Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-12-2025 PDF all 31 filings
Equity
€7.4m▲ 54.0%
2024 · €4.8m
Net result
€2.6m▲ 210%
2024 · €833,395
Total assets
€7.7m▲ 49.0%
2024 · €5.2m
Solvency
95.9%▲ 3.1pp
2024 · 92.8%
In the rankings
#8 company by equity in Waasmunster, Finance and insurance sector#8 oldest company in Waasmunster, Finance and insurance sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€3.1m
▲ 186%
2025
20192025
Net result
€2.6m
▲ 210%
2025
highest quarter of the sector
20192025
Equity
€7.4m
▲ 54.0%
2025
highest quarter of the sector
20192025
Total assets
€7.7m
▲ 49.0%
2025
highest quarter of the sector
20192025
Debt
€312,426
▼ 15.7%
2025
20192025
Working capital
€7.2m
▲ 59.5%
2025
highest quarter of the sector
20192025
Solvency
95.9%
▲ 3.1pp
2025
highest quarter of the sector
20192025
Current ratio
23.99
▲ 10.84
2025
highest quarter of the sector
20192025
Return on assets (ROA)
33.7%
▲ 17.5pp
2025
highest quarter of the sector
20192025
Staff (FTE)
0.5
=
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€0.08m-€0.3m▲ 364%€0.2m▼ 42.1%€1.4m▲ 595%€1.7m▲ 21.6%€1.1m▼ 36.7%€3.1m▲ 186%
Net result€0.03m-€0.3mabove the sector's middle half▲ 789%€0.1mabove the sector's middle half▼ 49.6%€1.0mabove the sector's middle half▲ 608%€1.2mabove the sector's middle half▲ 24.5%€0.8mabove the sector's middle half▼ 32.5%€2.6mabove the sector's middle half▲ 210%
Equity€2.4m-€2.6mabove the sector's middle half▲ 11.8%€1.9mabove the sector's middle half▼ 28.8%€2.7mabove the sector's middle half▲ 44.6%€3.9mabove the sector's middle half▲ 45.5%€4.8mabove the sector's middle half▲ 21.1%€7.4mabove the sector's middle half▲ 54.0%
Total assets€2.5m-€2.9mabove the sector's middle half▲ 12.0%€2.7mabove the sector's middle half▼ 3.6%€4.8mabove the sector's middle half▲ 76.4%€4.3mabove the sector's middle half▼ 11.5%€5.2mabove the sector's middle half▲ 20.2%€7.7mabove the sector's middle half▲ 49.0%
Debt€0.2m-€0.2m▲ 20.6%€0.9m▲ 345%€2.1m▲ 149%€0.3m▼ 84.3%€0.4m▲ 11.0%€0.3m▼ 15.7%
Working capital€1.4m-€1.8mabove the sector's middle half▲ 26.9%€1.1mabove the sector's middle half▼ 35.4%€2.2mabove the sector's middle half▲ 88.3%€3.5mabove the sector's middle half▲ 61.6%€4.5mabove the sector's middle half▲ 28.7%€7.2mabove the sector's middle half▲ 59.5%
Solvency92.7%-92.5%above the sector's middle half▼ 0.2pp68.3%within the sector's middle half▼ 24.2pp56.0%within the sector's middle half▼ 12.3pp92.1%above the sector's middle half▲ 36.1pp92.8%above the sector's middle half▲ 0.7pp95.9%above the sector's middle half▲ 3.1pp
Current ratio16.65-10.29above the sector's middle half▼ 6.362.35within the sector's middle half▼ 7.942.02within the sector's middle half▼ 0.3311.47above the sector's middle half▲ 9.4513.15above the sector's middle half▲ 1.6723.99above the sector's middle half▲ 10.84
Return on assets (ROA)1.2%-9.8%within the sector's middle half▲ 8.5pp5.1%within the sector's middle half▼ 4.7pp20.5%above the sector's middle half▲ 15.4pp28.8%above the sector's middle half▲ 8.3pp16.2%above the sector's middle half▼ 12.6pp33.7%above the sector's middle half▲ 17.5pp
Staff (FTE)1-1.1within the sector's middle half▲ 10.0%1.4▲ 27.3%2.3within the sector's middle half▲ 64.3%1.6above the sector's middle half▼ 30.4%0.5within the sector's middle half▼ 68.8%0.5within 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 186% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Large changes and their cause
