Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 8 filings
Equity
€200,000▲ 104%
2024 · €97,823
Net result
€208,837▲ 748%
2024 · €24,622
Total assets
€737,334▲ 547%
2024 · €114,026
Solvency
27.1%▼ 58.7pp
2024 · 85.8%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,557
2025
20182025
Net result
€208,837
▲ 748%
2025
highest quarter of the sector
20182025
Equity
€200,000
▲ 104%
2025
middle half of the sector
20182025
Total assets
€737,334
▲ 547%
2025
middle half of the sector
20182025
Debt
€537,334
▲ 33×
2025
20182025
Working capital
€284,778
▲ 213%
2025
highest quarter of the sector
20182025
Solvency
27.1%
▼ 58.7pp
2025
middle half of the sector
20182025
Current ratio
2.18
▼ 4.44
2025
middle half of the sector
20182025
Return on assets (ROA)
28.3%
▲ 6.7pp
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€16,841-€72,387▲ 330%€4,888▼ 93.2%€23,975▲ 391%-€243,613€11,654€23,993▲ 106%-€11,557
Net result€16,845-€62,989▲ 274%€10,037within the sector's middle half▼ 84.1%€16,288within the sector's middle half▲ 62.3%-€244,189below the sector's middle half€11,231within the sector's middle half€24,622within the sector's middle half▲ 119%€208,837above the sector's middle half▲ 748%
Equity€216,845-€279,834▲ 29.0%€289,871within the sector's middle half▲ 3.6%€306,159within the sector's middle half▲ 5.6%€61,970within the sector's middle half▼ 79.8%€73,201within the sector's middle half▲ 18.1%€97,823within the sector's middle half▲ 33.6%€200,000within the sector's middle half▲ 104%
Total assets€288,272-€460,782▲ 59.8%€409,372within the sector's middle half▼ 11.2%€357,177within the sector's middle half▼ 12.7%€103,974below the sector's middle half▼ 70.9%€104,625below the sector's middle half▲ 0.6%€114,026below the sector's middle half▲ 9.0%€737,334within the sector's middle half▲ 547%
Debt€71,426-€180,948▲ 153%€119,501▼ 34.0%€51,018▼ 57.3%€42,004▼ 17.7%€31,424▼ 25.2%€16,203▼ 48.4%€537,334▲ 33×
Working capital€202,195-€251,789▲ 24.5%€282,055above the sector's middle half▲ 12.0%€301,479above the sector's middle half▲ 6.9%€57,844within the sector's middle half▼ 80.8%€69,763within the sector's middle half▲ 20.6%€91,082within the sector's middle half▲ 30.6%€284,778above the sector's middle half▲ 213%
Solvency75.2%-60.7%▼ 14.5pp70.8%within the sector's middle half▲ 10.1pp85.7%above the sector's middle half▲ 14.9pp59.6%within the sector's middle half▼ 26.1pp70.0%within the sector's middle half▲ 10.4pp85.8%above the sector's middle half▲ 15.8pp27.1%within the sector's middle half▼ 58.7pp
Current ratio4.72-2.47▼ 2.253.40within the sector's middle half▲ 0.936.93above the sector's middle half▲ 3.532.38within the sector's middle half▼ 4.553.22within the sector's middle half▲ 0.846.62above the sector's middle half▲ 3.402.18within the sector's middle half▼ 4.44
Return on assets (ROA)5.8%-13.7%▲ 7.8pp2.5%within the sector's middle half▼ 11.2pp4.6%within the sector's middle half▲ 2.1pp-234.9%below the sector's middle half▼ 239.4pp10.7%within the sector's middle half▲ 245.6pp21.6%within the sector's middle half▲ 10.9pp28.3%above the sector's middle half▲ 6.7pp
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 €11,557, after a profit of €23,993 in 2024. It is the lowest result since 2022.
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 €737,334
Fixed assets
€211,706 ▲ 31×
Current assets
€525,628 ▲ 390%
Equity and liabilities €737,334
Equity
€200,000 ▲ 104%
Debt
€537,334 ▲ 33×
Debt's share of the balance-sheet total rises from 14.2% to 72.9%. Equity and debt are higher.
