Financials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 35 filings
Equity
€4.7m▼ 21.4%
2024 · €6.0m
Net result
-€1.3m▼ 94.7%
2024 · -€658,402
Total assets
€28.7m▼ 3.8%
2024 · €29.8m
Solvency
16.4%▼ 3.7pp
2024 · 20.1%
In the rankings
#3 oldest company in Aartselaar, Finance and insurance sector#4 company by total assets in Aartselaar, Finance and insurance sector#9 company by equity in Aartselaar, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€471,126
▼ 178%
2025
20182025
Net result
-€1.3m
▼ 94.7%
2025
lowest quarter of the sector
20182025
Equity
€4.7m
▼ 21.4%
2025
middle half of the sector
20182025
Total assets
€28.7m
▼ 3.8%
2025
middle half of the sector
20182025
Debt
€23.7m
▲ 0.7%
2025
20182025
Working capital
-€20.3m
▼ 1.5%
2025
lowest quarter of the sector
20182025
Solvency
16.4%
▼ 3.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.11
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.5%
▼ 2.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4
=
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-€0.4m--€0.3m▲ 15.0%€0.3m€0.3m▼ 3.4%-€0.1m-€0.09m▲ 23.2%-€0.2m▼ 95.6%-€0.5m▼ 178%
Net result-€0.3m--€0.3m▲ 9.9%€0.04mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 237%-€0.2mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 249%-€0.7mbelow the sector's middle half▲ 6.9%-€1.3mbelow the sector's middle half▼ 94.7%
Equity€7.7m-€7.4m▼ 4.0%€7.4mabove the sector's middle half▲ 0.6%€7.6mabove the sector's middle half▲ 2.0%€7.4mabove the sector's middle half▼ 2.7%€6.7mabove the sector's middle half▼ 9.6%€6.0mabove the sector's middle half▼ 10.1%€4.7mwithin the sector's middle half▼ 21.4%
Total assets€21.1m-€24.4m▲ 15.8%€26.1mabove the sector's middle half▲ 6.9%€27.7mabove the sector's middle half▲ 6.2%€30.1mabove the sector's middle half▲ 8.8%€29.5mabove the sector's middle half▼ 2.2%€29.8mabove the sector's middle half▲ 1.0%€28.7mwithin the sector's middle half▼ 3.8%
Debt€13.3m-€16.9m▲ 27.5%€18.3m▲ 8.5%€19.7m▲ 7.6%€22.4m▲ 13.4%€22.3m▼ 0.2%€23.6m▲ 5.7%€23.7m▲ 0.7%
Working capital-€10.4m--€12.4m▼ 19.8%-€16.0mbelow the sector's middle half▼ 28.8%-€17.2mbelow the sector's middle half▼ 7.6%-€18.3mbelow the sector's middle half▼ 6.5%-€18.8mbelow the sector's middle half▼ 2.3%-€20.0mbelow the sector's middle half▼ 6.3%-€20.3mbelow the sector's middle half▼ 1.5%
Solvency36.5%-30.3%▼ 6.2pp28.5%within the sector's middle half▼ 1.8pp27.3%within the sector's middle half▼ 1.1pp24.5%within the sector's middle half▼ 2.9pp22.6%below the sector's middle half▼ 1.8pp20.1%below the sector's middle half▼ 2.5pp16.4%below the sector's middle half▼ 3.7pp
Current ratio0.20-0.25▲ 0.060.12below the sector's middle half▼ 0.140.12below the sector's middle half=0.18below the sector's middle half▲ 0.060.14below the sector's middle half▼ 0.040.15below the sector's middle half▲ 0.010.11below the sector's middle half▼ 0.03
Return on assets (ROA)-1.6%--1.2%▲ 0.4pp0.2%below the sector's middle half▲ 1.4pp0.5%within the sector's middle half▲ 0.4pp-0.7%below the sector's middle half▼ 1.2pp-2.4%below the sector's middle half▼ 1.7pp-2.2%below the sector's middle half▲ 0.2pp-4.5%below the sector's middle half▼ 2.3pp
Staff (FTE)1.8-2▲ 11.1%2within the sector's middle half=2within the sector's middle half=2within the sector's middle half=3.1above the sector's middle half▲ 55.0%4above the sector's middle half▲ 29.0%4within 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 a loss of €471,126, larger than the loss of €169,707 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result -95% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €28.7m
Fixed assets
€26.1m ▼ 1.1%
Current assets
€2.6m ▼ 25.1%
Equity and liabilities €28.7m
Equity
€4.7m ▼ 21.4%
Provisions
€195,053 ▼ 2.8%
