Financials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 10 filings
Equity
€142,466▼ 21.9%
2024 · €182,418
Net result
€107,866▼ 2.0%
2024 · €110,055
Total assets
€226,949▼ 31.1%
2024 · €329,539
Solvency
62.8%▲ 7.4pp
2024 · 55.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€140,367
▼ 2.3%
2025
20182025
Net result
€107,866
▼ 2.0%
2025
highest quarter of the sector
20182025
Equity
€142,466
▼ 21.9%
2025
middle half of the sector
20182025
Total assets
€226,949
▼ 31.1%
2025
middle half of the sector
20182025
Debt
€84,483
▼ 42.6%
2025
20182025
Working capital
€127,429
▼ 57.0%
2025
middle half of the sector
20182025
Solvency
62.8%
▲ 7.4pp
2025
middle half of the sector
20182025
Current ratio
2.51
▼ 9.69
2025
middle half of the sector
20182025
Return on assets (ROA)
47.5%
▲ 14.1pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€46,218-€41,463▼ 10.3%€69,151▲ 66.8%€86,845▲ 25.6%€91,892▲ 5.8%€112,435▲ 22.4%€143,610▲ 27.7%€140,367▼ 2.3%
Net result€31,346-€27,763▼ 11.4%€51,065within the sector's middle half▲ 83.9%€67,601within the sector's middle half▲ 32.4%€76,579above the sector's middle half▲ 13.3%€86,481above the sector's middle half▲ 12.9%€110,055above the sector's middle half▲ 27.3%€107,866above the sector's middle half▼ 2.0%
Equity€77,573-€105,336▲ 35.8%€156,401within the sector's middle half▲ 48.5%€174,002within the sector's middle half▲ 11.3%€172,981within the sector's middle half▼ 0.6%€164,190within the sector's middle half▼ 5.1%€182,418within the sector's middle half▲ 11.1%€142,466within the sector's middle half▼ 21.9%
Total assets€125,825-€136,073▲ 8.1%€175,222within the sector's middle half▲ 28.8%€195,408within the sector's middle half▲ 11.5%€440,069within the sector's middle half▲ 125%€311,710within the sector's middle half▼ 29.2%€329,539within the sector's middle half▲ 5.7%€226,949within the sector's middle half▼ 31.1%
Debt€48,251-€30,736▼ 36.3%€18,821▼ 38.8%€21,406▲ 13.7%€267,089▲ 12×€147,521▼ 44.8%€147,121▼ 0.3%€84,483▼ 42.6%
Working capital€69,028-€97,927▲ 41.9%€144,459above the sector's middle half▲ 47.5%€170,927above the sector's middle half▲ 18.3%€289,011above the sector's middle half▲ 69.1%€277,770above the sector's middle half▼ 3.9%€296,354above the sector's middle half▲ 6.7%€127,429within the sector's middle half▼ 57.0%
Solvency61.7%-77.4%▲ 15.8pp89.3%above the sector's middle half▲ 11.8pp89.0%above the sector's middle half▼ 0.2pp39.3%within the sector's middle half▼ 49.7pp52.7%within the sector's middle half▲ 13.4pp55.4%within the sector's middle half▲ 2.7pp62.8%within the sector's middle half▲ 7.4pp
Current ratio3.33-5.88▲ 2.568.68above the sector's middle half▲ 2.798.99above the sector's middle half▲ 0.312.97within the sector's middle half▼ 6.0111.34above the sector's middle half▲ 8.3612.20above the sector's middle half▲ 0.862.51within the sector's middle half▼ 9.69
Return on assets (ROA)24.9%-20.4%▼ 4.5pp29.1%above the sector's middle half▲ 8.7pp34.6%above the sector's middle half▲ 5.5pp17.4%within the sector's middle half▼ 17.2pp27.7%above the sector's middle half▲ 10.3pp33.4%above the sector's middle half▲ 5.7pp47.5%above the sector's middle half▲ 14.1pp
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 2% 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 €226,949
Fixed assets
€15,038 ▲ 124%
Current assets
€211,911 ▼ 34.4%
Equity and liabilities €226,949
Equity
€142,466 ▼ 21.9%
Debt
€84,483 ▼ 42.6%
Debt's share of the balance-sheet total falls from 44.6% to 37.2%. Equity and debt are lower.
