Financials · financial year 2025, full format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00550136.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 11 filings
Equity
€2.7m▲ 15.0%
2024 · €2.4m
Net result
€352,882▼ 18.1%
2024 · €431,020
Total assets
€4.5m▼ 6.5%
2024 · €4.8m
Solvency
60.3%▲ 11.3pp
2024 · 49.0%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€322,140
▼ 23.8%
2025
20182025
Operating result
€31,450
▼ 26.5%
2025
20182025
Net result
€352,882
▼ 18.1%
2025
middle half of the sector
20182025
Equity
€2.7m
▲ 15.0%
2025
middle half of the sector
20182025
Total assets
€4.5m
▼ 6.5%
2025
middle half of the sector
20182025
Debt
€1.8m
▼ 27.2%
2025
20182025
Working capital
€553,536
▼ 41.8%
2025
middle half of the sector
20182025
Solvency
60.3%
▲ 11.3pp
2025
middle half of the sector
20182025
Current ratio
3.84
▼ 5.75
2025
highest quarter of the sector
20182025
Return on assets (ROA)
7.9%
▼ 1.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
=
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
Turnover€0.3m-€0.3m▲ 2.5%€0.3m▼ 3.9%€0.4m▲ 10.0%€0.4m▲ 10.1%€0.5m▲ 17.3%€0.4m▼ 9.1%€0.3m▼ 23.8%
Operating result€0.05m-€0.03m▼ 42.9%€0.02m▼ 39.4%€0.04m▲ 142%€0.04m▼ 7.6%€0.04m▲ 9.3%€0.04m▲ 1.9%€0.03m▼ 26.5%
Net result€0.04m-€0.005m▼ 85.4%€0.01mwithin the sector's middle half▲ 111%€0.05mwithin the sector's middle half▲ 305%€1.0mabove the sector's middle half▲ 21×€0.2mwithin the sector's middle half▼ 77.7%€0.4mwithin the sector's middle half▲ 101%€0.4mwithin the sector's middle half▼ 18.1%
Equity€1.7m-€1.7m▲ 0.3%€1.7mwithin the sector's middle half▲ 0.7%€1.7mwithin the sector's middle half▲ 2.7%€1.7mwithin the sector's middle half▼ 2.2%€1.9mwithin the sector's middle half▲ 12.6%€2.4mwithin the sector's middle half▲ 22.5%€2.7mwithin the sector's middle half▲ 15.0%
Total assets€4.2m-€4.2m▲ 0.4%€4.2mwithin the sector's middle half▼ 0.4%€4.1mwithin the sector's middle half▼ 0.9%€4.4mwithin the sector's middle half▲ 5.7%€4.4mwithin the sector's middle half▼ 0.5%€4.8mwithin the sector's middle half▲ 10.2%€4.5mwithin the sector's middle half▼ 6.5%
Debt€2.5m-€2.5m▲ 0.4%€2.5m▼ 1.2%€2.4m▼ 3.4%€2.7m▲ 11.4%€2.4m▼ 8.9%€2.4m▲ 0.6%€1.8m▼ 27.2%
Working capital-€1.6m-€0.3m€0.3mwithin the sector's middle half▲ 3.4%-€0.6mbelow the sector's middle half€0.2mwithin the sector's middle half€0.5mwithin the sector's middle half▲ 161%€1.0mwithin the sector's middle half▲ 82.9%€0.6mwithin the sector's middle half▼ 41.8%
Solvency40.2%-40.2%=40.6%within the sector's middle half▲ 0.5pp42.1%within the sector's middle half▲ 1.5pp39.0%within the sector's middle half▼ 3.1pp44.1%within the sector's middle half▲ 5.1pp49.0%within the sector's middle half▲ 4.9pp60.3%within the sector's middle half▲ 11.3pp
Current ratio0.21-3.58▲ 3.374.50above the sector's middle half▲ 0.910.40within the sector's middle half▼ 4.101.45within the sector's middle half▲ 1.066.37above the sector's middle half▲ 4.929.59above the sector's middle half▲ 3.223.84above the sector's middle half▼ 5.75
Return on assets (ROA)0.9%-0.1%▼ 0.8pp0.3%within the sector's middle half▲ 0.1pp1.1%within the sector's middle half▲ 0.8pp22.0%above the sector's middle half▲ 20.9pp4.9%within the sector's middle half▼ 17.1pp9.0%above the sector's middle half▲ 4.1pp7.9%above the sector's middle half▼ 1.1pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
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 26% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.5m
