Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 5 filings
Equity
€3,097▼ 96.6%
2024 · €90,705
Net result
€24,893▼ 34.6%
2024 · €38,051
Total assets
€159,032▲ 32.9%
2024 · €119,630
Solvency
1.9%▼ 73.9pp
2024 · 75.8%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€31,942
▼ 34.5%
2025
20212025
Net result
€24,893
▼ 34.6%
2025
middle half of the sector
20212025
Equity
€3,097
▼ 96.6%
2025
lowest quarter of the sector
20212025
Total assets
€159,032
▲ 32.9%
2025
middle half of the sector
20212025
Debt
€155,934
▲ 439%
2025
20212025
Working capital
-€40,201
2025
lowest quarter of the sector
20212025
Solvency
1.9%
▼ 73.9pp
2025
lowest quarter of the sector
20212025
Current ratio
0.74
▼ 1.46
2025
middle half of the sector
20212025
Return on assets (ROA)
15.7%
▼ 16.2pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€57,036-€32,138▼ 43.7%€33,395▲ 3.9%€48,748▲ 46.0%€31,942▼ 34.5%
Net result€44,243within the sector's middle half-€24,011within the sector's middle half▼ 45.7%€24,833within the sector's middle half▲ 3.4%€38,051within the sector's middle half▲ 53.2%€24,893within the sector's middle half▼ 34.6%
Equity€45,443within the sector's middle half-€68,653within the sector's middle half▲ 51.1%€92,653within the sector's middle half▲ 35.0%€90,705within the sector's middle half▼ 2.1%€3,097below the sector's middle half▼ 96.6%
Total assets€69,176below the sector's middle half-€99,509below the sector's middle half▲ 43.9%€109,990below the sector's middle half▲ 10.5%€119,630below the sector's middle half▲ 8.8%€159,032within the sector's middle half▲ 32.9%
Debt€23,733-€30,856▲ 30.0%€17,336▼ 43.8%€28,925▲ 66.8%€155,934▲ 439%
Working capital€43,066within the sector's middle half-€62,455within the sector's middle half▲ 45.0%€37,708within the sector's middle half▼ 39.6%€34,690within the sector's middle half▼ 8.0%-€40,201below the sector's middle half
Solvency65.7%within the sector's middle half-69.0%within the sector's middle half▲ 3.3pp84.2%above the sector's middle half▲ 15.2pp75.8%within the sector's middle half▼ 8.4pp1.9%below the sector's middle half▼ 73.9pp
Current ratio2.81within the sector's middle half-3.02within the sector's middle half▲ 0.213.21within the sector's middle half▲ 0.192.20within the sector's middle half▼ 1.010.74within the sector's middle half▼ 1.46
Return on assets (ROA)64.0%above the sector's middle half-24.1%above the sector's middle half▼ 39.8pp22.6%within the sector's middle half▼ 1.6pp31.8%above the sector's middle half▲ 9.2pp15.7%within the sector's middle half▼ 16.2pp
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 34% lower than in 2024 and the lowest 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 €159,032
Fixed assets
€43,298 ▼ 22.7%
Current assets
€115,734 ▲ 81.9%
Equity and liabilities €159,032
Equity
€3,097 ▼ 96.6%
Debt
€155,934 ▲ 439%
Debt's share of the balance-sheet total rises from 24.2% to 98.1%. Equity is lower and debt is higher.
