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%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€23,443
▲ 93.2%
2025
20182025
Net result
-€9.3m
▼ 11.3%
2025
lowest quarter of the sector
20182025
Equity
€14.4m
▲ 70.8%
2025
middle half of the sector
20182025
Total assets
€44.7m
▲ 21.1%
2025
highest quarter of the sector
20182025
Debt
€30.4m
▲ 6.4%
2025
20182025
Working capital
€8.4m
▲ 34.8%
2025
highest quarter of the sector
20182025
Solvency
32.2%
▲ 9.4pp
2025
middle half of the sector
20182025
Current ratio
10.17
▲ 0.53
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-20.9%
▲ 1.8pp
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-€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.
The operating result for 2025 is a loss of €23,443, smaller than the loss of €342,783 in 2024.
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
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 | |
| 31-12-2025 | consolidated | 08-07-2026 | 2026-00285680 | |
| 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 |