Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 8 filings
Equity
€355,732▲ 18.2%
2024 · €301,028
Net result
€120,586▲ 52.9%
2024 · €78,867
Total assets
€425,198▼ 0.5%
2024 · €427,424
Solvency
83.7%▲ 13.2pp
2024 · 70.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€83,144
▼ 4.1%
2025
20182025
Net result
€120,586
▲ 52.9%
2025
middle half of the sector
20182025
Equity
€355,732
▲ 18.2%
2025
middle half of the sector
20182025
Total assets
€425,198
▼ 0.5%
2025
lowest quarter of the sector
20182025
Debt
€69,466
▼ 45.0%
2025
20182025
Working capital
-€48,768
▲ 34.1%
2025
middle half of the sector
20182025
Solvency
83.7%
▲ 13.2pp
2025
highest quarter of the sector
20182025
Current ratio
0.30
▲ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
28.4%
▲ 9.9pp
2025
highest 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€8,483-€17,841▲ 110%€91,862▲ 415%€92,659▲ 0.9%€86,438▼ 6.7%€85,739▼ 0.8%€86,713▲ 1.1%€83,144▼ 4.1%
Net result€87,758-€8,061▼ 90.8%€127,290within the sector's middle half▲ 16×€120,958within the sector's middle half▼ 5.0%€116,365within the sector's middle half▼ 3.8%€97,130within the sector's middle half▼ 16.5%€78,867within the sector's middle half▼ 18.8%€120,586within the sector's middle half▲ 52.9%
Equity€107,758-€115,819▲ 7.5%€243,109within the sector's middle half▲ 110%€200,067within the sector's middle half▼ 17.7%€259,932within the sector's middle half▲ 29.9%€295,162within the sector's middle half▲ 13.6%€301,028within the sector's middle half▲ 2.0%€355,732within the sector's middle half▲ 18.2%
Total assets€444,603-€412,842▼ 7.1%€473,273below the sector's middle half▲ 14.6%€553,707below the sector's middle half▲ 17.0%€462,313below the sector's middle half▼ 16.5%€456,484below the sector's middle half▼ 1.3%€427,424below the sector's middle half▼ 6.4%€425,198below the sector's middle half▼ 0.5%
Debt€336,845-€297,023▼ 11.8%€230,164▼ 22.5%€353,640▲ 53.6%€202,381▼ 42.8%€161,323▼ 20.3%€126,395▼ 21.7%€69,466▼ 45.0%
Working capital-€2,192--€46,715▼ 2,031%€28,702within the sector's middle half-€58,308within the sector's middle half-€43,415within the sector's middle half▲ 25.5%-€53,395within the sector's middle half▼ 23.0%-€73,972within the sector's middle half▼ 38.5%-€48,768within the sector's middle half▲ 34.1%
Solvency24.2%-28.1%▲ 3.8pp51.4%within the sector's middle half▲ 23.3pp36.1%within the sector's middle half▼ 15.2pp56.2%within the sector's middle half▲ 20.1pp64.7%within the sector's middle half▲ 8.4pp70.4%within the sector's middle half▲ 5.8pp83.7%above the sector's middle half▲ 13.2pp
Current ratio0.95-0.22▼ 0.741.64within the sector's middle half▲ 1.430.72within the sector's middle half▼ 0.920.59within the sector's middle half▼ 0.140.51within the sector's middle half▼ 0.080.23below the sector's middle half▼ 0.280.30below the sector's middle half▲ 0.07
Return on assets (ROA)19.7%-2.0%▼ 17.8pp26.9%above the sector's middle half▲ 24.9pp21.8%above the sector's middle half▼ 5.1pp25.2%above the sector's middle half▲ 3.3pp21.3%above the sector's middle half▼ 3.9pp18.5%above the sector's middle half▼ 2.8pp28.4%above the sector's middle half▲ 9.9pp
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 4% 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 €425,198
Fixed assets
€404,500 ▼ 0.1%
Current assets
€20,698 ▼ 7.7%
Equity and liabilities €425,198
Equity
€355,732 ▲ 18.2%
Debt
€69,466 ▼ 45.0%
Debt's share of the balance-sheet total falls from 29.6% to 16.3%. Equity is higher and debt is lower.
