DIRECT
InactiveInactive; last annual accounts for fiscal year 2024.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 01-07-2025, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
30 d early
2023
78 d early
2022
75 d early
2021
53 d early
2020
78 d early
2019
77 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Equity
€2.35M▲ 63.7%
2023 · €1.44M
2018: €427klowest in 7 years
2019: €500k▲ +17.1% vs 2018
2020: €766k▲ +53.3% vs 2019
2021: €991k▲ +29.3% vs 2020
2022: €1.12M▲ +13.5% vs 2021
2023: €1.44M▲ +27.8% vs 2022
2024: €2.35M▲ +63.7% vs 2023highest in 7 years
2018 → 2024
Total assets
€4.12M▲ 53.4%
2023 · €2.69M
2018: €1.13Mlowest in 7 years
2019: €1.47M▲ +30.3% vs 2018
2020: €1.94M▲ +31.4% vs 2019
2021: €1.82M▼ -6.0% vs 2020
2022: €2.29M▲ +26.1% vs 2021
2023: €2.69M▲ +17.1% vs 2022
2024: €4.12M▲ +53.4% vs 2023highest in 7 years
2018 → 2024
Net result
€915k▲ 193%
2023 · €313k
2018: €251k
2019: €121k▼ -51.8% vs 2018lowest in 7 years
2020: €517k▲ +328% vs 2019
2021: €224k▼ -56.6% vs 2020
2022: €134k▼ -40.2% vs 2021
2023: €313k▲ +133% vs 2022
2024: €915k▲ +193% vs 2023highest in 7 years
2018 → 2024
Working capital
€2.36M▲ 89.2%
2023 · €1.25M
2018: €203klowest in 7 years
2019: €247k▲ +22.0% vs 2018
2020: €505k▲ +104% vs 2019
2021: €807k▲ +59.7% vs 2020
2022: €914k▲ +13.2% vs 2021
2023: €1.25M▲ +36.4% vs 2022
2024: €2.36M▲ +89.2% vs 2023highest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€766k-€991k▲ 29.3%€1.12M▲ 13.5%€1.44M▲ 27.8%€2.35M▲ 63.7%
2020: €766klowest in 5 years
2021: €991k▲ +29.3% vs 2020
2022: €1.12M▲ +13.5% vs 2021
2023: €1.44M▲ +27.8% vs 2022
2024: €2.35M▲ +63.7% vs 2023highest in 5 years
Operating result€619k-€315k▼ 49.2%€216k▼ 31.3%€476k▲ 120%€1.25M▲ 162%
2020: €619k
2021: €315k▼ -49.2% vs 2020
2022: €216k▼ -31.3% vs 2021lowest in 5 years
2023: €476k▲ +120% vs 2022
2024: €1.25M▲ +162% vs 2023highest in 5 years
Net result€517k-€224k▼ 56.6%€134k▼ 40.2%€313k▲ 133%€915k▲ 193%
2020: €517k
2021: €224k▼ -56.6% vs 2020
2022: €134k▼ -40.2% vs 2021lowest in 5 years
2023: €313k▲ +133% vs 2022
2024: €915k▲ +193% vs 2023highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 162% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.12M
Fixed assets
€119k ▼ 49.1%
Current assets
€4.00M ▲ 63.2%
Equity and liabilities €4.12M
Equity
€2.35M ▲ 63.7%
Debt
€1.77M ▲ 41.5%
Debt's share of the balance-sheet total falls from 46.5% to 42.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.33M▲
2023 · €625k
Cash flow
€995k▲
2023 · €462k
Current ratio
2.44▲
2023 · 2.03
Debt to equity
0.75▼
2023 · 0.87
ROE
38.9%▲
2023 · 21.7%
ROA
22.2%▲
2023 · 11.6%
Interest coverage
37.53▲
2023 · 20.07
Debt ≤ 1 year
€1.64M▲
2023 · €1.21M
Debt > 1 year
€17k▼
2023 · €37k
Income taxes
€319k▲
2023 · €134k
Staff costs
€597k▼
2023 · €1.99M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 55 lines
Balance sheet
Code20232024
Assets
Total assets20/58€2.69M€4.12M▲
Fixed assets21/28€234k€119k▼
Tangible fixed assets22/27€232k€119k▼
Plant, machinery and equipment23€84k€84k▲
Furniture and vehicles24€108k€14k▼
Other tangible fixed assets26€40k€20k▼
Financial fixed assets28€2k€0▼
Current assets29/58€2.45M€4.00M▲
Stocks and contracts in progress3€37k€0▼
Stocks30/36€37k€0▼
Amounts receivable within one year40/41€1.31M€3.57M▲
Trade receivables40€1.19M€984k▼
Other amounts receivable41€117k€2.58M▲
Cash at bank and in hand54/58€1.04M€381k▼
Deferred charges and accrued income490/1€66k€55k▼
Equity and liabilities
Total equity and liabilities10/49€2.69M€4.12M▲
Equity10/15€1.44M€2.35M▲
Contributions10/11€6k€6k=
Reserves13€1.43M€1.43M=
Distributable reserves133€1.43M€1.43M=
Profit (loss) carried forward14-€915k
Amounts payable17/49€1.25M€1.77M▲
