Financials · financial year 2025, full format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 17 filings
Equity
€551,702▼ 8.2%
2024 · €601,292
Net result
-€49,590
2024 · €189,147
Total assets
€1.2m▼ 18.4%
2024 · €1.5m
Solvency
44.8%▲ 5.0pp
2024 · 39.9%
In the rankings
#5 company by total assets in Kapelle-op-den-Bos, Finance and insurance sector#5 oldest company in Kapelle-op-den-Bos, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€119,903
▼ 46.1%
2025
20182025
Net result
-€49,590
2025
lowest quarter of the sector
20182025
Equity
€551,702
▼ 8.2%
2025
lowest quarter of the sector
20182025
Total assets
€1.2m
▼ 18.4%
2025
lowest quarter of the sector
20182025
Debt
€678,666
▼ 25.1%
2025
20182025
Working capital
€46,551
2025
middle half of the sector
20182025
Solvency
44.8%
▲ 5.0pp
2025
middle half of the sector
20182025
Current ratio
1.24
▲ 0.45
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.0%
▼ 16.6pp
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-€0.05m--€0.02m▲ 67.6%-€0.002m▲ 89.2%€0.03m€0.08m▲ 213%€0.05m▼ 42.3%€0.2m▲ 362%€0.1m▼ 46.1%
Net result-€0.05m-€0.03m-€0.007mbelow the sector's middle half€0.02mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 234%€0.03mwithin the sector's middle half▼ 59.4%€0.2mwithin the sector's middle half▲ 464%-€0.05mbelow the sector's middle half
Equity€0.3m-€0.3m▲ 10.1%€0.3mwithin the sector's middle half▼ 2.3%€0.05mbelow the sector's middle half▼ 85.7%€0.1mbelow the sector's middle half▲ 179%€0.4mwithin the sector's middle half▲ 220%€0.6mwithin the sector's middle half▲ 45.9%€0.6mbelow the sector's middle half▼ 8.2%
Total assets€0.3m-€0.3m▲ 8.7%€0.3mwithin the sector's middle half▼ 2.6%€0.06mbelow the sector's middle half▼ 81.8%€0.2mbelow the sector's middle half▲ 161%€1.3mwithin the sector's middle half▲ 733%€1.5mwithin the sector's middle half▲ 18.4%€1.2mbelow the sector's middle half▼ 18.4%
Debt€0.006m-€0.002m▼ 67.1%€0.001m▼ 62.7%€0.01m▲ 18×€0.02m▲ 95.1%€0.9m▲ 35×€0.9m▲ 5.2%€0.7m▼ 25.1%
Working capital€0.3m-€0.3m▲ 10.6%€0.3mabove the sector's middle half▼ 2.4%€0.002mwithin the sector's middle half▼ 99.1%€0.06mwithin the sector's middle half▲ 26×-€0.3mbelow the sector's middle half-€0.08mwithin the sector's middle half▲ 73.2%€0.05mwithin the sector's middle half
Solvency98.2%-99.5%▲ 1.3pp99.8%above the sector's middle half▲ 0.3pp78.7%above the sector's middle half▼ 21.1pp84.1%above the sector's middle half▲ 5.4pp32.4%within the sector's middle half▼ 51.7pp39.9%within the sector's middle half▲ 7.5pp44.8%within the sector's middle half▲ 5.0pp
Current ratio47.70-1.19within the sector's middle half3.64above the sector's middle half▲ 2.450.39within the sector's middle half▼ 3.250.79within the sector's middle half▲ 0.401.24within the sector's middle half▲ 0.45
Return on assets (ROA)-17.9%-9.1%▲ 27.0pp-2.3%below the sector's middle half▼ 11.4pp42.2%above the sector's middle half▲ 44.6pp54.0%above the sector's middle half▲ 11.7pp2.6%within the sector's middle half▼ 51.4pp12.5%above the sector's middle half▲ 9.9pp-4.0%below the sector's middle half▼ 16.6pp
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 46% lower than in 2024.
