Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-04-2026 PDF all 11 filings
Turnover
≈ €96,000
Estimated: probably between €58,000 and €150,000
Total assets
€4.0m▲ 0.9%
2024 · €4.0m
Net result
-€4,099
2024 · €67,944
Working capital
€551,569▲ 34.5%
2024 · €409,955
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,275
▼ 77.2%
2025
20182025
Net result
-€4,099
2025
lowest quarter of the sector
20182025
Equity
€3.4m
▼ 0.1%
2025
highest quarter of the sector
20182025
Total assets
€4.0m
▲ 0.9%
2025
highest quarter of the sector
20182025
Debt
€632,938
▲ 6.6%
2025
20182025
Working capital
€551,569
▲ 34.5%
2025
highest quarter of the sector
20182025
Solvency
84.3%
▼ 0.8pp
2025
highest quarter of the sector
20182025
Current ratio
5.15
▼ 0.22
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.1%
▼ 1.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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€0.05m-€0.05m▲ 0.3%€0.05m▲ 7.7%€0.05m▲ 4.2%€0.05m▼ 3.2%€0.05m▲ 3.8%€0.04m▼ 29.2%€0.008m▼ 77.2%
Net result€0.1m-€0.1m▲ 33.6%€0.02mwithin the sector's middle half▼ 84.4%€0.03mwithin the sector's middle half▲ 63.3%€0.2mabove the sector's middle half▲ 563%€0.2mabove the sector's middle half▼ 19.3%€0.07mwithin the sector's middle half▼ 62.8%-€0.004mbelow the sector's middle half
Equity€2.7m-€2.9m▲ 4.9%€2.9mabove the sector's middle half▲ 0.7%€2.9mabove the sector's middle half▲ 1.2%€3.2mabove the sector's middle half▲ 7.7%€3.3mabove the sector's middle half▲ 5.8%€3.4mabove the sector's middle half▲ 2.0%€3.4mabove the sector's middle half▼ 0.1%
Total assets€3.3m-€3.4m▲ 3.3%€3.4mabove the sector's middle half▲ 0.5%€3.4mabove the sector's middle half▲ 0.9%€3.7mabove the sector's middle half▲ 6.6%€3.9mabove the sector's middle half▲ 5.5%€4.0mabove the sector's middle half▲ 4.0%€4.0mabove the sector's middle half▲ 0.9%
Debt€0.5m-€0.5m▼ 5.1%€0.5m▼ 1.0%€0.5m▼ 0.9%€0.5m=€0.5m▲ 3.8%€0.6m▲ 17.0%€0.6m▲ 6.6%
Working capital-€0.2m--€0.1m▲ 56.3%-€0.07mwithin the sector's middle half▲ 26.2%-€0.2mbelow the sector's middle half▼ 117%€0.06mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 123%€0.4mwithin the sector's middle half▲ 215%€0.6mabove the sector's middle half▲ 34.5%
Solvency84.0%-85.3%▲ 1.3pp85.5%above the sector's middle half▲ 0.2pp85.7%above the sector's middle half▲ 0.3pp86.6%above the sector's middle half▲ 0.9pp86.8%above the sector's middle half▲ 0.2pp85.2%above the sector's middle half▼ 1.6pp84.3%above the sector's middle half▼ 0.8pp
Current ratio0.52-0.79▲ 0.270.85within the sector's middle half▲ 0.060.66within the sector's middle half▼ 0.181.12within the sector's middle half▲ 0.461.27within the sector's middle half▲ 0.155.36above the sector's middle half▲ 4.095.15above the sector's middle half▼ 0.22
Return on assets (ROA)3.1%-4.0%▲ 0.9pp0.6%within the sector's middle half▼ 3.4pp1.0%within the sector's middle half▲ 0.4pp6.2%within the sector's middle half▲ 5.2pp4.7%within the sector's middle half▼ 1.5pp1.7%within the sector's middle half▼ 3.0pp-0.1%below the sector's middle half▼ 1.8pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 77% lower than in 2024 and the lowest since 2018. 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 €4.0m
Fixed assets
€3.4m ▼ 4.2%
Current assets
€684,507 ▲ 35.8%
Equity and liabilities €4.0m
Equity
€3.4m ▼ 0.1%
Debt
€632,938 ▲ 6.6%
Debt's share of the balance-sheet total rises from 14.8% to 15.7%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-0.1%▼
2024 · 2.0%
Debt ≤ 1 year
€132,938▲
2024 · €93,932
Debt > 1 year
€500,000=
2024 · €500,000
Income taxes
€10,476▼
2024 · €18,264
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €8,607 | - | €121,459 | - |
| Financial fixed assets | - | - | €120,000 | €150,000 | €0 |
| Depreciation and write-downs of the year | €0 | €691 | €1,422 | €8,920 | €25,713 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €16,290 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,794 | €14,794 | €14,794 | €0 | €691 | €1,422 | €8,920 | €25,713 | ▲ 188% |
| Other operating charges640/8 | - | - | - | €2,540 | €2,236 | €2,408 | €6,575 | €2,737 | ▼ 58.4% |
| Gross operating margin9900 | €62,489 | €62,436 | €65,940 | €53,567 | €52,300 | €55,078 | €51,754 | €36,725 | ▼ 29.0% |
| Operating profit (loss)9901 | €45,360 | €45,501 | €48,982 | €51,027 | €49,373 | €51,249 | €36,259 | €8,275 | ▼ 77.2% |
| Financial income75/76B | - | - | - | €2,340 | €214,517 | €180,436 | €85,351 | €38,207 | ▼ 55.2% |
| Recurring financial income75 | €105,279 | €102,588 | €1,656 | €2,340 | €214,517 | €180,436 | €85,351 | €38,207 | ▼ 55.2% |
| Financial charges65/66B | - | - | - | €7,443 | €30,504 | €16,925 | €35,403 | €40,104 | ▲ 13.3% |