Amounts payable after more than one year17€37k€17k▼
Financial debts170/4€37k€17k▼
Amounts payable within one year42/48€1.21M€1.64M▲
Current portion of amounts payable after more than one year42€41k€20k▼
Financial debts43€11k-
Credit institutions430/8€11k-
Trade debts44€637k€1.51M▲
Suppliers440/4€637k€1.51M▲
Advances received on contracts in progress46€152k€0▼
Taxes, remuneration and social security45€365k€111k▼
Taxes450/3€108k€111k▲
Remuneration and social security454/9€257k€0▼
Other amounts payable47/48-€0
Accrued charges and deferred income492/3€6k€108k▲
Income statement
Code20232024
Non-recurring operating income76A€16k-
Remuneration, social security and pensions62€1.99M€597k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€149k€80k▼
Other operating charges640/8€3k€4k▲
Non-recurring operating charges66A€3k€9▼
Gross operating margin9900€2.62M€1.93M▼
Operating profit (loss)9901€476k€1.25M▲
Financial income75/76B€2k€22k▲
Recurring financial income75€2k€22k▲
Financial charges65/66B€31k€35k▲
Recurring financial charges65€31k€35k▲
Profit (loss) for the period before taxes9903€447k€1.23M▲
Income taxes67/77€134k€319k▲
Profit (loss) for the period9904€313k€915k▲
Profit (loss) for the period to be appropriated9905€313k€915k▲
Appropriation of the result
Profit (loss) to be appropriated9906€313k€915k▲
Transfer to equity691/2€313k-
To other reserves6921€313k-
Social balance
Average headcount (FTE)908728.20.0▼
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €64k | €24k | €16k | - | - |
| Remuneration, social security and pensions62 | - | €1.26M | €1.50M | €1.99M | €597k | ▼ 70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €161k | €171k | €162k | €149k | €80k | ▼ 46.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €52k | - | - | - |
| Other operating charges640/8 | - | €17k | €3k | €3k | €4k | ▲ 9.0% |
| Non-recurring operating charges66A | - | - | €304 | €3k | €9 | ▼ 99.7% |
| Gross operating margin9900 | €1.79M | €1.77M | €1.93M | €2.62M | €1.93M | ▼ 26.4% |
| Operating profit (loss)9901 | €619k | €315k | €216k | €476k | €1.25M | ▲ 162% |
| Financial income75/76B | - | €522 | €560 | €2k | €22k | ▲ 909% |
| Recurring financial income75 | €1k | €522 | €560 | €2k | €22k | ▲ 909% |
| Financial charges65/66B | - | €11k | €11k | €31k | €35k | ▲ 13.6% |
| Recurring financial charges65 | €10k | €11k | €11k | €31k | €35k | ▲ 13.6% |
| Profit (loss) for the period before taxes9903 | €644k | €305k | €206k | €447k | €1.23M | ▲ 176% |
| Income taxes67/77 | €127k | €80k | €71k | €134k | €319k | ▲ 137% |
| Profit (loss) for the period9904 | €517k | €224k | €134k | €313k | €915k | ▲ 193% |
| Profit (loss) for the period to be appropriated9905 | €517k | €224k | €134k | €313k | €915k | ▲ 193% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.94M | €1.82M | €2.29M | €2.69M | €4.12M | ▲ 53.4% |
| Fixed assets21/28 | €474k | €330k | €295k | €234k | €119k | ▼ 49.1% |
| Intangible fixed assets21 | €816 | - | - | - | - | - |
| Tangible fixed assets22/27 | €428k | €329k | €294k | €232k | €119k | ▼ 48.7% |
| Plant, machinery and equipment23 | - | €45k | €99k | €84k | €84k | ▲ 0.4% |
| Furniture and vehicles24 | - | €176k | €120k | €108k | €14k | ▼ 86.8% |
| Other tangible fixed assets26 | - | €109k | €74k | €40k | €20k | ▼ 48.8% |
| Financial fixed assets28 | €45k | €545 | €675 | €2k | €0 | ▼ 100% |
| Current assets29/58 | €1.46M | €1.49M | €2.00M | €2.45M | €4.00M | ▲ 63.2% |
| Stocks and contracts in progress3 | €23k | €37k | €54k | €37k | €0 | ▼ 100% |
| Stocks30/36 | - | €37k | €54k | €37k | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €759k | €624k | €844k | €1.31M | €3.57M | ▲ 173% |
| Trade receivables40 | - | €570k | €742k | €1.19M | €984k | ▼ 17.2% |
