Financials · financial year 2025, full format, standalone accounts
Consolidated accounts 2025 filed on 15-05-2026 PDF all 22 filings
Equity
€20.2m▲ 1.4%
2024 · €20.0m
Net result
€272,380▼ 94.9%
2024 · €5.3m
Total assets
€24.2m▲ 1.2%
2024 · €23.9m
Solvency
83.6%▲ 0.1pp
2024 · 83.5%
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€570,000
▲ 18.8%
2025
20192025
Operating result
€332,772
▲ 39.9%
2025
20192025
Net result
€272,380
▼ 94.9%
2025
middle half of the sector
20192025
Equity
€20.2m
▲ 1.4%
2025
middle half of the sector
20192025
Total assets
€24.2m
▲ 1.2%
2025
middle half of the sector
20192025
Debt
€4.0m
▲ 0.5%
2025
20192025
Working capital
€2.2m
▲ 15.6%
2025
middle half of the sector
20192025
Solvency
83.6%
▲ 0.1pp
2025
middle half of the sector
20192025
Current ratio
1.56
▲ 0.07
2025
middle half of the sector
20192025
Return on assets (ROA)
1.1%
▼ 21.2pp
2025
middle half of the sector
20192025
Staff (FTE)
0.6
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.3m-€0.3m=€0.3m=€0.5m▲ 50.0%€0.4m▼ 11.9%€0.5m▲ 12.1%€0.6m▲ 18.8%
Operating result€0.05m-€0.09m▲ 64.0%€0.09m▲ 4.0%€0.2m▲ 75.3%€0.2m▲ 31.1%€0.2m▲ 10.8%€0.3m▲ 39.9%
Net result€0.04m-€0.07m▲ 84.5%€0.07m▼ 0.4%€0.1m▲ 71.1%€1.6mabove the sector's middle half▲ 14×€5.3mabove the sector's middle half▲ 225%€0.3mwithin the sector's middle half▼ 94.9%
Equity€17.3m-€17.3m▲ 0.3%€17.4m▲ 0.4%€17.5m▲ 0.7%€19.1mwithin the sector's middle half▲ 9.4%€20.0mwithin the sector's middle half▲ 4.3%€20.2mwithin the sector's middle half▲ 1.4%
Total assets€18.7m-€18.7m▲ 0.3%€18.7m▲ 0.2%€18.9m▲ 0.6%€19.3mwithin the sector's middle half▲ 2.4%€23.9mwithin the sector's middle half▲ 23.9%€24.2mwithin the sector's middle half▲ 1.2%
Debt€1.4m-€1.4m▲ 0.7%€1.4m▼ 2.5%€1.4m▼ 0.1%€0.2m▼ 87.1%€4.0m▲ 22×€4.0m▲ 0.5%
Working capital-€0.7m--€0.6m▲ 7.9%-€0.6m▲ 11.4%-€0.4m▲ 22.1%€1.2mwithin the sector's middle half€1.9mwithin the sector's middle half▲ 61.9%€2.2mwithin the sector's middle half▲ 15.6%
Solvency92.5%-92.5%=92.7%▲ 0.2pp92.7%▲ 0.1pp99.1%above the sector's middle half▲ 6.4pp83.5%within the sector's middle half▼ 15.6pp83.6%within the sector's middle half▲ 0.1pp
Current ratio0.50-0.54▲ 0.040.58▲ 0.040.67▲ 0.097.78above the sector's middle half▲ 7.111.49within the sector's middle half▼ 6.291.56within the sector's middle half▲ 0.07
Return on assets (ROA)0.2%-0.4%▲ 0.2pp0.4%=0.6%▲ 0.3pp8.5%within the sector's middle half▲ 7.9pp22.3%above the sector's middle half▲ 13.8pp1.1%within the sector's middle half▼ 21.2pp
Staff (FTE)0.5-0.50.6▲ 20.0%0.6below the sector's middle half=0.6below the sector's middle half=0.6below the sector's middle half=
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 40% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Large changes and their cause
- 2023 Net result +1,282% on 2022. The previous financial year ran 18 months, this one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24.2m
Fixed assets
€18.0m ▼ 0.1%
Current assets
€6.2m ▲ 5.3%
Equity and liabilities €24.2m
Equity
€20.2m ▲ 1.4%
Debt
€4.0m ▲ 0.5%
Debt's share of the balance-sheet total falls from 16.5% to 16.4%. Equity and debt are higher.
