Financials · financial year 2025, abbreviated format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00558454.
Annual accounts 2025 filed on 15-10-2026 at the NBB all 5 filings
Equity
€1.1m=
2024 · €1.1m
Net result
€390,257▲ 91.9%
2024 · €203,398
Total assets
€3.9m▼ 4.3%
2024 · €4.1m
Solvency
27.6%▲ 1.2pp
2024 · 26.4%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€237,049
▼ 30.9%
2025
20212025
Net result
€390,257
▲ 91.9%
2025
highest quarter of the sector
20212025
Equity
€1.1m
=
2025
middle half of the sector
20212025
Total assets
€3.9m
▼ 4.3%
2025
highest quarter of the sector
20212025
Debt
€2.9m
▼ 5.8%
2025
20212025
Working capital
-€840,821
▲ 12.3%
2025
lowest quarter of the sector
20212025
Solvency
27.6%
▲ 1.2pp
2025
middle half of the sector
20212025
Current ratio
0.21
▼ 0.01
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
9.9%
▲ 5.0pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.5m-€0.4m▼ 31.9%€0.4m▲ 1.6%€0.3m▼ 6.0%€0.2m▼ 30.9%
Net result€0.3mabove the sector's middle half-€0.3mabove the sector's middle half▼ 19.9%€0.2mabove the sector's middle half▼ 14.5%€0.2mabove the sector's middle half▼ 6.5%€0.4mabove the sector's middle half▲ 91.9%
Equity€0.6mwithin the sector's middle half-€0.9mwithin the sector's middle half▲ 41.2%€1.1mwithin the sector's middle half▲ 25.0%€1.1mwithin the sector's middle half=€1.1mwithin the sector's middle half=
Total assets€4.0mabove the sector's middle half-€4.1mabove the sector's middle half▲ 4.2%€4.0mwithin the sector's middle half▼ 2.5%€4.1mwithin the sector's middle half▲ 2.3%€3.9mabove the sector's middle half▼ 4.3%
Debt€3.4m-€3.3m▼ 2.6%€2.9m▼ 9.8%€3.0m▲ 3.2%€2.9m▼ 5.8%
Working capital-€2.9mbelow the sector's middle half--€2.7mbelow the sector's middle half▲ 5.6%-€0.9mbelow the sector's middle half▲ 67.8%-€1.0mbelow the sector's middle half▼ 10.3%-€0.8mbelow the sector's middle half▲ 12.3%
Solvency15.6%below the sector's middle half-21.1%below the sector's middle half▲ 5.5pp27.0%within the sector's middle half▲ 5.9pp26.4%within the sector's middle half▼ 0.6pp27.6%within the sector's middle half▲ 1.2pp
Current ratio0.04below the sector's middle half-0.09below the sector's middle half▲ 0.060.17below the sector's middle half▲ 0.080.22below the sector's middle half▲ 0.050.21below the sector's middle half▼ 0.01
Return on assets (ROA)8.0%within the sector's middle half-6.2%within the sector's middle half▼ 1.9pp5.4%within the sector's middle half▼ 0.8pp4.9%within the sector's middle half▼ 0.5pp9.9%within the sector's middle half▲ 5.0pp
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 31% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €3.9m
Fixed assets
€3.7m ▼ 3.2%
Current assets
€218,615 ▼ 19.1%
Equity and liabilities €3.9m
Equity
€1.1m =
Debt
€2.9m ▼ 5.8%
Debt's share of the balance-sheet total falls from 73.6% to 72.4%. Debt is lower.
