Financials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 17 filings
Equity
€147,574▲ 12.9%
2024 · €130,746
Net result
€36,095▲ 27.7%
2024 · €28,264
Total assets
€224,619▲ 2.7%
2024 · €218,779
Solvency
65.7%▲ 5.9pp
2024 · 59.8%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€54,070
▲ 33.7%
2025
20192025
Net result
€36,095
▲ 27.7%
2025
middle half of the sector
20192025
Equity
€147,574
▲ 12.9%
2025
middle half of the sector
20192025
Total assets
€224,619
▲ 2.7%
2025
middle half of the sector
20192025
Debt
€77,045
▼ 12.5%
2025
20192025
Working capital
€52,149
▲ 252%
2025
middle half of the sector
20192025
Solvency
65.7%
▲ 5.9pp
2025
middle half of the sector
20192025
Current ratio
2.31
▲ 0.92
2025
middle half of the sector
20192025
Return on assets (ROA)
16.1%
▲ 3.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,959-€23,773▲ 199%€43,086▲ 81.2%€37,894▼ 12.1%€30,356▼ 19.9%€40,445▲ 33.2%€54,070▲ 33.7%
Net result€345-€12,835within the sector's middle half▲ 37×€28,194within the sector's middle half▲ 120%€24,834within the sector's middle half▼ 11.9%€19,843within the sector's middle half▼ 20.1%€28,264within the sector's middle half▲ 42.4%€36,095within the sector's middle half▲ 27.7%
Equity€24,895-€36,130below the sector's middle half▲ 45.1%€62,723within the sector's middle half▲ 73.6%€85,957within the sector's middle half▲ 37.0%€104,200within the sector's middle half▲ 21.2%€130,746within the sector's middle half▲ 25.5%€147,574within the sector's middle half▲ 12.9%
Total assets€149,773-€130,348within the sector's middle half▼ 13.0%€121,440below the sector's middle half▼ 6.8%€159,182within the sector's middle half▲ 31.1%€142,640within the sector's middle half▼ 10.4%€218,779within the sector's middle half▲ 53.4%€224,619within the sector's middle half▲ 2.7%
Debt€124,878-€94,218▼ 24.6%€58,717▼ 37.7%€73,225▲ 24.7%€38,440▼ 47.5%€88,033▲ 129%€77,045▼ 12.5%
Working capital-€56,222--€42,621below the sector's middle half▲ 24.2%-€11,826within the sector's middle half▲ 72.3%-€16,906within the sector's middle half▼ 42.9%€5,475within the sector's middle half€14,820within the sector's middle half▲ 171%€52,149within the sector's middle half▲ 252%
Solvency16.6%-27.7%within the sector's middle half▲ 11.1pp51.6%within the sector's middle half▲ 23.9pp54.0%within the sector's middle half▲ 2.3pp73.1%within the sector's middle half▲ 19.1pp59.8%within the sector's middle half▼ 13.3pp65.7%within the sector's middle half▲ 5.9pp
Current ratio0.22-0.32below the sector's middle half▲ 0.100.66within the sector's middle half▲ 0.350.69within the sector's middle half▲ 0.021.17within the sector's middle half▲ 0.481.39within the sector's middle half▲ 0.222.31within the sector's middle half▲ 0.92
Return on assets (ROA)0.2%-9.8%within the sector's middle half▲ 9.6pp23.2%above the sector's middle half▲ 13.4pp15.6%within the sector's middle half▼ 7.6pp13.9%within the sector's middle half▼ 1.7pp12.9%within the sector's middle half▼ 1.0pp16.1%within the sector's middle half▲ 3.2pp
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 34% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €224,619
Fixed assets
€132,753 ▼ 20.0%
Current assets
€91,866 ▲ 73.6%
Equity and liabilities €224,619
Equity
€147,574 ▲ 12.9%
Debt
€77,045 ▼ 12.5%
Debt's share of the balance-sheet total falls from 40.2% to 34.3%. Equity is higher and debt is lower.
