Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 16 filings
Equity
€7.2m▼ 1.1%
2024 · €7.3m
Net result
-€80,986
2024 · €2.2m
Total assets
€9.1m▲ 9.1%
2024 · €8.4m
Solvency
78.8%▼ 8.1pp
2024 · 87.0%
In the rankings
#3 company by total assets in De Panne, Finance and insurance sector#3 company by equity in De Panne, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€263,707
▼ 1,558%
2025
20182025
Net result
-€80,986
2025
lowest quarter of the sector
20182025
Equity
€7.2m
▼ 1.1%
2025
highest quarter of the sector
20182025
Total assets
€9.1m
▲ 9.1%
2025
highest quarter of the sector
20182025
Debt
€1.9m
▲ 77.3%
2025
20182025
Working capital
€5.9m
▼ 8.6%
2025
highest quarter of the sector
20182025
Solvency
78.8%
▼ 8.1pp
2025
highest quarter of the sector
20182025
Current ratio
21.04
▲ 10.69
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.9%
▼ 26.5pp
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
Operating result€0.2m-€0.3m▲ 60.3%€0.3m▼ 6.6%€0.3m▲ 4.7%€0.6m▲ 123%€1.0m▲ 60.4%-€0.02m-€0.3m▼ 1,558%
Net result€0.4m-€0.5m▲ 18.5%€0.5mabove the sector's middle half▲ 18.6%€0.5mabove the sector's middle half▼ 14.8%€0.8mabove the sector's middle half▲ 69.9%€0.8mabove the sector's middle half▼ 0.8%€2.2mabove the sector's middle half▲ 173%-€0.08mbelow the sector's middle half
Equity€3.4m-€3.9m▲ 13.6%€4.4mabove the sector's middle half▲ 14.2%€4.9mabove the sector's middle half▲ 10.6%€5.7mabove the sector's middle half▲ 16.3%€5.6mabove the sector's middle half▼ 1.4%€7.3mabove the sector's middle half▲ 30.1%€7.2mabove the sector's middle half▼ 1.1%
Total assets€4.3m-€4.7m▲ 10.3%€5.2mabove the sector's middle half▲ 9.3%€5.5mabove the sector's middle half▲ 5.9%€6.2mabove the sector's middle half▲ 13.5%€6.5mabove the sector's middle half▲ 4.5%€8.4mabove the sector's middle half▲ 28.7%€9.1mabove the sector's middle half▲ 9.1%
Debt€0.9m-€0.9m▼ 2.1%€0.8m▼ 12.2%€0.6m▼ 21.1%€0.6m▼ 9.0%€0.9m▲ 65.2%€1.1m▲ 20.1%€1.9m▲ 77.3%
Working capital€0.5m-€1.0m▲ 87.7%€1.5mabove the sector's middle half▲ 55.1%€2.0mabove the sector's middle half▲ 30.7%€2.6mabove the sector's middle half▲ 33.2%€2.6mabove the sector's middle half▼ 2.4%€6.5mabove the sector's middle half▲ 152%€5.9mabove the sector's middle half▼ 8.6%
Solvency79.3%-81.6%▲ 2.3pp85.2%above the sector's middle half▲ 3.6pp89.0%above the sector's middle half▲ 3.8pp91.2%above the sector's middle half▲ 2.2pp86.0%above the sector's middle half▼ 5.1pp87.0%above the sector's middle half▲ 0.9pp78.8%above the sector's middle half▼ 8.1pp
Current ratio2.08-3.06▲ 0.995.05above the sector's middle half▲ 1.9910.16above the sector's middle half▲ 5.1116.91above the sector's middle half▲ 6.745.83above the sector's middle half▼ 11.0810.35above the sector's middle half▲ 4.5221.04above the sector's middle half▲ 10.69
Return on assets (ROA)9.1%-9.8%▲ 0.7pp10.6%above the sector's middle half▲ 0.8pp8.5%within the sector's middle half▼ 2.1pp12.8%above the sector's middle half▲ 4.2pp12.1%above the sector's middle half▼ 0.6pp25.7%above the sector's middle half▲ 13.5pp-0.9%below the sector's middle half▼ 26.5pp
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 a loss of €263,707, larger than the loss of €15,906 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.1m
