Financials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 08-10-2026 at the NBB all 11 filings
Equity
€359,030▼ 42.5%
2025 · €624,164
Net result
-€30,133▲ 86.4%
2025 · -€221,536
Total assets
€834,003▼ 17.6%
2025 · €1.0m
Solvency
43.0%▼ 18.6pp
2025 · 61.7%
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€20,522
▲ 89.0%
2026
20192026
Net result
-€30,133
▲ 86.4%
2026
20192026
Equity
€359,030
▼ 42.5%
2026
20192026
Total assets
€834,003
▼ 17.6%
2026
20192026
Debt
€474,973
▲ 22.4%
2026
20192026
Working capital
€182,630
▼ 60.9%
2026
20192026
Solvency
43.0%
▼ 18.6pp
2026
20192026
Current ratio
2.08
▼ 8.31
2026
20192026
Return on assets (ROA)
-3.6%
▲ 18.3pp
2026
20192026
Staff (FTE)
0
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.1m-€0.2m▲ 55.5%€0.2m▼ 9.1%€0.4m▲ 100%€0.4m▼ 14.3%€0.2m▼ 40.8%-€0.2m-€0.02m▲ 89.0%
Net result€0.1m-€0.2m▲ 45.5%€0.1mwithin the sector's middle half▼ 6.5%€0.3mabove the sector's middle half▲ 112%€0.3mabove the sector's middle half▼ 16.7%€0.1mwithin the sector's middle half▼ 53.6%-€0.2mbelow the sector's middle half-€0.03m▲ 86.4%
Equity€0.3m-€0.2m▼ 30.9%€0.2mwithin the sector's middle half▼ 8.0%€0.5mwithin the sector's middle half▲ 143%€0.7mwithin the sector's middle half▲ 51.6%€0.9mwithin the sector's middle half▲ 15.8%€0.6mwithin the sector's middle half▼ 27.1%€0.4m▼ 42.5%
Total assets€1.1m-€1.2m▲ 7.8%€1.2mwithin the sector's middle half▲ 0.5%€2.0mwithin the sector's middle half▲ 62.4%€2.1mwithin the sector's middle half▲ 8.0%€2.1mwithin the sector's middle half▼ 2.3%€1.0mwithin the sector's middle half▼ 51.3%€0.8m▼ 17.6%
Debt€0.8m-€1.0m▲ 23.0%€1.0m▲ 2.4%€1.5m▲ 46.4%€1.4m▼ 6.3%€1.2m▼ 12.0%€0.4m▼ 68.2%€0.5m▲ 22.4%
Working capital€0.3m-€0.1m▼ 45.3%€0.3mabove the sector's middle half▲ 109%€0.6mabove the sector's middle half▲ 89.1%€0.7mabove the sector's middle half▲ 26.5%€0.7mabove the sector's middle half▲ 7.0%€0.5mabove the sector's middle half▼ 37.5%€0.2m▼ 60.9%
Solvency28.2%-18.1%▼ 10.1pp16.5%below the sector's middle half▼ 1.5pp24.8%within the sector's middle half▲ 8.2pp34.8%within the sector's middle half▲ 10.0pp41.2%within the sector's middle half▲ 6.4pp61.7%within the sector's middle half▲ 20.5pp43.0%▼ 18.6pp
Current ratio1.67-1.26▼ 0.411.60within the sector's middle half▲ 0.341.63within the sector's middle half▲ 0.031.85within the sector's middle half▲ 0.211.95within the sector's middle half▲ 0.1110.39above the sector's middle half▲ 8.442.08▼ 8.31
Return on assets (ROA)9.4%-12.7%▲ 3.3pp11.8%above the sector's middle half▼ 0.9pp15.3%above the sector's middle half▲ 3.6pp11.8%above the sector's middle half▼ 3.5pp5.6%within the sector's middle half▼ 6.2pp-21.9%below the sector's middle half▼ 27.5pp-3.6%▲ 18.3pp
Staff (FTE)7.5-10.6▲ 41.3%9above the sector's middle half▼ 15.1%7.1above the sector's middle half▼ 21.1%3.4above the sector's middle half▼ 52.1%0within the sector's middle half0
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 2026 is a loss of €20,522, smaller than the loss of €186,691 in 2025.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €834,003
Fixed assets
€481,979 ▼ 2.6%
Current assets
€352,024 ▼ 31.9%
Equity and liabilities €834,003
Equity
€359,030 ▼ 42.5%
Debt
€474,973 ▲ 22.4%
Debt's share of the balance-sheet total rises from 38.3% to 57.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-8.4%▲
2025 · -35.5%
Debt ≤ 1 year
€169,394▲
2025 · €49,777
Debt > 1 year
€301,914▼
2025 · €331,181
Income taxes
€142▼
2025 · €3,128
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 |
|---|---|---|
| Employees at the balance-sheet date | 12 | - |