| Other amounts receivable41 | - | €54k | €103k | €117k | €2.58M | ▲ 2,111% |
| Cash at bank and in hand54/58 | €629k | €781k | €1.02M | €1.04M | €381k | ▼ 63.5% |
| Deferred charges and accrued income490/1 | - | €48k | €77k | €66k | €55k | ▼ 16.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.94M | €1.82M | €2.29M | €2.69M | €4.12M | ▲ 53.4% |
| Equity10/15 | €766k | €991k | €1.12M | €1.44M | €2.35M | ▲ 63.7% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €379k | €985k | €1.12M | €1.43M | €1.43M | = |
| Non-distributable reserves130/1 | - | €2k | €2k | - | - | - |
| Reserves not available under the articles1311 | - | €2k | €2k | - | - | - |
| Distributable reserves133 | - | €983k | €1.12M | €1.43M | €1.43M | = |
| Profit (loss) carried forward14 | €381k | - | - | - | €915k | - |
| Amounts payable17/49 | €1.17M | €829k | €1.17M | €1.25M | €1.77M | ▲ 41.5% |
| Amounts payable after more than one year17 | €208k | €141k | €78k | €37k | €17k | ▼ 55.0% |
| Financial debts170/4 | - | €141k | €78k | €37k | €17k | ▼ 55.0% |
| Amounts payable within one year42/48 | €957k | €682k | €1.09M | €1.21M | €1.64M | ▲ 36.2% |
| Current portion of amounts payable after more than one year42 | - | €90k | €63k | €41k | €20k | ▼ 50.5% |
| Financial debts43 | - | €19k | €11k | €11k | - | - |
| Credit institutions430/8 | - | €6k | €11k | €11k | - | - |
| Other loans439 | - | €12k | - | - | - | - |
| Trade debts44 | €225k | €247k | €445k | €637k | €1.51M | ▲ 137% |
| Suppliers440/4 | - | €247k | €445k | €637k | €1.51M | ▲ 137% |
| Advances received on contracts in progress46 | - | €72k | €230k | €152k | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | €255k | €336k | €365k | €111k | ▼ 69.5% |
| Taxes450/3 | - | €71k | €84k | €108k | €111k | ▲ 2.9% |
| Remuneration and social security454/9 | - | €184k | €252k | €257k | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €145 | - | - | €0 | - |
| Accrued charges and deferred income492/3 | - | €5k | €6k | €6k | €108k | ▲ 1,726% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €517k | €224k | €134k | €313k | €915k | ▲ 193% |
| + Depreciation and write-downs630 | €161k | €171k | €162k | €149k | €80k | ▼ 46.3% |
| Operating cash flow (approximation) | €678k | €396k | €296k | €462k | €995k | ▲ 116% |
| Investment in fixed assets (approximation) | - | €-27k | €-127k | €-88k | €35k | ▲ 139% |
| Change in cash | - | €152k | €244k | €19k | €-663k | ▼ 3,540% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €915k ▲193%
Operating result €1.25M, net result €915k, both a record.
31-12
Financial
Equity above €2MEq €2.35M ▲63.7%
7 profitable years in a row build equity to €2.35M.
22-11
State Gazette act
Merger · Accounting effect
Capital · Corporate purpose
14-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €1MEq €1.12M ▲13.5%
5 profitable years in a row build equity to €1.12M.
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
14-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €500kEq €766k ▲53.3%
3 profitable years in a row build equity to €766k.
15-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €121k ▼51.8%
Net result drops to €121k, the lowest in the series.
Show earlier events
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
14-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
06-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Structure & network
Acquisitions and mergers
1 transactionTaken over by:EASI
Public money · subsidies and aid
Flemish government
2023 to 2024 · 2 entries · 2,983 EUR awarded · 2,983 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 320 EUR | 320 EUR |
| 2023 | 1 | 2,663 EUR | 2,663 EUR |
Schemes
Vlaams opleidingsverlof (VOV)