BROWNING
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 27 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€127.1m▲ 126%
2024 · €56.3m
Working capital
€7.8m▼ 5.2%
2024 · €8.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,912
2025
20182025
Net result
€127.1m
▲ 126%
2025
20182025
Equity
€121.8m
▲ 5.7%
2025
20182025
Total assets
€175.4m
▼ 14.2%
2025
20182025
Debt
€53.5m
▼ 39.9%
2025
20182025
Working capital
€7.8m
▼ 5.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.008m--€0.008m▼ 5.3%-€0.006m▲ 24.2%-€0.008m▼ 27.9%-€0.009m▼ 3.4%-€0.007m▲ 18.3%-€0.01m▼ 109%€0.03m
Net result€7.0m-€8.0m▲ 14.5%€6.0m▼ 24.8%€16.7m▲ 178%€14.3m▼ 14.0%€23.4m▲ 63.3%€56.3m▲ 141%€127.1m▲ 126%
Equity€116.8m-€119.8m▲ 2.5%€115.7m▼ 3.4%€112.5m▼ 2.8%€111.0m▼ 1.3%€112.9m▲ 1.7%€115.2m▲ 2.0%€121.8m▲ 5.7%
Total assets€148.1m-€146.8m▼ 0.9%€151.7m▲ 3.4%€156.2m▲ 2.9%€160.3m▲ 2.6%€171.4m▲ 6.9%€204.3m▲ 19.2%€175.4m▼ 14.2%
Debt€31.3m-€27.0m▼ 13.6%€36.0m▲ 33.3%€43.7m▲ 21.4%€49.3m▲ 12.7%€58.4m▲ 18.6%€89.1m▲ 52.4%€53.5m▼ 39.9%
Working capital-€1.0m--€0.3m▲ 71.0%-€0.3m▼ 5.1%€0.4m€0.03m▼ 92.3%€6.0m▲ 172×€8.2m▲ 38.3%€7.8m▼ 5.2%
The operating result for 2025 is a profit of €33,912, after a loss of €14,509 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €175.4m
Fixed assets
€142.1m =
Current assets
€33.3m ▼ 46.5%
Equity and liabilities €175.4m
Equity
€121.8m ▲ 5.7%
Debt
€53.5m ▼ 39.9%
Debt's share of the balance-sheet total falls from 43.6% to 30.5%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
1.31▲
2024 · 1.15
Debt to equity
0.44▼
2024 · 0.77
ROE
104.3%▲
2024 · 48.9%
ROA
72.5%▲
2024 · 27.6%
Debt ≤ 1 year
€25.5m▼
2024 · €54.0m
Debt > 1 year
€28.0m▼
2024 · €35.0m
Income taxes
€3,615
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €0 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €1,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is PricewaterhouseCoopers Reviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,876 | €5,169 | €5,428 | €7,000 | €7,140 |
| Other work by the auditor | - | - | - | - | €2,500 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | - | €0.05m | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.05m | - |
| Operating charges60/66A | - | - | - | €0.008m | €0.009m | €0.007m | €0.01m | €0.01m | ▼ 3.3% |
| Services and other goods61 | - | - | - | €0.008m | €0.009m | €0.007m | €0.01m | €0.01m | ▼ 3.3% |
| Operating profit (loss)9901 | -€0.008m | -€0.008m | -€0.006m | -€0.008m | -€0.009m | -€0.007m | -€0.01m | €0.03m | - |
| Financial income75/76B | - | - | - | €16.7m | €14.7m | €25.1m | €57.8m | €127.8m | ▲ 121% |
| Recurring financial income75 | €7.0m | €8.1m | €6.1m | €16.7m | €14.7m | €25.1m | €57.8m | €127.8m | ▲ 121% |
| Income from financial fixed assets750 | - | - | - | €16.6m | €14.5m | €24.0m | €56.5m | €126.0m | ▲ 123% |
| Income from current assets751 | - | - | - | €0.07m | €0.2m | €1.1m | €1.3m | €1.8m | ▲ 34.8% |
| Financial charges65/66B | - | - | - | €0.007m | €0.4m | €1.6m | €1.5m | €0.7m | ▼ 52.4% |
| Recurring financial charges65 | €0.09m | €0.08m | €0.06m | €0.007m | €0.4m | €1.6m | €1.5m | €0.7m | ▼ 52.4% |
| Debt charges650 | €0.08m | €0.08m | €0.06m | €0.006m | €0.4m | €1.6m | €1.5m | €0.7m | ▼ 52.5% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 12.0% |
| Profit (loss) for the period before taxes9903 | €7.0m | €8.0m | €6.0m | €16.7m | €14.3m | €23.4m | €56.3m | €127.1m | ▲ 126% |
| Income taxes67/77 | - | - | - | €0 | - | - | - | €0.004m | - |
| Taxes670/3 | - | - | - | €0 | - | - | - | €0.004m | - |
| Profit (loss) for the period9904 | €7.0m | €8.0m | €6.0m | €16.7m | €14.3m | €23.4m | €56.3m | €127.1m | ▲ 126% |
| Profit (loss) for the period to be appropriated9905 | €7.0m | €8.0m | €6.0m | €16.7m | €14.3m | €23.4m | €56.3m | €127.1m | ▲ 126% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €148.1m | €146.8m | €151.7m | €156.2m | €160.3m | €171.4m | €204.3m | €175.4m | ▼ 14.2% |
