Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 6 filings
Turnover
€204,739▼ 13.4%
2020 · €236,528
EBIT margin
26.5%▼ 16.9pp
2020 · 43.4%
Net result
€77,939▼ 34.4%
2024 · €118,841
Working capital
€12,375
2024 · -€9,008
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€120,419
▲ 14.2%
2025
20202025
Net result
€77,939
▼ 34.4%
2025
middle half of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€448,017
▲ 21.1%
2025
middle half of the sector
20202025
Total assets
€1.2m
▼ 0.6%
2025
middle half of the sector
20202025
Debt
€763,566
▼ 10.1%
2025
20202025
Working capital
€12,375
2025
middle half of the sector
20202025
Solvency
37.0%
▲ 6.6pp
2025
middle half of the sector
20202025
Current ratio
1.12
▲ 0.19
2025
middle half of the sector
20202025
Return on assets (ROA)
6.4%
▼ 3.3pp
2025
middle half of the sector
20202025
Staff (FTE)
0.2
=
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€0.2m-€0.2m▼ 13.4%
Operating result€0.1m-€0.05m▼ 47.1%€0.04m▼ 33.2%€0.1m▲ 170%€0.1m▲ 7.7%€0.1m▲ 14.2%
Net result€0.06mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 107%€0.009mwithin the sector's middle half▼ 92.3%€0.06mwithin the sector's middle half▲ 512%€0.1mwithin the sector's middle half▲ 105%€0.08mwithin the sector's middle half▼ 34.4%
EBIT margin43.4%-26.5%▼ 16.9pp
Equity€0.06mbelow the sector's middle half-€0.2mwithin the sector's middle half▲ 204%€0.2mwithin the sector's middle half▲ 5.2%€0.3mwithin the sector's middle half▲ 30.0%€0.4mwithin the sector's middle half▲ 47.3%€0.4mwithin the sector's middle half▲ 21.1%
Total assets€1.1mwithin the sector's middle half-€1.1mwithin the sector's middle half▼ 3.5%€1.2mwithin the sector's middle half▲ 6.3%€1.2mwithin the sector's middle half▲ 4.4%€1.2mwithin the sector's middle half▼ 0.6%€1.2mwithin the sector's middle half▼ 0.6%
Debt€1.1m-€0.9m▼ 15.1%€1.0m▲ 6.6%€1.0m▼ 0.7%€0.8m▼ 12.9%€0.8m▼ 10.1%
Working capital-€0.2mbelow the sector's middle half--€0.1mbelow the sector's middle half▲ 41.4%-€0.05mwithin the sector's middle half▲ 62.5%-€0.02mwithin the sector's middle half▲ 48.4%-€0.009mwithin the sector's middle half▲ 62.3%€0.01mwithin the sector's middle half
Solvency5.3%below the sector's middle half-16.6%below the sector's middle half▲ 11.3pp16.4%below the sector's middle half▼ 0.2pp20.5%below the sector's middle half▲ 4.0pp30.4%within the sector's middle half▲ 9.9pp37.0%within the sector's middle half▲ 6.6pp
Current ratio0.29below the sector's middle half-0.27below the sector's middle half▼ 0.020.56below the sector's middle half▲ 0.290.79within the sector's middle half▲ 0.230.92within the sector's middle half▲ 0.131.12within the sector's middle half▲ 0.19
Return on assets (ROA)5.2%within the sector's middle half-11.2%within the sector's middle half▲ 6.0pp0.8%within the sector's middle half▼ 10.3pp4.7%within the sector's middle half▲ 3.9pp9.7%within the sector's middle half▲ 5.0pp6.4%within the sector's middle half▼ 3.3pp
Staff (FTE)1.1within the sector's middle half-0.1below the sector's middle half▼ 90.9%0.6within the sector's middle half0.2within the sector's middle half▼ 66.7%0.2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 14% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.1m ▼ 1.9%
Current assets
€119,513 ▲ 13.4%
Equity and liabilities €1.2m
Equity
€448,017 ▲ 21.1%
Debt
€763,566 ▼ 10.1%
Debt's share of the balance-sheet total falls from 69.6% to 63.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
17.4%▼
2024 · 32.1%
Debt ≤ 1 year
€107,138▼
2024 · €114,397
Debt > 1 year
€644,398▼
2024 · €722,559
Income taxes
€21,974▲
2024 · €18,789
Staff costs
€16,347▼
2024 · €18,601
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 0.1 | 0.2 | 0.2 |
| Average over the year, in full-time equivalents | 0.6 | 0.2 | 0.2 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 0 | - | - |
| Left | 1 | - | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €67,176 | €40,850 | - | - |
| Depreciation and write-downs of the year | - | €11,263 | €21,482 | €21,605 | €21,605 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €236,528 | €204,739 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €140,057 | €147,480 | €167,700 | - | - | - |
| Remuneration, social security and pensions62 | - | €9,889 | €11,298 | €31,604 | €18,601 | €16,347 | ▼ 12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €11,263 | €21,482 | €21,605 | €21,605 | = |
