Financials · financial year 2025, full format
Annual accounts 2025 filed on 20-02-2026 PDF all 49 filings
Equity
€174,051▼ 30.1%
2024 · €249,120
Net result
-€10,069▲ 48.3%
2024 · -€19,460
Total assets
€274,518▼ 12.3%
2024 · €313,045
Solvency
63.4%▼ 16.2pp
2024 · 79.6%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€32,241
▼ 5.7%
2025
20182025
Operating result
-€19,235
▼ 2.7%
2025
20182025
Net result
-€10,069
▲ 48.3%
2025
lowest quarter of the sector
20182025
Equity
€174,051
▼ 30.1%
2025
lowest quarter of the sector
20182025
Total assets
€274,518
▼ 12.3%
2025
lowest quarter of the sector
20182025
Debt
€96,810
▲ 60.5%
2025
20182025
Working capital
€119,247
▼ 33.7%
2025
middle half of the sector
20182025
Solvency
63.4%
▼ 16.2pp
2025
middle half of the sector
20182025
Current ratio
2.37
▼ 2.19
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.7%
▲ 2.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€161,775-€137,947▼ 14.7%€46,962▼ 66.0%€38,900▼ 17.2%€31,799▼ 18.3%€32,599▲ 2.5%€34,174▲ 4.8%€32,241▼ 5.7%
Operating result€83,239-€68,622▼ 17.6%-€10,604-€18,631▼ 75.7%-€5,129▲ 72.5%-€3,545▲ 30.9%-€18,731▼ 428%-€19,235▼ 2.7%
Net result€57,241-€39,869▼ 30.3%-€13,711below the sector's middle half-€20,236below the sector's middle half▼ 47.6%-€3,597below the sector's middle half▲ 82.2%-€4,608below the sector's middle half▼ 28.1%-€19,460below the sector's middle half▼ 322%-€10,069below the sector's middle half▲ 48.3%
Equity€425,036-€460,731▲ 8.4%€412,020within the sector's middle half▼ 10.6%€359,285within the sector's middle half▼ 12.8%€355,687within the sector's middle half▼ 1.0%€326,079within the sector's middle half▼ 8.3%€249,120within the sector's middle half▼ 23.6%€174,051below the sector's middle half▼ 30.1%
Total assets€503,879-€540,241▲ 7.2%€449,152within the sector's middle half▼ 16.9%€381,380below the sector's middle half▼ 15.1%€389,843below the sector's middle half▲ 2.2%€373,643below the sector's middle half▼ 4.2%€313,045below the sector's middle half▼ 16.2%€274,518below the sector's middle half▼ 12.3%
Debt€75,181-€75,860▲ 0.9%€33,430▼ 55.9%€18,582▼ 44.4%€30,662▲ 65.0%€43,821▲ 42.9%€60,299▲ 37.6%€96,810▲ 60.5%
Working capital€308,708-€360,182▲ 16.7%€313,154within the sector's middle half▼ 13.1%€274,802within the sector's middle half▼ 12.2%€276,177within the sector's middle half▲ 0.5%€251,810within the sector's middle half▼ 8.8%€179,900within the sector's middle half▼ 28.6%€119,247within the sector's middle half▼ 33.7%
Solvency84.4%-85.3%▲ 0.9pp91.7%above the sector's middle half▲ 6.5pp94.2%above the sector's middle half▲ 2.5pp91.2%above the sector's middle half▼ 3.0pp87.3%above the sector's middle half▼ 4.0pp79.6%above the sector's middle half▼ 7.7pp63.4%within the sector's middle half▼ 16.2pp
Current ratio9.78-10.93▲ 1.1514.17above the sector's middle half▲ 3.2431.52above the sector's middle half▲ 17.3514.10above the sector's middle half▼ 17.428.35above the sector's middle half▼ 5.754.56above the sector's middle half▼ 3.792.37within the sector's middle half▼ 2.19
Return on assets (ROA)11.4%-7.4%▼ 4.0pp-3.1%below the sector's middle half▼ 10.4pp-5.3%below the sector's middle half▼ 2.3pp-0.9%below the sector's middle half▲ 4.4pp-1.2%below the sector's middle half▼ 0.3pp-6.2%below the sector's middle half▼ 5.0pp-3.7%below the sector's middle half▲ 2.5pp
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 a loss of €19,235, larger than the loss of €18,731 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €274,518
Fixed assets
€68,214 ▼ 17.4%
Current assets
€206,304 ▼ 10.5%
Equity and liabilities €274,518
Equity
€174,051 ▼ 30.1%
Provisions
€3,657 ▲ 0.9%
Debt
€96,810 ▲ 60.5%
