Financials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 6 filings
Equity
€1.1m▲ 20.1%
2024 · €881,956
Net result
€179,342▲ 0.6%
2024 · €178,201
Total assets
€1.3m▲ 18.3%
2024 · €1.1m
Solvency
81.1%▲ 1.3pp
2024 · 79.8%
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€241,572
▼ 5.1%
2025
20202025
Net result
€179,342
▲ 0.6%
2025
highest quarter of the sector
20202025
Equity
€1.1m
▲ 20.1%
2025
highest quarter of the sector
20202025
Total assets
€1.3m
▲ 18.3%
2025
highest quarter of the sector
20202025
Debt
€247,284
▲ 10.9%
2025
20202025
Working capital
€1.1m
▲ 20.6%
2025
highest quarter of the sector
20202025
Solvency
81.1%
▲ 1.3pp
2025
highest quarter of the sector
20202025
Current ratio
5.25
▲ 0.34
2025
highest quarter of the sector
20202025
Return on assets (ROA)
13.7%
▼ 2.4pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.2m-€0.3m▲ 16.1%€0.3m▼ 3.9%€0.3m▲ 1.5%€0.3m▼ 2.5%€0.2m▼ 5.1%
Net result€0.2mabove the sector's middle half-€0.2mabove the sector's middle half▲ 19.7%€0.2mabove the sector's middle half▼ 4.2%€0.2mabove the sector's middle half▲ 0.7%€0.2mabove the sector's middle half▼ 0.3%€0.2mabove the sector's middle half▲ 0.6%
Equity€0.2mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 107%€0.5mabove the sector's middle half▲ 49.3%€0.7mabove the sector's middle half▲ 33.1%€0.9mabove the sector's middle half▲ 24.9%€1.1mabove the sector's middle half▲ 20.1%
Total assets€0.3mwithin the sector's middle half-€0.5mwithin the sector's middle half▲ 71.2%€0.8mwithin the sector's middle half▲ 54.2%€1.0mabove the sector's middle half▲ 17.8%€1.1mabove the sector's middle half▲ 15.9%€1.3mabove the sector's middle half▲ 18.3%
Debt€0.1m-€0.2m▲ 25.7%€0.3m▲ 64.5%€0.2m▼ 11.4%€0.2m▼ 9.8%€0.2m▲ 10.9%
Working capital€0.1mwithin the sector's middle half-€0.3mabove the sector's middle half▲ 163%€0.5mabove the sector's middle half▲ 59.5%€0.7mabove the sector's middle half▲ 36.9%€0.9mabove the sector's middle half▲ 26.0%€1.1mabove the sector's middle half▲ 20.6%
Solvency56.0%within the sector's middle half-67.7%within the sector's middle half▲ 11.7pp65.6%within the sector's middle half▼ 2.2pp74.1%within the sector's middle half▲ 8.5pp79.8%above the sector's middle half▲ 5.8pp81.1%above the sector's middle half▲ 1.3pp
Current ratio1.89within the sector's middle half-2.87within the sector's middle half▲ 0.972.81within the sector's middle half▼ 0.063.80within the sector's middle half▲ 0.994.91above the sector's middle half▲ 1.115.25above the sector's middle half▲ 0.34
Return on assets (ROA)50.5%above the sector's middle half-35.3%above the sector's middle half▼ 15.2pp21.9%within the sector's middle half▼ 13.4pp18.8%within the sector's middle half▼ 3.2pp16.1%within the sector's middle half▼ 2.6pp13.7%within the sector's middle half▼ 2.4pp
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 5% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €1.3m
Fixed assets
€9,176 ▼ 17.2%
Current assets
€1.3m ▲ 18.6%
Equity and liabilities €1.3m
Equity
€1.1m ▲ 20.1%
Debt
€247,284 ▲ 10.9%
Debt's share of the balance-sheet total falls from 20.2% to 18.9%. Equity and debt are higher.
