Financials · financial year 2025, micro format
Annual accounts 2025 filed on 15-10-2026 PDF all 4 filings
Equity
€411,822▲ 27.3%
2024 · €323,615
Net result
€115,207▲ 27.3%
2024 · €90,492
Total assets
€883,126▲ 6.8%
2024 · €826,768
Solvency
46.6%▲ 7.5pp
2024 · 39.1%
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€143,357
▲ 49.0%
2025
20222025
Net result
€115,207
▲ 27.3%
2025
highest quarter of the sector
20222025
Equity
€411,822
▲ 27.3%
2025
highest quarter of the sector
20222025
Total assets
€883,126
▲ 6.8%
2025
highest quarter of the sector
20222025
Debt
€471,305
▼ 6.3%
2025
20222025
Working capital
€373,045
▲ 26.2%
2025
highest quarter of the sector
20222025
Solvency
46.6%
▲ 7.5pp
2025
middle half of the sector
20222025
Current ratio
1.80
▲ 0.20
2025
middle half of the sector
20222025
Return on assets (ROA)
13.0%
▲ 2.1pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€158,325-€204,908▲ 29.4%€96,207▼ 53.0%€143,357▲ 49.0%
Net result€113,260above the sector's middle half-€155,863above the sector's middle half▲ 37.6%€90,492above the sector's middle half▼ 41.9%€115,207above the sector's middle half▲ 27.3%
Equity€123,260within the sector's middle half-€254,122within the sector's middle half▲ 106%€323,615within the sector's middle half▲ 27.3%€411,822above the sector's middle half▲ 27.3%
Total assets€323,277within the sector's middle half-€511,922within the sector's middle half▲ 58.4%€826,768within the sector's middle half▲ 61.5%€883,126above the sector's middle half▲ 6.8%
Debt€200,018-€257,799▲ 28.9%€503,153▲ 95.2%€471,305▼ 6.3%
Working capital€105,962within the sector's middle half-€217,500above the sector's middle half▲ 105%€295,504above the sector's middle half▲ 35.9%€373,045above the sector's middle half▲ 26.2%
Solvency38.1%within the sector's middle half-49.6%within the sector's middle half▲ 11.5pp39.1%within the sector's middle half▼ 10.5pp46.6%within the sector's middle half▲ 7.5pp
Current ratio1.53within the sector's middle half-1.84within the sector's middle half▲ 0.311.60within the sector's middle half▼ 0.241.80within the sector's middle half▲ 0.20
Return on assets (ROA)35.0%above the sector's middle half-30.4%above the sector's middle half▼ 4.6pp10.9%within the sector's middle half▼ 19.5pp13.0%within the sector's middle half▲ 2.1pp
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 49% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €883,126
Fixed assets
€42,277 ▲ 12.1%
Current assets
€840,849 ▲ 6.6%
Equity and liabilities €883,126
Equity
€411,822 ▲ 27.3%
Debt
€471,305 ▼ 6.3%
Debt's share of the balance-sheet total falls from 60.9% to 53.4%. Equity is higher and debt is lower.
Key figures and ratios
ROE
28.0%=
2024 · 28.0%
Debt ≤ 1 year
€467,805▼
2024 · €493,543
Income taxes
€24,645▲
2024 · €19,084
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €16,008 | €20,076 | €11,649 | €7,535 |
| Intangible fixed assets | - | €5,500 | - | €3,024 |
| Financial fixed assets | €2,770 | - | €150 | €7,150 |
| Depreciation and write-downs of the year | €1,480 | €6,251 | €10,701 | €13,002 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €59,000 awarded · €34,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €50,000 | €25,000 |
| 2024 | 1 | €9,000 | €9,000 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,480 | €6,251 | €10,701 | €13,002 | ▲ 21.5% |
| Other operating charges640/8 | - | €252 | €1,023 | €358 | ▼ 65.0% |
| Gross operating margin9900 | €159,805 | €211,411 | €107,930 | €156,717 | ▲ 45.2% |
| Operating profit (loss)9901 | €158,325 | €204,908 | €96,207 | €143,357 | ▲ 49.0% |