Key figures and ratios
ROE
1.3%▼
2024 · 26.7%
Debt ≤ 1 year
€4.0m▲
2024 · €4.0m
Income taxes
€91,689▲
2024 · €59,462
Staff costs
€19,259▲
2024 · €17,966
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.6 | 0.6 | 0.6 | 0.6 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2020 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | - | - | €110,240 | - |
| Financial fixed assets | - | - | - | €0 | €0 |
| Depreciation and write-downs of the year | €10,326 | €8,034 | €810 | €15,025 | €22,858 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 31-03-2020 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,500 | €3,500 | €3,800 | €4,245 | €5,500 |
Source: notes to the 2020 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €0.3m | - | €0.5m | €0.4m | €0.5m | €0.6m | ▲ 19.0% |
| Turnover70 | €0.3m | €0.3m | €0.3m | €0.5m | €0.4m | €0.5m | €0.6m | ▲ 18.8% |
| Other operating income74 | - | - | - | €0.005m | €0 | €0.002m | €0.003m | ▲ 68.0% |
| Operating charges60/66A | - | €0.2m | - | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 1.5% |
| Services and other goods61 | - | €0.2m | - | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 6.2% |
| Remuneration, social security and pensions62 | - | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.01m | €0.009m | €0.008m | €0.001m | €0.02m | €0.02m | ▲ 52.1% |
| Other operating charges640/8 | - | €0.001m | - | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 20.8% |
| Operating profit (loss)9901 | €0.05m | €0.09m | €0.09m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 39.9% |
| Financial income75/76B | - | €19 | - | €68 | €1.5m | €5.2m | €0.03m | ▼ 99.4% |
| Recurring financial income75 | €19 | €19 | €20 | €68 | €1.5m | €5.2m | €0.03m | ▼ 99.4% |
| Income from financial fixed assets750 | - | - | - | - | €1.5m | €5.2m | €0 | ▼ 100% |
| Income from current assets751 | - | - | - | - | - | - | €0.03m | - |
| Other financial income752/9 | - | €19 | - | €68 | €77 | €145 | €0 | ▼ 100% |
| Financial charges65/66B | - | €0.001m | - | €0.006m | €0.001m | €0.002m | €0.002m | ▼ 0.4% |
| Recurring financial charges65 | €0.001m | €0.001m | €0.001m | €0.006m | €0.001m | €0.002m | €0.002m | ▼ 0.4% |
| Debt charges650 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | €0.001m | ▼ 7.9% |
| Other financial charges652/9 | - | €140 | - | €0.004m | €255 | €150 | €261 | ▲ 74.1% |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.09m | €0.09m | €0.2m | €1.7m | €5.4m | €0.4m | ▼ 93.2% |
| Income taxes67/77 | €0.02m | €0.02m | €0.02m | €0.04m | €0.05m | €0.06m | €0.09m | ▲ 54.2% |
| Taxes670/3 | - | €0.02m | - | €0.04m | €0.05m | €0.06m | €0.09m | ▲ 54.2% |
| Profit (loss) for the period9904 | €0.04m | €0.07m | €0.07m | €0.1m | €1.6m | €5.3m | €0.3m | ▼ 94.9% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.07m | €0.07m | €0.1m | €1.6m | €5.3m | €0.3m | ▼ 94.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €18.7m | €18.7m | €18.7m | €18.9m | €19.3m | €23.9m | €24.2m | ▲ 1.2% |
| Fixed assets21/28 | €18.0m | €18.0m | €17.9m | €17.9m | €17.9m | €18.0m | €18.0m | ▼ 0.1% |
| Tangible fixed assets22/27 | €0.03m | €0.02m | €0.01m | €0.002m | €0.002m | €0.1m | €0.07m | ▼ 23.6% |
| Furniture and vehicles24 | - | €0.02m | - | €0.002m | €0.002m | €0.1m | €0.07m | ▼ 23.6% |
| Financial fixed assets28 | €17.9m | €17.9m | €17.9m | €17.9m | €17.9m | €17.9m | €17.9m | = |
| Affiliated companies280/1 | - | €17.9m | - | €17.9m | €17.9m | €17.9m | €17.9m | = |
| Participating interests280 | - | €17.9m | - | €17.9m | €17.9m | €17.9m | €17.9m | = |
