Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 8 filings
Equity
€251,079▲ 13×
2024 · €18,600
Net result
€232,479▼ 50.6%
2024 · €470,554
Total assets
€967,780▲ 59.3%
2024 · €607,461
Solvency
25.9%▲ 22.9pp
2024 · 3.1%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€92,426
▼ 59.7%
2025
20182025
Net result
€232,479
▼ 50.6%
2025
highest quarter of the sector
20182025
Equity
€251,079
▲ 13×
2025
middle half of the sector
20182025
Total assets
€967,780
▲ 59.3%
2025
middle half of the sector
20182025
Debt
€716,701
▲ 21.7%
2025
20182025
Working capital
-€217,943
▲ 34.7%
2025
lowest quarter of the sector
20182025
Solvency
25.9%
▲ 22.9pp
2025
middle half of the sector
20182025
Current ratio
0.63
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
24.0%
▼ 53.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€870-€41,758€76,318▲ 82.8%€73,440▼ 3.8%€107,719▲ 46.7%€50,061▼ 53.5%-€57,884-€92,426▼ 59.7%
Net result-€10,368-€78,868€129,613above the sector's middle half▲ 64.3%€133,829within the sector's middle half▲ 3.3%€164,890within the sector's middle half▲ 23.2%€85,614within the sector's middle half▼ 48.1%€470,554above the sector's middle half▲ 450%€232,479above the sector's middle half▼ 50.6%
Equity€2,032-€80,900▲ 40×€210,513within the sector's middle half▲ 160%€344,342within the sector's middle half▲ 63.6%€315,431within the sector's middle half▼ 8.4%€18,600below the sector's middle half▼ 94.1%€18,600below the sector's middle half=€251,079within the sector's middle half▲ 13×
Total assets€474,324-€516,978▲ 9.0%€588,347within the sector's middle half▲ 13.8%€667,706within the sector's middle half▲ 13.5%€791,024within the sector's middle half▲ 18.5%€627,777within the sector's middle half▼ 20.6%€607,461below the sector's middle half▼ 3.2%€967,780within the sector's middle half▲ 59.3%
Debt€472,292-€436,078▼ 7.7%€377,834▼ 13.4%€323,364▼ 14.4%€475,593▲ 47.1%€609,177▲ 28.1%€588,861▼ 3.3%€716,701▲ 21.7%
Working capital-€120,024--€115,266▲ 4.0%-€51,003within the sector's middle half▲ 55.8%€10,138within the sector's middle half-€94,811within the sector's middle half-€460,589below the sector's middle half▼ 386%-€333,784below the sector's middle half▲ 27.5%-€217,943below the sector's middle half▲ 34.7%
Solvency0.4%-15.6%▲ 15.2pp35.8%within the sector's middle half▲ 20.1pp51.6%within the sector's middle half▲ 15.8pp39.9%within the sector's middle half▼ 11.7pp3.0%below the sector's middle half▼ 36.9pp3.1%below the sector's middle half▲ 0.1pp25.9%within the sector's middle half▲ 22.9pp
Current ratio0.11-0.27▲ 0.160.69within the sector's middle half▲ 0.431.06within the sector's middle half▲ 0.360.76within the sector's middle half▼ 0.300.18below the sector's middle half▼ 0.580.41within the sector's middle half▲ 0.230.63within the sector's middle half▲ 0.22
Return on assets (ROA)-2.2%-15.3%▲ 17.4pp22.0%above the sector's middle half▲ 6.8pp20.0%above the sector's middle half▼ 2.0pp20.8%above the sector's middle half▲ 0.8pp13.6%above the sector's middle half▼ 7.2pp77.5%above the sector's middle half▲ 63.8pp24.0%above the sector's middle half▼ 53.4pp
Staff (FTE)1within the sector's middle half0below the sector's middle half▼ 100%0within the sector's middle half0within the sector's middle half0within the sector's middle half
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 €92,426, larger than the loss of €57,884 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €967,780
Fixed assets
€599,913 ▲ 60.8%
Current assets
€367,868 ▲ 57.0%
Equity and liabilities €967,780
Equity
€251,079 ▲ 13×
Debt
€716,701 ▲ 21.7%
Debt's share of the balance-sheet total falls from 96.9% to 74.1%. Equity and debt are higher.