| Other operating charges640/8 | - | €539 | €1,103 | €1,934 | €1,831 | €762 | ▼ 58.4% |
| Gross operating margin9900 | €147,697 | €64,682 | €59,921 | €152,953 | €147,464 | €159,134 | ▲ 7.9% |
| Operating profit (loss)9901 | €102,535 | €54,255 | €36,256 | €97,933 | €105,427 | €120,419 | ▲ 14.2% |
| Financial income75/76B | - | €100,000 | €103 | €72 | €51,886 | €992 | ▼ 98.1% |
| Recurring financial income75 | - | €100,000 | €103 | €72 | €51,886 | €992 | ▼ 98.1% |
| Financial charges65/66B | - | €22,293 | €22,597 | €23,208 | €19,682 | €21,499 | ▲ 9.2% |
| Recurring financial charges65 | €27,588 | €22,293 | €22,597 | €23,208 | €19,682 | €21,499 | ▲ 9.2% |
| Profit (loss) for the period before taxes9903 | €74,947 | €131,962 | €13,763 | €74,798 | €137,631 | €99,913 | ▼ 27.4% |
| Income taxes67/77 | €15,404 | €8,680 | €4,289 | €16,860 | €18,789 | €21,974 | ▲ 16.9% |
| Profit (loss) for the period9904 | €59,543 | €123,282 | €9,474 | €57,938 | €118,841 | €77,939 | ▼ 34.4% |
| Profit (loss) for the period to be appropriated9905 | €59,543 | €123,282 | €9,474 | €57,938 | €118,841 | €77,939 | ▼ 34.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.1m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 0.6% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 1.9% |
| Tangible fixed assets22/27 | - | - | €0.06m | €0.08m | €0.05m | €0.03m | ▼ 40.3% |
| Furniture and vehicles24 | - | - | €0.06m | €0.08m | €0.05m | €0.03m | ▼ 40.3% |
| Financial fixed assets28 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Current assets29/58 | €0.09m | €0.05m | €0.06m | €0.09m | €0.1m | €0.1m | ▲ 13.4% |
| Amounts receivable within one year40/41 | €0.04m | €0.02m | €0.05m | €0.05m | €0.1m | €0.09m | ▼ 7.3% |
| Trade receivables40 | - | €0.02m | €0.05m | €0.05m | €0.05m | €0.06m | ▲ 27.5% |
| Other amounts receivable41 | - | - | - | €47 | €0.05m | €0.03m | ▼ 39.7% |
| Cash at bank and in hand54/58 | €0.05m | €0.02m | €0.006m | €0.02m | €0.006m | €0.03m | ▲ 353% |
| Deferred charges and accrued income490/1 | - | €0.001m | €214 | €0.02m | €0.002m | €0.001m | ▼ 31.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 0.6% |
| Equity10/15 | €0.06m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 21.1% |
| Contributions10/11 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves13 | €0.06m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 21.1% |
| Distributable reserves133 | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 21.1% |
| Amounts payable17/49 | €1.1m | €0.9m | €1.0m | €1.0m | €0.8m | €0.8m | ▼ 10.1% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.8m | €0.8m | €0.7m | €0.6m | ▼ 10.8% |
| Financial debts170/4 | - | €0.7m | €0.8m | €0.8m | €0.7m | €0.6m | ▼ 10.8% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.3% |
| Current portion of amounts payable after more than one year42 | - | €0.03m | €0.04m | €0.05m | €0.08m | €0.08m | ▼ 7.8% |
| Trade debts44 | €0.005m | €0.001m | €0.01m | €0.01m | - | €0.001m | - |
| Suppliers440/4 | - | €0.001m | €0.01m | €0.01m | - | €0.001m | - |
| Taxes, remuneration and social security45 | - | €0.04m | €0.02m | €0.04m | €0.03m | €0.03m | ▼ 5.7% |
| Taxes450/3 | - | €0.04m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 29.7% |
| Remuneration and social security454/9 | - | €245 | €0.001m | €0.006m | €0.001m | €0.008m | ▲ 524% |
| Other amounts payable47/48 | - | €0.1m | €0.03m | €0.01m | - | - | - |
| Accrued charges and deferred income492/3 | - | €0.01m | €0.03m | €0.04m | €0.01m | €0.01m | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €59,543 | €123,282 | €9,474 | €57,938 | €118,841 | €77,939 | ▼ 34.4% |
| + Depreciation and write-downs630 | - | - | €11,263 | €21,482 | €21,605 | €21,605 | = |
| Operating cash flow (approximation) | €59,543 | €123,282 | €20,737 | €79,420 | €140,447 | €99,544 | ▼ 29.1% |
| Investment in fixed assets (approximation) | - | €0 | -€67,176 | -€40,850 | €0 | €0 | - |
| Change in cash | - | -€23,309 | -€16,888 | €15,404 | -€15,567 | €21,826 | - |
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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00285222 | |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00280861 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00431628 | |
| 31-12-2022 | abbreviated format | 23-06-2023 | 2023-00159108 | |
| 31-12-2021 | abbreviated format | 11-07-2022 | 2022-20180804 | |
| 31-12-2020 | abbreviated format | 19-06-2021 | 2021-22100011 |