Financials · financial year 2025, micro format
Annual accounts 2025 filed on 03-04-2026 PDF all 40 filings
Equity
€131,383▼ 7.8%
2024 · €142,446
Net result
-€11,063
2024 · €17,608
Total assets
€900,356▲ 3.8%
2024 · €867,559
Solvency
14.6%▼ 1.8pp
2024 · 16.4%
In the rankings
#6 oldest company in Ostend, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,591
2025
20182025
Net result
-€11,063
2025
lowest quarter of the sector
20182025
Equity
€131,383
▼ 7.8%
2025
middle half of the sector
20182025
Total assets
€900,356
▲ 3.8%
2025
highest quarter of the sector
20182025
Debt
€768,973
▲ 6.0%
2025
20182025
Working capital
-€730,243
▼ 4.6%
2025
lowest quarter of the sector
20182025
Solvency
14.6%
▼ 1.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.05
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.2%
▼ 3.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€39,917--€211,421▼ 430%-€54,869▲ 74.0%€95,263€130,586▲ 37.1%€155,942▲ 19.4%€23,924▼ 84.7%-€10,591
Net result-€42,877--€213,114▼ 397%-€55,614below the sector's middle half▲ 73.9%€95,266above the sector's middle half€131,218above the sector's middle half▲ 37.7%€140,843above the sector's middle half▲ 7.3%€17,608within the sector's middle half▼ 87.5%-€11,063below the sector's middle half
Equity€27,958--€185,156-€240,770below the sector's middle half▼ 30.0%-€145,504below the sector's middle half▲ 39.6%-€14,287below the sector's middle half▲ 90.2%€126,556within the sector's middle half€142,446within the sector's middle half▲ 12.6%€131,383within the sector's middle half▼ 7.8%
Total assets€699,167-€493,781▼ 29.4%€448,305within the sector's middle half▼ 9.2%€566,072within the sector's middle half▲ 26.3%€912,207above the sector's middle half▲ 61.1%€909,794above the sector's middle half▼ 0.3%€867,559within the sector's middle half▼ 4.6%€900,356above the sector's middle half▲ 3.8%
Debt€671,209-€678,937▲ 1.2%€689,075▲ 1.5%€711,577▲ 3.3%€926,494▲ 30.2%€783,237▼ 15.5%€725,113▼ 7.4%€768,973▲ 6.0%
Working capital-€604,728--€645,027▼ 6.7%-€678,219below the sector's middle half▼ 5.1%-€562,741below the sector's middle half▲ 17.0%-€904,763below the sector's middle half▼ 60.8%-€727,725below the sector's middle half▲ 19.6%-€698,286below the sector's middle half▲ 4.0%-€730,243below the sector's middle half▼ 4.6%
Solvency4.0%--37.5%▼ 41.5pp-53.7%below the sector's middle half▼ 16.2pp-25.7%below the sector's middle half▲ 28.0pp-1.6%below the sector's middle half▲ 24.1pp13.9%below the sector's middle half▲ 15.5pp16.4%below the sector's middle half▲ 2.5pp14.6%below the sector's middle half▼ 1.8pp
Current ratio0.06-0.05▼ 0.010.02below the sector's middle half▼ 0.030.21below the sector's middle half▲ 0.190.02below the sector's middle half▼ 0.190.07below the sector's middle half▲ 0.050.03below the sector's middle half▼ 0.030.05below the sector's middle half▲ 0.01
Return on assets (ROA)-6.1%--43.2%▼ 37.0pp-12.4%below the sector's middle half▲ 30.8pp16.8%within the sector's middle half▲ 29.2pp14.4%within the sector's middle half▼ 2.4pp15.5%within the sector's middle half▲ 1.1pp2.0%within the sector's middle half▼ 13.5pp-1.2%below the sector's middle half▼ 3.3pp
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 a loss of €10,591, after a profit of €23,924 in 2024. It is the lowest result since 2021.
