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Private limited companyfounded 2000active for 26 yearsNoordlaan 9, 8820 Torhout, BelgiumKBO/BCE: BE 0472.244.597

Financials · financial year 2025, full format

Annual accounts 2025 filed on 17-06-2026 at the NBB all 25 filings

Equity
€308.4m▲ 2.9%
2024 · €299.7m
Net result
€18.9m▲ 4.4%
2024 · €18.1m
Total assets
€310.9m▲ 2.9%
2024 · €302.1m
Solvency
99.2%=
2024 · 99.2%
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €1.6m, larger than the loss of €1.2m in 2024. It is the lowest result since 2021.

Turnover€0.6m 2025 Operating result-€1.6m 2025 Net result€18.9m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€0.2m-€0.2m▼ 20.9%€0.4m▲ 129%€0.5m▲ 17.3%€0.4m▼ 10.8%€1.1m▲ 165%€0.7m▼ 40.4%€0.6m▼ 2.2%
Operating result-€0.2m--€0.4m▼ 67.4%-€0.4m▼ 17.5%-€0.5m▼ 15.3%-€0.4m▲ 17.1%-€1.4m▼ 257%-€1.2m▲ 12.5%-€1.6m▼ 26.9%
Net result€5.1m-€7.9m▲ 53.9%€8.4mabove the sector's middle half▲ 7.1%€9.9mabove the sector's middle half▲ 17.5%€8.6mabove the sector's middle half▼ 13.5%€9.5mabove the sector's middle half▲ 10.4%€18.1mabove the sector's middle half▲ 91.5%€18.9mabove the sector's middle half▲ 4.4%
Equity€228.3m-€230.0m▲ 0.8%€228.2mabove the sector's middle half▼ 0.8%€231.8mabove the sector's middle half▲ 1.6%€233.9mabove the sector's middle half▲ 0.9%€234.2mabove the sector's middle half▲ 0.2%€299.7mabove the sector's middle half▲ 28.0%€308.4mabove the sector's middle half▲ 2.9%
Total assets€229.5m-€231.3m▲ 0.8%€229.6mabove the sector's middle half▼ 0.7%€233.4mabove the sector's middle half▲ 1.6%€235.5mabove the sector's middle half▲ 0.9%€236.3mabove the sector's middle half▲ 0.4%€302.1mabove the sector's middle half▲ 27.8%€310.9mabove the sector's middle half▲ 2.9%
Debt€1.2m-€1.3m▲ 2.6%€1.4m▲ 8.1%€1.6m▲ 15.8%€1.6m▲ 2.4%€2.1m▲ 29.7%€2.4m▲ 13.0%€2.5m▲ 5.1%
Working capital€43.1m-€44.9m▲ 4.1%€42.7mabove the sector's middle half▼ 4.8%€48.7mabove the sector's middle half▲ 14.1%€50.8mabove the sector's middle half▲ 4.3%€51.2mabove the sector's middle half▲ 0.8%€37.0mabove the sector's middle half▼ 27.8%€45.5mabove the sector's middle half▲ 23.1%
Solvency99.5%-99.4%=99.4%above the sector's middle half=99.3%above the sector's middle half▼ 0.1pp99.3%above the sector's middle half=99.1%above the sector's middle half▼ 0.2pp99.2%above the sector's middle half▲ 0.1pp99.2%above the sector's middle half=
Current ratio35.73-36.26▲ 0.5332.08above the sector's middle half▼ 4.1832.31above the sector's middle half▲ 0.2332.71above the sector's middle half▲ 0.3926.47above the sector's middle half▼ 6.2316.97above the sector's middle half▼ 9.5019.65above the sector's middle half▲ 2.68
Return on assets (ROA)2.2%-3.4%▲ 1.2pp3.7%within the sector's middle half▲ 0.3pp4.3%within the sector's middle half▲ 0.6pp3.6%within the sector's middle half▼ 0.6pp4.0%within the sector's middle half▲ 0.4pp6.0%within the sector's middle half▲ 2.0pp6.1%within the sector's middle half▲ 0.1pp
Staff (FTE)1.3-1.4▲ 7.7%1.8within the sector's middle half▲ 28.6%1.7within the sector's middle half▼ 5.6%1.5within the sector's middle half▼ 11.8%2.3within the sector's middle half▲ 53.3%1.5within the sector's middle half▼ 34.8%1.5within 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €310.9m
Fixed assets €262.9m ▲ 0.1%
Current assets €47.9m ▲ 22.0%
Equity and liabilities €310.9m
Equity €308.4m ▲ 2.9%
Debt €2.5m ▲ 5.1%
Debt's share of the balance-sheet total stays at 0.8%.
Key figures and ratios
2025 value · change against 2024
ROE
6.1%▲
2024 · 6.1%
Debt ≤ 1 year
€2.4m▲
2024 · €2.3m
Income taxes
€233▼
2024 · €190,052
Staff costs
€334,431▲
2024 · €319,374
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date22222
full-time11111
part-time11111
in full-time equivalents1.51.51.51.51.5
Average over the year, in full-time equivalents1.71.52.31.51.5
On a permanent contract22222
Joined0-1--
Left1-1--
Training hours-2---