Key figures and ratios
ROE
104.4%▲
2024 · 25.2%
Debt ≤ 1 year
€240,851▲
2024 · €16,203
Debt > 1 year
€288,234
Income taxes
€2,484▲
2024 · €375
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 | - | €1,343 | €1,236 | €8,399 | €250,216 |
| Depreciation and write-downs of the year | €4,899 | €2,076 | €1,924 | €5,096 | €29,721 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €479 awarded · €479 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €9,970 | - |
| Remuneration, social security and pensions62 | - | - | - | €1,378 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,332 | €13,194 | €660 | €4,899 | €2,076 | €1,924 | €5,096 | €29,721 | ▲ 483% |
| Other operating charges640/8 | - | - | - | €740 | €215,519 | €972 | €1,250 | €1,469 | ▲ 17.6% |
| Gross operating margin9900 | €38,574 | €87,789 | €8,374 | €30,992 | -€26,017 | €14,549 | €30,339 | €19,633 | ▼ 35.3% |
| Operating profit (loss)9901 | €16,841 | €72,387 | €4,888 | €23,975 | -€243,613 | €11,654 | €23,993 | -€11,557 | - |
| Financial income75/76B | - | - | - | €12 | €0 | €250 | €1,483 | €244,579 | ▲ 165× |
| Recurring financial income75 | €13,018 | €8,094 | €7,664 | €12 | €0 | €250 | €1,483 | €244,579 | ▲ 165× |
| Financial charges65/66B | - | - | - | €771 | €449 | €374 | €478 | €21,701 | ▲ 45× |
| Recurring financial charges65 | €553 | €402 | €204 | €771 | €449 | €374 | €478 | €21,701 | ▲ 45× |
| Profit (loss) for the period before taxes9903 | €29,306 | €80,080 | €12,348 | €23,216 | -€244,062 | €11,531 | €24,997 | €211,321 | ▲ 745% |
| Income taxes67/77 | €12,461 | €17,091 | €2,311 | €6,928 | €127 | €300 | €375 | €2,484 | ▲ 563% |
| Profit (loss) for the period9904 | €16,845 | €62,989 | €10,037 | €16,288 | -€244,189 | €11,231 | €24,622 | €208,837 | ▲ 748% |
| Profit (loss) for the period to be appropriated9905 | €16,845 | €62,989 | €10,037 | €16,288 | -€244,189 | €11,231 | €24,622 | €208,837 | ▲ 748% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €288,272 | €460,782 | €409,372 | €357,177 | €103,974 | €104,625 | €114,026 | €737,334 | ▲ 547% |
| Fixed assets21/28 | €31,657 | €37,536 | €9,758 | €4,859 | €4,126 | €3,438 | €6,741 | €211,706 | ▲ 31× |
| Tangible fixed assets22/27 | €31,657 | €37,536 | €9,758 | €4,859 | €4,126 | €3,438 | €6,741 | €211,706 | ▲ 31× |
| Plant, machinery and equipment23 | - | - | - | - | €1,186 | €738 | €291 | €3,808 | ▲ 13× |
| Furniture and vehicles24 | - | - | - | €4,859 | €2,940 | €2,700 | €6,450 | €207,898 | ▲ 32× |
| Current assets29/58 | €256,614 | €423,246 | €399,613 | €352,318 | €99,848 | €101,187 | €107,285 | €525,628 | ▲ 390% |
| Amounts receivable within one year40/41 | €238,905 | €392,994 | €340,619 | €298,947 | €87,084 | €73,551 | €90,821 | €246,036 | ▲ 171% |
| Trade receivables40 | - | - | - | €110,426 | €87,084 | €23,256 | €9,295 | €59,664 | ▲ 542% |
| Other amounts receivable41 | - | - | - | €188,522 | €0 | €50,294 | €81,525 | €186,372 | ▲ 129% |
| Cash at bank and in hand54/58 | €3,494 | €7,882 | €28,777 | €13,683 | €5,113 | €22,391 | €13,581 | €279,593 | ▲ 21× |
| Deferred charges and accrued income490/1 | - | - | - | €39,688 | €7,651 | €5,245 | €2,884 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €288,272 | €460,782 | €409,372 | €357,177 | €103,974 | €104,625 | €114,026 | €737,334 | ▲ 547% |
| Equity10/15 | €216,845 | €279,834 | €289,871 | €306,159 | €61,970 | €73,201 | €97,823 | €200,000 | ▲ 104% |
| Contributions10/11 | €200,000 | €200,000 | - | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Reserves13 | €842 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €2,000 | €2,000 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €16,003 | €77,834 | €87,871 | €104,159 | -€140,030 | -€128,799 | -€104,177 | €0 | - |
| Amounts payable17/49 | €71,426 | €180,948 | €119,501 | €51,018 | €42,004 | €31,424 | €16,203 | €537,334 | ▲ 33× |
| Amounts payable after more than one year17 | €17,007 | €9,491 | €1,943 | €0 | - | - | - | €288,234 | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | €88,234 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €200,000 | - |
| Amounts payable within one year42/48 | €54,419 | €171,457 | €117,558 | €50,840 | €42,004 | €31,424 | €16,203 | €240,851 | ▲ 15× |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | €23,053 | - |
| Trade debts44 | €8,858 | €95,106 | €82,848 | €25,075 | €11,881 | €14,560 | €6,285 | €29,351 | ▲ 367% |
| Suppliers440/4 | - | - | - | €25,075 | €11,881 | €14,560 | €6,285 | €29,351 | ▲ 367% |
| Taxes, remuneration and social security45 | - | - | - | €11,534 | €8,267 | €3,022 | €2,077 | €5,024 | ▲ 142% |
| Taxes450/3 | - | - | - | €11,534 | €8,267 | €3,022 | €2,077 | €5,024 | ▲ 142% |
| Other amounts payable47/48 | - | - | - | €14,231 | €21,856 | €13,842 | €7,840 | €183,423 | ▲ 23× |
| Accrued charges and deferred income492/3 | - | - | - | €178 | €0 | - | - | €8,250 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,845 | €62,989 | €10,037 | €16,288 | -€244,189 | €11,231 | €24,622 | €208,837 | ▲ 748% |
| + Depreciation and write-downs630 | €17,332 | €13,194 | €660 | €4,899 | €2,076 | €1,924 | €5,096 | €29,721 | ▲ 483% |
| Operating cash flow (approximation) | €34,178 | €76,183 | €10,697 | €21,187 | -€242,113 | €13,154 | €29,719 | €238,558 | ▲ 703% |
| Investment in fixed assets (approximation) | - | -€19,073 | €27,118 | €0 | -€1,343 | -€1,236 | -€8,399 | -€234,686 | ▼ 2,694% |
| Change in cash | - | €4,388 | €20,895 | -€15,094 | -€8,570 | €17,279 | -€8,811 | €266,012 | - |
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 | micro format | 29-06-2026 | 2026-00213538 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00289925 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00435164 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00411880 | |
| 31-12-2021 | micro format | 23-06-2022 | 2022-20122577 | |
| 31-12-2020 | micro format | 11-06-2021 | 2021-19400478 | |
| 31-12-2019 | micro format | 23-09-2020 | 2020-55500558 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-55900149 |