Debt's share of the balance-sheet total rises from 19.3% to 35.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-5.8%▲
2024 · -7.8%
Debt ≤ 1 year
€87,057▲
2024 · €50,545
Debt > 1 year
€9,579=
2024 · €9,579
Income taxes
-€667▼
2024 · €1,222
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €425 | - | - | - | - |
| Depreciation and write-downs of the year | €15,069 | €4,992 | €4,992 | €4,992 | €4,992 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €161,775 | €137,947 | €46,962 | €38,900 | €31,799 | €32,599 | €34,174 | €32,241 | ▼ 5.7% |
| Non-recurring operating income76A | - | - | - | - | €20 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €37,362 | €28,795 | €27,443 | €44,423 | €42,729 | ▼ 3.8% |
| Remuneration, social security and pensions62 | - | - | - | €8 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,039 | €16,233 | €21,984 | €15,069 | €4,992 | €4,992 | €4,992 | €4,992 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | -€575 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €249 | -€117 | €30 | - |
| Other operating charges640/8 | - | - | - | €4,486 | €3,160 | €3,460 | €3,608 | €4,300 | ▲ 19.2% |
| Non-recurring operating charges66A | - | - | - | €606 | - | - | - | - | - |
| Gross operating margin9900 | €110,729 | €85,284 | €15,959 | €1,538 | €3,023 | €5,156 | -€10,248 | -€10,488 | ▼ 2.3% |
| Operating profit (loss)9901 | €83,239 | €68,622 | -€10,604 | -€18,631 | -€5,129 | -€3,545 | -€18,731 | -€19,235 | ▼ 2.7% |
| Financial income75/76B | - | - | - | €12 | €12 | €13 | €1,193 | €9,311 | ▲ 680% |
| Recurring financial income75 | €24 | €151 | €5 | €12 | €12 | €13 | €1,193 | €9,311 | ▲ 680% |
| Financial charges65/66B | - | - | - | €1,613 | €793 | €698 | €700 | €812 | ▲ 16.0% |
| Recurring financial charges65 | €2,919 | €2,383 | €858 | €1,613 | €793 | €698 | €700 | €812 | ▲ 16.0% |
| Profit (loss) for the period before taxes9903 | €82,744 | €66,390 | -€11,457 | -€20,232 | -€5,910 | -€4,230 | -€18,238 | -€10,736 | ▲ 41.1% |
| Income taxes67/77 | €25,503 | €26,521 | €2,254 | €4 | -€2,313 | €378 | €1,222 | -€667 | - |
| Profit (loss) for the period9904 | €57,241 | €39,869 | -€13,711 | -€20,236 | -€3,597 | -€4,608 | -€19,460 | -€10,069 | ▲ 48.3% |
| Profit (loss) for the period to be appropriated9905 | €57,241 | €39,869 | -€13,711 | -€20,236 | -€3,597 | -€4,608 | -€19,460 | -€10,069 | ▲ 48.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €503,879 | €540,241 | €449,152 | €381,380 | €389,843 | €373,643 | €313,045 | €274,518 | ▼ 12.3% |
| Fixed assets21/28 | €160,010 | €143,778 | €112,219 | €97,575 | €92,583 | €87,591 | €82,600 | €68,214 | ▼ 17.4% |
| Tangible fixed assets22/27 | €107,988 | €91,756 | €69,772 | €54,703 | €49,711 | €44,719 | €39,727 | €34,736 | ▼ 12.6% |
| Land and buildings22 | - | - | - | €45,282 | €42,637 | €39,993 | €37,349 | €34,705 | ▼ 7.1% |
| Furniture and vehicles24 | - | - | - | €9,421 | €7,074 | €4,726 | €2,378 | €31 | ▼ 98.7% |
| Financial fixed assets28 | €52,022 | €52,022 | €42,447 | €42,872 | €42,872 | €42,872 | €42,873 | €33,478 | ▼ 21.9% |
| Current assets29/58 | €343,869 | €396,463 | €336,933 | €283,805 | €297,260 | €286,052 | €230,445 | €206,304 | ▼ 10.5% |
| Amounts receivable within one year40/41 | €27,053 | €24,608 | €9,215 | €8,676 | €6,742 | €7,370 | €36,506 | €31,735 | ▼ 13.1% |
| Trade receivables40 | - | - | - | €7,745 | €5,294 | €4,927 | €5,914 | €1,060 | ▼ 82.1% |
| Other amounts receivable41 | - | - | - | €931 | €1,448 | €2,443 | €30,592 | €30,675 | ▲ 0.3% |
| Current investments50/53 | €4,458 | €39,997 | €39,997 | €39,997 | €96,917 | €245,931 | €183,168 | €149,711 | ▼ 18.3% |
| Cash at bank and in hand54/58 | €309,232 | €330,459 | €287,668 | €233,831 | €192,300 | €31,444 | €9,258 | €23,144 | ▲ 150% |