| Current assets29/58 | €0.7m | €0.8m | €0.8m | €0.9m | €1.4m | €5.9m | €6.2m | ▲ 5.3% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.04m | €0.03m | €0.04m | €0.04m | €0.3m | €4.3m | €4.3m | ▲ 0.4% |
| Trade receivables40 | - | €0.03m | - | €0.03m | €0.05m | €0.05m | €0.07m | ▲ 37.5% |
| Other amounts receivable41 | - | €0.001m | - | €0.006m | €0.3m | €4.3m | €4.3m | = |
| Current investments50/53 | - | - | - | - | - | - | €1.5m | - |
| Other investments51/53 | - | - | - | - | - | - | €1.5m | - |
| Cash at bank and in hand54/58 | €0.7m | €0.7m | €0.8m | €0.9m | €1.1m | €1.6m | €0.3m | ▼ 78.8% |
| Deferred charges and accrued income490/1 | - | €0.001m | - | €139 | €148 | €0.002m | €0.03m | ▲ 17× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €18.7m | €18.7m | €18.7m | €18.9m | €19.3m | €23.9m | €24.2m | ▲ 1.2% |
| Equity10/15 | €17.3m | €17.3m | €17.4m | €17.5m | €19.1m | €20.0m | €20.2m | ▲ 1.4% |
| Contributions10/11 | €9.0m | €9.0m | - | €9.0m | €9.0m | €6.9m | €6.9m | = |
| Reserves13 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | €0.9m | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0.9m | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.9m | €0.9m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | €7.4m | €7.4m | €7.5m | €7.6m | €9.3m | €12.4m | €12.7m | ▲ 2.2% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.4m | €1.4m | €0.2m | €4.0m | €4.0m | ▲ 0.5% |
| Amounts payable within one year42/48 | €1.4m | €1.4m | €1.4m | €1.4m | €0.2m | €4.0m | €4.0m | ▲ 0.4% |
| Current portion of amounts payable after more than one year42 | - | €0 | - | - | - | - | - | - |
| Trade debts44 | €0.007m | €0.004m | €0.005m | €0.003m | €0.003m | €0.004m | €0.004m | ▼ 1.4% |
| Suppliers440/4 | - | €0.004m | - | €0.003m | €0.003m | €0.004m | €0.004m | ▼ 1.4% |
| Taxes, remuneration and social security45 | - | €0.04m | - | €0.03m | €0.05m | €0.05m | €0.06m | ▲ 36.9% |
| Taxes450/3 | - | €0.03m | - | €0.02m | €0.04m | €0.03m | €0.05m | ▲ 48.2% |
| Remuneration and social security454/9 | - | €0.02m | - | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 1.6% |
| Other amounts payable47/48 | - | €1.4m | - | €1.3m | €0.1m | €3.9m | €3.9m | ▼ 0.1% |
| Accrued charges and deferred income492/3 | - | €0.001m | - | €0.001m | €0.001m | €0.005m | €0.01m | ▲ 105% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.07m | €0.07m | €0.1m | €1.6m | €5.3m | €0.3m | ▼ 94.9% |
| + Depreciation and write-downs630 | €0.02m | €0.01m | €0.009m | €0.008m | €0.001m | €0.02m | €0.02m | ▲ 52.1% |
| Operating cash flow (approximation) | €0.05m | €0.08m | €0.08m | €0.1m | €1.6m | €5.3m | €0.3m | ▼ 94.5% |
| Investment in fixed assets (approximation) | - | €0 | -€0.004m | €0 | €0 | -€0.1m | €0 | - |
| Change in cash | - | €0.07m | €0.03m | €0.1m | €0.2m | €0.5m | -€1.2m | - |
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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | consolidated | 15-05-2026 | 2026-00118999 | |
| 30-09-2025 | full format | 28-04-2026 | 2026-00098649 | |
| 30-11-2024 | consolidated | 17-04-2025 | 2025-00073840 | |
| 30-09-2024 | full format | 17-04-2025 | 2025-00073878 | |
| 30-11-2023 | consolidated | 04-04-2024 | 2024-00057238 | |
| 30-09-2023 | full format | 04-04-2024 | 2024-00059240 | |
| 30-11-2022 | consolidated | 03-04-2023 | 2023-00056115 | |
| 30-09-2022 | full format | 12-04-2023 | 2023-00059558 | |
| 31-03-2021 | consolidated | 29-10-2021 | 2021-75800218 | |
| 31-03-2021 | full format | 14-10-2021 | 2021-72100007 |