Large changes and their cause
- 2023 Equity +220% on 2022. Capital increase of €250,000 (Official Gazette 25-04-2023).
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€990,614 ▼ 17.4%
Current assets
€239,754 ▼ 22.2%
Equity and liabilities €1.2m
Equity
€551,702 ▼ 8.2%
Debt
€678,666 ▼ 25.1%
Debt's share of the balance-sheet total falls from 60.1% to 55.2%. Equity and debt are lower.
Key figures and ratios
ROE
-9.0%▼
2024 · 31.5%
Debt ≤ 1 year
€193,203▼
2024 · €391,318
Debt > 1 year
€485,463▼
2024 · €514,814
Income taxes
€902▼
2024 · €939
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 | - | - | €825,635 | - | €627,102 |
| Debts guaranteed by Belgian public bodies | - | - | - | €854,864 | - |
| Mortgages, amount registered | - | - | €299,250 | €299,250 | €299,250 |
| Carrying value of the mortgaged assets | - | - | €1.0m | €1.2m | €948,028 |
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 | €1,885 | €25,428 | €1.0m | €336,138 | €14,866 |
| Depreciation and write-downs of the year | €1,050 | €4,660 | €22,147 | €36,712 | €41,669 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €491 | €944 | €724 | €1,050 | €4,660 | €22,147 | €36,712 | €41,669 | ▲ 13.5% |
| Other operating charges640/8 | - | - | - | €1,768 | €3,217 | €6,638 | €4,310 | €6,612 | ▲ 53.4% |
| Gross operating margin9900 | -€11,359 | -€13,515 | -€83 | €29,461 | €91,373 | €76,973 | €263,411 | €168,184 | ▼ 36.2% |
| Operating profit (loss)9901 | -€47,158 | -€15,282 | -€1,646 | €26,644 | €83,496 | €48,188 | €222,390 | €119,903 | ▼ 46.1% |
| Financial income75/76B | - | - | - | - | €1,261 | €3,798 | €6,096 | €5,432 | ▼ 10.9% |
| Recurring financial income75 | €18 | €29 | €3 | - | €1,261 | €3,798 | €6,096 | €5,432 | ▼ 10.9% |
| Financial charges65/66B | - | - | - | €439 | €784 | €17,492 | €38,399 | €174,023 | ▲ 353% |
| Recurring financial charges65 | €13,333 | €7,181 | €384 | €439 | €784 | €17,492 | €38,399 | €174,023 | ▲ 353% |
| Profit (loss) for the period before taxes9903 | -€57,174 | €29,289 | -€7,436 | €26,205 | €83,973 | €34,494 | €190,086 | -€48,688 | - |
| Income taxes67/77 | -€2,628 | -€833 | - | €1,484 | €1,417 | €956 | €939 | €902 | ▼ 4.0% |
| Profit (loss) for the period9904 | -€54,546 | €30,122 | -€7,436 | €24,721 | €82,556 | €33,538 | €189,147 | -€49,590 | - |
| Profit (loss) for the period to be appropriated9905 | -€54,546 | €30,122 | -€7,436 | €24,721 | €82,556 | €33,538 | €189,147 | -€49,590 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.3m | €0.3m | €0.06m | €0.2m | €1.3m | €1.5m | €1.2m | ▼ 18.4% |
| Fixed assets21/28 | €0.04m | €0.04m | €0.04m | €0.04m | €0.06m | €1.1m | €1.2m | €1.0m | ▼ 17.4% |
| Tangible fixed assets22/27 | €219 | €0.003m | €0.002m | €0.003m | €0.02m | €1.0m | €1.2m | €0.9m | ▼ 18.0% |
| Land and buildings22 | - | - | - | - | €0.009m | €1.0m | €1.2m | €0.9m | ▼ 18.1% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.01m | €0.01m | €0.001m | €0.002m | ▲ 131% |
| Financial fixed assets28 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.01m | €0.09m | €0.2m | €0.3m | €0.2m | ▼ 22.2% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.3m | €0.001m | €0.05m | €0.2m | €0.2m | €0.2m | ▼ 19.7% |
| Trade receivables40 | - | - | - | €0.001m | €414 | €0.003m | €0.03m | €0.009m | ▼ 70.2% |
