Financials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 13 filings
Equity
€4.0m▲ 22.4%
2024 · €3.3m
Net result
€723,829▲ 49.6%
2024 · €483,877
Total assets
€6.2m▲ 20.8%
2024 · €5.2m
Solvency
64.6%▲ 0.8pp
2024 · 63.8%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€480,118
▲ 33.3%
2025
20182025
Operating result
€293,520
▲ 98.5%
2025
20182025
Net result
€723,829
▲ 49.6%
2025
middle half of the sector
20182025
Equity
€4.0m
▲ 22.4%
2025
middle half of the sector
20182025
Total assets
€6.2m
▲ 20.8%
2025
middle half of the sector
20182025
Debt
€2.2m
▲ 18.0%
2025
20182025
Working capital
-€852,350
▲ 21.0%
2025
lowest quarter of the sector
20182025
Solvency
64.6%
▲ 0.8pp
2025
middle half of the sector
20182025
Current ratio
0.40
▲ 0.37
2025
middle half of the sector
20182025
Return on assets (ROA)
11.6%
▲ 2.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.4m€0.4m=€0.4m▲ 0.1%€0.5m▲ 33.3%
Operating result-€0.06m-€0.2m€0.2m▼ 24.7%€0.04m▼ 78.4%€0.05m▲ 42.7%€0.1m▲ 153%€0.1m▲ 9.1%€0.3m▲ 98.5%
Net result€0.6m-€0.5m▼ 24.6%€1.4mabove the sector's middle half▲ 195%€0.5mabove the sector's middle half▼ 60.9%€0.007mwithin the sector's middle half▼ 98.8%-€1.0mbelow the sector's middle half€0.5mwithin the sector's middle half€0.7mwithin the sector's middle half▲ 49.6%
Equity€1.0m-€1.8m▲ 75.0%€3.2mabove the sector's middle half▲ 77.4%€3.8mabove the sector's middle half▲ 17.1%€3.8mwithin the sector's middle half▲ 0.2%€2.8mwithin the sector's middle half▼ 25.5%€3.3mwithin the sector's middle half▲ 17.3%€4.0mwithin the sector's middle half▲ 22.4%
Total assets€3.3m-€6.4m▲ 94.2%€6.3mabove the sector's middle half▼ 1.1%€6.2mabove the sector's middle half▼ 0.6%€6.2mwithin the sector's middle half▼ 0.9%€5.2mwithin the sector's middle half▼ 16.6%€5.2mwithin the sector's middle half▼ 0.2%€6.2mwithin the sector's middle half▲ 20.8%
Debt€2.2m-€4.5m▲ 103%€3.1m▼ 32.4%€2.5m▼ 19.0%€2.4m▼ 2.4%€2.4m▼ 2.6%€1.9m▼ 21.0%€2.2m▲ 18.0%
Working capital-€0.5m--€2.1m▼ 315%-€0.8mbelow the sector's middle half▲ 61.4%-€0.4mbelow the sector's middle half▲ 48.3%-€0.8mbelow the sector's middle half▼ 82.6%-€1.5mbelow the sector's middle half▼ 103%-€1.1mbelow the sector's middle half▲ 29.4%-€0.9mbelow the sector's middle half▲ 21.0%
Solvency31.6%-28.5%▼ 3.1pp51.1%within the sector's middle half▲ 22.6pp60.2%within the sector's middle half▲ 9.1pp60.8%within the sector's middle half▲ 0.6pp54.3%within the sector's middle half▼ 6.5pp63.8%within the sector's middle half▲ 9.5pp64.6%within the sector's middle half▲ 0.8pp
Current ratio0.12-0.05▼ 0.070.06below the sector's middle half▲ 0.010.17below the sector's middle half▲ 0.110.05below the sector's middle half▼ 0.120.03below the sector's middle half▼ 0.020.04below the sector's middle half=0.40within the sector's middle half▲ 0.37
Return on assets (ROA)19.3%-7.5%▼ 11.8pp22.3%above the sector's middle half▲ 14.8pp8.8%within the sector's middle half▼ 13.5pp0.1%within the sector's middle half▼ 8.7pp-18.6%below the sector's middle half▼ 18.7pp9.4%above the sector's middle half▲ 28.0pp11.6%above the sector's middle half▲ 2.2pp
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 99% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Large changes and their cause
- 2022 Net result -99% on 2021. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.2m
Fixed assets
€5.7m ▲ 10.5%
Current assets
€574,251 ▲ 14×
Equity and liabilities €6.2m
Equity
€4.0m ▲ 22.4%
Debt
€2.2m ▲ 18.0%
Debt's share of the balance-sheet total falls from 36.2% to 35.4%. Equity and debt are higher.