Key figures and ratios
ROE
16.9%▼
2024 · 20.2%
Debt ≤ 1 year
€247,284▲
2024 · €222,906
Income taxes
€78,590▲
2024 · €77,278
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 | €892 | - | €1,115 | €8,711 | €1,842 |
| Depreciation and write-downs of the year | €13,256 | €13,313 | €12,200 | €12,242 | €3,745 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,814 | €13,256 | €13,313 | €12,200 | €12,242 | €3,745 | ▼ 69.4% |
| Other operating charges640/8 | - | €117 | €119 | €126 | €251 | €274 | ▲ 9.3% |
| Gross operating margin9900 | €242,051 | €281,038 | €270,595 | €273,364 | €267,028 | €245,591 | ▼ 8.0% |
| Operating profit (loss)9901 | €230,595 | €267,666 | €257,162 | €261,038 | €254,535 | €241,572 | ▼ 5.1% |
| Financial income75/76B | - | €5 | - | €1,522 | €12,050 | €28,619 | ▲ 138% |
| Recurring financial income75 | - | €5 | - | €1,522 | €12,050 | €28,619 | ▲ 138% |
| Financial charges65/66B | - | €1,904 | €3,040 | €5,840 | €11,105 | €12,259 | ▲ 10.4% |
| Recurring financial charges65 | €755 | €1,904 | €3,040 | €5,840 | €11,105 | €12,259 | ▲ 10.4% |
| Profit (loss) for the period before taxes9903 | €229,840 | €265,768 | €254,123 | €256,721 | €255,480 | €257,933 | ▲ 1.0% |
| Income taxes67/77 | €75,079 | €80,460 | €76,649 | €77,943 | €77,278 | €78,590 | ▲ 1.7% |
| Profit (loss) for the period9904 | €154,761 | €185,307 | €177,474 | €178,778 | €178,201 | €179,342 | ▲ 0.6% |
| Profit (loss) for the period to be appropriated9905 | €154,761 | €185,307 | €177,474 | €178,778 | €178,201 | €179,342 | ▲ 0.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.3m | €0.5m | €0.8m | €1.0m | €1.1m | €1.3m | ▲ 18.3% |
| Fixed assets21/28 | €0.05m | €0.04m | €0.03m | €0.01m | €0.01m | €0.009m | ▼ 17.2% |
| Tangible fixed assets22/27 | €0.05m | €0.04m | €0.03m | €0.01m | €0.01m | €0.009m | ▼ 17.2% |
| Land and buildings22 | - | - | - | - | €0.008m | €0.008m | ▼ 10.3% |
| Furniture and vehicles24 | - | €0.04m | €0.03m | €0.01m | €0.003m | €0.002m | ▼ 39.3% |
| Current assets29/58 | €0.3m | €0.5m | €0.8m | €0.9m | €1.1m | €1.3m | ▲ 18.6% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.03m | €0.06m | €0.03m | €0.03m | ▲ 10.7% |
| Trade receivables40 | - | €0.02m | €0.03m | €0.06m | €0.03m | €0.02m | ▼ 28.9% |
| Other amounts receivable41 | - | €144 | - | - | - | €0.01m | - |
| Current investments50/53 | - | - | - | €0.8m | €1.0m | €1.2m | ▲ 27.3% |
| Cash at bank and in hand54/58 | €0.2m | €0.5m | €0.8m | €0.08m | €0.1m | €0.04m | ▼ 63.6% |
| Deferred charges and accrued income490/1 | - | €402 | €0.001m | €0.001m | €458 | €0.002m | ▲ 410% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.3m | €0.5m | €0.8m | €1.0m | €1.1m | €1.3m | ▲ 18.3% |
| Equity10/15 | €0.2m | €0.4m | €0.5m | €0.7m | €0.9m | €1.1m | ▲ 20.1% |
| Contributions10/11 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.3m | €0.5m | €0.7m | €0.9m | €1.0m | ▲ 20.6% |
| Distributable reserves133 | - | €0.3m | €0.5m | €0.7m | €0.9m | €1.0m | ▲ 20.6% |
| Amounts payable17/49 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 10.9% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 10.9% |
| Financial debts43 | - | €54 | - | €39 | - | - | - |
| Credit institutions430/8 | - | €54 | - | €39 | - | - | - |
| Trade debts44 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.003m | ▲ 206% |
| Suppliers440/4 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.003m | ▲ 206% |
| Taxes, remuneration and social security45 | - | €0.09m | €0.2m | €0.1m | €0.05m | €0.03m | ▼ 37.2% |
| Taxes450/3 | - | €0.09m | €0.2m | €0.1m | €0.05m | €0.03m | ▼ 37.2% |
| Other amounts payable47/48 | - | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 23.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €154,761 | €185,307 | €177,474 | €178,778 | €178,201 | €179,342 | ▲ 0.6% |
| + Depreciation and write-downs630 | €10,814 | €13,256 | €13,313 | €12,200 | €12,242 | €3,745 | ▼ 69.4% |
| Operating cash flow (approximation) | €165,574 | €198,563 | €190,787 | €190,978 | €190,444 | €183,087 | ▼ 3.9% |
| Investment in fixed assets (approximation) | - | -€892 | €0 | -€1,115 | -€8,711 | -€1,842 | ▲ 78.9% |
| Change in cash | - | €233,094 | €286,766 | -€678,275 | €25,187 | -€64,201 | - |
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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00345386 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00311056 | |
| 31-12-2023 | micro format | 16-08-2024 | 2024-00347080 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00248292 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20301354 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65200109 |