Financials · financial year 2025, abbreviated format
2025 annual accounts filed 5 days after the deadline Filed on 5 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00033400.
Annual accounts 2025 filed on 05-02-2026 PDF all 10 filings
Equity
€660,600▲ 5.3%
2024 · €627,231
Net result
€33,369▼ 83.8%
2024 · €205,365
Total assets
€826,236▼ 2.6%
2024 · €848,512
Solvency
80.0%▲ 6.0pp
2024 · 73.9%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€55,859
▼ 44.2%
2025
20192025
Net result
€33,369
▼ 83.8%
2025
middle half of the sector
20192025
Equity
€660,600
▲ 5.3%
2025
middle half of the sector
20192025
Total assets
€826,236
▼ 2.6%
2025
middle half of the sector
20192025
Debt
€165,636
▼ 25.1%
2025
20192025
Working capital
€71,774
▲ 109%
2025
middle half of the sector
20192025
Solvency
80.0%
▲ 6.0pp
2025
highest quarter of the sector
20192025
Current ratio
1.87
▲ 0.61
2025
middle half of the sector
20192025
Return on assets (ROA)
4.0%
▼ 20.2pp
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€114,385-€113,080▼ 1.1%€141,522▲ 25.2%€59,554▼ 57.9%€94,023▲ 57.9%€100,067▲ 6.4%€55,859▼ 44.2%
Net result€74,142-€74,668within the sector's middle half▲ 0.7%€137,735within the sector's middle half▲ 84.5%€70,057within the sector's middle half▼ 49.1%€64,424within the sector's middle half▼ 8.0%€205,365above the sector's middle half▲ 219%€33,369within the sector's middle half▼ 83.8%
Equity€269,089-€343,757within the sector's middle half▲ 27.7%€481,492within the sector's middle half▲ 40.1%€444,442within the sector's middle half▼ 7.7%€508,866within the sector's middle half▲ 14.5%€627,231within the sector's middle half▲ 23.3%€660,600within the sector's middle half▲ 5.3%
Total assets€746,963-€777,017within the sector's middle half▲ 4.0%€765,186within the sector's middle half▼ 1.5%€744,227within the sector's middle half▼ 2.7%€761,089within the sector's middle half▲ 2.3%€848,512within the sector's middle half▲ 11.5%€826,236within the sector's middle half▼ 2.6%
Debt€477,874-€433,259▼ 9.3%€283,694▼ 34.5%€299,785▲ 5.7%€252,223▼ 15.9%€221,281▼ 12.3%€165,636▼ 25.1%
Working capital-€210,598--€203,793below the sector's middle half▲ 3.2%-€119,265within the sector's middle half▲ 41.5%-€151,433within the sector's middle half▼ 27.0%-€86,466within the sector's middle half▲ 42.9%€34,334within the sector's middle half€71,774within the sector's middle half▲ 109%
Solvency36.0%-44.2%within the sector's middle half▲ 8.2pp62.9%within the sector's middle half▲ 18.7pp59.7%within the sector's middle half▼ 3.2pp66.9%within the sector's middle half▲ 7.1pp73.9%within the sector's middle half▲ 7.1pp80.0%above the sector's middle half▲ 6.0pp
Current ratio0.06-0.21below the sector's middle half▲ 0.150.31below the sector's middle half▲ 0.100.22below the sector's middle half▼ 0.090.44within the sector's middle half▲ 0.231.26within the sector's middle half▲ 0.821.87within the sector's middle half▲ 0.61
Return on assets (ROA)9.9%-9.6%above the sector's middle half▼ 0.3pp18.0%above the sector's middle half▲ 8.4pp9.4%within the sector's middle half▼ 8.6pp8.5%within the sector's middle half▼ 0.9pp24.2%above the sector's middle half▲ 15.7pp4.0%within the sector's middle half▼ 20.2pp
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 44% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €826,236
Fixed assets
€671,778 ▼ 1.5%
Current assets
€154,458 ▼ 7.3%
Equity and liabilities €826,236
Equity
€660,600 ▲ 5.3%
Debt
€165,636 ▼ 25.1%
Debt's share of the balance-sheet total falls from 26.1% to 20.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
5.1%▼
2024 · 32.7%
Debt ≤ 1 year
€82,684▼
2024 · €132,315
Debt > 1 year
€77,946▼
2024 · €86,443
Income taxes
€15,438▼
2024 · €39,418
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,456 | €10,135 | €10,135 | €10,135 | €10,135 | €10,135 | €10,085 | ▼ 0.5% |
| Other operating charges640/8 | - | - | - | €1,938 | €1,265 | €1,341 | €1,391 | ▲ 3.7% |
| Gross operating margin9900 | €141,468 | €123,754 | €153,373 | €71,628 | €105,423 | €111,543 | €67,335 | ▼ 39.6% |
| Operating profit (loss)9901 | €114,385 | €113,080 | €141,522 | €59,554 | €94,023 | €100,067 | €55,859 | ▼ 44.2% |
| Financial income75/76B | - | - | - | €35,017 | €140 | €150,308 | €415 | ▼ 99.7% |
| Recurring financial income75 | €19 | - | €45,000 | €35,017 | €140 | €150,308 | €415 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €6,995 | €5,559 | €5,592 | €7,466 | ▲ 33.5% |
| Recurring financial charges65 | €11,099 | €9,226 | €6,248 | €6,995 | €5,559 | €5,592 | €7,466 | ▲ 33.5% |
| Profit (loss) for the period before taxes9903 | €103,305 | €103,854 | €180,275 | €87,576 | €88,604 | €244,783 | €48,807 | ▼ 80.1% |
