Financials · financial year 2025, micro format
2025 annual accounts filed 19 days after the deadline Filed on 19 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00114085.
Annual accounts 2025 filed on 19-05-2026 PDF all 24 filings
Amounts without an identifiable currency are taken as euros.
Equity
€26,662
2024 · -€84,352
Net result
€111,014▲ 458%
2024 · €19,891
Total assets
€1.3m▼ 11.2%
2024 · €1.5m
Solvency
2.0%▲ 7.6pp
2024 · -5.6%
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€158,746
▲ 43.7%
2025
20182025
Net result
€111,014
▲ 458%
2025
highest quarter of the sector
20182025
Equity
€26,662
2025
lowest quarter of the sector
20182025
Total assets
€1.3m
▼ 11.2%
2025
highest quarter of the sector
20182025
Debt
€1.3m
▼ 17.6%
2025
20182025
Working capital
-€334,997
▲ 8.1%
2025
lowest quarter of the sector
20182025
Solvency
2.0%
▲ 7.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.00
▼ 0.25
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
8.3%
▲ 7.0pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result-€0.04m-€0.09m€0.1m▲ 44.2%€0.02m▼ 84.4%€0.08m-€0.1m▲ 44.5%€0.2m▲ 43.7%
Net result-€0.04m-€0.06m€0.09mabove the sector's middle half▲ 58.1%€0.003mwithin the sector's middle half▼ 96.7%€0.02mwithin the sector's middle half-€0.02mwithin the sector's middle half▲ 23.8%€0.1mabove the sector's middle half▲ 458%
Equity-€0.002m-€0.06m€0.2mwithin the sector's middle half▲ 163%€0.2mbelow the sector's middle half▲ 2.1%€0.2mwithin the sector's middle half--€0.08mbelow the sector's middle half€0.03mbelow the sector's middle half
Total assets€0.7m-€0.7m▲ 4.9%€0.9mwithin the sector's middle half▲ 18.6%€0.8mbelow the sector's middle half▼ 7.9%€0.9mwithin the sector's middle half-€1.5mabove the sector's middle half▲ 76.6%€1.3mabove the sector's middle half▼ 11.2%
Debt€0.7m-€0.7m▼ 3.6%€0.7m▲ 6.2%€0.6m▼ 10.1%€0.7m-€1.6m▲ 133%€1.3m▼ 17.6%
Working capital€0.1m-€0.09m▼ 33.0%€0.1mwithin the sector's middle half▲ 32.0%€0.03mwithin the sector's middle half▼ 71.8%-€0.2mbelow the sector's middle half--€0.4mbelow the sector's middle half▼ 46.8%-€0.3mbelow the sector's middle half▲ 8.1%
Solvency-0.3%-7.9%▲ 8.1pp17.5%below the sector's middle half▲ 9.6pp19.4%below the sector's middle half▲ 1.9pp20.0%below the sector's middle half--5.6%below the sector's middle half▼ 25.6pp2.0%below the sector's middle half▲ 7.6pp
Current ratio1.63-1.41▼ 0.221.36within the sector's middle half▼ 0.051.12within the sector's middle half▼ 0.240.50below the sector's middle half-0.25below the sector's middle half▼ 0.240.00below the sector's middle half▼ 0.25
Return on assets (ROA)-6.0%-8.1%▲ 14.1pp10.8%within the sector's middle half▲ 2.7pp0.4%within the sector's middle half▼ 10.5pp1.9%within the sector's middle half-1.3%within the sector's middle half▼ 0.6pp8.3%within the sector's middle half▲ 7.0pp
Staff (FTE)0below the sector's middle half
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 44% higher than in 2024 and the highest since 2020. It is the second rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.3m ▼ 3.3%
Current assets
€667 ▼ 99.5%
Equity and liabilities €1.3m
Equity
€26,662
Debt
€1.3m
Debt's share of the balance-sheet total is 98.0%.