Key figures and ratios
ROE
24.5%▲
2024 · 21.6%
Debt ≤ 1 year
€39,718▲
2024 · €38,103
Debt > 1 year
€37,327▼
2024 · €49,929
Income taxes
€15,711▲
2024 · €11,143
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €36,753 | - | €82,373 | - |
| Depreciation and write-downs of the year | €12,937 | €17,123 | €21,269 | €33,102 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €11,500 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,173 | €24,272 | €13,808 | €12,937 | €17,123 | €21,269 | €33,102 | ▲ 55.6% |
| Other operating charges640/8 | - | - | - | €505 | €544 | €556 | €544 | ▼ 2.2% |
| Gross operating margin9900 | €34,668 | €48,511 | €57,411 | €51,337 | €48,024 | €62,270 | €87,716 | ▲ 40.9% |
| Operating profit (loss)9901 | €7,959 | €23,773 | €43,086 | €37,894 | €30,356 | €40,445 | €54,070 | ▲ 33.7% |
| Financial income75/76B | - | - | - | - | €276 | €180 | €169 | ▼ 6.6% |
| Recurring financial income75 | - | - | - | - | €276 | €180 | €169 | ▼ 6.6% |
| Financial charges65/66B | - | - | - | €1,569 | €1,022 | €1,219 | €2,433 | ▲ 99.6% |
| Recurring financial charges65 | €3,670 | €2,984 | €1,916 | €1,569 | €1,022 | €1,219 | €2,433 | ▲ 99.6% |
| Profit (loss) for the period before taxes9903 | €4,289 | €20,789 | €41,170 | €36,325 | €29,610 | €39,407 | €51,806 | ▲ 31.5% |
| Income taxes67/77 | €3,944 | €7,954 | €12,976 | €11,491 | €9,768 | €11,143 | €15,711 | ▲ 41.0% |
| Profit (loss) for the period9904 | €345 | €12,835 | €28,194 | €24,834 | €19,843 | €28,264 | €36,095 | ▲ 27.7% |
| Profit (loss) for the period to be appropriated9905 | €345 | €12,835 | €28,194 | €24,834 | €19,843 | €28,264 | €36,095 | ▲ 27.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €149,773 | €130,348 | €121,440 | €159,182 | €142,640 | €218,779 | €224,619 | ▲ 2.7% |
| Fixed assets21/28 | €134,036 | €110,676 | €98,058 | €121,874 | €104,751 | €165,855 | €132,753 | ▼ 20.0% |
| Tangible fixed assets22/27 | €134,036 | €110,676 | €98,058 | €121,874 | €104,751 | €165,855 | €132,753 | ▼ 20.0% |
| Land and buildings22 | - | - | - | €713 | €438 | €219 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,404 | €1,036 | €1,509 | €961 | ▼ 36.3% |
| Furniture and vehicles24 | - | - | - | €38,802 | €29,066 | €96,661 | €71,071 | ▼ 26.5% |
| Other tangible fixed assets26 | - | - | - | €80,956 | €74,211 | €67,466 | €60,721 | ▼ 10.0% |
| Current assets29/58 | €15,737 | €19,672 | €23,382 | €37,308 | €37,889 | €52,924 | €91,866 | ▲ 73.6% |
| Stocks and contracts in progress3 | - | - | - | €8,763 | - | - | - | - |
| Stocks30/36 | - | - | - | €8,763 | - | - | - | - |
| Amounts receivable within one year40/41 | - | €11,556 | €14,245 | €13,191 | €29,900 | €885 | €21,608 | ▲ 24× |
| Trade receivables40 | - | - | - | €13,191 | €15,853 | €885 | €15,391 | ▲ 17× |
| Other amounts receivable41 | - | - | - | - | €14,047 | - | €6,216 | - |
| Cash at bank and in hand54/58 | €13,504 | €3,994 | €5,003 | €11,061 | €3,742 | €48,165 | €66,095 | ▲ 37.2% |