Debt
€23.7m ▲ 0.7%
Debt's share of the balance-sheet total rises from 79.2% to 82.9%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-27.2%▼
2024 · -11.0%
Debt ≤ 1 year
€22.8m▼
2024 · €23.4m
Income taxes
€119,309▲
2024 · €1,505
Staff costs
€215,926▼
2024 · €216,094
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 4 | 5 | 4 |
| full-time | 2 | 2 | 4 | 3 | 3 |
| part-time | - | - | - | 2 | 1 |
| in full-time equivalents | 2 | 2 | 4 | 4 | 3.5 |
| Average over the year, in full-time equivalents | 2 | 2 | 3.1 | 4 | 4 |
| On a permanent contract | 2 | 2 | 4 | 5 | 4 |
| Joined | - | - | 3 | - | 0 |
| Left | - | - | 0 | 0 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.9m | €1.2m | €953,852 | €466,024 | €361,007 |
| Financial fixed assets | €1,872 | €936 | €936 | €1,300 | €2,122 |
| Depreciation and write-downs of the year | €411,365 | €407,844 | €470,744 | €589,590 | €643,230 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€0.01m | €0.1m | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.03m | €0.06m | €0.06m | €0.04m | ▼ 28.1% |
| Gross operating margin9900 | €0.2m | €0.4m | €0.8m | €0.9m | €0.5m | €0.6m | €0.8m | €0.4m | ▼ 46.2% |
| Operating profit (loss)9901 | -€0.4m | -€0.3m | €0.3m | €0.3m | -€0.1m | -€0.09m | -€0.2m | -€0.5m | ▼ 178% |
| Financial income75/76B | - | - | - | €0.06m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 3.5% |
| Recurring financial income75 | €0.05m | €0.06m | €0.06m | €0.06m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 3.5% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.6m | €0.8m | €0.7m | ▼ 12.2% |
| Recurring financial charges65 | €0.03m | €0.06m | €0.1m | €0.1m | €0.1m | €0.6m | €0.8m | €0.7m | ▼ 12.2% |
| Profit (loss) for the period before taxes9903 | -€0.3m | -€0.3m | €0.2m | €0.2m | -€0.2m | -€0.6m | -€1.0m | -€1.2m | ▼ 20.3% |
| Transfer from deferred taxes780 | - | - | - | €0.006m | €0.006m | €0.006m | €0.3m | €0.006m | ▼ 98.3% |
| Transfer to deferred taxes680 | - | - | - | €0.1m | - | €0.09m | €0.01m | - | - |
| Income taxes67/77 | €0.006m | -€0.002m | €0.001m | -€0.003m | €0.003m | -€189 | €0.002m | €0.1m | ▲ 79× |
| Profit (loss) for the period9904 | -€0.3m | -€0.3m | €0.04m | €0.1m | -€0.2m | -€0.7m | -€0.7m | -€1.3m | ▼ 94.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.02m | €0.02m | €0.02m | €0.9m | €0.02m | ▼ 98.2% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.3m | - | €0.3m | €0.03m | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.3m | -€0.3m | -€0.6m | -€0.1m | -€0.2m | -€1.0m | €0.2m | -€1.3m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21.1m | €24.4m | €26.1m | €27.7m | €30.1m | €29.5m | €29.8m | €28.7m | ▼ 3.8% |
| Fixed assets21/28 | €18.6m | €20.2m | €24.0m | €25.3m | €26.1m | €26.5m | €26.4m | €26.1m | ▼ 1.1% |
| Tangible fixed assets22/27 | €18.1m | €19.8m | €23.6m | €24.9m | €25.7m | €26.1m | €26.0m | €25.7m | ▼ 1.1% |
| Land and buildings22 | - | - | - | €24.9m | €25.6m | €26.0m | €25.6m | €25.2m | ▼ 1.6% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.06m | €0.05m | €0.1m | €0.2m | ▲ 49.4% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.1m | €0.09m | €0.2m | €0.3m | ▲ 30.5% |
| Financial fixed assets28 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 0.5% |
| Current assets29/58 | €2.5m | €4.2m | €2.1m | €2.4m | €4.0m | €3.0m | €3.4m | €2.6m | ▼ 25.1% |
| Amounts receivable within one year40/41 | €1.1m | €1.0m | €1.1m | €1.2m | €1.2m | €1.3m | €1.3m | €1.3m | ▲ 3.2% |
| Trade receivables40 | - | - | - | €0.1m | €0.05m | €0.1m | €0.07m | €0.06m | ▼ 3.4% |
| Other amounts receivable41 | - | - | - | €1.1m | €1.1m | €1.2m | €1.2m | €1.3m | ▲ 3.5% |
