Financials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 09-07-2026 at the NBB Consolidated accounts 2025 at the NBB all 13 filings
Equity
€14.4m▲ 70.8%
2024 · €8.4m
Net result
-€9.3m▼ 11.3%
2024 · -€8.4m
Total assets
€44.7m▲ 21.1%
2024 · €36.9m
Solvency
32.2%▲ 9.4pp
2024 · 22.8%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €23,443, smaller than the loss of €342,783 in 2024.
Operating result-€0.02m
2025
Net result-€9.3m
2025
Total assets€44.7m
2025
Equity€14.4m
2025
Debt€30.4m
2025
Working capital€8.4m
2025
Return on assets (ROA)-20.9%
2025
Solvency32.2%
2025
Current ratio10.17
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m--€0.3m▼ 2,609%-€0.5m▼ 49.1%-€1.8m▼ 263%-€0.1m▲ 91.8%-€0.1m▲ 33.4%-€0.3m▼ 259%-€0.02m▲ 93.2%
Net result-€0.04m--€0.5m▼ 1,309%-€0.5mbelow the sector's middle half▲ 1.3%-€2.3mbelow the sector's middle half▼ 327%-€0.9mbelow the sector's middle half▲ 61.8%-€1.2mbelow the sector's middle half▼ 39.5%-€8.4mbelow the sector's middle half▼ 591%-€9.3mbelow the sector's middle half▼ 11.3%
Equity€0.7m-€0.2m▼ 76.1%-€0.4mbelow the sector's middle half€9.4mwithin the sector's middle half€8.5mwithin the sector's middle half▼ 9.3%€16.8mwithin the sector's middle half▲ 98.2%€8.4mwithin the sector's middle half▼ 49.9%€14.4mwithin the sector's middle half▲ 70.8%
Total assets€2.8m-€6.6m▲ 136%€12.0mwithin the sector's middle half▲ 83.0%€22.8mwithin the sector's middle half▲ 90.2%€26.2mwithin the sector's middle half▲ 14.8%€41.0mabove the sector's middle half▲ 56.7%€36.9mwithin the sector's middle half▼ 10.0%€44.7mabove the sector's middle half▲ 21.1%
Debt€2.1m-€6.4m▲ 210%€12.4m▲ 93.6%€13.5m▲ 9.0%€17.7m▲ 31.5%€24.2m▲ 36.8%€28.5m▲ 17.7%€30.4m▲ 6.4%
Working capital€0.07m-€0.1m▲ 99.6%€0.9mwithin the sector's middle half▲ 601%-€0.6mbelow the sector's middle half€2.5mabove the sector's middle half€4.3mabove the sector's middle half▲ 73.4%€6.3mabove the sector's middle half▲ 46.3%€8.4mabove the sector's middle half▲ 34.8%
Solvency25.6%-2.6%▼ 23.1pp-3.0%below the sector's middle half▼ 5.6pp41.0%within the sector's middle half▲ 44.0pp32.4%within the sector's middle half▼ 8.6pp41.0%within the sector's middle half▲ 8.6pp22.8%below the sector's middle half▼ 18.2pp32.2%within the sector's middle half▲ 9.4pp
Current ratio75.98-2.12▼ 73.878.18above the sector's middle half▲ 6.060.59within the sector's middle half▼ 7.585.81above the sector's middle half▲ 5.213.40above the sector's middle half▼ 2.419.64above the sector's middle half▲ 6.2410.17above the sector's middle half▲ 0.53
Return on assets (ROA)-1.4%--8.3%▼ 6.9pp-4.5%below the sector's middle half▲ 3.8pp-10.0%below the sector's middle half▼ 5.5pp-3.3%below the sector's middle half▲ 6.7pp-3.0%below the sector's middle half▲ 0.4pp-22.7%below the sector's middle half▼ 19.7pp-20.9%below the sector's middle half▲ 1.8pp
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.
Large changes and their cause
- 2025 Equity +71% on 2024. Capital increase of €1,559,729 (Official Gazette 16-09-2025).