| Financial income75/76B | €14 | €330 | €19,101 | €25,000 | ▲ 30.9% |
| Recurring financial income75 | €14 | €330 | €19,101 | €25,000 | ▲ 30.9% |
| Financial charges65/66B | €12,871 | €9,209 | €5,731 | €28,506 | ▲ 397% |
| Recurring financial charges65 | €12,871 | €9,209 | €5,731 | €28,506 | ▲ 397% |
| Profit (loss) for the period before taxes9903 | €145,469 | €196,028 | €109,576 | €139,852 | ▲ 27.6% |
| Income taxes67/77 | €32,209 | €40,166 | €19,084 | €24,645 | ▲ 29.1% |
| Profit (loss) for the period9904 | €113,260 | €155,863 | €90,492 | €115,207 | ▲ 27.3% |
| Profit (loss) for the period to be appropriated9905 | €113,260 | €155,863 | €90,492 | €115,207 | ▲ 27.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €323,277 | €511,922 | €826,768 | €883,126 | ▲ 6.8% |
| Fixed assets21/28 | €17,298 | €36,622 | €37,721 | €42,277 | ▲ 12.1% |
| Intangible fixed assets21 | - | €5,435 | €3,601 | €4,590 | ▲ 27.5% |
| Tangible fixed assets22/27 | €14,528 | €28,418 | €31,199 | €27,767 | ▼ 11.0% |
| Plant, machinery and equipment23 | €157 | €1,534 | €7,667 | €10,029 | ▲ 30.8% |
| Furniture and vehicles24 | €6,540 | €21,736 | €16,584 | €12,057 | ▼ 27.3% |
| Other tangible fixed assets26 | €7,831 | €5,148 | €6,949 | €5,680 | ▼ 18.3% |
| Financial fixed assets28 | €2,770 | €2,770 | €2,920 | €9,920 | ▲ 240% |
| Current assets29/58 | €305,980 | €475,299 | €789,047 | €840,849 | ▲ 6.6% |
| Stocks and contracts in progress3 | €20,000 | €26,894 | €91,051 | €215,711 | ▲ 137% |
| Stocks30/36 | €20,000 | €26,894 | €91,051 | €215,711 | ▲ 137% |
| Amounts receivable within one year40/41 | €120,452 | €173,040 | €128,662 | €195,715 | ▲ 52.1% |
| Trade receivables40 | €117,661 | €171,554 | €107,688 | €175,910 | ▲ 63.4% |
| Other amounts receivable41 | €2,791 | €1,486 | €20,973 | €19,805 | ▼ 5.6% |
| Current investments50/53 | - | - | - | €43,000 | - |
| Cash at bank and in hand54/58 | €134,114 | €273,158 | €565,245 | €368,870 | ▼ 34.7% |
| Deferred charges and accrued income490/1 | €31,414 | €2,208 | €4,089 | €17,553 | ▲ 329% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €323,277 | €511,922 | €826,768 | €883,126 | ▲ 6.8% |
| Equity10/15 | €123,260 | €254,122 | €323,615 | €411,822 | ▲ 27.3% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €113,260 | €244,122 | €313,615 | €401,822 | ▲ 28.1% |
| Distributable reserves133 | €113,260 | €244,122 | €313,615 | €401,822 | ▲ 28.1% |
| Amounts payable17/49 | €200,018 | €257,799 | €503,153 | €471,305 | ▼ 6.3% |
| Amounts payable within one year42/48 | €200,018 | €257,799 | €493,543 | €467,805 | ▼ 5.2% |
| Trade debts44 | €93,061 | €94,653 | €215,446 | €186,738 | ▼ 13.3% |
| Suppliers440/4 | €93,061 | €94,653 | €215,446 | €186,738 | ▼ 13.3% |
| Advances received on contracts in progress46 | €33,078 | - | - | - | - |
| Taxes, remuneration and social security45 | €12,501 | €11,632 | €55,792 | €40,247 | ▼ 27.9% |
| Taxes450/3 | €12,501 | €11,632 | €55,792 | €40,247 | ▼ 27.9% |
| Other amounts payable47/48 | €61,379 | €151,514 | €222,305 | €240,820 | ▲ 8.3% |
| Accrued charges and deferred income492/3 | - | - | €9,610 | €3,500 | ▼ 63.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €113,260 | €155,863 | €90,492 | €115,207 | ▲ 27.3% |
| + Depreciation and write-downs630 | €1,480 | €6,251 | €10,701 | €13,002 | ▲ 21.5% |
| Operating cash flow (approximation) | €114,740 | €162,114 | €101,193 | €128,209 | ▲ 26.7% |
| Investment in fixed assets (approximation) | - | -€25,576 | -€11,799 | -€17,559 | ▼ 48.8% |
| Change in cash | - | €139,045 | €292,087 | -€196,375 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.