Financials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 27-07-2026 at the NBB all 26 filings
Equity
€7.8m▲ 25.5%
2024 · €6.2m
Net result
€1.6m▼ 3.9%
2024 · €1.7m
Total assets
€16.3m▼ 4.9%
2024 · €17.1m
Solvency
48.1%▲ 11.7pp
2024 · 36.5%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.8m
▲ 5.2%
2025
20182025
Operating result
€284,564
▼ 1.1%
2025
20182025
Net result
€1.6m
▼ 3.9%
2025
highest quarter of the sector
20182025
Equity
€7.8m
▲ 25.5%
2025
middle half of the sector
20182025
Total assets
€16.3m
▼ 4.9%
2025
middle half of the sector
20182025
Debt
€8.4m
▼ 22.3%
2025
20182025
Working capital
-€243,034
▲ 86.0%
2025
middle half of the sector
20182025
Solvency
48.1%
▲ 11.7pp
2025
middle half of the sector
20182025
Current ratio
0.82
▲ 0.29
2025
middle half of the sector
20182025
Return on assets (ROA)
9.8%
▲ 0.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
10.7
▼ 15.1%
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
Turnover€1.8m-€2.6m▲ 45.3%€2.5m▼ 3.7%€2.6m▲ 4.3%€3.0m▲ 13.1%€2.3m▼ 22.6%€2.7m▲ 16.6%€2.8m▲ 5.2%
Operating result-€0.7m--€0.7m▼ 2.8%-€0.8m▼ 2.6%-€0.7m▲ 1.2%-€1.3m▼ 81.0%€0.2m€0.3m▲ 72.6%€0.3m▼ 1.1%
Net result€0.02m-€4.1m▲ 256×-€0.009mbelow the sector's middle half€4.4mabove the sector's middle half-€1.6mbelow the sector's middle half€5.2mabove the sector's middle half€1.7mabove the sector's middle half▼ 67.9%€1.6mabove the sector's middle half▼ 3.9%
Equity€5.4m-€5.1m▼ 6.6%€4.2mwithin the sector's middle half▼ 17.0%€8.6mwithin the sector's middle half▲ 105%€7.0mwithin the sector's middle half▼ 19.0%€6.4mwithin the sector's middle half▼ 7.9%€6.2mwithin the sector's middle half▼ 3.0%€7.8mwithin the sector's middle half▲ 25.5%
Total assets€16.9m-€19.3m▲ 14.4%€16.7mwithin the sector's middle half▼ 13.4%€22.7mwithin the sector's middle half▲ 35.7%€19.0mwithin the sector's middle half▼ 16.2%€18.6mwithin the sector's middle half▼ 2.0%€17.1mwithin the sector's middle half▼ 8.0%€16.3mwithin the sector's middle half▼ 4.9%
Debt€11.4m-€14.2m▲ 24.4%€12.5m▼ 12.2%€14.0m▲ 12.3%€12.0m▼ 14.5%€12.2m▲ 1.4%€10.9m▼ 10.7%€8.4m▼ 22.3%
Working capital-€9.3m--€2.6m▲ 72.2%-€3.6mbelow the sector's middle half▼ 37.4%€0.9mwithin the sector's middle half-€0.6mbelow the sector's middle half-€1.1mbelow the sector's middle half▼ 70.2%-€1.7mbelow the sector's middle half▼ 58.5%-€0.2mwithin the sector's middle half▲ 86.0%
Solvency32.1%-26.2%▼ 5.9pp25.2%below the sector's middle half▼ 1.1pp38.0%within the sector's middle half▲ 12.9pp36.8%within the sector's middle half▼ 1.3pp34.6%within the sector's middle half▼ 2.2pp36.5%within the sector's middle half▲ 1.9pp48.1%within the sector's middle half▲ 11.7pp
Current ratio0.17-0.63▲ 0.460.35within the sector's middle half▼ 0.281.13within the sector's middle half▲ 0.780.87within the sector's middle half▼ 0.260.78within the sector's middle half▼ 0.080.53within the sector's middle half▼ 0.250.82within the sector's middle half▲ 0.29
Return on assets (ROA)0.1%-21.5%▲ 21.4pp-0.1%within the sector's middle half▼ 21.5pp19.5%above the sector's middle half▲ 19.6pp-8.6%below the sector's middle half▼ 28.1pp27.7%above the sector's middle half▲ 36.3pp9.7%above the sector's middle half▼ 18.0pp9.8%above the sector's middle half▲ 0.1pp
Staff (FTE)9.6-9.7▲ 1.0%9.7within the sector's middle half=9.5within the sector's middle half▼ 2.1%9.7within the sector's middle half▲ 2.1%12above the sector's middle half▲ 23.7%12.6above the sector's middle half▲ 5.0%10.7above the sector's middle half▼ 15.1%
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 1% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.3m
Fixed assets
€15.2m ▲ 0.3%
Current assets
€1.1m ▼ 44.9%
Equity and liabilities €16.3m
Equity
€7.8m ▲ 25.5%
Debt
€8.4m ▼ 22.3%
Debt's share of the balance-sheet total falls from 63.5% to 51.9%. Equity is higher and debt is lower.