Key figures and ratios
ROE
33.9%▲
2024 · 26.2%
Debt ≤ 1 year
€69,466▼
2024 · €96,395
Income taxes
€24,794▲
2024 · €21,289
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 | - | - | - | €5,000 | - |
| Depreciation and write-downs of the year | - | - | - | - | €500 |
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 | - | - | - | - | - | - | - | €500 | - |
| Other operating charges640/8 | - | - | - | €483 | €485 | €844 | €773 | €624 | ▼ 19.2% |
| Gross operating margin9900 | €8,811 | €17,975 | €92,344 | €93,142 | €86,924 | €86,583 | €87,486 | €84,269 | ▼ 3.7% |
| Operating profit (loss)9901 | €8,483 | €17,841 | €91,862 | €92,659 | €86,438 | €85,739 | €86,713 | €83,144 | ▼ 4.1% |
| Financial income75/76B | - | - | - | €50,000 | €50,000 | €35,000 | €15,001 | €63,000 | ▲ 320% |
| Recurring financial income75 | €88,000 | - | €58,401 | €50,000 | €50,000 | €35,000 | €15,001 | €63,000 | ▲ 320% |
| Financial charges65/66B | - | - | - | €4,150 | €3,297 | €2,435 | €1,558 | €764 | ▼ 51.0% |
| Recurring financial charges65 | €8,562 | €5,783 | €5,166 | €4,150 | €3,297 | €2,435 | €1,558 | €764 | ▼ 51.0% |
| Profit (loss) for the period before taxes9903 | €87,921 | €12,058 | €145,097 | €138,510 | €133,141 | €118,305 | €100,156 | €145,380 | ▲ 45.2% |
| Income taxes67/77 | €163 | €3,997 | €17,807 | €17,552 | €16,776 | €21,175 | €21,289 | €24,794 | ▲ 16.5% |
| Profit (loss) for the period9904 | €87,758 | €8,061 | €127,290 | €120,958 | €116,365 | €97,130 | €78,867 | €120,586 | ▲ 52.9% |
| Profit (loss) for the period to be appropriated9905 | €87,758 | €8,061 | €127,290 | €120,958 | €116,365 | €97,130 | €78,867 | €120,586 | ▲ 52.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €444,603 | €412,842 | €473,273 | €553,707 | €462,313 | €456,484 | €427,424 | €425,198 | ▼ 0.5% |
| Fixed assets21/28 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | €405,000 | €404,500 | ▼ 0.1% |
| Tangible fixed assets22/27 | - | - | - | - | - | - | €5,000 | €4,500 | ▼ 10.0% |
| Land and buildings22 | - | - | - | - | - | - | €5,000 | €4,500 | ▼ 10.0% |
| Financial fixed assets28 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Current assets29/58 | €44,603 | €12,842 | €73,273 | €153,707 | €62,313 | €56,484 | €22,424 | €20,698 | ▼ 7.7% |
| Amounts receivable within one year40/41 | €19,008 | €7 | €32,628 | €103,778 | €37,131 | €13,747 | €23 | €28 | ▲ 20.0% |
| Other amounts receivable41 | - | - | - | €103,778 | €37,131 | €13,747 | €23 | €28 | ▲ 20.0% |
| Cash at bank and in hand54/58 | €25,594 | €12,835 | €40,645 | €49,929 | €25,182 | €42,737 | €22,401 | €20,670 | ▼ 7.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €444,603 | €412,842 | €473,273 | €553,707 | €462,313 | €456,484 | €427,424 | €425,198 | ▼ 0.5% |
| Equity10/15 | €107,758 | €115,819 | €243,109 | €200,067 | €259,932 | €295,162 | €301,028 | €355,732 | ▲ 18.2% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €4,390 | €4,390 | €4,390 | €4,390 | €4,390 | €4,390 | €4,390 | €4,390 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | - | - |
| Distributable reserves133 | - | - | - | €2,390 | €2,390 | €2,390 | €2,390 | €4,390 | ▲ 83.7% |
| Profit (loss) carried forward14 | €83,368 | €91,429 | €218,719 | €175,677 | €235,542 | €270,772 | €276,638 | €331,342 | ▲ 19.8% |
| Amounts payable17/49 | €336,845 | €297,023 | €230,164 | €353,640 | €202,381 | €161,323 | €126,395 | €69,466 | ▼ 45.0% |
| Amounts payable after more than one year17 | €290,050 | €237,466 | €184,442 | €140,981 | €96,653 | €51,443 | €30,000 | - | - |
| Financial debts170/4 | - | - | - | €140,981 | €96,653 | €51,443 | €30,000 | - | - |
| Amounts payable within one year42/48 | €46,795 | €59,557 | €44,571 | €212,015 | €105,729 | €109,880 | €96,395 | €69,466 | ▼ 27.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €43,461 | €44,328 | €45,210 | €11,443 | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €6,728 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €6,728 | - |
| Trade debts44 | €2,974 | €2,855 | - | - | €980 | - | - | - | - |
| Suppliers440/4 | - | - | - | - | €980 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €29,154 | €12,853 | €16,558 | €14,291 | €4,977 | ▼ 65.2% |
| Taxes450/3 | - | - | - | €29,154 | €12,853 | €16,558 | €14,191 | €4,977 | ▼ 64.9% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €100 | - | - |
| Other amounts payable47/48 | - | - | - | €139,400 | €47,567 | €48,112 | €70,662 | €57,762 | ▼ 18.3% |
| Accrued charges and deferred income492/3 | - | - | - | €645 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €87,758 | €8,061 | €127,290 | €120,958 | €116,365 | €97,130 | €78,867 | €120,586 | ▲ 52.9% |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €500 | - |
| Operating cash flow (approximation) | €87,758 | €8,061 | €127,290 | €120,958 | €116,365 | €97,130 | €78,867 | €121,086 | ▲ 53.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€5,000 | €0 | - |
| Change in cash | - | -€12,760 | €27,810 | €9,284 | -€24,747 | €17,555 | -€20,337 | -€1,730 | ▲ 91.5% |
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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00339820 | |
| 31-12-2024 | abbreviated format | 26-08-2025 | 2025-00417546 | |
| 31-12-2023 | abbreviated format | 05-08-2024 | 2024-00327010 | |
| 31-12-2022 | abbreviated format | 05-07-2023 | 2023-00208099 | |
| 31-12-2021 | abbreviated format | 25-08-2022 | 2022-20337394 | |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44800199 | |
| 31-12-2019 | abbreviated format | 25-09-2020 | 2020-55900592 | |
| 31-12-2018 | abbreviated format | 14-08-2019 | 2019-46400243 |