Financials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 18 filings
Equity
€172,265▼ 0.4%
2024 · €172,994
Net result
€34,158▲ 56.0%
2024 · €21,898
Total assets
€186,790▼ 2.4%
2024 · €191,338
Solvency
92.2%▲ 1.8pp
2024 · 90.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€49,602
▲ 57.8%
2025
20182025
Net result
€34,158
▲ 56.0%
2025
middle half of the sector
20182025
Equity
€172,265
▼ 0.4%
2025
middle half of the sector
20182025
Total assets
€186,790
▼ 2.4%
2025
middle half of the sector
20182025
Debt
€14,525
▼ 20.8%
2025
20182025
Working capital
€167,261
▲ 0.7%
2025
highest quarter of the sector
20182025
Solvency
92.2%
▲ 1.8pp
2025
highest quarter of the sector
20182025
Current ratio
12.52
▲ 2.46
2025
highest quarter of the sector
20182025
Return on assets (ROA)
18.3%
▲ 6.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€89,769-€48,298▼ 46.2%€34,170▼ 29.3%€47,699▲ 39.6%€46,204▼ 3.1%€23,985▼ 48.1%€31,441▲ 31.1%€49,602▲ 57.8%
Net result€65,214-€33,887▼ 48.0%€23,388within the sector's middle half▼ 31.0%€33,145within the sector's middle half▲ 41.7%€31,446within the sector's middle half▼ 5.1%€16,830within the sector's middle half▼ 46.5%€21,898within the sector's middle half▲ 30.1%€34,158within the sector's middle half▲ 56.0%
Equity€253,415-€268,002▲ 5.8%€239,025within the sector's middle half▼ 10.8%€245,209within the sector's middle half▲ 2.6%€270,334within the sector's middle half▲ 10.2%€211,310within the sector's middle half▼ 21.8%€172,994within the sector's middle half▼ 18.1%€172,265within the sector's middle half▼ 0.4%
Total assets€286,911-€316,170▲ 10.2%€319,135within the sector's middle half▲ 0.9%€310,726within the sector's middle half▼ 2.6%€310,145within the sector's middle half▼ 0.2%€308,808within the sector's middle half▼ 0.4%€191,338within the sector's middle half▼ 38.0%€186,790within the sector's middle half▼ 2.4%
Debt€33,496-€48,168▲ 43.8%€80,111▲ 66.3%€65,517▼ 18.2%€39,811▼ 39.2%€97,498▲ 145%€18,344▼ 81.2%€14,525▼ 20.8%
Working capital€251,524-€223,007▼ 11.3%€204,862above the sector's middle half▼ 8.1%€223,111above the sector's middle half▲ 8.9%€255,947above the sector's middle half▲ 14.7%€202,488above the sector's middle half▼ 20.9%€166,179above the sector's middle half▼ 17.9%€167,261above the sector's middle half▲ 0.7%
Solvency88.3%-84.8%▼ 3.6pp74.9%within the sector's middle half▼ 9.9pp78.9%above the sector's middle half▲ 4.0pp87.2%above the sector's middle half▲ 8.2pp68.4%within the sector's middle half▼ 18.7pp90.4%above the sector's middle half▲ 22.0pp92.2%above the sector's middle half▲ 1.8pp
Current ratio8.51-5.63▼ 2.883.56within the sector's middle half▼ 2.074.47above the sector's middle half▲ 0.927.43above the sector's middle half▲ 2.963.08within the sector's middle half▼ 4.3510.06above the sector's middle half▲ 6.9812.52above the sector's middle half▲ 2.46
Return on assets (ROA)22.7%-10.7%▼ 12.0pp7.3%within the sector's middle half▼ 3.4pp10.7%within the sector's middle half▲ 3.3pp10.1%within the sector's middle half▼ 0.5pp5.4%within the sector's middle half▼ 4.7pp11.4%within the sector's middle half▲ 6.0pp18.3%within the sector's middle half▲ 6.8pp
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 58% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro 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 €186,790
Fixed assets
€5,003 ▼ 26.6%
Current assets
€181,786 ▼ 1.5%
Equity and liabilities €186,790
Equity
€172,265 ▼ 0.4%
Debt
€14,525 ▼ 20.8%
Debt's share of the balance-sheet total falls from 9.6% to 7.8%. Equity and debt are lower.