Key figures and ratios
ROE
35.8%▲
2024 · 18.7%
Debt ≤ 1 year
€1.1m▼
2024 · €1.2m
Debt > 1 year
€1.8m▼
2024 · €1.8m
Income taxes
€48,873▼
2024 · €67,833
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 | €534,526 | €371,906 | €285,293 | - | - |
| Pledge on the business | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €3.9m | - | - | - | - |
| Depreciation and write-downs of the year | €1,994 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,994 | - | - | - | - | - |
| Other operating charges640/8 | - | €198 | €1,177 | €1,293 | €1,393 | ▲ 7.7% |
| Gross operating margin9900 | €529,589 | €359,660 | €366,240 | €344,280 | €238,441 | ▼ 30.7% |
| Operating profit (loss)9901 | €527,595 | €359,462 | €365,063 | €342,987 | €237,049 | ▼ 30.9% |
| Financial income75/76B | - | - | - | - | €256,889 | - |
| Recurring financial income75 | - | - | - | - | €256,889 | - |
| Financial charges65/66B | €104,142 | €20,336 | €74,982 | €71,757 | €54,808 | ▼ 23.6% |
| Recurring financial charges65 | €104,142 | €20,336 | €74,982 | €71,757 | €54,808 | ▼ 23.6% |
| Profit (loss) for the period before taxes9903 | €423,453 | €339,126 | €290,082 | €271,230 | €439,130 | ▲ 61.9% |
| Income taxes67/77 | €105,863 | €84,782 | €72,520 | €67,833 | €48,873 | ▼ 28.0% |
| Profit (loss) for the period9904 | €317,590 | €254,345 | €217,561 | €203,398 | €390,257 | ▲ 91.9% |
| Profit (loss) for the period to be appropriated9905 | €317,590 | €254,345 | €217,561 | €203,398 | €390,257 | ▲ 91.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.0m | €4.1m | €4.0m | €4.1m | €3.9m | ▼ 4.3% |
| Fixed assets21/28 | €3.9m | €3.9m | €3.9m | €3.9m | €3.7m | ▼ 3.2% |
| Financial fixed assets28 | €3.9m | €3.9m | €3.9m | €3.9m | €3.7m | ▼ 3.2% |
| Current assets29/58 | €0.1m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 19.1% |
| Amounts receivable within one year40/41 | €0.1m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 14.0% |
| Trade receivables40 | €0.1m | €0.3m | €0.2m | €0.3m | - | - |
| Other amounts receivable41 | - | €16 | €31 | €18 | €0.2m | ▲ 12,025× |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.007m | €0.02m | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.0m | €4.1m | €4.0m | €4.1m | €3.9m | ▼ 4.3% |
| Equity10/15 | €0.6m | €0.9m | €1.1m | €1.1m | €1.1m | = |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.3m | €0.6m | €0.8m | €0.8m | €0.8m | = |
| Distributable reserves133 | €0.3m | €0.6m | €0.8m | €0.8m | €0.8m | = |
| Amounts payable17/49 | €3.4m | €3.3m | €2.9m | €3.0m | €2.9m | ▼ 5.8% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €1.9m | €1.8m | €1.8m | ▼ 0.4% |
| Financial debts170/4 | €0.3m | €0.2m | €0.1m | €0.008m | - | - |
| Other amounts payable178/9 | €0.1m | €0.1m | €1.8m | €1.8m | €1.8m | = |
| Amounts payable within one year42/48 | €3.0m | €3.0m | €1.0m | €1.2m | €1.1m | ▼ 13.8% |
| Current portion of amounts payable after more than one year42 | €0.2m | €0.09m | €0.09m | €0.1m | €0.008m | ▼ 92.6% |
| Financial debts43 | €0.9m | €0.7m | €0.6m | €0.4m | €0.2m | ▼ 41.6% |
| Credit institutions430/8 | €0.9m | €0.7m | €0.5m | €0.4m | €0.2m | ▼ 39.4% |
| Other loans439 | - | - | €0.03m | €0.01m | - | - |
| Trade debts44 | €0.001m | €0.01m | €0.01m | €0.02m | €0.003m | ▼ 78.6% |
| Suppliers440/4 | €0.001m | €0.01m | €0.01m | €0.02m | €0.003m | ▼ 78.6% |
| Taxes, remuneration and social security45 | €0.1m | €0.2m | €0.2m | €0.09m | €0.06m | ▼ 31.4% |
| Taxes450/3 | €0.1m | €0.2m | €0.2m | €0.09m | €0.06m | ▼ 31.4% |
| Other amounts payable47/48 | €1.8m | €2.0m | €0.2m | €0.6m | €0.8m | ▲ 20.3% |
| Accrued charges and deferred income492/3 | €0.008m | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €317,590 | €254,345 | €217,561 | €203,398 | €390,257 | ▲ 91.9% |
| + Depreciation and write-downs630 | €1,994 | - | - | - | - | - |
| Operating cash flow (approximation) | €319,584 | €254,345 | €217,561 | €203,398 | €390,257 | ▲ 91.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €125,000 | - |
| Change in cash | - | -€766 | -€4,596 | €9,168 | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-10-2026 | 2026-00558454 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00515300 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00405682 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00388230 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20371445 |