| Recurring financial charges65 | €43,009 | €3,359 | €19,157 | €7,443 | €30,504 | €16,925 | €35,403 | €40,104 | ▲ 13.3% |
| Profit (loss) for the period before taxes9903 | €107,630 | €144,730 | €31,482 | €45,924 | €233,386 | €214,759 | €86,208 | €6,377 | ▼ 92.6% |
| Income taxes67/77 | €7,250 | €10,603 | €10,576 | €11,791 | €7,229 | €32,280 | €18,264 | €10,476 | ▼ 42.6% |
| Profit (loss) for the period9904 | €100,380 | €134,127 | €20,905 | €34,133 | €226,157 | €182,480 | €67,944 | -€4,099 | - |
| Profit (loss) for the period to be appropriated9905 | €100,380 | €134,127 | €20,905 | €34,133 | €226,157 | €182,480 | €67,944 | -€4,099 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.3m | €3.4m | €3.4m | €3.4m | €3.7m | €3.9m | €4.0m | €4.0m | ▲ 0.9% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €3.0m | €3.0m | €3.0m | €3.1m | €3.1m | €3.2m | €3.5m | €3.4m | ▼ 4.2% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.03m | €0.01m | €0 | - | €0.008m | €0.006m | €0.1m | €0.09m | ▼ 21.6% |
| Furniture and vehicles24 | - | - | - | - | €0.006m | €0.005m | €0.1m | €0.09m | ▼ 21.9% |
| Other tangible fixed assets26 | - | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Financial fixed assets28 | €3.0m | €3.0m | €3.0m | €3.1m | €3.1m | €3.2m | €3.4m | €3.3m | ▼ 3.5% |
| Current assets29/58 | €0.2m | €0.4m | €0.4m | €0.3m | €0.5m | €0.6m | €0.5m | €0.7m | ▲ 35.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.4m | €0.4m | = |
| Other amounts receivable291 | - | - | - | - | - | - | €0.4m | €0.4m | = |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.04m | €0.04m | €0.03m | €0.2m | €0.4m | €0.07m | €0.2m | ▲ 221% |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.06m | ▲ 52.6% |
| Other amounts receivable41 | - | - | - | €0 | €0.2m | €0.4m | €0.04m | €0.2m | ▲ 398% |
| Current investments50/53 | €0.08m | €0.09m | €0.09m | €0.1m | €0.09m | €0.1m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | €0.02m | €0.04m | ▲ 64.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.001m | €0.001m | €0.005m | €0.005m | ▲ 0.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.3m | €3.4m | €3.4m | €3.4m | €3.7m | €3.9m | €4.0m | €4.0m | ▲ 0.9% |
| Equity10/15 | €2.7m | €2.9m | €2.9m | €2.9m | €3.2m | €3.3m | €3.4m | €3.4m | ▼ 0.1% |
| Contributions10/11 | €2.7m | €2.7m | - | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Reserves13 | €0.08m | €0.2m | €0.2m | €0.3m | €0.5m | €0.7m | €0.7m | €0.7m | ▼ 0.6% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.5m | €0.7m | €0.7m | €0.7m | ▼ 0.6% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 6.6% |
| Amounts payable after more than one year17 | €0.03m | €0.01m | €0 | - | - | - | €0.5m | €0.5m | = |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.5m | €0.5m | = |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.09m | €0.1m | ▲ 41.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.004m | €0.004m | €0.005m | €0.003m | €0.003m | €0.004m | €0.003m | €0.003m | ▼ 1.4% |
| Suppliers440/4 | - | - | - | €0.003m | €0.003m | €0.004m | €0.003m | €0.003m | ▼ 1.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.03m | €0.005m | €0.01m | ▲ 178% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.005m | €0.01m | ▲ 178% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.006m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.4m | €0.09m | €0.1m | ▲ 34.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €100,380 | €134,127 | €20,905 | €34,133 | €226,157 | €182,480 | €67,944 | -€4,099 | - |
| + Depreciation and write-downs630 | €14,794 | €14,794 | €14,794 | €0 | €691 | €1,422 | €8,920 | €25,713 | ▲ 188% |
| Operating cash flow (approximation) | €115,174 | €148,922 | €35,700 | €34,133 | €226,848 | €183,901 | €76,863 | €21,615 | ▼ 71.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€120,000 | -€8,607 | -€120,000 | -€271,459 | €120,000 | - |
| Change in cash | - | €104,173 | €32,103 | -€95,748 | €23,646 | -€94,618 | -€80,672 | €15,739 | - |
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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-04-2026 | 2026-00098866 | |
| 31-12-2024 | abbreviated format | 23-04-2025 | 2025-00078425 | |
| 31-12-2023 | abbreviated format | 02-04-2024 | 2024-00057717 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00208954 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20153739 | |
| 31-12-2020 | abbreviated format | 05-07-2021 | 2021-31600196 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-38900024 | |
| 31-12-2018 | abbreviated format | 09-07-2019 | 2019-31100422 | |
| 31-12-2017 | abbreviated format | 10-07-2018 | 2018-30400315 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-22000264 |