| Deferred charges and accrued income490/1 | - | - | - | €4,293 | €4,246 | €3,874 | €4,164 | ▲ 7.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €149,773 | €130,348 | €121,440 | €159,182 | €142,640 | €218,779 | €224,619 | ▲ 2.7% |
| Equity10/15 | €24,895 | €36,130 | €62,723 | €85,957 | €104,200 | €130,746 | €147,574 | ▲ 12.9% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €12,400 | €12,400 | €1 | ▼ 100.0% |
| Reserves13 | €12,457 | €23,692 | €50,285 | €73,519 | €91,762 | €118,346 | €147,573 | ▲ 24.7% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | - | - | - | - |
| Other1319 | - | - | - | €1,855 | - | - | - | - |
| Distributable reserves133 | - | - | - | €71,664 | €91,762 | €118,346 | €147,573 | ▲ 24.7% |
| Profit (loss) carried forward14 | €38 | €38 | €38 | €38 | €38 | - | - | - |
| Amounts payable17/49 | €124,878 | €94,218 | €58,717 | €73,225 | €38,440 | €88,033 | €77,045 | ▼ 12.5% |
| Amounts payable after more than one year17 | €52,919 | €31,926 | €23,509 | €19,011 | €6,026 | €49,929 | €37,327 | ▼ 25.2% |
| Financial debts170/4 | - | - | - | €19,011 | €6,026 | €49,929 | €37,327 | ▼ 25.2% |
| Amounts payable within one year42/48 | €71,959 | €62,292 | €35,208 | €54,214 | €32,414 | €38,103 | €39,718 | ▲ 4.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,709 | €12,986 | €18,141 | €12,602 | ▼ 30.5% |
| Trade debts44 | €938 | €4,290 | €4,722 | €10,969 | €3,796 | €2,186 | €2,572 | ▲ 17.6% |
| Suppliers440/4 | - | - | - | €10,969 | €3,796 | €2,186 | €2,572 | ▲ 17.6% |
| Taxes, remuneration and social security45 | - | - | - | €16,618 | €14,032 | €13,054 | €17,675 | ▲ 35.4% |
| Taxes450/3 | - | - | - | €16,618 | €14,032 | €13,054 | €17,675 | ▲ 35.4% |
| Other amounts payable47/48 | - | - | - | €5,918 | €1,600 | €4,722 | €6,868 | ▲ 45.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €345 | €12,835 | €28,194 | €24,834 | €19,843 | €28,264 | €36,095 | ▲ 27.7% |
| + Depreciation and write-downs630 | €26,173 | €24,272 | €13,808 | €12,937 | €17,123 | €21,269 | €33,102 | ▲ 55.6% |
| Operating cash flow (approximation) | €26,518 | €37,106 | €42,001 | €37,771 | €36,966 | €49,533 | €69,198 | ▲ 39.7% |
| Investment in fixed assets (approximation) | - | -€912 | -€1,190 | -€36,753 | €0 | -€82,373 | €0 | - |
| Change in cash | - | -€9,510 | €1,009 | €6,058 | -€7,319 | €44,423 | €17,930 | ▼ 59.6% |
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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00090543 | |
| 30-09-2024 | micro format | 22-02-2025 | 2025-00039317 | |
| 30-09-2023 | micro format | 13-03-2024 | 2024-00043974 | |
| 30-09-2022 | micro format | 24-02-2023 | 2023-00030992 | |
| 30-09-2021 | micro format | 14-03-2022 | 2022-07500484 | |
| 30-09-2020 | micro format | 01-01-2021 | 2021-00200575 | |
| 30-09-2019 | micro format | 15-04-2020 | 2020-09300436 | |
| 30-09-2018 | micro format | 26-03-2019 | 2019-08200233 | |
| 30-09-2017 | micro format | 23-02-2018 | 2018-05500030 | |
| 30-09-2016 | abbreviated format | 02-01-2017 | 2017-00400491 |