Financials · financial year 2025, micro format
Annual accounts 2025 filed on 25-03-2026 PDF all 11 filings
Equity
€441,483▲ 16.8%
2024 · €377,871
Net result
€102,039▲ 23.4%
2024 · €82,675
Total assets
€460,110▲ 16.3%
2024 · €395,651
Solvency
96.0%▲ 0.4pp
2024 · 95.5%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€122,398
▲ 8.7%
2025
20182025
Net result
€102,039
▲ 23.4%
2025
highest quarter of the sector
20182025
Equity
€441,483
▲ 16.8%
2025
highest quarter of the sector
20182025
Total assets
€460,110
▲ 16.3%
2025
middle half of the sector
20182025
Debt
€18,627
▲ 4.8%
2025
20182025
Working capital
€433,413
▲ 17.2%
2025
highest quarter of the sector
20182025
Solvency
96.0%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
24.27
▲ 2.47
2025
highest quarter of the sector
20182025
Return on assets (ROA)
22.2%
▲ 1.3pp
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€79,767-€54,837▼ 31.3%€57,822▲ 5.4%€93,883▲ 62.4%€77,764▼ 17.2%€117,444▲ 51.0%€112,581▼ 4.1%€122,398▲ 8.7%
Net result€57,850-€40,050▼ 30.8%€43,098within the sector's middle half▲ 7.6%€68,933within the sector's middle half▲ 59.9%€59,058within the sector's middle half▼ 14.3%€86,065above the sector's middle half▲ 45.7%€82,675above the sector's middle half▼ 3.9%€102,039above the sector's middle half▲ 23.4%
Equity€166,334-€204,760▲ 23.1%€247,858within the sector's middle half▲ 21.0%€287,551within the sector's middle half▲ 16.0%€307,599within the sector's middle half▲ 7.0%€353,164within the sector's middle half▲ 14.8%€377,871within the sector's middle half▲ 7.0%€441,483above the sector's middle half▲ 16.8%
Total assets€185,798-€208,525▲ 12.2%€257,838within the sector's middle half▲ 23.6%€312,481within the sector's middle half▲ 21.2%€338,794within the sector's middle half▲ 8.4%€386,744within the sector's middle half▲ 14.2%€395,651within the sector's middle half▲ 2.3%€460,110within the sector's middle half▲ 16.3%
Debt€19,465-€3,765▼ 80.7%€9,980▲ 165%€24,930▲ 150%€31,196▲ 25.1%€33,580▲ 7.6%€17,781▼ 47.1%€18,627▲ 4.8%
Working capital€163,435-€196,928▲ 20.5%€238,332above the sector's middle half▲ 21.0%€278,504above the sector's middle half▲ 16.9%€297,745above the sector's middle half▲ 6.9%€346,073above the sector's middle half▲ 16.2%€369,827above the sector's middle half▲ 6.9%€433,413above the sector's middle half▲ 17.2%
Solvency89.5%-98.2%▲ 8.7pp96.1%above the sector's middle half▼ 2.1pp92.0%above the sector's middle half▼ 4.1pp90.8%above the sector's middle half▼ 1.2pp91.3%above the sector's middle half▲ 0.5pp95.5%above the sector's middle half▲ 4.2pp96.0%above the sector's middle half▲ 0.4pp
Current ratio9.40-54.09▲ 44.6924.88above the sector's middle half▼ 29.2112.17above the sector's middle half▼ 12.7110.54above the sector's middle half▼ 1.6311.31above the sector's middle half▲ 0.7621.80above the sector's middle half▲ 10.4924.27above the sector's middle half▲ 2.47
Return on assets (ROA)31.1%-19.2%▼ 11.9pp16.7%within the sector's middle half▼ 2.5pp22.1%within the sector's middle half▲ 5.3pp17.4%within the sector's middle half▼ 4.6pp22.3%within the sector's middle half▲ 4.8pp20.9%within the sector's middle half▼ 1.4pp22.2%within the sector's middle half▲ 1.3pp
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 9% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €460,110
Fixed assets
€8,071 ▲ 0.3%
Current assets
€452,039 ▲ 16.6%
Equity and liabilities €460,110
Equity
€441,483 ▲ 16.8%
Debt
€18,627 ▲ 4.8%
Debt's share of the balance-sheet total falls from 4.5% to 4.0%. Equity and debt are higher.