Fixed assets
€3.7m =
Current assets
€748,738 ▼ 29.5%
Equity and liabilities €4.5m
Equity
€2.7m ▲ 15.0%
Debt
€1.8m ▼ 27.2%
Debt's share of the balance-sheet total falls from 51.0% to 39.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
13.1%▼
2024 · 18.3%
Debt ≤ 1 year
€195,202▲
2024 · €110,663
Debt > 1 year
€1.6m▼
2024 · €2.3m
Income taxes
€9,936▼
2024 · €11,713
Staff costs
€76,090▲
2024 · €73,145
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €7,068 | €16,539 | €16,094 | €11,270 | €11,713 |
| Overdue social security (RSZ) debts | €2,350 | €2,818 | €1,798 | €1,274 | €1,488 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €359,905 | €396,101 | €464,770 | €422,650 | €322,140 | ▼ 23.8% |
| Turnover70 | €331,840 | €340,300 | €327,010 | €359,860 | €396,095 | €464,770 | €422,650 | €322,140 | ▼ 23.8% |
| Other operating income74 | - | - | - | €45 | €6 | €0 | - | - | - |
| Operating charges60/66A | - | - | - | €318,327 | €357,680 | €422,780 | €379,865 | €290,690 | ▼ 23.5% |
| Services and other goods61 | - | - | - | €267,414 | €297,855 | €348,637 | €305,635 | €213,064 | ▼ 30.3% |
| Remuneration, social security and pensions62 | - | - | - | €49,945 | €58,855 | €73,074 | €73,145 | €76,090 | ▲ 4.0% |
| Other operating charges640/8 | - | - | - | €969 | €970 | €1,069 | €1,086 | €1,536 | ▲ 41.5% |
| Operating profit (loss)9901 | €49,618 | €28,330 | €17,172 | €41,578 | €38,421 | €41,990 | €42,785 | €31,450 | ▼ 26.5% |
| Financial income75/76B | - | - | - | €35,898 | €954,497 | €204,349 | €404,349 | €332,270 | ▼ 17.8% |
| Recurring financial income75 | €16,339 | €5,861 | €20,399 | €35,898 | €954,497 | €204,349 | €404,349 | €332,270 | ▼ 17.8% |
| Income from financial fixed assets750 | - | - | - | €30,171 | €950,000 | €200,000 | €400,000 | €326,700 | ▼ 18.3% |
| Income from current assets751 | - | - | - | €5,699 | €4,497 | €4,349 | €4,349 | €4,349 | = |
| Other financial income752/9 | - | - | - | €28 | €0 | - | - | €1,221 | - |
| Financial charges65/66B | - | - | - | €26,204 | €26,206 | €26,207 | €4,401 | €902 | ▼ 79.5% |
| Recurring financial charges65 | €27,389 | €26,195 | €26,198 | €26,204 | €26,206 | €26,207 | €4,401 | €40 | ▼ 99.1% |
| Debt charges650 | €27,368 | €26,172 | €26,172 | €26,172 | €26,172 | €26,172 | €4,362 | €0 | ▼ 100% |
| Other financial charges652/9 | - | - | - | €32 | €34 | €35 | €39 | €40 | ▲ 3.5% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €862 | - |
| Profit (loss) for the period before taxes9903 | €38,568 | €7,996 | €11,373 | €51,271 | €966,712 | €220,132 | €442,733 | €362,818 | ▼ 18.1% |
| Income taxes67/77 | €1,710 | €2,603 | €0 | €5,230 | €4,527 | €5,507 | €11,713 | €9,936 | ▼ 15.2% |
| Taxes670/3 | - | - | - | €5,230 | €4,527 | €5,507 | €11,713 | €9,936 | ▼ 15.2% |
| Profit (loss) for the period9904 | €36,858 | €5,393 | €11,373 | €46,041 | €962,185 | €214,625 | €431,020 | €352,882 | ▼ 18.1% |
| Profit (loss) for the period to be appropriated9905 | €36,864 | €5,393 | €11,373 | €46,041 | €962,185 | €214,625 | €431,020 | €352,882 | ▼ 18.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.2m | €4.2m | €4.2m | €4.1m | €4.4m | €4.4m | €4.8m | €4.5m | ▼ 6.5% |
