142within the sector's middle half▼ 8.5%€490,284within the sector's middle half▲ 16.1%€494,823below the sector's middle half▲ 0.9%
Debt€77,800-€82,845▲ 6.5%€81,156▼ 2.0%€82,265▲ 1.4%€101,206▲ 23.0%€17,299▼ 82.9%€25,137▲ 45.3%€14,903▼ 40.7%
Working capital€293,027-€267,779▼ 8.6%€274,055above the sector's middle half▲ 2.3%€302,038above the sector's middle half▲ 10.2%€353,528above the sector's middle half▲ 17.0%€397,159above the sector's middle half▲ 12.3%€460,084above the sector's middle half▲ 15.8%€477,374above the sector's middle half▲ 3.8%
Solvency79.2%-76.5%▼ 2.7pp77.3%above the sector's middle half▲ 0.8pp78.8%above the sector's middle half▲ 1.6pp78.1%above the sector's middle half▼ 0.8pp95.9%above the sector's middle half▲ 17.8pp94.9%above the sector's middle half▼ 1.0pp97.0%above the sector's middle half▲ 2.1pp
Current ratio4.80-4.26▼ 0.544.41above the sector's middle half▲ 0.154.67above the sector's middle half▲ 0.274.49above the sector's middle half▼ 0.1823.96above the sector's middle half▲ 19.4719.30above the sector's middle half▼ 4.6633.03above the sector's middle half▲ 13.73
Return on assets (ROA)-0.6%--7.5%▼ 6.9pp1.7%within the sector's middle half▲ 9.2pp7.9%within the sector's middle half▲ 6.2pp11.7%within the sector's middle half▲ 3.8pp10.6%within the sector's middle half▼ 1.1pp12.3%within the sector's middle half▲ 1.7pp3.0%within the sector's middle half▼ 9.3pp
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 40% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €494,823
Fixed assets
€2,547 ▼ 49.7%
Current assets
€492,276 ▲ 1.5%
Equity and liabilities €494,823
Equity
€479,921 ▲ 3.2%
Debt
€14,903 ▼ 40.7%
Debt's share of the balance-sheet total falls from 5.1% to 3.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
3.1%▼
2024 · 13.0%
Debt ≤ 1 year
€14,903▼
2024 · €25,137
Income taxes
€30,527▲
2024 · €28,582
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 | €3,266 | €4,874 | €4,130 | - | - |
| Depreciation and write-downs of the year | €1,450 | €2,425 | €3,080 | €2,621 | €2,515 |
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 | - | - | - | €540 | €348 | €206 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,574 | €1,778 | €1,747 | €1,450 | €2,425 | €3,080 | €2,621 | €2,515 | ▼ 4.1% |
| Other operating charges640/8 | - | - | - | €1,833 | €1,882 | €1,663 | €2,332 | €1,724 | ▼ 26.1% |
| Gross operating margin9900 | €1,941 | €1,867 | €9,499 | €35,815 | €72,441 | €88,859 | €78,685 | €48,224 | ▼ 38.7% |
| Operating profit (loss)9901 | -€2,266 | -€1,644 | €6,000 | €31,993 | €67,787 | €83,910 | €73,732 | €43,984 | ▼ 40.3% |
| Financial income75/76B | - | - | - | €8 | €30 | €2,363 | €15,456 | €1,654 | ▼ 89.3% |
| Recurring financial income75 | €430 | €357 | €315 | €8 | €30 | €2,363 | €15,456 | €1,654 | ▼ 89.3% |
| Financial charges65/66B | - | - | - | €213 | €273 | €640 | €303 | €337 | ▲ 11.1% |
| Recurring financial charges65 | €296 | €7,100 | €207 | €213 | €273 | €640 | €303 | €337 | ▲ 11.1% |
| Profit (loss) for the period before taxes9903 | -€2,132 | -€8,386 | €6,108 | €31,787 | €67,545 | €85,632 | €88,885 | €45,302 | ▼ 49.0% |
| Income taxes67/77 | €64 | €18,103 | €161 | €1,288 | €13,605 | €40,951 | €28,582 | €30,527 | ▲ 6.8% |
| Profit (loss) for the period9904 | -€2,196 | -€26,489 | €5,947 | €30,499 | €53,940 | €44,681 | €60,303 | €14,774 | ▼ 75.5% |
| Profit (loss) for the period to be appropriated9905 | -€2,196 | -€26,489 | €5,947 | €30,499 | €53,940 | €44,681 | €60,303 | €14,774 | ▼ 75.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €374,064 | €352,621 | €356,878 | €388,487 | €461,367 | €422,142 | €490,284 | €494,823 | ▲ 0.9% |
| Fixed assets21/28 | €3,937 | €2,697 | €2,367 | €4,184 | €6,634 | €7,684 | €5,062 | €2,547 | ▼ 49.7% |