| full-time | 11 | - |
| part-time | 1 | - |
| in full-time equivalents | 11.8 | - |
| Average over the year, in full-time equivalents | 7.1 | 3.4 |
| On a permanent contract | 6 | - |
| Joined | - | 4 |
| Left | - | 16 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €668,377 | €729,338 | €682,513 | €361,507 | €332,812 |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | €395,000 | €395,000 | €395,000 | €395,000 | €395,000 |
| Carrying value of the mortgaged assets | €472,947 | €545,555 | €520,116 | €489,929 | €459,741 |
| Pledge on the business | €100,000 | €100,000 | €225,000 | €225,000 | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €240,916 | €268,430 | €5,335 | €4,794 | €25,212 |
| Depreciation and write-downs of the year | €38,497 | €45,725 | €40,640 | €30,923 | €38,032 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,071 | €43,190 | €4,493 | €20,109 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €402,001 | €156,119 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,219 | €53,115 | €50,509 | €38,497 | €45,725 | €40,640 | €30,923 | €38,032 | ▲ 23.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€402 | €0 | - |
| Other operating charges640/8 | - | - | - | €6,036 | €10,625 | €48,132 | €7,284 | €6,224 | ▼ 14.5% |
| Non-recurring operating charges66A | - | - | - | €1,039 | €2,389 | €5,603 | €155,000 | €826 | ▼ 99.5% |
| Gross operating margin9900 | €583,044 | €848,259 | €624,341 | €857,402 | €566,014 | €302,369 | €6,114 | €24,560 | ▲ 302% |
| Operating profit (loss)9901 | €144,937 | €225,369 | €204,820 | €409,829 | €351,158 | €207,994 | -€186,691 | -€20,522 | ▲ 89.0% |
| Financial income75/76B | - | - | - | €903 | €1,862 | €2,754 | €441 | €72 | ▼ 83.7% |
| Recurring financial income75 | €1,298 | €338 | €255 | €903 | €1,862 | €2,754 | €441 | €72 | ▼ 83.7% |
| Financial charges65/66B | - | - | - | €23,077 | €32,163 | €60,515 | €32,158 | €9,541 | ▼ 70.3% |
| Recurring financial charges65 | €9,868 | €21,713 | €20,176 | €23,077 | €32,163 | €60,515 | €32,158 | €9,541 | ▼ 70.3% |
| Profit (loss) for the period before taxes9903 | €136,366 | €203,517 | €184,899 | €387,654 | €320,857 | €150,234 | -€218,407 | -€29,992 | ▲ 86.3% |
| Income taxes67/77 | €31,514 | €50,979 | €42,285 | €85,643 | €69,401 | €33,479 | €3,128 | €142 | ▼ 95.5% |
| Profit (loss) for the period9904 | €104,853 | €152,538 | €142,613 | €302,012 | €251,456 | €116,754 | -€221,536 | -€30,133 | ▲ 86.4% |
| Profit (loss) for the period to be appropriated9905 | €104,853 | €152,538 | €142,613 | €302,012 | €251,456 | €116,754 | -€221,536 | -€30,133 | ▲ 86.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.2m | €1.2m | €2.0m | €2.1m | €2.1m | €1.0m | €0.8m | ▼ 17.6% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.4m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 2.6% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.4m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 2.6% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 6.2% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.01m | €0.007m | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.04m | €0.01m | €0.005m | €0.02m | ▲ 357% |
| Current assets29/58 | €0.6m | €0.7m | €0.8m | €1.4m | €1.5m | €1.5m | €0.5m | €0.4m | ▼ 31.9% |
| Stocks and contracts in progress3 | €0.01m | €0.08m | €0.1m | €0.6m | €0.3m | €0.1m | €0.07m | €0.07m | ▼ 9.9% |
| Stocks30/36 | - | - | - | €0.3m | €0.2m | €0.09m | €0.07m | €0.07m | ▼ 9.9% |
| Contracts in progress37 | - | - | - | €0.3m | €0.06m | €0.04m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.5m | €0.7m | €1.0m | €1.4m | €0.2m | €0.2m | ▲ 17.8% |
