Financials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 5 filings
Equity
€212,671▲ 19.8%
2024 · €177,559
Net result
€35,112▼ 51.0%
2024 · €71,589
Total assets
€221,942▲ 11.3%
2024 · €199,328
Solvency
95.8%▲ 6.7pp
2024 · 89.1%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€47,638
▼ 48.9%
2025
20212025
Net result
€35,112
▼ 51.0%
2025
middle half of the sector
20212025
Equity
€212,671
▲ 19.8%
2025
middle half of the sector
20212025
Total assets
€221,942
▲ 11.3%
2025
middle half of the sector
20212025
Debt
€9,272
▼ 57.4%
2025
20212025
Working capital
€151,249
▲ 66.3%
2025
highest quarter of the sector
20212025
Solvency
95.8%
▲ 6.7pp
2025
highest quarter of the sector
20212025
Current ratio
17.31
▲ 11.80
2025
highest quarter of the sector
20212025
Return on assets (ROA)
15.8%
▼ 20.1pp
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€37,718-€40,997▲ 8.7%€127,606▲ 211%€93,209▼ 27.0%€47,638▼ 48.9%
Net result€31,621within the sector's middle half-€32,152within the sector's middle half▲ 1.7%€95,970above the sector's middle half▲ 198%€71,589within the sector's middle half▼ 25.4%€35,112within the sector's middle half▼ 51.0%
Equity€41,621within the sector's middle half-€73,772within the sector's middle half▲ 77.2%€169,742within the sector's middle half▲ 130%€177,559within the sector's middle half▲ 4.6%€212,671within the sector's middle half▲ 19.8%
Total assets€54,136below the sector's middle half-€118,316below the sector's middle half▲ 119%€239,116within the sector's middle half▲ 102%€199,328within the sector's middle half▼ 16.6%€221,942within the sector's middle half▲ 11.3%
Debt€12,516-€44,544▲ 256%€69,374▲ 55.7%€21,769▼ 68.6%€9,272▼ 57.4%
Working capital€12,523within the sector's middle half-€25,019within the sector's middle half▲ 99.8%€68,558within the sector's middle half▲ 174%€90,966within the sector's middle half▲ 32.7%€151,249above the sector's middle half▲ 66.3%
Solvency76.9%above the sector's middle half-62.4%within the sector's middle half▼ 14.5pp71.0%within the sector's middle half▲ 8.6pp89.1%above the sector's middle half▲ 18.1pp95.8%above the sector's middle half▲ 6.7pp
Current ratio2.00within the sector's middle half-2.07within the sector's middle half▲ 0.072.18within the sector's middle half▲ 0.105.51above the sector's middle half▲ 3.3317.31above the sector's middle half▲ 11.80
Return on assets (ROA)58.4%above the sector's middle half-27.2%above the sector's middle half▼ 31.2pp40.1%above the sector's middle half▲ 13.0pp35.9%above the sector's middle half▼ 4.2pp15.8%within the sector's middle half▼ 20.1pp
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 49% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
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 €221,942
Fixed assets
€61,421 ▼ 30.4%
Current assets
€160,521 ▲ 44.5%
Equity and liabilities €221,942
Equity
€212,671 ▲ 19.8%
Debt
€9,272 ▼ 57.4%
Debt's share of the balance-sheet total falls from 10.9% to 4.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
16.5%▼
2024 · 40.3%
Debt ≤ 1 year
€9,272▼
2024 · €20,153
Income taxes
€12,621▼
2024 · €21,970
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 | €32,524 | €67,131 | €65,369 | €6,248 | €4,973 |
| Depreciation and write-downs of the year | €3,426 | €12,302 | €22,951 | €30,475 | €31,761 |
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 | €3,426 | €12,302 | €22,951 | €30,475 | €31,761 | ▲ 4.2% |
| Other operating charges640/8 | €532 | €988 | €2,660 | €1,920 | €1,846 | ▼ 3.9% |
| Non-recurring operating charges66A | - | €2,338 | - | - | - | - |
| Gross operating margin9900 | €41,676 | €56,626 | €153,217 | €125,604 | €81,245 | ▼ 35.3% |
| Operating profit (loss)9901 | €37,718 | €40,997 | €127,606 | €93,209 | €47,638 | ▼ 48.9% |
| Financial income75/76B | - | - | €56 | €642 | €332 | ▼ 48.3% |
| Recurring financial income75 | - | - | €56 | €642 | €332 | ▼ 48.3% |
| Financial charges65/66B | €98 | €597 | €587 | €292 | €237 | ▼ 18.9% |