Key figures and ratios
ROE
92.6%
Debt ≤ 1 year
€585,810▲
2024 · €568,114
Debt > 1 year
€130,891▲
2024 · €0
Income taxes
€272▲
2024 · -€13,088
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 | €223,206 | €150,417 | €79,381 | €11,452 | - |
| Pledge on other assets, amount secured | - | - | - | - | €169,621 |
| Carrying value of the other pledged assets | €450,000 | €450,000 | €450,000 | - | €0 |
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 | €17,115 | €11,817 | €61,948 | €44,650 | €272,469 |
| Financial fixed assets | - | - | - | €169,621 | €46,260 |
| Depreciation and write-downs of the year | €5,295 | €6,815 | €7,806 | €7,909 | €12,425 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €31,764 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,270 | €4,158 | €4,646 | €5,295 | €6,815 | €7,806 | €7,909 | €12,425 | ▲ 57.1% |
| Other operating charges640/8 | - | - | - | €1,802 | €2,363 | €2,204 | €2,159 | €3,200 | ▲ 48.3% |
| Non-recurring operating charges66A | - | - | - | €1,368 | €0 | - | - | €58,932 | - |
| Gross operating margin9900 | €1,954 | €47,009 | €82,533 | €81,905 | €116,897 | €60,070 | -€47,816 | -€17,869 | ▲ 62.6% |
| Operating profit (loss)9901 | -€870 | €41,758 | €76,318 | €73,440 | €107,719 | €50,061 | -€57,884 | -€92,426 | ▼ 59.7% |
| Financial income75/76B | - | - | - | €82,842 | €87,684 | €66,056 | €520,974 | €346,001 | ▼ 33.6% |
| Recurring financial income75 | - | €57,247 | €77,451 | €82,842 | €87,684 | €66,056 | €81,387 | €127,932 | ▲ 57.2% |
| Non-recurring financial income76B | - | - | - | - | - | - | €439,587 | €218,069 | ▼ 50.4% |
| Financial charges65/66B | - | - | - | €6,345 | €7,784 | €7,324 | €5,624 | €20,823 | ▲ 270% |
| Recurring financial charges65 | €9,296 | €10,804 | €9,198 | €6,345 | €7,784 | €7,324 | €5,624 | €20,823 | ▲ 270% |
| Profit (loss) for the period before taxes9903 | -€10,165 | €88,202 | €144,570 | €149,937 | €187,620 | €108,794 | €457,466 | €232,751 | ▼ 49.1% |
| Income taxes67/77 | €203 | €9,334 | €14,957 | €16,108 | €22,730 | €23,180 | -€13,088 | €272 | - |
| Profit (loss) for the period9904 | -€10,368 | €78,868 | €129,613 | €133,829 | €164,890 | €85,614 | €470,554 | €232,479 | ▼ 50.6% |
| Profit (loss) for the period to be appropriated9905 | -€10,368 | €78,868 | €129,613 | €133,829 | €164,890 | €85,614 | €470,554 | €232,479 | ▼ 50.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €474,324 | €516,978 | €588,347 | €667,706 | €791,024 | €627,777 | €607,461 | €967,780 | ▲ 59.3% |
| Fixed assets21/28 | €460,118 | €474,648 | €472,801 | €484,621 | €489,623 | €526,769 | €373,131 | €599,913 | ▲ 60.8% |
| Tangible fixed assets22/27 | €1,680 | €16,211 | €14,364 | €26,183 | €31,186 | €68,332 | €105,072 | €294,032 | ▲ 180% |
| Land and buildings22 | - | - | - | - | - | - | - | €259,057 | - |
| Plant, machinery and equipment23 | - | - | - | €1,611 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €911 | €556 | €208 | €71 | ▼ 65.8% |
| Other tangible fixed assets26 | - | - | - | €24,573 | €30,275 | €67,775 | €104,864 | €34,904 | ▼ 66.7% |
| Financial fixed assets28 | €458,438 | €458,438 | €458,438 | €458,438 | €458,438 | €458,438 | €268,059 | €305,881 | ▲ 14.1% |
| Current assets29/58 | €14,206 | €42,330 | €115,546 | €183,085 | €301,401 | €101,008 | €234,330 | €367,868 | ▲ 57.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €160,000 | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | - | €160,000 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €12,607 | €40,270 | €80,330 | €171,065 | €125,549 | €76,412 | €39,260 | €25,558 | ▼ 34.9% |