| Tangible fixed assets22/27 | €3,937 | €2,697 | €2,367 | €4,184 | €6,634 | €7,684 | €5,062 | €2,547 | ▼ 49.7% |
| Land and buildings22 | - | - | - | €882 | €735 | €3,145 | €2,358 | €1,572 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | - | €319 | €939 | €651 | €363 | €182 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €2,983 | €4,960 | €3,888 | €2,341 | €793 | ▼ 66.1% |
| Current assets29/58 | €370,127 | €349,924 | €354,511 | €384,303 | €454,733 | €414,458 | €485,221 | €492,276 | ▲ 1.5% |
| Amounts receivable within one year40/41 | €4,363 | €31,093 | €20,561 | €12,740 | €15,125 | - | - | - | - |
| Trade receivables40 | - | - | - | €10,000 | €15,125 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €2,740 | - | - | - | - | - |
| Current investments50/53 | €331,869 | €307,118 | €306,396 | €351,151 | €378,651 | €408,672 | €413,314 | €394,026 | ▼ 4.7% |
| Cash at bank and in hand54/58 | €33,894 | €11,713 | €27,554 | €20,412 | €60,958 | €5,786 | €71,907 | €98,251 | ▲ 36.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €374,064 | €352,621 | €356,878 | €388,487 | €461,367 | €422,142 | €490,284 | €494,823 | ▲ 0.9% |
| Equity10/15 | €296,264 | €269,775 | €275,723 | €306,222 | €360,162 | €404,843 | €465,147 | €479,921 | ▲ 3.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €277,664 | €251,175 | €257,123 | €287,622 | €341,562 | €386,243 | €446,547 | €461,321 | ▲ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €54,860 | €98,860 | €158,860 | €172,860 | ▲ 8.8% |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | - | €53,000 | €97,000 | €157,000 | €171,000 | ▲ 8.9% |
| Distributable reserves133 | - | - | - | €285,762 | €286,702 | €287,383 | €287,687 | €288,461 | ▲ 0.3% |
| Amounts payable17/49 | €77,800 | €82,845 | €81,156 | €82,265 | €101,206 | €17,299 | €25,137 | €14,903 | ▼ 40.7% |
| Amounts payable within one year42/48 | €77,100 | €82,145 | €80,456 | €82,265 | €101,206 | €17,299 | €25,137 | €14,903 | ▼ 40.7% |
| Trade debts44 | - | - | - | €65 | €307 | - | - | €1,071 | - |
| Suppliers440/4 | - | - | - | €65 | €307 | - | - | €1,071 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €14,926 | €4,664 | €6,762 | €5,525 | ▼ 18.3% |
| Taxes450/3 | - | - | - | - | €14,926 | €4,664 | €6,762 | €5,525 | ▼ 18.3% |
| Other amounts payable47/48 | - | - | - | €82,200 | €85,973 | €12,635 | €18,375 | €8,307 | ▼ 54.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,196 | -€26,489 | €5,947 | €30,499 | €53,940 | €44,681 | €60,303 | €14,774 | ▼ 75.5% |
| + Depreciation and write-downs630 | €2,574 | €1,778 | €1,747 | €1,450 | €2,425 | €3,080 | €2,621 | €2,515 | ▼ 4.1% |
| Operating cash flow (approximation) | €378 | -€24,711 | €7,694 | €31,949 | €56,365 | €47,761 | €62,925 | €17,290 | ▼ 72.5% |
| Investment in fixed assets (approximation) | - | -€537 | -€1,417 | -€3,266 | -€4,874 | -€4,130 | €0 | €0 | - |
| Change in cash | - | -€22,181 | €15,841 | -€7,142 | €40,546 | -€55,171 | €66,121 | €26,344 | ▼ 60.2% |
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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-08-2026 | 2026-00436801 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00146242 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00149674 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00139664 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20078559 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23200324 | |
| 31-12-2019 | micro format | 23-08-2020 | 2020-43600567 | |
| 31-12-2018 | micro format | 18-06-2019 | 2019-19300198 | |
| 31-12-2017 | micro format | 30-06-2018 | 2018-27000152 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-25100366 |