- 2023 Equity +98%, Total assets +57% on 2022. Capital increase of €11,885,205 (Official Gazette 01-02-2023).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44.7m
Fixed assets
€35.4m ▲ 18.1%
Current assets
€9.4m ▲ 34.0%
Equity and liabilities €44.7m
Equity
€14.4m ▲ 70.8%
Debt
€30.4m ▲ 6.4%
Debt's share of the balance-sheet total falls from 77.2% to 67.8%. Equity and debt are higher.
Key figures and ratios
ROE
-64.9%▲
2024 · -99.6%
Debt ≤ 1 year
€920,371▲
2024 · €724,494
Debt > 1 year
€28.9m▲
2024 · €27.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €9.8m | - | - | - | - |
| Pledge on the business | €13.2m | - | - | - | - |
| Pledge on other assets, amount secured | €8.9m | - | - | - | - |
| Carrying value of the other pledged assets | €350,000 | - | - | - | - |
| Guarantees given for others' debts | €13.2m | - | - | - | - |
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 | - | - | €85,619 | - | €117,128 |
| Financial fixed assets | €2.0m | €17.1m | €242,500 | €5.1m | €10.6m |
| Depreciation and write-downs of the year | - | - | - | €28,540 | €28,540 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Grant Thornton Bedrijfsrevisoren BV.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,936 | €74,959 | €42,906 | €43,763 | €31,500 |
| Other work by the auditor | €3,025 | €6,232 | €15,428 | - | €5,565 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Group figures
DENTCAP heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 2021 | 2022 |
|---|---|---|
| Turnover | €85.0m | €100.9m |
| Operating result | -€1.9m | -€3.0m |
| Result for the year | -€8.0m | -€12.8m |
| Equity | €3.8m | -€9.4m |
| Total assets | €69.7m | €117.7m |
Source: 2021 to 2022 consolidated accounts
Comparable companies
These companies have the same main activity as DENTCAP: financial service activities, except insurance and pension funding (NACE 64921). They are comparable in size and age: total assets between €38m and €189m, founded between 1999 and 2015.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| DENTCAP Antwerpen | 2017 | €44.7m | €14.4m | - | - | -€9.3m | - | 2025 |
| MOZZENO Brussel | 2015 | €101.0m | €0.9m | €3.7m | - | €0.04m | 23.5 | 2025 |
| Bekaert Wire Rope Industry NV Zwevegem | 2014 | €189.2m | €187.9m | - | - | €15.3m | 7.5 | 2025 |
| Deloitte Finance Zaventem | 2006 | €118.9m | €16.9m | - | €2.3m | €1.2m | 9 | 2025 |
| Alpha Trains Belgium Antwerpen | 2002 | €38.4m | €16.1m | - | €75.4m | €1.0m | 41.4 | 2025 |
| Radius Business Solutions (Belgium) Ronse | 2004 | €136.5m | €49.6m | - | €545.8m | €14.7m | 142.5 | 2026 |
| EOS AREMAS BELGIUM Brussel | 1999 | €64.7m | €3.3m | - | €36.4m | €14.6m | 77.8 | 2025 |
They were chosen from the 41 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.1m | €1.4m | €2.1m | €2.4m | €2.3m | ▼ 4.6% |
| Other operating income74 | - | - | - | €0.1m | €1.4m | €2.1m | €2.4m | €2.3m | ▼ 4.5% |
| Non-recurring operating income76A | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €1.9m | €1.5m | €2.2m | €2.7m | €2.3m | ▼ 15.8% |
| Services and other goods61 | - | - | - | €0.7m | €1.3m | €1.9m | €2.1m | €2.1m | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | €0.03m | €0.03m | = |