Fixed assets
€2.9m ▲ 145%
Current assets
€6.2m ▼ 13.3%
Equity and liabilities €9.1m
Equity
€7.2m ▼ 1.1%
Debt
€1.9m ▲ 77.3%
Debt's share of the balance-sheet total rises from 13.0% to 21.2%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-1.1%▼
2024 · 29.5%
Debt ≤ 1 year
€296,894▼
2024 · €696,400
Debt > 1 year
€1.6m▲
2024 · €365,721
Income taxes
€364▼
2024 · €264,401
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €1.3m |
| Pledge on other assets, amount secured | - | - | - | - | €1.3m |
| Carrying value of the other pledged assets | - | - | - | - | €1.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €140,860 | €6,284 | €65,155 | €2.0m |
| Depreciation and write-downs of the year | €2,765 | €7,880 | €30,411 | €34,981 | €256,261 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.007m | €0.004m | €0.003m | €0.003m | €0.008m | €0.03m | €0.03m | €0.3m | ▲ 633% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.001m | €0.002m | €0.002m | €0.002m | ▲ 28.4% |
| Gross operating margin9900 | €0.2m | €0.3m | €0.3m | €0.3m | €0.6m | €1.0m | €0.02m | -€0.005m | - |
| Operating profit (loss)9901 | €0.2m | €0.3m | €0.3m | €0.3m | €0.6m | €1.0m | -€0.02m | -€0.3m | ▼ 1,558% |
| Financial income75/76B | - | - | - | €0.3m | €0.4m | €0.2m | €2.5m | €0.2m | ▼ 91.2% |
| Recurring financial income75 | €0.3m | €0.3m | €0.4m | €0.3m | €0.4m | €0.2m | €0.5m | €0.2m | ▼ 56.3% |
| Non-recurring financial income76B | - | - | - | - | - | - | €2.0m | - | - |
| Financial charges65/66B | - | - | - | €0.01m | €0.006m | €0.001m | €0.03m | €0.03m | ▲ 6.6% |
| Recurring financial charges65 | €0.04m | €0.02m | €0.01m | €0.01m | €0.006m | €0.001m | €0.03m | €0.03m | ▲ 6.6% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.6m | €0.6m | €0.6m | €1.0m | €1.2m | €2.4m | -€0.08m | - |
| Income taxes67/77 | €0.08m | €0.1m | €0.07m | €0.1m | €0.2m | €0.4m | €0.3m | €364 | ▼ 99.9% |
| Profit (loss) for the period9904 | €0.4m | €0.5m | €0.5m | €0.5m | €0.8m | €0.8m | €2.2m | -€0.08m | - |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.5m | €0.5m | €0.5m | €0.8m | €0.8m | €2.2m | -€0.08m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.3m | €4.7m | €5.2m | €5.5m | €6.2m | €6.5m | €8.4m | €9.1m | ▲ 9.1% |
| Fixed assets21/28 | €3.3m | €3.3m | €3.3m | €3.3m | €3.4m | €3.4m | €1.2m | €2.9m | ▲ 145% |
| Tangible fixed assets22/27 | €0.01m | €0.008m | €0.01m | €0.008m | €0.1m | €0.1m | €0.1m | €1.9m | ▲ 13× |
| Plant, machinery and equipment23 | - | - | - | - | €0.009m | €0.007m | €0.03m | €0.03m | ▼ 0.4% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 26.9% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €1.8m | - |
| Financial fixed assets28 | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €1.0m | €1.0m | = |
| Current assets29/58 | €1.0m | €1.5m | €1.9m | €2.2m | €2.8m | €3.1m | €7.2m | €6.2m | ▼ 13.3% |
| Amounts receivable within one year40/41 | €1.0m | €1.2m | €1.8m | €2.2m | €2.4m | €2.6m | €1.9m | €2.0m | ▲ 1.5% |
| Trade receivables40 | - | - | - | - | - | - | €0.01m | €0.02m | ▲ 120% |
| Other amounts receivable41 | - | - | - | €2.2m | €2.4m | €2.6m | €1.9m | €2.0m | ▲ 0.9% |
| Current investments50/53 | - | - | - | - | - | €0.5m | €5.0m | €4.0m | ▼ 19.7% |