Key figures and ratios
ROE
20.3%▼
2024 · 26.5%
Debt ≤ 1 year
€1.3m▼
2024 · €3.7m
Debt > 1 year
€7.1m▼
2024 · €7.1m
Income taxes
€2,100▼
2024 · €2,311
Staff costs
€1.2m▼
2024 · €1.4m
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 | 11 | 12 | 13 | 13 | 11 |
| full-time | 6 | 7 | 9 | 8 | 7 |
| part-time | 5 | 5 | 4 | 5 | 4 |
| in full-time equivalents | 9.5 | 10.5 | 11.9 | 11.4 | 9.8 |
| Average over the year, in full-time equivalents | 9.5 | 9.7 | 12 | 12.6 | 10.7 |
| On a permanent contract | 11 | 12 | 13 | 13 | 11 |
| Joined | - | 1 | 3 | 2 | 3 |
| Left | - | 0 | 2 | 2 | 5 |
| Training hours | 179 | 164 | 218 | 214 | 277 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €73,175 | €134,211 | €99,760 | €191,447 | €129,792 |
| Mandates to pledge the business | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m |
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 | €90,646 | €83,686 | - | €143,204 | - |
| Intangible fixed assets | - | - | - | €454,598 | €231,005 |
| Depreciation and write-downs of the year | €100,770 | €103,681 | €115,609 | €94,023 | €183,678 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €2,500 | €5,000 | €5,230 | €10,400 | €5,400 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €2.6m | - | €2.6m | €3.0m | €2.3m | €2.7m | €2.8m | ▲ 5.1% |
| Turnover70 | €1.8m | €2.6m | €2.5m | €2.6m | €3.0m | €2.3m | €2.7m | €2.8m | ▲ 5.2% |
| Other operating income74 | - | €0.008m | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 8.0% |
| Non-recurring operating income76A | - | €0.002m | - | €0.02m | - | - | - | - | - |
| Operating charges60/66A | - | €3.3m | - | €3.4m | €4.3m | €2.2m | €2.4m | €2.6m | ▲ 5.8% |
| Services and other goods61 | - | €2.5m | - | €2.5m | €3.3m | €0.8m | €0.9m | €1.1m | ▲ 26.2% |
| Remuneration, social security and pensions62 | - | €0.8m | - | €0.8m | €0.9m | €1.2m | €1.4m | €1.2m | ▼ 13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.2m | ▲ 95.4% |
| Other operating charges640/8 | - | €0.005m | - | €0.007m | €0.009m | €0.008m | €0.01m | €0.01m | ▲ 25.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €200 | - |
| Operating profit (loss)9901 | -€0.7m | -€0.7m | -€0.8m | -€0.7m | -€1.3m | €0.2m | €0.3m | €0.3m | ▼ 1.1% |
| Financial income75/76B | - | €4.9m | - | €5.4m | €3 | €5.6m | €1.9m | €1.8m | ▼ 8.0% |
| Recurring financial income75 | €0.8m | €4.9m | €1.0m | €5.4m | €3 | €5.2m | €1.9m | €1.7m | ▼ 11.1% |
| Income from financial fixed assets750 | - | €4.9m | - | €5.4m | - | €5.2m | €1.9m | €1.7m | ▼ 10.2% |
| Income from current assets751 | - | - | - | - | - | €0.001m | €0.02m | €1 | ▼ 100.0% |
| Other financial income752/9 | - | - | - | - | €3 | - | €1 | - | - |
| Non-recurring financial income76B | - | - | - | - | - | €0.4m | - | €0.06m | - |
| Financial charges65/66B | - | €0.02m | - | €0.3m | €0.3m | €0.6m | €0.6m | €0.5m | ▼ 16.5% |
| Recurring financial charges65 | €0.04m | €0.02m | €0.3m | €0.3m | €0.3m | €0.6m | €0.6m | €0.5m | ▼ 16.5% |