Key figures and ratios
ROE
23.1%▲
2024 · 21.9%
Debt ≤ 1 year
€18,627▲
2024 · €17,781
Income taxes
€28,476▼
2024 · €33,299
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 | €3,059 | €4,484 | €1,165 | €3,859 | €3,508 |
| Depreciation and write-downs of the year | €3,538 | €3,678 | €3,928 | €2,906 | €3,481 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €3,388 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,650 | €2,421 | €2,338 | €3,538 | €3,678 | €3,928 | €2,906 | €3,481 | ▲ 19.8% |
| Other operating charges640/8 | - | - | - | €854 | €859 | €1,258 | €1,196 | €975 | ▼ 18.4% |
| Gross operating margin9900 | €82,830 | €58,097 | €61,008 | €98,275 | €82,301 | €122,630 | €116,682 | €126,854 | ▲ 8.7% |
| Operating profit (loss)9901 | €79,767 | €54,837 | €57,822 | €93,883 | €77,764 | €117,444 | €112,581 | €122,398 | ▲ 8.7% |
| Financial income75/76B | - | - | - | €5,044 | €7,338 | €5,362 | €5,880 | €10,128 | ▲ 72.2% |
| Recurring financial income75 | €2,639 | €4,100 | €4,928 | €5,044 | €7,338 | €5,362 | €5,880 | €10,128 | ▲ 72.2% |
| Financial charges65/66B | - | - | - | €1,218 | €933 | €1,878 | €2,486 | €2,011 | ▼ 19.1% |
| Recurring financial charges65 | €1,311 | €1,785 | €1,518 | €1,218 | €933 | €1,878 | €2,486 | €2,011 | ▼ 19.1% |
| Profit (loss) for the period before taxes9903 | €81,095 | €57,152 | €61,231 | €97,710 | €84,169 | €120,927 | €115,975 | €130,515 | ▲ 12.5% |
| Income taxes67/77 | €23,244 | €17,102 | €18,133 | €28,777 | €25,112 | €34,863 | €33,299 | €28,476 | ▼ 14.5% |
| Profit (loss) for the period9904 | €57,850 | €40,050 | €43,098 | €68,933 | €59,058 | €86,065 | €82,675 | €102,039 | ▲ 23.4% |
| Profit (loss) for the period to be appropriated9905 | €57,850 | €40,050 | €43,098 | €68,933 | €59,058 | €86,065 | €82,675 | €102,039 | ▲ 23.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €185,798 | €208,525 | €257,838 | €312,481 | €338,794 | €386,744 | €395,651 | €460,110 | ▲ 16.3% |
| Fixed assets21/28 | €2,907 | €7,888 | €9,527 | €9,048 | €9,854 | €7,091 | €8,044 | €8,071 | ▲ 0.3% |
| Tangible fixed assets22/27 | €2,907 | €7,888 | €9,527 | €9,048 | €9,854 | €7,091 | €8,044 | €8,071 | ▲ 0.3% |
| Plant, machinery and equipment23 | - | - | - | €2,868 | €2,933 | €2,456 | €4,571 | €3,884 | ▼ 15.0% |
| Furniture and vehicles24 | - | - | - | €3,766 | €2,241 | €715 | €313 | €1,787 | ▲ 471% |
| Other tangible fixed assets26 | - | - | - | €2,414 | €4,680 | €3,920 | €3,160 | €2,400 | ▼ 24.1% |
| Current assets29/58 | €182,891 | €200,637 | €248,312 | €303,434 | €328,940 | €379,653 | €387,608 | €452,039 | ▲ 16.6% |
| Amounts receivable within one year40/41 | €60,252 | €73,501 | €80,452 | €122,979 | €134,626 | €117,733 | €130,427 | €112,063 | ▼ 14.1% |
| Trade receivables40 | - | - | - | €19,260 | €19,957 | €31,155 | €52,866 | €33,996 | ▼ 35.7% |
| Other amounts receivable41 | - | - | - | €103,719 | €114,668 | €86,578 | €77,562 | €78,067 | ▲ 0.7% |
| Current investments50/53 | - | - | - | - | - | - | €200,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €119,741 | €124,483 | €164,687 | €177,339 | €191,430 | €258,773 | €55,854 | €339,162 | ▲ 507% |
| Deferred charges and accrued income490/1 | - | - | - | €3,116 | €2,884 | €3,147 | €1,326 | €814 | ▼ 38.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €185,798 | €208,525 | €257,838 | €312,481 | €338,794 | €386,744 | €395,651 | €460,110 | ▲ 16.3% |
| Equity10/15 | €166,334 | €204,760 | €247,858 | €287,551 | €307,599 | €353,164 | €377,871 | €441,483 | ▲ 16.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €160,134 | €198,560 | €241,658 | €281,351 | €301,399 | €346,964 | €371,671 | €435,283 | ▲ 17.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €279,491 | €299,539 | €346,964 | €371,671 | €435,283 | ▲ 17.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €19,465 | €3,765 | €9,980 | €24,930 | €31,196 | €33,580 | €17,781 | €18,627 | ▲ 4.8% |
| Amounts payable within one year42/48 | €19,456 | €3,709 | €9,980 | €24,930 | €31,196 | €33,580 | €17,781 | €18,627 | ▲ 4.8% |
| Trade debts44 | €6,530 | €2,085 | €2,262 | €5,836 | €4,804 | €1,647 | €2,574 | €12 | ▼ 99.5% |
| Suppliers440/4 | - | - | - | €5,836 | €4,804 | €1,647 | €2,574 | €12 | ▼ 99.5% |
| Taxes, remuneration and social security45 | - | - | - | €17,494 | €24,792 | €30,267 | €13,489 | €18,614 | ▲ 38.0% |
| Taxes450/3 | - | - | - | €17,494 | €24,792 | €30,267 | €13,489 | €18,614 | ▲ 38.0% |
| Other amounts payable47/48 | - | - | - | €1,600 | €1,600 | €1,666 | €1,718 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,850 | €40,050 | €43,098 | €68,933 | €59,058 | €86,065 | €82,675 | €102,039 | ▲ 23.4% |
| + Depreciation and write-downs630 | €1,650 | €2,421 | €2,338 | €3,538 | €3,678 | €3,928 | €2,906 | €3,481 | ▲ 19.8% |
| Operating cash flow (approximation) | €59,500 | €42,472 | €45,436 | €72,470 | €62,736 | €89,992 | €85,581 | €105,520 | ▲ 23.3% |
| Investment in fixed assets (approximation) | - | -€7,402 | -€3,976 | -€3,059 | -€4,484 | -€1,165 | -€3,859 | -€3,508 | ▲ 9.1% |
| Change in cash | - | €4,742 | €40,204 | €12,652 | €14,091 | €67,342 | -€202,918 | €283,308 | - |
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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-03-2026 | 2026-00061600 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00164865 | |
| 31-12-2023 | micro format | 29-05-2024 | 2024-00100375 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00125675 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20152635 | |
| 31-12-2020 | micro format | 11-06-2021 | 2021-20200036 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-46600582 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-52700422 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61600385 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-51200078 |