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Public limited companyfounded 2016active for 10 yearsKarel van de Woestijnestraat 1-3, 9000 Gent, BelgiumKBO/BCE: BE 0663.774.859

Financials · financial year 2025, full format

Annual accounts 2025 filed on 01-07-2026 at the NBB all 9 filings

Equity
€233,365
2024 · -€1.2m
Net result
-€3.8m▲ 28.1%
2024 · -€5.3m
Total assets
€507,007▼ 59.0%
2024 · €1.2m
Solvency
46.0%▲ 145.8pp
2024 · -99.7%
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €3.7m, smaller than the loss of €5.2m in 2024.

Operating result-€3.7m 2025 Net result-€3.8m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result-€0.7m--€0.6m▲ 21.9%-€0.9m▼ 53.2%-€2.4m▼ 169%-€4.5m▼ 91.3%-€6.2m▼ 37.6%-€5.2m▲ 16.9%-€3.7m▲ 29.3%
Net result-€0.7m--€0.6m▲ 22.9%-€0.9mbelow the sector's middle half▼ 55.2%-€2.4mbelow the sector's middle half▼ 169%-€4.6mbelow the sector's middle half▼ 92.6%-€6.4mbelow the sector's middle half▼ 38.6%-€5.3mbelow the sector's middle half▲ 17.4%-€3.8mbelow the sector's middle half▲ 28.1%
Equity€0.2m-€0.5m▲ 171%€0.8mabove the sector's middle half▲ 58.2%€0.9mabove the sector's middle half▲ 14.0%€1.3mabove the sector's middle half▲ 43.3%€3.0mabove the sector's middle half▲ 124%-€1.2mbelow the sector's middle half€0.2mbelow the sector's middle half
Total assets€0.5m-€0.6m▲ 25.2%€0.9mabove the sector's middle half▲ 52.2%€1.2mabove the sector's middle half▲ 27.3%€1.6mabove the sector's middle half▲ 38.4%€3.4mabove the sector's middle half▲ 109%€1.2mwithin the sector's middle half▼ 63.8%€0.5mbelow the sector's middle half▼ 59.0%
Debt€0.3m-€0.09m▼ 69.9%€0.1m▲ 16.7%€0.2m▲ 133%€0.3m▲ 19.3%€0.4m▲ 38.9%€2.5m▲ 520%€0.3m▼ 88.9%
Working capital€0.2m-€0.5m▲ 178%€0.8mabove the sector's middle half▲ 52.9%€0.9mabove the sector's middle half▲ 11.7%€1.3mabove the sector's middle half▲ 43.1%€3.0mabove the sector's middle half▲ 129%-€1.3mbelow the sector's middle half€0.3mwithin the sector's middle half
Solvency39.5%-85.5%▲ 46.0pp88.8%above the sector's middle half▲ 3.4pp79.6%above the sector's middle half▼ 9.2pp82.4%above the sector's middle half▲ 2.8pp88.3%above the sector's middle half▲ 5.9pp-99.7%below the sector's middle half▼ 188.1pp46.0%within the sector's middle half▲ 145.8pp
Current ratio1.66-9.22▲ 7.569.53above the sector's middle half▲ 0.304.83above the sector's middle half▼ 4.705.59above the sector's middle half▲ 0.768.51above the sector's middle half▲ 2.920.49within the sector's middle half▼ 8.022.15within the sector's middle half▲ 1.66
Return on assets (ROA)-152.0%--93.6%▲ 58.3pp-95.5%below the sector's middle half▼ 1.9pp-201.9%below the sector's middle half▼ 106.3pp-280.9%below the sector's middle half▼ 79.1pp-185.9%below the sector's middle half▲ 95.0pp-424.9%below the sector's middle half▼ 239.0pp-745.9%below the sector's middle half▼ 321.0pp
Staff (FTE)0.4-0.7▲ 75.0%2.4above the sector's middle half▲ 243%7.8▲ 225%10.2▲ 30.8%13▲ 27.5%6.2above the sector's middle half▼ 52.3%3.2within the sector's middle half▼ 48.4%
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.
Large changes and their cause
  • 2024 Total assets -64% on 2023. Capital reduction of €5,100,000 (Official Gazette 23-01-2024).
  • 2024 Staff (FTE) -52% on 2023. The accounts now follow the abbreviated format, last year the micro format.
  • 2023 Equity +124%, Total assets +109% on 2022. Capital increase of €15,045,125 (Official Gazette 17-10-2023). Capital increase of €2,925,982 (Official Gazette 14-09-2023).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €507,007
Fixed assets €2,833 ▼ 85.4%
Current assets €504,173 ▼ 58.6%
Equity and liabilities €507,007
Equity €233,365
Debt €273,642
Debt's share of the balance-sheet total is 54.0%.
Key figures and ratios
2025 value · change against 2024
Debt ≤ 1 year
€233,999▼
2024 · €2.5m
Income taxes
€7,534▲
2024 · €2,135
Staff costs
€316,326▼
2024 · €502,093
A ratio outside any meaningful range has been withheld (balance sheet total €507,007, equity €233,365).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date10151143
full-time6151032
part-time4-111
in full-time equivalents6.91510.53.32.3
Average over the year, in full-time equivalents7.810.2136.23.2
On a permanent contract7141132
Joined20722240
Left176726111

