Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-12-2025 PDF all 7 filings
Equity
€232,502▲ 18.1%
2024 · €196,878
Net result
€35,625▲ 13.2%
2024 · €31,481
Total assets
€440,393▲ 2.9%
2024 · €427,790
Solvency
52.8%▲ 6.8pp
2024 · 46.0%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€54,542
▲ 19.3%
2025
20192025
Net result
€35,625
▲ 13.2%
2025
middle half of the sector
20192025
Equity
€232,502
▲ 18.1%
2025
middle half of the sector
20192025
Total assets
€440,393
▲ 2.9%
2025
lowest quarter of the sector
20192025
Debt
€207,891
▼ 10.0%
2025
20192025
Working capital
€139,813
▲ 10.1%
2025
middle half of the sector
20192025
Solvency
52.8%
▲ 6.8pp
2025
middle half of the sector
20192025
Current ratio
3.99
▼ 1.40
2025
highest quarter of the sector
20192025
Return on assets (ROA)
8.1%
▲ 0.7pp
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€63,647-€24,196▼ 62.0%€28,664▲ 18.5%€55,747▲ 94.5%€50,558▼ 9.3%€45,733▼ 9.5%€54,542▲ 19.3%
Net result€41,265-€17,323within the sector's middle half▼ 58.0%€18,834within the sector's middle half▲ 8.7%€40,092within the sector's middle half▲ 113%€35,482within the sector's middle half▼ 11.5%€31,481within the sector's middle half▼ 11.3%€35,625within the sector's middle half▲ 13.2%
Equity€53,665-€70,988below the sector's middle half▲ 32.3%€89,822below the sector's middle half▲ 26.5%€129,915within the sector's middle half▲ 44.6%€165,397within the sector's middle half▲ 27.3%€196,878within the sector's middle half▲ 19.0%€232,502within the sector's middle half▲ 18.1%
Total assets€130,840-€107,142below the sector's middle half▼ 18.1%€107,267below the sector's middle half▲ 0.1%€214,999within the sector's middle half▲ 100%€235,037within the sector's middle half▲ 9.3%€427,790below the sector's middle half▲ 82.0%€440,393below the sector's middle half▲ 2.9%
Debt€77,175-€36,153▼ 53.2%€17,444▼ 51.7%€85,084▲ 388%€69,640▼ 18.2%€230,912▲ 232%€207,891▼ 10.0%
Working capital€28,040-€50,061within the sector's middle half▲ 78.5%€78,073within the sector's middle half▲ 56.0%€105,317within the sector's middle half▲ 34.9%€143,338within the sector's middle half▲ 36.1%€127,006within the sector's middle half▼ 11.4%€139,813within the sector's middle half▲ 10.1%
Solvency41.0%-66.3%within the sector's middle half▲ 25.2pp83.7%above the sector's middle half▲ 17.5pp60.4%within the sector's middle half▼ 23.3pp70.4%within the sector's middle half▲ 9.9pp46.0%within the sector's middle half▼ 24.3pp52.8%within the sector's middle half▲ 6.8pp
Current ratio1.49-2.80within the sector's middle half▲ 1.305.63above the sector's middle half▲ 2.834.86above the sector's middle half▼ 0.776.34above the sector's middle half▲ 1.485.38above the sector's middle half▼ 0.963.99above the sector's middle half▼ 1.40
Return on assets (ROA)31.5%-16.2%above the sector's middle half▼ 15.4pp17.6%above the sector's middle half▲ 1.4pp18.6%within the sector's middle half▲ 1.1pp15.1%within the sector's middle half▼ 3.6pp7.4%within the sector's middle half▼ 7.7pp8.1%within the sector's middle half▲ 0.7pp
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 19% higher than in 2024. It is a recovery after the fall in 2024.
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 €440,393
Fixed assets
€253,756 ▼ 6.6%
Current assets
€186,637 ▲ 19.7%
Equity and liabilities €440,393
Equity
€232,502 ▲ 18.1%
Debt
€207,891 ▼ 10.0%
Debt's share of the balance-sheet total falls from 54.0% to 47.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
15.3%▼
2024 · 16.0%
Debt ≤ 1 year
€46,824▲
2024 · €28,976
Debt > 1 year
€160,805▼
2024 · €201,675
Income taxes
€13,989▲
2024 · €12,522
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €87,438 | €1,693 | - | - |
| Financial fixed assets | - | - | €225,000 | - |
| Depreciation and write-downs of the year | €10,430 | €19,219 | €18,052 | €18,052 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €327 awarded · €327 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €9,336 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,936 | €16,896 | €16,896 | €10,430 | €19,219 | €18,052 | €18,052 | = |
| Other operating charges640/8 | - | - | - | €101 | €211 | €144 | €120 | ▼ 16.7% |
| Gross operating margin9900 | €87,777 | €41,192 | €45,561 | €66,278 | €69,988 | €63,929 | €72,714 | ▲ 13.7% |
| Operating profit (loss)9901 | €63,647 | €24,196 | €28,664 | €55,747 | €50,558 | €45,733 | €54,542 | ▲ 19.3% |