| Other operating charges640/8 | - | - | - | €0.002m | €0.001m | €0.003m | €0.001m | €0.002m | ▲ 86.1% |
| Non-recurring operating charges66A | - | - | - | €1.1m | €0.2m | €0.2m | €0.6m | €0.1m | ▼ 81.1% |
| Gross operating margin9900 | -€0.01m | - | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | -€0.01m | -€0.3m | -€0.5m | -€1.8m | -€0.1m | -€0.1m | -€0.3m | -€0.02m | ▲ 93.2% |
| Financial income75/76B | - | - | - | €0.6m | €0.6m | €0.7m | €1.4m | €1.6m | ▲ 7.4% |
| Recurring financial income75 | €0.02m | €0.09m | €0.9m | €0.6m | €0.6m | €0.7m | €1.4m | €1.6m | ▲ 7.4% |
| Income from financial fixed assets750 | - | - | - | €0.6m | €0.6m | €0.7m | €1.4m | €1.6m | ▲ 7.4% |
| Income from current assets751 | - | - | - | - | - | - | €178 | €0 | ▼ 100% |
| Other financial income752/9 | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €1.1m | €1.4m | €1.8m | €9.5m | €10.9m | ▲ 14.5% |
| Recurring financial charges65 | €0.05m | €0.3m | €1.0m | €1.1m | €1.4m | €1.8m | €1.8m | €1.8m | ▼ 4.1% |
| Debt charges650 | - | €0.3m | €1.0m | €1.1m | €1.4m | €1.7m | €1.7m | €1.7m | ▼ 3.5% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.002m | €0.1m | €0.1m | €0.1m | ▼ 11.3% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €7.6m | €9.1m | ▲ 19.0% |
| Profit (loss) for the period before taxes9903 | -€0.04m | -€0.5m | -€0.5m | -€2.3m | -€0.9m | -€1.2m | -€8.4m | -€9.3m | ▼ 11.3% |
| Income taxes67/77 | - | - | - | - | - | €0.005m | - | - | - |
| Taxes670/3 | - | - | - | - | - | €0.005m | - | - | - |
| Profit (loss) for the period9904 | -€0.04m | -€0.5m | -€0.5m | -€2.3m | -€0.9m | -€1.2m | -€8.4m | -€9.3m | ▼ 11.3% |
| Profit (loss) for the period to be appropriated9905 | -€0.04m | -€0.5m | -€0.5m | -€2.3m | -€0.9m | -€1.2m | -€8.4m | -€9.3m | ▼ 11.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.8m | €6.6m | €12.0m | €22.8m | €26.2m | €41.0m | €36.9m | €44.7m | ▲ 21.1% |
| Fixed assets21/28 | €2.7m | €6.3m | €10.9m | €21.9m | €23.2m | €35.0m | €30.0m | €35.4m | ▲ 18.1% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.06m | €0.03m | ▼ 50.0% |
| Tangible fixed assets22/27 | - | - | - | - | - | €0.09m | - | €0.1m | - |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.09m | - | €0.1m | - |
| Financial fixed assets28 | €2.7m | €6.3m | €10.9m | €21.9m | €23.2m | €34.9m | €29.9m | €35.2m | ▲ 17.8% |
| Affiliated companies280/1 | - | - | - | €21.9m | €23.2m | €34.9m | €29.9m | €35.2m | ▲ 17.8% |
| Participating interests280 | - | - | - | €3.3m | €20.4m | €20.6m | €18.1m | €22.7m | ▲ 25.8% |
| Amounts receivable281 | - | - | - | €18.6m | €2.8m | €14.3m | €11.8m | €12.5m | ▲ 5.7% |
| Current assets29/58 | €0.07m | €0.3m | €1.1m | €0.9m | €3.0m | €6.1m | €7.0m | €9.4m | ▲ 34.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | €0.09m | €0.09m | €0.07m | €0.04m | ▼ 36.4% |
| Other amounts receivable291 | - | - | - | €0.1m | €0.09m | €0.09m | €0.07m | €0.04m | ▼ 36.4% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | - | €0.06m | €0.1m | €0.2m | €2.3m | €4.6m | €5.1m | €7.7m | ▲ 49.6% |
| Trade receivables40 | - | - | - | €0.2m | €2.3m | €4.6m | €5.1m | €7.7m | ▲ 48.8% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.04m | - |