| Fixed assets21/28 | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | = |
| Financial fixed assets28 | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | = |
| Affiliated companies280/1 | - | - | - | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | = |
| Participating interests280 | - | - | - | €142.1m | €142.1m | €142.1m | €142.1m | €142.1m | = |
| Current assets29/58 | €6.0m | €4.7m | €9.7m | €14.2m | €18.2m | €29.3m | €62.2m | €33.3m | ▼ 46.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €7.0m | €20.6m | €16.5m | €12.5m | ▼ 24.5% |
| Other amounts receivable291 | - | - | - | €0.3m | €7.0m | €20.6m | €16.5m | €12.5m | ▼ 24.5% |
| Amounts receivable within one year40/41 | €0.004m | €0.004m | €0.006m | €1.0m | €1.3m | €4.2m | €4.2m | €4.2m | ▼ 1.0% |
| Other amounts receivable41 | - | - | - | €1.0m | €1.3m | €4.2m | €4.2m | €4.2m | ▼ 1.0% |
| Cash at bank and in hand54/58 | €6.0m | €4.7m | €9.7m | €12.9m | €10.0m | €4.6m | €41.5m | €16.7m | ▼ 59.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €148.1m | €146.8m | €151.7m | €156.2m | €160.3m | €171.4m | €204.3m | €175.4m | ▼ 14.2% |
| Equity10/15 | €116.8m | €119.8m | €115.7m | €112.5m | €111.0m | €112.9m | €115.2m | €121.8m | ▲ 5.7% |
| Contributions10/11 | €107.2m | €107.2m | €107.2m | €107.2m | €107.2m | €107.2m | €107.2m | €107.2m | = |
| Capital10 | - | - | - | €107.2m | €107.2m | €107.2m | €107.2m | €107.2m | = |
| Issued capital100 | - | - | - | €107.2m | €107.2m | €107.2m | €107.2m | €107.2m | = |
| Reserves13 | €1.6m | €2.0m | €2.3m | €3.1m | €3.9m | €5.0m | €7.8m | €10.7m | ▲ 36.7% |
| Non-distributable reserves130/1 | - | - | - | €3.1m | €3.9m | €5.0m | €7.8m | €10.7m | ▲ 36.7% |
| Legal reserve130 | - | - | - | €3.1m | €3.9m | €5.0m | €7.8m | €10.7m | ▲ 36.7% |
| Profit (loss) carried forward14 | €8.0m | €10.6m | €6.3m | €2.2m | €0.002m | €0.7m | €0.2m | €3.9m | ▲ 17× |
| Amounts payable17/49 | €31.3m | €27.0m | €36.0m | €43.7m | €49.3m | €58.4m | €89.1m | €53.5m | ▼ 39.9% |
| Amounts payable after more than one year17 | €24.3m | €22.0m | €26.0m | €30.0m | €31.0m | €35.0m | €35.0m | €28.0m | ▼ 20.0% |
| Financial debts170/4 | - | - | - | €30.0m | €31.0m | €35.0m | €35.0m | €28.0m | ▼ 20.0% |
| Other loans174 | - | - | - | €30.0m | €31.0m | €35.0m | €35.0m | €28.0m | ▼ 20.0% |
| Amounts payable within one year42/48 | €7.0m | €5.0m | €10.0m | €13.7m | €18.2m | €23.4m | €54.0m | €25.5m | ▼ 52.8% |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | - | - | €0.004m | - |
| Taxes450/3 | - | - | - | €0 | - | - | - | €0.004m | - |
| Other amounts payable47/48 | - | - | - | €13.7m | €18.2m | €23.4m | €54.0m | €25.5m | ▼ 52.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.06m | €0.08m | €0.05m | €0.03m | ▼ 31.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7.0m | €8.0m | €6.0m | €16.7m | €14.3m | €23.4m | €56.3m | €127.1m | ▲ 126% |
| Operating cash flow (approximation) | €7.0m | €8.0m | €6.0m | €16.7m | €14.3m | €23.4m | €56.3m | €127.1m | ▲ 126% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | -€0.001m | - |
| Change in cash | - | -€1.3m | €5.0m | €3.2m | -€2.9m | -€5.3m | €36.9m | -€24.8m | - |
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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-06-2026 | 2026-00181792 | |
| 31-12-2024 | full format | 03-07-2025 | 2025-00222417 | |
| 31-12-2023 | full format | 27-06-2024 | 2024-00169479 | |
| 31-12-2022 | full format | 27-06-2023 | 2023-00161829 | |
| 31-12-2021 | full format | 16-06-2022 | 2022-20068870 | |
| 31-12-2020 | full format | 23-06-2021 | 2021-23400154 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-24400036 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-25000401 | |
| 31-12-2017 | full format | 25-06-2018 | 2018-21600404 | |
| 31-12-2016 | full format | 22-06-2017 | 2017-20500355 |