Financials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 26 filings
Equity
€247,316▼ 3.5%
2024 · €256,269
Net result
€23,571▲ 64.1%
2024 · €14,365
Total assets
€312,713▼ 22.9%
2024 · €405,791
Solvency
79.1%▲ 15.9pp
2024 · 63.2%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€55,802
▲ 29.9%
2025
20182025
Net result
€23,571
▲ 64.1%
2025
middle half of the sector
20182025
Equity
€247,316
▼ 3.5%
2025
middle half of the sector
20182025
Total assets
€312,713
▼ 22.9%
2025
middle half of the sector
20182025
Debt
€65,397
▼ 56.3%
2025
20182025
Working capital
€198,496
▲ 6.3%
2025
highest quarter of the sector
20182025
Solvency
79.1%
▲ 15.9pp
2025
highest quarter of the sector
20182025
Current ratio
7.58
▲ 4.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
7.5%
▲ 4.0pp
2025
middle half of the sector
20182025
Staff (FTE)
2.6
▼ 7.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€42,411-€24,002▼ 43.4%€38,321▲ 59.7%€48,846▲ 27.5%€21,461▼ 56.1%€52,030▲ 142%€42,968▼ 17.4%€55,802▲ 29.9%
Net result€18,572-€6,699▼ 63.9%€16,952within the sector's middle half▲ 153%€23,199within the sector's middle half▲ 36.9%€2,673within the sector's middle half▼ 88.5%€27,197within the sector's middle half▲ 917%€14,365within the sector's middle half▼ 47.2%€23,571within the sector's middle half▲ 64.1%
Equity€195,982-€199,556▲ 1.8%€216,508within the sector's middle half▲ 8.5%€236,630within the sector's middle half▲ 9.3%€239,303within the sector's middle half▲ 1.1%€241,904within the sector's middle half▲ 1.1%€256,269within the sector's middle half▲ 5.9%€247,316within the sector's middle half▼ 3.5%
Total assets€615,803-€696,962▲ 13.2%€391,793within the sector's middle half▼ 43.8%€407,726within the sector's middle half▲ 4.1%€395,747within the sector's middle half▼ 2.9%€409,940within the sector's middle half▲ 3.6%€405,791within the sector's middle half▼ 1.0%€312,713within the sector's middle half▼ 22.9%
Debt€419,821-€497,406▲ 18.5%€175,285▼ 64.8%€171,096▼ 2.4%€156,443▼ 8.6%€168,035▲ 7.4%€149,521▼ 11.0%€65,397▼ 56.3%
Working capital€182,232-€163,889▼ 10.1%€190,892above the sector's middle half▲ 16.5%€193,849above the sector's middle half▲ 1.5%€185,894above the sector's middle half▼ 4.1%€165,829above the sector's middle half▼ 10.8%€186,802above the sector's middle half▲ 12.6%€198,496above the sector's middle half▲ 6.3%
Solvency31.8%-28.6%▼ 3.2pp55.3%within the sector's middle half▲ 26.6pp58.0%within the sector's middle half▲ 2.8pp60.5%within the sector's middle half▲ 2.4pp59.0%within the sector's middle half▼ 1.5pp63.2%within the sector's middle half▲ 4.1pp79.1%above the sector's middle half▲ 15.9pp
Current ratio1.46-1.37▼ 0.092.31within the sector's middle half▲ 0.942.35within the sector's middle half▲ 0.042.29within the sector's middle half▼ 0.062.80within the sector's middle half▲ 0.502.94within the sector's middle half▲ 0.147.58above the sector's middle half▲ 4.64
Return on assets (ROA)3.0%-1.0%▼ 2.1pp4.3%within the sector's middle half▲ 3.4pp5.7%within the sector's middle half▲ 1.4pp0.7%below the sector's middle half▼ 5.0pp6.6%within the sector's middle half▲ 6.0pp3.5%within the sector's middle half▼ 3.1pp7.5%within the sector's middle half▲ 4.0pp
Staff (FTE)2.8-2.8=2.8above the sector's middle half=2.8=2.8=2.8=2.8=2.6▼ 7.1%
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 30% higher than in 2024 and the highest since 2018. It is a recovery after the fall 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 €312,713
Fixed assets
€84,044 ▼ 31.6%
Current assets
€228,669 ▼ 19.2%
Equity and liabilities €312,713
Equity
€247,316 ▼ 3.5%
Debt
€65,397 ▼ 56.3%
Debt's share of the balance-sheet total falls from 36.8% to 20.9%. Equity and debt are lower.