Key figures and ratios
ROE
19.8%▲
2024 · 12.7%
Debt ≤ 1 year
€14,525▼
2024 · €18,344
Income taxes
€15,342▲
2024 · €10,196
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,996 | €6,712 | - | - |
| Depreciation and write-downs of the year | €10,787 | €10,984 | €12,277 | €2,008 | €1,811 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €809 awarded · €809 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45 | €10,833 | €10,833 | €10,787 | €10,984 | €12,277 | €2,008 | €1,811 | ▼ 9.8% |
| Other operating charges640/8 | - | - | - | €986 | €955 | €5,415 | €1,282 | €1,051 | ▼ 18.0% |
| Gross operating margin9900 | €91,118 | €61,513 | €46,076 | €59,472 | €58,144 | €41,677 | €34,730 | €52,464 | ▲ 51.1% |
| Operating profit (loss)9901 | €89,769 | €48,298 | €34,170 | €47,699 | €46,204 | €23,985 | €31,441 | €49,602 | ▲ 57.8% |
| Financial income75/76B | - | - | - | €822 | €0 | €2,395 | €811 | €32 | ▼ 96.1% |
| Recurring financial income75 | €731 | €575 | €676 | €822 | €0 | €2,395 | €811 | €32 | ▼ 96.1% |
| Financial charges65/66B | - | - | - | €86 | €90 | €119 | €158 | €134 | ▼ 15.3% |
| Recurring financial charges65 | €147 | €128 | €231 | €86 | €90 | €119 | €158 | €134 | ▼ 15.3% |
| Profit (loss) for the period before taxes9903 | €90,353 | €48,745 | €34,615 | €48,435 | €46,115 | €26,261 | €32,094 | €49,500 | ▲ 54.2% |
| Income taxes67/77 | €25,139 | €14,858 | €11,227 | €15,290 | €14,669 | €9,431 | €10,196 | €15,342 | ▲ 50.5% |
| Profit (loss) for the period9904 | €65,214 | €33,887 | €23,388 | €33,145 | €31,446 | €16,830 | €21,898 | €34,158 | ▲ 56.0% |
| Profit (loss) for the period to be appropriated9905 | €65,214 | €33,887 | €23,388 | €33,145 | €31,446 | €16,830 | €21,898 | €34,158 | ▲ 56.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €286,911 | €316,170 | €319,135 | €310,726 | €310,145 | €308,808 | €191,338 | €186,790 | ▼ 2.4% |
| Fixed assets21/28 | €1,891 | €44,995 | €34,162 | €23,375 | €14,387 | €8,822 | €6,814 | €5,003 | ▼ 26.6% |
| Tangible fixed assets22/27 | €91 | €43,195 | €32,362 | €21,575 | €12,587 | €7,022 | €5,014 | €3,203 | ▼ 36.1% |
| Plant, machinery and equipment23 | - | - | - | - | €1,996 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €21,575 | €10,591 | €7,022 | €5,014 | €3,203 | ▼ 36.1% |
| Financial fixed assets28 | €1,800 | €1,800 | €1,800 | €1,800 | €1,800 | €1,800 | €1,800 | €1,800 | = |
| Current assets29/58 | €285,020 | €271,175 | €284,973 | €287,351 | €295,758 | €299,986 | €184,523 | €181,786 | ▼ 1.5% |
| Amounts receivable within one year40/41 | €29,610 | €55,439 | €75,746 | €69,257 | €76,144 | €110,146 | €913 | €18,327 | ▲ 20× |
| Trade receivables40 | - | - | - | €25,442 | €32,328 | €50,712 | €874 | €18,327 | ▲ 21× |
| Other amounts receivable41 | - | - | - | €43,816 | €43,816 | €59,434 | €39 | - | - |
| Cash at bank and in hand54/58 | €255,410 | €215,736 | €203,227 | €218,094 | €219,614 | €188,274 | €183,611 | €163,459 | ▼ 11.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,566 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €286,911 | €316,170 | €319,135 | €310,726 | €310,145 | €308,808 | €191,338 | €186,790 | ▼ 2.4% |
| Equity10/15 | €253,415 | €268,002 | €239,025 | €245,209 | €270,334 | €211,310 | €172,994 | €172,265 | ▼ 0.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €178,020 | €192,608 | €163,630 | €169,815 | €194,940 | €198,910 | €160,594 | €159,865 | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €167,955 | €193,080 | €198,910 | €160,594 | €159,865 | ▼ 0.5% |
| Profit (loss) carried forward14 | €62,994 | €62,994 | €62,994 | €62,994 | €62,994 | - | - | - | - |
| Amounts payable17/49 | €33,496 | €48,168 | €80,111 | €65,517 | €39,811 | €97,498 | €18,344 | €14,525 | ▼ 20.8% |
| Amounts payable within one year42/48 | €33,496 | €48,168 | €80,111 | €64,240 | €39,811 | €97,498 | €18,344 | €14,525 | ▼ 20.8% |
| Trade debts44 | €2,961 | €5,441 | €5,263 | €4,293 | €5,773 | €3,021 | €1,606 | €119 | ▼ 92.6% |
| Suppliers440/4 | - | - | - | €4,293 | €5,773 | €3,021 | €1,606 | €119 | ▼ 92.6% |
| Taxes, remuneration and social security45 | - | - | - | €22,661 | €22,744 | €15,812 | €15,848 | €11,067 | ▼ 30.2% |
| Taxes450/3 | - | - | - | €20,294 | €20,356 | €10,913 | €6,658 | €8,787 | ▲ 32.0% |
| Remuneration and social security454/9 | - | - | - | €2,367 | €2,388 | €4,899 | €9,191 | €2,279 | ▼ 75.2% |
| Other amounts payable47/48 | - | - | - | €37,286 | €11,294 | €78,666 | €889 | €3,339 | ▲ 275% |
| Accrued charges and deferred income492/3 | - | - | - | €1,277 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €65,214 | €33,887 | €23,388 | €33,145 | €31,446 | €16,830 | €21,898 | €34,158 | ▲ 56.0% |
| + Depreciation and write-downs630 | €45 | €10,833 | €10,833 | €10,787 | €10,984 | €12,277 | €2,008 | €1,811 | ▼ 9.8% |
| Operating cash flow (approximation) | €65,259 | €44,720 | €34,221 | €43,933 | €42,430 | €29,107 | €23,906 | €35,969 | ▲ 50.5% |
| Investment in fixed assets (approximation) | - | -€53,937 | €0 | €0 | -€1,996 | -€6,712 | €0 | €0 | - |
| Change in cash | - | -€39,674 | -€12,509 | €14,866 | €1,521 | -€31,340 | -€4,663 | -€20,152 | ▼ 332% |
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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00200892 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185067 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00174039 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00367427 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20288945 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59300031 | |
| 31-12-2019 | micro format | 28-09-2020 | 2020-56400307 | |
| 31-12-2018 | micro format | 26-09-2019 | 2019-65800111 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51900512 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43900300 |