| Trade receivables40 | - | - | - | €0.7m | €0.8m | €0.9m | €0.2m | €0.1m | ▼ 42.1% |
| Other amounts receivable41 | - | - | - | €0.09m | €0.1m | €0.4m | €0.003m | €0.1m | ▲ 45× |
| Current investments50/53 | €0.001m | €0.004m | €0.002m | €488 | €0.003m | €0.002m | €0.001m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.05m | €0.1m | €0.009m | €0.07m | €0.2m | €0.03m | €0.2m | €0.01m | ▼ 95.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 21.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €1.2m | €2.0m | €2.1m | €2.1m | €1.0m | €0.8m | ▼ 17.6% |
| Equity10/15 | €0.3m | €0.2m | €0.2m | €0.5m | €0.7m | €0.9m | €0.6m | €0.4m | ▼ 42.5% |
| Contributions10/11 | €0.02m | €0 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.2m | €0.2m | €0.5m | €0.7m | €0.8m | €0.6m | €0.3m | ▼ 43.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.7m | €0.8m | €0.6m | €0.3m | ▼ 43.8% |
| Profit (loss) carried forward14 | - | - | - | €0 | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.8m | €1.0m | €1.0m | €1.5m | €1.4m | €1.2m | €0.4m | €0.5m | ▲ 22.4% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | €0.4m | €0.3m | €0.3m | ▼ 8.8% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.8% |
| Other amounts payable178/9 | - | - | - | €0.2m | €0.2m | €0.05m | €0 | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.5m | €0.9m | €0.8m | €0.8m | €0.05m | €0.2m | ▲ 240% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 1.9% |
| Financial debts43 | - | - | - | €0.2m | €0.3m | €0.3m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.3m | €0.3m | €0 | - | - |
| Trade debts44 | €0.2m | €0.1m | €0.1m | €0.4m | €0.3m | €0.4m | €0.01m | €0.02m | ▲ 55.9% |
| Suppliers440/4 | - | - | - | €0.4m | €0.3m | €0.4m | €0.01m | €0.02m | ▲ 55.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.003m | €0.01m | €0.005m | €0.007m | ▲ 53.6% |
| Taxes450/3 | - | - | - | €0.01m | €0.001m | €0.01m | €0.005m | €0.007m | ▲ 53.6% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.001m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.04m | €0 | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.008m | €0.02m | €0.007m | €0.004m | ▼ 47.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €104,853 | €152,538 | €142,613 | €302,012 | €251,456 | €116,754 | -€221,536 | -€30,133 | ▲ 86.4% |
| + Depreciation and write-downs630 | €49,219 | €53,115 | €50,509 | €38,497 | €45,725 | €40,640 | €30,923 | €38,032 | ▲ 23.0% |
| Operating cash flow (approximation) | €154,072 | €205,653 | €193,122 | €340,509 | €297,181 | €157,394 | -€190,613 | €7,898 | - |
| Investment in fixed assets (approximation) | - | -€91,202 | €35,374 | -€145,257 | -€105,591 | €16,844 | €15,249 | -€25,212 | - |
| Change in cash | - | €41,437 | -€86,298 | €57,326 | €178,768 | -€219,852 | €185,291 | -€199,857 | - |
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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 08-10-2026 | 2026-00551326 | |
| 31-03-2025 | abbreviated format | 29-09-2025 | 2025-00509190 | |
| 31-03-2024 | abbreviated format | 30-10-2024 | 2024-00520270 | |
| 31-03-2023 | abbreviated format | 23-10-2023 | 2023-00492861 | |
| 31-03-2022 | abbreviated format | 19-09-2022 | 2022-20431102 | |
| 31-03-2021 | abbreviated format | 21-09-2021 | 2021-67900275 | |
| 31-03-2020 | abbreviated format | 06-07-2020 | 2020-27700257 | |
| 31-03-2019 | micro format | 25-10-2019 | 2019-71500180 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-70800493 | |
| 31-03-2017 | micro format | 25-10-2017 | 2017-67800584 |