Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 13 filings
Equity
€514,194▼ 33.3%
2024 · €771,036
Net result
-€256,842
2024 · €29,724
Total assets
€5.8m▼ 8.2%
2024 · €6.3m
Solvency
8.9%▼ 3.3pp
2024 · 12.2%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€107,438
2025
20182025
Net result
-€256,842
2025
lowest quarter of the sector
20182025
Equity
€514,194
▼ 33.3%
2025
middle half of the sector
20182025
Total assets
€5.8m
▼ 8.2%
2025
highest quarter of the sector
20182025
Debt
€5.3m
▼ 4.7%
2025
20182025
Working capital
-€4.7m
▼ 7.1%
2025
lowest quarter of the sector
20182025
Solvency
8.9%
▼ 3.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.02
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.4%
▼ 4.9pp
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-€0.2m▼ 7.0%€0.2m▲ 21.0%€0.6m▲ 140%€0.2m▼ 58.3%€0.3m▲ 10.2%€0.3m▲ 2.1%-€0.1m
Net result€0.1m-€0.1m▼ 5.0%€0.1mwithin the sector's middle half▲ 24.9%€0.2mabove the sector's middle half▲ 73.6%€0.03mwithin the sector's middle half▼ 88.1%€0.04mwithin the sector's middle half▲ 71.5%€0.03mwithin the sector's middle half▼ 33.3%-€0.3mbelow the sector's middle half
Equity€0.2m-€0.3m▲ 44.6%€0.5mwithin the sector's middle half▲ 38.5%€0.7mwithin the sector's middle half▲ 48.3%€0.7mwithin the sector's middle half▲ 3.9%€0.7mwithin the sector's middle half▲ 6.4%€0.8mwithin the sector's middle half▲ 4.0%€0.5mwithin the sector's middle half▼ 33.3%
Total assets€6.6m-€6.6m=€5.7mabove the sector's middle half▼ 13.7%€5.3mabove the sector's middle half▼ 7.5%€5.3mabove the sector's middle half▼ 0.6%€5.0mabove the sector's middle half▼ 5.7%€6.3mabove the sector's middle half▲ 27.1%€5.8mabove the sector's middle half▼ 8.2%
Debt€6.4m-€6.3m▼ 1.6%€5.3m▼ 16.4%€4.6m▼ 12.2%€4.6m▼ 1.2%€4.2m▼ 7.6%€5.5m▲ 31.1%€5.3m▼ 4.7%
Working capital-€0.8m--€1.5m▼ 84.5%-€3.4mbelow the sector's middle half▼ 125%-€3.4mbelow the sector's middle half▼ 1.0%-€3.6mbelow the sector's middle half▼ 5.9%-€3.8mbelow the sector's middle half▼ 4.9%-€4.4mbelow the sector's middle half▼ 16.1%-€4.7mbelow the sector's middle half▼ 7.1%
Solvency3.4%-4.9%▲ 1.5pp7.9%below the sector's middle half▲ 3.0pp12.6%below the sector's middle half▲ 4.8pp13.2%below the sector's middle half▲ 0.6pp14.9%below the sector's middle half▲ 1.7pp12.2%below the sector's middle half▼ 2.7pp8.9%below the sector's middle half▼ 3.3pp
Current ratio0.06-0.05▼ 0.010.00below the sector's middle half▼ 0.050.11below the sector's middle half▲ 0.110.11below the sector's middle half=0.04below the sector's middle half▼ 0.070.11below the sector's middle half▲ 0.070.02below the sector's middle half▼ 0.10
Return on assets (ROA)1.6%-1.5%▼ 0.1pp2.2%within the sector's middle half▲ 0.7pp4.1%within the sector's middle half▲ 1.9pp0.5%within the sector's middle half▼ 3.6pp0.9%within the sector's middle half▲ 0.4pp0.5%within the sector's middle half▼ 0.4pp-4.4%below the sector's middle half▼ 4.9pp
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 a loss of €107,438, after a profit of €262,868 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 €5.8m
Fixed assets
€5.7m ▼ 0.6%
Current assets
€80,395 ▼ 85.7%
Equity and liabilities €5.8m
Equity
€514,194 ▼ 33.3%
Debt
€5.3m ▼ 4.7%
Debt's share of the balance-sheet total rises from 87.8% to 91.1%. Equity and debt are lower.