| Trade receivables40 | - | - | - | €60,000 | €124,736 | €2,876 | €0 | €7,882 | - |
| Other amounts receivable41 | - | - | - | €111,065 | €813 | €73,536 | €39,260 | €17,676 | ▼ 55.0% |
| Current investments50/53 | - | - | - | - | - | - | - | €172,052 | - |
| Cash at bank and in hand54/58 | €844 | €1,291 | €33,287 | €4,583 | €14,662 | €23,887 | €192,365 | €167,296 | ▼ 13.0% |
| Deferred charges and accrued income490/1 | - | - | - | €7,438 | €1,190 | €709 | €2,705 | €2,962 | ▲ 9.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €474,324 | €516,978 | €588,347 | €667,706 | €791,024 | €627,777 | €607,461 | €967,780 | ▲ 59.3% |
| Equity10/15 | €2,032 | €80,900 | €210,513 | €344,342 | €315,431 | €18,600 | €18,600 | €251,079 | ▲ 13× |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | €331,942 | €296,831 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €331,942 | €296,831 | €0 | - | - | - |
| Profit (loss) carried forward14 | -€10,368 | €68,500 | €198,113 | €0 | €0 | €0 | €0 | €232,479 | - |
| Amounts payable17/49 | €472,292 | €436,078 | €377,834 | €323,364 | €475,593 | €609,177 | €588,861 | €716,701 | ▲ 21.7% |
| Amounts payable after more than one year17 | €338,062 | €278,482 | €211,285 | €150,417 | €79,381 | €11,452 | €0 | €130,891 | - |
| Financial debts170/4 | - | - | - | €150,417 | €79,381 | €11,452 | €0 | €130,891 | - |
| Amounts payable within one year42/48 | €134,230 | €157,596 | €166,549 | €172,947 | €396,212 | €561,597 | €568,114 | €585,810 | ▲ 3.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €72,789 | €71,036 | €67,929 | €11,452 | €9,361 | ▼ 18.3% |
| Financial debts43 | - | - | - | €32 | €2,951 | €5,490 | €5,127 | €169,621 | ▲ 33× |
| Credit institutions430/8 | - | - | - | €32 | €2,951 | €5,490 | €5,127 | €169,621 | ▲ 33× |
| Trade debts44 | €668 | €3,035 | €2,834 | €1,958 | €4,801 | €4,653 | €2,581 | €47,527 | ▲ 18× |
| Suppliers440/4 | - | - | - | €1,958 | €4,801 | €4,653 | €2,581 | €47,527 | ▲ 18× |
| Advances received on contracts in progress46 | - | - | - | - | €36,300 | €0 | €12,100 | €18,559 | ▲ 53.4% |
| Taxes, remuneration and social security45 | - | - | - | €39,143 | €31,267 | €20,741 | €3,844 | €3,844 | = |
| Taxes450/3 | - | - | - | €39,143 | €31,267 | €20,741 | €3,844 | €3,844 | = |
| Other amounts payable47/48 | - | - | - | €59,025 | €249,856 | €462,783 | €533,010 | €336,899 | ▼ 36.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €36,128 | €20,747 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,368 | €78,868 | €129,613 | €133,829 | €164,890 | €85,614 | €470,554 | €232,479 | ▼ 50.6% |
| + Depreciation and write-downs630 | €1,270 | €4,158 | €4,646 | €5,295 | €6,815 | €7,806 | €7,909 | €12,425 | ▲ 57.1% |
| Operating cash flow (approximation) | -€9,098 | €83,026 | €134,259 | €139,124 | €171,704 | €93,419 | €478,463 | €244,905 | ▼ 48.8% |
| Investment in fixed assets (approximation) | - | -€18,688 | -€2,799 | -€17,115 | -€11,817 | -€44,952 | €145,729 | -€239,207 | - |
| Change in cash | - | €446 | €31,997 | -€28,705 | €10,080 | €9,224 | €168,478 | -€25,069 | - |
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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00305252 | |
| 31-12-2024 | abbreviated format | 04-06-2025 | 2025-00117139 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00239291 | |
| 31-12-2022 | abbreviated format | 22-05-2023 | 2023-00092205 | |
| 31-12-2021 | abbreviated format | 03-08-2022 | 2022-20265467 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-40000441 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-23400185 | |
| 31-12-2018 | abbreviated format | 01-08-2019 | 2019-43200098 |