| Current investments50/53 | €0.4m | €0.4m | €0.4m | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.0m | €2.7m | €0.6m | €1.1m | €2.8m | €1.6m | €2.1m | €1.2m | ▼ 43.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.07m | ▲ 7.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21.1m | €24.4m | €26.1m | €27.7m | €30.1m | €29.5m | €29.8m | €28.7m | ▼ 3.8% |
| Equity10/15 | €7.7m | €7.4m | €7.4m | €7.6m | €7.4m | €6.7m | €6.0m | €4.7m | ▼ 21.4% |
| Contributions10/11 | €12.3m | €12.3m | €12.3m | €12.3m | €12.3m | €12.3m | €12.3m | €12.3m | = |
| Capital10 | - | - | - | €12.3m | €12.3m | €12.3m | €12.3m | €12.3m | = |
| Issued capital100 | - | - | - | €12.3m | €12.3m | €12.3m | €12.3m | €12.3m | = |
| Reserves13 | €0.4m | €0.4m | €1.0m | €1.3m | €1.3m | €1.5m | €0.6m | €0.6m | ▼ 2.6% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €1.2m | €1.2m | €1.5m | €0.6m | €0.6m | ▼ 2.8% |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | -€5.0m | -€5.3m | -€5.9m | -€6.0m | -€6.2m | -€7.2m | -€7.0m | -€8.2m | ▼ 18.2% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.3m | €0.4m | €0.4m | €0.5m | €0.2m | €0.2m | ▼ 2.8% |
| Deferred taxes168 | - | - | - | €0.4m | €0.4m | €0.5m | €0.2m | €0.2m | ▼ 2.8% |
| Amounts payable17/49 | €13.3m | €16.9m | €18.3m | €19.7m | €22.4m | €22.3m | €23.6m | €23.7m | ▲ 0.7% |
| Amounts payable after more than one year17 | €0.4m | €0.2m | €0.1m | €0.03m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.03m | - | - | - | - | - |
| Amounts payable within one year42/48 | €12.9m | €16.6m | €18.1m | €19.6m | €22.4m | €21.7m | €23.4m | €22.8m | ▼ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.03m | - | - | - | - |
| Financial debts43 | - | - | - | €19.2m | €21.8m | €21.6m | €23.2m | €22.6m | ▼ 2.5% |
| Other loans439 | - | - | - | €19.2m | €21.8m | €21.6m | €23.2m | €22.6m | ▼ 2.5% |
| Trade debts44 | €0.05m | €0.2m | €0.4m | €0.2m | €0.5m | €0.1m | €0.1m | €0.2m | ▲ 30.4% |
| Suppliers440/4 | - | - | - | €0.2m | €0.5m | €0.1m | €0.1m | €0.2m | ▲ 30.4% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €0.02m | €0.03m | €0.009m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.05m | €0.03m | €0.04m | €0.03m | ▼ 19.2% |
| Taxes450/3 | - | - | - | €0.007m | €0.04m | €0.02m | €0.02m | €0.02m | ▼ 29.7% |
| Remuneration and social security454/9 | - | - | - | €0.009m | €0.008m | €0.01m | €0.02m | €0.01m | ▼ 2.1% |
| Other amounts payable47/48 | - | - | - | - | - | €0.007m | €0.008m | €0.008m | ▼ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | - | €0.6m | €0.2m | €0.9m | ▲ 315% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.3m | -€0.3m | €0.04m | €0.1m | -€0.2m | -€0.7m | -€0.7m | -€1.3m | ▼ 94.7% |
| + Depreciation and write-downs630 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 9.1% |
| Operating cash flow (approximation) | -€0.001m | €0.06m | €0.4m | €0.6m | €0.2m | -€0.2m | -€0.07m | -€0.6m | ▼ 829% |
| Investment in fixed assets (approximation) | - | -€2.0m | -€4.1m | -€1.8m | -€1.2m | -€0.8m | -€0.5m | -€0.4m | ▲ 22.0% |
| Change in cash | - | €1.7m | -€2.1m | €0.5m | €1.7m | -€1.2m | €0.5m | -€0.9m | - |
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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00358551 | |
| 31-12-2024 | abbreviated format | 24-07-2025 | 2025-00312000 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00305571 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00298955 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20206515 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-42800461 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-46200578 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-56400306 | |
| 31-12-2017 | abbreviated format | 23-08-2018 | 2018-49100373 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-49700483 |