- 2022 Net result +608% on 2021. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or 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 €7.7m
Fixed assets
€185,875 ▼ 33.9%
Current assets
€7.5m ▲ 53.8%
Equity and liabilities €7.7m
Equity
€7.4m ▲ 54.0%
Debt
€312,426 ▼ 15.7%
Debt's share of the balance-sheet total falls from 7.2% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
ROE
35.1%▲
2024 · 17.4%
Debt ≤ 1 year
€312,426▼
2024 · €370,616
Income taxes
€1.1m▲
2024 · €367,923
Staff costs
€37,067▼
2024 · €95,140
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 1 | 1 |
| full-time | 2 | 1 | - | - |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2.5 | 1.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 2.3 | 1.6 | 0.5 | 0.5 |
| On a permanent contract | 3 | 2 | 1 | 1 |
| Joined | 1 | 0 | - | - |
| Left | 0 | 1 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €8,989 | €95,816 | €53,386 | - |
| Depreciation and write-downs of the year | €191,653 | €199,850 | €205,285 | €45,302 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.007m | €0.008m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.1m | €0.04m | ▼ 61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.05m | ▼ 77.9% |
| Other operating charges640/8 | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | ▼ 23.3% |
| Gross operating margin9900 | €0.4m | €0.6m | €0.5m | €1.8m | €2.1m | €1.4m | €3.2m | ▲ 128% |
| Operating profit (loss)9901 | €0.08m | €0.3m | €0.2m | €1.4m | €1.7m | €1.1m | €3.1m | ▲ 186% |
| Financial income75/76B | - | - | - | €0.04m | €0.08m | €0.1m | €0.5m | ▲ 380% |
| Recurring financial income75 | €0.02m | €0.06m | €0.007m | €0.04m | €0.08m | €0.1m | €0.5m | ▲ 380% |
| Financial charges65/66B | - | - | - | €0.002m | €0.003m | €0.001m | €0.002m | ▲ 121% |
| Recurring financial charges65 | €0.01m | €0.001m | €480 | €0.002m | €0.003m | €0.001m | €0.002m | ▲ 121% |
| Profit (loss) for the period before taxes9903 | €0.08m | €0.4m | €0.2m | €1.4m | €1.8m | €1.2m | €3.6m | ▲ 204% |
| Transfer from deferred taxes780 | - | - | - | €0.005m | €0.005m | €0.005m | - | - |
| Income taxes67/77 | €0.06m | €0.1m | €0.07m | €0.5m | €0.6m | €0.4m | €1.1m | ▲ 186% |
| Profit (loss) for the period9904 | €0.03m | €0.3m | €0.1m | €1.0m | €1.2m | €0.8m | €2.6m | ▲ 210% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.02m | €0.02m | €0.02m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.3m | €0.2m | €1.0m | €1.3m | €0.9m | €2.6m | ▲ 202% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.9m | €2.7m | €4.8m | €4.3m | €5.2m | €7.7m | ▲ 49.0% |
| Fixed assets21/28 | €1.1m | €0.9m | €0.7m | €0.6m | €0.5m | €0.3m | €0.2m | ▼ 33.9% |
| Tangible fixed assets22/27 | €0.9m | €0.7m | €0.6m | €0.4m | €0.3m | €0.1m | €0.04m | ▼ 73.0% |
| Land and buildings22 | - | - | - | €0.4m | €0.2m | €0.07m | €0.003m | ▼ 95.4% |
| Plant, machinery and equipment23 | - | - | - | - | €0.02m | €0.02m | - | - |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.08m | €0.04m | €0.03m | ▼ 15.8% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €1.5m | €2.0m | €2.0m | €4.3m | €3.8m | €4.9m | €7.5m | ▲ 53.8% |
