Financials · financial year 2025, full format
Annual accounts 2025 filed on 19-03-2026 PDF all 7 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €190,000
Estimated: probably between €150,000 and €240,000
EBIT margin
Not included in this filing
Net result
€64,220▲ 5.0%
2024 · €61,161
Working capital
-€634,341▼ 1.3%
2024 · -€625,979
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€41,432
▼ 1.5%
2025
20192025
Net result
€64,220
▲ 5.0%
2025
middle half of the sector
20192025
Equity
€80,350
▼ 4.5%
2025
lowest quarter of the sector
20192025
Total assets
€759,679
▼ 4.7%
2025
middle half of the sector
20192025
Debt
€679,329
▼ 4.7%
2025
20192025
Working capital
-€634,341
▼ 1.3%
2025
lowest quarter of the sector
20192025
Solvency
10.6%
=
2025
lowest quarter of the sector
20192025
Current ratio
0.04
▼ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
8.5%
▲ 0.8pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
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€130,418-€83,675▼ 35.8%€82,817▼ 1.0%€74,702▼ 9.8%€58,806▼ 21.3%€42,047▼ 28.5%€41,432▼ 1.5%
Net result€106,612-€111,519within the sector's middle half▲ 4.6%€114,735within the sector's middle half▲ 2.9%€114,526within the sector's middle half▼ 0.2%€30,577within the sector's middle half▼ 73.3%€61,161within the sector's middle half▲ 100%€64,220within the sector's middle half▲ 5.0%
Equity€181,612-€293,131within the sector's middle half▲ 61.4%€407,866within the sector's middle half▲ 39.1%€82,392below the sector's middle half▼ 79.8%€112,968within the sector's middle half▲ 37.1%€84,130below the sector's middle half▼ 25.5%€80,350below the sector's middle half▼ 4.5%
Total assets€718,841-€721,921within the sector's middle half▲ 0.4%€716,071within the sector's middle half▼ 0.8%€814,077within the sector's middle half▲ 13.7%€789,698within the sector's middle half▼ 3.0%€797,117within the sector's middle half▲ 0.9%€759,679within the sector's middle half▼ 4.7%
Debt€537,230-€428,790▼ 20.2%€308,205▼ 28.1%€731,685▲ 137%€676,730▼ 7.5%€712,987▲ 5.4%€679,329▼ 4.7%
Working capital-€147,395--€138,088below the sector's middle half▲ 6.3%-€131,891below the sector's middle half▲ 4.5%-€561,750below the sector's middle half▼ 326%-€589,237below the sector's middle half▼ 4.9%-€625,979below the sector's middle half▼ 6.2%-€634,341below the sector's middle half▼ 1.3%
Solvency25.3%-40.6%within the sector's middle half▲ 15.3pp57.0%within the sector's middle half▲ 16.4pp10.1%below the sector's middle half▼ 46.8pp14.3%below the sector's middle half▲ 4.2pp10.6%below the sector's middle half▼ 3.8pp10.6%below the sector's middle half=
Current ratio0.06-0.08below the sector's middle half▲ 0.030.05below the sector's middle half▼ 0.030.05below the sector's middle half=0.03below the sector's middle half▼ 0.010.07below the sector's middle half▲ 0.030.04below the sector's middle half▼ 0.03
Return on assets (ROA)14.8%-15.4%above the sector's middle half▲ 0.6pp16.0%above the sector's middle half▲ 0.6pp14.1%above the sector's middle half▼ 2.0pp3.9%within the sector's middle half▼ 10.2pp7.7%within the sector's middle half▲ 3.8pp8.5%within the sector's middle half▲ 0.8pp
Staff (FTE)1within the sector's middle half1within 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 1% lower than in 2024 and the lowest since 2019. It is the sixth fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €759,679
Fixed assets
€736,110 ▼ 2.2%
Current assets
€23,568 ▼ 46.6%
Equity and liabilities €759,679
Equity
€80,350 ▼ 4.5%
Debt
€679,329 ▼ 4.7%
Debt's share of the balance-sheet total stays at 89.4%.