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€7,234€32,632€6,611--
Financial fixed assets€13,086---€700
Depreciation and write-downs of the year€5,661€12,117€10,329€8,565€4,237

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2023 to 2025 · 4 entries · €47,500 awarded · €7,500 paid
Year Entries AwardedPaid
2025 2 €0€0
2024 1 €40,000€0
2023 1 €7,500€7,500
Schemes
3 entries · €40,000 · Fonds voor Innoveren en Ondernemen
1 entry · €7,500 · €7,500 paid · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet Code20242025
Assets
Total assets20/58€1.2m€0.5m▼
Fixed assets21/28€0.02m€0.003m▼
Tangible fixed assets22/27€0.006m€0.002m▼
Furniture and vehicles24€0.006m€0.002m▼
Financial fixed assets28€0.01m€0.001m▼
Current assets29/58€1.2m€0.5m▼
Amounts receivable within one year40/41€0.4m€0.1m▼
Trade receivables40€0.002m€0.04m▲
Other amounts receivable41€0.4m€0.07m▼
Cash at bank and in hand54/58€0.6m€0.4m▼
Deferred charges and accrued income490/1€0.2m€0.02m▼
Equity and liabilities
Total equity and liabilities10/49€1.2m€0.5m▼
Equity10/15-€1.2m€0.2m▲
Contributions10/11€6.6m€11.8m▲
Capital10€6.6m€11.8m▲
Issued capital100€6.6m€12.6m▲
Uncalled capital101-€0.8m
Profit (loss) carried forward14-€7.8m-€11.6m▼
Amounts payable17/49€2.5m€0.3m▼
Amounts payable within one year42/48€2.5m€0.2m▼
Financial debts43€2.0m-
Other loans439€2.0m-
Trade debts44€0.4m€0.2m▼
Suppliers440/4€0.4m€0.2m▼
Taxes, remuneration and social security45€0.04m€0.02m▼
Taxes450/3€0.009m€0.007m▼
Remuneration and social security454/9€0.03m€0.02m▼
Other amounts payable47/48€0.001m€0.005m▲
Accrued charges and deferred income492/3-€0.04m
Income statement Code20242025
Remuneration, social security and pensions62€0.5m€0.3m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.009m€0.004m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.001m€0.03m▲
Other operating charges640/8€0.003m€0.001m▼
Non-recurring operating charges66A-€0.05m
Gross operating margin9900-€4.7m-€3.3m▲
Operating profit (loss)9901-€5.2m-€3.7m▲
Financial income75/76B€0.005m€0.02m▲
Recurring financial income75€0.005m€0.02m▲
Financial charges65/66B€0.09m€0.1m▲
Recurring financial charges65€0.09m€0.1m▲
Profit (loss) for the period before taxes9903-€5.3m-€3.8m▲
Income taxes67/77€0.002m€0.008m▲
Profit (loss) for the period9904-€5.3m-€3.8m▲
Profit (loss) for the period to be appropriated9905-€5.3m-€3.8m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€7.8m-€11.6m▼
Profit (loss) brought forward from the previous period14P-€2.6m-€7.8m▼
Social balance sheet
Average headcount (FTE)90876.23.2▼

The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 01-07-2026.