| Fixed assets21/28 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Financial fixed assets28 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Affiliated companies280/1 | - | - | - | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Participating interests280 | - | - | - | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Current assets29/58 | €0.4m | €0.5m | €0.4m | €0.4m | €0.6m | €0.6m | €1.1m | €0.7m | ▼ 29.5% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.2m | €0.4m | €0.3m | €0.2m | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 30.8% |
| Trade receivables40 | - | - | - | €0.02m | €0.04m | €0.07m | €0.04m | €0.02m | ▼ 53.2% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 44.3% |
| Cash at bank and in hand54/58 | €0.2m | €0.03m | €0.1m | €0.2m | €0.2m | €0.4m | €0.7m | €0.3m | ▼ 55.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.2m | €4.2m | €4.2m | €4.1m | €4.4m | €4.4m | €4.8m | €4.5m | ▼ 6.5% |
| Equity10/15 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.9m | €2.4m | €2.7m | ▲ 15.0% |
| Contributions10/11 | €1.5m | €1.5m | - | €1.5m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €1.1m | €1.3m | €1.7m | ▲ 33.4% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €38 | €38 | €38 | €38 | €38 | = |
| Distributable reserves133 | - | - | - | €6 | €0.02m | €1.1m | €1.3m | €1.7m | ▲ 33.4% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €1.1m | €0.2m | €0.4m | €0.4m | ▼ 18.1% |
| Amounts payable17/49 | €2.5m | €2.5m | €2.5m | €2.4m | €2.7m | €2.4m | €2.4m | €1.8m | ▼ 27.2% |
| Amounts payable after more than one year17 | €0.4m | €2.4m | €2.4m | €1.4m | €2.2m | €2.3m | €2.3m | €1.6m | ▼ 32.1% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Other loans174 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Other amounts payable178/9 | - | - | - | €0.9m | €1.8m | €1.9m | €1.9m | €1.2m | ▼ 39.5% |
| Amounts payable within one year42/48 | €2.1m | €0.1m | €0.1m | €1.0m | €0.4m | €0.1m | €0.1m | €0.2m | ▲ 76.4% |
| Trade debts44 | €0.002m | - | €197 | €0 | €0.003m | €0.001m | €0 | €0.002m | - |
| Suppliers440/4 | - | - | - | €0 | €0.003m | €0.001m | €0 | €0.002m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.1m | €0.08m | €0.1m | €0.2m | ▲ 85.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.07m | €0.05m | €0.07m | €0.2m | ▲ 108% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | €0.02m | ▲ 3.3% |
| Other amounts payable47/48 | - | - | - | €1.0m | €0.3m | €0.02m | €0.02m | €0.02m | ▲ 4.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €18 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,858 | €5,393 | €11,373 | €46,041 | €962,185 | €214,625 | €431,020 | €352,882 | ▼ 18.1% |
| Operating cash flow (approximation) | €36,858 | €5,393 | €11,373 | €46,041 | €962,185 | €214,625 | €431,020 | €352,882 | ▼ 18.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€216,202 | €79,923 | €61,503 | -€5,751 | €180,878 | €385,822 | -€406,929 | - |
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 | full format | 29-09-2026 | 2026-00550136 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00480856 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00448984 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00397188 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20388153 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-64400377 | |
| 31-12-2019 | full format | 18-11-2020 | 2020-71200437 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-61600045 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-60400224 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-58500261 |