| Deferred charges and accrued income490/1 | - | - | - | €1,301 | €1,301 | €1,307 | €1,513 | €1,714 | ▲ 13.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €503,879 | €540,241 | €449,152 | €381,380 | €389,843 | €373,643 | €313,045 | €274,518 | ▼ 12.3% |
| Equity10/15 | €425,036 | €460,731 | €412,020 | €359,285 | €355,687 | €326,079 | €249,120 | €174,051 | ▼ 30.1% |
| Contributions10/11 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Capital10 | - | - | - | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Issued capital100 | - | - | - | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Reserves13 | €187,548 | €268,548 | €233,548 | €201,049 | €201,048 | €176,048 | €118,548 | €53,548 | ▼ 54.8% |
| Non-distributable reserves130/1 | - | - | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Legal reserve130 | - | - | - | - | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Reserves not available under the articles1311 | - | - | - | €12,000 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €189,049 | €189,048 | €164,048 | €106,548 | €41,548 | ▼ 61.0% |
| Profit (loss) carried forward14 | €117,488 | €72,183 | €58,472 | €38,236 | €34,639 | €30,031 | €10,572 | €503 | ▼ 95.2% |
| Provisions and deferred taxes16 | €3,662 | €3,650 | €3,702 | €3,513 | €3,494 | €3,743 | €3,626 | €3,657 | ▲ 0.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €3,513 | €3,494 | €3,743 | €3,626 | €3,657 | ▲ 0.9% |
| Other liabilities and charges164/5 | - | - | - | €3,513 | €3,494 | €3,743 | €3,626 | €3,657 | ▲ 0.9% |
| Amounts payable17/49 | €75,181 | €75,860 | €33,430 | €18,582 | €30,662 | €43,821 | €60,299 | €96,810 | ▲ 60.5% |
| Amounts payable after more than one year17 | €39,579 | €39,579 | €9,579 | €9,579 | €9,579 | €9,579 | €9,579 | €9,579 | = |
| Financial debts170/4 | - | - | - | €9,579 | €9,579 | €9,579 | €9,579 | €9,579 | = |
| Amounts payable within one year42/48 | €35,161 | €36,281 | €23,779 | €9,003 | €21,083 | €34,242 | €50,545 | €87,057 | ▲ 72.2% |
| Trade debts44 | €6,800 | €14,603 | €13,790 | €2,500 | €3,755 | €4,651 | €5,630 | - | - |
| Suppliers440/4 | - | - | - | €2,500 | €3,755 | €4,651 | €5,630 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €181 | - | - | - | €1,000 | - |
| Taxes450/3 | - | - | - | €181 | - | - | - | €1,000 | - |
| Other amounts payable47/48 | - | - | - | €6,322 | €17,328 | €29,591 | €44,915 | €86,057 | ▲ 91.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €175 | €174 | ▼ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,241 | €39,869 | -€13,711 | -€20,236 | -€3,597 | -€4,608 | -€19,460 | -€10,069 | ▲ 48.3% |
| + Depreciation and write-downs630 | €22,039 | €16,233 | €21,984 | €15,069 | €4,992 | €4,992 | €4,992 | €4,992 | = |
| Operating cash flow (approximation) | €79,280 | €56,102 | €8,273 | -€5,167 | €1,395 | €384 | -€14,468 | -€5,077 | ▲ 64.9% |
| Investment in fixed assets (approximation) | - | -€1 | €9,575 | -€425 | €0 | €0 | -€1 | €9,394 | - |
| Change in cash | - | €21,227 | -€42,791 | -€53,837 | -€41,531 | -€160,856 | -€22,186 | €13,886 | - |
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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 20-02-2026 | 2026-00042210 | |
| 31-12-2024 | full format | 17-02-2025 | 2025-00036198 | |
| 31-12-2023 | full format | 15-07-2024 | 2024-00250196 | |
| 31-12-2022 | full format | 21-07-2023 | 2023-00268198 | |
| 31-12-2021 | full format | 21-07-2022 | 2022-20213569 | |
| 31-12-2020 | full format | 26-07-2021 | 2021-39900535 | |
| 31-12-2019 | full format | 27-07-2020 | 2020-34400291 | |
| 31-12-2018 | full format | 19-07-2019 | 2019-35100224 | |
| 31-12-2017 | full format | 24-07-2018 | 2018-36900006 | |
| 31-12-2016 | full format | 24-07-2017 | 2017-35000472 |