Key figures and ratios
ROE
9.5%▲
2024 · 5.6%
Debt ≤ 1 year
€30,173▼
2024 · €96,203
Debt > 1 year
€35,224▼
2024 · €53,319
Income taxes
€18,180▲
2024 · €14,757
Staff costs
€171,577▼
2024 · €175,461
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 | 3 | 3 | 3 | 3 | 3 |
| full-time | 2 | 2 | 2 | 1 | 1 |
| part-time | 1 | 1 | 1 | 2 | 2 |
| in full-time equivalents | 2.8 | 2.8 | 2.8 | 2.6 | 2.6 |
| Average over the year, in full-time equivalents | 2.8 | 2.8 | 2.8 | 2.8 | 2.6 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,920 | €22,679 | €119,399 | €8,712 | - |
| Depreciation and write-downs of the year | €27,532 | €26,927 | €19,008 | €37,759 | €38,742 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,000 | €510 | €33,372 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €141,298 | €152,722 | €169,963 | €175,461 | €171,577 | ▼ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,511 | €25,674 | €25,674 | €27,532 | €26,927 | €19,008 | €37,759 | €38,742 | ▲ 2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €8,369 | €1,768 | €13,911 | €5,117 | €7,581 | ▲ 48.2% |
| Other operating charges640/8 | - | - | - | €622 | €552 | €539 | €513 | €528 | ▲ 2.8% |
| Gross operating margin9900 | €187,204 | €182,846 | €198,528 | €226,667 | €203,429 | €255,451 | €261,818 | €274,230 | ▲ 4.7% |
| Operating profit (loss)9901 | €42,411 | €24,002 | €38,321 | €48,846 | €21,461 | €52,030 | €42,968 | €55,802 | ▲ 29.9% |
| Financial income75/76B | - | - | - | €22 | €44 | - | - | €4 | - |
| Recurring financial income75 | - | €183 | €1 | €22 | €44 | - | - | €4 | - |
| Financial charges65/66B | - | - | - | €9,316 | €8,532 | €10,716 | €13,845 | €14,056 | ▲ 1.5% |
| Recurring financial charges65 | €10,147 | €8,998 | €7,595 | €9,316 | €8,532 | €10,716 | €13,845 | €14,056 | ▲ 1.5% |
| Profit (loss) for the period before taxes9903 | €32,264 | €15,187 | €30,727 | €39,552 | €12,972 | €41,314 | €29,123 | €41,751 | ▲ 43.4% |
| Income taxes67/77 | €13,692 | €8,489 | €13,774 | €16,353 | €10,299 | €14,117 | €14,757 | €18,180 | ▲ 23.2% |
| Profit (loss) for the period9904 | €18,572 | €6,699 | €16,952 | €23,199 | €2,673 | €27,197 | €14,365 | €23,571 | ▲ 64.1% |
| Profit (loss) for the period to be appropriated9905 | €18,572 | €6,699 | €16,952 | €23,199 | €2,673 | €27,197 | €14,365 | €23,571 | ▲ 64.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €615,803 | €696,962 | €391,793 | €407,726 | €395,747 | €409,940 | €405,791 | €312,713 | ▼ 22.9% |
| Fixed assets21/28 | €37,367 | €87,329 | €54,929 | €70,317 | €66,069 | €151,833 | €122,786 | €84,044 | ▼ 31.6% |
| Tangible fixed assets22/27 | €33,139 | €80,603 | €54,929 | €70,317 | €66,069 | €151,833 | €122,786 | €84,044 | ▼ 31.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €7,953 | €6,210 | ▼ 21.9% |
| Furniture and vehicles24 | - | - | - | €70,317 | €66,069 | €151,833 | €114,833 | €77,833 | ▼ 32.2% |
| Financial fixed assets28 | €4,228 | €6,726 | - | - | - | - | - | - | - |
| Current assets29/58 | €578,436 | €609,633 | €336,864 | €337,409 | €329,677 | €258,107 | €283,005 | €228,669 | ▼ 19.2% |
| Amounts receivable within one year40/41 | €113,977 | €233,058 | €98,571 | €61,486 | €17,127 | €17,127 | €69,668 | €126,870 | ▲ 82.1% |
| Trade receivables40 | - | - | - | €44,359 | - | - | €53,946 | €109,743 | ▲ 103% |
| Other amounts receivable41 | - | - | - | €17,127 | €17,127 | €17,127 | €15,722 | €17,127 | ▲ 8.9% |