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 €900,356
Fixed assets
€863,852 ▲ 2.5%
Current assets
€36,505 ▲ 46.9%
Equity and liabilities €900,356
Equity
€131,383 ▼ 7.8%
Debt
€768,973 ▲ 6.0%
Debt's share of the balance-sheet total rises from 83.6% to 85.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-8.4%▼
2024 · 12.4%
Debt ≤ 1 year
€766,747▲
2024 · €723,141
Income taxes
€0▼
2024 · €5,869
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 | - | €542,596 | €28,708 | €32,670 | €53,024 |
| Depreciation and write-downs of the year | €18,946 | €23,821 | €33,622 | €29,081 | €31,876 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,251 awarded · €2,251 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €127,190 | €164,500 | €148,000 | €24,500 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,543 | €34,383 | €23,486 | €18,946 | €23,821 | €33,622 | €29,081 | €31,876 | ▲ 9.6% |
| Other operating charges640/8 | - | - | - | €7,696 | €6,434 | €11,100 | €11,088 | €11,662 | ▲ 5.2% |
| Gross operating margin9900 | €17,579 | €1,108 | -€17,905 | €121,905 | €160,840 | €200,665 | €64,093 | €32,948 | ▼ 48.6% |
| Operating profit (loss)9901 | -€39,917 | -€211,421 | -€54,869 | €95,263 | €130,586 | €155,942 | €23,924 | -€10,591 | - |
| Financial income75/76B | - | - | - | €767 | €1,436 | €3 | €0 | - | - |
| Recurring financial income75 | €0 | €11 | €105 | €767 | €1,436 | €3 | €0 | - | - |
| Financial charges65/66B | - | - | - | €655 | €786 | €5,845 | €447 | €473 | ▲ 5.8% |
| Recurring financial charges65 | €2,915 | €1,636 | €804 | €655 | €786 | €5,845 | €447 | €473 | ▲ 5.8% |
| Profit (loss) for the period before taxes9903 | -€42,831 | -€213,047 | -€55,568 | €95,375 | €131,236 | €150,100 | €23,477 | -€11,063 | - |
| Income taxes67/77 | €45 | €67 | €46 | €110 | €19 | €9,257 | €5,869 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€42,877 | -€213,114 | -€55,614 | €95,266 | €131,218 | €140,843 | €17,608 | -€11,063 | - |
| Profit (loss) for the period to be appropriated9905 | -€42,877 | -€213,114 | -€55,614 | €95,266 | €131,218 | €140,843 | €17,608 | -€11,063 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €699,167 | €493,781 | €448,305 | €566,072 | €912,207 | €909,794 | €867,559 | €900,356 | ▲ 3.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €660,466 | €459,946 | €437,829 | €418,883 | €893,530 | €856,615 | €842,704 | €863,852 | ▲ 2.5% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €660,466 | €459,946 | €437,829 | €418,883 | €893,530 | €856,615 | €842,704 | €863,852 | ▲ 2.5% |
| Land and buildings22 | - | - | - | €418,020 | €893,287 | €856,615 | €842,704 | €825,852 | ▼ 2.0% |
| Plant, machinery and equipment23 | - | - | - | €164 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €699 | €243 | €0 | - | €38,000 | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €38,700 | €33,835 | €10,476 | €147,189 | €18,678 | €53,178 | €24,855 | €36,505 | ▲ 46.9% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €11,437 | €10,893 | €7,932 | €137,519 | €16,500 | €31,757 | €1,843 | €5,366 | ▲ 191% |
| Trade receivables40 | - | - | - | €6,582 | €878 | €3,728 | €213 | €2,985 | ▲ 14× |
| Other amounts receivable41 | - | - | - | €130,937 | €15,622 | €28,029 | €1,631 | €2,381 | ▲ 46.0% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €22,116 | €19,840 | €678 | €8,720 | €1,779 | €20,842 | €23,012 | €31,139 | ▲ 35.3% |