| Cash at bank and in hand54/58 | €0.005m | €0.01m | €0.01m | €0.04m | €0.004m | €0.004m | - | €0.01m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.6m | €0.6m | €1.3m | €1.8m | €1.6m | ▼ 9.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.8m | €6.6m | €12.0m | €22.8m | €26.2m | €41.0m | €36.9m | €44.7m | ▲ 21.1% |
| Equity10/15 | €0.7m | €0.2m | -€0.4m | €9.4m | €8.5m | €16.8m | €8.4m | €14.4m | ▲ 70.8% |
| Contributions10/11 | €0.8m | €0.8m | €0.8m | €12.8m | €12.8m | €18.9m | €18.9m | €34.2m | ▲ 81.0% |
| Capital10 | - | - | - | €0.9m | €0.9m | €9.7m | €9.7m | €11.3m | ▲ 16.0% |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €9.7m | €9.7m | €11.3m | ▲ 16.0% |
| Contributions outside capital11 | - | - | - | €11.9m | €11.9m | €9.2m | €9.2m | €22.9m | ▲ 150% |
| Share premium1100/10 | - | - | - | €11.9m | €11.9m | €9.2m | €9.2m | €22.9m | ▲ 150% |
| Profit (loss) carried forward14 | -€0.04m | -€0.6m | -€1.1m | -€3.4m | -€4.3m | -€2.1m | -€10.5m | -€19.8m | ▼ 89.2% |
| Amounts payable17/49 | €2.1m | €6.4m | €12.4m | €13.5m | €17.7m | €24.2m | €28.5m | €30.4m | ▲ 6.4% |
| Amounts payable after more than one year17 | €2.1m | €6.2m | €11.9m | €11.7m | €16.5m | €22.4m | €27.4m | €28.9m | ▲ 5.7% |
| Financial debts170/4 | - | - | - | €11.7m | €16.5m | €22.4m | €27.4m | €28.9m | ▲ 5.7% |
| Other loans174 | - | - | - | €11.7m | €16.5m | €22.4m | €27.4m | €28.9m | ▲ 5.7% |
| Amounts payable within one year42/48 | €0.001m | €0.1m | €0.1m | €1.6m | €0.5m | €1.8m | €0.7m | €0.9m | ▲ 27.0% |
| Financial debts43 | - | - | - | €0.9m | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.9m | - | - | - | - | - |
| Trade debts44 | €0.001m | €0.1m | €0.1m | €0.7m | €0.5m | €1.8m | €0.6m | €0.9m | ▲ 46.3% |
| Suppliers440/4 | - | - | - | €0.7m | €0.5m | €1.8m | €0.6m | €0.9m | ▲ 46.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.03m | €0.1m | €0.05m | ▼ 58.9% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.03m | €0.1m | €0.05m | ▼ 58.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.7m | €0.05m | €0.4m | €0.5m | ▲ 18.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.04m | -€0.5m | -€0.5m | -€2.3m | -€0.9m | -€1.2m | -€8.4m | -€9.3m | ▼ 11.3% |
| + Depreciation and write-downs630 | - | - | - | - | - | - | €0.03m | €0.03m | = |
| Operating cash flow (approximation) | -€0.04m | -€0.5m | -€0.5m | -€2.3m | -€0.9m | -€1.2m | -€8.4m | -€9.3m | ▼ 11.4% |
| Investment in fixed assets (approximation) | - | -€3.6m | -€4.6m | -€11.0m | -€1.3m | -€11.8m | €5.0m | -€5.4m | - |
| Change in cash | - | €0.005m | €0.005m | €0.02m | -€0.03m | €302 | - | - | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 09-07-2026 | 2026-00287472 | NBB |
| 31-12-2025 | consolidated | 08-07-2026 | 2026-00285680 | NBB |
| 31-12-2024 | full format | 28-07-2025 | 2025-00345554 | |
| 31-12-2024 | consolidated | 28-07-2025 | 2025-00343160 | |
| 31-12-2023 | consolidated | 16-09-2024 | 2024-00464828 | |
| 31-12-2023 | full format | 28-08-2024 | 2024-00415064 | |
| 31-12-2022 | consolidated | 07-11-2023 | 2023-00509362 | |
| 31-12-2022 | full format | 27-10-2023 | 2023-00507282 | |
| 31-12-2021 | full format | 19-09-2022 | 2022-20432123 | |
| 31-12-2021 | consolidated | 19-09-2022 | 2022-20431997 |