Source: social balance sheet in the 2021 to 2025 annual accounts

Overdue debts

tax and social security
Item20212022202320242025
Overdue tax debts---€69,895-

Source: notes to the 2021 to 2025 annual accounts (statement of debts)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€3,508€5,925€2,137€1,064€1,133
Financial fixed assets€1.5m--€81.5m-
Depreciation and write-downs of the year€13,765€13,069€3,888€2,370€2,023

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20212022202320242025
Fee for the audit€4,850€5,403€6,115€6,208€6,310
Other work by the auditor€7,783€4,277€10,757€6,277€7,958

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Subsidies and aid

Flemish government

2025 · 1 entry · €152 awarded
Schemes
1 entry · €152 · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 69 lines
Balance sheet Code20242025
Assets
Total assets20/58€302.1m€310.9m▲
Fixed assets21/28€262.8m€262.9m▲
Tangible fixed assets22/27€0.003m€0.002m▼
Furniture and vehicles24€0.003m€0.002m▼
Financial fixed assets28€262.8m€262.9m▲
Companies linked by participating interests282/3€261.8m€261.8m=
Participating interests282€261.8m€261.8m=
Other financial fixed assets284/8€1.0m€1.1m▲
Shares284€1.0m€1.1m▲
Current assets29/58€39.3m€47.9m▲
Amounts receivable after more than one year29€3.2m€1.3m▼
Other amounts receivable291€3.2m€1.3m▼
Amounts receivable within one year40/41€2.1m€2.2m▲
Trade receivables40€0.3m€0.2m▼
Other amounts receivable41€1.8m€2.0m▲
Current investments50/53€33.5m€44.1m▲
Other investments51/53€33.5m€44.1m▲
Cash at bank and in hand54/58€0.2m€0.07m▼
Deferred charges and accrued income490/1€0.3m€0.2m▼
Equity and liabilities
Total equity and liabilities10/49€302.1m€310.9m▲
Equity10/15€299.7m€308.4m▲
Contributions10/11€242.3m€242.3m=
Reserves13€57.4m€66.1m▲
Non-distributable reserves130/1€14.9m€14.9m=
Reserves not available under the articles1311€14.9m€14.9m=
Distributable reserves133€42.5m€51.2m▲
Amounts payable17/49€2.4m€2.5m▲
Amounts payable within one year42/48€2.3m€2.4m▲
Trade debts44€0.1m€0.04m▼
Suppliers440/4€0.1m€0.04m▼
Taxes, remuneration and social security45€0.1m€0.04m▼
Taxes450/3€0.07m-
Remuneration and social security454/9€0.04m€0.04m▲
Other amounts payable47/48€2.1m€2.4m▲
Accrued charges and deferred income492/3€0.08m€0.07m▼
Income statement Code20242025
Operating income70/76A€0.7m€0.7m▼
Turnover70€0.7m€0.6m▼
Other operating income74€0.03m€0.005m▼
Operating charges60/66A€1.9m€2.2m▲
Goods for resale, raw materials and consumables60€0.3m€0.3m▲
Purchases600/8€0.3m€0.3m▲
Services and other goods61€1.2m€1.6m▲
Remuneration, social security and pensions62€0.3m€0.3m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.002m€0.002m▼
Other operating charges640/8€0.1m€0.001m▼
Operating profit (loss)9901-€1.2m-€1.6m▼
Financial income75/76B€19.9m€20.5m▲
Recurring financial income75€18.3m€20.5m▲
Income from financial fixed assets750€16.3m€19.2m▲
Income from current assets751€2.0m€1.3m▼
Non-recurring financial income76B€1.6m-
Financial charges65/66B€0.3m€0.04m▼
Recurring financial charges65€0.04m€0.04m▼
Debt charges650€3-
Other financial charges652/9€0.04m€0.04m▼
Non-recurring financial charges66B€0.3m-
Profit (loss) for the period before taxes9903€18.3m€18.9m▲
Income taxes67/77€0.2m€233▼
Taxes670/3€0.2m€233▼
Profit (loss) for the period9904€18.1m€18.9m▲
Profit (loss) for the period to be appropriated9905€18.1m€18.9m▲
Appropriation of the result
Profit (loss) to be appropriated9906€18.1m€18.9m▲
Transfer from equity791/2€8.1m€8.2m▲
From reserves792€8.1m€8.2m▲
Transfer to equity691/2€16.8m€16.9m▲
To other reserves6921€16.8m€16.9m▲
Profit to be distributed694/7€9.5m€10.3m▲
Return on contributions (dividend)694€9.5m€10.3m▲
Social balance sheet
Average headcount (FTE)90871.51.5=

The notes to these accounts have 52 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 17-06-2026.