| Cash at bank and in hand54/58 | €460,880 | €371,949 | €233,601 | €270,360 | €307,339 | €234,115 | €206,382 | €94,347 | ▼ 54.3% |
| Deferred charges and accrued income490/1 | - | - | - | €5,562 | €5,211 | €6,865 | €6,955 | €7,452 | ▲ 7.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €615,803 | €696,962 | €391,793 | €407,726 | €395,747 | €409,940 | €405,791 | €312,713 | ▼ 22.9% |
| Equity10/15 | €195,982 | €199,556 | €216,508 | €236,630 | €239,303 | €241,904 | €256,269 | €247,316 | ▼ 3.5% |
| Contributions10/11 | €62,624 | €62,624 | €62,624 | €62,624 | €62,624 | €62,624 | €62,624 | €62,624 | = |
| Capital10 | - | - | - | €62,624 | €62,624 | €62,624 | €62,624 | €62,624 | = |
| Issued capital100 | - | - | - | €62,624 | €62,624 | €62,624 | €62,624 | €62,624 | = |
| Reserves13 | €133,358 | €136,932 | €153,884 | €174,006 | €176,679 | €179,280 | €193,645 | €184,692 | ▼ 4.6% |
| Non-distributable reserves130/1 | - | - | - | €6,262 | €6,262 | €6,262 | €6,262 | €6,262 | = |
| Legal reserve130 | - | - | - | €6,262 | €6,262 | €6,262 | €6,262 | €6,262 | = |
| Distributable reserves133 | - | - | - | €167,744 | €170,417 | €173,018 | €187,383 | €178,429 | ▼ 4.8% |
| Amounts payable17/49 | €419,821 | €497,406 | €175,285 | €171,096 | €156,443 | €168,035 | €149,521 | €65,397 | ▼ 56.3% |
| Amounts payable after more than one year17 | €23,617 | €51,662 | €29,313 | €27,536 | €12,660 | €75,757 | €53,319 | €35,224 | ▼ 33.9% |
| Financial debts170/4 | - | - | - | €27,536 | €12,660 | €75,757 | €53,319 | €35,224 | ▼ 33.9% |
| Amounts payable within one year42/48 | €396,204 | €445,744 | €145,972 | €143,560 | €143,784 | €92,278 | €96,203 | €30,173 | ▼ 68.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €29,955 | €14,876 | €24,198 | €22,439 | €18,095 | ▼ 19.4% |
| Trade debts44 | €249,460 | €252,498 | €117,349 | €101,676 | €117,256 | €58,097 | €69,007 | - | - |
| Suppliers440/4 | - | - | - | €101,676 | €117,256 | €58,097 | €69,007 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €9,776 | €11,652 | €6,617 | €4,757 | €6,180 | ▲ 29.9% |
| Taxes450/3 | - | - | - | €9,776 | €11,652 | €6,617 | €4,757 | €6,180 | ▲ 29.9% |
| Other amounts payable47/48 | - | - | - | €2,154 | - | €3,366 | - | €5,898 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,572 | €6,699 | €16,952 | €23,199 | €2,673 | €27,197 | €14,365 | €23,571 | ▲ 64.1% |
| + Depreciation and write-downs630 | €14,511 | €25,674 | €25,674 | €27,532 | €26,927 | €19,008 | €37,759 | €38,742 | ▲ 2.6% |
| Operating cash flow (approximation) | €33,083 | €32,373 | €42,626 | €50,731 | €29,601 | €46,205 | €52,124 | €62,313 | ▲ 19.5% |
| Investment in fixed assets (approximation) | - | -€75,636 | €6,726 | -€42,920 | -€22,679 | -€104,771 | -€8,712 | €0 | - |
| Change in cash | - | -€88,931 | -€138,348 | €36,759 | €36,978 | -€73,224 | -€27,733 | -€112,034 | ▼ 304% |
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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00157565 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00146117 | |
| 31-12-2023 | micro format | 22-06-2024 | 2024-00171562 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00136489 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20218125 | |
| 31-12-2020 | micro format | 02-08-2021 | 2021-45200200 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57100184 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57500080 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-45800061 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38100601 |