| Income taxes67/77 | €29,163 | €29,186 | €42,540 | €17,519 | €24,180 | €39,418 | €15,438 | ▼ 60.8% |
| Profit (loss) for the period9904 | €74,142 | €74,668 | €137,735 | €70,057 | €64,424 | €205,365 | €33,369 | ▼ 83.8% |
| Profit (loss) for the period to be appropriated9905 | €74,142 | €74,668 | €137,735 | €70,057 | €64,424 | €205,365 | €33,369 | ▼ 83.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €746,963 | €777,017 | €765,186 | €744,227 | €761,089 | €848,512 | €826,236 | ▼ 2.6% |
| Fixed assets21/28 | €732,540 | €722,404 | €712,269 | €702,134 | €691,998 | €681,863 | €671,778 | ▼ 1.5% |
| Tangible fixed assets22/27 | €132,540 | €122,404 | €112,269 | €102,134 | €91,998 | €81,863 | €71,778 | ▼ 12.3% |
| Land and buildings22 | - | - | - | €96,782 | €87,978 | €79,174 | €70,369 | ▼ 11.1% |
| Plant, machinery and equipment23 | - | - | - | €5,351 | €4,020 | €2,689 | €1,409 | ▼ 47.6% |
| Financial fixed assets28 | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 | = |
| Current assets29/58 | €14,424 | €54,612 | €52,917 | €42,094 | €69,090 | €166,649 | €154,458 | ▼ 7.3% |
| Amounts receivable within one year40/41 | €1,500 | - | €21,817 | €31,592 | €30,098 | €79,148 | €71,336 | ▼ 9.9% |
| Trade receivables40 | - | - | - | €15,125 | €18,150 | - | - | - |
| Other amounts receivable41 | - | - | - | €16,467 | €11,948 | €79,148 | €71,336 | ▼ 9.9% |
| Current investments50/53 | - | - | - | - | - | €46,215 | €19,718 | ▼ 57.3% |
| Cash at bank and in hand54/58 | €12,924 | €54,612 | €31,100 | €9,333 | €37,665 | €39,866 | €61,938 | ▲ 55.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,168 | €1,328 | €1,420 | €1,465 | ▲ 3.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €746,963 | €777,017 | €765,186 | €744,227 | €761,089 | €848,512 | €826,236 | ▼ 2.6% |
| Equity10/15 | €269,089 | €343,757 | €481,492 | €444,442 | €508,866 | €627,231 | €660,600 | ▲ 5.3% |
| Contributions10/11 | €45,000 | - | - | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €222,870 | €297,520 | €435,020 | €443,150 | €507,550 | €625,850 | €659,150 | ▲ 5.3% |
| Distributable reserves133 | - | - | - | €443,150 | €507,550 | €625,850 | €659,150 | ▲ 5.3% |
| Profit (loss) carried forward14 | €1,219 | €1,237 | €1,472 | €292 | €316 | €381 | €450 | ▲ 18.0% |
| Amounts payable17/49 | €477,874 | €433,259 | €283,694 | €299,785 | €252,223 | €221,281 | €165,636 | ▼ 25.1% |
| Amounts payable after more than one year17 | €249,660 | €173,018 | €110,688 | €102,805 | €94,730 | €86,443 | €77,946 | ▼ 9.8% |
| Financial debts170/4 | - | - | - | €102,805 | €94,730 | €86,443 | €77,946 | ▼ 9.8% |
| Amounts payable within one year42/48 | €225,022 | €258,405 | €172,183 | €193,527 | €155,556 | €132,315 | €82,684 | ▼ 37.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,883 | €8,075 | €8,287 | €8,497 | ▲ 2.5% |
| Trade debts44 | €1,815 | €348 | €868 | €943 | €1,548 | €668 | €30,946 | ▲ 46× |
| Suppliers440/4 | - | - | - | €943 | €1,548 | €668 | €30,946 | ▲ 46× |
| Taxes, remuneration and social security45 | - | - | - | €19,867 | €21,192 | €37,200 | €4,066 | ▼ 89.1% |
| Taxes450/3 | - | - | - | €19,867 | €21,192 | €37,200 | €4,066 | ▼ 89.1% |
| Other amounts payable47/48 | - | - | - | €164,834 | €124,740 | €86,160 | €39,175 | ▼ 54.5% |
| Accrued charges and deferred income492/3 | - | - | - | €3,453 | €1,937 | €2,523 | €5,006 | ▲ 98.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €74,142 | €74,668 | €137,735 | €70,057 | €64,424 | €205,365 | €33,369 | ▼ 83.8% |
| + Depreciation and write-downs630 | €26,456 | €10,135 | €10,135 | €10,135 | €10,135 | €10,135 | €10,085 | ▼ 0.5% |
| Operating cash flow (approximation) | €100,598 | €84,804 | €147,870 | €80,193 | €74,559 | €215,500 | €43,454 | ▼ 79.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €41,689 | -€23,512 | -€21,767 | €28,332 | €2,201 | €22,072 | ▲ 903% |
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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 05-02-2026 | 2026-00033400 | |
| 30-06-2024 | abbreviated format | 04-02-2025 | 2025-00032129 | |
| 30-06-2023 | abbreviated format | 25-01-2024 | 2024-00010436 | |
| 30-06-2022 | abbreviated format | 02-02-2023 | 2023-00023732 | |
| 30-06-2021 | abbreviated format | 16-02-2022 | 2022-05800401 | |
| 30-06-2020 | abbreviated format | 04-02-2021 | 2021-04900399 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-04000234 | |
| 30-06-2018 | abbreviated format | 05-02-2019 | 2019-04500413 | |
| 30-06-2017 | micro format | 29-01-2018 | 2018-02900267 | |
| 30-06-2016 | abbreviated format | 27-02-2017 | 2017-05300462 |