| Recurring financial charges65 | €98 | €597 | €587 | €292 | €237 | ▼ 18.9% |
| Profit (loss) for the period before taxes9903 | €37,621 | €40,400 | €127,075 | €93,559 | €47,733 | ▼ 49.0% |
| Income taxes67/77 | €6,000 | €8,248 | €31,106 | €21,970 | €12,621 | ▼ 42.6% |
| Profit (loss) for the period9904 | €31,621 | €32,152 | €95,970 | €71,589 | €35,112 | ▼ 51.0% |
| Profit (loss) for the period to be appropriated9905 | €31,621 | €32,152 | €95,970 | €71,589 | €35,112 | ▼ 51.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €54,136 | €118,316 | €239,116 | €199,328 | €221,942 | ▲ 11.3% |
| Fixed assets21/28 | €29,098 | €70,018 | €112,436 | €88,209 | €61,421 | ▼ 30.4% |
| Tangible fixed assets22/27 | €29,098 | €70,018 | €112,436 | €88,209 | €61,421 | ▼ 30.4% |
| Plant, machinery and equipment23 | - | - | - | €2,516 | €4,919 | ▲ 95.5% |
| Furniture and vehicles24 | €16,218 | €56,031 | €89,508 | €69,154 | €46,352 | ▼ 33.0% |
| Other tangible fixed assets26 | €12,880 | €13,987 | €22,928 | €16,539 | €10,150 | ▼ 38.6% |
| Current assets29/58 | €25,038 | €48,298 | €126,680 | €111,119 | €160,521 | ▲ 44.5% |
| Stocks and contracts in progress3 | - | €3,000 | - | - | - | - |
| Stocks30/36 | - | €3,000 | - | - | - | - |
| Amounts receivable within one year40/41 | €15,960 | €13,851 | - | €2,786 | €15,410 | ▲ 453% |
| Trade receivables40 | €15,960 | €13,851 | - | - | €7,550 | - |
| Other amounts receivable41 | - | - | - | €2,786 | €7,860 | ▲ 182% |
| Current investments50/53 | - | - | €20,000 | €10,000 | - | - |
| Cash at bank and in hand54/58 | €8,129 | €31,446 | €106,680 | €98,333 | €145,111 | ▲ 47.6% |
| Deferred charges and accrued income490/1 | €950 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €54,136 | €118,316 | €239,116 | €199,328 | €221,942 | ▲ 11.3% |
| Equity10/15 | €41,621 | €73,772 | €169,742 | €177,559 | €212,671 | ▲ 19.8% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Capital10 | €10,000 | €10,000 | - | - | - | - |
| Issued capital100 | €10,000 | €10,000 | - | - | - | - |
| Reserves13 | €31,621 | €63,772 | €159,742 | €167,559 | €202,671 | ▲ 21.0% |
| Distributable reserves133 | €31,621 | €63,772 | €159,742 | €167,559 | €202,671 | ▲ 21.0% |
| Amounts payable17/49 | €12,516 | €44,544 | €69,374 | €21,769 | €9,272 | ▼ 57.4% |
| Amounts payable after more than one year17 | - | €20,785 | €11,252 | €1,616 | - | - |
| Financial debts170/4 | - | €20,785 | €11,252 | €1,616 | - | - |
| Amounts payable within one year42/48 | €12,516 | €23,279 | €58,122 | €20,153 | €9,272 | ▼ 54.0% |
| Current portion of amounts payable after more than one year42 | €6,059 | €15,624 | €15,723 | €9,636 | €1,616 | ▼ 83.2% |
| Trade debts44 | €1,165 | €2,828 | €12,197 | €1,878 | €1,160 | ▼ 38.2% |
| Suppliers440/4 | €1,165 | €2,828 | €12,197 | €1,878 | €1,160 | ▼ 38.2% |
| Taxes, remuneration and social security45 | €5,292 | €4,826 | €30,065 | €8,639 | €6,495 | ▼ 24.8% |
| Taxes450/3 | €5,292 | €4,826 | €29,044 | €8,639 | €6,495 | ▼ 24.8% |
| Remuneration and social security454/9 | - | - | €1,021 | - | - | - |
| Other amounts payable47/48 | - | - | €137 | - | - | - |
| Accrued charges and deferred income492/3 | - | €480 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,621 | €32,152 | €95,970 | €71,589 | €35,112 | ▼ 51.0% |
| + Depreciation and write-downs630 | €3,426 | €12,302 | €22,951 | €30,475 | €31,761 | ▲ 4.2% |
| Operating cash flow (approximation) | €35,047 | €44,454 | €118,921 | €102,064 | €66,873 | ▼ 34.5% |
| Investment in fixed assets (approximation) | - | -€53,223 | -€65,369 | -€6,248 | -€4,973 | ▲ 20.4% |
| Change in cash | - | €23,318 | €75,234 | -€8,347 | €46,777 | - |
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 | micro format | 27-07-2026 | 2026-00335998 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00218307 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00290175 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00273286 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20246473 |