Line20182019202020212022202320242025Change
Remuneration, social security and pensions62---€0.4m€0.5m€0.8m€0.5m€0.3m▼ 37.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.001m€0.001m€0.003m€0.006m€0.01m€0.01m€0.009m€0.004m▼ 50.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-----€0.001m-€0.001m€0.03m-
Other operating charges640/8---€0.001m€0.002m€0.002m€0.003m€0.001m▼ 63.1%
Non-recurring operating charges66A----€0.008m--€0.05m-
Gross operating margin9900-€0.7m-€0.6m-€0.8m-€2.0m-€4.0m-€5.4m-€4.7m-€3.3m▲ 30.0%
Operating profit (loss)9901-€0.7m-€0.6m-€0.9m-€2.4m-€4.5m-€6.2m-€5.2m-€3.7m▲ 29.3%
Financial income75/76B------€0.005m€0.02m▲ 271%
Recurring financial income75€1€0.008m€11---€0.005m€0.02m▲ 271%
Financial charges65/66B---€0.02m€0.06m€0.1m€0.09m€0.1m▲ 52.9%
Recurring financial charges65€0.005m€0.005m€0.006m€0.02m€0.06m€0.1m€0.09m€0.1m▲ 52.9%
Profit (loss) for the period before taxes9903-€0.7m-€0.6m-€0.9m-€2.4m-€4.6m-€6.4m-€5.3m-€3.8m▲ 28.2%
Income taxes67/77€210€63€49€318€0.001m-€0.002m€0.008m▲ 253%
Profit (loss) for the period9904-€0.7m-€0.6m-€0.9m-€2.4m-€4.6m-€6.4m-€5.3m-€3.8m▲ 28.1%
Profit (loss) for the period to be appropriated9905-€0.7m-€0.6m-€0.9m-€2.4m-€4.6m-€6.4m-€5.3m-€3.8m▲ 28.1%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€0.5m€0.6m€0.9m€1.2m€1.6m€3.4m€1.2m€0.5m▼ 59.0%
Fixed assets21/28€0.002m€0.009m€0.01m€0.03m€0.04m€0.03m€0.02m€0.003m▼ 85.4%
Tangible fixed assets22/27€0.002m€0.009m€0.01m€0.01m€0.03m€0.02m€0.006m€0.002m▼ 66.5%
Furniture and vehicles24---€0.01m€0.03m€0.02m€0.006m€0.002m▼ 66.5%
Financial fixed assets28---€0.01m€0.01m€0.01m€0.01m€0.001m▼ 94.7%
Current assets29/58€0.5m€0.6m€0.9m€1.2m€1.6m€3.4m€1.2m€0.5m▼ 58.6%
Amounts receivable within one year40/41€0.06m€0.03m€0.06m€0.1m€0.5m€0.9m€0.4m€0.1m▼ 75.8%
Trade receivables40---€0.006m€0.006m€0.01m€0.002m€0.04m▲ 21×
Other amounts receivable41---€0.1m€0.5m€0.9m€0.4m€0.07m▼ 84.3%
Cash at bank and in hand54/58€0.4m€0.6m€0.9m€1.0m€1.1m€2.5m€0.6m€0.4m▼ 33.8%
Deferred charges and accrued income490/1---€0.03m€0.02m€0.02m€0.2m€0.02m▼ 89.9%
Equity and liabilities
Total equity and liabilities10/49€0.5m€0.6m€0.9m€1.2m€1.6m€3.4m€1.2m€0.5m▼ 59.0%
Equity10/15€0.2m€0.5m€0.8m€0.9m€1.3m€3.0m-€1.2m€0.2m-
Contributions10/11€0.3m€0.8m€1.1m€1.6m€2.6m€5.6m€6.6m€11.8m▲ 79.7%
Capital10---€1.6m€2.6m€5.6m€6.6m€11.8m▲ 79.7%
Issued capital100---€1.6m€2.6m€5.6m€6.6m€12.6m▲ 91.1%
Uncalled capital101-------€0.8m-
Profit (loss) carried forward14-€0.06m-€0.2m-€0.3m-€0.7m-€1.3m-€2.6m-€7.8m-€11.6m▼ 48.4%
Amounts payable17/49€0.3m€0.09m€0.1m€0.2m€0.3m€0.4m€2.5m€0.3m▼ 88.9%
Amounts payable within one year42/48€0.3m€0.07m€0.1m€0.2m€0.3m€0.4m€2.5m€0.2m▼ 90.5%
Financial debts43------€2.0m--
Other loans439------€2.0m--
Trade debts44€0.3m€0.06m€0.07m€0.2m€0.2m€0.3m€0.4m€0.2m▼ 53.1%
Suppliers440/4---€0.2m€0.2m€0.3m€0.4m€0.2m▼ 53.1%
Taxes, remuneration and social security45---€0.08m€0.1m€0.1m€0.04m€0.02m▼ 33.2%
Taxes450/3---€0.009m€0.01m-€0.009m€0.007m▼ 17.7%
Remuneration and social security454/9---€0.07m€0.1m€0.1m€0.03m€0.02m▼ 38.3%
Other amounts payable47/48---€0.003m€0.007m€0.001m€0.001m€0.005m▲ 579%
Accrued charges and deferred income492/3---€0.002m€0.002m--€0.04m-
Line20182019202020212022202320242025Change
Profit (loss) for the period9904-€0.7m-€0.6m-€0.9m-€2.4m-€4.6m-€6.4m-€5.3m-€3.8m▲ 28.1%
+ Depreciation and write-downs630€0.001m€0.001m€0.003m€0.006m€0.01m€0.01m€0.009m€0.004m▼ 50.5%
Operating cash flow (approximation)-€0.7m-€0.6m-€0.9m-€2.4m-€4.6m-€6.4m-€5.3m-€3.8m▲ 28.1%
Investment in fixed assets (approximation)--€0.008m-€0.007m-€0.02m-€0.02m€0.001m€0.001m€0.01m▲ 15×
Change in cash-€0.1m€0.3m€0.1m€0.06m€1.4m-€1.9m-€0.2m▲ 89.8%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (9)
Financial year Type Filed Reference Document
31-12-2025 full format 01-07-2026 2026-00244819 PDF
31-12-2024 abbreviated format 23-04-2025 2025-00088603 PDF
31-12-2023 micro format 07-05-2024 2024-00084372 PDF
31-12-2022 micro format 24-04-2023 2023-00069096 PDF
31-12-2021 micro format 12-05-2022 2022-20027564 PDF
31-12-2020 micro format 10-06-2021 2021-18800043 PDF
31-12-2019 micro format 10-04-2020 2020-09000386 PDF
31-12-2018 micro format 18-06-2019 2019-19400064 PDF
31-12-2017 micro format 04-07-2018 2018-27500355 PDF

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