| Debt charges650 | €0.04m | €0.01m | €0.3m | €0.2m | €0.3m | €0.6m | €0.6m | €0.5m | ▼ 16.1% |
| Other financial charges652/9 | - | €0.003m | - | €0.002m | €0.002m | €0.002m | €0.003m | €455 | ▼ 86.5% |
| Profit (loss) for the period before taxes9903 | €0.02m | €4.1m | -€0.009m | €4.4m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| Income taxes67/77 | €0.001m | €434 | €453 | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | ▼ 9.1% |
| Taxes670/3 | - | €0.001m | - | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | ▼ 9.1% |
| Tax adjustments and reversals of tax provisions77 | - | €143 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.02m | €4.1m | -€0.009m | €4.4m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.08m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €4.1m | -€0.009m | €4.5m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.9m | €19.3m | €16.7m | €22.7m | €19.0m | €18.6m | €17.1m | €16.3m | ▼ 4.9% |
| Fixed assets21/28 | €15.0m | €14.9m | €14.8m | €14.8m | €14.7m | €14.6m | €15.1m | €15.2m | ▲ 0.3% |
| Intangible fixed assets21 | €0.4m | €0.3m | €0.2m | €0.2m | €0.08m | - | €0.4m | €0.5m | ▲ 27.6% |
| Tangible fixed assets22/27 | €0.04m | €0.02m | €0.02m | €0.09m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 32.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.006m | €0.005m | ▼ 21.7% |
| Furniture and vehicles24 | - | €0.003m | - | €0.01m | €0.009m | €0.006m | €0.003m | - | - |
| Leasing and similar rights25 | - | €0.02m | - | €0.07m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 32.0% |
| Financial fixed assets28 | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | = |
| Affiliated companies280/1 | - | €14.5m | - | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | = |
| Participating interests280 | - | €14.5m | - | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | = |
| Current assets29/58 | €1.9m | €4.4m | €1.9m | €7.9m | €4.2m | €4.0m | €2.0m | €1.1m | ▼ 44.9% |
| Amounts receivable within one year40/41 | €1.6m | €0.9m | €1.9m | €7.9m | €4.2m | €3.3m | €2.0m | €1.1m | ▼ 45.1% |
| Trade receivables40 | - | €0.8m | - | €2.6m | €2.3m | €0.7m | €0.9m | €0.07m | ▼ 92.4% |
| Other amounts receivable41 | - | €0.09m | - | €5.3m | €2.0m | €2.6m | €1.0m | €1.0m | ▼ 0.5% |
| Cash at bank and in hand54/58 | €0.3m | €3.5m | €0.04m | €0.02m | €0.01m | €0.7m | €0.02m | €0.01m | ▼ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.002m | €0.002m | ▲ 26.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.9m | €19.3m | €16.7m | €22.7m | €19.0m | €18.6m | €17.1m | €16.3m | ▼ 4.9% |
| Equity10/15 | €5.4m | €5.1m | €4.2m | €8.6m | €7.0m | €6.4m | €6.2m | €7.8m | ▲ 25.5% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €5.4m | €5.0m | €4.1m | €8.6m | €6.9m | €6.4m | €6.2m | €7.8m | ▲ 25.7% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | €0.3m | - | €0.2m | €0.08m | €448 | €448 | €448 | = |