Key figures and ratios
ROE
79.9%▲
2024 · 72.7%
Debt ≤ 1 year
€657,909▼
2024 · €670,103
Debt > 1 year
€0▼
2024 · €7,249
Income taxes
€8,213▲
2024 · €3,724
Staff costs
€58,001▲
2024 · €57,022
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 1 | 1 |
| part-time | 0 | 0 |
| in full-time equivalents | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 |
| On a permanent contract | 1 | 1 |
| Joined | 0 | 0 |
| Left | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €219,778 | €201,183 | €126,866 | €51,486 | €7,429 |
| Carrying value of the other pledged assets | €709,053 | €709,053 | €709,053 | €709,053 | €709,053 |
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 | - | €82,830 | - | €950 | - |
| Depreciation and write-downs of the year | €239 | €6,581 | €16,566 | €16,724 | €16,883 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €17,466 | €57,022 | €58,001 | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,193 | €716 | €239 | €6,581 | €16,566 | €16,724 | €16,883 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €767 | €998 | €1,385 | €1,569 | ▲ 13.2% |
| Gross operating margin9900 | €131,612 | €84,391 | €83,056 | €82,050 | €93,836 | €117,179 | €117,885 | ▲ 0.6% |
| Operating profit (loss)9901 | €130,418 | €83,675 | €82,817 | €74,702 | €58,806 | €42,047 | €41,432 | ▼ 1.5% |
| Financial income75/76B | - | - | €53,931 | €59,920 | €0 | €44,940 | €54,927 | ▲ 22.2% |
| Recurring financial income75 | €14,980 | €50,033 | €53,931 | €59,920 | €0 | €44,940 | €54,927 | ▲ 22.2% |
| Financial charges65/66B | - | - | €6,458 | €6,091 | €17,688 | €22,102 | €23,926 | ▲ 8.3% |
| Recurring financial charges65 | €13,297 | €7,198 | €6,458 | €6,091 | €17,688 | €22,102 | €23,926 | ▲ 8.3% |
| Profit (loss) for the period before taxes9903 | €132,102 | €126,510 | €130,290 | €128,531 | €41,119 | €64,885 | €72,434 | ▲ 11.6% |
| Income taxes67/77 | €25,490 | €14,990 | €15,555 | €14,005 | €10,542 | €3,724 | €8,213 | ▲ 121% |
| Profit (loss) for the period9904 | €106,612 | €111,519 | €114,735 | €114,526 | €30,577 | €61,161 | €64,220 | ▲ 5.0% |
| Profit (loss) for the period to be appropriated9905 | €106,612 | €111,519 | €114,735 | €114,526 | €30,577 | €61,161 | €64,220 | ▲ 5.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €718,841 | €721,921 | €716,071 | €814,077 | €789,698 | €797,117 | €759,679 | ▼ 4.7% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €710,038 | €709,322 | €709,083 | €785,333 | €768,767 | €752,993 | €736,110 | ▼ 2.2% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €955 | €239 | - | €76,249 | €59,683 | €43,910 | €27,027 | ▼ 38.4% |
| Furniture and vehicles24 | - | - | - | €76,249 | €59,683 | €43,910 | €27,027 | ▼ 38.4% |
| Financial fixed assets28 | €709,083 | €709,083 | €709,083 | €709,083 | €709,083 | €709,083 | €709,083 | = |
| Current assets29/58 | €8,803 | €12,599 | €6,988 | €28,744 | €20,932 | €44,124 | €23,568 | ▼ 46.6% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | €2,044 | €3,542 | €8,016 | €6,070 | €8,534 | €4,422 | ▼ 48.2% |
| Trade receivables40 | - | - | - | - | €2,617 | €0 | - | - |