Key figures and ratios
ROE
18.0%▲
2024 · 14.7%
Debt ≤ 1 year
€1.4m▲
2024 · €1.1m
Debt > 1 year
€776,474▲
2024 · €747,007
Income taxes
€61,992▲
2024 · €0
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | €1,550 | - | - | - | - |
| Depreciation and write-downs of the year | €10,040 | €9,411 | €310 | €310 | €310 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €4,246 | - | €12,546 | €4,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 3.7% |
| Turnover70 | - | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 33.3% |
| Other operating income74 | - | - | - | - | €0.004m | €0.08m | €0.03m | €0 | ▼ 100% |
| Non-recurring operating income76A | - | - | - | - | - | €0.002m | €0.08m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 40.8% |
| Services and other goods61 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.01m | €0.01m | €0.01m | €0.009m | €310 | €310 | €310 | = |
| Other operating charges640/8 | - | - | - | €220 | €222 | €0.001m | €0.001m | €0.001m | ▼ 16.1% |
| Non-recurring operating charges66A | - | - | - | €106 | €0.001m | - | - | - | - |
| Gross operating margin9900 | -€0.06m | €0.2m | €0.2m | €0.05m | - | - | - | - | - |
| Operating profit (loss)9901 | -€0.06m | €0.2m | €0.2m | €0.04m | €0.05m | €0.1m | €0.1m | €0.3m | ▲ 98.5% |
| Financial income75/76B | - | - | - | €0.6m | €0 | €1 | €0.5m | €0.5m | ▲ 3.0% |
| Recurring financial income75 | €0.7m | €0.3m | €1.3m | €0.6m | €0 | €1 | €0.03m | €0 | ▼ 100% |
| Other financial income752/9 | - | - | - | - | €0 | €1 | €0.03m | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.5m | €0.5m | ▲ 10.3% |
| Financial charges65/66B | - | - | - | €0.06m | €0.05m | €1.1m | €0.2m | €0.05m | ▼ 75.1% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.08m | €0.06m | €0.05m | €0.05m | €0.2m | €0.05m | ▼ 75.1% |
| Debt charges650 | - | - | - | - | - | €0.05m | €0.2m | €0.04m | ▼ 77.3% |
| Other financial charges652/9 | - | - | - | - | €0.05m | €0.001m | €0.002m | €0.004m | ▲ 187% |
| Non-recurring financial charges66B | - | - | - | - | - | €1.0m | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.5m | €1.4m | €0.5m | €0.007m | -€0.9m | €0.5m | €0.8m | ▲ 62.4% |
| Income taxes67/77 | €114 | €0.02m | €0.02m | €166 | €155 | €0.02m | €0 | €0.06m | - |
| Taxes670/3 | - | - | - | - | €155 | €0.02m | €0 | €0.06m | - |
| Profit (loss) for the period9904 | €0.6m | €0.5m | €1.4m | €0.5m | €0.007m | -€1.0m | €0.5m | €0.7m | ▲ 49.6% |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.5m | €1.4m | €0.5m | €0.007m | -€1.0m | €0.5m | €0.7m | ▲ 49.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.3m | €6.4m | €6.3m | €6.2m | €6.2m | €5.2m | €5.2m | €6.2m | ▲ 20.8% |
| Fixed assets21/28 | €3.2m | €6.2m | €6.2m | €6.2m | €6.2m | €5.1m | €5.1m | €5.7m | ▲ 10.5% |
| Intangible fixed assets21 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €412 | €102 | ▼ 75.2% |
| Tangible fixed assets22/27 | - | €0.04m | €0.03m | €0.02m | €0.009m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.009m | €0 | - | - | - |
| Financial fixed assets28 | €3.2m | €6.2m | €6.2m | €6.1m | €6.1m | €5.1m | €5.1m | €5.7m | ▲ 10.5% |
| Affiliated companies280/1 | - | - | - | - | €6.1m | €5.1m | €5.1m | €5.7m | ▲ 10.5% |
| Participating interests280 | - | - | - | - | €6.1m | €5.1m | €5.1m | €5.7m | ▲ 10.5% |
| Current assets29/58 | €0.07m | €0.1m | €0.05m | €0.09m | €0.04m | €0.05m | €0.04m | €0.6m | ▲ 14× |
| Stocks and contracts in progress3 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.05m | €0.09m | €0.05m | €0.05m | €0.04m | €0.04m | €0.04m | €0.07m | ▲ 97.5% |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.07m | ▲ 98.9% |