| Other amounts receivable41 | - | - | - | - | €0.05m | €0.2m | €0.2m | €0.2m | ▼ 12.2% |
| Current investments50/53 | €0.008m | €0.008m | €378 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.06m | - | €0.01m | €0.04m | €0.02m | €0.06m | €0.04m | ▼ 29.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.007m | €0.007m | €0.005m | ▼ 37.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €0.3m | €0.06m | €0.2m | €1.3m | €1.5m | €1.2m | ▼ 18.4% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.05m | €0.1m | €0.4m | €0.6m | €0.6m | ▼ 8.2% |
| Contributions10/11 | €6.8m | €6.8m | €6.8m | €6.5m | €6.5m | €6.7m | €6.7m | €6.7m | = |
| Capital10 | - | - | - | €6.5m | €6.5m | €6.7m | €6.7m | €6.7m | = |
| Issued capital100 | - | - | - | €6.5m | €6.5m | €6.7m | €6.7m | €6.7m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€6.5m | -€6.5m | -€6.5m | -€6.4m | -€6.4m | -€6.3m | -€6.1m | -€6.2m | ▼ 0.8% |
| Amounts payable17/49 | €0.006m | €0.002m | €0.001m | €0.01m | €0.02m | €0.9m | €0.9m | €0.7m | ▼ 25.1% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.4m | €0.5m | €0.5m | ▼ 5.7% |
| Financial debts170/4 | - | - | - | - | - | €0.4m | €0.5m | €0.5m | ▼ 5.7% |
| Amounts payable within one year42/48 | €0.006m | €0.002m | €0.001m | €0.01m | €0.02m | €0.5m | €0.4m | €0.2m | ▼ 50.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.5m | €0.3m | €0.1m | ▼ 58.3% |
| Financial debts43 | - | - | - | - | - | - | - | €0.001m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.001m | - |
| Trade debts44 | €0.005m | €0.002m | €0.001m | €0.001m | €0.006m | €0.001m | €0.005m | €0.007m | ▲ 31.2% |
| Suppliers440/4 | - | - | - | €0.001m | €0.006m | €0.001m | €0.005m | €0.007m | ▲ 31.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.01m | €0.005m | €0.02m | €0.01m | ▼ 14.3% |
| Taxes450/3 | - | - | - | €0.007m | €0.01m | €0.005m | €0.02m | €0.01m | ▼ 14.3% |
| Other amounts payable47/48 | - | - | - | €0.005m | €0.007m | €0.03m | €0.03m | €0.03m | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €163 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.05m | €0.03m | -€0.007m | €0.02m | €0.08m | €0.03m | €0.2m | -€0.05m | - |
| + Depreciation and write-downs630 | €491 | €0.001m | €0.001m | €0.001m | €0.005m | €0.02m | €0.04m | €0.04m | ▲ 13.5% |
| Operating cash flow (approximation) | -€0.05m | €0.03m | -€0.007m | €0.03m | €0.09m | €0.06m | €0.2m | -€0.008m | - |
| Investment in fixed assets (approximation) | - | -€0.004m | €0 | -€0.002m | -€0.03m | -€1.0m | -€0.2m | €0.2m | - |
| Change in cash | - | -€0.06m | - | - | €0.02m | -€0.02m | €0.04m | -€0.02m | - |
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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-06-2026 | 2026-00213007 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00236016 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00136277 | |
| 31-12-2022 | abbreviated format | 16-06-2023 | 2023-00137582 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20200602 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26300194 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27300396 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-27300278 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-23400504 | |
| 31-12-2016 | abbreviated format | 29-06-2017 | 2017-24300359 |