| Cash at bank and in hand54/58 | €0.005m | €0.3m | €0.05m | €0.004m | €0.4m | €0.05m | €0.2m | €0.2m | ▲ 2.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | €0.002m | €0.01m | €0.004m | ▼ 75.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.3m | €4.7m | €5.2m | €5.5m | €6.2m | €6.5m | €8.4m | €9.1m | ▲ 9.1% |
| Equity10/15 | €3.4m | €3.9m | €4.4m | €4.9m | €5.7m | €5.6m | €7.3m | €7.2m | ▼ 1.1% |
| Contributions10/11 | €1.7m | €1.7m | - | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Reserves13 | €1.6m | €2.1m | €2.7m | €3.1m | €3.9m | €3.9m | €5.5m | €5.5m | ▼ 1.4% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves not available under the articles1311 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €3.0m | €3.8m | €3.7m | €5.4m | €5.3m | ▼ 1.4% |
| Profit (loss) carried forward14 | €0.04m | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 27.4% |
| Amounts payable17/49 | €0.9m | €0.9m | €0.8m | €0.6m | €0.6m | €0.9m | €1.1m | €1.9m | ▲ 77.3% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €1.6m | ▲ 341% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €1.6m | ▲ 341% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.4m | €0.2m | €0.2m | €0.5m | €0.7m | €0.3m | ▼ 57.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.07m | - |
| Financial debts43 | - | - | - | - | €0.02m | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.02m | - | - | - | - |
| Trade debts44 | €0.05m | €0.003m | €0.09m | €0.01m | €0.04m | €0.05m | €0.02m | €0.01m | ▼ 47.7% |
| Suppliers440/4 | - | - | - | €0.01m | €0.04m | €0.05m | €0.02m | €0.01m | ▼ 47.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.1m | €0.2m | €0.2m | ▼ 0.5% |
| Taxes450/3 | - | - | - | €0.03m | €0.04m | €0.1m | €0.2m | €0.2m | ▼ 0.5% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.07m | €0.4m | €0.5m | €0.002m | ▼ 99.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.009m | €0.005m | - | €0.03m | €0.03m | ▼ 10.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.5m | €0.5m | €0.5m | €0.8m | €0.8m | €2.2m | -€0.08m | - |
| + Depreciation and write-downs630 | €0.007m | €0.004m | €0.003m | €0.003m | €0.008m | €0.03m | €0.03m | €0.3m | ▲ 633% |
| Operating cash flow (approximation) | €0.4m | €0.5m | €0.6m | €0.5m | €0.8m | €0.8m | €2.2m | €0.2m | ▼ 92.0% |
| Investment in fixed assets (approximation) | - | €0 | -€0.005m | €0 | -€0.1m | -€0.006m | €2.2m | -€2.0m | - |
| Change in cash | - | €0.3m | -€0.2m | -€0.04m | €0.4m | -€0.3m | €0.2m | €0.007m | ▼ 96.4% |
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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00327205 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00180570 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00157808 | |
| 31-12-2022 | abbreviated format | 07-07-2023 | 2023-00220197 | |
| 31-12-2021 | abbreviated format | 07-07-2022 | 2022-20157938 | |
| 31-12-2020 | abbreviated format | 19-07-2021 | 2021-37000223 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-18900087 | |
| 31-12-2018 | abbreviated format | 04-07-2019 | 2019-28500522 | |
| 31-12-2017 | abbreviated format | 12-07-2018 | 2018-33000253 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-21500458 |