| Financial charges65/66B | - | - | - | €1,037 | €1,826 | €1,730 | €4,928 | ▲ 185% |
| Recurring financial charges65 | €908 | €529 | €369 | €1,037 | €1,826 | €1,730 | €4,928 | ▲ 185% |
| Profit (loss) for the period before taxes9903 | €62,739 | €23,667 | €28,295 | €54,711 | €48,732 | €44,003 | €49,614 | ▲ 12.8% |
| Income taxes67/77 | €21,474 | €6,344 | €9,461 | €14,619 | €13,250 | €12,522 | €13,989 | ▲ 11.7% |
| Profit (loss) for the period9904 | €41,265 | €17,323 | €18,834 | €40,092 | €35,482 | €31,481 | €35,625 | ▲ 13.2% |
| Profit (loss) for the period to be appropriated9905 | €41,265 | €17,323 | €18,834 | €40,092 | €35,482 | €31,481 | €35,625 | ▲ 13.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €130,840 | €107,142 | €107,267 | €214,999 | €235,037 | €427,790 | €440,393 | ▲ 2.9% |
| Fixed assets21/28 | €46,124 | €29,228 | €12,331 | €82,386 | €64,860 | €271,808 | €253,756 | ▼ 6.6% |
| Tangible fixed assets22/27 | €46,124 | €29,228 | €12,331 | €82,386 | €64,860 | €46,808 | €28,756 | ▼ 38.6% |
| Plant, machinery and equipment23 | - | - | - | €2,006 | €2,993 | €2,009 | €1,026 | ▼ 49.0% |
| Furniture and vehicles24 | - | - | - | €80,380 | €61,867 | €44,799 | €27,730 | ▼ 38.1% |
| Financial fixed assets28 | - | - | - | - | - | €225,000 | €225,000 | = |
| Current assets29/58 | €84,716 | €77,914 | €94,935 | €132,613 | €170,177 | €155,981 | €186,637 | ▲ 19.7% |
| Amounts receivable within one year40/41 | - | €5,656 | €108 | €16,578 | €39,245 | €38,360 | €38,855 | ▲ 1.3% |
| Trade receivables40 | - | - | - | €16,578 | €12,176 | €8,250 | €3,908 | ▼ 52.6% |
| Other amounts receivable41 | - | - | - | - | €27,068 | €30,110 | €34,947 | ▲ 16.1% |
| Cash at bank and in hand54/58 | €74,091 | €72,258 | €94,827 | €112,180 | €130,178 | €113,139 | €130,207 | ▲ 15.1% |
| Deferred charges and accrued income490/1 | - | - | - | €3,855 | €754 | €4,482 | €17,575 | ▲ 292% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €130,840 | €107,142 | €107,267 | €214,999 | €235,037 | €427,790 | €440,393 | ▲ 2.9% |
| Equity10/15 | €53,665 | €70,988 | €89,822 | €129,915 | €165,397 | €196,878 | €232,502 | ▲ 18.1% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €39,405 | €56,728 | €75,562 | €115,655 | €151,137 | €182,618 | €218,242 | ▲ 19.5% |
| Amounts payable17/49 | €77,175 | €36,153 | €17,444 | €85,084 | €69,640 | €230,912 | €207,891 | ▼ 10.0% |
| Amounts payable after more than one year17 | €19,217 | €8,301 | - | €57,231 | €42,148 | €201,675 | €160,805 | ▼ 20.3% |
| Financial debts170/4 | - | - | - | €57,231 | €42,148 | €201,675 | €160,805 | ▼ 20.3% |
| Amounts payable within one year42/48 | €56,677 | €27,853 | €16,862 | €27,296 | €26,839 | €28,976 | €46,824 | ▲ 61.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,709 | €15,083 | €20,473 | €20,870 | ▲ 1.9% |
| Trade debts44 | €3,291 | €2,092 | €814 | €571 | €1,966 | €1,037 | €3,449 | ▲ 233% |
| Suppliers440/4 | - | - | - | €571 | €1,966 | €1,037 | €3,449 | ▲ 233% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €15,125 | - |
| Taxes, remuneration and social security45 | - | - | - | €11,709 | €9,789 | €7,465 | €7,380 | ▼ 1.1% |
| Taxes450/3 | - | - | - | €11,709 | €9,789 | €7,465 | €7,380 | ▼ 1.1% |
| Other amounts payable47/48 | - | - | - | €307 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €558 | €654 | €262 | €262 | ▲ 0.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,265 | €17,323 | €18,834 | €40,092 | €35,482 | €31,481 | €35,625 | ▲ 13.2% |
| + Depreciation and write-downs630 | €23,936 | €16,896 | €16,896 | €10,430 | €19,219 | €18,052 | €18,052 | = |
| Operating cash flow (approximation) | €65,202 | €34,219 | €35,730 | €50,522 | €54,702 | €49,533 | €53,677 | ▲ 8.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€80,485 | -€1,693 | -€225,000 | €0 | - |
| Change in cash | - | -€1,834 | €22,570 | €17,353 | €17,998 | -€17,039 | €17,068 | - |
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 |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 09-12-2025 | 2025-00578390 | |
| 30-06-2024 | abbreviated format | 09-12-2024 | 2024-00612170 | |
| 30-06-2023 | micro format | 18-12-2023 | 2023-00529703 | |
| 30-06-2022 | micro format | 07-12-2022 | 2022-20533091 | |
| 30-06-2021 | abbreviated format | 10-12-2021 | 2021-79900220 | |
| 30-06-2020 | abbreviated format | 07-12-2020 | 2020-74800468 | |
| 30-06-2019 | abbreviated format | 17-12-2019 | 2019-76400338 |