Key figures and ratios
ROE
-50.0%▼
2024 · 3.9%
Debt ≤ 1 year
€4.8m▼
2024 · €5.0m
Debt > 1 year
€492,066▼
2024 · €584,074
Income taxes
€0▼
2024 · €16,861
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 | - | - | - | - | €591,619 |
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 | €357,339 | €1,853 | - | - | - |
| Financial fixed assets | €50,000 | - | - | €982,040 | €1 |
| Depreciation and write-downs of the year | €33,791 | €34,165 | €34,409 | €34,409 | €34,035 |
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 | €37,474 | €37,097 | €36,365 | €33,791 | €34,165 | €34,409 | €34,409 | €34,035 | ▼ 1.1% |
| Other operating charges640/8 | - | - | - | €13,712 | €1,936 | €1,069 | €1,086 | €1,118 | ▲ 3.0% |
| Gross operating margin9900 | €251,701 | €235,681 | €276,101 | €608,162 | €269,628 | €292,843 | €298,362 | -€72,284 | - |
| Operating profit (loss)9901 | €207,408 | €192,865 | €233,358 | €560,658 | €233,527 | €257,364 | €262,868 | -€107,438 | - |
| Financial income75/76B | - | - | - | - | - | - | - | €0 | - |
| Recurring financial income75 | €158 | €133 | €0 | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €252,110 | €183,817 | €194,155 | €216,283 | €149,404 | ▼ 30.9% |
| Recurring financial charges65 | €57,245 | €48,826 | €49,033 | €252,110 | €183,817 | €194,155 | €216,283 | €149,404 | ▼ 30.9% |
| Profit (loss) for the period before taxes9903 | €150,321 | €144,172 | €184,325 | €308,548 | €49,710 | €63,209 | €46,585 | -€256,842 | - |
| Income taxes67/77 | €44,285 | €43,466 | €58,494 | €90,084 | €23,740 | €18,677 | €16,861 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €106,036 | €100,706 | €125,831 | €218,464 | €25,970 | €44,532 | €29,724 | -€256,842 | - |
| Profit (loss) for the period to be appropriated9905 | €106,036 | €100,706 | €125,831 | €218,464 | €25,970 | €44,532 | €29,724 | -€256,842 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.6m | €6.6m | €5.7m | €5.3m | €5.3m | €5.0m | €6.3m | €5.8m | ▼ 8.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €6.6m | €6.6m | €5.7m | €4.9m | €4.8m | €4.8m | €5.8m | €5.7m | ▼ 0.6% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.3m | €1.3m | €1.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 15.3% |
| Land and buildings22 | - | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | €0.001m | €0.001m | €244 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 15.2% |
| Financial fixed assets28 | €5.3m | €5.3m | €4.5m | €4.6m | €4.6m | €4.6m | €5.5m | €5.5m | = |
| Current assets29/58 | €0.05m | €0.09m | €0.02m | €0.4m | €0.4m | €0.2m | €0.6m | €0.08m | ▼ 85.7% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.03m | €0.002m | €0.2m | €0.3m | €0.09m | €0.3m | €0.07m | ▼ 74.0% |
| Trade receivables40 | - | - | - | - | €0.2m | €0.09m | €0.3m | €0.06m | ▼ 77.6% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.09m | €0.004m | €0.01m | €0.01m | = |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.06m | €0.01m | €0.1m | €0.006m | €0.003m | €0.2m | €0.005m | ▼ 97.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.07m | €0.03m | €0.002m | ▼ 95.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.6m | €6.6m | €5.7m | €5.3m | €5.3m | €5.0m | €6.3m | €5.8m | ▼ 8.2% |
| Equity10/15 | €0.2m | €0.3m | €0.5m | €0.7m | €0.7m | €0.7m | €0.8m | €0.5m | ▼ 33.3% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | €0.01m | €0.01m | €0.01m | €0.2m | €0.3m | €0.3m | €0.3m | €0.07m | ▼ 77.6% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €6.4m | €6.3m | €5.3m | €4.6m | €4.6m | €4.2m | €5.5m | €5.3m | ▼ 4.7% |
| Amounts payable after more than one year17 | €5.5m | €4.7m | €1.9m | €0.8m | €0.5m | €0.3m | €0.6m | €0.5m | ▼ 15.8% |
| Financial debts170/4 | - | - | - | €0.8m | €0.5m | €0.3m | €0.6m | €0.5m | ▼ 15.8% |
| Amounts payable within one year42/48 | €0.9m | €1.6m | €3.4m | €3.8m | €4.0m | €4.0m | €5.0m | €4.8m | ▼ 3.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.1m | ▼ 72.4% |
| Trade debts44 | €187 | €357 | €0.008m | €0.2m | €0.02m | €0.004m | €0.02m | €0.02m | ▲ 4.1% |
| Suppliers440/4 | - | - | - | €0.2m | €0.02m | €0.004m | €0.02m | €0.02m | ▲ 4.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.06m | €0.004m | €0.007m | €0.01m | ▲ 51.8% |
| Taxes450/3 | - | - | - | €0.05m | €0.06m | €0.004m | €0.007m | €0.01m | ▲ 51.8% |
| Other amounts payable47/48 | - | - | - | €3.3m | €3.7m | €3.7m | €4.6m | €4.7m | ▲ 1.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | €0.008m | €0.01m | €0.002m | €0.005m | ▲ 184% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €106,036 | €100,706 | €125,831 | €218,464 | €25,970 | €44,532 | €29,724 | -€256,842 | - |
| + Depreciation and write-downs630 | €37,474 | €37,097 | €36,365 | €33,791 | €34,165 | €34,409 | €34,409 | €34,035 | ▼ 1.1% |
| Operating cash flow (approximation) | €143,510 | €137,803 | €162,195 | €252,255 | €60,135 | €78,941 | €64,133 | -€222,807 | - |
| Investment in fixed assets (approximation) | - | €0 | €800,000 | €807,725 | -€1,853 | €0 | -€982,040 | -€1 | ▲ 100.0% |
| Change in cash | - | €42,734 | -€44,130 | €119,347 | -€127,242 | -€3,510 | €241,943 | -€239,793 | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00304627 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00336746 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00152882 | |
| 31-12-2022 | abbreviated format | 13-06-2023 | 2023-00120862 | |
| 31-12-2021 | abbreviated format | 23-06-2022 | 2022-20084849 | |
| 31-12-2020 | abbreviated format | 28-05-2021 | 2021-15500297 | |
| 31-12-2019 | abbreviated format | 19-05-2020 | 2020-12400109 | |
| 31-12-2018 | abbreviated format | 17-05-2019 | 2019-13300011 | |
| 31-12-2017 | abbreviated format | 22-05-2018 | 2018-13200088 | |
| 31-12-2016 | abbreviated format | 19-06-2017 | 2017-17600327 |