Financials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00436487.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 7 filings
Equity
€560,910▲ 3.5%
2024 · €542,044
Net result
€83,866▼ 37.6%
2024 · €134,305
Total assets
€915,157▲ 7.2%
2024 · €854,036
Solvency
61.3%▼ 2.2pp
2024 · 63.5%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€125,062
▼ 32.1%
2025
20192025
Net result
€83,866
▼ 37.6%
2025
highest quarter of the sector
20192025
Equity
€560,910
▲ 3.5%
2025
highest quarter of the sector
20192025
Total assets
€915,157
▲ 7.2%
2025
highest quarter of the sector
20192025
Debt
€354,247
▲ 13.5%
2025
20192025
Working capital
€522,570
▲ 3.5%
2025
highest quarter of the sector
20192025
Solvency
61.3%
▼ 2.2pp
2025
middle half of the sector
20192025
Current ratio
6.63
▼ 7.66
2025
highest quarter of the sector
20192025
Return on assets (ROA)
9.2%
▼ 6.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€143,714-€53,176▼ 63.0%€125,606▲ 136%€65,170▼ 48.1%€150,252▲ 131%€184,309▲ 22.7%€125,062▼ 32.1%
Net result€106,398-€38,344within the sector's middle half▼ 64.0%€95,579above the sector's middle half▲ 149%€46,788within the sector's middle half▼ 51.0%€102,030above the sector's middle half▲ 118%€134,305above the sector's middle half▲ 31.6%€83,866above the sector's middle half▼ 37.6%
Equity€124,998-€163,342within the sector's middle half▲ 30.7%€258,921within the sector's middle half▲ 58.5%€305,709within the sector's middle half▲ 18.1%€407,739above the sector's middle half▲ 33.4%€542,044above the sector's middle half▲ 32.9%€560,910above the sector's middle half▲ 3.5%
Total assets€174,883-€216,057within the sector's middle half▲ 23.5%€311,002within the sector's middle half▲ 43.9%€642,000within the sector's middle half▲ 106%€726,138within the sector's middle half▲ 13.1%€854,036within the sector's middle half▲ 17.6%€915,157above the sector's middle half▲ 7.2%
Debt€49,885-€52,715▲ 5.7%€52,081▼ 1.2%€336,291▲ 546%€318,399▼ 5.3%€311,992▼ 2.0%€354,247▲ 13.5%
Working capital€120,924-€160,287above the sector's middle half▲ 32.6%€256,141above the sector's middle half▲ 59.8%€295,016above the sector's middle half▲ 15.2%€374,058above the sector's middle half▲ 26.8%€504,887above the sector's middle half▲ 35.0%€522,570above the sector's middle half▲ 3.5%
Solvency71.5%-75.6%above the sector's middle half▲ 4.1pp83.3%above the sector's middle half▲ 7.7pp47.6%within the sector's middle half▼ 35.6pp56.2%within the sector's middle half▲ 8.5pp63.5%within the sector's middle half▲ 7.3pp61.3%within the sector's middle half▼ 2.2pp
Current ratio3.42-4.11above the sector's middle half▲ 0.696.02above the sector's middle half▲ 1.918.73above the sector's middle half▲ 2.7112.59above the sector's middle half▲ 3.8614.29above the sector's middle half▲ 1.706.63above the sector's middle half▼ 7.66
Return on assets (ROA)60.8%-17.7%within the sector's middle half▼ 43.1pp30.7%above the sector's middle half▲ 13.0pp7.3%within the sector's middle half▼ 23.4pp14.1%within the sector's middle half▲ 6.8pp15.7%within the sector's middle half▲ 1.7pp9.2%within the sector's middle half▼ 6.6pp
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 32% lower than 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 €915,157
Fixed assets
€299,821 ▼ 3.6%
Current assets
€615,336 ▲ 13.3%
Equity and liabilities €915,157
Equity
€560,910 ▲ 3.5%
Debt
€354,247 ▲ 13.5%
Debt's share of the balance-sheet total rises from 36.5% to 38.7%. Equity and debt are higher.