| Other amounts receivable41 | - | - | - | €0.02m | - | - | €250 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.5m | - |
| Own shares50 | - | - | - | - | - | - | - | €0.5m | - |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.006m | €0.03m | €0.005m | €0.02m | €0.001m | €0.002m | ▲ 75.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.002m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.3m | €6.4m | €6.3m | €6.2m | €6.2m | €5.2m | €5.2m | €6.2m | ▲ 20.8% |
| Equity10/15 | €1.0m | €1.8m | €3.2m | €3.8m | €3.8m | €2.8m | €3.3m | €4.0m | ▲ 22.4% |
| Contributions10/11 | €0.4m | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 1.8% |
| Reserves13 | €0.07m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.5m | ▲ 16× |
| Non-distributable reserves130/1 | - | - | - | - | - | - | - | €0.5m | - |
| Own shares acquired1312 | - | - | - | - | - | - | - | €0.5m | - |
| Tax-exempt reserves132 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.6m | €1.1m | €2.5m | €3.0m | €3.0m | €2.1m | €2.5m | €2.8m | ▲ 8.8% |
| Amounts payable17/49 | €2.2m | €4.5m | €3.1m | €2.5m | €2.4m | €2.4m | €1.9m | €2.2m | ▲ 18.0% |
| Amounts payable after more than one year17 | €1.7m | €2.4m | €2.2m | €2.0m | €1.6m | €0.8m | €0.7m | €0.8m | ▲ 3.9% |
| Financial debts170/4 | - | - | - | €1.6m | €1.2m | €0.4m | €0.5m | €0.8m | ▲ 41.9% |
| Credit institutions173 | - | - | - | - | €0.8m | €0.4m | €0.5m | €0.6m | ▲ 14.5% |
| Other loans174 | - | - | - | - | €0.5m | €0 | - | €0.2m | - |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.4m | €0.3m | €0.2m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.6m | €2.2m | €0.9m | €0.5m | €0.8m | €1.6m | €1.1m | €1.4m | ▲ 27.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.3m | €0.8m | €0.4m | €0.3m | ▼ 25.4% |
| Financial debts43 | - | - | - | - | - | - | - | €0.06m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.06m | - |
| Trade debts44 | €0.009m | €0.008m | €0.01m | €0.1m | €0.1m | €0.01m | €0.05m | €0.06m | ▲ 21.1% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.01m | €0.05m | €0.06m | ▲ 21.1% |
| Taxes, remuneration and social security45 | - | - | - | €166 | €0.009m | €0.04m | €0.03m | €0.03m | ▲ 6.9% |
| Taxes450/3 | - | - | - | €166 | €0.009m | €0.04m | €0.03m | €0.03m | ▲ 6.9% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.4m | €0.7m | €0.7m | €1.0m | ▲ 47.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.5m | €1.4m | €0.5m | €0.007m | -€1.0m | €0.5m | €0.7m | ▲ 49.6% |
| + Depreciation and write-downs630 | €0.001m | €0.01m | €0.01m | €0.01m | €0.009m | €310 | €310 | €310 | = |
| Operating cash flow (approximation) | €0.6m | €0.5m | €1.4m | €0.6m | €0.02m | -€1.0m | €0.5m | €0.7m | ▲ 49.6% |
| Investment in fixed assets (approximation) | - | -€3.0m | €0 | €0.06m | €5 | €1.0m | €0 | -€0.5m | - |
| Change in cash | - | €0.005m | -€0.02m | €0.03m | -€0.03m | €0.01m | -€0.02m | €0.001m | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00164743 | |
| 31-12-2024 | full format | 04-07-2025 | 2025-00230619 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00166183 | |
| 31-12-2022 | full format | 07-06-2023 | 2023-00114762 | |
| 31-12-2021 | abbreviated format | 01-07-2022 | 2022-20130576 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-24200330 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-19300563 | |
| 31-12-2018 | micro format | 07-06-2019 | 2019-17200229 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-22400068 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-17300230 |