Key figures and ratios
ROE
75.7%▲
2024 · 60.3%
Debt ≤ 1 year
€84,483▲
2024 · €26,470
Debt > 1 year
€0▼
2024 · €120,650
Income taxes
€32,160▼
2024 · €32,531
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 | €789 | €3,057 | €5,076 | €2,232 | €15,801 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €998 | €1,510 | €2,626 | €2,588 | €7,478 |
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 | - | - | - | €1,341 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,237 | €9,234 | €8,928 | €998 | €1,510 | €2,626 | €2,588 | €7,478 | ▲ 189% |
| Other operating charges640/8 | - | - | - | €1,144 | €1,174 | €843 | €950 | €970 | ▲ 2.1% |
| Gross operating margin9900 | €56,496 | €51,752 | €79,572 | €88,986 | €94,577 | €115,904 | €147,148 | €148,814 | ▲ 1.1% |
| Operating profit (loss)9901 | €46,218 | €41,463 | €69,151 | €86,845 | €91,892 | €112,435 | €143,610 | €140,367 | ▼ 2.3% |
| Financial income75/76B | - | - | - | €532 | €7,516 | €237 | €543 | €472 | ▼ 13.2% |
| Recurring financial income75 | €8 | €4 | €0 | €532 | €7,516 | €237 | €543 | €472 | ▼ 13.2% |
| Financial charges65/66B | - | - | - | €1,725 | €1,950 | €1,552 | €1,567 | €812 | ▼ 48.2% |
| Recurring financial charges65 | €1,055 | €340 | €753 | €1,725 | €1,950 | €1,552 | €1,567 | €812 | ▼ 48.2% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €45,170 | €40,715 | €67,618 | €85,652 | €97,458 | €111,120 | €142,586 | €140,026 | ▼ 1.8% |
| Income taxes67/77 | €13,824 | €12,952 | €16,554 | €18,051 | €20,879 | €24,639 | €32,531 | €32,160 | ▼ 1.1% |
| Profit (loss) for the period9904 | €31,346 | €27,763 | €51,065 | €67,601 | €76,579 | €86,481 | €110,055 | €107,866 | ▼ 2.0% |
| Profit (loss) for the period to be appropriated9905 | €31,346 | €27,763 | €51,065 | €67,601 | €76,579 | €86,481 | €110,055 | €107,866 | ▼ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €125,825 | €136,073 | €175,222 | €195,408 | €440,069 | €311,710 | €329,539 | €226,949 | ▼ 31.1% |
| Fixed assets21/28 | €27,133 | €18,097 | €11,942 | €3,075 | €4,621 | €7,071 | €6,714 | €15,038 | ▲ 124% |
| Tangible fixed assets22/27 | €27,133 | €18,097 | €11,942 | €3,075 | €4,621 | €7,071 | €6,714 | €15,038 | ▲ 124% |
| Plant, machinery and equipment23 | - | - | - | - | €2,716 | €5,439 | €4,004 | €6,870 | ▲ 71.6% |
| Furniture and vehicles24 | - | - | - | €3,075 | €1,905 | €1,631 | €2,710 | €8,167 | ▲ 201% |
| Current assets29/58 | €98,692 | €117,976 | €163,280 | €192,333 | €435,449 | €304,640 | €322,824 | €211,911 | ▼ 34.4% |
| Amounts receivable within one year40/41 | €25,488 | €21,530 | €44,055 | €7,685 | €177,792 | €165,639 | €195,334 | €42,000 | ▼ 78.5% |
| Trade receivables40 | - | - | - | €7,223 | €56,925 | €40,893 | €73,485 | €41,418 | ▼ 43.6% |
| Other amounts receivable41 | - | - | - | €462 | €120,866 | €124,746 | €121,850 | €582 | ▼ 99.5% |
| Current investments50/53 | €20,190 | €20,190 | €29,549 | €39,718 | €30,081 | €30,081 | €30,081 | €69,118 | ▲ 130% |
| Cash at bank and in hand54/58 | €49,508 | €71,937 | €85,644 | €140,827 | €227,098 | €108,920 | €89,399 | €93,989 | ▲ 5.1% |
| Deferred charges and accrued income490/1 | - | - | - | €4,103 | €478 | €0 | €8,010 | €6,805 | ▼ 15.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €125,825 | €136,073 | €175,222 | €195,408 | €440,069 | €311,710 | €329,539 | €226,949 | ▼ 31.1% |
| Equity10/15 | €77,573 | €105,336 | €156,401 | €174,002 | €172,981 | €164,190 | €182,418 | €142,466 | ▼ 21.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €71,373 | €99,136 | €150,201 | €167,802 | €154,381 | €145,590 | €163,818 | €16,000 | ▼ 90.2% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €167,802 | €154,381 | €145,590 | €163,818 | €16,000 | ▼ 90.2% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €107,866 | - |
| Amounts payable17/49 | €48,251 | €30,736 | €18,821 | €21,406 | €267,089 | €147,521 | €147,121 | €84,483 | ▼ 42.6% |
| Amounts payable after more than one year17 | €18,588 | €10,687 | - | - | €120,650 | €120,650 | €120,650 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | - | €120,650 | €120,650 | €120,650 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €29,664 | €20,049 | €18,821 | €21,406 | €146,438 | €26,870 | €26,470 | €84,483 | ▲ 219% |
| Trade debts44 | €4,191 | €6,989 | €4,742 | €5,586 | €7,548 | €2,906 | €10,994 | €7,347 | ▼ 33.2% |
| Suppliers440/4 | - | - | - | €5,586 | €7,548 | €2,906 | €10,994 | €7,347 | ▼ 33.2% |
| Taxes, remuneration and social security45 | - | - | - | €12,589 | €137,624 | €23,964 | €15,476 | €21,796 | ▲ 40.8% |
| Taxes450/3 | - | - | - | €12,589 | €137,624 | €23,964 | €15,476 | €21,796 | ▲ 40.8% |
| Other amounts payable47/48 | - | - | - | €3,231 | €1,266 | €0 | - | €55,340 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,346 | €27,763 | €51,065 | €67,601 | €76,579 | €86,481 | €110,055 | €107,866 | ▼ 2.0% |
| + Depreciation and write-downs630 | €9,237 | €9,234 | €8,928 | €998 | €1,510 | €2,626 | €2,588 | €7,478 | ▲ 189% |
| Operating cash flow (approximation) | €40,583 | €36,997 | €59,993 | €68,599 | €78,090 | €89,107 | €112,644 | €115,344 | ▲ 2.4% |
| Investment in fixed assets (approximation) | - | -€198 | -€2,773 | €7,870 | -€3,057 | -€5,076 | -€2,232 | -€15,801 | ▼ 608% |
| Change in cash | - | €22,429 | €13,708 | €55,182 | €86,271 | -€118,178 | -€19,521 | €4,590 | - |
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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00188483 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00118865 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00149728 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00155792 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20049227 | |
| 31-12-2020 | micro format | 02-06-2021 | 2021-16700215 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19900166 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-21100571 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-24300588 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-17400507 |