Line20182019202020212022202320242025Change
Operating income70/76A---€0.5m€0.4m€1.1m€0.7m€0.7m▼ 6.1%
Turnover70€0.2m€0.2m€0.4m€0.5m€0.4m€1.1m€0.7m€0.6m▼ 2.2%
Other operating income74---€0.002m€0.001m€0.005m€0.03m€0.005m▼ 84.4%
Non-recurring operating income76A-----€0.01m---
Operating charges60/66A---€0.9m€0.8m€2.5m€1.9m€2.2m▲ 15.0%
Goods for resale, raw materials and consumables60---€0.03m€0.05m€0.7m€0.3m€0.3m▲ 8.1%
Purchases600/8---€0.03m€0.05m€0.7m€0.3m€0.3m▲ 8.1%
Services and other goods61---€0.5m€0.3m€1.2m€1.2m€1.6m▲ 28.5%
Remuneration, social security and pensions62---€0.4m€0.4m€0.6m€0.3m€0.3m▲ 4.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.01m€0.01m€0.01m€0.01m€0.004m€0.002m€0.002m▼ 14.6%
Other operating charges640/8---€0.03m€0.02m€0.04m€0.1m€0.001m▼ 98.9%
Operating profit (loss)9901-€0.2m-€0.4m-€0.4m-€0.5m-€0.4m-€1.4m-€1.2m-€1.6m▼ 26.9%
Financial income75/76B---€10.5m€9.0m€11.1m€19.9m€20.5m▲ 3.2%
Recurring financial income75€9.9m€8.4m€9.0m€10.5m€9.0m€11.1m€18.3m€20.5m▲ 12.2%
Income from financial fixed assets750---€9.9m€8.4m€9.0m€16.3m€19.2m▲ 17.8%
Income from current assets751---€0.6m€0.6m€2.1m€2.0m€1.3m▼ 33.6%
Non-recurring financial income76B------€1.6m--
Financial charges65/66B---€0.1m€0.01m€0.08m€0.3m€0.04m▼ 88.8%
Recurring financial charges65€0.001m€468€0.001m€0.1m€0.01m€0.05m€0.04m€0.04m▼ 1.0%
Debt charges650€13--€0.1m--€3--
Other financial charges652/9---€0.001m€0.01m€0.05m€0.04m€0.04m▼ 1.0%
Non-recurring financial charges66B-----€0.04m€0.3m--
Profit (loss) for the period before taxes9903€5.4m€8.1m€8.5m€9.9m€8.6m€9.6m€18.3m€18.9m▲ 3.3%
Income taxes67/77€0.3m€0.2m€0.09m€0.01m€0.05m€0.1m€0.2m€233▼ 99.9%
Taxes670/3---€0.01m€0.05m€0.1m€0.2m€233▼ 99.9%
Profit (loss) for the period9904€5.1m€7.9m€8.4m€9.9m€8.6m€9.5m€18.1m€18.9m▲ 4.4%
Profit (loss) for the period to be appropriated9905€5.1m€7.9m€8.4m€9.9m€8.6m€9.5m€18.1m€18.9m▲ 4.4%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€229.5m€231.3m€229.6m€233.4m€235.5m€236.3m€302.1m€310.9m▲ 2.9%
Fixed assets21/28€185.2m€185.2m€185.5m€183.1m€183.1m€183.1m€262.8m€262.9m▲ 0.1%
Tangible fixed assets22/27€0.05m€0.03m€0.03m€0.02m€0.008m€0.004m€0.003m€0.002m▼ 35.0%
Furniture and vehicles24---€0.02m€0.008m€0.004m€0.003m€0.002m▼ 35.0%
Financial fixed assets28€185.1m€185.1m€185.5m€183.1m€183.1m€183.1m€262.8m€262.9m▲ 0.1%
Affiliated companies280/1---€0.2m€0.06m----
Participating interests280---€0.2m€0.06m----
Companies linked by participating interests282/3---€178.8m€178.9m€178.9m€261.8m€261.8m=
Participating interests282---€178.8m€178.9m€178.9m€261.8m€261.8m=
Other financial fixed assets284/8---€4.1m€4.1m€4.2m€1.0m€1.1m▲ 15.7%
Shares284---€4.1m€4.1m€4.2m€1.0m€1.1m▲ 15.7%
Current assets29/58€44.3m€46.1m€44.1m€50.3m€52.4m€53.2m€39.3m€47.9m▲ 22.0%
Amounts receivable after more than one year29---€6.8m€4.3m€3.8m€3.2m€1.3m▼ 59.4%