| Amounts receivable within one year40/41 | €0.6m | €0.4m | €0.3m | €1.0m | €1.1m | €0.2m | €0.6m | ▲ 211% |
| Trade receivables40 | - | - | - | €1.0m | €1.1m | €0.2m | €0.6m | ▲ 174% |
| Other amounts receivable41 | - | - | - | €0.004m | €0.001m | - | €0.08m | - |
| Current investments50/53 | €0.8m | €1.0m | €1.1m | €1.8m | €2.5m | €4.3m | €5.3m | ▲ 23.4% |
| Cash at bank and in hand54/58 | €0.06m | €0.3m | €0.4m | €1.5m | €0.3m | €0.4m | €1.6m | ▲ 289% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.002m | €160 | €312 | ▲ 94.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.9m | €2.7m | €4.8m | €4.3m | €5.2m | €7.7m | ▲ 49.0% |
| Equity10/15 | €2.4m | €2.6m | €1.9m | €2.7m | €3.9m | €4.8m | €7.4m | ▲ 54.0% |
| Contributions10/11 | €1.0m | €1.0m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Uncalled capital101 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €1.2m | €1.5m | €1.6m | €2.4m | €3.7m | €4.5m | €7.1m | ▲ 57.5% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.02m | - | - | - |
| Distributable reserves133 | - | - | - | €2.4m | €3.6m | €4.5m | €7.1m | ▲ 57.8% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Provisions and deferred taxes16 | €0.03m | €0.02m | €0.02m | €0.01m | €0.005m | - | - | - |
| Deferred taxes168 | - | - | - | €0.01m | €0.005m | - | - | - |
| Amounts payable17/49 | €0.2m | €0.2m | €0.9m | €2.1m | €0.3m | €0.4m | €0.3m | ▼ 15.7% |
| Amounts payable after more than one year17 | €0.07m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.09m | €0.2m | €0.9m | €2.1m | €0.3m | €0.4m | €0.3m | ▼ 15.7% |
| Trade debts44 | €0.02m | €0.02m | €0.02m | €1.4m | €0.02m | €0.009m | €0.02m | ▲ 95.0% |
| Suppliers440/4 | - | - | - | €1.4m | €0.02m | €0.009m | €0.02m | ▲ 95.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.2m | €0.06m | €0.09m | ▲ 45.5% |
| Taxes450/3 | - | - | - | €0.03m | €0.2m | €0.06m | €0.09m | ▲ 49.4% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.02m | €0.005m | €0.005m | ▼ 3.7% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.1m | €0.3m | €0.2m | ▼ 32.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.3m | €0.1m | €1.0m | €1.2m | €0.8m | €2.6m | ▲ 210% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.05m | ▼ 77.9% |
| Operating cash flow (approximation) | €0.2m | €0.5m | €0.3m | €1.2m | €1.4m | €1.0m | €2.6m | ▲ 153% |
| Investment in fixed assets (approximation) | - | -€0.006m | -€0.05m | -€0.009m | -€0.1m | -€0.03m | €0.05m | - |
| Change in cash | - | €0.2m | €0.2m | €1.0m | -€1.2m | €0.1m | €1.2m | ▲ 764% |
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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | abbreviated format | 31-12-2025 | 2026-00000432 | |
| 31-05-2024 | abbreviated format | 03-02-2025 | 2025-00024058 | |
| 31-05-2023 | abbreviated format | 31-12-2023 | 2024-00540779 | |
| 31-05-2022 | abbreviated format | 30-12-2022 | 2023-20552012 | |
| 31-05-2021 | micro format | 21-01-2022 | 2022-02400118 | |
| 31-05-2020 | micro format | 22-01-2021 | 2021-01900042 | |
| 31-05-2019 | micro format | 30-04-2020 | 2020-11200024 | |
| 31-05-2018 | abbreviated format | 28-01-2019 | 2019-03600217 | |
| 31-05-2017 | abbreviated format | 29-12-2017 | 2017-73600431 | |
| 31-05-2016 | abbreviated format | 24-02-2017 | 2017-05200073 |