| Other amounts receivable41 | - | - | €3,542 | €8,016 | €3,453 | €8,534 | €4,422 | ▼ 48.2% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €8,403 | €10,155 | €3,045 | €19,309 | €13,341 | €30,037 | €13,576 | ▼ 54.8% |
| Deferred charges and accrued income490/1 | - | - | €400 | €1,419 | €1,521 | €5,552 | €5,570 | ▲ 0.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €718,841 | €721,921 | €716,071 | €814,077 | €789,698 | €797,117 | €759,679 | ▼ 4.7% |
| Equity10/15 | €181,612 | €293,131 | €407,866 | €82,392 | €112,968 | €84,130 | €80,350 | ▼ 4.5% |
| Contributions10/11 | €75,000 | - | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €5,340 | €5,340 | €5,340 | €5,340 | €5,340 | €5,340 | €5,340 | = |
| Non-distributable reserves130/1 | - | - | €5,340 | €5,340 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €5,340 | €5,340 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €5,340 | €5,340 | €5,340 | = |
| Profit (loss) carried forward14 | €101,272 | €212,791 | €327,526 | €2,052 | €32,628 | €3,790 | €10 | ▼ 99.7% |
| Amounts payable17/49 | €537,230 | €428,790 | €308,205 | €731,685 | €676,730 | €712,987 | €679,329 | ▼ 4.7% |
| Amounts payable after more than one year17 | €375,706 | €269,778 | €158,001 | €126,866 | €51,486 | €7,249 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | €158,001 | €126,866 | €51,486 | €7,249 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €156,198 | €150,687 | €138,879 | €590,494 | €610,168 | €670,103 | €657,909 | ▼ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | €61,777 | €74,317 | €75,380 | €44,237 | €7,249 | ▼ 83.6% |
| Trade debts44 | - | €23 | €78 | €414 | €730 | €2,657 | €4,391 | ▲ 65.2% |
| Suppliers440/4 | - | - | €78 | €414 | €730 | €2,657 | €4,391 | ▲ 65.2% |
| Taxes, remuneration and social security45 | - | - | €2,023 | €763 | €19,058 | €20,209 | €20,269 | ▲ 0.3% |
| Taxes450/3 | - | - | €2,023 | €763 | €11,244 | €9,954 | €9,357 | ▼ 6.0% |
| Remuneration and social security454/9 | - | - | - | - | €7,814 | €10,255 | €10,912 | ▲ 6.4% |
| Other amounts payable47/48 | - | - | €75,000 | €515,000 | €515,000 | €603,000 | €626,000 | ▲ 3.8% |
| Accrued charges and deferred income492/3 | - | - | €11,326 | €14,326 | €15,076 | €35,636 | €21,420 | ▼ 39.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €106,612 | €111,519 | €114,735 | €114,526 | €30,577 | €61,161 | €64,220 | ▲ 5.0% |
| + Depreciation and write-downs630 | €1,193 | €716 | €239 | €6,581 | €16,566 | €16,724 | €16,883 | ▲ 1.0% |
| Operating cash flow (approximation) | €107,805 | €112,235 | €114,974 | €121,107 | €47,143 | €77,885 | €81,103 | ▲ 4.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€82,830 | €0 | -€950 | €0 | - |
| Change in cash | - | €1,752 | -€7,110 | €16,264 | -€5,968 | €16,696 | -€16,461 | - |
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 | full format | 19-03-2026 | 2026-00057269 | |
| 31-12-2024 | full format | 31-03-2025 | 2025-00058824 | |
| 31-12-2023 | full format | 17-06-2024 | 2024-00134668 | |
| 31-12-2022 | full format | 24-05-2023 | 2023-00094829 | |
| 31-12-2021 | full format | 13-05-2022 | 2022-20027196 | |
| 31-12-2020 | full format | 14-06-2021 | 2021-19900369 | |
| 31-12-2019 | full format | 09-06-2020 | 2020-15900600 |