Key figures and ratios
ROE
416.4%
Debt ≤ 1 year
€335,664▼
2024 · €486,874
Debt > 1 year
€974,726▼
2024 · €1.1m
Income taxes
€536▼
2024 · €63,600
Staff costs
€24,353▲
2024 · €24,134
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | €25,000 | - |
| Mortgage mandates | - | - | €675,000 | - |
| Carrying value of the mortgaged assets | - | €276,152 | €1.1m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €110,539 | €222,786 | €995,581 | €39,568 |
| Financial fixed assets | - | €205 | - | - |
| Depreciation and write-downs of the year | €42,387 | €116,166 | €221,266 | €85,713 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €25,979 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €9,250 | €24,134 | €24,353 | ▲ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,038 | €35,391 | €41,110 | €42,387 | €116,166 | €221,266 | €85,713 | ▼ 61.3% |
| Other operating charges640/8 | - | - | - | €8,119 | €12,201 | €24,270 | €14,617 | ▼ 39.8% |
| Non-recurring operating charges66A | - | - | - | - | €17,710 | - | - | - |
| Gross operating margin9900 | -€22,425 | €140,180 | €195,243 | €71,460 | €231,796 | €380,133 | €283,428 | ▼ 25.4% |
| Operating profit (loss)9901 | -€39,677 | €92,895 | €133,996 | €20,954 | €76,469 | €110,464 | €158,746 | ▲ 43.7% |
| Financial income75/76B | - | - | - | €2,505 | €865 | €5,536 | €129 | ▼ 97.7% |
| Recurring financial income75 | €4,409 | €1,760 | €2,268 | €2,505 | €865 | €5,536 | €129 | ▼ 97.7% |
| Financial charges65/66B | - | - | - | €8,455 | €10,255 | €32,509 | €47,325 | ▲ 45.6% |
| Recurring financial charges65 | €6,261 | €9,581 | €9,286 | €8,455 | €10,255 | €32,509 | €47,325 | ▲ 45.6% |
| Profit (loss) for the period before taxes9903 | -€41,530 | €85,073 | €126,977 | €15,004 | €67,078 | €83,491 | €111,550 | ▲ 33.6% |
| Income taxes67/77 | €173 | €25,621 | €33,012 | €11,888 | €51,007 | €63,600 | €536 | ▼ 99.2% |
| Profit (loss) for the period9904 | -€41,702 | €59,452 | €93,966 | €3,116 | €16,072 | €19,891 | €111,014 | ▲ 458% |
| Profit (loss) for the period to be appropriated9905 | -€41,702 | €59,452 | €93,966 | €3,116 | €16,072 | €19,891 | €111,014 | ▲ 458% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.9m | €0.8m | €0.9m | €1.5m | €1.3m | ▼ 11.2% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €1.4m | €1.3m | ▼ 3.3% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €1.4m | €1.3m | ▼ 3.3% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €1.1m | €1.1m | ▼ 6.7% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.05m | €0.02m | €0.05m | ▲ 95.2% |
| Other tangible fixed assets26 | - | - | - | €0.09m | €0.2m | €0.2m | €0.2m | ▲ 3.4% |
| Assets under construction and advance payments27 | - | - | - | - | €0.08m | - | - | - |
| Financial fixed assets28 | €0 | €0 | - | - | €205 | €205 | €205 | = |
| Current assets29/58 | €0.3m | €0.3m | €0.4m | €0.3m | €0.2m | €0.1m | €0.001m | ▼ 99.5% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.02m | €0.2m | €102 | €265 | ▲ 160% |
| Trade receivables40 | - | - | - | €0.02m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0 | €0.2m | €102 | €265 | ▲ 160% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.3m | €0.3m | €0.01m | €0.1m | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.004m | €0.004m | €401 | ▼ 88.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.9m | €0.8m | €0.9m | €1.5m | €1.3m | ▼ 11.2% |
| Equity10/15 | -€0.002m | €0.06m | €0.2m | €0.2m | €0.2m | -€0.08m | €0.03m | - |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.07m | €0.07m | = |
| Capital10 | - | - | - | €0.3m | - | - | - | - |
| Issued capital100 | - | - | - | €0.3m | - | - | - | - |
| Profit (loss) carried forward14 | -€0.3m | -€0.3m | -€0.2m | -€0.2m | -€0.2m | -€0.1m | -€0.04m | ▲ 74.3% |
| Amounts payable17/49 | €0.7m | €0.7m | €0.7m | €0.6m | €0.7m | €1.6m | €1.3m | ▼ 17.6% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.4m | €0.4m | €0.2m | €1.1m | €1.0m | ▼ 11.6% |
| Financial debts170/4 | - | - | - | €0.4m | €0.2m | €1.1m | €1.0m | ▼ 11.6% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | €0.5m | €0.3m | ▼ 31.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.6% |
| Financial debts43 | - | - | - | €0.009m | - | - | €0.1m | - |
| Credit institutions430/8 | - | - | - | €0.009m | - | - | €0.1m | - |
| Trade debts44 | €0.02m | €0.01m | €0.02m | €0.01m | €0.04m | €0.02m | €0.02m | = |
| Suppliers440/4 | - | - | - | €0.01m | €0.04m | €0.02m | €0.02m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.1m | €0.1m | €0.07m | ▼ 48.9% |
| Taxes450/3 | - | - | - | €0.07m | €0.1m | €0.1m | €0.07m | ▼ 48.1% |
| Remuneration and social security454/9 | - | - | - | - | €0.001m | €0.002m | - | - |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.2m | €0.2m | €75 | ▼ 100.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€41,702 | €59,452 | €93,966 | €3,116 | €16,072 | €19,891 | €111,014 | ▲ 458% |
| + Depreciation and write-downs630 | €10,038 | €35,391 | €41,110 | €42,387 | €116,166 | €221,266 | €85,713 | ▼ 61.3% |
| Operating cash flow (approximation) | -€31,665 | €94,843 | €135,076 | €45,503 | €132,238 | €241,157 | €196,727 | ▼ 18.4% |
| Investment in fixed assets (approximation) | - | -€104,388 | -€44,278 | -€109,700 | - | -€995,581 | -€39,568 | ▲ 96.0% |
| Change in cash | - | -€44,219 | €153,149 | -€5,966 | - | €107,966 | - | - |
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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 19-05-2026 | 2026-00114085 | |
| 30-09-2024 | micro format | 27-05-2025 | 2025-00107574 | |
| 30-09-2023 | micro format | 19-02-2024 | 2024-00032343 | |
| 31-12-2021 | full format | 18-08-2022 | 2022-20298389 | |
| 31-12-2020 | micro format | 29-10-2021 | 2021-75100447 | |
| 31-12-2019 | micro format | 20-10-2020 | 2020-62200121 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56300023 | |
| 31-12-2017 | micro format | 27-09-2018 | 2018-65700469 | |
| 31-12-2016 | full format | 07-07-2017 | 2017-28600054 | |
| 31-12-2015 | full format | 08-07-2016 | 2016-29200275 |