| Distributable reserves133 | - | €4.7m | - | €8.4m | €6.8m | €6.4m | €6.2m | €7.7m | ▲ 25.8% |
| Amounts payable17/49 | €11.4m | €14.2m | €12.5m | €14.0m | €12.0m | €12.2m | €10.9m | €8.4m | ▼ 22.3% |
| Amounts payable after more than one year17 | €0.2m | €7.2m | €7.0m | €7.1m | €7.1m | €7.1m | €7.1m | €7.1m | ▼ 0.7% |
| Financial debts170/4 | - | €7.0m | - | €7.1m | €7.1m | €7.1m | €7.1m | €7.1m | ▼ 0.7% |
| Subordinated loans170 | - | €7.0m | - | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | = |
| Leasing and similar obligations172 | - | €0.004m | - | €0.06m | €0.1m | €0.06m | €0.1m | €0.08m | ▼ 35.8% |
| Other amounts payable178/9 | - | €0.2m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €11.2m | €7.0m | €5.5m | €7.0m | €4.9m | €5.1m | €3.7m | €1.3m | ▼ 64.1% |
| Current portion of amounts payable after more than one year42 | - | €0.01m | - | €0.02m | €0.03m | €0.04m | €0.06m | €0.05m | ▼ 24.6% |
| Financial debts43 | - | - | - | €0.5m | €1.6m | - | €0.001m | €0.5m | ▲ 642× |
| Credit institutions430/8 | - | - | - | €0.5m | €1.6m | - | €0.001m | €0.5m | ▲ 642× |
| Trade debts44 | €1.3m | €2.4m | €3.4m | €5.2m | €3.0m | €3.1m | €1.5m | €0.5m | ▼ 63.2% |
| Suppliers440/4 | - | €2.4m | - | €5.2m | €3.0m | €3.1m | €1.5m | €0.5m | ▼ 63.2% |
| Taxes, remuneration and social security45 | - | €0.1m | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 29.2% |
| Taxes450/3 | - | €0.03m | - | €0.03m | €0.04m | €0.04m | €0.09m | €0.06m | ▼ 32.8% |
| Remuneration and social security454/9 | - | €0.1m | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 27.9% |
| Other amounts payable47/48 | - | €4.5m | - | €1.0m | €0.02m | €1.7m | €1.9m | €0.001m | ▼ 99.9% |
| Accrued charges and deferred income492/3 | - | €0.01m | - | €0.01m | €0.02m | €0.04m | €0.03m | €0.03m | ▼ 15.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €4.1m | -€0.009m | €4.4m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.2m | ▲ 95.4% |
| Operating cash flow (approximation) | €0.1m | €4.2m | €0.09m | €4.5m | -€1.5m | €5.3m | €1.7m | €1.8m | ▲ 1.4% |
| Investment in fixed assets (approximation) | - | €0.01m | -€0.02m | -€0.09m | -€0.08m | €0 | -€0.6m | -€0.2m | ▲ 61.4% |
| Change in cash | - | €3.3m | -€3.5m | -€0.02m | -€0.004m | €0.7m | -€0.7m | -€0.004m | ▲ 99.4% |
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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00344505 | |
| 31-12-2024 | full format | 15-07-2025 | 2025-00281182 | |
| 31-12-2023 | full format | 27-06-2024 | 2024-00180380 | |
| 31-12-2022 | full format | 11-06-2024 | 2024-00127276 | |
| 31-12-2021 | full format | 15-06-2022 | 2022-20070703 | |
| 31-12-2020 | full format | 22-07-2021 | 2021-38700487 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-20900057 | |
| 31-12-2018 | full format | 27-09-2019 | 2019-67200015 | |
| 31-12-2017 | full format | 11-07-2018 | 2018-32800419 | |
| 31-12-2017 | consolidated | 11-07-2018 | 2018-32800465 |