Key figures and ratios
ROE
15.0%▼
2024 · 24.8%
Debt ≤ 1 year
€92,766▲
2024 · €37,986
Debt > 1 year
€261,482▼
2024 · €274,006
Income taxes
€31,871▼
2024 · €40,000
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 |
|---|---|---|---|---|---|
| Mortgage mandates | - | €312,000 | - | - | - |
| Carrying value of the mortgaged assets | - | €293,730 | - | - | - |
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,322 | €370,933 | €6,212 | €3,230 | €1,280 |
| Depreciation and write-downs of the year | €795 | €65,980 | €11,367 | €11,878 | €12,614 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €16,136 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €871 | €828 | €795 | €65,980 | €11,367 | €11,878 | €12,614 | ▲ 6.2% |
| Other operating charges640/8 | - | - | €1,365 | €2,085 | €1,951 | €1,407 | €3,036 | ▲ 116% |
| Non-recurring operating charges66A | - | - | €887 | €0 | - | - | - | - |
| Gross operating margin9900 | €150,116 | €55,013 | €128,654 | €133,235 | €163,569 | €197,594 | €140,713 | ▼ 28.8% |
| Operating profit (loss)9901 | €143,714 | €53,176 | €125,606 | €65,170 | €150,252 | €184,309 | €125,062 | ▼ 32.1% |
| Financial income75/76B | - | - | - | - | €544 | €2 | €5 | ▲ 90.5% |
| Recurring financial income75 | - | - | - | - | €544 | €2 | €5 | ▲ 90.5% |
| Financial charges65/66B | - | - | €1,562 | €2,900 | €10,834 | €10,007 | €9,330 | ▼ 6.8% |
| Recurring financial charges65 | €986 | €1,980 | €1,562 | €2,900 | €10,834 | €10,007 | €9,330 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €142,728 | €51,197 | €124,045 | €62,270 | €139,961 | €174,305 | €115,737 | ▼ 33.6% |
| Income taxes67/77 | €36,330 | €12,853 | €28,465 | €15,482 | €37,931 | €40,000 | €31,871 | ▼ 20.3% |
| Profit (loss) for the period9904 | €106,398 | €38,344 | €95,579 | €46,788 | €102,030 | €134,305 | €83,866 | ▼ 37.6% |
| Profit (loss) for the period to be appropriated9905 | €106,398 | €38,344 | €95,579 | €46,788 | €102,030 | €134,305 | €83,866 | ▼ 37.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €174,883 | €216,057 | €311,002 | €642,000 | €726,138 | €854,036 | €915,157 | ▲ 7.2% |
| Fixed assets21/28 | €4,074 | €4,238 | €3,878 | €308,831 | €319,812 | €311,164 | €299,821 | ▼ 3.6% |
| Tangible fixed assets22/27 | €4,074 | €4,238 | €3,878 | €308,831 | €319,812 | €311,164 | €299,821 | ▼ 3.6% |
| Furniture and vehicles24 | - | - | €3,878 | €15,101 | €13,010 | €11,925 | €8,147 | ▼ 31.7% |
| Other tangible fixed assets26 | - | - | - | €293,730 | €306,802 | €299,238 | €291,675 | ▼ 2.5% |
| Current assets29/58 | €170,809 | €211,819 | €307,124 | €333,168 | €406,326 | €542,872 | €615,336 | ▲ 13.3% |
| Amounts receivable within one year40/41 | €50,763 | €29,052 | €104,111 | €101,690 | €109,262 | €125,520 | €515,918 | ▲ 311% |
| Trade receivables40 | - | - | €104,111 | €75,976 | €79,084 | €118,500 | €77,763 | ▼ 34.4% |
| Other amounts receivable41 | - | - | - | €25,714 | €30,178 | €7,020 | €438,155 | ▲ 62× |
| Cash at bank and in hand54/58 | €117,447 | €180,142 | €200,792 | €231,478 | €295,196 | €417,352 | €99,417 | ▼ 76.2% |
| Deferred charges and accrued income490/1 | - | - | €2,222 | €0 | €1,867 | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €174,883 | €216,057 | €311,002 | €642,000 | €726,138 | €854,036 | €915,157 | ▲ 7.2% |
| Equity10/15 | €124,998 | €163,342 | €258,921 | €305,709 | €407,739 | €542,044 | €560,910 | ▲ 3.5% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €106,398 | €144,742 | €240,321 | €287,109 | €389,139 | €523,444 | €542,310 | ▲ 3.6% |
| Amounts payable17/49 | €49,885 | €52,715 | €52,081 | €336,291 | €318,399 | €311,992 | €354,247 | ▲ 13.5% |
| Amounts payable after more than one year17 | - | - | - | €297,844 | €286,131 | €274,006 | €261,482 | ▼ 4.6% |
| Financial debts170/4 | - | - | - | €297,844 | €286,131 | €274,006 | €261,482 | ▼ 4.6% |
| Amounts payable within one year42/48 | €49,885 | €51,532 | €50,983 | €38,153 | €32,267 | €37,986 | €92,766 | ▲ 144% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,365 | €11,712 | €12,125 | €12,524 | ▲ 3.3% |
| Trade debts44 | €4,786 | €2,049 | €1,349 | €11,571 | €6,997 | €1,149 | €911 | ▼ 20.7% |
| Suppliers440/4 | - | - | €1,349 | €11,571 | €6,997 | €1,149 | €911 | ▼ 20.7% |
| Taxes, remuneration and social security45 | - | - | €28,743 | €15,216 | €13,558 | €24,712 | €14,330 | ▼ 42.0% |
| Taxes450/3 | - | - | €28,743 | €15,216 | €13,558 | €23,157 | €12,652 | ▼ 45.4% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,555 | €1,678 | ▲ 7.9% |
| Other amounts payable47/48 | - | - | €20,892 | €0 | - | - | €65,000 | - |
| Accrued charges and deferred income492/3 | - | - | €1,098 | €294 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €106,398 | €38,344 | €95,579 | €46,788 | €102,030 | €134,305 | €83,866 | ▼ 37.6% |
| + Depreciation and write-downs630 | €871 | €828 | €795 | €65,980 | €11,367 | €11,878 | €12,614 | ▲ 6.2% |
| Operating cash flow (approximation) | €107,269 | €39,172 | €96,374 | €112,768 | €113,397 | €146,183 | €96,480 | ▼ 34.0% |
| Investment in fixed assets (approximation) | - | -€992 | -€435 | -€370,933 | -€22,348 | -€3,230 | -€1,272 | ▲ 60.6% |
| Change in cash | - | €62,695 | €20,650 | €30,687 | €63,718 | €122,156 | -€317,935 | - |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00436487 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00390885 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00428301 | |
| 31-12-2022 | micro format | 21-07-2023 | 2023-00258193 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20272524 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57500275 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29500366 |