| Deferred charges and accrued income490/1 | - | - | - | €950 | €400 | €579 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €699,167 | €493,781 | €448,305 | €566,072 | €912,207 | €909,794 | €867,559 | €900,356 | ▲ 3.8% |
| Equity10/15 | €27,958 | -€185,156 | -€240,770 | -€145,504 | -€14,287 | €126,556 | €142,446 | €131,383 | ▼ 7.8% |
| Contributions10/11 | €20,878 | €20,878 | - | €20,878 | €20,878 | €20,878 | €20,878 | €20,878 | = |
| Reserves13 | €106,893 | €106,893 | €106,893 | €43,773 | €43,773 | €105,678 | €105,678 | €105,678 | = |
| Non-distributable reserves130/1 | - | - | - | €6,827 | €6,827 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,827 | €6,827 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €36,946 | €36,946 | €105,678 | €105,678 | €105,678 | = |
| Profit (loss) carried forward14 | -€99,813 | -€312,927 | -€368,541 | -€210,155 | -€78,938 | €0 | €15,890 | €4,827 | ▼ 69.6% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €671,209 | €678,937 | €689,075 | €711,577 | €926,494 | €783,237 | €725,113 | €768,973 | ▲ 6.0% |
| Amounts payable after more than one year17 | €27,647 | €0 | - | €150 | €150 | €150 | €0 | - | - |
| Other amounts payable178/9 | - | - | - | €150 | €150 | €150 | €0 | - | - |
| Amounts payable within one year42/48 | €643,428 | €678,862 | €688,694 | €709,930 | €923,441 | €780,904 | €723,141 | €766,747 | ▲ 6.0% |
| Trade debts44 | €5,939 | €1,557 | €649 | €2,041 | €5,605 | €1,602 | €1,386 | €6,419 | ▲ 363% |
| Suppliers440/4 | - | - | - | €2,041 | €5,605 | €1,602 | €1,386 | €6,419 | ▲ 363% |
| Taxes, remuneration and social security45 | - | - | - | €1,403 | €356 | €8,645 | €2,334 | €2,615 | ▲ 12.0% |
| Taxes450/3 | - | - | - | €1,003 | €356 | €8,645 | €2,334 | €2,615 | ▲ 12.0% |
| Remuneration and social security454/9 | - | - | - | €400 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €706,486 | €917,480 | €770,656 | €719,421 | €757,714 | ▲ 5.3% |
| Accrued charges and deferred income492/3 | - | - | - | €1,496 | €2,903 | €2,183 | €1,972 | €2,226 | ▲ 12.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€42,877 | -€213,114 | -€55,614 | €95,266 | €131,218 | €140,843 | €17,608 | -€11,063 | - |
| + Depreciation and write-downs630 | €39,543 | €34,383 | €23,486 | €18,946 | €23,821 | €33,622 | €29,081 | €31,876 | ▲ 9.6% |
| Operating cash flow (approximation) | -€3,334 | -€178,731 | -€32,128 | €114,212 | €155,039 | €174,465 | €46,689 | €20,813 | ▼ 55.4% |
| Investment in fixed assets (approximation) | - | €166,138 | -€1,369 | €0 | -€498,468 | €3,292 | -€15,170 | -€53,024 | ▼ 250% |
| Change in cash | - | -€2,276 | -€19,162 | €8,043 | -€6,942 | €19,064 | €2,169 | €8,127 | ▲ 275% |
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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-04-2026 | 2026-00072135 | |
| 31-12-2024 | micro format | 12-08-2025 | 2025-00370340 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00326683 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00234809 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20038969 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58500481 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-45600488 | |
| 31-12-2018 | micro format | 21-06-2019 | 2019-20400086 | |
| 31-12-2017 | micro format | 25-09-2018 | 2018-64100533 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-50300554 |