Key figures and ratios
ROE
803.7%▲
2024 · 42.0%
Debt ≤ 1 year
€155,934▲
2024 · €28,925
Income taxes
€7,498▼
2024 · €10,638
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 | €3,582 | €6,660 | €53,463 | €16,467 | €1,855 |
| Depreciation and write-downs of the year | €1,205 | €2,827 | €4,421 | €15,704 | €14,572 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €324 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,205 | €2,827 | €4,421 | €15,704 | €14,572 | ▼ 7.2% |
| Other operating charges640/8 | €261 | €0 | €384 | €367 | €281 | ▼ 23.3% |
| Gross operating margin9900 | €58,826 | €34,965 | €38,201 | €64,819 | €46,795 | ▼ 27.8% |
| Operating profit (loss)9901 | €57,036 | €32,138 | €33,395 | €48,748 | €31,942 | ▼ 34.5% |
| Financial income75/76B | - | €3 | €74 | €6 | €744 | ▲ 120× |
| Recurring financial income75 | - | €3 | €74 | €6 | €744 | ▲ 120× |
| Financial charges65/66B | €96 | €488 | €356 | €65 | €296 | ▲ 355% |
| Recurring financial charges65 | €96 | €488 | €356 | €65 | €296 | ▲ 355% |
| Profit (loss) for the period before taxes9903 | €56,939 | €31,654 | €33,113 | €48,690 | €32,391 | ▼ 33.5% |
| Income taxes67/77 | €12,696 | €7,643 | €8,280 | €10,638 | €7,498 | ▼ 29.5% |
| Profit (loss) for the period9904 | €44,243 | €24,011 | €24,833 | €38,051 | €24,893 | ▼ 34.6% |
| Profit (loss) for the period to be appropriated9905 | €44,243 | €24,011 | €24,833 | €38,051 | €24,893 | ▼ 34.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €69,176 | €99,509 | €109,990 | €119,630 | €159,032 | ▲ 32.9% |
| Fixed assets21/28 | €2,377 | €6,210 | €55,252 | €56,014 | €43,298 | ▼ 22.7% |
| Tangible fixed assets22/27 | €2,377 | €6,210 | €55,252 | €56,014 | €43,298 | ▼ 22.7% |
| Land and buildings22 | - | - | - | €7,750 | €6,244 | ▼ 19.4% |
| Plant, machinery and equipment23 | - | - | - | €5,598 | €4,976 | ▼ 11.1% |
| Furniture and vehicles24 | €2,377 | €6,210 | €55,252 | €42,667 | €32,078 | ▼ 24.8% |
| Current assets29/58 | €66,799 | €93,299 | €54,738 | €63,616 | €115,734 | ▲ 81.9% |
| Amounts receivable within one year40/41 | €19,570 | €8,487 | €10,199 | €14,918 | €3,281 | ▼ 78.0% |
| Trade receivables40 | €19,570 | €8,481 | €9,367 | €12,705 | - | - |
| Other amounts receivable41 | - | €5 | €832 | €2,213 | €3,281 | ▲ 48.3% |
| Current investments50/53 | - | - | - | €20,000 | - | - |
| Cash at bank and in hand54/58 | €47,188 | €84,813 | €43,205 | €28,674 | €111,003 | ▲ 287% |
| Deferred charges and accrued income490/1 | €41 | €0 | €1,334 | €24 | €1,450 | ▲ 61× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €69,176 | €99,509 | €109,990 | €119,630 | €159,032 | ▲ 32.9% |
| Equity10/15 | €45,443 | €68,653 | €92,653 | €90,705 | €3,097 | ▼ 96.6% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | - | - | €1,097 | - |
| Distributable reserves133 | - | - | - | - | €1,097 | - |
| Profit (loss) carried forward14 | €43,443 | €66,653 | €90,653 | €88,705 | - | - |
| Amounts payable17/49 | €23,733 | €30,856 | €17,336 | €28,925 | €155,934 | ▲ 439% |
| Amounts payable within one year42/48 | €23,733 | €30,845 | €17,029 | €28,925 | €155,934 | ▲ 439% |
| Trade debts44 | €1,782 | €1,318 | €1,502 | €3,281 | €32,549 | ▲ 892% |
| Suppliers440/4 | €1,782 | €1,318 | €1,502 | €3,281 | €32,549 | ▲ 892% |
| Advances received on contracts in progress46 | - | - | - | - | €2,520 | - |
| Taxes, remuneration and social security45 | €16,526 | €24,374 | €8,280 | €21,267 | €18,952 | ▼ 10.9% |
| Taxes450/3 | €16,526 | €24,374 | €8,280 | €21,267 | €18,952 | ▼ 10.9% |
| Other amounts payable47/48 | €5,425 | €5,153 | €7,247 | €4,377 | €101,914 | ▲ 23× |
| Accrued charges and deferred income492/3 | - | €11 | €307 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,243 | €24,011 | €24,833 | €38,051 | €24,893 | ▼ 34.6% |
| + Depreciation and write-downs630 | €1,205 | €2,827 | €4,421 | €15,704 | €14,572 | ▼ 7.2% |
| Operating cash flow (approximation) | €45,448 | €26,838 | €29,254 | €53,756 | €39,464 | ▼ 26.6% |
| Investment in fixed assets (approximation) | - | -€6,660 | -€53,463 | -€16,467 | -€1,855 | ▲ 88.7% |
| Change in cash | - | €37,625 | -€41,608 | -€14,531 | €82,329 | - |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00215007 | |
| 31-12-2024 | micro format | 12-08-2025 | 2025-00374150 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00403823 | |
| 31-12-2022 | micro format | 11-09-2023 | 2023-00445924 | |
| 31-12-2021 | micro format | 10-10-2022 | 2022-20455576 |