Other amounts receivable291---€6.8m€4.3m€3.8m€3.2m€1.3m▼ 59.4%
Amounts receivable within one year40/41€0.8m€2.2m€2.1m€3.0m€10.6m€1.9m€2.1m€2.2m▲ 7.1%
Trade receivables40---€0.2m€0.3m€0.2m€0.3m€0.2m▼ 19.3%
Other amounts receivable41---€2.9m€10.4m€1.7m€1.8m€2.0m▲ 11.2%
Current investments50/53€27.1m€32.3m€29.6m€34.1m€35.8m€47.1m€33.5m€44.1m▲ 31.5%
Other investments51/53---€34.1m€35.8m€47.1m€33.5m€44.1m▲ 31.5%
Cash at bank and in hand54/58€0.3m€0.5m€3.5m€6.0m€1.4m€0.1m€0.2m€0.07m▼ 56.4%
Deferred charges and accrued income490/1---€0.3m€0.3m€0.3m€0.3m€0.2m▼ 14.1%
Equity and liabilities
Total equity and liabilities10/49€229.5m€231.3m€229.6m€233.4m€235.5m€236.3m€302.1m€310.9m▲ 2.9%
Equity10/15€228.3m€230.0m€228.2m€231.8m€233.9m€234.2m€299.7m€308.4m▲ 2.9%
Contributions10/11€178.9m--€178.9m€178.9m€178.9m€242.3m€242.3m=
Reserves13€49.3m€51.1m€49.3m€52.8m€54.9m€55.3m€57.4m€66.1m▲ 15.1%
Non-distributable reserves130/1---€21.5m€21.5m€21.5m€14.9m€14.9m=
Reserves not available under the articles1311---€14.9m€14.9m€14.9m€14.9m€14.9m=
Other1319---€6.6m€6.6m€6.6m---
Distributable reserves133---€31.4m€33.5m€33.8m€42.5m€51.2m▲ 20.4%
Amounts payable17/49€1.2m€1.3m€1.4m€1.6m€1.6m€2.1m€2.4m€2.5m▲ 5.1%
Amounts payable within one year42/48€1.2m€1.3m€1.4m€1.6m€1.6m€2.0m€2.3m€2.4m▲ 5.4%
Trade debts44€0.01m€0.01m€0.03m€0.05m€0.05m€0.05m€0.1m€0.04m▼ 62.6%
Suppliers440/4---€0.05m€0.05m€0.05m€0.1m€0.04m▼ 62.6%
Taxes, remuneration and social security45---€0.04m€0.07m€0.04m€0.1m€0.04m▼ 64.4%
Taxes450/3---€0.009m€0.03m€0.01m€0.07m--
Remuneration and social security454/9---€0.03m€0.03m€0.03m€0.04m€0.04m▲ 5.1%
Other amounts payable47/48---€1.5m€1.5m€1.9m€2.1m€2.4m▲ 12.8%
Accrued charges and deferred income492/3---€0.04m€0.03m€0.1m€0.08m€0.07m▼ 4.6%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€5.1m€7.9m€8.4m€9.9m€8.6m€9.5m€18.1m€18.9m▲ 4.4%
+ Depreciation and write-downs630€0.01m€0.01m€0.01m€0.01m€0.01m€0.004m€0.002m€0.002m▼ 14.6%
Operating cash flow (approximation)€5.1m€7.9m€8.5m€9.9m€8.6m€9.5m€18.1m€18.9m▲ 4.4%
Investment in fixed assets (approximation)--€0.001m-€0.4m€2.4m-€0.006m-€0.01m-€79.7m-€0.2m▲ 99.8%
Change in cash-€0.2m€3.0m€2.5m-€4.6m-€1.3m€0.03m-€0.09m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 25 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 17-06-2026 2026-00169187 PDF
31-12-2024 full format 16-06-2025 2025-00146299 PDF
31-12-2023 full format 29-10-2024 2024-00520729 PDF
31-12-2022 full format 21-06-2023 2023-00152727 PDF
31-12-2021 full format 10-06-2022 2022-20062860 PDF
31-12-2020 full format 03-06-2021 2021-17200169 PDF
31-12-2019 full format 23-09-2020 2020-55200295 PDF
31-12-2018 full format 19-06-2019 2019-20100553 PDF
31-12-2017 full format 22-06-2018 2018-22500110 PDF
31-12-2016 full format 13-06-2017 2017-17000175 PDF

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